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 Nasdaq options about one week from expiration was $104.57. The chart above shows the exact max pain for each expiration date.

Nasdaq closed above its near-term max pain on 20 of the last 20 trading days. On Nov 4, 2026 it closed at $109.71, 4.9% above max pain of $104.57.

Over the last 20 trading days, near-term max pain for Nasdaq ranged from $90.00 to $104.57. It went from $90.43 on Oct 8, 2026 to $104.57 on Nov 4, 2026. See the NDAQ max pain history for a longer view.

Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its trading business (about 22.5% of sales), the company sells market and financial data to investors, offers Nasdaq-branded indexes, and lists companies through its capital access segment (42.5%).