This page reflects OWL 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 — OWL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $12.00 (0.41 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.00
Nearest expiry
Expected Move
±$0.42
±3.7%
Days to Expiry
3
Calendar days
Total Call OI
44,526
Nearest expiry
Total Put OI
218,192
Nearest expiry
P/C OI Ratio
4.90
Put-heavy
Spot Price
$11.59
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
$9.50
8/7/2026, 11:26:01 PM
2026-08-14
$12.00
8/14/2026, 11:31:04 PM
2026-08-21NextUpdated
$12.00
8/18/2026, 11:25:40 PM
2026-08-28
$12.00
8/18/2026, 11:25:40 PM
2026-09-04
$12.00
8/18/2026, 11:25:40 PM
2026-09-11
$12.00
8/18/2026, 11:25:40 PM
2026-09-18
$12.00
8/18/2026, 11:25:40 PM
2026-09-25
$11.50
8/18/2026, 11:25:40 PM
2026-10-02
$12.50
8/18/2026, 11:25:40 PM
2026-10-16
$10.00
8/18/2026, 11:25:40 PM
2026-11-20
$10.00
8/18/2026, 11:25:40 PM
2026-12-18
$10.00
8/18/2026, 11:25:40 PM
2027-01-15
$12.00
8/18/2026, 11:25:40 PM
2027-02-19
$10.00
8/18/2026, 11:25:40 PM
Selected expiration: 2026-08-21 at max pain $12.00.
OWL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
210955050
210955050
2
500
189184850
189185350
3
1500
167414950
167416450
4
3200
145645050
145648250
4.5
7000
134766800
134773800
5
17150
123888550
123905700
5.5
36250
113084400
113120650
6
55600
102280350
102335950
6.5
75200
91531400
91606600
7
94950
80782550
80877500
7.5
117250
70394900
70512150
8
139650
60007600
60147250
8.5
163600
50221100
50384700
9
187600
40606950
40794550
9.5
257550
31687150
31944700
10
328050
22810650
23138700
10.5
696250
14264250
14960500
11
1070100
5735850
6805950
11.5
1593000
2889700
4482700
12
2124200
117850
2242050
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.