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 Piper Sandler Companies options about one week from expiration was $65.86. The chart above shows the exact max pain for each expiration date.

Piper Sandler Companies closed above its near-term max pain on 4 of the last 20 trading days. On Nov 4, 2026 it closed at $70.22, 6.6% above max pain of $65.86.

Over the last 20 trading days, near-term max pain for Piper Sandler Companies ranged from $65.00 to $71.43. It went from $69.97 on Oct 8, 2026 to $65.86 on Nov 4, 2026. See the PIPR max pain history for a longer view.

Piper Sandler Cos is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States (U.S.) and internationally.