How is Max Pain Calculated?

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. For each strike price: Calculate the difference between the current stock price and the strike price. Multiply this difference by the open interest (number of contracts) at that strike for both call and put options. Sum the values: Add together the dollar value for put options and call options at each strike price. Repeat for all strikes: Perform this calculation for every available strike price in the option chain. Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price. This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

How Can Traders Use Max Pain in Their Strategy?

Traders can incorporate Max Pain analysis into their trading strategy in several ways: Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level. Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes. Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly. Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration. Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

What Does Max Pain Indicate About Stock Price Movement?

Max Pain provides insights into potential stock price behavior, especially near option expiration: Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions. Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost. Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears. Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities. Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

How Often Does Max Pain Change?

Max Pain is a dynamic value that changes continuously based on several factors: Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation. Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations. Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements. New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest. For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

What's the Difference Between Max Pain and Spot Price?

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading: Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately. Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading. The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

Is Max Pain Always Accurate for Predicting Stock Price?

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why: Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions. Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts. Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum. Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level. Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target. Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

When is Max Pain Most Relevant for Options Trading?

Max Pain becomes increasingly relevant as option expiration approaches: Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur. Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations. High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure. Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement. Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement. While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

ADANIENT

Q: What is Max Pain in Options Trading?

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation. The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Adani Enterprises Limited

2244.8 +15.50 (0.70%)

L: 2235.8 H: 2250

Max Pain - ADANIENT

19 Dec 2025 09:32 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

21.15 3.9

Open Interest

8348 72

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

67.1 -11.95

Open Interest

3329 -5

Strike 1840 has a total call value of 0 versus a total put value of 352,595,561,640 Combined total value = 352,595,561,640

Strike 1860 has a total call value of 0 versus a total put value of 336,198,167,640 Combined total value = 336,198,167,640

Strike 1880 has a total call value of 0 versus a total put value of 319,800,773,640 Combined total value = 319,800,773,640

Strike 1900 has a total call value of 0 versus a total put value of 303,460,235,640 Combined total value = 303,460,235,640

Strike 1900.2 has a total call value of 0 versus a total put value of 303,296,830,260 Combined total value = 303,296,830,260

Strike 1920 has a total call value of 18,966,420 versus a total put value of 287,390,122,080 Combined total value = 287,409,088,500

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 272,197,312,050 Combined total value = 272,234,430,675

Strike 1940 has a total call value of 38,124,420 versus a total put value of 271,363,897,335 Combined total value = 271,402,021,755

Strike 1960 has a total call value of 57,282,420 versus a total put value of 255,523,939,335 Combined total value = 255,581,221,755

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 241,529,599,710 Combined total value = 241,603,884,855

Strike 1980 has a total call value of 76,440,420 versus a total put value of 239,762,691,360 Combined total value = 239,839,131,780

Strike 2000 has a total call value of 95,598,420 versus a total put value of 224,056,839,360 Combined total value = 224,152,437,780

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 211,575,221,595 Combined total value = 211,694,344,185

Strike 2020 has a total call value of 124,026,420 versus a total put value of 208,999,964,610 Combined total value = 209,123,991,030

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,178,063,390 Combined total value = 197,324,690,070

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,143,204,440 Combined total value = 194,295,658,860

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 182,828,400,030 Combined total value = 183,002,601,870

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,386,884,720 Combined total value = 179,567,767,140

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 168,669,782,100 Combined total value = 168,871,559,100

Strike 2080 has a total call value of 209,310,420 versus a total put value of 164,824,134,960 Combined total value = 165,033,445,380

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,703,491,950 Combined total value = 154,934,586,870

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,485,203,170 Combined total value = 150,725,413,590

Strike 2113.5 has a total call value of 337,823,520 versus a total put value of 141,440,974,020 Combined total value = 141,778,797,540

Strike 2120 has a total call value of 385,023,270 versus a total put value of 137,115,267,570 Combined total value = 137,500,290,840

Strike 2132.85 has a total call value of 479,127,675 versus a total put value of 128,889,669,030 Combined total value = 129,368,796,705

