This page reflects SAP 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 — SAP
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $172.50 (37.97 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$172.50
Nearest expiry
Expected Move
±$6.55
±3.1%
Days to Expiry
3
Calendar days
Total Call OI
11,900
Nearest expiry
Total Put OI
7,535
Nearest expiry
P/C OI Ratio
0.63
Put-heavy
Spot Price
$210.47
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
$177.50
8/7/2026, 11:30:59 PM
2026-08-14
$190.00
8/14/2026, 11:29:04 PM
2026-08-21NextUpdated
$172.50
8/18/2026, 11:32:33 PM
2026-08-28
$200.00
8/18/2026, 11:32:33 PM
2026-09-04
$185.00
8/18/2026, 11:32:33 PM
2026-09-11
$210.00
8/18/2026, 11:32:33 PM
2026-09-18
$185.00
8/18/2026, 11:32:33 PM
2026-09-25
$200.00
8/18/2026, 11:32:33 PM
2026-10-02
$205.00
8/18/2026, 11:32:33 PM
2026-12-18
$190.00
8/18/2026, 11:32:33 PM
2027-01-15
$180.00
8/18/2026, 11:32:33 PM
2027-03-19
$185.00
8/18/2026, 11:32:33 PM
2027-06-17
$155.00
8/18/2026, 11:32:33 PM
Selected expiration: 2026-08-21 at max pain $172.50.
SAP pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
105
0
44903100
44903100
110
2000
41147600
41149600
115
11000
37410600
37421600
120
24000
33680100
33704100
125
42000
30001600
30043600
130
64500
26525100
26589600
135
91000
23234600
23325600
140
123000
20128600
20251600
144
157000
17850600
18007600
145
165500
17284400
17449900
146
179100
16729800
16908900
147
193200
16179200
16372400
148
207400
15634000
15841400
149
221600
15094000
15315600
150
235800
14559000
14794800
152.5
312050
13323250
13635300
155
403550
12093750
12497300
157.5
680550
11056000
11736550
160
977550
10090250
11067800
162.5
1367050
9185000
10552050
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.