Plains All American Pipeline, LClose $23.33EOD only
Max Pain
$22.00
Next expiry May 22, 2026
Expected Move
±$0.20
0.9% from close
Price Gap
-1.33
Distance to max pain
IV Rank
32
Middle-high premium
P/C OI
0.11
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: May 20, 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
May 20, 2026 close
Max Pain — PAA
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $22.00 (1.33 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.00
Nearest expiry
Expected Move
±$0.20
±0.9%
Days to Expiry
2
Calendar days
Total Call OI
377
Nearest expiry
Total Put OI
260
Nearest expiry
P/C OI Ratio
0.69
Put-heavy
Spot Price
$23.33
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$22.00
5/8/2026, 11:25:49 PM
2026-05-15
$21.00
5/15/2026, 11:27:49 PM
2026-05-22NextUpdated
$22.00
5/20/2026, 11:24:21 PM
2026-05-29
$22.00
5/20/2026, 11:24:21 PM
2026-06-05
$22.50
5/20/2026, 11:24:21 PM
2026-06-12
$22.00
5/20/2026, 11:24:21 PM
2026-06-18
$22.00
5/20/2026, 11:24:21 PM
2026-06-26
$21.50
5/20/2026, 11:24:21 PM
2026-07-17
$20.00
5/20/2026, 11:24:21 PM
2026-08-21
$20.00
5/20/2026, 11:24:21 PM
2026-11-20
$21.00
5/20/2026, 11:24:21 PM
2027-01-15
$20.00
5/20/2026, 11:24:21 PM
Selected expiration: 2026-05-22 at max pain $22.00.
PAA pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
12
0
217700
217700
13
3000
192600
195600
14
6900
168600
175500
15
10800
145400
156200
16
14700
122800
137500
16.5
16750
112000
128750
17
18800
101550
120350
17.5
20850
91350
112200
18
22900
81250
104150
18.5
24950
71400
96350
19
27000
61650
88650
19.5
29050
52350
81400
20
31100
43100
74200
20.5
33250
34000
67250
21
38650
25150
63800
21.5
44250
16750
61000
22
50050
8650
58700
22.5
58300
3750
62050
23
68750
1500
70250
23.5
86400
750
87150
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.