This page reflects GWRE 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 — GWRE
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $135.00 (42.76 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$135.00
Nearest expiry
Expected Move
±$7.75
±4.4%
Days to Expiry
3
Calendar days
Total Call OI
1,705
Nearest expiry
Total Put OI
366
Nearest expiry
P/C OI Ratio
0.21
Put-heavy
Spot Price
$177.76
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, 11:16:16 PM
2026-07-17
$130.00
7/17/2026, 11:20:20 PM
2026-08-21NextUpdated
$135.00
8/18/2026, 11:18:11 PM
2026-09-18
$135.00
8/18/2026, 11:18:11 PM
2026-10-16
$135.00
8/18/2026, 11:18:11 PM
2026-12-18
$180.00
8/18/2026, 11:18:11 PM
2027-01-15
$125.00
8/18/2026, 11:18:11 PM
Selected expiration: 2026-08-21 at max pain $135.00.
GWRE pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
65
0
2398000
2398000
70
0
2217000
2217000
75
0
2038000
2038000
85
0
1684000
1684000
90
0
1507500
1507500
95
0
1336500
1336500
100
0
1167000
1167000
105
0
1013500
1013500
110
2000
867500
869500
115
15500
732000
747500
120
36000
603500
639500
125
61000
483500
544500
130
92500
375000
467500
135
155000
275500
430500
140
273500
191500
465000
145
397500
131000
528500
150
574500
82000
656500
155
943500
50500
994000
160
1324000
27500
1351500
165
1718000
13000
1731000
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.