This page reflects ZG 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 — ZG
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $35.00 (0.28 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$1.70
±4.8%
Days to Expiry
3
Calendar days
Total Call OI
2,202
Nearest expiry
Total Put OI
1,822
Nearest expiry
P/C OI Ratio
0.83
Put-heavy
Spot Price
$35.28
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
$35.00
6/18/2026, 11:39:03 PM
2026-07-17
$35.00
7/17/2026, 11:41:40 PM
2026-08-21NextUpdated
$35.00
8/18/2026, 11:39:16 PM
2026-09-18
$35.00
8/18/2026, 11:39:16 PM
2026-11-20
$35.00
8/18/2026, 11:39:16 PM
2026-12-18
$40.00
8/18/2026, 11:39:16 PM
2027-02-19
$35.00
8/18/2026, 11:39:16 PM
Selected expiration: 2026-08-21 at max pain $35.00.
ZG pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
1910750
1910750
22.5
0
1461000
1461000
25
0
1047000
1047000
30
500
420500
421000
35
15500
59000
74500
40
95500
35000
130500
45
564500
24000
588500
50
1436000
15500
1451500
55
2448000
7000
2455000
60
3492000
4000
3496000
65
4543000
1000
4544000
70
5594000
500
5594500
75
6660000
0
6660000
80
7726000
0
7726000
85
8792500
0
8792500
90
9872500
0
9872500
95
10958500
0
10958500
100
12048500
0
12048500
105
13143500
0
13143500
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.