This page reflects FANG 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 — FANG
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $200.00 (10.02 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$200.00
Nearest expiry
Expected Move
±$6.05
±2.9%
Days to Expiry
3
Calendar days
Total Call OI
4,567
Nearest expiry
Total Put OI
5,908
Nearest expiry
P/C OI Ratio
1.29
Put-heavy
Spot Price
$210.02
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
$175.00
6/18/2026, 11:11:10 PM
2026-07-17
$180.00
7/17/2026, 11:14:12 PM
2026-08-21NextUpdated
$200.00
8/18/2026, 11:13:31 PM
2026-09-18
$190.00
8/18/2026, 11:13:31 PM
2026-12-18
$190.00
8/18/2026, 11:13:31 PM
2027-01-15
$170.00
8/18/2026, 11:13:31 PM
2027-03-19
$185.00
8/18/2026, 11:13:31 PM
2027-06-17
$185.00
8/18/2026, 11:13:31 PM
Selected expiration: 2026-08-21 at max pain $200.00.
FANG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
135
0
28590500
28590500
140
0
25663000
25663000
145
2500
22741500
22744000
150
5000
19829000
19834000
155
8500
16931500
16940000
160
12000
14063500
14075500
165
15500
11261000
11276500
170
19500
8486500
8506000
175
23500
5777000
5800500
180
27500
4011500
4039000
185
44000
2735000
2779000
190
65500
1739000
1804500
195
240000
1069000
1309000
200
574000
534000
1108000
210
2161000
200000
2361000
220
4124000
0
4124000
230
7316000
0
7316000
240
11684000
0
11684000
250
16172000
0
16172000
260
20693000
0
20693000
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.