This page reflects CAI 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 — CAI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $15.00 (5.97 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$2.02
±9.7%
Days to Expiry
3
Calendar days
Total Call OI
4,774
Nearest expiry
Total Put OI
3,481
Nearest expiry
P/C OI Ratio
0.73
Put-heavy
Spot Price
$20.97
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
$15.00
6/18/2026, 11:03:44 PM
2026-07-17
$17.50
7/17/2026, 11:08:25 PM
2026-08-21NextUpdated
$15.00
8/18/2026, 11:07:48 PM
2026-09-18
$15.00
8/18/2026, 11:07:48 PM
2026-10-16
$17.50
8/18/2026, 11:07:48 PM
2026-12-18
$17.50
8/18/2026, 11:07:48 PM
2027-01-15
$12.50
8/18/2026, 11:07:48 PM
2027-03-19
$17.50
8/18/2026, 11:07:48 PM
Selected expiration: 2026-08-21 at max pain $15.00.
CAI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
4216750
4216750
5
1500
3369750
3371250
10
4500
1678250
1682750
12.5
10750
833000
843750
15
17000
26750
43750
17.5
75500
10000
85500
20
766500
1250
767750
22.5
1891000
0
1891000
25
3076750
0
3076750
30
5455750
0
5455750
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.