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

2229.8 -18.10 (-0.81%)

L: 2225.2 H: 2255

Max Pain - ADANIENT

17 Dec 2025 10:21 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

22.65 -8.1

Open Interest

8513 431

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

80 7.6

Open Interest

3485 18

Strike 1840 has a total call value of 0 versus a total put value of 353,385,126,165 Combined total value = 353,385,126,165

Strike 1860 has a total call value of 0 versus a total put value of 336,924,078,165 Combined total value = 336,924,078,165

Strike 1880 has a total call value of 0 versus a total put value of 320,463,030,165 Combined total value = 320,463,030,165

Strike 1900 has a total call value of 0 versus a total put value of 304,058,838,165 Combined total value = 304,058,838,165

Strike 1900.2 has a total call value of 0 versus a total put value of 303,894,796,245 Combined total value = 303,894,796,245

Strike 1920 has a total call value of 19,578,240 versus a total put value of 287,942,813,385 Combined total value = 287,962,391,625

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 272,706,672,285 Combined total value = 272,744,988,285

Strike 1940 has a total call value of 39,354,240 versus a total put value of 271,870,856,640 Combined total value = 271,910,210,880

Strike 1960 has a total call value of 59,130,240 versus a total put value of 255,981,458,640 Combined total value = 256,040,588,880

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 241,947,080,340 Combined total value = 242,023,761,780

Strike 1980 has a total call value of 78,906,240 versus a total put value of 240,175,027,140 Combined total value = 240,253,933,380

Strike 2000 has a total call value of 98,682,240 versus a total put value of 224,423,443,140 Combined total value = 224,522,125,380

Strike 2016.55 has a total call value of 123,229,200 versus a total put value of 211,905,004,935 Combined total value = 212,028,234,135

Strike 2020 has a total call value of 128,346,240 versus a total put value of 209,309,173,185 Combined total value = 209,437,519,425

Strike 2035.9 has a total call value of 151,929,120 versus a total put value of 197,376,727,215 Combined total value = 197,528,656,335

Strike 2040 has a total call value of 158,010,240 versus a total put value of 194,314,503,225 Combined total value = 194,472,513,465

Strike 2055.3 has a total call value of 180,703,200 versus a total put value of 182,893,798,335 Combined total value = 183,074,501,535

Strike 2060 has a total call value of 187,674,240 versus a total put value of 179,431,950,825 Combined total value = 179,619,625,065

Strike 2074.7 has a total call value of 209,477,280 versus a total put value of 168,655,798,305 Combined total value = 168,865,275,585

Strike 2080 has a total call value of 217,338,240 versus a total put value of 164,788,205,985 Combined total value = 165,005,544,225

Strike 2094.1 has a total call value of 239,994,120 versus a total put value of 154,610,487,585 Combined total value = 154,850,481,705

Strike 2100 has a total call value of 249,838,860 versus a total put value of 150,369,774,675 Combined total value = 150,619,613,535

Strike 2113.5 has a total call value of 348,703,410 versus a total put value of 141,208,743,525 Combined total value = 141,557,446,935

Strike 2120 has a total call value of 396,505,710 versus a total put value of 136,824,188,025 Combined total value = 137,220,693,735

Strike 2132.85 has a total call value of 491,404,245 versus a total put value of 128,400,056,985 Combined total value = 128,891,461,230

Strike 2140 has a total call value of 553,486,980 versus a total put value of 123,869,563,875 Combined total value = 124,423,050,855

Strike 2152.25 has a total call value of 678,400,230 versus a total put value of 116,188,534,575 Combined total value = 116,866,934,805

Strike 2160 has a total call value of 757,426,980 versus a total put value of 111,414,360,975 Combined total value = 112,171,787,955

Strike 2171.65 has a total call value of 903,940,875 versus a total put value of 104,357,575,020 Combined total value = 105,261,515,895

Strike 2180 has a total call value of 1,008,952,980 versus a total put value of 99,308,479,485 Combined total value = 100,317,432,465

