This page reflects HESM 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 — HESM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $37.00 (3.07 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$37.00
Nearest expiry
Expected Move
±$0.55
±1.4%
Days to Expiry
3
Calendar days
Total Call OI
3,199
Nearest expiry
Total Put OI
2,983
Nearest expiry
P/C OI Ratio
0.93
Put-heavy
Spot Price
$40.07
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
$36.00
6/18/2026, 11:20:03 PM
2026-07-17
$38.00
7/17/2026, 11:16:55 PM
2026-08-21NextUpdated
$37.00
8/18/2026, 11:16:00 PM
2026-09-18
$40.00
8/18/2026, 11:16:00 PM
2026-11-20
$39.00
8/18/2026, 11:16:00 PM
2027-02-19
$35.00
8/18/2026, 11:16:00 PM
Selected expiration: 2026-08-21 at max pain $37.00.
HESM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
2974900
2974900
27
0
2378300
2378300
28
0
2080000
2080000
29
0
1782600
1782600
30
0
1485600
1485600
31
100
1189200
1189300
32
200
896900
897100
33
300
611800
612100
34
400
446200
446600
35
500
287200
287700
36
700
184500
185200
37
1900
100500
102400
38
62900
42200
105100
39
124900
15000
139900
40
188900
3600
192500
41
313200
600
313800
42
521600
200
521800
43
751000
0
751000
44
1041900
0
1041900
45
1340500
0
1340500
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.