This page reflects HDB 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 — HDB
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $27.50 (4.33 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$27.50
Nearest expiry
Expected Move
±$0.55
±2.4%
Days to Expiry
3
Calendar days
Total Call OI
1,601
Nearest expiry
Total Put OI
2,366
Nearest expiry
P/C OI Ratio
1.48
Put-heavy
Spot Price
$23.17
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
$25.00
6/18/2026, 11:15:47 PM
2026-07-17
$25.00
7/17/2026, 11:16:31 PM
2026-08-21NextUpdated
$27.50
8/18/2026, 11:15:28 PM
2026-09-18
$22.50
8/18/2026, 11:15:28 PM
2026-10-16
$25.00
8/18/2026, 11:15:28 PM
2027-01-15
$22.50
8/18/2026, 11:15:28 PM
Selected expiration: 2026-08-21 at max pain $27.50.
HDB pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
3087750
3087750
15
0
2496750
2496750
17.5
0
1905750
1905750
20
32000
1315000
1347000
22.5
67250
737750
805000
25
106000
334750
440750
27.5
269750
500
270250
30
614000
250
614250
32.5
1012750
0
1012750
35
1412500
0
1412500
37.5
1812750
0
1812750
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.