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 Arthur J. Gallagher options about one week from expiration was $260.60. The chart above shows the exact max pain for each expiration date.

Arthur J. Gallagher closed above its near-term max pain on 13 of the last 20 trading days. On Nov 4, 2026 it closed at $288.46, 10.7% above max pain of $260.60.

Over the last 20 trading days, near-term max pain for Arthur J. Gallagher ranged from $239.95 to $265.12. It went from $239.95 on Oct 8, 2026 to $260.60 on Nov 4, 2026. See the AJG max pain history for a longer view.

Founded in 1927 as a one-person agency, Gallagher's primary business is insurance brokerage, with a focus on serving middle-market companies.