This page reflects IPI 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 — IPI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $35.00 (1.41 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$1.48
±4.0%
Days to Expiry
3
Calendar days
Total Call OI
331
Nearest expiry
Total Put OI
533
Nearest expiry
P/C OI Ratio
1.61
Put-heavy
Spot Price
$36.41
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
$34.00
6/18/2026, 11:19:06 PM
2026-07-17
$34.00
7/17/2026, 11:19:16 PM
2026-08-21NextUpdated
$35.00
8/18/2026, 11:22:57 PM
2026-09-18
$35.00
8/18/2026, 11:22:57 PM
2026-12-18
$34.00
8/18/2026, 11:22:57 PM
2027-03-19
$33.00
8/18/2026, 11:22:57 PM
Selected expiration: 2026-08-21 at max pain $35.00.
IPI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
309500
309500
26
0
256400
256400
27
0
203400
203400
29
0
97600
97600
30
0
67400
67400
31
0
42400
42400
32
0
18700
18700
33
1100
11200
12300
34
2200
6400
8600
35
4700
3100
7800
36
17900
2200
20100
37
37200
1400
38600
38
56700
1000
57700
39
80700
700
81400
40
105000
400
105400
41
136000
200
136200
42
167100
0
167100
43
199900
0
199900
45
265700
0
265700
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.