Strike 2140 has a total call value of 540,105,735 versus a total put value of 124,468,096,875 Combined total value = 125,008,202,610

Strike 2152.25 has a total call value of 660,476,685 versus a total put value of 116,971,787,775 Combined total value = 117,632,264,460

Strike 2160 has a total call value of 736,629,735 versus a total put value of 112,292,206,800 Combined total value = 113,028,836,535

Strike 2171.65 has a total call value of 878,103,840 versus a total put value of 105,370,415,220 Combined total value = 106,248,519,060

Strike 2180 has a total call value of 979,503,735 versus a total put value of 100,421,945,535 Combined total value = 101,401,449,270

Strike 2191.05 has a total call value of 1,164,908,370 versus a total put value of 94,024,632,015 Combined total value = 95,189,540,385

Strike 2200 has a total call value of 1,315,077,735 versus a total put value of 88,895,919,540 Combined total value = 90,210,997,275

Strike 2210.45 has a total call value of 2,044,197,225 versus a total put value of 83,506,635,090 Combined total value = 85,550,832,315

Strike 2220 has a total call value of 2,710,521,735 versus a total put value of 78,653,797,815 Combined total value = 81,364,319,550

Strike 2229.8 has a total call value of 3,542,065,455 versus a total put value of 73,863,791,055 Combined total value = 77,405,856,510

Strike 2240 has a total call value of 4,509,983,235 versus a total put value of 69,096,063,195 Combined total value = 73,606,046,430

Strike 2249.2 has a total call value of 5,649,377,475 versus a total put value of 65,034,839,115 Combined total value = 70,684,216,590

Strike 2260 has a total call value of 7,065,351,435 versus a total put value of 60,267,315,195 Combined total value = 67,332,666,630

Strike 2268.6 has a total call value of 9,217,048,215 versus a total put value of 56,728,987,095 Combined total value = 65,946,035,310

Strike 2280 has a total call value of 12,138,692,655 versus a total put value of 52,038,645,195 Combined total value = 64,177,337,850

Strike 2288 has a total call value of 14,452,484,655 versus a total put value of 48,916,756,395 Combined total value = 63,369,241,050

Strike 2300 has a total call value of 18,010,681,455 versus a total put value of 44,233,923,195 Combined total value = 62,244,604,650

Strike 2307.35 has a total call value of 22,086,033,015 versus a total put value of 42,121,753,695 Combined total value = 64,207,786,710

Strike 2320 has a total call value of 29,240,401,170 versus a total put value of 38,572,127,010 Combined total value = 67,812,528,180

Strike 2326.75 has a total call value of 33,268,192,995 versus a total put value of 36,758,984,535 Combined total value = 70,027,177,530

Strike 2340 has a total call value of 41,462,424,945 versus a total put value of 33,482,765,685 Combined total value = 74,945,190,630

Strike 2346.15 has a total call value of 45,507,129,885 versus a total put value of 32,062,634,130 Combined total value = 77,569,764,015

Strike 2360 has a total call value of 54,856,453,275 versus a total put value of 28,982,570,025 Combined total value = 83,839,023,300

Strike 2365.55 has a total call value of 58,859,146,575 versus a total put value of 27,843,671,730 Combined total value = 86,702,818,305

Strike 2380 has a total call value of 69,519,899,955 versus a total put value of 25,098,112,485 Combined total value = 94,618,012,440

Strike 2384.95 has a total call value of 73,287,946,380 versus a total put value of 24,188,336,145 Combined total value = 97,476,282,525

Strike 2400 has a total call value of 84,824,782,740 versus a total put value of 21,433,874,610 Combined total value = 106,258,657,350

Strike 2404.3 has a total call value of 88,912,661,160 versus a total put value of 20,830,113,330 Combined total value = 109,742,774,490

Strike 2420 has a total call value of 103,969,155,840 versus a total put value of 18,696,026,460 Combined total value = 122,665,182,300

Strike 2423.7 has a total call value of 107,564,720,010 versus a total put value of 18,200,977,560 Combined total value = 125,765,697,570

Strike 2440 has a total call value of 123,811,099,530 versus a total put value of 16,458,783,030 Combined total value = 140,269,882,560

