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 Cheesecake Factory options about one week from expiration was $110.68. The chart above shows the exact max pain for each expiration date.

Cheesecake Factory closed above its near-term max pain on 15 of the last 20 trading days. On Nov 4, 2026 it closed at $115.43, 4.3% above max pain of $110.68.

Over the last 20 trading days, near-term max pain for Cheesecake Factory ranged from $105.00 to $111.90. It went from $105.07 on Oct 8, 2026 to $110.68 on Nov 4, 2026. See the CAKE max pain history for a longer view.

The Cheesecake Factory is an upscale casual dining operator that generated $3.8 billion in revenue in 2025.