This page reflects BDC 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 — BDC
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $100.00 (29.40 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$100.00
Nearest expiry
Expected Move
±$4.28
±3.3%
Days to Expiry
3
Calendar days
Total Call OI
901
Nearest expiry
Total Put OI
233
Nearest expiry
P/C OI Ratio
0.26
Put-heavy
Spot Price
$129.40
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
$105.00
6/18/2026, 11:05:50 PM
2026-07-17
$105.00
7/17/2026, 11:06:57 PM
2026-08-21NextUpdated
$100.00
8/18/2026, 11:06:20 PM
2026-09-18
$115.00
8/18/2026, 11:06:20 PM
2026-12-18
$100.00
8/18/2026, 11:06:20 PM
2027-03-19
$100.00
8/18/2026, 11:06:20 PM
Selected expiration: 2026-08-21 at max pain $100.00.
BDC pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
85
0
575000
575000
90
0
467500
467500
95
1000
368500
369500
100
2500
278000
280500
105
76500
206500
283000
110
163500
143000
306500
115
285000
82500
367500
120
413500
50000
463500
125
568000
23500
591500
130
730000
5500
735500
135
1020000
500
1020500
140
1381500
0
1381500
145
1744500
0
1744500
150
2162500
0
2162500
155
2582000
0
2582000
160
3027000
0
3027000
165
3473500
0
3473500
170
3922500
0
3922500
175
4372500
0
4372500
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.