This page reflects SMR 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 — SMR
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $10.00 (1.36 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$10.00
Nearest expiry
Expected Move
±$0.52
±6.0%
Days to Expiry
3
Calendar days
Total Call OI
107,929
Nearest expiry
Total Put OI
60,778
Nearest expiry
P/C OI Ratio
0.56
Put-heavy
Spot Price
$8.64
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
$9.00
8/7/2026, 11:31:30 PM
2026-08-14
$9.00
8/14/2026, 11:33:52 PM
2026-08-21NextUpdated
$10.00
8/18/2026, 11:30:15 PM
2026-08-28
$10.00
8/18/2026, 11:30:15 PM
2026-09-04
$11.00
8/18/2026, 11:30:15 PM
2026-09-11
$11.00
8/18/2026, 11:30:15 PM
2026-09-18
$9.00
8/18/2026, 11:30:15 PM
2026-09-25
$10.00
8/18/2026, 11:30:15 PM
2026-10-02
$10.00
8/18/2026, 11:30:15 PM
2026-11-20
$10.00
8/18/2026, 11:30:15 PM
2027-01-15
$11.00
8/18/2026, 11:30:15 PM
2027-02-19
$8.00
8/18/2026, 11:30:15 PM
Selected expiration: 2026-08-21 at max pain $10.00.
SMR pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
51549450
51549450
2
37200
45471850
45509050
3
77100
39394450
39471550
4
120600
33323350
33443950
5
165400
27252750
27418150
5.5
189550
24297950
24487500
6
214100
21345950
21560050
6.5
243000
18590100
18833100
7
272400
15855350
16127750
7.5
345200
13439900
13785100
8
423900
11032650
11456550
8.5
568300
8930650
9498950
9
728000
6948850
7676850
9.5
1099450
5536650
6636100
10
1600900
4390300
5991200
10.5
2619250
3556300
6175550
11
3863500
2734450
6597950
11.5
5548350
2245100
7793450
12
7351100
1776850
9127950
12.5
9409600
1599450
11009050
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.