This page reflects CAL 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 — CAL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $12.50 (0.42 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.50
Nearest expiry
Expected Move
±$0.88
±6.8%
Days to Expiry
3
Calendar days
Total Call OI
5,826
Nearest expiry
Total Put OI
3,655
Nearest expiry
P/C OI Ratio
0.63
Put-heavy
Spot Price
$12.92
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
$12.50
6/18/2026, 11:08:29 PM
2026-07-17
$12.50
7/17/2026, 11:04:15 PM
2026-08-21NextUpdated
$12.50
8/18/2026, 11:07:47 PM
2026-09-18
$12.50
8/18/2026, 11:07:47 PM
2026-11-20
$12.50
8/18/2026, 11:07:47 PM
2026-12-18
$12.50
8/18/2026, 11:07:47 PM
2027-02-19
$15.00
8/18/2026, 11:07:47 PM
Selected expiration: 2026-08-21 at max pain $12.50.
CAL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
2863000
2863000
5
2250
1965750
1968000
7.5
6500
1119000
1125500
10
10750
306500
317250
12.5
52250
24250
76500
15
167750
750
168500
17.5
1131000
0
1131000
20
2566000
0
2566000
22.5
4022500
0
4022500
25
5479000
0
5479000
27.5
6935500
0
6935500
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.