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

2239.4 +10.10 (0.45%)

L: 2210 H: 2250

Max Pain - ADANIENT

19 Dec 2025 03:11 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

17.4 0.15

Open Interest

8674 398

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

66.7 -12.35

Open Interest

3299 -35

Strike 1840 has a total call value of 0 versus a total put value of 370,599,601,140 Combined total value = 370,599,601,140

Strike 1860 has a total call value of 0 versus a total put value of 352,400,119,140 Combined total value = 352,400,119,140

Strike 1880 has a total call value of 0 versus a total put value of 334,200,637,140 Combined total value = 334,200,637,140

Strike 1900 has a total call value of 0 versus a total put value of 316,048,123,140 Combined total value = 316,048,123,140

Strike 1900.2 has a total call value of 0 versus a total put value of 315,866,598,000 Combined total value = 315,866,598,000

Strike 1920 has a total call value of 18,966,420 versus a total put value of 298,188,670,920 Combined total value = 298,207,637,340

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 281,297,165,835 Combined total value = 281,334,284,460

Strike 1940 has a total call value of 38,124,420 versus a total put value of 280,371,509,985 Combined total value = 280,409,634,405

Strike 1960 has a total call value of 57,282,420 versus a total put value of 262,774,577,985 Combined total value = 262,831,860,405

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 247,262,608,035 Combined total value = 247,336,893,180

Strike 1980 has a total call value of 76,440,420 versus a total put value of 245,310,067,935 Combined total value = 245,386,508,355

Strike 2000 has a total call value of 95,598,420 versus a total put value of 227,954,155,935 Combined total value = 228,049,754,355

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 215,011,771,275 Combined total value = 215,130,893,865

Strike 2020 has a total call value of 124,026,420 versus a total put value of 212,334,813,120 Combined total value = 212,458,839,540

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 200,070,732,900 Combined total value = 200,217,359,580

Strike 2040 has a total call value of 152,454,420 versus a total put value of 196,923,499,920 Combined total value = 197,075,954,340

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 185,207,786,550 Combined total value = 185,381,988,390

Strike 2060 has a total call value of 180,882,420 versus a total put value of 181,642,970,970 Combined total value = 181,823,853,390

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 170,554,762,440 Combined total value = 170,756,539,440

Strike 2080 has a total call value of 209,310,420 versus a total put value of 166,577,607,990 Combined total value = 166,786,918,410

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 156,126,711,960 Combined total value = 156,357,806,880

Strike 2100 has a total call value of 240,210,420 versus a total put value of 151,767,497,550 Combined total value = 152,007,707,970

Strike 2113.5 has a total call value of 336,154,920 versus a total put value of 142,503,013,200 Combined total value = 142,839,168,120

Strike 2120 has a total call value of 382,551,270 versus a total put value of 138,070,454,550 Combined total value = 138,453,005,820

Strike 2132.85 has a total call value of 475,067,415 versus a total put value of 129,661,014,915 Combined total value = 130,136,082,330

Strike 2140 has a total call value of 537,592,020 versus a total put value of 125,137,149,855 Combined total value = 125,674,741,875

Strike 2152.25 has a total call value of 663,640,845 versus a total put value of 117,479,589,105 Combined total value = 118,143,229,950

Strike 2160 has a total call value of 743,386,020 versus a total put value of 112,709,247,105 Combined total value = 113,452,633,125

Strike 2171.65 has a total call value of 888,819,960 versus a total put value of 105,666,140,580 Combined total value = 106,554,960,540

Strike 2180 has a total call value of 993,058,020 versus a total put value of 100,632,525,945 Combined total value = 101,625,583,965

Strike 2191.05 has a total call value of 1,183,925,775 versus a total put value of 94,120,486,905 Combined total value = 95,304,412,680

Strike 2200 has a total call value of 1,338,520,020 versus a total put value of 88,895,256,735 Combined total value = 90,233,776,755

Strike 2210.45 has a total call value of 2,096,055,150 versus a total put value of 83,380,039,335 Combined total value = 85,476,094,485

Strike 2220 has a total call value of 2,788,348,020 versus a total put value of 78,422,443,335 Combined total value = 81,210,791,355

Strike 2229.8 has a total call value of 3,684,392,400 versus a total put value of 73,567,633,095 Combined total value = 77,252,025,495

Strike 2240 has a total call value of 4,740,560,580 versus a total put value of 68,735,923,695 Combined total value = 73,476,484,275

Strike 2249.2 has a total call value of 5,993,098,260 versus a total put value of 64,689,766,455 Combined total value = 70,682,864,715

Strike 2260 has a total call value of 7,557,577,620 versus a total put value of 59,939,929,695 Combined total value = 67,497,507,315

Strike 2268.6 has a total call value of 9,896,621,100 versus a total put value of 56,432,693,175 Combined total value = 66,329,314,275

