This page reflects MLI 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 — MLI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $60.00 (4.48 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$60.00
Nearest expiry
Expected Move
±$2.85
±4.4%
Days to Expiry
3
Calendar days
Total Call OI
1,224
Nearest expiry
Total Put OI
260
Nearest expiry
P/C OI Ratio
0.21
Put-heavy
Spot Price
$64.48
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, 11:21:03 PM
2026-07-17
$65.00
7/17/2026, 11:21:28 PM
2026-08-21NextUpdated
$60.00
8/18/2026, 11:22:12 PM
2026-09-18
$57.50
8/18/2026, 11:22:12 PM
2026-12-18
$65.00
8/18/2026, 11:22:12 PM
Selected expiration: 2026-08-21 at max pain $60.00.
MLI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
42.5
0
447000
447000
45
0
384000
384000
50
0
258500
258500
52.5
2000
202250
204250
55
4250
150500
154750
57.5
11750
126000
137750
60
23500
109500
133000
62.5
106750
98000
204750
65
194250
90500
284750
67.5
353750
83500
437250
70
528000
79500
607500
72.5
753000
75500
828500
75
1006500
71500
1078000
77.5
1270000
67500
1337500
80
1551000
63500
1614500
82.5
1832500
59500
1892000
90
2678500
47500
2726000
110
4934500
15500
4950000
115
5498500
9500
5508000
120
6062500
4000
6066500
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.