This page reflects CNM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 20, 2026 close
Max Pain — CNM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $50.00 (2.88 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$50.00
Nearest expiry
Expected Move
±$2.45
±5.2%
Days to Expiry
29
Calendar days
Total Call OI
640
Nearest expiry
Total Put OI
760
Nearest expiry
P/C OI Ratio
1.19
Put-heavy
Spot Price
$47.12
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-06-18
Expiration
Max Pain Strike
Last Updated
2026-04-17
$50.00
4/17/2026, 11:08:25 PM
2026-05-15
$50.00
5/15/2026, 11:08:34 PM
2026-06-18NextUpdated
$50.00
5/20/2026, 11:08:21 PM
2026-09-18
$52.50
5/20/2026, 11:08:21 PM
2026-12-18
$55.00
5/20/2026, 11:08:21 PM
2027-01-15
$47.50
5/20/2026, 11:08:21 PM
Selected expiration: 2026-06-18 at max pain $50.00.
CNM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
1572000
1572000
30
0
1192000
1192000
32.5
0
1002500
1002500
35
0
826250
826250
37.5
0
650000
650000
40
0
489750
489750
42.5
1500
336250
337750
45
3750
187000
190750
47.5
9250
39500
48750
50
14750
23500
38250
52.5
62250
12250
74500
55
114750
2000
116750
57.5
194000
750
194750
60
330000
0
330000
62.5
479500
0
479500
65
634000
0
634000
67.5
793500
0
793500
70
953250
0
953250
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.