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

2239 +9.70 (0.44%)

L: 2210 H: 2250

Max Pain - ADANIENT

19 Dec 2025 04:11 PM IST

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

16.7 -0.55

Open Interest

8494 218

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

65.75 -13.3

Open Interest

3295 -39

Strike 1840 has a total call value of 0 versus a total put value of 371,421,187,335 Combined total value = 371,421,187,335

Strike 1860 has a total call value of 0 versus a total put value of 353,145,691,335 Combined total value = 353,145,691,335

Strike 1880 has a total call value of 0 versus a total put value of 334,870,195,335 Combined total value = 334,870,195,335

Strike 1900 has a total call value of 0 versus a total put value of 316,642,903,335 Combined total value = 316,642,903,335

Strike 1900.2 has a total call value of 0 versus a total put value of 316,460,630,415 Combined total value = 316,460,630,415

Strike 1920 has a total call value of 18,966,420 versus a total put value of 298,711,732,215 Combined total value = 298,730,698,635

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 281,768,112,735 Combined total value = 281,805,231,360

Strike 1940 has a total call value of 38,124,420 versus a total put value of 280,839,666,615 Combined total value = 280,877,791,035

Strike 1960 has a total call value of 57,282,420 versus a total put value of 263,190,822,615 Combined total value = 263,248,105,035

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 247,634,426,190 Combined total value = 247,708,711,335

Strike 1980 has a total call value of 76,440,420 versus a total put value of 245,677,297,440 Combined total value = 245,753,737,860

Strike 2000 has a total call value of 95,598,420 versus a total put value of 228,280,597,440 Combined total value = 228,376,195,860

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 215,294,232,810 Combined total value = 215,413,355,400

Strike 2020 has a total call value of 124,026,420 versus a total put value of 212,608,106,625 Combined total value = 212,732,133,045

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 200,300,791,125 Combined total value = 200,447,417,805

Strike 2040 has a total call value of 152,454,420 versus a total put value of 197,142,409,425 Combined total value = 197,294,863,845

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 185,401,166,475 Combined total value = 185,575,368,315

Strike 2060 has a total call value of 180,882,420 versus a total put value of 181,828,508,475 Combined total value = 182,009,390,895

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 170,715,771,525 Combined total value = 170,917,548,525

Strike 2080 has a total call value of 209,310,420 versus a total put value of 166,729,773,495 Combined total value = 166,939,083,915

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 156,267,113,835 Combined total value = 156,498,208,755

Strike 2100 has a total call value of 240,210,420 versus a total put value of 151,904,800,155 Combined total value = 152,145,010,575

Strike 2113.5 has a total call value of 332,400,570 versus a total put value of 142,628,635,605 Combined total value = 142,961,036,175

Strike 2120 has a total call value of 376,989,270 versus a total put value of 138,190,252,305 Combined total value = 138,567,241,575

Strike 2132.85 has a total call value of 465,931,830 versus a total put value of 129,766,121,265 Combined total value = 130,232,053,095

Strike 2140 has a total call value of 526,468,020 versus a total put value of 125,233,860,675 Combined total value = 125,760,328,695

Strike 2152.25 has a total call value of 647,217,495 versus a total put value of 117,560,780,400 Combined total value = 118,207,997,895

Strike 2160 has a total call value of 723,610,020 versus a total put value of 112,779,901,500 Combined total value = 113,503,511,520

Strike 2171.65 has a total call value of 865,084,125 versus a total put value of 105,723,835,515 Combined total value = 106,588,919,640

Strike 2180 has a total call value of 966,484,020 versus a total put value of 100,681,964,400 Combined total value = 101,648,448,420

Strike 2191.05 has a total call value of 1,151,547,210 versus a total put value of 94,158,657,675 Combined total value = 95,310,204,885

Strike 2200 has a total call value of 1,301,440,020 versus a total put value of 88,922,641,860 Combined total value = 90,224,081,880

