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 Progressive options about one week from expiration was $220.71. The chart above shows the exact max pain for each expiration date.

Progressive closed above its near-term max pain on 18 of the last 20 trading days. On Nov 4, 2026 it closed at $234.85, 6.4% above max pain of $220.71.

Over the last 20 trading days, near-term max pain for Progressive ranged from $212.50 to $220.71. It went from $216.43 on Oct 8, 2026 to $220.71 on Nov 4, 2026. See the PGR max pain history for a longer view.

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 27 million personal auto policies in force and is one of the largest auto insurers in the United States.