This page reflects TWO 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 — TWO
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $15.00 (3.01 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$0.17
±1.5%
Days to Expiry
3
Calendar days
Total Call OI
26
Nearest expiry
Total Put OI
1,683
Nearest expiry
P/C OI Ratio
64.73
Put-heavy
Spot Price
$11.99
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
$11.00
6/18/2026, 11:39:21 PM
2026-07-17
$12.00
7/17/2026, 11:30:41 PM
2026-08-21NextUpdated
$15.00
8/18/2026, 11:37:43 PM
2026-09-18
$15.00
8/18/2026, 11:37:43 PM
2026-10-16
$16.00
8/18/2026, 11:37:43 PM
2026-11-20
$18.00
8/18/2026, 11:37:43 PM
2026-12-18
$14.00
8/18/2026, 11:37:43 PM
2027-01-15
$12.00
8/18/2026, 11:37:43 PM
2027-03-19
$12.00
8/18/2026, 11:37:43 PM
Selected expiration: 2026-08-21 at max pain $15.00.
TWO pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
4
0
1378400
1378400
5
0
1214800
1214800
6
0
1051200
1051200
11
0
236200
236200
12
0
105900
105900
13
2300
10600
12900
14
4900
3300
8200
15
7500
0
7500
16
10100
0
10100
18
15300
0
15300
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.