This page reflects CNA 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 — CNA
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $50.00 (0.33 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$50.00
Nearest expiry
Expected Move
±$3.02
±6.0%
Days to Expiry
3
Calendar days
Total Call OI
121
Nearest expiry
Total Put OI
108
Nearest expiry
P/C OI Ratio
0.89
Put-heavy
Spot Price
$50.33
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, 11:07:32 PM
2026-07-17
$40.00
7/17/2026, 11:09:14 PM
2026-08-21NextUpdated
$50.00
8/18/2026, 11:08:29 PM
2026-09-18
$50.00
8/18/2026, 11:08:29 PM
2026-11-20
$45.00
8/18/2026, 11:08:29 PM
2027-02-19
$45.00
8/18/2026, 11:08:29 PM
Selected expiration: 2026-08-21 at max pain $50.00.
CNA pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
23
0
230100
230100
38
0
68100
68100
40
0
46700
46700
43
300
16100
16400
45
500
6900
7400
48
800
600
1400
50
1000
0
1000
53
6100
0
6100
55
20900
0
20900
58
51200
0
51200
60
72000
0
72000
63
103800
0
103800
68
158300
0
158300
70
180100
0
180100
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.