This page reflects PBI 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 — PBI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $16.00 (0.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$16.00
Nearest expiry
Expected Move
±$0.73
±4.5%
Days to Expiry
3
Calendar days
Total Call OI
2,811
Nearest expiry
Total Put OI
698
Nearest expiry
P/C OI Ratio
0.25
Put-heavy
Spot Price
$16.17
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
$13.00
6/18/2026, 11:27:38 PM
2026-07-17
$14.00
7/17/2026, 11:28:46 PM
2026-08-21NextUpdated
$16.00
8/18/2026, 11:28:17 PM
2026-09-18
$15.00
8/18/2026, 11:28:17 PM
2026-10-16
$14.00
8/18/2026, 11:28:17 PM
2026-11-20
$16.00
8/18/2026, 11:28:17 PM
2026-12-18
$17.00
8/18/2026, 11:28:17 PM
2027-01-15
$7.00
8/18/2026, 11:28:17 PM
Selected expiration: 2026-08-21 at max pain $16.00.
PBI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
757500
757500
6
0
687800
687800
7
0
618200
618200
8
0
548600
548600
9
0
479000
479000
10
0
409400
409400
12
200
270400
270600
13
300
200900
201200
14
900
131600
132500
15
1600
73500
75100
16
3500
28500
32000
17
64900
3500
68400
18
180300
1700
182000
19
350500
1000
351500
20
549600
700
550300
21
792900
400
793300
22
1058800
300
1059100
23
1327700
200
1327900
24
1597800
100
1597900
25
1868900
0
1868900
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.