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 Oneok options about one week from expiration was $92.76. The chart above shows the exact max pain for each expiration date.

Oneok closed above its near-term max pain on 16 of the last 20 trading days. On Nov 4, 2026 it closed at $88.60, 4.5% below max pain of $92.76.

Over the last 20 trading days, near-term max pain for Oneok ranged from $90.00 to $95.42. It went from $90.02 on Oct 8, 2026 to $92.76 on Nov 4, 2026. See the OKE max pain history for a longer view.

Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation, as well as natural gas liquids transportation and fractionation.