This page reflects CSTM 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 — CSTM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $31.00 (1.13 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$31.00
Nearest expiry
Expected Move
±$3.75
±11.7%
Days to Expiry
29
Calendar days
Total Call OI
1,260
Nearest expiry
Total Put OI
1,196
Nearest expiry
P/C OI Ratio
0.95
Put-heavy
Spot Price
$32.13
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
$24.00
4/17/2026, 11:07:21 PM
2026-05-15
$30.00
5/15/2026, 11:08:11 PM
2026-06-18NextUpdated
$31.00
5/20/2026, 11:11:37 PM
2026-07-17
$32.00
5/20/2026, 11:11:37 PM
2026-08-21
$29.00
5/20/2026, 11:11:37 PM
2026-11-20
$27.00
5/20/2026, 11:11:37 PM
2027-01-15
$20.00
5/20/2026, 11:11:37 PM
Selected expiration: 2026-06-18 at max pain $31.00.
CSTM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
1015600
1015600
23
0
663400
663400
24
0
547600
547600
25
100
436200
436300
26
200
328900
329100
27
400
221600
222000
28
800
150200
151000
29
1200
90900
92100
30
2100
51900
54000
31
8600
29800
38400
32
25200
16800
42000
33
65000
9700
74700
34
111800
3800
115600
35
168800
0
168800
36
248000
0
248000
37
352300
0
352300
38
461400
0
461400
39
576900
0
576900
40
695300
0
695300
41
819100
0
819100
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.