This page reflects ITW 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 — ITW
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $280.00 (4.66 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
±$6.17
±2.2%
Days to Expiry
3
Calendar days
Total Call OI
1,513
Nearest expiry
Total Put OI
602
Nearest expiry
P/C OI Ratio
0.40
Put-heavy
Spot Price
$284.66
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
$250.00
6/18/2026, 11:23:15 PM
2026-07-17
$260.00
7/17/2026, 11:21:31 PM
2026-08-21NextUpdated
$280.00
8/18/2026, 11:22:49 PM
2026-09-18
$280.00
8/18/2026, 11:22:49 PM
2026-11-20
$270.00
8/18/2026, 11:22:49 PM
2026-12-18
$260.00
8/18/2026, 11:22:49 PM
2027-01-15
$260.00
8/18/2026, 11:22:49 PM
2027-03-19
$290.00
8/18/2026, 11:22:49 PM
Selected expiration: 2026-08-21 at max pain $280.00.
ITW pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
195
0
4403500
4403500
200
0
4104000
4104000
210
0
3506000
3506000
220
0
2912000
2912000
230
0
2319000
2319000
240
1000
1729000
1730000
250
5000
1157000
1162000
260
12000
632000
644000
270
45000
363000
408000
280
249000
144000
393000
290
1165000
20000
1185000
300
2305000
0
2305000
310
3568000
0
3568000
320
5042000
0
5042000
330
6547000
0
6547000
340
8053000
0
8053000
390
15613000
0
15613000
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.