Industrial Select Sector SPDRClose $183.57EOD only
Max Pain
$184.00
Next expiry Aug 21, 2026
Expected Move
±$5.82
3.2% from close
Price Gap
+0.43
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.96
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: Aug 18, 2026 close
End-of-day snapshot
This page reflects XLI 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 — XLI
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $184.00 (0.43 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$184.00
Nearest expiry
Expected Move
±$5.82
±3.2%
Days to Expiry
3
Calendar days
Total Call OI
19,986
Nearest expiry
Total Put OI
26,865
Nearest expiry
P/C OI Ratio
1.34
Put-heavy
Spot Price
$183.57
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
2026-08-07
$182.00
8/7/2026, 11:40:32 PM
2026-08-14
$184.00
8/14/2026, 11:38:27 PM
2026-08-21NextUpdated
$184.00
8/18/2026, 11:38:56 PM
2026-08-28
$181.00
8/18/2026, 11:38:56 PM
2026-09-04
$187.00
8/18/2026, 11:38:56 PM
2026-09-11
$182.50
8/18/2026, 11:38:56 PM
2026-09-18
$180.00
8/18/2026, 11:38:56 PM
2026-09-25
$190.00
8/18/2026, 11:38:56 PM
2026-10-16
$185.00
8/18/2026, 11:38:56 PM
2026-11-20
$185.00
8/18/2026, 11:38:56 PM
2026-12-18
$170.00
8/18/2026, 11:38:56 PM
2027-01-15
$170.00
8/18/2026, 11:38:56 PM
2027-03-19
$185.00
8/18/2026, 11:38:56 PM
2027-06-17
$185.00
8/18/2026, 11:38:56 PM
Selected expiration: 2026-08-21 at max pain $184.00.
XLI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
135
0
105721550
105721550
140
2000
92307550
92309550
145
4000
78900050
78904050
150
11500
65520550
65532050
155
19500
52205050
52224550
160
28500
39005550
39034050
161
32700
36421850
36454550
162
37400
34047750
34085150
163
42500
31685750
31728250
164
47600
29380950
29428550
165
52800
27080550
27133350
166
58500
24856850
24915350
167
64300
22637950
22702250
168
70200
20437650
20507850
169
76100
18242150
18318250
170
82000
16066850
16148850
171
120800
13975450
14096250
172
164000
11962750
12126750
173
209900
10160250
10370150
174
258600
8535750
8794350
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.