This page reflects KEY options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 19, 2026 close
Max Pain — KEY
Data as of market close Aug 19, 2026
Nearest listed expiration 2026-08-21 shows max pain at $23.00 (0.90 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.00
Nearest expiry
Expected Move
±$0.38
±1.7%
Days to Expiry
2
Calendar days
Total Call OI
10,678
Nearest expiry
Total Put OI
4,921
Nearest expiry
P/C OI Ratio
0.46
Put-heavy
Spot Price
$22.10
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
$21.00
6/18/2026, 11:17:51 PM
2026-07-17
$22.00
7/17/2026, 11:23:39 PM
2026-08-21NextUpdated
$23.00
8/19/2026, 11:21:53 PM
2026-09-18
$22.00
8/19/2026, 11:21:53 PM
2026-10-16
$22.00
8/19/2026, 11:21:53 PM
2026-11-20
$23.00
8/19/2026, 11:21:53 PM
2026-12-18
$21.00
8/19/2026, 11:21:53 PM
2027-01-15
$20.00
8/19/2026, 11:21:53 PM
2027-03-19
$20.00
8/19/2026, 11:21:53 PM
2027-06-17
$22.00
8/19/2026, 11:21:53 PM
Selected expiration: 2026-08-21 at max pain $23.00.
KEY pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
12
0
4802300
4802300
13
200
4310200
4310400
14
600
3818300
3818900
15
1000
3326400
3327400
16
1500
2834600
2836100
17
2000
2342800
2344800
18
2600
1855100
1857700
19
3300
1374300
1377600
20
8900
937800
946700
21
27100
535800
562900
22
70000
221900
291900
23
158900
36900
195800
24
481200
600
481800
25
1414700
100
1414800
26
2474400
0
2474400
27
3542000
0
3542000
28
4609700
0
4609700
30
6745300
0
6745300
31
7813100
0
7813100
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.