Strike 2191.05 has a total call value of 1,203,576,630 versus a total put value of 92,780,733,975 Combined total value = 93,984,310,605

Strike 2200 has a total call value of 1,361,212,980 versus a total put value of 87,548,036,820 Combined total value = 88,909,249,800

Strike 2210.45 has a total call value of 1,968,274,380 versus a total put value of 82,099,014,945 Combined total value = 84,067,289,325

Strike 2220 has a total call value of 2,523,052,980 versus a total put value of 77,192,765,475 Combined total value = 79,715,818,455

Strike 2229.8 has a total call value of 3,237,405,360 versus a total put value of 72,356,124,435 Combined total value = 75,593,529,795

Strike 2240 has a total call value of 4,066,959,120 versus a total put value of 67,551,205,335 Combined total value = 71,618,164,455

Strike 2249.2 has a total call value of 5,055,684,960 versus a total put value of 63,454,730,535 Combined total value = 68,510,415,495

Strike 2260 has a total call value of 6,283,107,120 versus a total put value of 58,645,825,335 Combined total value = 64,928,932,455

Strike 2268.6 has a total call value of 8,221,148,940 versus a total put value of 55,092,084,315 Combined total value = 63,313,233,255

Strike 2280 has a total call value of 10,854,996,960 versus a total put value of 50,381,311,335 Combined total value = 61,236,308,295

Strike 2288 has a total call value of 12,981,658,560 versus a total put value of 47,258,186,535 Combined total value = 60,239,845,095

Strike 2300 has a total call value of 16,256,193,360 versus a total put value of 42,573,499,335 Combined total value = 58,829,692,695

Strike 2307.35 has a total call value of 20,195,275,920 versus a total put value of 40,495,624,200 Combined total value = 60,690,900,120

Strike 2320 has a total call value of 27,125,666,970 versus a total put value of 37,005,021,150 Combined total value = 64,130,688,120

Strike 2326.75 has a total call value of 31,037,491,095 versus a total put value of 35,227,336,425 Combined total value = 66,264,827,520

Strike 2340 has a total call value of 38,994,665,970 versus a total put value of 32,024,814,075 Combined total value = 71,019,480,045

Strike 2346.15 has a total call value of 42,982,170,375 versus a total put value of 30,646,870,290 Combined total value = 73,629,040,665

Strike 2360 has a total call value of 52,204,816,125 versus a total put value of 27,661,386,450 Combined total value = 79,866,202,575

Strike 2365.55 has a total call value of 56,152,116,540 versus a total put value of 26,561,246,025 Combined total value = 82,713,362,565

Strike 2380 has a total call value of 66,660,165,210 versus a total put value of 23,917,043,415 Combined total value = 90,577,208,625

Strike 2384.95 has a total call value of 70,391,808,345 versus a total put value of 23,041,987,860 Combined total value = 93,433,796,205

Strike 2400 has a total call value of 81,810,988,320 versus a total put value of 20,393,091,540 Combined total value = 102,204,079,860

Strike 2404.3 has a total call value of 85,891,957,500 versus a total put value of 19,826,400,990 Combined total value = 105,718,358,490

Strike 2420 has a total call value of 100,944,571,140 versus a total put value of 17,828,150,520 Combined total value = 118,772,721,660

Strike 2423.7 has a total call value of 104,537,848,710 versus a total put value of 17,364,428,040 Combined total value = 121,902,276,750

Strike 2440 has a total call value of 120,812,433,750 versus a total put value of 15,761,750,100 Combined total value = 136,574,183,850

Strike 2443.1 has a total call value of 124,002,815,490 versus a total put value of 15,472,081,140 Combined total value = 139,474,896,630

Strike 2460 has a total call value of 141,536,016,240 versus a total put value of 13,892,918,100 Combined total value = 155,428,934,340

Strike 2462.5 has a total call value of 144,192,952,740 versus a total put value of 13,676,695,350 Combined total value = 157,869,648,090

