What is COP max pain this week?

COP max pain for the nearest expiration (2026-05-22) is $119.00. Total call open interest: 12,111. Total put open interest: 4,560.

What is max pain in options?

Max pain is the strike price where option holders (buyers of both puts and calls) would collectively lose the most money at expiration. It represents the point of maximum financial pain for option buyers, and theory suggests stock prices tend to gravitate toward max pain as expiration approaches.

Home Options COPMax Pain

COP

ConocoPhillipsClose $122.36EOD only

Max Pain

$119.00

Next expiry May 22, 2026

Expected Move

±$3.29

2.7% from close

Price Gap

-3.36

Distance to max pain

IV Rank

Low premium

P/C OI

0.77

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects COP 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 — COP

Data as of market close May 20, 2026

Open Available Reports (4/4)

Nearest listed expiration 2026-05-22 shows max pain at $119.00 (3.36 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike

$119.00

Nearest expiry

Expected Move

±$3.29

±2.7%

Days to Expiry

Calendar days

Total Call OI

12,111

Nearest expiry

Total Put OI

4,560

Nearest expiry

P/C OI Ratio

0.38

Put-heavy

Spot Price

$122.36

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	$117.00	5/8/2026, 11:07:05 PM
2026-05-15	$119.00	5/15/2026, 11:10:57 PM
2026-05-22NextUpdated	$119.00	5/20/2026, 11:08:49 PM
2026-05-29	$120.00	5/20/2026, 11:08:49 PM
2026-06-05	$117.00	5/20/2026, 11:08:49 PM
2026-06-12	$117.00	5/20/2026, 11:08:49 PM
2026-06-18	$110.00	5/20/2026, 11:08:49 PM
2026-06-26	$116.00	5/20/2026, 11:08:49 PM
2026-07-17	$120.00	5/20/2026, 11:08:49 PM
2026-08-21	$115.00	5/20/2026, 11:08:49 PM
2026-09-18	$110.00	5/20/2026, 11:08:49 PM
2026-11-20	$115.00	5/20/2026, 11:08:49 PM
2026-12-18	$110.00	5/20/2026, 11:08:49 PM
2027-01-15	$100.00	5/20/2026, 11:08:49 PM
2027-03-19	$120.00	5/20/2026, 11:08:49 PM

Selected expiration: 2026-05-22 at max pain $119.00.

COP pain by strike for 2026-05-22 expiration
Strike	Call Pain	Put Pain	Total Pain
65	0	23720700	23720700
90	0	12320700	12320700
100	14000	7784700	7798700
101	15900	7341600	7357500
102	17800	6898600	6916400
103	19700	6456100	6475800
104	21600	6017900	6039500
105	23500	5580500	5604000
106	25400	5155100	5180500
107	28500	4731300	4759800
108	33200	4308900	4342100
109	39100	3896700	3935800
110	46200	3490800	3537000
111	54100	3100400	3154500
112	62900	2717700	2780600
113	94100	2373300	2467400
114	158000	2067600	2225600
115	227100	1776100	2003200
116	300500	1507200	1807700
117	392400	1268200	1660600

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.