This page reflects CNO 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 — CNO
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $39.00 (8.23 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$39.00
Nearest expiry
Expected Move
±$2.40
±5.1%
Days to Expiry
29
Calendar days
Total Call OI
515
Nearest expiry
Total Put OI
28
Nearest expiry
P/C OI Ratio
0.05
Put-heavy
Spot Price
$47.23
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
$41.00
4/17/2026, 11:08:32 PM
2026-05-15
$41.00
5/15/2026, 11:11:32 PM
2026-06-18NextUpdated
$39.00
5/20/2026, 11:10:48 PM
2026-09-18
$44.00
5/20/2026, 11:10:48 PM
2026-12-18
$25.00
5/20/2026, 11:10:48 PM
Selected expiration: 2026-06-18 at max pain $39.00.
CNO pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
53100
53100
35
10500
11100
21600
36
11200
8900
20100
37
11900
6800
18700
38
12600
5000
17600
39
13400
3500
16900
40
14500
2600
17100
41
15700
1700
17400
42
17000
1000
18000
43
18800
500
19300
44
20800
0
20800
45
23100
0
23100
46
25400
0
25400
47
28200
0
28200
48
34100
0
34100
55
394600
0
394600
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.