Strike 2480 has a total call value of 162,938,592,240 versus a total put value of 12,218,292,600 Combined total value = 175,156,884,840

Strike 2481.9 has a total call value of 164,995,027,410 versus a total put value of 12,061,478,190 Combined total value = 177,056,505,600

Strike 2500 has a total call value of 184,720,067,130 versus a total put value of 10,643,118,750 Combined total value = 195,363,185,880

Strike 2501.25 has a total call value of 186,232,004,130 versus a total put value of 10,581,280,125 Combined total value = 196,813,284,255

Strike 2520 has a total call value of 209,039,680,380 versus a total put value of 9,667,026,375 Combined total value = 218,706,706,755

Strike 2520.65 has a total call value of 209,833,319,070 versus a total put value of 9,636,376,665 Combined total value = 219,469,695,735

Strike 2540 has a total call value of 233,739,156,600 versus a total put value of 8,723,958,375 Combined total value = 242,463,114,975

Strike 2540.05 has a total call value of 233,801,483,445 versus a total put value of 8,721,600,705 Combined total value = 242,523,084,150

Strike 2559.45 has a total call value of 258,081,411,825 versus a total put value of 7,807,424,205 Combined total value = 265,888,836,030

Strike 2560 has a total call value of 258,769,760,310 versus a total put value of 7,781,506,830 Combined total value = 266,551,267,140

Strike 2578.85 has a total call value of 282,649,660,380 versus a total put value of 6,893,830,170 Combined total value = 289,543,490,550

Strike 2580 has a total call value of 284,106,524,310 versus a total put value of 6,840,030,180 Combined total value = 290,946,554,490

Strike 2598.2 has a total call value of 307,162,979,550 versus a total put value of 5,988,586,860 Combined total value = 313,151,566,410

Strike 2600 has a total call value of 309,443,288,310 versus a total put value of 5,904,990,000 Combined total value = 315,348,278,310

Strike 2617.6 has a total call value of 332,404,213,110 versus a total put value of 5,211,050,160 Combined total value = 337,615,263,270

Strike 2620 has a total call value of 335,573,218,230 versus a total put value of 5,126,507,760 Combined total value = 340,699,725,990

Strike 2637 has a total call value of 358,020,337,830 versus a total put value of 4,529,766,960 Combined total value = 362,550,104,790

Strike 2640 has a total call value of 361,981,594,230 versus a total put value of 4,424,459,760 Combined total value = 366,406,053,990

Strike 2656.4 has a total call value of 383,752,003,830 versus a total put value of 3,849,793,920 Combined total value = 387,601,797,750

Strike 2660 has a total call value of 388,530,874,230 versus a total put value of 3,723,647,760 Combined total value = 392,254,521,990

Strike 2675.8 has a total call value of 409,504,805,430 versus a total put value of 3,170,494,500 Combined total value = 412,675,299,930

Strike 2680 has a total call value of 415,080,154,230 versus a total put value of 3,023,453,760 Combined total value = 418,103,607,990

Strike 2695.15 has a total call value of 435,236,642,925 versus a total put value of 2,493,056,805 Combined total value = 437,729,699,730

Strike 2700 has a total call value of 441,689,380,230 versus a total put value of 2,323,259,760 Combined total value = 444,012,639,990

Strike 2714.55 has a total call value of 461,375,796,495 versus a total put value of 1,830,503,640 Combined total value = 463,206,300,135

Strike 2720 has a total call value of 468,826,538,910 versus a total put value of 1,747,648,380 Combined total value = 470,574,187,290

Strike 2733.95 has a total call value of 487,897,705,275 versus a total put value of 1,538,586,705 Combined total value = 489,436,291,980

Strike 2740 has a total call value of 496,168,712,910 versus a total put value of 1,448,479,215 Combined total value = 497,617,192,125

Strike 2753.35 has a total call value of 514,419,614,055 versus a total put value of 1,249,646,985 Combined total value = 515,669,261,040

