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 Moderna options about one week from expiration was $218.57. The chart above shows the exact max pain for each expiration date.

Moderna closed above its near-term max pain on 18 of the last 20 trading days. On Nov 4, 2026 it closed at $258.36, 18.2% above max pain of $218.57.

Over the last 20 trading days, near-term max pain for Moderna ranged from $159.29 to $218.57. It went from $159.29 on Oct 8, 2026 to $218.57 on Nov 4, 2026. See the MRNA max pain history for a longer view.

Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in 2018.