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: May 21, 2027
Days to expiration: 223
Share price: $24.34
Put/call ratio (OI): 0.44
Put/call ratio (volume): 0.63
ATM implied volatility: 26.8%
Expected move: ±$5.10
Open interest (C / P): 252 / 112

PAA options summary

The PAA options chain for the May 21, 2027 expiration lists 10 call and 11 put contracts, with 223 days until expiration. Open interest stands at 252 calls and 112 puts, a put/call ratio of 0.44, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $24.00 strike is 26.8%, which implies the market expects a move of about ±$5.10 (20.9%) in Plains All American Pipeline L.P. stock by expiration.

The most open interest sits at the $25.00 call (186 contracts) and the $22.00 put (47 contracts).

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

PAA options chain · May 21, 2027

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
7	23	75.5%	11.36	10.60	12.10	13.00	—	—	—	—	—	—
0	2	61.9%	9.37	8.70	10.10	15.00	—	—	—	—	—	—
—	—	—	—	—	—	18.00	0.05	0.50	0.15	37.9%	4	7
—	—	—	—	—	—	19.00	0.05	0.50	0.25	33.1%	4	3
2	—	35.4%	5.50	3.70	5.20	20.00	0.25	0.50	0.38	28.3%	2	9
—	—	—	—	—	—	21.00	0.15	0.90	0.58	30.8%	4	12
—	—	—	—	—	—	22.00	0.40	1.10	0.85	28.6%	2	47
—	—	—	—	—	—	23.00	0.60	1.50	0.85	28.5%	—	5
3	2	25.5%	1.20	1.20	2.10	24.00	1.05	1.95	0.90	28.1%	10	11
PAA $24.34
186	1	24.8%	0.97	0.70	1.60	25.00	1.85	2.55	1.43	28.7%	2	13
1	—	24.4%	1.38	0.45	1.20	26.00	2.30	3.50	2.03	33.0%	3	2
22	20	25.1%	0.40	0.30	0.95	27.00	3.30	4.40	2.83	36.0%	—	1
—	—	—	—	—	—	28.00	3.70	5.30	3.55	38.6%	—	2
12	1	27.3%	0.80	0.05	0.50	30.00	—	—	—	—	—	—
1	—	31.3%	0.30	0.00	0.45	32.00	—	—	—	—	—	—
18	—	36.5%	0.12	0.00	0.40	35.00	—	—	—	—	—	—

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 May 21, 2027 expiration, the PAA put/call ratio based on open interest is 0.44 (112 puts vs 252 calls), and 0.63 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 May 21, 2027 is about 26.8%, 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.