This page reflects BTDR 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 — BTDR
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $11.00 (2.00 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$11.00
Nearest expiry
Expected Move
±$0.70
±7.8%
Days to Expiry
3
Calendar days
Total Call OI
50,440
Nearest expiry
Total Put OI
36,288
Nearest expiry
P/C OI Ratio
0.72
Put-heavy
Spot Price
$9.00
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
2026-08-07
$10.00
8/7/2026, 11:06:34 PM
2026-08-14
$9.00
8/14/2026, 11:09:12 PM
2026-08-21NextUpdated
$11.00
8/18/2026, 11:07:24 PM
2026-08-28
$10.00
8/18/2026, 11:07:24 PM
2026-09-04
$11.00
8/18/2026, 11:07:24 PM
2026-09-11
$9.50
8/18/2026, 11:07:24 PM
2026-09-18
$12.50
8/18/2026, 11:07:24 PM
2026-09-25
$9.00
8/18/2026, 11:07:24 PM
2026-10-02
$8.50
8/18/2026, 11:07:24 PM
2026-10-16
$10.00
8/18/2026, 11:07:24 PM
2026-12-18
$11.00
8/18/2026, 11:07:24 PM
2027-01-15
$12.50
8/18/2026, 11:07:24 PM
2027-03-19
$8.00
8/18/2026, 11:07:24 PM
Selected expiration: 2026-08-21 at max pain $11.00.
BTDR pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
33174300
33174300
2
2600
29545500
29548100
3
6800
25916800
25923600
4
11900
22288100
22300000
5
17600
18659500
18677100
6
24000
15031400
15055400
7
30400
11405500
11435900
7.5
35400
9606900
9642300
8
48600
7818250
7866850
8.5
62900
6052050
6114950
9
89550
4548300
4637850
9.5
132800
3457700
3590500
10
239800
2378800
2618600
10.5
399450
1718700
2118150
11
586900
1131050
1717950
11.5
1049900
915150
1965050
12
1516800
699950
2216750
12.5
2447550
576000
3023550
13
3394250
474400
3868650
13.5
4465950
387350
4853300
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.