This page reflects CNR 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 — CNR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $80.00 (3.06 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$80.00
Nearest expiry
Expected Move
±$9.00
±10.8%
Days to Expiry
29
Calendar days
Total Call OI
9,011
Nearest expiry
Total Put OI
3,307
Nearest expiry
P/C OI Ratio
0.37
Put-heavy
Spot Price
$83.06
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
$105.00
4/17/2026, 11:10:16 PM
2026-05-15
$85.00
5/15/2026, 11:09:40 PM
2026-06-18NextUpdated
$80.00
5/20/2026, 11:08:41 PM
2026-07-17
$80.00
5/20/2026, 11:08:41 PM
2026-09-18
$85.00
5/20/2026, 11:08:41 PM
2026-12-18
$90.00
5/20/2026, 11:08:41 PM
Selected expiration: 2026-06-18 at max pain $80.00.
CNR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
12781500
12781500
45
4000
11128500
11132500
50
8000
9476500
9484500
55
16000
7836500
7852500
60
30000
6203500
6233500
65
47500
4634000
4681500
70
65000
3081000
3146000
75
711000
1830500
2541500
80
1364500
745000
2109500
85
2026500
404500
2431000
90
2715000
195000
2910000
95
5553500
96500
5650000
100
8454500
48500
8503000
105
11491500
30000
11521500
110
14625000
16500
14641500
115
17808500
8000
17816500
120
21053500
0
21053500
125
24701000
0
24701000
130
28967000
0
28967000
135
33326000
0
33326000
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.