Max pain is the price where the total value of all open calls and puts would be lowest at expiration, so option buyers as a group would lose the most. Some traders watch it as a level the stock may drift toward near expiration, because option sellers, often market makers, hedge their positions in ways that can pull the price toward heavily traded strikes. It is a theory, not a guarantee.

As of the Nov 4, 2026 close, max pain for Alcoa options about one week from expiration was $40.57. The chart above shows the exact max pain for each expiration date.

Alcoa closed above its near-term max pain on 5 of the last 20 trading days. On Nov 4, 2026 it closed at $40.58, close to max pain of $40.57.

Over the last 20 trading days, near-term max pain for Alcoa ranged from $39.00 to $47.00. It went from $46.79 on Oct 8, 2026 to $40.57 on Nov 4, 2026. See the AA max pain history for a longer view.

Alcoa is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and manufacturing primary aluminum.