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 Target options about one week from expiration was $150.71. The chart above shows the exact max pain for each expiration date.

Target closed above its near-term max pain on 12 of the last 20 trading days. On Nov 4, 2026 it closed at $163.06, 8.2% above max pain of $150.71.

Over the last 20 trading days, near-term max pain for Target ranged from $145.00 to $156.43. It went from $146.07 on Oct 8, 2026 to $150.71 on Nov 4, 2026. See the TGT max pain history for a longer view.

Target's start dates back to 1962, but now it is one of the largest discount retailers in the United States (where it derives all of its sales), operating just under 2,000 stores and generating over $104 billion in fiscal 2025 sales.