This page reflects CPB 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 — CPB
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $20.00 (0.00 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$0.48
±2.4%
Days to Expiry
2
Calendar days
Total Call OI
4,486
Nearest expiry
Total Put OI
2,303
Nearest expiry
P/C OI Ratio
0.51
Put-heavy
Spot Price
$20.00
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
$20.50
5/8/2026, 11:10:06 PM
2026-05-15
$20.50
5/15/2026, 11:09:50 PM
2026-05-22NextUpdated
$20.00
5/20/2026, 11:09:04 PM
2026-05-29
$20.00
5/20/2026, 11:09:04 PM
2026-06-05
$20.00
5/20/2026, 11:09:04 PM
2026-06-12
$20.00
5/20/2026, 11:09:04 PM
2026-06-18
$21.00
5/20/2026, 11:09:04 PM
2026-06-26
$21.00
5/20/2026, 11:09:04 PM
2026-07-17
$20.00
5/20/2026, 11:09:04 PM
2026-08-21
$22.00
5/20/2026, 11:09:04 PM
2026-09-18
$23.00
5/20/2026, 11:09:04 PM
2026-11-20
$24.00
5/20/2026, 11:09:04 PM
2026-12-18
$23.00
5/20/2026, 11:09:04 PM
2027-01-15
$25.00
5/20/2026, 11:09:04 PM
2027-03-19
$23.00
5/20/2026, 11:09:04 PM
Selected expiration: 2026-05-22 at max pain $20.00.
CPB pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
11
0
1955950
1955950
12
500
1725650
1726150
13
2400
1495350
1497750
15
9200
1034750
1043950
17
16600
574150
590750
17.5
18450
473100
491550
18
20400
372450
392850
18.5
22350
274800
297150
19
29300
180350
209650
19.5
36500
98550
135050
20
44800
31750
76550
20.5
67800
11500
79300
21
133950
4050
138000
21.5
304550
2750
307300
22
479750
2150
481900
22.5
667350
1800
669150
23
863050
1450
864500
23.5
1076900
1200
1078100
24
1291400
950
1292350
24.5
1513800
700
1514500
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.