This page reflects PBF 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 — PBF
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $65.00 (10.20 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$5.12
±6.8%
Days to Expiry
3
Calendar days
Total Call OI
26,451
Nearest expiry
Total Put OI
5,898
Nearest expiry
P/C OI Ratio
0.22
Put-heavy
Spot Price
$75.20
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
$38.00
6/18/2026, 11:27:39 PM
2026-07-17
$49.00
7/17/2026, 11:32:01 PM
2026-08-21NextUpdated
$65.00
8/18/2026, 11:27:09 PM
2026-09-18
$55.00
8/18/2026, 11:27:09 PM
2026-12-18
$41.00
8/18/2026, 11:27:09 PM
2027-01-15
$35.00
8/18/2026, 11:27:09 PM
2027-03-19
$40.00
8/18/2026, 11:27:09 PM
Selected expiration: 2026-08-21 at max pain $65.00.
PBF pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
23
0
19081100
19081100
24
0
18522800
18522800
25
0
17972700
17972700
30
0
15246700
15246700
32
0
14165500
14165500
33
0
13627700
13627700
34
0
13091900
13091900
35
0
12557700
12557700
36
0
12053600
12053600
37
0
11553000
11553000
38
0
11055100
11055100
39
100
10561400
10561500
40
200
10072300
10072500
41
900
9586000
9586900
42
1600
9102100
9103700
43
2300
8618700
8621000
44
3000
8140500
8143500
45
3700
7664000
7667700
46
4400
7201800
7206200
47
6000
6744300
6750300
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.