This page reflects CBRE 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 — CBRE
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $140.00 (7.30 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$140.00
Nearest expiry
Expected Move
±$5.30
±3.6%
Days to Expiry
3
Calendar days
Total Call OI
5,699
Nearest expiry
Total Put OI
2,099
Nearest expiry
P/C OI Ratio
0.37
Put-heavy
Spot Price
$147.30
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
$130.00
6/18/2026, 11:08:47 PM
2026-07-17
$135.00
7/17/2026, 11:08:33 PM
2026-08-21NextUpdated
$140.00
8/18/2026, 11:03:27 PM
2026-09-18
$140.00
8/18/2026, 11:03:27 PM
2026-12-18
$135.00
8/18/2026, 11:03:27 PM
2027-01-15
$150.00
8/18/2026, 11:03:27 PM
2027-03-19
$120.00
8/18/2026, 11:03:27 PM
Selected expiration: 2026-08-21 at max pain $140.00.
CBRE pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
80
0
11264000
11264000
90
0
9165000
9165000
95
0
8117500
8117500
100
0
7071500
7071500
105
0
6031000
6031000
110
2500
4996000
4998500
115
5000
3973500
3978500
120
7500
2978500
2986000
125
22000
2267000
2289000
130
39500
1641000
1680500
135
134000
1100500
1234500
140
350500
615000
965500
145
884500
189500
1074000
150
1937000
85000
2022000
155
4328000
0
4328000
160
6796000
0
6796000
165
9296500
0
9296500
170
12097500
0
12097500
175
14916000
0
14916000
185
20568000
0
20568000
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.