Strike 2443.1 has a total call value of 127,000,236,000 versus a total put value of 16,142,292,870 Combined total value = 143,142,528,870

Strike 2460 has a total call value of 144,504,192,990 versus a total put value of 14,416,911,030 Combined total value = 158,921,104,020

Strike 2462.5 has a total call value of 147,155,026,740 versus a total put value of 14,178,826,530 Combined total value = 161,333,853,270

Strike 2480 has a total call value of 165,868,221,240 versus a total put value of 12,567,391,530 Combined total value = 178,435,612,770

Strike 2481.9 has a total call value of 167,921,486,070 versus a total put value of 12,393,786,060 Combined total value = 180,315,272,130

Strike 2500 has a total call value of 187,638,136,440 versus a total put value of 10,815,469,680 Combined total value = 198,453,606,120

Strike 2501.25 has a total call value of 189,150,768,690 versus a total put value of 10,742,159,430 Combined total value = 199,892,928,120

Strike 2520 has a total call value of 211,940,484,315 versus a total put value of 9,655,831,305 Combined total value = 221,596,315,620

Strike 2520.65 has a total call value of 212,732,817,480 versus a total put value of 9,619,216,350 Combined total value = 222,352,033,830

Strike 2540 has a total call value of 236,603,975,940 versus a total put value of 8,707,993,890 Combined total value = 245,311,969,830

Strike 2540.05 has a total call value of 236,666,075,670 versus a total put value of 8,705,639,310 Combined total value = 245,371,714,980

Strike 2559.45 has a total call value of 260,859,082,350 versus a total put value of 7,792,661,730 Combined total value = 268,651,744,080

Strike 2560 has a total call value of 261,544,966,560 versus a total put value of 7,766,914,305 Combined total value = 269,311,880,865

Strike 2578.85 has a total call value of 285,280,415,310 versus a total put value of 6,885,062,295 Combined total value = 292,165,477,605

Strike 2580 has a total call value of 286,728,466,560 versus a total put value of 6,831,546,585 Combined total value = 293,560,013,145

Strike 2598.2 has a total call value of 309,645,451,560 versus a total put value of 5,984,602,305 Combined total value = 315,630,053,865

Strike 2600 has a total call value of 311,919,030,300 versus a total put value of 5,901,450,405 Combined total value = 317,820,480,705

Strike 2617.6 has a total call value of 334,712,996,220 versus a total put value of 5,208,054,405 Combined total value = 339,921,050,625

Strike 2620 has a total call value of 337,856,045,340 versus a total put value of 5,123,586,165 Combined total value = 342,979,631,505

Strike 2637 has a total call value of 360,119,309,940 versus a total put value of 4,527,370,665 Combined total value = 364,646,680,605

Strike 2640 has a total call value of 364,048,121,340 versus a total put value of 4,422,156,165 Combined total value = 368,470,277,505

Strike 2656.4 has a total call value of 385,621,908,060 versus a total put value of 3,847,997,085 Combined total value = 389,469,905,145

Strike 2660 has a total call value of 390,357,617,340 versus a total put value of 3,721,962,165 Combined total value = 394,079,579,505

Strike 2675.8 has a total call value of 411,142,119,180 versus a total put value of 3,169,297,125 Combined total value = 414,311,416,305

Strike 2680 has a total call value of 416,667,113,340 versus a total put value of 3,022,386,165 Combined total value = 419,689,499,505

Strike 2695.15 has a total call value of 436,641,497,520 versus a total put value of 2,492,457,345 Combined total value = 439,133,954,865

Strike 2700 has a total call value of 443,035,937,340 versus a total put value of 2,322,810,165 Combined total value = 445,358,747,505

Strike 2714.55 has a total call value of 462,457,092,555 versus a total put value of 1,830,503,640 Combined total value = 464,287,596,195

Strike 2720 has a total call value of 469,793,993,190 versus a total put value of 1,747,648,380 Combined total value = 471,541,641,570

Strike 2733.95 has a total call value of 488,573,766,375 versus a total put value of 1,538,586,705 Combined total value = 490,112,353,080

