First Watch Restaurant Group, IClose $12.01EOD only
Max Pain
$12.50
Next expiry Aug 21, 2026
Expected Move
±$0.65
5.4% from close
Price Gap
+0.49
Distance to max pain
IV Rank
24
Low premium
P/C OI
2.89
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: Aug 18, 2026 close
End-of-day snapshot
This page reflects FWRG 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 — FWRG
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $12.50 (0.49 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.50
Nearest expiry
Expected Move
±$0.65
±5.4%
Days to Expiry
3
Calendar days
Total Call OI
1,001
Nearest expiry
Total Put OI
1,161
Nearest expiry
P/C OI Ratio
1.16
Put-heavy
Spot Price
$12.01
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
$10.00
6/18/2026, 11:15:15 PM
2026-07-17
$10.00
7/17/2026, 11:14:48 PM
2026-08-21NextUpdated
$12.50
8/18/2026, 11:14:14 PM
2026-09-18
$12.50
8/18/2026, 11:14:14 PM
2026-11-20
$12.50
8/18/2026, 11:14:14 PM
2027-02-19
$10.00
8/18/2026, 11:14:14 PM
Selected expiration: 2026-08-21 at max pain $12.50.
FWRG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
862250
862250
5
750
572000
572750
7.5
3750
282250
286000
10
9000
94250
103250
12.5
63750
1000
64750
15
279250
250
279500
17.5
518000
0
518000
20
756750
0
756750
22.5
1006500
0
1006500
25
1256250
0
1256250
30
1756750
0
1756750
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.