This page reflects CVX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 19, 2026 close
Max Pain — CVX
Data as of market close May 19, 2026
Nearest listed expiration 2026-05-22 shows max pain at $192.50 (4.75 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$192.50
Nearest expiry
Expected Move
±$4.74
±2.4%
Days to Expiry
3
Calendar days
Total Call OI
19,498
Nearest expiry
Total Put OI
9,810
Nearest expiry
P/C OI Ratio
0.50
Put-heavy
Spot Price
$197.25
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
$185.00
5/8/2026, 11:09:31 PM
2026-05-15
$180.00
5/15/2026, 11:11:18 PM
2026-05-22NextUpdated
$192.50
5/19/2026, 11:10:06 PM
2026-05-29
$190.00
5/19/2026, 11:10:06 PM
2026-06-05
$190.00
5/19/2026, 11:10:06 PM
2026-06-12
$185.00
5/19/2026, 11:10:06 PM
2026-06-18
$185.00
5/19/2026, 11:10:06 PM
2026-06-26
$185.00
5/19/2026, 11:10:06 PM
2026-07-17
$185.00
5/19/2026, 11:10:06 PM
2026-08-21
$170.00
5/19/2026, 11:10:06 PM
2026-09-18
$180.00
5/19/2026, 11:10:06 PM
2026-12-18
$170.00
5/19/2026, 11:10:06 PM
2027-01-15
$180.00
5/19/2026, 11:10:06 PM
2027-03-19
$180.00
5/19/2026, 11:10:06 PM
Selected expiration: 2026-05-22 at max pain $192.50.
CVX pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
110
0
66590500
66590500
115
0
61688500
61688500
130
0
46985500
46985500
135
0
42115000
42115000
140
0
37256500
37256500
145
0
32428000
32428000
150
0
27606500
27606500
155
0
22923500
22923500
157.5
0
20594000
20594000
160
0
18264750
18264750
162.5
0
16063000
16063000
165
0
13873500
13873500
167.5
0
11761000
11761000
170
0
9672750
9672750
172.5
1250
7840000
7841250
175
2500
6159500
6162000
177.5
4250
4703250
4707500
180
6750
3362000
3368750
182.5
9750
2336500
2346250
185
13250
1604500
1617750
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.