Strike 2210.45 has a total call value of 2,041,215,375 versus a total put value of 83,392,570,830 Combined total value = 85,433,786,205

Strike 2220 has a total call value of 2,717,278,020 versus a total put value of 78,421,105,365 Combined total value = 81,138,383,385

Strike 2229.8 has a total call value of 3,595,153,200 versus a total put value of 73,552,365,405 Combined total value = 77,147,518,605

Strike 2240 has a total call value of 4,624,215,900 versus a total put value of 68,705,527,365 Combined total value = 73,329,743,265

Strike 2249.2 has a total call value of 5,835,248,700 versus a total put value of 64,663,634,325 Combined total value = 70,498,883,025

Strike 2260 has a total call value of 7,346,666,580 versus a total put value of 59,918,803,365 Combined total value = 67,265,469,945

Strike 2268.6 has a total call value of 9,651,695,340 versus a total put value of 56,414,755,725 Combined total value = 66,066,451,065

Strike 2280 has a total call value of 12,790,684,200 versus a total put value of 51,769,855,365 Combined total value = 64,560,539,565

Strike 2288 has a total call value of 15,270,841,800 versus a total put value of 48,671,944,965 Combined total value = 63,942,786,765

Strike 2300 has a total call value of 19,081,553,400 versus a total put value of 44,025,079,365 Combined total value = 63,106,632,765

Strike 2307.35 has a total call value of 23,344,729,065 versus a total put value of 41,927,218,110 Combined total value = 65,271,947,175

Strike 2320 has a total call value of 30,825,877,080 versus a total put value of 38,401,044,525 Combined total value = 69,226,921,605

Strike 2326.75 has a total call value of 35,021,363,205 versus a total put value of 36,599,999,400 Combined total value = 71,621,362,605

Strike 2340 has a total call value of 43,549,276,530 versus a total put value of 33,346,708,350 Combined total value = 76,895,984,880

Strike 2346.15 has a total call value of 47,752,850,730 versus a total put value of 31,937,218,755 Combined total value = 79,690,069,485

Strike 2360 has a total call value of 57,461,664,720 versus a total put value of 28,881,120,690 Combined total value = 86,342,785,410

Strike 2365.55 has a total call value of 61,612,529,700 versus a total put value of 27,747,195,750 Combined total value = 89,359,725,450

Strike 2380 has a total call value of 72,656,830,875 versus a total put value of 25,014,585,150 Combined total value = 97,671,416,025

Strike 2384.95 has a total call value of 76,563,913,395 versus a total put value of 24,109,397,460 Combined total value = 100,673,310,855

Strike 2400 has a total call value of 88,536,961,965 versus a total put value of 21,368,887,275 Combined total value = 109,905,849,240

Strike 2404.3 has a total call value of 92,855,369,835 versus a total put value of 20,767,783,395 Combined total value = 113,623,153,230

Strike 2420 has a total call value of 108,755,505,585 versus a total put value of 18,643,399,125 Combined total value = 127,398,904,710

Strike 2423.7 has a total call value of 112,555,834,785 versus a total put value of 18,150,636,825 Combined total value = 130,706,471,610

Strike 2440 has a total call value of 129,701,768,925 versus a total put value of 16,418,012,025 Combined total value = 146,119,780,950

Strike 2443.1 has a total call value of 133,051,545,225 versus a total put value of 16,103,246,085 Combined total value = 149,154,791,310

Strike 2460 has a total call value of 151,427,592,915 versus a total put value of 14,387,264,025 Combined total value = 165,814,856,940

Strike 2462.5 has a total call value of 154,203,803,415 versus a total put value of 14,150,570,025 Combined total value = 168,354,373,440

Strike 2480 has a total call value of 173,820,591,165 versus a total put value of 12,548,868,525 Combined total value = 186,369,459,690

Strike 2481.9 has a total call value of 175,971,784,275 versus a total put value of 12,376,261,125 Combined total value = 188,348,045,400

