This page reflects SPHR 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 — SPHR
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $140.00 (24.22 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$140.00
Nearest expiry
Expected Move
±$6.47
±3.9%
Days to Expiry
3
Calendar days
Total Call OI
3,306
Nearest expiry
Total Put OI
2,720
Nearest expiry
P/C OI Ratio
0.82
Put-heavy
Spot Price
$164.22
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
$130.00
6/18/2026, 11:30:51 PM
2026-07-17
$140.00
7/17/2026, 11:34:48 PM
2026-08-21NextUpdated
$140.00
8/18/2026, 11:31:17 PM
2026-09-18
$170.00
8/18/2026, 11:31:17 PM
2026-11-20
$145.00
8/18/2026, 11:31:17 PM
2027-01-15
$40.00
8/18/2026, 11:31:17 PM
2027-02-19
$130.00
8/18/2026, 11:31:17 PM
Selected expiration: 2026-08-21 at max pain $140.00.
SPHR pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
19664250
19664250
47.5
1250
18984250
18985500
50
3250
18304250
18307500
55
8250
16944250
16952500
60
13750
15584250
15598000
65
19250
14224250
14243500
70
26750
12916750
12943500
75
36750
11609250
11646000
77.5
47500
10955500
11003000
80
58750
10302500
10361250
82.5
77750
9663250
9741000
85
98000
9027750
9125750
87.5
118500
8393250
8511750
90
141000
7759750
7900750
92.5
165000
7128750
7293750
95
189500
6500000
6689500
97.5
216750
5872000
6088750
100
244250
5244500
5488750
105
301250
3989500
4290750
110
360750
2761000
3121750
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.