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 Phillips 66 options about one week from expiration was $275.71. The chart above shows the exact max pain for each expiration date.

Phillips 66 closed above its near-term max pain on 15 of the last 20 trading days. On Nov 4, 2026 it closed at $259.65, 5.8% below max pain of $275.71.

Over the last 20 trading days, near-term max pain for Phillips 66 ranged from $240.00 to $278.57. It went from $243.57 on Oct 8, 2026 to $275.71 on Nov 4, 2026. See the PSX max pain history for a longer view.

Phillips 66 is an independent refiner that owns or holds an interest in 10 refineries with a total crude throughput capacity of 2.0 million barrels per day at the end of 2025.