Nearest listed expiration 2026-08-21 shows max pain at $18.00 (0.40 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$1.37
±7.8%
Days to Expiry
4
Calendar days
Total Call OI
526,851
Nearest expiry
Total Put OI
222,404
Nearest expiry
P/C OI Ratio
0.42
Put-heavy
Spot Price
$17.60
Published close
Consensus
7.5/10
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
2026-08-07
$17.00
8/7/2026, 11:40:48 PM
2026-08-14
$17.00
8/14/2026, 11:44:59 PM
2026-08-21NextUpdated
$18.00
8/17/2026, 11:45:02 PM
2026-08-28
$17.50
8/17/2026, 11:45:02 PM
2026-09-04
$17.50
8/17/2026, 11:45:02 PM
2026-09-11
$17.50
8/17/2026, 11:45:02 PM
2026-09-18
$17.00
8/17/2026, 11:45:02 PM
2026-09-25
$18.50
8/17/2026, 11:45:02 PM
2026-10-02
$12.50
8/17/2026, 11:45:02 PM
2026-10-16
$20.00
8/17/2026, 11:45:02 PM
2026-11-20
$18.00
8/17/2026, 11:45:02 PM
2026-12-18
$17.00
8/17/2026, 11:45:02 PM
2027-01-15
$12.00
8/17/2026, 11:45:02 PM
2027-02-19
$20.00
8/17/2026, 11:45:02 PM
2027-03-19
$20.00
8/17/2026, 11:45:02 PM
2027-04-16
$19.00
8/17/2026, 11:45:02 PM
2027-05-21
$18.00
8/17/2026, 11:45:02 PM
2027-06-17
$20.00
8/17/2026, 11:45:02 PM
Selected expiration: 2026-08-21 at max pain $18.00.
WULF pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
320918300
320918300
2
2100
298678000
298680100
3
7000
276437800
276444800
4
12500
254197600
254210100
5
18700
231957400
231976100
6
26900
209722900
209749800
7
36200
187495100
187531300
8
46400
165278100
165324500
9
57600
143070000
143127600
10
70000
120873900
120943900
11
1225800
101620300
102846100
12
2444800
82412700
84857500
12.5
3082500
72933700
76016200
13
3720200
63454750
67174950
13.5
4762800
54220300
58983100
14
5805450
45025900
50831350
14.5
6855600
37948050
44803650
15
7906000
30907750
38813750
15.5
9118650
25803800
34922450
16
10335100
20792700
31127800
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.