This page reflects FRO 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 — FRO
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $40.00 (3.50 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$1.80
±4.1%
Days to Expiry
3
Calendar days
Total Call OI
24,172
Nearest expiry
Total Put OI
35,285
Nearest expiry
P/C OI Ratio
1.46
Put-heavy
Spot Price
$43.50
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
$37.00
6/18/2026, 11:18:12 PM
2026-07-17
$41.00
7/17/2026, 11:15:22 PM
2026-08-21NextUpdated
$40.00
8/18/2026, 11:13:33 PM
2026-09-18
$38.00
8/18/2026, 11:13:33 PM
2026-11-20
$42.00
8/18/2026, 11:13:33 PM
2027-01-15
$35.00
8/18/2026, 11:13:33 PM
2027-02-19
$50.00
8/18/2026, 11:13:33 PM
Selected expiration: 2026-08-21 at max pain $40.00.
FRO pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
14
0
67560700
67560700
15
0
64032600
64032600
16
0
60505400
60505400
17
0
56979400
56979400
18
0
53453400
53453400
19
0
49927400
49927400
20
300
46401800
46402100
21
600
42880300
42880900
22
900
39362200
39363100
23
1200
35905300
35906500
24
1600
32832200
32833800
25
12100
29759100
29771200
26
32900
26754000
26786900
27
54000
23765100
23819100
28
75200
20802200
20877400
29
98400
17849600
17948000
30
122200
14914300
15036500
31
151600
12231500
12383100
32
183800
9567100
9750900
33
218700
8065300
8284000
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.