This page reflects ERO 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 — ERO
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $30.00 (2.97 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$30.00
Nearest expiry
Expected Move
±$2.25
±6.8%
Days to Expiry
3
Calendar days
Total Call OI
40,540
Nearest expiry
Total Put OI
6,577
Nearest expiry
P/C OI Ratio
0.16
Put-heavy
Spot Price
$32.97
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
$30.00
6/18/2026, 11:11:43 PM
2026-07-17
$25.00
7/17/2026, 11:14:27 PM
2026-08-21NextUpdated
$30.00
8/18/2026, 11:11:44 PM
2026-09-18
$30.00
8/18/2026, 11:11:44 PM
2026-10-16
$30.00
8/18/2026, 11:11:44 PM
2026-11-20
$30.00
8/18/2026, 11:11:44 PM
2026-12-18
$35.00
8/18/2026, 11:11:44 PM
2027-01-15
$22.50
8/18/2026, 11:11:44 PM
2027-03-19
$22.50
8/18/2026, 11:11:44 PM
2027-06-17
$22.50
8/18/2026, 11:11:44 PM
Selected expiration: 2026-08-21 at max pain $30.00.
ERO pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
8377500
8377500
15
3250
6747250
6750500
17.5
6500
5120500
5127000
20
11750
3514500
3526250
22.5
24750
1988000
2012750
25
76750
844500
921250
30
572250
244500
816750
35
4910250
21000
4931250
40
14212750
1500
14214250
45
29597750
1000
29598750
50
49725750
500
49726250
55
69897750
0
69897750
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.