Nearest listed expiration 2026-08-21 shows max pain at $41.00 (3.90 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$41.00
Nearest expiry
Expected Move
±$3.58
±8.0%
Days to Expiry
4
Calendar days
Total Call OI
218,049
Nearest expiry
Total Put OI
328,779
Nearest expiry
P/C OI Ratio
1.51
Put-heavy
Spot Price
$44.90
Published close
Consensus
7.5/10
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
$38.00
8/7/2026, 11:20:51 PM
2026-08-14
$40.00
8/14/2026, 11:19:39 PM
2026-08-21NextUpdated
$41.00
8/17/2026, 11:19:01 PM
2026-08-28
$46.00
8/17/2026, 11:19:01 PM
2026-09-04
$42.00
8/17/2026, 11:19:01 PM
2026-09-11
$41.00
8/17/2026, 11:19:01 PM
2026-09-18
$48.00
8/17/2026, 11:19:01 PM
2026-09-25
$44.00
8/17/2026, 11:19:01 PM
2026-10-02
$45.00
8/17/2026, 11:19:01 PM
2026-10-16
$45.00
8/17/2026, 11:19:01 PM
2026-11-20
$50.00
8/17/2026, 11:19:01 PM
2026-12-18
$42.00
8/17/2026, 11:19:01 PM
2027-01-15
$30.00
8/17/2026, 11:19:01 PM
2027-02-19
$40.00
8/17/2026, 11:19:01 PM
2027-06-17
$40.00
8/17/2026, 11:19:01 PM
Selected expiration: 2026-08-21 at max pain $41.00.
IREN pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
18
0
520634600
520634600
19
11200
489163000
489174200
20
22900
457716200
457739100
21
128100
426959600
427087700
22
236900
396479900
396716800
23
346600
366536100
366882700
24
457700
336705800
337163500
25
569400
307308800
307878200
26
698300
278744600
279442900
27
830500
250414900
251245400
28
964700
223284000
224248700
28.5
1032500
210030800
211063300
29
1100650
197450200
198550850
29.5
1173400
185084000
186257400
30
1246600
172931000
174177600
30.5
1358650
162504000
163862650
31
1473550
152098150
153571700
31.5
1601450
142203550
143805000
32
1731150
132377450
134108600
32.5
1867600
123127700
124995300
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.