This page reflects CWH 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 — CWH
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $8.00 (0.96 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$8.00
Nearest expiry
Expected Move
±$1.25
±17.8%
Days to Expiry
29
Calendar days
Total Call OI
7,728
Nearest expiry
Total Put OI
5,039
Nearest expiry
P/C OI Ratio
0.65
Put-heavy
Spot Price
$7.04
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
$7.00
4/17/2026, 11:11:27 PM
2026-05-15
$7.00
5/15/2026, 11:10:37 PM
2026-06-18NextUpdated
$8.00
5/20/2026, 11:08:22 PM
2026-07-17
$6.00
5/20/2026, 11:08:22 PM
2026-09-18
$6.00
5/20/2026, 11:08:22 PM
2026-12-18
$8.00
5/20/2026, 11:08:22 PM
2027-01-15
$8.00
5/20/2026, 11:08:22 PM
Selected expiration: 2026-06-18 at max pain $8.00.
CWH pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
3238400
3238400
3
0
2230800
2230800
4
0
1727100
1727100
5
0
1242300
1242300
6
1700
871100
872800
7
34800
580200
615000
8
129700
355800
485500
9
425600
169500
595100
10
781500
40500
822000
11
1274000
24500
1298500
12
1798700
14100
1812800
13
2424600
7200
2431800
14
3084000
4100
3088100
15
3751900
1600
3753500
16
4472700
800
4473500
17
5193500
0
5193500
18
5936000
0
5936000
19
6683100
0
6683100
20
7442700
0
7442700
21
8207900
0
8207900
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.