This page reflects CVX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 17, 2026 close
Max Pain — CVX
Data as of market close Aug 17, 2026
Nearest listed expiration 2026-08-21 shows max pain at $182.50 (20.20 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$182.50
Nearest expiry
Expected Move
±$5.20
±2.6%
Days to Expiry
4
Calendar days
Total Call OI
76,552
Nearest expiry
Total Put OI
30,811
Nearest expiry
P/C OI Ratio
0.40
Put-heavy
Spot Price
$202.70
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-08-07
$190.00
8/7/2026, 11:10:19 PM
2026-08-14
$190.00
8/14/2026, 11:13:06 PM
2026-08-21NextUpdated
$182.50
8/17/2026, 11:12:44 PM
2026-08-28
$190.00
8/17/2026, 11:12:44 PM
2026-09-04
$190.00
8/17/2026, 11:12:44 PM
2026-09-11
$195.00
8/17/2026, 11:12:44 PM
2026-09-18
$180.00
8/17/2026, 11:12:44 PM
2026-09-25
$190.00
8/17/2026, 11:12:44 PM
2026-10-02
$175.00
8/17/2026, 11:12:44 PM
2026-10-16
$190.00
8/17/2026, 11:12:44 PM
2026-11-20
$190.00
8/17/2026, 11:12:44 PM
2026-12-18
$175.00
8/17/2026, 11:12:44 PM
2027-01-15
$180.00
8/17/2026, 11:12:44 PM
2027-03-19
$185.00
8/17/2026, 11:12:44 PM
2027-06-17
$185.00
8/17/2026, 11:12:44 PM
Selected expiration: 2026-08-21 at max pain $182.50.
CVX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
95
0
258011750
258011750
100
0
241897750
241897750
105
0
225804250
225804250
110
1000
209793250
209794250
115
2500
193784750
193787250
120
5000
177777750
177782750
125
8000
161773750
161781750
130
12000
145778750
145790750
135
16500
129888750
129905250
140
21000
114229250
114250250
145
62500
98776250
98838750
150
109000
83592750
83701750
155
315000
68697250
69012250
160
642000
54984250
55626250
162.5
830500
48391250
49221750
165
1019750
41799500
42819250
167.5
1338750
35532250
36871000
170
1658000
29277250
30935250
172.5
2526750
24795000
27321750
175
3398750
20328500
23727250
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.