This page reflects CVX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — CVX
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-09 shows max pain at $205.00 (1.69 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$205.00
Nearest expiry
Expected Move
±$5.56
±2.7%
Days to Expiry
7
Calendar days
Total Call OI
7,553
Nearest expiry
Total Put OI
4,994
Nearest expiry
P/C OI Ratio
0.66
Put-heavy
Spot Price
$206.69
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-09
Expiration
Max Pain Strike
Last Updated
2026-09-25
$207.50
9/25/2026, 11:09:51 PM
2026-10-02Updated
$205.00
10/2/2026, 11:07:39 PM
2026-10-09Next
$205.00
10/2/2026, 11:07:39 PM
2026-10-16
$200.00
10/2/2026, 11:07:39 PM
2026-10-23
$205.00
10/2/2026, 11:07:39 PM
2026-10-30
$200.00
10/2/2026, 11:07:39 PM
2026-11-06
$205.00
10/2/2026, 11:07:39 PM
2026-11-20
$200.00
10/2/2026, 11:07:39 PM
2026-12-18
$185.00
10/2/2026, 11:07:39 PM
2027-01-15
$185.00
10/2/2026, 11:07:39 PM
2027-03-19
$195.00
10/2/2026, 11:07:39 PM
2027-06-17
$190.00
10/2/2026, 11:07:39 PM
2027-09-17
$200.00
10/2/2026, 11:07:39 PM
Selected expiration: 2026-10-09 at max pain $205.00.
CVX pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
130
0
32718000
32718000
160
0
17739000
17739000
165
0
15246000
15246000
170
0
12756000
12756000
175
0
10267500
10267500
180
0
7806000
7806000
182.5
0
6834250
6834250
185
0
5863500
5863500
187.5
250
4906250
4906500
190
500
3953000
3953500
192.5
1750
3046000
3047750
195
3000
2184000
2187000
197.5
4750
1607500
1612250
200
11250
1089750
1101000
202.5
55500
749000
804500
205
160500
448750
609250
207.5
411750
272250
684000
210
713500
122000
835500
212.5
1230500
69250
1299750
215
1841750
16500
1858250
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.