This page reflects CSTM 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 — CSTM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $29.00 (1.01 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$29.00
Nearest expiry
Expected Move
±$1.02
±3.7%
Days to Expiry
3
Calendar days
Total Call OI
5,999
Nearest expiry
Total Put OI
2,707
Nearest expiry
P/C OI Ratio
0.45
Put-heavy
Spot Price
$27.99
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
$32.00
6/18/2026, 11:09:25 PM
2026-07-17
$30.00
7/17/2026, 11:12:07 PM
2026-08-21NextUpdated
$29.00
8/18/2026, 11:10:36 PM
2026-09-18
$28.00
8/18/2026, 11:10:36 PM
2026-11-20
$28.00
8/18/2026, 11:10:36 PM
2027-01-15
$22.00
8/18/2026, 11:10:36 PM
2027-02-19
$28.00
8/18/2026, 11:10:36 PM
Selected expiration: 2026-08-21 at max pain $29.00.
CSTM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
10
0
5014700
5014700
11
0
4744000
4744000
12
0
4473300
4473300
13
0
4203200
4203200
14
0
3933700
3933700
15
0
3664800
3664800
16
0
3396100
3396100
17
100
3127600
3127700
18
200
2860400
2860600
19
300
2594100
2594400
20
4500
2327800
2332300
21
12200
2061500
2073700
22
19900
1802000
1821900
23
28200
1546800
1575000
24
38300
1304500
1342800
25
50900
1064200
1115100
26
118500
828300
946800
27
256600
645400
902000
28
400800
475000
875800
29
558400
311300
869700
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.