This page reflects FORM 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 — FORM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $115.00 (9.34 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$115.00
Nearest expiry
Expected Move
±$8.28
±6.7%
Days to Expiry
3
Calendar days
Total Call OI
4,675
Nearest expiry
Total Put OI
6,419
Nearest expiry
P/C OI Ratio
1.37
Put-heavy
Spot Price
$124.34
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
$125.00
6/18/2026, 11:13:30 PM
2026-07-17
$115.00
7/17/2026, 11:15:25 PM
2026-08-21NextUpdated
$115.00
8/18/2026, 11:12:47 PM
2026-09-18
$120.00
8/18/2026, 11:12:47 PM
2026-10-16
$110.00
8/18/2026, 11:12:47 PM
2027-01-15
$100.00
8/18/2026, 11:12:47 PM
Selected expiration: 2026-08-21 at max pain $115.00.
FORM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
31962000
31962000
55
0
25549000
25549000
60
4000
22417500
22421500
65
8000
19406000
19414000
70
12000
16446500
16458500
75
16500
13578500
13595000
80
21000
11478500
11499500
85
35500
9510500
9546000
90
52500
7806000
7858500
95
183000
6202000
6385000
100
317500
4660000
4977500
105
505500
3313000
3818500
110
765000
2275500
3040500
115
1130000
1416000
2546000
120
1704500
885500
2590000
125
2398500
579500
2978000
130
3219000
369500
3588500
135
4383000
199000
4582000
140
5765000
134000
5899000
145
7277500
82000
7359500
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.