This page reflects AER 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 — AER
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $150.00 (0.38 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$150.00
Nearest expiry
Expected Move
±$2.92
±1.9%
Days to Expiry
3
Calendar days
Total Call OI
969
Nearest expiry
Total Put OI
2,484
Nearest expiry
P/C OI Ratio
2.56
Put-heavy
Spot Price
$149.62
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
$140.00
6/18/2026, 11:02:02 PM
2026-07-17
$140.00
7/17/2026, 11:01:53 PM
2026-08-21NextUpdated
$150.00
8/18/2026, 11:01:43 PM
2026-09-18
$140.00
8/18/2026, 11:01:43 PM
2026-10-16
$145.00
8/18/2026, 11:01:43 PM
2027-01-15
$80.00
8/18/2026, 11:01:43 PM
Selected expiration: 2026-08-21 at max pain $150.00.
AER pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
100
0
11163000
11163000
115
0
7441500
7441500
120
0
6201500
6201500
125
0
4967000
4967000
130
0
3734500
3734500
135
2000
2589500
2591500
140
4000
1476500
1480500
145
10500
727500
738000
150
42000
41000
83000
155
143000
0
143000
160
321500
0
321500
165
757000
0
757000
170
1216000
0
1216000
175
1697000
0
1697000
185
2664000
0
2664000
200
4116000
0
4116000
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.