This page reflects PAAS 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 — PAAS
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $45.50 (1.10 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.50
Nearest expiry
Expected Move
±$1.95
±4.2%
Days to Expiry
3
Calendar days
Total Call OI
37,245
Nearest expiry
Total Put OI
21,175
Nearest expiry
P/C OI Ratio
0.57
Put-heavy
Spot Price
$46.60
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
$43.50
8/7/2026, 11:32:23 PM
2026-08-14
$47.00
8/14/2026, 11:28:06 PM
2026-08-21NextUpdated
$45.50
8/18/2026, 11:23:29 PM
2026-08-28
$46.00
8/18/2026, 11:23:29 PM
2026-09-04
$49.00
8/18/2026, 11:23:29 PM
2026-09-11
$50.00
8/18/2026, 11:23:29 PM
2026-09-18
$48.00
8/18/2026, 11:23:29 PM
2026-09-25
$50.00
8/18/2026, 11:23:29 PM
2026-10-02
$48.00
8/18/2026, 11:23:29 PM
2026-10-16
$50.00
8/18/2026, 11:23:29 PM
2026-11-20
$55.00
8/18/2026, 11:23:29 PM
2027-01-15
$35.00
8/18/2026, 11:23:29 PM
2027-03-19
$45.00
8/18/2026, 11:23:29 PM
2027-06-17
$45.00
8/18/2026, 11:23:29 PM
Selected expiration: 2026-08-21 at max pain $45.50.
PAAS pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
18
0
53021950
53021950
20
0
48788750
48788750
23
1500
42455450
42456950
25
2500
38233250
38235750
28
4900
31955750
31960650
30
8100
27987750
27995850
32
17100
24033350
24050450
33
21600
22057450
22079050
34
26700
20092950
20119650
35
31800
18128950
18160750
35.5
36500
17179500
17216000
36
41200
16230100
16271300
36.5
46400
15282500
15328900
37
51600
14337250
14388850
37.5
61400
13443150
13504550
38
71200
12550950
12622150
38.5
81150
11659850
11741000
39
91100
10769550
10860650
39.5
101050
9881650
9982700
40
111200
9012100
9123300
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.