This page reflects ZVRA 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 — ZVRA
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $11.00 (0.57 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$11.00
Nearest expiry
Expected Move
±$0.65
±5.6%
Days to Expiry
3
Calendar days
Total Call OI
2,644
Nearest expiry
Total Put OI
7,184
Nearest expiry
P/C OI Ratio
2.72
Put-heavy
Spot Price
$11.57
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
2026-06-18
$11.00
6/18/2026, 11:38:59 PM
2026-07-17
$11.00
7/17/2026, 11:41:44 PM
2026-08-21NextUpdated
$11.00
8/18/2026, 11:39:37 PM
2026-09-18
$6.00
8/18/2026, 11:39:37 PM
2026-11-20
$12.00
8/18/2026, 11:39:37 PM
2026-12-18
$8.00
8/18/2026, 11:39:37 PM
2027-01-15
$10.00
8/18/2026, 11:39:37 PM
2027-02-19
$14.00
8/18/2026, 11:39:37 PM
Selected expiration: 2026-08-21 at max pain $11.00.
ZVRA pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
5593200
5593200
2
4600
4877400
4882000
3
10000
4166200
4176200
4
15400
3455500
3470900
5
21400
2745200
2766600
6
27400
2035700
2063100
7
35300
1327500
1362800
8
43500
620400
663900
9
53300
435700
489000
10
79500
268600
348100
11
122300
181600
303900
12
226600
103000
329600
13
399100
51800
450900
14
600300
3200
603500
15
821300
2500
823800
16
1071800
1800
1073600
17
1331700
1100
1332800
18
1594400
400
1594800
19
1858100
300
1858400
20
2121800
200
2122000
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.