This page reflects BWA 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 — BWA
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $65.00 (2.95 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$1.65
±2.4%
Days to Expiry
3
Calendar days
Total Call OI
9,697
Nearest expiry
Total Put OI
10,059
Nearest expiry
P/C OI Ratio
1.04
Put-heavy
Spot Price
$67.95
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
$67.50
6/18/2026, 11:07:37 PM
2026-07-17
$60.00
7/17/2026, 11:08:48 PM
2026-08-21NextUpdated
$65.00
8/18/2026, 11:04:05 PM
2026-09-18
$67.50
8/18/2026, 11:04:05 PM
2026-10-16
$65.00
8/18/2026, 11:04:05 PM
2026-11-20
$65.00
8/18/2026, 11:04:05 PM
2026-12-18
$60.00
8/18/2026, 11:04:05 PM
2027-01-15
$70.00
8/18/2026, 11:04:05 PM
2027-03-19
$55.00
8/18/2026, 11:04:05 PM
2027-06-17
$40.00
8/18/2026, 11:04:05 PM
Selected expiration: 2026-08-21 at max pain $65.00.
BWA pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
17752500
17752500
47.5
0
15349250
15349250
50
0
12947500
12947500
52.5
2500
10549000
10551500
55
5000
8153000
8158000
57.5
10250
5810500
5820750
60
15500
3580750
3596250
62.5
24750
1495000
1519750
65
195500
152000
347500
67.5
726500
51500
778000
70
1483750
22250
1506000
72.5
3078000
11250
3089250
75
4713250
4250
4717500
77.5
6404250
0
6404250
80
8103750
0
8103750
85
12915750
0
12915750
90
17731250
0
17731250
95
22572750
0
22572750
100
27414750
0
27414750
105
32258250
0
32258250
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.