This page reflects CZR 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 — CZR
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $27.00 (0.55 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$27.00
Nearest expiry
Expected Move
±$0.92
±3.3%
Days to Expiry
2
Calendar days
Total Call OI
3,135
Nearest expiry
Total Put OI
2,976
Nearest expiry
P/C OI Ratio
0.95
Put-heavy
Spot Price
$27.55
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
$28.00
5/8/2026, 11:09:52 PM
2026-05-15
$27.00
5/15/2026, 11:11:52 PM
2026-05-22NextUpdated
$27.00
5/20/2026, 11:09:58 PM
2026-05-29
$28.00
5/20/2026, 11:09:58 PM
2026-06-05
$28.00
5/20/2026, 11:09:58 PM
2026-06-12
$30.00
5/20/2026, 11:09:58 PM
2026-06-18
$25.00
5/20/2026, 11:09:58 PM
2026-06-26
$25.00
5/20/2026, 11:09:58 PM
2026-07-17
$27.00
5/20/2026, 11:09:58 PM
2026-09-18
$25.00
5/20/2026, 11:09:58 PM
2026-12-18
$28.00
5/20/2026, 11:09:58 PM
2027-01-15
$25.00
5/20/2026, 11:09:58 PM
2027-03-19
$15.00
5/20/2026, 11:09:58 PM
Selected expiration: 2026-05-22 at max pain $27.00.
CZR pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
3265050
3265050
17
400
2669850
2670250
18
600
2372450
2373050
19
800
2075150
2075950
20
1200
1778050
1779250
21
1600
1481050
1482650
22
2200
1197450
1199650
23
2900
941550
944450
23.5
3300
813700
817000
24
3700
691250
694950
24.5
6750
570800
577550
25
9800
452150
461950
25.5
16100
336800
352900
26
24100
229750
253850
26.5
44300
172800
217100
27
66850
118750
185600
27.5
108000
81750
189750
28
159100
52800
211900
28.5
231650
37850
269500
29
329500
22900
352400
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.