This page reflects SPG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 19, 2026 close
Max Pain — SPG
Data as of market close Aug 19, 2026
Nearest listed expiration 2026-08-21 shows max pain at $220.00 (3.18 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$220.00
Nearest expiry
Expected Move
±$4.62
±2.1%
Days to Expiry
2
Calendar days
Total Call OI
4,355
Nearest expiry
Total Put OI
2,551
Nearest expiry
P/C OI Ratio
0.59
Put-heavy
Spot Price
$223.18
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
$210.00
6/18/2026, 11:33:10 PM
2026-07-17
$210.00
7/17/2026, 11:31:59 PM
2026-08-21NextUpdated
$220.00
8/19/2026, 11:34:49 PM
2026-09-18
$210.00
8/19/2026, 11:34:49 PM
2026-10-16
$220.00
8/19/2026, 11:34:49 PM
2026-12-18
$210.00
8/19/2026, 11:34:49 PM
2027-01-15
$200.00
8/19/2026, 11:34:49 PM
2027-03-19
$200.00
8/19/2026, 11:34:49 PM
2027-06-17
$230.00
8/19/2026, 11:34:49 PM
Selected expiration: 2026-08-21 at max pain $220.00.
SPG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
135
0
17974500
17974500
140
0
16699500
16699500
145
0
15425500
15425500
150
0
14151500
14151500
155
0
12878500
12878500
160
0
11644500
11644500
165
0
10425000
10425000
170
0
9210500
9210500
175
0
8003000
8003000
180
0
6838000
6838000
185
500
5704500
5705000
190
1000
4598500
4599500
195
7000
3671500
3678500
200
15000
2783000
2798000
210
41000
1151000
1192000
220
112000
234000
346000
230
467000
1000
468000
240
2281000
0
2281000
250
5280000
0
5280000
260
9245000
0
9245000
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.