Plains All American Pipeline, LClose $24.19EOD only
Max Pain
$23.00
Next expiry Aug 21, 2026
Expected Move
±$0.50
2.1% from close
Price Gap
-1.19
Distance to max pain
IV Rank
46
Middle-high premium
P/C OI
0.17
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: Aug 18, 2026 close
End-of-day snapshot
This page reflects PAA 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 — PAA
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $23.00 (1.19 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.00
Nearest expiry
Expected Move
±$0.50
±2.1%
Days to Expiry
3
Calendar days
Total Call OI
12,734
Nearest expiry
Total Put OI
2,943
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$24.19
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
$23.50
8/7/2026, 11:28:35 PM
2026-08-14
$23.00
8/14/2026, 11:30:12 PM
2026-08-21NextUpdated
$23.00
8/18/2026, 11:32:26 PM
2026-08-28
$24.00
8/18/2026, 11:32:26 PM
2026-09-04
$24.00
8/18/2026, 11:32:26 PM
2026-09-11
$23.00
8/18/2026, 11:32:26 PM
2026-09-18
$23.00
8/18/2026, 11:32:26 PM
2026-09-25
$23.00
8/18/2026, 11:32:26 PM
2026-11-20
$22.00
8/18/2026, 11:32:26 PM
2027-01-15
$22.00
8/18/2026, 11:32:26 PM
2027-02-19
$22.00
8/18/2026, 11:32:26 PM
Selected expiration: 2026-08-21 at max pain $23.00.
PAA pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
10
0
3073750
3073750
11
100
2779450
2779550
12
200
2485650
2485850
13
400
2191850
2192250
14
600
1898050
1898650
15
1100
1604250
1605350
16
1800
1313050
1314850
17
4200
1021850
1026050
18
7100
730650
737750
19
10400
474950
485350
19.5
12350
370700
383050
20
14300
266450
280750
20.5
18700
207950
226650
21
23150
149450
172600
22
40050
78850
118900
22.5
61400
52250
113650
23
82750
26250
109000
23.5
115100
12750
127850
24
161350
2700
164050
24.5
273350
2050
275400
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.