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 Pinnacle West Capital options about one week from expiration was $100.61. The chart above shows the exact max pain for each expiration date.

Pinnacle West Capital closed above its near-term max pain on 20 of the last 20 trading days. On Nov 4, 2026 it closed at $105.55, 4.9% above max pain of $100.61.

Over the last 20 trading days, near-term max pain for Pinnacle West Capital ranged from $95.00 to $100.75. It went from $95.03 on Oct 8, 2026 to $100.61 on Nov 4, 2026. See the PNW max pain history for a longer view.

Pinnacle West is a holding company whose principal subsidiary is Arizona Public Service, a vertically integrated electric utility serving approximately 1.5 million customers across a 35,000-square-mile territory in central Arizona, including the Phoenix area.