Canadian Natural Resources LimiClose $49.59EOD only
Max Pain
$42.50
Next expiry Aug 21, 2026
Expected Move
±$1.57
3.2% from close
Price Gap
-7.09
Distance to max pain
IV Rank
11
Low premium
P/C OI
0.32
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: Aug 18, 2026 close
End-of-day snapshot
This page reflects CNQ options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 18, 2026 close
Max Pain — CNQ
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $42.50 (7.09 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.50
Nearest expiry
Expected Move
±$1.57
±3.2%
Days to Expiry
3
Calendar days
Total Call OI
10,561
Nearest expiry
Total Put OI
4,166
Nearest expiry
P/C OI Ratio
0.39
Put-heavy
Spot Price
$49.59
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-08-07
$45.00
8/7/2026, 11:09:35 PM
2026-08-14
$45.00
8/14/2026, 11:09:03 PM
2026-08-21NextUpdated
$42.50
8/18/2026, 11:08:38 PM
2026-08-28
$45.00
8/18/2026, 11:08:38 PM
2026-09-04
$45.00
8/18/2026, 11:08:38 PM
2026-09-11
$45.00
8/18/2026, 11:08:38 PM
2026-09-18
$45.00
8/18/2026, 11:08:38 PM
2026-09-25
$45.00
8/18/2026, 11:08:38 PM
2026-10-02
$46.00
8/18/2026, 11:08:38 PM
2026-10-16
$50.00
8/18/2026, 11:08:38 PM
2026-12-18
$42.50
8/18/2026, 11:08:38 PM
2027-01-15
$32.50
8/18/2026, 11:08:38 PM
2027-03-19
$40.00
8/18/2026, 11:08:38 PM
Selected expiration: 2026-08-21 at max pain $42.50.
CNQ pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
27.5
0
5932200
5932200
32.5
0
3849700
3849700
35
0
2814450
2814450
36
200
2413650
2413850
37.5
950
1812450
1813400
38
43350
1681150
1724500
38.5
85750
1550350
1636100
39
128150
1419600
1547750
39.5
170550
1293850
1464400
40
212950
1168200
1381150
40.5
265600
1059400
1325000
41
318250
950850
1269100
41.5
370900
842750
1213650
42
423550
736050
1159600
42.5
476200
635650
1111850
43
568450
553000
1121450
43.5
662550
471550
1134100
44
756700
391400
1148100
44.5
867750
323450
1191200
45
979900
260250
1240150
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.