This page reflects CRML 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 — CRML
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $11.00 (0.25 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$11.00
Nearest expiry
Expected Move
±$0.95
±8.8%
Days to Expiry
2
Calendar days
Total Call OI
10,739
Nearest expiry
Total Put OI
12,042
Nearest expiry
P/C OI Ratio
1.12
Put-heavy
Spot Price
$10.75
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
$12.50
5/8/2026, 11:10:07 PM
2026-05-15
$12.50
5/15/2026, 11:10:35 PM
2026-05-22NextUpdated
$11.00
5/20/2026, 11:09:07 PM
2026-05-29
$11.50
5/20/2026, 11:09:07 PM
2026-06-05
$12.50
5/20/2026, 11:09:07 PM
2026-06-12
$11.00
5/20/2026, 11:09:07 PM
2026-06-18
$12.50
5/20/2026, 11:09:07 PM
2026-06-26
$11.00
5/20/2026, 11:09:07 PM
2026-07-17
$10.00
5/20/2026, 11:09:07 PM
2026-08-21
$10.00
5/20/2026, 11:09:07 PM
2026-11-20
$12.50
5/20/2026, 11:09:07 PM
2027-01-15
$12.50
5/20/2026, 11:09:07 PM
Selected expiration: 2026-05-22 at max pain $11.00.
CRML pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
9122000
9122000
4
400
7921400
7921800
4.5
750
7321100
7321850
5
1200
6720800
6722000
5.5
2050
6121000
6123050
6
2900
5521400
5524300
6.5
3750
4921900
4925650
7
4600
4323450
4328050
7.5
5550
3726350
3731900
8
6500
3130400
3136900
8.5
57200
2540300
2597500
9
108200
1956450
2064650
9.5
175750
1538350
1714100
10
251400
1152250
1403650
10.5
351200
834900
1186100
11
469600
574250
1043850
11.5
648700
433600
1082300
12
846600
337550
1184150
12.5
1083700
278450
1362150
13
1345050
224900
1569950
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.