This page reflects IAG 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 — IAG
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $16.00 (2.19 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$16.00
Nearest expiry
Expected Move
±$0.62
±3.4%
Days to Expiry
3
Calendar days
Total Call OI
15,934
Nearest expiry
Total Put OI
7,836
Nearest expiry
P/C OI Ratio
0.49
Put-heavy
Spot Price
$18.19
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
$16.00
6/18/2026, 11:21:32 PM
2026-07-17
$16.00
7/17/2026, 11:17:09 PM
2026-08-21NextUpdated
$16.00
8/18/2026, 11:21:56 PM
2026-09-18
$15.00
8/18/2026, 11:21:56 PM
2026-10-16
$16.00
8/18/2026, 11:21:56 PM
2026-11-20
$16.00
8/18/2026, 11:21:56 PM
2026-12-18
$13.00
8/18/2026, 11:21:56 PM
2027-01-15
$5.00
8/18/2026, 11:21:56 PM
2027-03-19
$13.00
8/18/2026, 11:21:56 PM
Selected expiration: 2026-08-21 at max pain $16.00.
IAG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
10153000
10153000
5
328800
8586000
8914800
8
922500
6235500
7158000
10
1320900
4670700
5991600
11
1521800
3893000
5414800
12
1723100
3116400
4839500
13
1926000
2344700
4270700
14
2132200
1614100
3746300
15
2349700
915000
3264700
16
2586500
424800
3011300
17
3199600
308300
3507900
18
3861000
227500
4088500
19
4633400
189200
4822600
20
5451100
169500
5620600
21
6663800
152500
6816300
22
7918900
136500
8055400
23
9435200
120600
9555800
24
10955500
104800
11060300
25
12480600
89000
12569600
26
14015200
73200
14088400
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.