Strike 2740 has a total call value of 496,718,399,190 versus a total put value of 1,448,479,215 Combined total value = 498,166,878,405

Strike 2753.35 has a total call value of 514,690,440,195 versus a total put value of 1,249,646,985 Combined total value = 515,940,087,180

Strike 2760 has a total call value of 523,642,805,190 versus a total put value of 1,151,219,670 Combined total value = 524,794,024,860

Strike 2780 has a total call value of 550,567,211,190 versus a total put value of 855,815,670 Combined total value = 551,423,026,860

Strike 2792.1 has a total call value of 566,856,476,820 versus a total put value of 677,096,250 Combined total value = 567,533,573,070

Strike 2800 has a total call value of 577,572,173,490 versus a total put value of 561,144,000 Combined total value = 578,133,317,490

Strike 2820 has a total call value of 604,798,163,490 versus a total put value of 280,572,000 Combined total value = 605,078,735,490

Strike 2840 has a total call value of 632,024,153,490 versus a total put value of 0 Combined total value = 632,024,153,490

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1140.3	1140
ABB	5160	5200
ABCAPITAL	344.9	345
ADANIENSOL	980	980
ADANIENT	2244.8	2300
ADANIGREEN	1017	1020
ADANIPORTS	1499.7	1500
ALKEM	5566	5650
AMBER	6662.5	6800
AMBUJACEM	537.6	550
ANGELONE	2482.1	2550
APLAPOLLO	1801.6	1760
APOLLOHOSP	6955.5	7100
ASHOKLEY	172.32	162
ASIANPAINT	2775.9	2800
ASTRAL	1417.7	1440
AUBANK	986.1	960
AUROPHARMA	1233	1220
AXISBANK	1238.8	1240
BAJAJ-AUTO	8898.5	9000
BAJAJFINSV	2051.5	2060
BAJFINANCE	1010.6	1020
BANDHANBNK	149.04	150
BANKBARODA	290.3	290
BANKINDIA	142.75	143
BDL	1354.3	1400
BEL	389.85	400
BHARATFORG	1424.1	1400
BHARTIARTL	2097.3	2100
BHEL	276.3	280
BIOCON	399.95	395
BLUESTARCO	1854	1800
BOSCHLTD	35825	36000
BPCL	366.6	365
BRITANNIA	6019	6000
BSE	2728.8	2700
CAMS	756.6	770
CANBK	149.7	150
CDSL	1499.5	1540
CGPOWER	666	680
CHOLAFIN	1683.3	1700
CIPLA	1509.3	1520
COALINDIA	385.75	384.75
COFORGE	1853.7	1840
COLPAL	2087.2	2160
CONCOR	500.2	520
CROMPTON	254.3	265
CUMMINSIND	4407.9	4400
CYIENT	1147.4	1140
DABUR	493.35	500
DALBHARAT	2022.8	2040
DELHIVERY	403.1	410
DIVISLAB	6573.5	6450
DIXON	13354	13500
DLF	685.75	710
DMART	3775.9	3900
DRREDDY	1286.4	1270
EICHERMOT	7167.5	7100
ETERNAL	287.7	295
EXIDEIND	361.1	370
FEDERALBNK	266.15	260
FORTIS	877.35	890
GAIL	168.45	175
GLENMARK	1988	1940
GMRAIRPORT	101.65	102
GODREJCP	1178.2	1160
GODREJPROP	2025.1	2060
GRASIM	2825.6	2800
HAL	4284.8	4450
HAVELLS	1411.5	1440
HCLTECH	1660.5	1660
HDFCAMC	2706	2700
HDFCBANK	983.4	990
HDFCLIFE	757	770
HEROMOTOCO	5775.5	5900
HFCL	64.94	67
