This page reflects MKL 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 — MKL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $1870.00 (54.91 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$1870.00
Nearest expiry
Expected Move
±$13.25
±0.7%
Days to Expiry
3
Calendar days
Total Call OI
67
Nearest expiry
Total Put OI
84
Nearest expiry
P/C OI Ratio
1.25
Put-heavy
Spot Price
$1815.09
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
$1830.00
6/18/2026, 11:20:51 PM
2026-07-17
$1740.00
7/17/2026, 11:21:26 PM
2026-08-21NextUpdated
$1870.00
8/18/2026, 11:21:39 PM
2026-09-18
$1900.00
8/18/2026, 11:21:39 PM
2026-10-16
$1900.00
8/18/2026, 11:21:39 PM
2027-01-15
$1800.00
8/18/2026, 11:21:39 PM
2027-05-21
$1700.00
8/18/2026, 11:21:39 PM
Selected expiration: 2026-08-21 at max pain $1870.00.
MKL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1620
0
1109000
1109000
1660
4000
773000
777000
1680
6000
607000
613000
1700
8000
463000
471000
1720
10000
341000
351000
1730
11000
295000
306000
1740
12000
262000
274000
1750
13000
230000
243000
1760
14000
201000
215000
1800
18000
89000
107000
1810
19000
72000
91000
1820
20000
56000
76000
1840
22000
26000
48000
1850
23000
14000
37000
1860
24000
9000
33000
1870
26000
6000
32000
1880
30000
4000
34000
1890
36000
2000
38000
1900
43000
0
43000
1920
71000
0
71000
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.