This page reflects NMAX 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 — NMAX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $3.00 (8.43 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$3.00
Nearest expiry
Expected Move
±$0.85
±7.4%
Days to Expiry
3
Calendar days
Total Call OI
2,696
Nearest expiry
Total Put OI
644
Nearest expiry
P/C OI Ratio
0.24
Put-heavy
Spot Price
$11.43
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
2026-08-07
$3.00
8/7/2026, 11:26:21 PM
2026-08-14
$8.50
8/14/2026, 11:26:22 PM
2026-08-21NextUpdated
$3.00
8/18/2026, 11:25:23 PM
2026-08-28
$9.50
8/18/2026, 11:25:23 PM
2026-09-04
$10.00
8/18/2026, 11:25:23 PM
2026-09-11
$10.00
8/18/2026, 11:25:23 PM
2026-09-18
$10.00
8/18/2026, 11:25:23 PM
2026-10-16
$7.50
8/18/2026, 11:25:23 PM
2027-01-15
$10.00
8/18/2026, 11:25:23 PM
Selected expiration: 2026-08-21 at max pain $3.00.
NMAX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
490750
490750
2
16600
427550
444150
2.5
29950
396000
425950
3
53400
364600
418000
3.5
86950
333300
420250
4
120500
302050
422550
4.5
159200
270850
430050
5
197900
239650
437550
5.5
241750
208450
450200
6
285600
177250
462850
6.5
329500
146100
475600
7
373450
115000
488450
7.5
417950
84050
502000
8
463150
62650
525800
8.5
508400
42600
551000
9
553750
24550
578300
9.5
605800
16700
622500
10
660700
9350
670050
10.5
741400
6350
747750
11
834000
3350
837350
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.