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 International Business Machines options about one week from expiration was $250.00. The chart above shows the exact max pain for each expiration date.

International Business Machines closed above its near-term max pain on 20 of the last 20 trading days. On Nov 4, 2026 it closed at $254.37, 1.7% above max pain of $250.00.

Over the last 20 trading days, near-term max pain for International Business Machines ranged from $224.64 to $250.00. It went from $224.64 on Oct 8, 2026 to $250.00 on Nov 4, 2026. See the IBM max pain history for a longer view.

Incorporated in 1911, International Business Machines, or IBM, is one of the oldest technology companies in the world.