This page reflects BBW 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 — BBW
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $32.50 (4.94 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$32.50
Nearest expiry
Expected Move
±$1.05
±2.8%
Days to Expiry
3
Calendar days
Total Call OI
1,706
Nearest expiry
Total Put OI
736
Nearest expiry
P/C OI Ratio
0.43
Put-heavy
Spot Price
$37.44
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
$40.00
6/18/2026, 11:05:27 PM
2026-07-17
$32.50
7/17/2026, 11:06:46 PM
2026-08-21NextUpdated
$32.50
8/18/2026, 11:05:38 PM
2026-09-18
$37.50
8/18/2026, 11:05:38 PM
2026-12-18
$30.00
8/18/2026, 11:05:38 PM
2027-03-19
$30.00
8/18/2026, 11:05:38 PM
Selected expiration: 2026-08-21 at max pain $32.50.
BBW pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
17.5
0
789250
789250
20
0
605750
605750
22.5
0
422500
422500
25
0
240500
240500
27.5
1500
141250
142750
30
3000
45500
48500
32.5
14750
16000
30750
35
75000
500
75500
37.5
164000
250
164250
40
279500
0
279500
42.5
684250
0
684250
45
1110250
0
1110250
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.