This page reflects UBS 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 — UBS
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $47.50 (5.47 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
±$1.07
±2.0%
Days to Expiry
3
Calendar days
Total Call OI
12,488
Nearest expiry
Total Put OI
10,167
Nearest expiry
P/C OI Ratio
0.81
Put-heavy
Spot Price
$52.97
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
$45.00
6/18/2026, 11:36:25 PM
2026-07-17
$50.00
7/17/2026, 11:39:51 PM
2026-08-21NextUpdated
$47.50
8/18/2026, 11:38:27 PM
2026-09-18
$52.50
8/18/2026, 11:38:27 PM
2026-11-20
$45.00
8/18/2026, 11:38:27 PM
2027-01-15
$47.50
8/18/2026, 11:38:27 PM
2027-02-19
$47.50
8/18/2026, 11:38:27 PM
Selected expiration: 2026-08-21 at max pain $47.50.
UBS pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
27.5
0
17969500
17969500
30
750
15498250
15499000
32.5
6500
13049000
13055500
35
12500
10646250
10658750
37.5
49500
8435500
8485000
40
207000
6362250
6569250
42.5
608500
4454750
5063250
45
1129750
2669500
3799250
47.5
1897250
1098250
2995500
50
3052250
471500
3523750
52.5
4588750
103750
4692500
55
6573000
250
6573250
57.5
9207250
0
9207250
60
12088000
0
12088000
65
18329000
0
18329000
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.