This page reflects TREX 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 — TREX
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $42.50 (5.23 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.50
Nearest expiry
Expected Move
±$2.33
±4.9%
Days to Expiry
3
Calendar days
Total Call OI
1,762
Nearest expiry
Total Put OI
437
Nearest expiry
P/C OI Ratio
0.25
Put-heavy
Spot Price
$47.73
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, 11:33:42 PM
2026-07-17
$42.50
7/17/2026, 11:33:56 PM
2026-08-21NextUpdated
$42.50
8/18/2026, 11:34:43 PM
2026-09-18
$45.00
8/18/2026, 11:34:43 PM
2026-10-16
$45.00
8/18/2026, 11:34:43 PM
2026-12-18
$40.00
8/18/2026, 11:34:43 PM
2027-01-15
$42.50
8/18/2026, 11:34:43 PM
Selected expiration: 2026-08-21 at max pain $42.50.
TREX pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
577500
577500
30
0
363000
363000
32.5
0
256750
256750
35
750
198000
198750
37.5
1500
142000
143500
40
2500
86750
89250
42.5
3750
35750
39500
45
218000
14750
232750
47.5
531750
750
532500
50
907750
250
908000
52.5
1315500
0
1315500
55
1729500
0
1729500
57.5
2160750
0
2160750
60
2597250
0
2597250
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.