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 Equity Lifestyle Properties options about one week from expiration was $60.00. The chart above shows the exact max pain for each expiration date.

Equity Lifestyle Properties closed above its near-term max pain on 12 of the last 20 trading days. On Nov 4, 2026 it closed at $62.52, 4.2% above max pain of $60.00.

Over the last 20 trading days, near-term max pain for Equity Lifestyle Properties ranged from $53.63 to $60.00. It went from $59.98 on Oct 8, 2026 to $60.00 on Nov 4, 2026. See the ELS max pain history for a longer view.

Equity Lifestyle Properties is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas.