This page reflects TNL 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 — TNL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $70.00 (2.26 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$70.00
Nearest expiry
Expected Move
±$1.45
±2.0%
Days to Expiry
3
Calendar days
Total Call OI
8,986
Nearest expiry
Total Put OI
9,061
Nearest expiry
P/C OI Ratio
1.01
Put-heavy
Spot Price
$72.26
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
$70.00
6/18/2026, 11:38:55 PM
2026-07-17
$70.00
7/17/2026, 11:32:50 PM
2026-08-21NextUpdated
$70.00
8/18/2026, 11:41:52 PM
2026-09-18
$70.00
8/18/2026, 11:41:52 PM
2026-11-20
$60.00
8/18/2026, 11:41:52 PM
2027-02-19
$50.00
8/18/2026, 11:41:52 PM
Selected expiration: 2026-08-21 at max pain $70.00.
TNL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
37.5
0
23262250
23262250
40
0
20997500
20997500
42.5
0
18733000
18733000
45
0
16469000
16469000
47.5
0
14207000
14207000
50
0
11947500
11947500
55
5000
7459000
7464000
57.5
7500
5217500
5225000
60
10000
2976250
2986250
62.5
16000
2034500
2050500
65
24500
1358500
1383000
67.5
71000
689250
760250
70
160250
29000
189250
72.5
304750
13750
318500
75
543000
5000
548000
77.5
1109750
250
1110000
80
1703500
0
1703500
82.5
3214500
0
3214500
85
4820500
0
4820500
90
9269500
0
9269500
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.