Strike 2500 has a total call value of 196,630,838,295 versus a total put value of 10,807,452,675 Combined total value = 207,438,290,970

Strike 2501.25 has a total call value of 198,202,373,670 versus a total put value of 10,734,258,300 Combined total value = 208,936,631,970

Strike 2520 has a total call value of 221,888,961,795 versus a total put value of 9,649,668,300 Combined total value = 231,538,630,095

Strike 2520.65 has a total call value of 222,712,205,775 versus a total put value of 9,613,113,600 Combined total value = 232,325,319,375

Strike 2540 has a total call value of 247,509,534,570 versus a total put value of 8,703,684,885 Combined total value = 256,213,219,455

Strike 2540.05 has a total call value of 247,573,953,345 versus a total put value of 8,701,334,940 Combined total value = 256,275,288,285

Strike 2559.45 has a total call value of 272,676,340,845 versus a total put value of 7,790,155,740 Combined total value = 280,466,496,585

Strike 2560 has a total call value of 273,388,006,470 versus a total put value of 7,764,442,305 Combined total value = 281,152,448,775

Strike 2578.85 has a total call value of 298,014,044,205 versus a total put value of 6,883,755,225 Combined total value = 304,897,799,430

Strike 2580 has a total call value of 299,516,428,470 versus a total put value of 6,830,310,585 Combined total value = 306,346,739,055

Strike 2598.2 has a total call value of 323,293,292,490 versus a total put value of 5,984,491,065 Combined total value = 329,277,783,555

Strike 2600 has a total call value of 325,651,691,730 versus a total put value of 5,901,450,405 Combined total value = 331,553,142,135

Strike 2617.6 has a total call value of 349,207,577,490 versus a total put value of 5,208,054,405 Combined total value = 354,415,631,895

Strike 2620 has a total call value of 352,454,524,770 versus a total put value of 5,123,586,165 Combined total value = 357,578,110,935

Strike 2637 has a total call value of 375,453,734,670 versus a total put value of 4,527,370,665 Combined total value = 379,981,105,335

Strike 2640 has a total call value of 379,512,418,770 versus a total put value of 4,422,156,165 Combined total value = 383,934,574,935

Strike 2656.4 has a total call value of 401,763,236,850 versus a total put value of 3,847,997,085 Combined total value = 405,611,233,935

Strike 2660 has a total call value of 406,647,562,770 versus a total put value of 3,721,962,165 Combined total value = 410,369,524,935

Strike 2675.8 has a total call value of 428,084,326,530 versus a total put value of 3,169,297,125 Combined total value = 431,253,623,655

Strike 2680 has a total call value of 433,782,706,770 versus a total put value of 3,022,386,165 Combined total value = 436,805,092,935

Strike 2695.15 has a total call value of 454,382,519,310 versus a total put value of 2,492,457,345 Combined total value = 456,874,976,655

Strike 2700 has a total call value of 460,977,178,770 versus a total put value of 2,322,810,165 Combined total value = 463,299,988,935

Strike 2714.55 has a total call value of 480,978,311,535 versus a total put value of 1,830,503,640 Combined total value = 482,808,815,175

Strike 2720 has a total call value of 488,532,454,620 versus a total put value of 1,747,648,380 Combined total value = 490,280,103,000

Strike 2733.95 has a total call value of 507,868,288,755 versus a total put value of 1,538,586,705 Combined total value = 509,406,875,460

Strike 2740 has a total call value of 516,254,080,620 versus a total put value of 1,448,479,215 Combined total value = 517,702,559,835

Strike 2753.35 has a total call value of 534,758,265,975 versus a total put value of 1,249,646,985 Combined total value = 536,007,912,960

Strike 2760 has a total call value of 543,975,706,620 versus a total put value of 1,151,219,670 Combined total value = 545,126,926,290

