Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Plains All American Pipeline L.P. stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Plains All American Pipeline L.P. IV rank is 49, so implied volatility is near the middle of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 12.3% to 34.2%. See the PAA implied volatility history for a longer view.

Across all open Plains All American Pipeline L.P. options on Nov 4, 2026, net gamma exposure was $6.95M and net delta exposure was $104.6M per 1% move in the stock. The PAA gamma exposure chart shows where that gamma sits by strike.

Plains All American Pipeline LP, through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada.