This page reflects WSO 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 — WSO
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $320.00 (6.35 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$320.00
Nearest expiry
Expected Move
±$10.35
±3.3%
Days to Expiry
3
Calendar days
Total Call OI
2,113
Nearest expiry
Total Put OI
1,843
Nearest expiry
P/C OI Ratio
0.87
Put-heavy
Spot Price
$313.65
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
$380.00
6/18/2026, 11:38:41 PM
2026-07-17
$390.00
7/17/2026, 11:41:13 PM
2026-08-21NextUpdated
$320.00
8/18/2026, 11:38:51 PM
2026-09-18
$330.00
8/18/2026, 11:38:51 PM
2026-11-20
$300.00
8/18/2026, 11:38:51 PM
2027-02-19
$330.00
8/18/2026, 11:38:51 PM
Selected expiration: 2026-08-21 at max pain $320.00.
WSO pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
190
0
27807000
27807000
195
0
26885500
26885500
200
0
25964000
25964000
210
0
24140000
24140000
220
0
22332000
22332000
230
0
20524000
20524000
240
0
18716000
18716000
250
0
16925000
16925000
260
0
15139000
15139000
270
0
13376000
13376000
280
0
11616000
11616000
290
1000
9879000
9880000
300
2000
8162000
8164000
310
6000
6495000
6501000
320
936000
4845000
5781000
330
2810000
3222000
6032000
340
4693000
2414000
7107000
350
6582000
1612000
8194000
360
8520000
811000
9331000
370
10464000
10000
10474000
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.