This page reflects BEN 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 — BEN
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $33.00 (0.99 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$33.00
Nearest expiry
Expected Move
±$0.78
±2.3%
Days to Expiry
3
Calendar days
Total Call OI
6,374
Nearest expiry
Total Put OI
2,971
Nearest expiry
P/C OI Ratio
0.47
Put-heavy
Spot Price
$33.99
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
$25.00
6/18/2026, 11:06:19 PM
2026-07-17
$30.00
7/17/2026, 11:06:57 PM
2026-08-21NextUpdated
$33.00
8/18/2026, 11:05:55 PM
2026-09-18
$34.00
8/18/2026, 11:05:55 PM
2026-10-16
$32.00
8/18/2026, 11:05:55 PM
2027-01-15
$25.00
8/18/2026, 11:05:55 PM
Selected expiration: 2026-08-21 at max pain $33.00.
BEN pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
3214200
3214200
21
200
2917100
2917300
23
2800
2323100
2325900
27
8000
1136300
1144300
28
9300
839700
849000
29
10700
549200
559900
30
12100
395600
407700
31
16000
269300
285300
32
21000
169800
190800
33
44000
100000
144000
34
353600
51000
404600
35
750200
6300
756500
36
1327500
900
1328400
37
1937400
600
1938000
38
2565500
300
2565800
39
3201100
0
3201100
40
3836800
0
3836800
41
4473700
0
4473700
45
7022900
0
7022900
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.