Canadian Natural Resource... (CNQ)
Canadian Natural Resources Max Pain By Strike
CNQ trades at $31.38, 4.6% above the near-term max pain of $30 expiring Sep 5, 2025 (0 days). Price stability likely with balanced options positioning at this level. Max pain is falling across expirations ($21-$32.5), signaling increased put positioning or downside protection. Key magnetic zone at 30 where 7 expirations converge.
Canadian Natural Resources Max Pain By Expiry
Max pain for CNQ shows a downward trend from 32.5 to 21, indicating bearish sentiment or hedging activity. The 39% spread signals divergent expectations across timeframes. Most levels below 31.38 may cap rallies. Strong magnetic level at 30 (7 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.
Max Pain Table
| Expiration Date | Max Pain | Max Pain vs Current Price |
|---|---|---|
| Sep 5, 2025 | 30 | -1.38 (-4.39%) |
| Sep 12, 2025 | 31 | -0.38 (-1.20%) |
| Sep 19, 2025 | 27.5 | -3.88 (-12.36%) |
| Sep 26, 2025 | 30 | -1.38 (-4.39%) |
| Oct 3, 2025 | 30 | -1.38 (-4.39%) |
| Oct 10, 2025 | 31 | -0.38 (-1.20%) |
| Oct 17, 2025 | 30 | -1.38 (-4.39%) |
| Oct 24, 2025 | 21 | -10.38 (-33.07%) |
| Nov 21, 2025 | 30 | -1.38 (-4.39%) |
| Dec 19, 2025 | 30 | -1.38 (-4.39%) |
| Jan 16, 2026 | 32.5 | 1.12 (3.58%) |
| Mar 20, 2026 | 25 | -6.38 (-20.32%) |
| Jun 18, 2026 | 32.5 | 1.12 (3.58%) |
| Jan 15, 2027 | 30 | -1.38 (-4.39%) |