This page reflects CPB 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 — CPB
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $22.00 (0.86 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.00
Nearest expiry
Expected Move
±$0.65
±2.8%
Days to Expiry
3
Calendar days
Total Call OI
18,881
Nearest expiry
Total Put OI
14,911
Nearest expiry
P/C OI Ratio
0.79
Put-heavy
Spot Price
$22.86
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
2026-08-07
$22.00
8/7/2026, 11:09:38 PM
2026-08-14
$22.50
8/14/2026, 11:09:36 PM
2026-08-21NextUpdated
$22.00
8/18/2026, 11:09:32 PM
2026-08-28
$22.50
8/18/2026, 11:09:32 PM
2026-09-04
$22.50
8/18/2026, 11:09:32 PM
2026-09-11
$23.50
8/18/2026, 11:09:32 PM
2026-09-18
$22.00
8/18/2026, 11:09:32 PM
2026-09-25
$23.00
8/18/2026, 11:09:32 PM
2026-10-02
$22.50
8/18/2026, 11:09:32 PM
2026-11-20
$24.00
8/18/2026, 11:09:32 PM
2026-12-18
$23.00
8/18/2026, 11:09:32 PM
2027-01-15
$25.00
8/18/2026, 11:09:32 PM
2027-02-19
$21.00
8/18/2026, 11:09:32 PM
2027-03-19
$23.00
8/18/2026, 11:09:32 PM
2027-06-17
$25.00
8/18/2026, 11:09:32 PM
Selected expiration: 2026-08-21 at max pain $22.00.
CPB pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
13
0
11256950
11256950
14
100
9766050
9766150
15
400
8325350
8325750
16
1200
6910750
6911950
17
2000
5496150
5498150
18
4800
4145250
4150050
18.5
6250
3486450
3492700
19
7800
2829300
2837100
19.5
10500
2298650
2309150
20
13200
1771950
1785150
20.5
27250
1365100
1392350
21
43000
974900
1017900
21.5
115150
673000
788150
22
189150
382050
571200
22.5
423100
216500
639600
23
663750
101350
765100
23.5
1057250
76000
1133250
24
1490650
54250
1544900
24.5
2085300
41800
2127100
25
2704500
29400
2733900
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.