This page reflects ACIW options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 18, 2026 close
Max Pain — ACIW
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $45.00 (7.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$3.02
±5.8%
Days to Expiry
3
Calendar days
Total Call OI
204
Nearest expiry
Total Put OI
296
Nearest expiry
P/C OI Ratio
1.45
Put-heavy
Spot Price
$52.17
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-06-18
$45.00
6/18/2026, 11:01:27 PM
2026-07-17
$45.00
7/17/2026, 11:01:09 PM
2026-08-21NextUpdated
$45.00
8/18/2026, 11:01:34 PM
2026-09-18
$55.00
8/18/2026, 11:01:34 PM
2026-11-20
$55.00
8/18/2026, 11:01:34 PM
2027-02-19
$50.00
8/18/2026, 11:01:34 PM
Selected expiration: 2026-08-21 at max pain $45.00.
ACIW pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
679250
679250
22.5
0
605500
605500
25
0
532500
532500
30
0
386500
386500
35
0
240500
240500
40
2000
102000
104000
45
5500
52500
58000
50
52000
18000
70000
55
105000
0
105000
60
174500
0
174500
65
257500
0
257500
70
355000
0
355000
75
455500
0
455500
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.