Strike 2760 has a total call value of 523,510,886,910 versus a total put value of 1,151,219,670 Combined total value = 524,662,106,580

Strike 2780 has a total call value of 550,853,060,910 versus a total put value of 855,815,670 Combined total value = 551,708,876,580

Strike 2792.1 has a total call value of 567,395,076,180 versus a total put value of 677,096,250 Combined total value = 568,072,172,430

Strike 2800 has a total call value of 578,278,720,530 versus a total put value of 561,144,000 Combined total value = 578,839,864,530

Strike 2820 has a total call value of 605,976,862,530 versus a total put value of 280,572,000 Combined total value = 606,257,434,530

Strike 2840 has a total call value of 633,675,004,530 versus a total put value of 0 Combined total value = 633,675,004,530

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	1145.9	1140
ABB	5221	5200
ABCAPITAL	348.75	350
ADANIENSOL	988.35	990
ADANIENT	2229.8	2300
ADANIGREEN	1021.2	1020
ADANIPORTS	1488.2	1500
ALKEM	5655	5700
AMBER	6712.5	6800
AMBUJACEM	547.45	555
ANGELONE	2518.6	2600
APLAPOLLO	1722.9	1740
APOLLOHOSP	7008	7200
ASHOKLEY	165.85	160
ASIANPAINT	2801.6	2800
ASTRAL	1439.7	1460
AUBANK	991.9	960
AUROPHARMA	1183.5	1200
AXISBANK	1228.8	1240
BAJAJ-AUTO	8947	9000
BAJAJFINSV	2030.4	2060
BAJFINANCE	1001.3	1020
BANDHANBNK	149.23	150
BANKBARODA	286.05	290
BANKINDIA	141.52	143
BDL	1337.3	1400
BEL	386.25	400
BHARATFORG	1402.7	1400
BHARTIARTL	2099.1	2100
BHEL	277.55	280
BIOCON	385.25	390
BLUESTARCO	1815	1780
BOSCHLTD	36260	36500
BPCL	369	365
BRITANNIA	6096	6000
BSE	2644.4	2700
CAMS	747.3	780
CANBK	150.3	150
CDSL	1483	1560
CGPOWER	680.3	680
CHOLAFIN	1714.2	1700
CIPLA	1494.4	1520
COALINDIA	383.35	384.75
COFORGE	1870.1	1840
COLPAL	2126	2180
CONCOR	498.1	520
CROMPTON	251.7	265
CUMMINSIND	4510.6	4500
CYIENT	1138.2	1160
DABUR	497.5	505
DALBHARAT	2051	2040
DELHIVERY	402.85	410
DIVISLAB	6363	6400
DIXON	13314	13750
DLF	686.15	710
DMART	3843	3900
DRREDDY	1271.4	1270
EICHERMOT	7151.5	7100
ETERNAL	285.15	295
EXIDEIND	362	375
FEDERALBNK	263.85	260
FORTIS	875	890
GAIL	169.25	175
GLENMARK	1959.5	1940
GMRAIRPORT	102.7	102
GODREJCP	1186.5	1160
GODREJPROP	2022.2	2080
GRASIM	2788	2800
HAL	4230	4450
HAVELLS	1397.9	1440
HCLTECH	1655	1660
HDFCAMC	2575.2	2620
HDFCBANK	987.5	1000
HDFCLIFE	753.1	770
HEROMOTOCO	5878	6000
HFCL	64.73	68
HINDALCO	844.35	820
HINDPETRO	466.8	460
HINDUNILVR	2280.9	2300
HINDZINC	585.8	550
HUDCO	209.93	220
ICICIBANK	1345.3	1370
ICICIGI	1945.3	1980
