This page reflects SGML 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 — SGML
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $12.00 (0.97 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.00
Nearest expiry
Expected Move
±$0.80
±7.3%
Days to Expiry
3
Calendar days
Total Call OI
11,027
Nearest expiry
Total Put OI
5,092
Nearest expiry
P/C OI Ratio
0.46
Put-heavy
Spot Price
$11.03
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
$12.00
8/7/2026, 11:31:36 PM
2026-08-14
$11.00
8/14/2026, 11:32:50 PM
2026-08-21NextUpdated
$12.00
8/18/2026, 11:30:14 PM
2026-09-18
$12.00
8/18/2026, 11:30:14 PM
2026-10-16
$12.00
8/18/2026, 11:30:14 PM
2027-01-15
$10.00
8/18/2026, 11:30:14 PM
Selected expiration: 2026-08-21 at max pain $12.00.
SGML pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
2360000
2360000
6
0
1855800
1855800
7
500
1352500
1353000
8
1200
872300
873500
9
2000
446300
448300
10
20000
270800
290800
11
40000
143000
183000
12
126800
48900
175700
13
812600
17600
830200
14
1752700
7500
1760200
15
2744900
5300
2750200
16
3782000
4000
3786000
17
4826000
3000
4829000
18
5871100
2000
5873100
19
6936800
1000
6937800
20
8004000
0
8004000
22
10169800
0
10169800
23
11262200
0
11262200
25
13467400
0
13467400
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.