This page reflects CG 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 — CG
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $47.50 (0.87 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$47.50
Nearest expiry
Expected Move
±$1.75
±3.6%
Days to Expiry
3
Calendar days
Total Call OI
89,274
Nearest expiry
Total Put OI
3,987
Nearest expiry
P/C OI Ratio
0.04
Put-heavy
Spot Price
$48.37
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
$45.00
6/18/2026, 11:07:24 PM
2026-07-17
$47.50
7/17/2026, 11:08:53 PM
2026-08-21NextUpdated
$47.50
8/18/2026, 11:08:05 PM
2026-09-18
$45.00
8/18/2026, 11:08:05 PM
2026-12-18
$45.00
8/18/2026, 11:08:05 PM
2027-01-15
$52.50
8/18/2026, 11:08:05 PM
2027-03-19
$50.00
8/18/2026, 11:08:05 PM
Selected expiration: 2026-08-21 at max pain $47.50.
CG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
4538250
4538250
32.5
0
3544750
3544750
35
0
2632750
2632750
37.5
0
1729500
1729500
40
0
922250
922250
42.5
37500
207500
245000
45
75000
88500
163500
47.5
114000
33000
147000
50
21652750
0
21652750
52.5
43410000
0
43410000
55
65287750
0
65287750
60
109326750
0
109326750
65
153962250
0
153962250
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.