This page reflects CNX 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 — CNX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $35.00 (0.37 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$1.10
±3.1%
Days to Expiry
3
Calendar days
Total Call OI
752
Nearest expiry
Total Put OI
851
Nearest expiry
P/C OI Ratio
1.13
Put-heavy
Spot Price
$35.37
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
2026-06-18
$34.00
6/18/2026, 11:07:50 PM
2026-07-17
$33.00
7/17/2026, 11:04:26 PM
2026-08-21NextUpdated
$35.00
8/18/2026, 11:09:05 PM
2026-09-18
$34.00
8/18/2026, 11:09:05 PM
2026-10-16
$35.00
8/18/2026, 11:09:05 PM
2026-12-18
$30.00
8/18/2026, 11:09:05 PM
2027-01-15
$30.00
8/18/2026, 11:09:05 PM
Selected expiration: 2026-08-21 at max pain $35.00.
CNX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
700400
700400
27
0
530400
530400
28
200
445400
445600
29
600
360400
361000
30
1000
275600
276600
31
1600
193100
194700
32
4200
132600
136800
33
7300
72600
79900
34
12600
27700
40300
35
21600
8100
29700
36
48600
1500
50100
37
84100
0
84100
38
133000
0
133000
39
196100
0
196100
40
260200
0
260200
41
324500
0
324500
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.