This page reflects AX 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 — AX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $87.50 (10.16 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$87.50
Nearest expiry
Expected Move
±$2.25
±2.3%
Days to Expiry
3
Calendar days
Total Call OI
457
Nearest expiry
Total Put OI
748
Nearest expiry
P/C OI Ratio
1.64
Put-heavy
Spot Price
$97.66
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
$90.00
6/18/2026, 11:05:30 PM
2026-07-17
$90.00
7/17/2026, 11:05:30 PM
2026-08-21NextUpdated
$87.50
8/18/2026, 11:05:25 PM
2026-09-18
$105.00
8/18/2026, 11:05:25 PM
2026-10-16
$95.00
8/18/2026, 11:05:25 PM
2027-01-15
$80.00
8/18/2026, 11:05:25 PM
Selected expiration: 2026-08-21 at max pain $87.50.
AX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
47.5
0
2750750
2750750
55
0
2190500
2190500
60
0
1818000
1818000
70
3000
1076000
1079000
72.5
4000
891000
895000
75
5000
706500
711500
77.5
6250
524000
530250
80
7500
342250
349750
82.5
10750
183500
194250
85
16250
121250
137500
87.5
21750
78250
100000
90
79750
37750
117500
92.5
140250
25000
165250
95
202000
14500
216500
97.5
268500
8000
276500
100
339000
3000
342000
105
527000
0
527000
110
724500
0
724500
115
943000
0
943000
120
1168500
0
1168500
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.