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 Kaiser Aluminum options about one week from expiration was $119.78. The chart above shows the exact max pain for each expiration date.

Kaiser Aluminum closed above its near-term max pain on 11 of the last 20 trading days. On Nov 4, 2026 it closed at $110.84, 7.5% below max pain of $119.78.

Over the last 20 trading days, near-term max pain for Kaiser Aluminum ranged from $119.00 to $150.00. It went from $150.00 on Oct 8, 2026 to $119.78 on Nov 4, 2026. See the KALU max pain history for a longer view.

Kaiser Aluminum Corp specializes in the production of semi-fabricated specialty aluminum mill products, such as aluminum plate and sheet, bare and coated coil and extruded and drawn products, for the end market applications: Aero/HS Products; Packaging; GE Products; and Automotive Extrusions.