This page reflects AIR options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 19, 2026 close
Max Pain — AIR
Data as of market close Aug 19, 2026
Nearest listed expiration 2026-08-21 shows max pain at $125.00 (14.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$125.00
Nearest expiry
Expected Move
±$5.20
±3.7%
Days to Expiry
2
Calendar days
Total Call OI
853
Nearest expiry
Total Put OI
558
Nearest expiry
P/C OI Ratio
0.65
Put-heavy
Spot Price
$139.17
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
$115.00
6/18/2026, 11:02:46 PM
2026-07-17
$140.00
7/17/2026, 11:02:46 PM
2026-08-21NextUpdated
$125.00
8/19/2026, 11:02:02 PM
2026-09-18
$145.00
8/19/2026, 11:02:02 PM
2026-11-20
$130.00
8/19/2026, 11:02:02 PM
2026-12-18
$100.00
8/19/2026, 11:02:02 PM
2027-02-19
$130.00
8/19/2026, 11:02:02 PM
Selected expiration: 2026-08-21 at max pain $125.00.
AIR pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
50
0
3826500
3826500
55
500
3547500
3548000
60
1500
3268500
3270000
65
2500
2989500
2992000
70
4000
2710500
2714500
75
11000
2431500
2442500
80
19000
2153500
2172500
85
34500
1883000
1917500
90
50000
1616500
1666500
95
65500
1359500
1425000
100
89000
1103000
1192000
105
121000
896500
1017500
110
167500
692500
860000
115
224000
510000
734000
120
285500
373000
658500
125
365000
253500
618500
130
479000
176000
655000
135
610000
116500
726500
140
824000
68000
892000
145
1052000
25500
1077500
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.