This page reflects CNX 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 — CNX
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $36.00 (0.53 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$36.00
Nearest expiry
Expected Move
±$2.97
±8.1%
Days to Expiry
29
Calendar days
Total Call OI
430
Nearest expiry
Total Put OI
254
Nearest expiry
P/C OI Ratio
0.59
Put-heavy
Spot Price
$36.53
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
$39.00
4/17/2026, 11:10:11 PM
2026-05-15
$38.00
5/15/2026, 11:09:57 PM
2026-06-18NextUpdated
$36.00
5/20/2026, 11:07:37 PM
2026-07-17
$37.00
5/20/2026, 11:07:37 PM
2026-10-16
$35.00
5/20/2026, 11:07:37 PM
2026-12-18
$30.00
5/20/2026, 11:07:37 PM
Selected expiration: 2026-06-18 at max pain $36.00.
CNX pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
28
0
163200
163200
29
0
138300
138300
30
0
113500
113500
31
100
88700
88800
32
200
64000
64200
33
1100
42600
43700
34
2000
24000
26000
35
2900
10600
13500
36
7000
5600
12600
37
12300
3600
15900
38
19300
1700
21000
39
28900
800
29700
40
40500
200
40700
41
59000
100
59100
42
82600
0
82600
43
112800
0
112800
44
143700
0
143700
46
207500
0
207500
47
239500
0
239500
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.