Canadian Natural Resources LimiClose $48.78EOD only
Max Pain
$46.00
Next expiry May 22, 2026
Expected Move
±$0.55
1.1% from close
Price Gap
-2.78
Distance to max pain
IV Rank
49
Middle-high premium
P/C OI
0.37
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: May 20, 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
May 20, 2026 close
Max Pain — CNQ
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $46.00 (2.78 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$46.00
Nearest expiry
Expected Move
±$0.55
±1.1%
Days to Expiry
2
Calendar days
Total Call OI
5,382
Nearest expiry
Total Put OI
704
Nearest expiry
P/C OI Ratio
0.13
Put-heavy
Spot Price
$48.78
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$46.00
5/8/2026, 11:09:59 PM
2026-05-15
$46.00
5/15/2026, 11:10:21 PM
2026-05-22NextUpdated
$46.00
5/20/2026, 11:09:48 PM
2026-05-29
$46.00
5/20/2026, 11:09:48 PM
2026-06-05
$49.00
5/20/2026, 11:09:48 PM
2026-06-12
$45.00
5/20/2026, 11:09:48 PM
2026-06-18
$40.00
5/20/2026, 11:09:48 PM
2026-06-26
$44.00
5/20/2026, 11:09:48 PM
2026-07-17
$45.00
5/20/2026, 11:09:48 PM
2026-09-18
$47.50
5/20/2026, 11:09:48 PM
2026-12-18
$35.00
5/20/2026, 11:09:48 PM
2027-01-15
$32.50
5/20/2026, 11:09:48 PM
Selected expiration: 2026-05-22 at max pain $46.00.
CNQ pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
1065700
1065700
35
0
714200
714200
37
1200
573600
574800
38
1800
503400
505200
39
2400
433400
435800
40
3000
363700
366700
41
3800
294400
298200
42
4600
225700
230300
42.5
5150
193250
198400
43
5850
161000
166850
43.5
8800
129250
138050
44
12250
100600
112850
44.5
23000
78100
101100
45
33850
58500
92350
45.5
45150
44400
89550
46
56950
31500
88450
46.5
72350
22850
95200
47
88300
14750
103050
47.5
165350
8200
173550
48
244100
2500
246600
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.