This page reflects NOG 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 — NOG
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $24.00 (0.07 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$24.00
Nearest expiry
Expected Move
±$2.40
±10.0%
Days to Expiry
29
Calendar days
Total Call OI
10,715
Nearest expiry
Total Put OI
2,026
Nearest expiry
P/C OI Ratio
0.19
Put-heavy
Spot Price
$24.07
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
$26.00
4/17/2026, 11:23:21 PM
2026-05-15
$24.00
5/15/2026, 11:26:20 PM
2026-06-18NextUpdated
$24.00
5/20/2026, 11:23:43 PM
2026-07-17
$23.00
5/20/2026, 11:23:43 PM
2026-09-18
$25.00
5/20/2026, 11:23:43 PM
2026-12-18
$24.00
5/20/2026, 11:23:43 PM
2027-01-15
$27.00
5/20/2026, 11:23:43 PM
Selected expiration: 2026-06-18 at max pain $24.00.
NOG pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
13
0
2005500
2005500
14
2200
1803000
1805200
15
4500
1601400
1605900
16
6900
1404100
1411000
17
9700
1208500
1218200
18
12700
1019000
1031700
19
16800
836200
853000
20
21000
664900
685900
21
26200
519300
545500
22
31900
375600
407500
23
44900
251100
296000
24
69200
152800
222000
25
250900
85100
336000
26
519100
53600
572700
27
967800
29800
997600
28
1606700
14500
1621200
29
2349800
4800
2354600
30
3112500
300
3112800
31
4114600
0
4114600
32
5132100
0
5132100
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.