This page reflects SLM 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 — SLM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $27.00 (0.13 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$27.00
Nearest expiry
Expected Move
±$0.88
±3.3%
Days to Expiry
3
Calendar days
Total Call OI
954
Nearest expiry
Total Put OI
711
Nearest expiry
P/C OI Ratio
0.75
Put-heavy
Spot Price
$26.87
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
$22.00
6/18/2026, 11:31:31 PM
2026-07-17
$23.00
7/17/2026, 11:33:25 PM
2026-08-21NextUpdated
$27.00
8/18/2026, 11:29:55 PM
2026-09-18
$25.00
8/18/2026, 11:29:55 PM
2026-10-16
$24.00
8/18/2026, 11:29:55 PM
2026-11-20
$26.00
8/18/2026, 11:29:55 PM
2027-01-15
$21.00
8/18/2026, 11:29:55 PM
Selected expiration: 2026-08-21 at max pain $27.00.
SLM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
21
0
376800
376800
22
1000
306700
307700
23
2000
239700
241700
24
3100
174500
177600
25
7400
109700
117100
26
13800
64000
77800
27
34800
30900
65700
28
85100
14100
99200
29
164300
8200
172500
30
258300
2300
260600
31
353500
1200
354700
32
448800
100
448900
33
544100
0
544100
35
734700
0
734700
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.