Plains All American Pipeline L.P. (PAA) Options Chain

NASDAQ: PAAEnergyNatural Gas DistributionUSD

24.34-0.08 (-0.33%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Oct 23, 2026
Days to expiration: 12
Share price: $24.34
Put/call ratio (OI): 1.30
Put/call ratio (volume): 30.60
ATM implied volatility: 27.0%
Expected move: ±$1.19
Open interest (C / P): 365 / 475

PAA options summary

The PAA options chain for the October 23, 2026 expiration lists 8 call and 15 put contracts, with 12 days until expiration. Open interest stands at 365 calls and 475 puts, a put/call ratio of 1.30, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $24.50 strike is 27.0%, which implies the market expects a move of about ±$1.19 (4.9%) in Plains All American Pipeline L.P. stock by expiration.

The most open interest sits at the $25.50 call (168 contracts) and the $26.00 put (361 contracts).

Summary generated from market data by MetaCap's automated system. Methodology

PAA options chain · October 23, 2026

PAA calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
0	2	153.9%	10.36	8.80	10.10	15.00	—	—	—	—	—	—
1	—	119.9%	8.69	6.80	8.10	17.00	0.00	0.30	0.05	128.5%	6	16
—	—	—	—	—	—	18.00	0.00	0.30	0.05	111.7%	—	11
—	—	—	—	—	—	20.00	0.00	0.30	0.07	79.9%	—	1
—	—	—	—	—	—	21.50	0.00	0.30	0.09	56.8%	—	2
—	—	—	—	—	—	22.00	0.00	0.30	0.11	62.9%	1	17
—	—	—	—	—	—	22.50	0.00	0.25	0.16	50.0%	—	1
—	—	—	—	—	—	23.00	0.00	0.20	0.17	37.4%	1	2
—	—	—	—	—	—	23.50	0.00	0.30	0.25	35.2%	1	7
1	—	42.2%	0.35	0.30	0.95	24.00	0.05	0.40	0.45	30.5%	3	46
PAA $24.34
7	5	31.4%	0.25	0.05	0.50	24.50	0.20	0.50	0.40	22.6%	5	7
133	4	33.7%	0.14	0.05	0.35	25.00	0.40	0.90	0.70	27.1%	1	4
168	3	32.7%	0.10	0.00	0.20	25.50	—	—	—	—	—	—
54	1	31.4%	0.10	0.00	0.10	26.00	1.25	1.90	1.30	43.0%	376	361
—	—	—	—	—	—	26.50	1.50	2.80	1.65	77.2%	65	0
1	—	59.6%	0.05	0.00	0.30	28.00	—	—	—	—	—	—
—	—	—	—	—	—	29.50	4.60	5.70	5.77	110.7%	—	0
—	—	—	—	—	—	30.00	4.90	6.20	5.50	116.4%	—	0

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the PAA put/call ratio?

For the October 23, 2026 expiration, the PAA put/call ratio based on open interest is 1.30 (475 puts vs 365 calls), and 30.60 based on today's volume. A ratio above 1 means more puts than calls.

What is PAA's implied volatility?

At-the-money implied volatility for PAA options expiring October 23, 2026 is about 27.0%, an annualized estimate of how much the market expects Plains All American Pipeline L.P. stock to move.

How many PAA option expiration dates are there?

PAA has 13 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.