This page reflects HNGE 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 — HNGE
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $80.00 (8.24 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$80.00
Nearest expiry
Expected Move
±$3.82
±4.3%
Days to Expiry
3
Calendar days
Total Call OI
11,549
Nearest expiry
Total Put OI
16,039
Nearest expiry
P/C OI Ratio
1.39
Put-heavy
Spot Price
$88.24
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
$45.00
6/18/2026, 11:15:31 PM
2026-07-17
$65.00
7/17/2026, 11:19:48 PM
2026-08-21NextUpdated
$80.00
8/18/2026, 11:16:47 PM
2026-09-18
$85.00
8/18/2026, 11:16:47 PM
2026-12-18
$90.00
8/18/2026, 11:16:47 PM
2027-01-15
$40.00
8/18/2026, 11:16:47 PM
2027-03-19
$80.00
8/18/2026, 11:16:47 PM
Selected expiration: 2026-08-21 at max pain $80.00.
HNGE pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
60558000
60558000
45
9000
52538500
52547500
50
23000
44519000
44542000
55
37000
36500000
36537000
60
62000
28490000
28552000
65
89500
20584000
20673500
70
132000
14246500
14378500
75
231500
8466000
8697500
80
1956500
3727000
5683500
85
4205000
1837500
6042500
90
8303500
35000
8338500
95
13861000
12000
13873000
100
19517500
0
19517500
105
25247000
0
25247000
110
30987000
0
30987000
115
36755000
0
36755000
120
42526000
0
42526000
125
48298000
0
48298000
130
54072000
0
54072000
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.