Strike 2780 has a total call value of 571,697,332,620 versus a total put value of 855,815,670 Combined total value = 572,553,148,290

Strike 2792.1 has a total call value of 588,468,916,350 versus a total put value of 677,096,250 Combined total value = 589,146,012,600

Strike 2800 has a total call value of 599,499,026,700 versus a total put value of 561,144,000 Combined total value = 600,060,170,700

Strike 2820 has a total call value of 627,516,056,700 versus a total put value of 280,572,000 Combined total value = 627,796,628,700

Strike 2840 has a total call value of 655,533,086,700 versus a total put value of 0 Combined total value = 655,533,086,700

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	1138.9	1140
ABB	5177	5200
ABCAPITAL	348.7	345
ADANIENSOL	988.25	980
ADANIENT	2239	2300
ADANIGREEN	1020.9	1040
ADANIPORTS	1496.4	1500
ALKEM	5555.5	5650
AMBER	6681	6800
AMBUJACEM	539.65	550
ANGELONE	2518.1	2550
APLAPOLLO	1820.1	1780
APOLLOHOSP	7012.5	7100
ASHOKLEY	173.56	165
ASIANPAINT	2799.9	2800
ASTRAL	1423.6	1440
AUBANK	985.15	960
AUROPHARMA	1225.1	1220
AXISBANK	1230.6	1240
BAJAJ-AUTO	9002	9000
BAJAJFINSV	2043.8	2060
BAJFINANCE	1008.3	1020
BANDHANBNK	150.09	150
BANKBARODA	292.05	290
BANKINDIA	143.21	143
BDL	1373.1	1400
BEL	392.85	400
BHARATFORG	1439.9	1400
BHARTIARTL	2097.7	2100
BHEL	275.75	280
BIOCON	398.55	395
BLUESTARCO	1781.4	1780
BOSCHLTD	35940	36000
BPCL	365.95	365
BRITANNIA	6103	6000
BSE	2684.8	2700
CAMS	758.1	780
CANBK	148.58	150
CDSL	1499.6	1560
CGPOWER	671.6	680
CHOLAFIN	1648.1	1700
CIPLA	1517.1	1520
COALINDIA	385.6	385
COFORGE	1845.4	1840
COLPAL	2111.1	2180
CONCOR	501.35	520
CROMPTON	255.6	265
CUMMINSIND	4410.4	4400
CYIENT	1157.6	1140
DABUR	493.95	500
DALBHARAT	2015.3	2020
DELHIVERY	405.95	410
DIVISLAB	6478.5	6450
DIXON	13268	13500
DLF	691.2	710
DMART	3819.5	3900
DRREDDY	1278.2	1270
EICHERMOT	7217	7150
ETERNAL	286.05	295
EXIDEIND	363.25	370
FEDERALBNK	267.85	260
FORTIS	890.9	900
GAIL	169.76	175
GLENMARK	1992.1	1940
GMRAIRPORT	101.53	102
GODREJCP	1186.2	1160
GODREJPROP	2044.8	2080
GRASIM	2812.5	2800
HAL	4305.3	4500
HAVELLS	1416.9	1440
HCLTECH	1642.4	1660
HDFCAMC	2672.2	2660
HDFCBANK	985.5	995
HDFCLIFE	766.45	770
HEROMOTOCO	5781	5900
HFCL	64.12	67
HINDALCO	852	820
HINDPETRO	469.75	460
HINDUNILVR	2280	2300
HINDZINC	588.75	560
HUDCO	211.27	217.5
ICICIBANK	1354.1	1370
ICICIGI	1954.3	1960
ICICIPRULI	650.4	630
IDEA	11.96	11
IDFCFIRSTB	84.68	82
