This page reflects CADL 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 — CADL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $10.00 (2.05 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$10.00
Nearest expiry
Expected Move
±$0.78
±6.4%
Days to Expiry
3
Calendar days
Total Call OI
1,851
Nearest expiry
Total Put OI
1,207
Nearest expiry
P/C OI Ratio
0.65
Put-heavy
Spot Price
$12.05
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
$8.00
6/18/2026, 11:06:44 PM
2026-07-17
$4.00
7/17/2026, 11:09:27 PM
2026-08-21NextUpdated
$10.00
8/18/2026, 11:07:45 PM
2026-09-18
$9.00
8/18/2026, 11:07:45 PM
2026-10-16
$6.00
8/18/2026, 11:07:45 PM
2027-01-15
$7.00
8/18/2026, 11:07:45 PM
Selected expiration: 2026-08-21 at max pain $10.00.
CADL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
955800
955800
2
300
835100
835400
3
600
714600
715200
5
1200
478200
479400
7
1800
242200
244000
8
2100
124700
126800
9
6100
12400
18500
10
18000
0
18000
11
57400
0
57400
12
162300
0
162300
13
305500
0
305500
14
480300
0
480300
15
658700
0
658700
16
837300
0
837300
17
1016200
0
1016200
18
1197400
0
1197400
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.