This page reflects CDW 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 — CDW
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $135.00 (0.03 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$135.00
Nearest expiry
Expected Move
±$4.30
±3.2%
Days to Expiry
3
Calendar days
Total Call OI
4,539
Nearest expiry
Total Put OI
3,305
Nearest expiry
P/C OI Ratio
0.73
Put-heavy
Spot Price
$134.97
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
$120.00
6/18/2026, 11:08:57 PM
2026-07-17
$130.00
7/17/2026, 11:04:35 PM
2026-08-21NextUpdated
$135.00
8/18/2026, 11:07:54 PM
2026-09-18
$110.00
8/18/2026, 11:07:54 PM
2026-10-16
$140.00
8/18/2026, 11:07:54 PM
2026-12-18
$115.00
8/18/2026, 11:07:54 PM
2027-03-19
$135.00
8/18/2026, 11:07:54 PM
Selected expiration: 2026-08-21 at max pain $135.00.
CDW pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
90
0
12713500
12713500
95
2500
11061500
11064000
100
5000
9411500
9416500
105
7500
7777000
7784500
110
10500
6154000
6164500
115
14000
4570500
4584500
120
19000
3125000
3144000
125
29000
2044000
2073000
130
48500
990000
1038500
135
157500
576500
734000
140
469500
284500
754000
145
904000
116500
1020500
150
1885000
16500
1901500
155
3246500
0
3246500
160
5238000
0
5238000
165
7256000
0
7256000
170
9405500
0
9405500
175
11582000
0
11582000
180
13772500
0
13772500
185
15978500
0
15978500
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.