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 Diamondback Energy options about one week from expiration was $196.02. The chart above shows the exact max pain for each expiration date.

Diamondback Energy closed above its near-term max pain on 18 of the last 20 trading days. On Nov 4, 2026 it closed at $182.85, 6.7% below max pain of $196.02.

Over the last 20 trading days, near-term max pain for Diamondback Energy ranged from $187.33 to $196.14. It went from $190.10 on Oct 8, 2026 to $196.02 on Nov 4, 2026. See the FANG max pain history for a longer view.

Diamondback is a crude oil and natural gas exploration and production firm whose operations represent a pure-play in the US Permian Basin.