This page reflects CRAI 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 — CRAI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $130.00 (38.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$130.00
Nearest expiry
Expected Move
±$5.05
±3.0%
Days to Expiry
3
Calendar days
Total Call OI
35
Nearest expiry
Total Put OI
43
Nearest expiry
P/C OI Ratio
1.23
Put-heavy
Spot Price
$168.17
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
2026-04-17
$165.00
4/17/2026, 11:09:07 PM
2026-05-15
$140.00
5/15/2026, 11:08:33 PM
2026-08-21NextUpdated
$130.00
8/18/2026, 11:10:08 PM
Selected expiration: 2026-08-21 at max pain $130.00.
CRAI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
95
0
97000
97000
100
1000
76000
77000
105
2000
57500
59500
110
3500
39000
42500
115
5500
33000
38500
120
8500
27000
35500
125
12000
21000
33000
130
16000
15000
31000
135
21000
13000
34000
140
26500
11000
37500
145
33000
9500
42500
150
40500
8000
48500
160
57500
5000
62500
165
66500
4000
70500
170
76000
3000
79000
175
87000
2500
89500
180
98000
2000
100000
185
110000
1500
111500
190
123500
1000
124500
195
139000
500
139500
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.