This page reflects PPTA 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 — PPTA
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $20.00 (3.79 below 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
±$1.88
±7.9%
Days to Expiry
3
Calendar days
Total Call OI
12,581
Nearest expiry
Total Put OI
4,495
Nearest expiry
P/C OI Ratio
0.36
Put-heavy
Spot Price
$23.79
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
$25.00
6/18/2026, 11:29:30 PM
2026-07-17
$20.00
7/17/2026, 11:33:26 PM
2026-08-21NextUpdated
$20.00
8/18/2026, 11:34:42 PM
2026-09-18
$20.00
8/18/2026, 11:34:42 PM
2026-11-20
$20.00
8/18/2026, 11:34:42 PM
2026-12-18
$22.50
8/18/2026, 11:34:42 PM
2027-01-15
$22.50
8/18/2026, 11:34:42 PM
2027-03-19
$20.00
8/18/2026, 11:34:42 PM
2027-05-21
$17.50
8/18/2026, 11:34:42 PM
Selected expiration: 2026-08-21 at max pain $20.00.
PPTA pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
7922750
7922750
5
13250
6799000
6812250
7.5
27750
5675250
5703000
10
43250
4551500
4594750
12.5
97500
3428750
3526250
15
154750
2320250
2475000
17.5
223250
1473500
1696750
20
370250
732250
1102500
22.5
829000
342250
1171250
25
2030750
50000
2080750
30
5517250
10000
5527250
35
10033750
5000
10038750
40
15588250
0
15588250
45
21660750
0
21660750
50
27873250
0
27873250
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.