This page reflects HP 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 — HP
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $40.00 (4.19 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$0.45
±1.0%
Days to Expiry
3
Calendar days
Total Call OI
554
Nearest expiry
Total Put OI
267
Nearest expiry
P/C OI Ratio
0.48
Put-heavy
Spot Price
$44.19
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
$32.50
6/18/2026, 11:19:41 PM
2026-07-17
$27.50
7/17/2026, 11:20:45 PM
2026-08-21NextUpdated
$40.00
8/18/2026, 11:16:01 PM
2026-09-18
$37.50
8/18/2026, 11:16:01 PM
2026-12-18
$25.00
8/18/2026, 11:16:01 PM
2027-01-15
$40.00
8/18/2026, 11:16:01 PM
2027-03-19
$22.50
8/18/2026, 11:16:01 PM
Selected expiration: 2026-08-21 at max pain $40.00.
HP pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
280250
280250
25
0
147250
147250
27.5
250
82000
82250
30
500
29500
30000
32.5
750
18000
18750
35
1000
9000
10000
37.5
3500
4750
8250
40
6250
500
6750
42.5
9250
0
9250
45
127000
0
127000
47.5
251250
0
251250
50
380250
0
380250
55
655750
0
655750
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.