PLAINS ALL AMERICAN PIPELINE LP (PAA) Most Active Options
The 25 most actively traded PLAINS ALL AMERICAN PIPELINE LP (PAA) option contracts at the latest daily snapshot, ranked by volume. Each row shows the contract's price, implied volatility, delta, open interest, and how today's volume compares with its own 30-day average — click a contract to analyze it in the OptiView platform.
Data as of Aug 24, 2026, 3:55 PM ET · OPRA data 15 minutes delayed · For information only — not investment advice.
Most Active PAA Contracts
| Contract | Expiration | DTE | Last | IV | IV rank (30d) | Delta | Open interest | Volume | vs 30d avg |
|---|---|---|---|---|---|---|---|---|---|
| PAA $24 call | Sep 11, 2026 | 18d | $0.89 | — | 58 | — | 822 | 300 | 2.7× avg |
| PAA $26 call | Oct 16, 2026 | 53d | $0.36 | 21.0% | 48 | 0.31 | 507 | 296 | 10.8× avg |
| PAA $25 call | Jan 21, 2028 | 515d | $2.25 | — | 33 | — | 10,214 | 293 | 1.5× avg |
| PAA $30 call | Nov 20, 2026 | 88d | $0.09 | 25.7% | 50 | 0.08 | 1,169 | 290 | 15.5× avg |
| PAA $25.5 call | Sep 25, 2026 | 32d | $0.34 | — | — | — | 0 | 125 | — |
| PAA $25 call | Oct 16, 2026 | 53d | $0.78 | 21.3% | 41 | 0.50 | 30 | 124 | 0.9× avg |
| PAA $25 call | Sep 11, 2026 | 18d | $0.45 | — | 68 | — | 2 | 86 | 1.0× avg |
| PAA $20 call | Jan 21, 2028 | 515d | $5.40 | — | 6 | — | 856 | 81 | 1.3× avg |
| PAA $25 call | Sep 18, 2026 | 25d | $0.52 | — | 57 | — | 6,501 | 69 | 0.8× avg |
| PAA $27 call | Jan 15, 2027 | 144d | $0.48 | — | 31 | — | 13,021 | 66 | 0.6× avg |
| PAA $25 call | Jan 15, 2027 | 144d | $1.24 | — | 19 | — | 20,772 | 46 | 0.2× avg |
| PAA $24 call | Aug 28, 2026 | 4d | $1.04 | — | 52 | — | 107 | 27 | 1.6× avg |
| PAA $25 put | Aug 28, 2026 | 4d | $0.27 | 0.0% | 0 | 1.00 | 20 | 27 | 2.8× avg |
| PAA $35 call | Jan 15, 2027 | 144d | $0.09 | — | 13 | — | 31,522 | 25 | 0.8× avg |
| PAA $24.5 put | Sep 25, 2026 | 32d | $0.60 | — | 33 | — | 1 | 25 | 13.0× avg |
| PAA $25 call | Sep 4, 2026 | 11d | $0.30 | — | 72 | — | 120 | 22 | 0.3× avg |
| PAA $22 put | May 21, 2027 | 270d | $0.75 | — | — | — | 15 | 20 | — |
| PAA $25 call | May 21, 2027 | 270d | $1.50 | — | 32 | — | 133 | 20 | 0.1× avg |
| PAA $25 call | Aug 28, 2026 | 4d | $0.25 | — | 64 | — | 78 | 20 | 0.6× avg |
| PAA $22 call | Nov 20, 2026 | 88d | $3.04 | — | 31 | — | 14,253 | 18 | 0.1× avg |
| PAA $17 call | Jan 15, 2027 | 144d | $8.10 | — | 14 | — | 589 | 16 | 0.4× avg |
| PAA $27 call | Oct 16, 2026 | 53d | $0.20 | 22.4% | 52 | 0.18 | 1,500 | 16 | 0.6× avg |
| PAA $27 call | Feb 19, 2027 | 179d | $0.54 | — | 30 | — | 272 | 15 | 0.1× avg |
| PAA $30 call | May 21, 2027 | 270d | $0.35 | — | — | — | 0 | 12 | — |
| PAA $26 call | Sep 18, 2026 | 25d | $0.19 | — | 37 | — | 202 | 12 | 1.8× avg |
Ranked by volume at the latest daily snapshot. "vs 30d avg" compares today's volume with the contract's own 30-day average.
The most active PAA contract today is the $24 call expiring in 18 days, with 300 contracts traded. Calls dominate the most-active list (22 of the top 25), showing where trading interest concentrates.
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PAA Options FAQ
Which PAA option contract is most active today?
The most traded PAA contract is the $24 call expiring Sep 11, 2026, with 300 contracts traded as of Aug 24, 2026.
How does OptiView rank the most active PAA options?
The table lists the 25 PAA contracts with the highest volume at the latest daily snapshot, alongside price, implied volatility, delta, open interest, and each contract's volume versus its own 30-day average.
Methodology. IV rank compares the current 30-day at-the-money implied volatility with its highest and lowest values over the past 52 weeks. Max pain is the strike that minimizes the total payout to option holders at expiration. The call and put walls are the strikes carrying the largest call and put open interest across all expirations. Net gamma exposure (GEX) is measured from the dealer perspective. All statistics are derived from delayed OPRA options data.
Options trading involves significant risk, and losses can exceed your initial investment. Always consult a licensed financial professional before making investment decisions. OptiView does not provide financial advice; all figures on this page are descriptive statistics, not recommendations.