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 NOV options about one week from expiration was $19.15. The chart above shows the exact max pain for each expiration date.

NOV closed above its near-term max pain on 6 of the last 20 trading days. On Nov 4, 2026 it closed at $18.04, 5.8% below max pain of $19.15.

Over the last 20 trading days, near-term max pain for NOV ranged from $19.00 to $19.41. It went from $19.02 on Oct 8, 2026 to $19.15 on Nov 4, 2026. See the NOV max pain history for a longer view.

NOV (formerly National Oilwell Varco) designs, manufactures, and sells a wide range of equipment and components supplying the oil and gas industry, including rig equipment, downhole tools, drill pipe, and well casing.