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: Jan 21, 2028
Days to expiration: 468
Share price: $24.34
Put/call ratio (OI): 0.07
Put/call ratio (volume): 0.28
ATM implied volatility: 24.9%
Expected move: ±$6.85
Open interest (C / P): 22.30K / 1.61K

PAA options summary

The PAA options chain for the January 21, 2028 expiration lists 13 call and 11 put contracts, with 468 days until expiration. Open interest stands at 22,302 calls and 1,611 puts, a put/call ratio of 0.07, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $25.00 strike is 24.9%, which implies the market expects a move of about ±$6.85 (28.1%) in Plains All American Pipeline L.P. stock by expiration.

The most open interest sits at the $25.00 call (10.99K contracts) and the $15.00 put (660 contracts).

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

PAA options chain · January 21, 2028

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
92	32	107.6%	20.71	19.00	24.00	3.00	—	—	—	—	—	—
18	32	80.9%	18.61	17.00	22.00	5.00	—	—	—	—	—	—
5	14	57.6%	17.44	14.00	19.00	8.00	0.00	5.00	0.12	135.8%	1	6
8	11	114.9%	15.70	12.00	17.00	10.00	0.00	5.00	0.15	111.4%	10	109
3	6	87.8%	10.60	9.00	14.00	13.00	0.00	5.00	0.35	85.1%	10	125
45	1	73.7%	10.85	7.00	12.00	15.00	0.10	0.35	0.30	33.6%	20	660
437	37	56.2%	7.70	5.00	9.60	17.00	0.00	5.00	0.35	59.5%	1	208
856	8	21.8%	4.66	3.60	5.00	20.00	0.00	2.80	1.51	47.1%	10	143
2,799	56	21.4%	3.25	2.95	3.60	22.00	0.30	3.10	1.27	40.1%	1	190
PAA $24.34
10,990	3	19.4%	1.60	1.45	1.85	25.00	2.20	3.70	3.05	30.3%	1	158
2,508	3	22.6%	1.80	0.00	1.50	27.00	3.50	8.50	6.00	62.4%	1	3
82	1	24.8%	0.45	0.15	1.00	30.00	5.00	8.20	8.48	40.0%	1	5
4,459	1	24.3%	0.15	0.05	0.35	35.00	8.00	13.00	13.00	48.0%	1	4

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 January 21, 2028 expiration, the PAA put/call ratio based on open interest is 0.07 (1,611 puts vs 22,302 calls), and 0.28 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 January 21, 2028 is about 24.9%, 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.