Nearest listed expiration 2026-08-19 shows max pain at $124.00 (6.29 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$124.00
Nearest expiry
Expected Move
±$3.94
±3.0%
Days to Expiry
2
Calendar days
Total Call OI
22,216
Nearest expiry
Total Put OI
20,419
Nearest expiry
P/C OI Ratio
0.92
Put-heavy
Spot Price
$130.29
Published close
Consensus
6.5/10
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-19
Expiration
Max Pain Strike
Last Updated
2026-08-12
$121.00
8/12/2026, 11:43:59 PM
2026-08-14
$120.00
8/14/2026, 11:40:59 PM
2026-08-19NextUpdated
$124.00
8/17/2026, 11:42:53 PM
2026-08-21
$114.00
8/17/2026, 11:42:53 PM
2026-08-26
$124.00
8/17/2026, 11:42:53 PM
2026-08-28
$120.00
8/17/2026, 11:42:53 PM
2026-09-04
$115.00
8/17/2026, 11:42:53 PM
2026-09-11
$121.00
8/17/2026, 11:42:53 PM
2026-09-18
$122.00
8/17/2026, 11:42:53 PM
2026-09-25
$119.00
8/17/2026, 11:42:53 PM
2026-10-02
$114.00
8/17/2026, 11:42:53 PM
2026-10-16
$120.00
8/17/2026, 11:42:53 PM
2026-12-18
$125.00
8/17/2026, 11:42:53 PM
2027-01-15
$115.00
8/17/2026, 11:42:53 PM
2027-03-19
$125.00
8/17/2026, 11:42:53 PM
2027-06-17
$115.00
8/17/2026, 11:42:53 PM
Selected expiration: 2026-08-19 at max pain $124.00.
USO pain by strike for 2026-08-19 expiration
Strike
Call Pain
Put Pain
Total Pain
60
0
107525700
107525700
65
0
97359700
97359700
70
500
87198700
87199200
75
2000
77057700
77059700
80
4500
66921700
66926200
85
7500
56785700
56793200
90
11000
46689700
46700700
95
15500
36594200
36609700
100
22000
26504700
26526700
101
24800
24492600
24517400
102
27800
22480600
22508400
103
31500
20473900
20505400
104
36000
18473300
18509300
105
40600
16479400
16520000
106
45800
14528800
14574600
107
62400
12601800
12664200
108
90200
10677300
10767500
109
121200
8757500
8878700
110
153800
6844700
6998500
111
196100
5722600
5918700
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.