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 Imperial Oil options about one week from expiration was $130.99. The chart above shows the exact max pain for each expiration date.

Imperial Oil closed above its near-term max pain on 14 of the last 20 trading days. On Nov 4, 2026 it closed at $127.69, 2.5% below max pain of $130.99.

Over the last 20 trading days, near-term max pain for Imperial Oil ranged from $125.00 to $131.73. It went from $125.05 on Oct 8, 2026 to $130.99 on Nov 4, 2026. See the IMO max pain history for a longer view.

Imperial Oil Ltd is an integrated oil company active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil, natural gas, petroleum products, and petrochemicals.