This page reflects XEL 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 — XEL
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $80.00 (0.83 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$80.00
Nearest expiry
Expected Move
±$2.35
±3.0%
Days to Expiry
3
Calendar days
Total Call OI
4,038
Nearest expiry
Total Put OI
2,279
Nearest expiry
P/C OI Ratio
0.56
Put-heavy
Spot Price
$79.17
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
$80.00
6/18/2026, 11:38:53 PM
2026-07-17
$80.00
7/17/2026, 11:41:30 PM
2026-08-21NextUpdated
$80.00
8/18/2026, 11:44:38 PM
2026-09-18
$80.00
8/18/2026, 11:44:38 PM
2026-11-20
$80.00
8/18/2026, 11:44:38 PM
2026-12-18
$80.00
8/18/2026, 11:44:38 PM
2027-01-15
$80.00
8/18/2026, 11:44:38 PM
2027-03-19
$70.00
8/18/2026, 11:44:38 PM
2027-06-17
$70.00
8/18/2026, 11:44:38 PM
Selected expiration: 2026-08-21 at max pain $80.00.
XEL pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
6840500
6840500
50
500
5704500
5705000
55
1000
4569000
4570000
60
1500
3442000
3443500
65
2000
2321000
2323000
70
2500
1229000
1231500
75
173500
564000
737500
80
405000
3500
408500
85
1418000
0
1418000
90
2764000
0
2764000
95
4242500
0
4242500
100
6246500
0
6246500
105
8258500
0
8258500
115
12295500
0
12295500
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.