IEX	141.4	145
IIFL	564.6	560
INDHOTEL	731.2	730
INDIANB	781.4	820
INDIGO	5153.5	5100
INDUSINDBK	844.7	850
INDUSTOWER	414.05	410
INFY	1638.7	1600
INOXWIND	126.87	130
IOC	162.6	162
IRCTC	674	690
IREDA	133.19	140
IRFC	113.98	116
ITC	401.05	405
JINDALSTEL	992.6	1020
JIOFIN	296.95	305
JSWENERGY	478.25	490
JSWSTEEL	1079.6	1120
JUBLFOOD	563.7	580
KALYANKJIL	484.85	480
KAYNES	4185	4400
KEI	4284.4	4150
KFINTECH	1078.1	1080
KOTAKBANK	2159.5	2160
KPITTECH	1224.6	1220
LAURUSLABS	1045.2	1010
LICHSGFIN	532.45	550
LICI	852	870
LODHA	1090.2	1120
LT	4073.5	4040
LTF	300.3	300
LTIM	6197.5	6100
LUPIN	2125.8	2100
M&M	3603.6	3650
MANAPPURAM	292.65	285
MANKIND	2172.1	2200
MARICO	741.2	740
MARUTI	16414	16300
MAXHEALTH	1075.8	1100
MAZDOCK	2408.2	2500
MCX	10307	10100
MFSL	1689.9	1700
MOTHERSON	120.98	117
MPHASIS	2890.2	2900
MUTHOOTFIN	3781.2	3750
NATIONALUM	278.5	270
NAUKRI	1340.8	1360
NBCC	113.7	112
NCC	155.9	165
NESTLEIND	1244.4	1240
NHPC	76.61	78
NMDC	76.3	77
NTPC	319.9	325
NUVAMA	7169	7200
NYKAA	249.05	252.5
OBEROIRLTY	1675.3	1660
OFSS	7823.5	8000
OIL	405.05	410
ONGC	232.89	237.5
PAGEIND	35745	37000
PATANJALI	559.4	550
PAYTM	1336	1300
PERSISTENT	6358	6300
PETRONET	273.85	280
PFC	338.7	355
PGEL	582	570
PHOENIXLTD	1831.3	1780
PIDILITIND	1458.3	1480
PIIND	3249.6	3350
PNB	119.82	120
PNBHOUSING	927.8	910
POLICYBZR	1888.9	1860
POLYCAB	7439	7300
POWERGRID	263.45	270
POWERINDIA	18555	18750
PPLPHARMA	171.28	177.5
PRESTIGE	1624.1	1660
RBLBANK	300.25	305
RECLTD	339.2	355
RELIANCE	1565.1	1550
RVNL	319.15	315
SAIL	125.91	130
SAMMAANCAP	145.05	155
SBICARD	870.3	870
SBILIFE	2028.4	2020
SBIN	980.3	970
SHREECEM	25600	26000
SHRIRAMFIN	901.7	880
SIEMENS	3111.6	3200
SOLARINDS	11911	12500
SONACOMS	496.8	500
SRF	3090.3	3000
SUNPHARMA	1744.9	1760
SUPREMEIND	3368.1	3400
SUZLON	52.59	54
SYNGENE	654.15	650
TATACONSUM	1184	1180
TATAELXSI	5413.5	5300
TATAMOTORS	0	320
TATAPOWER	380.55	390
TATASTEEL	168.69	170
TATATECH	654.2	670
TCS	3282	3240
TECHM	1612.5	1580
TIINDIA	2634.9	2700
TITAGARH	785	800
TITAN	3930.1	3880
TMPV	352.65	360
TORNTPHARM	3800.3	3750
TORNTPOWER	1279.1	1300
TRENT	4062.2	4200
TVSMOTOR	3666	3600
ULTRACEMCO	11496	11600
UNIONBANK	154.03	155
UNITDSPR	1406.7	1430
UNOMINDA	1267.8	1280
UPL	751.55	750
VBL	469.4	470
VEDL	581.6	555
VOLTAS	1375.5	1380
WIPRO	264.45	260
YESBANK	21.7	22
ZYDUSLIFE	919.6	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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