This page reflects OTEX 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 — OTEX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $22.50 (1.67 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.50
Nearest expiry
Expected Move
±$2.92
±12.1%
Days to Expiry
3
Calendar days
Total Call OI
1,315
Nearest expiry
Total Put OI
1,305
Nearest expiry
P/C OI Ratio
0.99
Put-heavy
Spot Price
$24.17
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
$22.50
6/18/2026, 11:30:22 PM
2026-07-17
$25.00
7/17/2026, 11:26:35 PM
2026-08-21NextUpdated
$22.50
8/18/2026, 11:24:50 PM
2026-09-18
$25.00
8/18/2026, 11:24:50 PM
2026-10-16
$25.00
8/18/2026, 11:24:50 PM
2026-11-20
$25.00
8/18/2026, 11:24:50 PM
2026-12-18
$25.00
8/18/2026, 11:24:50 PM
2027-02-19
$22.50
8/18/2026, 11:24:50 PM
Selected expiration: 2026-08-21 at max pain $22.50.
OTEX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
996000
996000
15
0
669750
669750
17.5
0
358250
358250
20
0
154250
154250
22.5
5250
53000
58250
25
47250
23750
71000
27.5
171750
11250
183000
30
347750
1500
349250
32.5
644500
500
645000
35
946250
0
946250
37.5
1267750
0
1267750
40
1590750
0
1590750
42.5
1917750
0
1917750
45
2245500
0
2245500
47.5
2573750
0
2573750
50
2902250
0
2902250
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.