This page reflects PSX 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 — PSX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $225.00 (18.49 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$225.00
Nearest expiry
Expected Move
±$3.85
±1.6%
Days to Expiry
3
Calendar days
Total Call OI
2,355
Nearest expiry
Total Put OI
7,196
Nearest expiry
P/C OI Ratio
3.06
Put-heavy
Spot Price
$243.49
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
2026-08-07
$202.50
8/7/2026, 11:33:29 PM
2026-08-14
$185.00
8/14/2026, 11:30:21 PM
2026-08-21NextUpdated
$225.00
8/18/2026, 11:26:22 PM
2026-08-28
$230.00
8/18/2026, 11:26:22 PM
2026-09-04
$205.00
8/18/2026, 11:26:22 PM
2026-09-11
$225.00
8/18/2026, 11:26:22 PM
2026-09-18
$200.00
8/18/2026, 11:26:22 PM
2026-09-25
$215.00
8/18/2026, 11:26:22 PM
2026-10-02
$215.00
8/18/2026, 11:26:22 PM
2026-10-16
$200.00
8/18/2026, 11:26:22 PM
2026-11-20
$180.00
8/18/2026, 11:26:22 PM
2026-12-18
$170.00
8/18/2026, 11:26:22 PM
2027-01-15
$150.00
8/18/2026, 11:26:22 PM
2027-02-19
$175.00
8/18/2026, 11:26:22 PM
2027-03-19
$180.00
8/18/2026, 11:26:22 PM
2027-05-21
$145.00
8/18/2026, 11:26:22 PM
2027-06-17
$170.00
8/18/2026, 11:26:22 PM
Selected expiration: 2026-08-21 at max pain $225.00.
PSX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
80
0
65680000
65680000
85
500
62082000
62082500
90
1000
58487500
58488500
95
1500
54896000
54897500
100
2000
51309500
51311500
105
2500
47723500
47726000
110
3000
44148000
44151000
115
3500
40579500
40583000
120
4000
37018500
37022500
125
4500
33457500
33462000
130
5000
29940000
29945000
135
5500
26467000
26472500
140
6000
23003500
23009500
145
6500
19620500
19627000
150
7000
16280500
16287500
155
9500
13093000
13102500
160
12000
11152500
11164500
165
15500
9300000
9315500
170
22500
7751500
7774000
175
35000
6277000
6312000
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.