This page reflects PGY 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 — PGY
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $16.00 (4.32 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
±$0.90
±4.4%
Days to Expiry
3
Calendar days
Total Call OI
57,271
Nearest expiry
Total Put OI
52,278
Nearest expiry
P/C OI Ratio
0.91
Put-heavy
Spot Price
$20.32
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
$14.00
6/18/2026, 11:26:43 PM
2026-07-17
$16.00
7/17/2026, 11:27:47 PM
2026-08-21NextUpdated
$16.00
8/18/2026, 11:30:42 PM
2026-09-18
$19.00
8/18/2026, 11:30:42 PM
2026-11-20
$17.00
8/18/2026, 11:30:42 PM
2027-01-15
$15.00
8/18/2026, 11:30:42 PM
2027-02-19
$16.00
8/18/2026, 11:30:42 PM
2027-06-17
$5.00
8/18/2026, 11:30:42 PM
Selected expiration: 2026-08-21 at max pain $16.00.
PGY pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
48893100
48893100
2
400
43665300
43665700
3
1200
38437500
38438700
4
2100
33209700
33211800
5
3000
27981900
27984900
6
8600
22754100
22762700
7
33500
17560800
17594300
8
59700
13177600
13237300
9
85900
10252000
10337900
10
158000
7347000
7505000
11
311500
6171800
6483300
12
475500
5049500
5525000
13
687800
4004000
4691800
14
963100
3139800
4102900
15
1288400
2354300
3642700
16
1692600
1877800
3570400
17
2161600
1440800
3602400
18
2730300
1031100
3761400
19
3652800
642700
4295500
20
4665800
367500
5033300
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.