This page reflects CMI 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 — CMI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $650.00 (29.19 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$650.00
Nearest expiry
Expected Move
±$17.50
±2.8%
Days to Expiry
3
Calendar days
Total Call OI
2,030
Nearest expiry
Total Put OI
2,602
Nearest expiry
P/C OI Ratio
1.28
Put-heavy
Spot Price
$620.81
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
$620.00
6/18/2026, 11:11:14 PM
2026-07-17
$660.00
7/17/2026, 11:10:19 PM
2026-08-21NextUpdated
$650.00
8/18/2026, 11:07:58 PM
2026-09-18
$600.00
8/18/2026, 11:07:58 PM
2026-12-18
$650.00
8/18/2026, 11:07:58 PM
2027-03-19
$680.00
8/18/2026, 11:07:58 PM
2027-06-17
$550.00
8/18/2026, 11:07:58 PM
Selected expiration: 2026-08-21 at max pain $650.00.
CMI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
470
0
35528000
35528000
480
1000
32931000
32932000
490
4000
30363000
30367000
500
8000
27797000
27805000
510
13000
25265000
25278000
520
18000
22749000
22767000
530
24000
20283000
20307000
540
32000
17851000
17883000
550
42000
15533000
15575000
560
97000
13307000
13404000
570
154000
11574000
11728000
580
212000
9869000
10081000
590
324000
8288000
8612000
600
525000
6735000
7260000
610
982000
5539000
6521000
620
1446000
4470000
5916000
630
1929000
3622000
5551000
640
2426000
2825000
5251000
650
2979000
2146000
5125000
660
3660000
1545000
5205000
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.