Max pain is the price where the total value of all open calls and puts would be lowest at expiration, so option buyers as a group would lose the most. Some traders watch it as a level the stock may drift toward near expiration, because option sellers, often market makers, hedge their positions in ways that can pull the price toward heavily traded strikes. It is a theory, not a guarantee.

As of the Nov 4, 2026 close, max pain for CF Industries options about one week from expiration was $115.86. The chart above shows the exact max pain for each expiration date.

CF Industries closed above its near-term max pain on 14 of the last 20 trading days. On Nov 4, 2026 it closed at $111.65, 3.6% below max pain of $115.86.

Over the last 20 trading days, near-term max pain for CF Industries ranged from $115.86 to $125.00. It went from $123.71 on Oct 8, 2026 to $115.86 on Nov 4, 2026. See the CF max pain history for a longer view.

CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers.