This page reflects PENN 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 — PENN
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $20.00 (1.71 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$0.68
±3.7%
Days to Expiry
3
Calendar days
Total Call OI
3,512
Nearest expiry
Total Put OI
4,427
Nearest expiry
P/C OI Ratio
1.26
Put-heavy
Spot Price
$18.29
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
$17.00
6/18/2026, 11:31:00 PM
2026-07-17
$18.00
7/17/2026, 11:27:53 PM
2026-08-21NextUpdated
$20.00
8/18/2026, 11:30:27 PM
2026-09-18
$16.00
8/18/2026, 11:30:27 PM
2026-10-16
$20.00
8/18/2026, 11:30:27 PM
2027-01-15
$17.50
8/18/2026, 11:30:27 PM
Selected expiration: 2026-08-21 at max pain $20.00.
PENN pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
13
0
2470900
2470900
14
100
2028600
2028700
15
900
1586700
1587600
16
1900
1149400
1151300
17
8800
716100
724900
18
16500
344900
361400
19
37000
153700
190700
20
82400
5900
88300
21
170900
1700
172600
22
361000
1000
362000
23
605900
500
606400
24
906000
0
906000
25
1224200
0
1224200
26
1560000
0
1560000
27
1903400
0
1903400
28
2251800
0
2251800
29
2600300
0
2600300
30
2950000
0
2950000
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.