This page reflects HL 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 — HL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $15.50 (2.45 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.50
Nearest expiry
Expected Move
±$0.82
±4.6%
Days to Expiry
3
Calendar days
Total Call OI
41,849
Nearest expiry
Total Put OI
9,611
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$17.95
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
2026-08-07
$14.50
8/7/2026, 11:15:08 PM
2026-08-14
$16.50
8/14/2026, 11:17:34 PM
2026-08-21NextUpdated
$15.50
8/18/2026, 11:20:39 PM
2026-08-28
$16.50
8/18/2026, 11:20:39 PM
2026-09-04
$16.00
8/18/2026, 11:20:39 PM
2026-09-11
$17.00
8/18/2026, 11:20:39 PM
2026-09-18
$16.00
8/18/2026, 11:20:39 PM
2026-09-25
$16.50
8/18/2026, 11:20:39 PM
2026-10-02
$19.00
8/18/2026, 11:20:39 PM
2026-12-18
$16.00
8/18/2026, 11:20:39 PM
2027-01-15
$12.00
8/18/2026, 11:20:39 PM
2027-03-19
$16.00
8/18/2026, 11:20:39 PM
Selected expiration: 2026-08-21 at max pain $15.50.
HL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
10258750
10258750
6
100
9297750
9297850
7
800
8336950
8337750
8
2800
7376350
7379150
9
5200
6415750
6420950
9.5
6600
5935700
5942300
10
8250
5455650
5463900
10.5
10450
4980250
4990700
11
12850
4508250
4521100
11.5
15950
4041050
4057000
12
19150
3575850
3595000
12.5
23350
3132350
3155700
13
27650
2690450
2718100
13.5
40750
2280200
2320950
14
56000
1879700
1935700
14.5
99050
1506400
1605450
15
150350
1143150
1293500
15.5
401400
875100
1276500
16
679050
668050
1347100
16.5
1208400
495150
1703550
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.