This page reflects ETN 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 — ETN
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $412.50 (18.83 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$412.50
Nearest expiry
Expected Move
±$12.90
±3.0%
Days to Expiry
3
Calendar days
Total Call OI
7,264
Nearest expiry
Total Put OI
10,411
Nearest expiry
P/C OI Ratio
1.43
Put-heavy
Spot Price
$431.33
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
$437.50
8/7/2026, 11:14:05 PM
2026-08-14
$425.00
8/14/2026, 11:13:42 PM
2026-08-21NextUpdated
$412.50
8/18/2026, 11:13:11 PM
2026-08-28
$410.00
8/18/2026, 11:13:11 PM
2026-09-04
$440.00
8/18/2026, 11:13:11 PM
2026-09-11
$440.00
8/18/2026, 11:13:11 PM
2026-09-18
$400.00
8/18/2026, 11:13:11 PM
2026-09-25
$405.00
8/18/2026, 11:13:11 PM
2026-10-02
$410.00
8/18/2026, 11:13:11 PM
2026-10-16
$410.00
8/18/2026, 11:13:11 PM
2026-12-18
$380.00
8/18/2026, 11:13:11 PM
2027-01-15
$420.00
8/18/2026, 11:13:11 PM
2027-03-19
$400.00
8/18/2026, 11:13:11 PM
2027-06-17
$390.00
8/18/2026, 11:13:11 PM
Selected expiration: 2026-08-21 at max pain $412.50.
ETN pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
270
0
93548000
93548000
280
0
83156000
83156000
290
0
72772000
72772000
300
0
62390000
62390000
310
0
52030000
52030000
320
0
41743000
41743000
325
0
36760500
36760500
330
0
31868000
31868000
335
0
27326000
27326000
340
0
23657500
23657500
345
1000
21718500
21719500
350
2000
19784500
19786500
355
3000
17993000
17996000
360
4000
16220000
16224000
365
5000
14521500
14526500
370
6000
12838500
12844500
372.5
8250
12027500
12035750
375
24750
11217000
11241750
377.5
41250
10421500
10462750
380
58250
9679500
9737750
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.