This page reflects HWM 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 — HWM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $280.00 (12.65 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$280.00
Nearest expiry
Expected Move
±$6.28
±2.1%
Days to Expiry
3
Calendar days
Total Call OI
2,131
Nearest expiry
Total Put OI
3,241
Nearest expiry
P/C OI Ratio
1.52
Put-heavy
Spot Price
$292.65
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
$287.50
8/7/2026, 11:19:59 PM
2026-08-14
$285.00
8/14/2026, 11:17:23 PM
2026-08-21NextUpdated
$280.00
8/18/2026, 11:16:33 PM
2026-08-28
$285.00
8/18/2026, 11:16:33 PM
2026-09-04
$285.00
8/18/2026, 11:16:33 PM
2026-09-11
$290.00
8/18/2026, 11:16:33 PM
2026-09-18
$260.00
8/18/2026, 11:16:33 PM
2026-09-25
$270.00
8/18/2026, 11:16:33 PM
2026-10-02
$240.00
8/18/2026, 11:16:33 PM
2026-10-16
$260.00
8/18/2026, 11:16:33 PM
2026-12-18
$260.00
8/18/2026, 11:16:33 PM
2027-01-15
$165.00
8/18/2026, 11:16:33 PM
2027-03-19
$230.00
8/18/2026, 11:16:33 PM
2027-06-17
$260.00
8/18/2026, 11:16:33 PM
Selected expiration: 2026-08-21 at max pain $280.00.
HWM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
170
0
24806750
24806750
185
0
19960250
19960250
190
0
18344750
18344750
200
0
15133750
15133750
205
500
13528250
13528750
210
1500
11922750
11924250
220
3500
8722750
8726250
225
4500
7595250
7599750
230
6000
6496250
6502250
235
8000
5448750
5456750
240
10000
4456750
4466750
245
13000
3736750
3749750
250
19000
3027250
3046250
252.5
47750
2702250
2750000
255
82500
2378000
2460500
257.5
118000
2055000
2173000
260
153750
1735750
1889500
262.5
218500
1452750
1671250
265
285000
1170000
1455000
267.5
353750
911250
1265000
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.