This page reflects RWT 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 — RWT
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $5.00 (0.27 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$5.00
Nearest expiry
Expected Move
±$0.40
±8.5%
Days to Expiry
3
Calendar days
Total Call OI
716
Nearest expiry
Total Put OI
713
Nearest expiry
P/C OI Ratio
1.00
Put-heavy
Spot Price
$4.73
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
$5.00
6/18/2026, 11:30:42 PM
2026-07-17
$5.00
7/17/2026, 11:31:03 PM
2026-08-21NextUpdated
$5.00
8/18/2026, 11:28:47 PM
2026-09-18
$1.00
8/18/2026, 11:28:47 PM
2026-10-16
$6.00
8/18/2026, 11:28:47 PM
2027-01-15
$5.00
8/18/2026, 11:28:47 PM
Selected expiration: 2026-08-21 at max pain $5.00.
RWT pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
327700
327700
2
2300
256400
258700
3
5800
185100
190900
4
10000
113900
123900
5
21800
43800
65600
6
91200
1900
93100
7
162700
1300
164000
8
234300
700
235000
9
305900
100
306000
10
377500
0
377500
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.