This page reflects CGEM 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 — CGEM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $18.00 (2.84 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$2.50
±12.0%
Days to Expiry
3
Calendar days
Total Call OI
87
Nearest expiry
Total Put OI
937
Nearest expiry
P/C OI Ratio
10.77
Put-heavy
Spot Price
$20.84
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
$14.00
6/18/2026, 11:10:11 PM
2026-07-17
$1.00
7/17/2026, 11:08:34 PM
2026-08-21NextUpdated
$18.00
8/18/2026, 11:07:32 PM
2026-09-18
$18.00
8/18/2026, 11:07:32 PM
2026-10-16
$14.00
8/18/2026, 11:07:32 PM
2026-12-18
$15.00
8/18/2026, 11:07:32 PM
2027-01-15
$16.00
8/18/2026, 11:07:32 PM
2027-03-19
$20.00
8/18/2026, 11:07:32 PM
2027-06-17
$12.00
8/18/2026, 11:07:32 PM
Selected expiration: 2026-08-21 at max pain $18.00.
CGEM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
996300
996300
6
0
904100
904100
7
0
811900
811900
9
0
627700
627700
15
0
89500
89500
16
0
39200
39200
17
1000
7100
8100
18
4500
0
4500
19
8300
0
8300
20
16400
0
16400
25
59400
0
59400
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.