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 Alaska Air options about one week from expiration was $37.73. The chart above shows the exact max pain for each expiration date.

Alaska Air closed above its near-term max pain on 2 of the last 20 trading days. On Nov 4, 2026 it closed at $40.00, 6.0% above max pain of $37.73.

Over the last 20 trading days, near-term max pain for Alaska Air ranged from $37.73 to $42.50. It went from $40.02 on Oct 8, 2026 to $37.73 on Nov 4, 2026. See the ALK max pain history for a longer view.

Alaska Air Group Inc operates two airlines, Alaska and Horizon, in three operating segments.