This page reflects PEN 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 — PEN
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $350.00 (25.25 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$350.00
Nearest expiry
Expected Move
±$15.45
±4.8%
Days to Expiry
3
Calendar days
Total Call OI
20
Nearest expiry
Total Put OI
141
Nearest expiry
P/C OI Ratio
7.05
Put-heavy
Spot Price
$324.75
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
$320.00
6/18/2026, 11:26:31 PM
2026-07-17
$340.00
7/17/2026, 11:32:19 PM
2026-08-21NextUpdated
$350.00
8/18/2026, 11:34:18 PM
2026-09-18
$400.00
8/18/2026, 11:34:18 PM
2026-10-16
$450.00
8/18/2026, 11:34:18 PM
2026-11-20
$370.00
8/18/2026, 11:34:18 PM
2026-12-18
$350.00
8/18/2026, 11:34:18 PM
2027-01-15
$380.00
8/18/2026, 11:34:18 PM
2027-03-19
$380.00
8/18/2026, 11:34:18 PM
2027-06-17
$380.00
8/18/2026, 11:34:18 PM
Selected expiration: 2026-08-21 at max pain $350.00.
PEN pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
160
0
2025500
2025500
180
0
1745500
1745500
185
0
1675500
1675500
195
0
1535500
1535500
200
0
1466000
1466000
210
0
1327000
1327000
220
0
1188000
1188000
240
0
918000
918000
250
0
785000
785000
260
0
655000
655000
270
0
527000
527000
280
0
405000
405000
290
0
287000
287000
300
0
209000
209000
310
0
168000
168000
320
1000
128000
129000
330
4000
96000
100000
340
9000
67000
76000
350
17000
38000
55000
360
34000
27000
61000
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.