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 Macerich options about one week from expiration was $23.34. The chart above shows the exact max pain for each expiration date.

Macerich closed above its near-term max pain on 14 of the last 20 trading days. On Nov 4, 2026 it closed at $25.90, 10.9% above max pain of $23.34.

Over the last 20 trading days, near-term max pain for Macerich ranged from $22.47 to $23.42. It went from $23.01 on Oct 8, 2026 to $23.34 on Nov 4, 2026. See the MAC max pain history for a longer view.

Macerich invests in premium mall assets.