HINDALCO	861.6	820
HINDPETRO	464.15	460
HINDUNILVR	2274.9	2300
HINDZINC	582.4	555
HUDCO	208.67	217.5
ICICIBANK	1358.2	1380
ICICIGI	1948.7	1960
ICICIPRULI	649.25	630
IDEA	11.46	11
IDFCFIRSTB	83.93	82
IEX	140.21	145
IIFL	565.35	560
INDHOTEL	730	730
INDIANB	782.6	820
INDIGO	5130	5100
INDUSINDBK	836	850
INDUSTOWER	411.25	410
INFY	1644.5	1600
INOXWIND	125.3	130
IOC	161.39	161
IRCTC	669.45	690
IREDA	132.21	140
IRFC	111.44	115
ITC	401.1	405
JINDALSTEL	994.8	1020
JIOFIN	296.5	305
JSWENERGY	472.5	490
JSWSTEEL	1083.2	1120
JUBLFOOD	560.15	580
KALYANKJIL	474.65	480
KAYNES	4062.5	4300
KEI	4178.7	4100
KFINTECH	1080.8	1060
KOTAKBANK	2168.3	2160
KPITTECH	1169.7	1200
LAURUSLABS	1039.2	1000
LICHSGFIN	530	550
LICI	849.2	870
LODHA	1088.4	1100
LT	4065.9	4040
LTF	300.8	300
LTIM	6046.5	6100
LUPIN	2141.7	2100
M&M	3594.9	3650
MANAPPURAM	285.45	280
MANKIND	2161.2	2200
MARICO	735.15	730
MARUTI	16386	16300
MAXHEALTH	1068.4	1080
MAZDOCK	2388	2500
MCX	10335	10100
MFSL	1682.5	1680
MOTHERSON	118.92	115
MPHASIS	2878.3	2900
MUTHOOTFIN	3732	3750
NATIONALUM	280.3	270
NAUKRI	1331.5	1360
NBCC	109.24	111
NCC	153.7	165
NESTLEIND	1234.8	1240
NHPC	75.32	78
NMDC	76.22	77
NTPC	319.5	325
NUVAMA	7236	7300
NYKAA	244.4	252.5
OBEROIRLTY	1676.2	1660
OFSS	7695	8000
OIL	401.65	410
ONGC	232.22	237.5
PAGEIND	35830	37000
PATANJALI	554	550
PAYTM	1307	1300
PERSISTENT	6326.5	6300
PETRONET	269.3	278
PFC	337.8	355
PGEL	572.6	560
PHOENIXLTD	1806.2	1760
PIDILITIND	1453.5	1480
PIIND	3216.2	3350
PNB	119.39	120
PNBHOUSING	905	900
POLICYBZR	1841.5	1840
POLYCAB	7291	7200
POWERGRID	260.2	270
POWERINDIA	18375	19000
PPLPHARMA	169.68	175
PRESTIGE	1621	1640
RBLBANK	299.75	305
RECLTD	340.4	350
RELIANCE	1567.8	1550
RVNL	310.35	310
SAIL	125.65	131
SAMMAANCAP	145.74	152.5
SBICARD	856.4	870
SBILIFE	2021.1	2020
SBIN	980.6	970
SHREECEM	25435	26250
SHRIRAMFIN	859.6	850
SIEMENS	3100.6	3150
SOLARINDS	11785	12500
SONACOMS	490.9	500
SRF	3041	3000
SUNPHARMA	1754.8	1760
SUPREMEIND	3370.1	3400
SUZLON	52.01	54
SYNGENE	661.55	650
TATACONSUM	1177.5	1170
TATAELXSI	5165.5	5100
TATAMOTORS	0	320
TATAPOWER	375.65	390
TATASTEEL	169.26	170
TATATECH	648.3	670
TCS	3314.2	3220
TECHM	1605.9	1560
TIINDIA	2606.3	2700
TITAGARH	775.45	800
TITAN	3930.6	3880
TMPV	352.3	360
TORNTPHARM	3782.3	3750
TORNTPOWER	1264.5	1300
TRENT	4060	4200
TVSMOTOR	3622	3600
ULTRACEMCO	11502	11600
UNIONBANK	155.04	155
UNITDSPR	1396	1430
UNOMINDA	1236.6	1280
UPL	748.7	750
VBL	474.65	470
VEDL	576.45	555
VOLTAS	1411.4	1400
WIPRO	265.41	260
YESBANK	21.56	22
ZYDUSLIFE	924.5	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

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