This page reflects ELV 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 — ELV
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $380.00 (18.27 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$380.00
Nearest expiry
Expected Move
±$11.90
±3.0%
Days to Expiry
3
Calendar days
Total Call OI
3,388
Nearest expiry
Total Put OI
2,067
Nearest expiry
P/C OI Ratio
0.61
Put-heavy
Spot Price
$398.27
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
$390.00
6/18/2026, 11:10:17 PM
2026-07-17
$390.00
7/17/2026, 11:12:52 PM
2026-08-21NextUpdated
$380.00
8/18/2026, 11:12:46 PM
2026-09-18
$360.00
8/18/2026, 11:12:46 PM
2026-10-16
$390.00
8/18/2026, 11:12:46 PM
2026-11-20
$370.00
8/18/2026, 11:12:46 PM
2026-12-18
$390.00
8/18/2026, 11:12:46 PM
2027-01-15
$350.00
8/18/2026, 11:12:46 PM
2027-03-19
$370.00
8/18/2026, 11:12:46 PM
2027-06-17
$400.00
8/18/2026, 11:12:46 PM
Selected expiration: 2026-08-21 at max pain $380.00.
ELV pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
210
0
32107000
32107000
230
0
27977000
27977000
240
0
25919000
25919000
250
0
23867000
23867000
280
0
17720000
17720000
290
0
15674000
15674000
300
0
13634000
13634000
310
0
11615000
11615000
320
3000
9635000
9638000
330
6000
7682000
7688000
340
13000
5912000
5925000
350
22000
4262000
4284000
360
39000
2824000
2863000
370
81000
1803000
1884000
380
320000
1125000
1445000
390
835000
613000
1448000
400
1925000
267000
2192000
410
3384000
75000
3459000
420
5020000
16000
5036000
430
6979000
0
6979000
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.