This page reflects TPG 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 — TPG
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $47.50 (4.52 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$47.50
Nearest expiry
Expected Move
±$1.25
±2.4%
Days to Expiry
3
Calendar days
Total Call OI
2,389
Nearest expiry
Total Put OI
38,605
Nearest expiry
P/C OI Ratio
16.16
Put-heavy
Spot Price
$52.02
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
$40.00
6/18/2026, 11:29:38 PM
2026-07-17
$42.50
7/17/2026, 11:38:17 PM
2026-08-21NextUpdated
$47.50
8/18/2026, 11:37:39 PM
2026-09-18
$47.50
8/18/2026, 11:37:39 PM
2026-11-20
$40.00
8/18/2026, 11:37:39 PM
2027-01-15
$72.50
8/18/2026, 11:37:39 PM
2027-02-19
$60.00
8/18/2026, 11:37:39 PM
Selected expiration: 2026-08-21 at max pain $47.50.
TPG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
76275250
76275250
22.5
0
66625250
66625250
25
0
56985750
56985750
27.5
0
47356500
47356500
30
0
37795000
37795000
32.5
0
28259250
28259250
35
0
18959500
18959500
37.5
0
10807750
10807750
40
250
2938250
2938500
42.5
500
1480000
1480500
45
1750
1181750
1183500
47.5
154250
954250
1108500
50
378750
763000
1141750
52.5
612500
696500
1309000
55
866750
630000
1496750
57.5
1129250
563500
1692750
60
1428000
497000
1925000
62.5
1873250
430500
2303750
65
2321500
364250
2685750
67.5
2827750
298250
3126000
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.