This page reflects WAT 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 — WAT
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $370.00 (31.25 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$370.00
Nearest expiry
Expected Move
±$11.48
±2.9%
Days to Expiry
3
Calendar days
Total Call OI
639
Nearest expiry
Total Put OI
1,767
Nearest expiry
P/C OI Ratio
2.77
Put-heavy
Spot Price
$401.25
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
$340.00
6/18/2026, 11:39:28 PM
2026-07-17
$350.00
7/17/2026, 11:40:13 PM
2026-08-21NextUpdated
$370.00
8/18/2026, 11:43:14 PM
2026-09-18
$360.00
8/18/2026, 11:43:14 PM
2026-11-20
$370.00
8/18/2026, 11:43:14 PM
2027-01-15
$350.00
8/18/2026, 11:43:14 PM
2027-02-19
$370.00
8/18/2026, 11:43:14 PM
Selected expiration: 2026-08-21 at max pain $370.00.
WAT pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
180
0
25538000
25538000
190
0
23772000
23772000
195
0
22898000
22898000
200
0
22037000
22037000
210
0
20317000
20317000
220
0
18601000
18601000
230
0
16913000
16913000
240
0
15325000
15325000
250
0
13745000
13745000
260
0
12177000
12177000
270
0
10725000
10725000
280
0
9283000
9283000
290
1000
7854000
7855000
300
4000
6430000
6434000
310
8000
5014000
5022000
320
14000
3617000
3631000
330
33000
2410000
2443000
340
54000
1371000
1425000
350
118000
915000
1033000
360
215000
475000
690000
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.