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 American Express options about one week from expiration was $317.50. The chart above shows the exact max pain for each expiration date.

American Express closed above its near-term max pain on 16 of the last 20 trading days. On Nov 4, 2026 it closed at $332.61, 4.8% above max pain of $317.50.

Over the last 20 trading days, near-term max pain for American Express ranged from $310.00 to $317.86. It went from $317.86 on Oct 8, 2026 to $317.50 on Nov 4, 2026. See the AXP max pain history for a longer view.

American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses with charge and credit card payment products.