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 Canadian Natural Resources options about one week from expiration was $53.29. The chart above shows the exact max pain for each expiration date.

Canadian Natural Resources closed above its near-term max pain on 17 of the last 20 trading days. On Nov 4, 2026 it closed at $49.62, 6.9% below max pain of $53.29.

Over the last 20 trading days, near-term max pain for Canadian Natural Resources ranged from $48.50 to $53.43. It went from $49.79 on Oct 8, 2026 to $53.29 on Nov 4, 2026. See the CNQ max pain history for a longer view.

Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada.