This page reflects WM 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 — WM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $220.00 (3.58 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$220.00
Nearest expiry
Expected Move
±$5.38
±2.4%
Days to Expiry
3
Calendar days
Total Call OI
4,589
Nearest expiry
Total Put OI
3,227
Nearest expiry
P/C OI Ratio
0.70
Put-heavy
Spot Price
$223.58
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
$220.00
6/18/2026, 11:34:03 PM
2026-07-17
$220.00
7/17/2026, 11:41:53 PM
2026-08-21NextUpdated
$220.00
8/18/2026, 11:40:54 PM
2026-09-18
$230.00
8/18/2026, 11:40:54 PM
2026-10-16
$230.00
8/18/2026, 11:40:54 PM
2026-12-18
$220.00
8/18/2026, 11:40:54 PM
2027-01-15
$210.00
8/18/2026, 11:40:54 PM
2027-03-19
$220.00
8/18/2026, 11:40:54 PM
2027-06-17
$220.00
8/18/2026, 11:40:54 PM
Selected expiration: 2026-08-21 at max pain $220.00.
WM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
140
0
24582500
24582500
145
0
22970500
22970500
160
0
18136000
18136000
165
0
16527000
16527000
175
0
13310000
13310000
180
2000
11701500
11703500
185
4000
10117000
10121000
190
6000
8539500
8545500
195
9500
6988000
6997500
200
15000
5464000
5479000
210
54000
2551000
2605000
220
175000
332000
507000
230
734000
1000
735000
240
1801000
0
1801000
250
4000000
0
4000000
260
7625000
0
7625000
270
11823000
0
11823000
280
16381000
0
16381000
290
20961000
0
20961000
300
25543000
0
25543000
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.