How do I buy PAA options?

To buy PAA (Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests) options, you need a brokerage account with options trading enabled. Search for PAA options on your broker's platform, select the strike price and expiration date, choose call or put, and place your order. Make sure you understand the risks before trading options.

What is the current implied volatility for PAA options?

PAA implied volatility (IV) varies by strike price and expiration date. Use our free options search tool above to see real-time IV for specific PAA option contracts. Higher IV means options are more expensive due to expected price movement.

Should I buy calls or puts on PAA?

Buy PAA call options if you expect the stock price to rise, or put options if you expect it to fall. Consider factors like implied volatility, time to expiration, and your risk tolerance. Call options profit when Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests stock goes up; puts profit when it goes down.

What are the most traded PAA options?

The most actively traded PAA options are typically near-the-money (ATM) options with 30-45 days to expiration. Use our tool to search PAA options sorted by volume to find the most liquid contracts with tight bid-ask spreads.

PAA

Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests Options

Search PAA call options and put options with real-time pricing, Greeks, and implied volatility data.

Search PAA Options Now

$19.55 Market Closed

+$0.25 (+1.3%)

Prev Close

$19.3

Open

$19.36

Day Range

$19.31 - $19.64

Volume

4,230,745

Last updated: Jan 27, 2026 03:59 PM EST

About PAA Options

Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests (PAA) options give traders the right to buy or sell PAA stock at a predetermined price before a specific expiration date. Options are powerful financial instruments used for speculation, hedging, and income generation.

Call Options

PAA call options give you the right to buy shares at the strike price. Profit when Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests stock rises.

Put Options

PAA put options give you the right to sell shares at the strike price. Profit when Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests stock falls.

What Data You'll Find

Our free PAA options search tool provides:

Strike Prices — Various price levels for calls and puts
Expiration Dates — Filter by 7, 30, 60, or 90 days out
Premium (Price) — Current option contract prices
Volume & Open Interest — Liquidity and market activity
Implied Volatility (IV) — Market's expected price movement
Greeks — Delta, Gamma, Theta, Vega sensitivity measures
Intrinsic & Extrinsic Value — Value breakdown

Pro Tip: Look for PAA options with high volume and open interest for better liquidity and tighter bid-ask spreads.

Understanding PAA Options Greeks

When trading Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests options, the Greeks help you understand how the option price will change:

Delta (Δ)

How much the PAA option price moves when the stock moves $1. A delta of 0.50 means the option gains $0.50 for every $1 stock increase.

Theta (Θ)

Daily time decay of the option. PAA options lose value each day as expiration approaches, even if the stock price stays flat.

Gamma (Γ)

Rate of Delta change. Higher gamma means Delta moves faster, making near-ATM PAA options more responsive to price changes.

Vega (ν)

Volatility sensitivity. When Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests's implied volatility rises, high-vega options become more valuable.

Learn more:

Implied Volatility ITM Options OTM Options Intrinsic Value Open Interest

PAA Options FAQ

To buy PAA (Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests) options, you need a brokerage account with options trading enabled (like TD Ameritrade, E*TRADE, or Robinhood). Search for PAA options, select your desired strike price and expiration, choose call or put, and place your order. Always understand the risks and consider starting with paper trading.

The optimal expiration depends on your strategy. 30-45 day expirations offer a good balance of time value and theta decay for most traders. Shorter expirations (7-14 days) have higher gamma but faster time decay. Longer expirations (60-90+ days) cost more but give the trade more time to work.

Use our options search tool to see current PAA implied volatility levels. Compare the IV to historical averages to determine if options are relatively expensive (high IV) or cheap (low IV). High IV often occurs before earnings or major events.

ITM (In The Money) PAA options have intrinsic value — calls where strike < stock price, puts where strike > stock price. They're more expensive but have higher delta. OTM (Out of The Money) options are cheaper but have lower probability of profit. ATM (At The Money) options have strike ≈ stock price and highest gamma.

Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests Options