This page reflects MKTX 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 — MKTX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $145.00 (17.57 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$145.00
Nearest expiry
Expected Move
±$3.68
±2.3%
Days to Expiry
3
Calendar days
Total Call OI
2,142
Nearest expiry
Total Put OI
772
Nearest expiry
P/C OI Ratio
0.36
Put-heavy
Spot Price
$162.57
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
$125.00
6/18/2026, 11:21:01 PM
2026-07-17
$125.00
7/17/2026, 11:27:01 PM
2026-08-21NextUpdated
$145.00
8/18/2026, 11:23:32 PM
2026-09-18
$120.00
8/18/2026, 11:23:32 PM
2026-11-20
$140.00
8/18/2026, 11:23:32 PM
2027-02-19
$160.00
8/18/2026, 11:23:32 PM
Selected expiration: 2026-08-21 at max pain $145.00.
MKTX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
80
0
4540000
4540000
90
1000
3770000
3771000
95
1500
3389000
3390500
100
4000
3026500
3030500
105
6500
2680500
2687000
110
9000
2370000
2379000
115
39500
2086000
2125500
120
73000
1841000
1914000
125
112000
1604000
1716000
130
163500
1400000
1563500
135
220000
1201500
1421500
140
329000
1004500
1333500
145
524000
808500
1332500
150
752000
614500
1366500
155
983500
422500
1406000
160
1261000
283000
1544000
165
1581000
178000
1759000
170
2005500
89000
2094500
175
2440500
1000
2441500
180
3010500
500
3011000
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.