This page reflects CVE 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 — CVE
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $23.00 (7.53 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.00
Nearest expiry
Expected Move
±$2.90
±9.5%
Days to Expiry
29
Calendar days
Total Call OI
23,713
Nearest expiry
Total Put OI
11,056
Nearest expiry
P/C OI Ratio
0.47
Put-heavy
Spot Price
$30.53
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
$23.00
4/17/2026, 11:08:19 PM
2026-05-15
$26.00
5/15/2026, 11:11:16 PM
2026-06-18NextUpdated
$23.00
5/20/2026, 11:09:37 PM
2026-07-17
$30.00
5/20/2026, 11:09:37 PM
2026-09-18
$23.00
5/20/2026, 11:09:37 PM
2026-12-18
$26.00
5/20/2026, 11:09:37 PM
2027-01-15
$15.00
5/20/2026, 11:09:37 PM
Selected expiration: 2026-06-18 at max pain $23.00.
CVE pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
19037600
19037600
10
0
13510100
13510100
11
0
12404800
12404800
12
0
11299700
11299700
13
2700
10196900
10199600
14
6000
9109200
9115200
15
12200
8076800
8089000
16
22200
7079100
7101300
17
45500
6142300
6187800
18
97000
5336100
5433100
19
240300
4618400
4858700
20
472300
3916700
4389000
21
834300
3288000
4122300
22
1218200
2694500
3912700
23
1679000
2187500
3866500
24
2301600
1733400
4035000
25
2992600
1313600
4306200
26
3855400
948700
4804100
27
4785600
653300
5438900
28
5849200
425900
6275100
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.