This page reflects CVI 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 — CVI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $35.00 (1.52 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$4.72
±14.1%
Days to Expiry
29
Calendar days
Total Call OI
6,415
Nearest expiry
Total Put OI
2,862
Nearest expiry
P/C OI Ratio
0.45
Put-heavy
Spot Price
$33.48
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
$30.00
4/17/2026, 11:09:16 PM
2026-05-15
$30.00
5/15/2026, 11:11:24 PM
2026-06-18NextUpdated
$35.00
5/20/2026, 11:07:19 PM
2026-07-17
$30.00
5/20/2026, 11:07:19 PM
2026-09-18
$30.00
5/20/2026, 11:07:19 PM
2026-12-18
$30.00
5/20/2026, 11:07:19 PM
2027-01-15
$25.00
5/20/2026, 11:07:19 PM
Selected expiration: 2026-06-18 at max pain $35.00.
CVI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
5783500
5783500
15
7750
5069500
5077250
17.5
15500
4357500
4373000
20
23500
3645500
3669000
22.5
33250
2939000
2972250
25
49000
2240500
2289500
27.5
137000
1565500
1702500
30
226500
972500
1199000
32.5
336250
454500
790750
35
460500
0
460500
37.5
1758250
0
1758250
40
3219750
0
3219750
42.5
4794500
0
4794500
45
6384250
0
6384250
47.5
7986250
0
7986250
50
9588250
0
9588250
55
12795750
0
12795750
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.