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 Tanger options about one week from expiration was $35.34. The chart above shows the exact max pain for each expiration date.

Tanger closed above its near-term max pain on 17 of the last 20 trading days. On Nov 4, 2026 it closed at $38.47, 8.8% above max pain of $35.34.

Over the last 20 trading days, near-term max pain for Tanger ranged from $34.37 to $35.38. It went from $34.99 on Oct 8, 2026 to $35.34 on Nov 4, 2026. See the SKT max pain history for a longer view.

Tanger Inc is an owner and operator of outlet and open-air centers in the United States and Canada.