ICICIPRULI	634.1	630
IDEA	11.28	11
IDFCFIRSTB	83.34	82
IEX	140.6	145
IIFL	567.95	560
INDHOTEL	724.55	740
INDIANB	775.5	820
INDIGO	4960.5	5000
INDUSINDBK	836.9	850
INDUSTOWER	406.9	410
INFY	1596.2	1600
INOXWIND	126.57	130
IOC	168.13	166
IRCTC	668.4	690
IREDA	133.04	140
IRFC	111.68	116
ITC	402.05	405
JINDALSTEL	1008.4	1020
JIOFIN	294.35	305
JSWENERGY	480	490
JSWSTEEL	1085.7	1130
JUBLFOOD	556.85	580
KALYANKJIL	477.25	480
KAYNES	4168	4400
KEI	4091	4100
KFINTECH	1029	1060
KOTAKBANK	2176.6	2160
KPITTECH	1167.2	1200
LAURUSLABS	1013	1000
LICHSGFIN	526.25	550
LICI	855.55	880
LODHA	1074.2	1100
LT	4054	4040
LTF	302	302.5
LTIM	6229.5	6200
LUPIN	2116.8	2080
M&M	3611.6	3700
MANAPPURAM	285.15	280
MANKIND	2100.9	2200
MARICO	738.45	740
MARUTI	16408	16300
MAXHEALTH	1057.4	1100
MAZDOCK	2377.8	2550
MCX	10135	10100
MFSL	1659.5	1700
MOTHERSON	119.65	116
MPHASIS	2863.7	2900
MUTHOOTFIN	3832.9	3800
NATIONALUM	279.25	270
NAUKRI	1350.8	1360
NBCC	110.84	112
NCC	157.09	167.5
NESTLEIND	1236.5	1240
NHPC	75.5	78
NMDC	77.6	77
NTPC	321.1	325
NUVAMA	7220.5	7200
NYKAA	245.8	255
OBEROIRLTY	1628.6	1640
OFSS	7804.5	8000
OIL	402.15	410
ONGC	231.79	239
PAGEIND	36155	37000
PATANJALI	534	540
PAYTM	1274.7	1300
PERSISTENT	6297.5	6300
PETRONET	267.65	278
PFC	337.1	355
PGEL	564.5	560
PHOENIXLTD	1786.2	1740
PIDILITIND	1460.8	1480
PIIND	3222.3	3350
PNB	118.42	120
PNBHOUSING	908.35	910
POLICYBZR	1781.5	1840
POLYCAB	7091	7200
POWERGRID	261.3	270
POWERINDIA	19385	19500
PPLPHARMA	168.83	180
PRESTIGE	1607.8	1660
RBLBANK	297.15	310
RECLTD	335.05	350
RELIANCE	1542.5	1540
RVNL	308.15	315
SAIL	129.81	133
SAMMAANCAP	145.3	155
SBICARD	839.8	870
SBILIFE	2006.1	2020
SBIN	975.9	970
SHREECEM	26100	26500
SHRIRAMFIN	861.45	850
SIEMENS	3152.7	3200
SOLARINDS	11937	12500
SONACOMS	486	500
SRF	3011.3	2950
SUNPHARMA	1775.5	1800
SUPREMEIND	3354	3400
SUZLON	52.39	54
SYNGENE	647.1	650
TATACONSUM	1177.4	1170
TATAELXSI	4999	5100
TATAMOTORS	0	320
TATAPOWER	381.15	390
TATASTEEL	170.76	170
TATATECH	648.8	670
TCS	3221.7	3200
TECHM	1578.5	1540
TIINDIA	2625.8	2700
TITAGARH	781.85	800
TITAN	3930.6	3880
TMPV	347.35	360
TORNTPHARM	3746.8	3750
TORNTPOWER	1293.9	1300
TRENT	4074.4	4200
TVSMOTOR	3640.9	3600
ULTRACEMCO	11533	11700
UNIONBANK	153.6	155
UNITDSPR	1446.9	1440
UNOMINDA	1252.7	1280
UPL	749.7	750
VBL	474.45	470
VEDL	573	550
VOLTAS	1392.2	1380
WIPRO	260.51	255
YESBANK	21.55	22
ZYDUSLIFE	917.65	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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