IMHO your formula is in an algorithm and || stands for "or". So you should have a look at algorithm packages. Anyway this is a non-algorithm but algorithmic answer:
\documentclass{article}
\usepackage{amsmath}
\begin{document}
\[
\begin{array}{r@{}l@{}l}
\text{PTK}=PRF&(PMK, & \text{``Pairwise key expansion''}\\
&& || \min(AA,SPA)\\
&& || \max(AA,SPA)\\
&& || \min(ANonce,SNonce)\\
&& || \max(ANonce,SNonce)\\
&)&
\end{array}
\]
\end{document}

Edit 1: Improved version
I prefer this way.
\documentclass{article}
\usepackage{amsmath}
\begin{document}
\[
\begin{array}{rl}
\text{PTK}=PRF(&\\
& PMK,\\
& (\\
& \quad\text{``Pairwise key expansion''}\\
& \quad||\min(AA,SPA)\\
& \quad||\max(AA,SPA)\\
& \quad||\min(ANonce,SNonce)\\
& \quad||\max(ANonce,SNonce)\\
& )\\
)&
\end{array}
\]
\end{document}

||stands for. Please advise. – Mico Mar 15 '19 at 10:03norm-like operator to me. – Raaja_is_at_topanswers.xyz Mar 15 '19 at 10:06||means string concatenation. – nomadictype Mar 15 '19 at 15:16