This page reflects SANM 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 — SANM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $200.00 (1.72 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$200.00
Nearest expiry
Expected Move
±$11.20
±5.7%
Days to Expiry
3
Calendar days
Total Call OI
9,000
Nearest expiry
Total Put OI
5,231
Nearest expiry
P/C OI Ratio
0.58
Put-heavy
Spot Price
$198.28
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
$230.00
6/18/2026, 11:30:32 PM
2026-07-17
$210.00
7/17/2026, 11:26:43 PM
2026-08-21NextUpdated
$200.00
8/18/2026, 11:39:55 PM
2026-09-18
$180.00
8/18/2026, 11:39:55 PM
2026-10-16
$185.00
8/18/2026, 11:39:55 PM
2026-12-18
$150.00
8/18/2026, 11:39:55 PM
2027-01-15
$155.00
8/18/2026, 11:39:55 PM
Selected expiration: 2026-08-21 at max pain $200.00.
SANM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
110
0
35672500
35672500
120
1000
30441500
30442500
125
2500
27974000
27976500
130
5000
25516500
25521500
135
10500
23071500
23082000
140
17500
20634500
20652000
145
25500
18560000
18585500
150
34500
16537500
16572000
155
47500
14533500
14581000
160
64500
12619500
12684000
165
118500
10732500
10851000
170
253500
8876500
9130000
175
396000
7040500
7436500
180
544500
5212500
5757000
185
925500
3545000
4470500
190
1329000
2433000
3762000
195
1755000
1655000
3410000
200
2274500
988000
3262500
210
3893500
505000
4398500
220
6150500
109000
6259500
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.