Strike 2280 has a total call value of 13,081,403,760 versus a total put value of 51,783,565,695 Combined total value = 64,864,969,455

Strike 2288 has a total call value of 15,596,663,760 versus a total put value of 48,684,172,095 Combined total value = 64,280,835,855

Strike 2300 has a total call value of 19,462,624,560 versus a total put value of 44,035,081,695 Combined total value = 63,497,706,255

Strike 2307.35 has a total call value of 23,800,521,060 versus a total put value of 41,936,766,210 Combined total value = 65,737,287,270

Strike 2320 has a total call value of 31,411,052,010 versus a total put value of 38,409,810,855 Combined total value = 69,820,862,865

Strike 2326.75 has a total call value of 35,676,410,760 versus a total put value of 36,608,348,580 Combined total value = 72,284,759,340

Strike 2340 has a total call value of 44,342,709,735 versus a total put value of 33,354,238,680 Combined total value = 77,696,948,415

Strike 2346.15 has a total call value of 48,610,325,730 versus a total put value of 31,944,369,015 Combined total value = 80,554,694,745

Strike 2360 has a total call value of 58,462,080,030 versus a total put value of 28,887,415,020 Combined total value = 87,349,495,050

Strike 2365.55 has a total call value of 62,669,538,360 versus a total put value of 27,753,147,090 Combined total value = 90,422,685,450

Strike 2380 has a total call value of 73,862,079,195 versus a total put value of 25,019,643,480 Combined total value = 98,881,722,675

Strike 2384.95 has a total call value of 77,815,660,035 versus a total put value of 24,114,149,880 Combined total value = 101,929,809,915

Strike 2400 has a total call value of 89,924,036,700 versus a total put value of 21,372,709,605 Combined total value = 111,296,746,305

Strike 2404.3 has a total call value of 94,281,906,960 versus a total put value of 20,771,339,985 Combined total value = 115,053,246,945

Strike 2420 has a total call value of 110,326,126,320 versus a total put value of 18,645,985,455 Combined total value = 128,972,111,775

Strike 2423.7 has a total call value of 114,159,496,890 versus a total put value of 18,152,994,495 Combined total value = 132,312,491,385

Strike 2440 has a total call value of 131,449,984,320 versus a total put value of 16,419,866,025 Combined total value = 147,869,850,345

Strike 2443.1 has a total call value of 134,827,348,140 versus a total put value of 16,105,004,295 Combined total value = 150,932,352,435

Strike 2460 has a total call value of 153,352,747,890 versus a total put value of 14,388,500,025 Combined total value = 167,741,247,915

Strike 2462.5 has a total call value of 156,151,515,390 versus a total put value of 14,151,728,775 Combined total value = 170,303,244,165

Strike 2480 has a total call value of 175,926,202,140 versus a total put value of 12,549,486,525 Combined total value = 188,475,688,665

Strike 2481.9 has a total call value of 178,094,421,150 versus a total put value of 12,376,820,415 Combined total value = 190,471,241,565

Strike 2500 has a total call value of 198,915,669,270 versus a total put value of 10,807,452,675 Combined total value = 209,723,121,945

Strike 2501.25 has a total call value of 200,498,135,520 versus a total put value of 10,734,258,300 Combined total value = 211,232,393,820

Strike 2520 has a total call value of 224,347,528,020 versus a total put value of 9,649,668,300 Combined total value = 233,997,196,320

Strike 2520.65 has a total call value of 225,176,315,460 versus a total put value of 9,613,113,600 Combined total value = 234,789,429,060

Strike 2540 has a total call value of 250,139,266,710 versus a total put value of 8,703,684,885 Combined total value = 258,842,951,595

Strike 2540.05 has a total call value of 250,204,116,540 versus a total put value of 8,701,334,940 Combined total value = 258,905,451,480

Strike 2559.45 has a total call value of 275,470,756,080 versus a total put value of 7,790,155,740 Combined total value = 283,260,911,820

Strike 2560 has a total call value of 276,187,078,335 versus a total put value of 7,764,442,305 Combined total value = 283,951,520,640

Strike 2578.85 has a total call value of 300,973,876,410 versus a total put value of 6,883,755,225 Combined total value = 307,857,631,635

Strike 2580 has a total call value of 302,486,068,335 versus a total put value of 6,830,310,585 Combined total value = 309,316,378,920

Strike 2598.2 has a total call value of 326,418,149,235 versus a total put value of 5,984,491,065 Combined total value = 332,402,640,300

Strike 2600 has a total call value of 328,792,010,835 versus a total put value of 5,901,450,405 Combined total value = 334,693,461,240

Strike 2617.6 has a total call value of 352,499,084,115 versus a total put value of 5,208,054,405 Combined total value = 357,707,138,520

Strike 2620 has a total call value of 355,766,647,875 versus a total put value of 5,123,586,165 Combined total value = 360,890,234,040

Strike 2637 has a total call value of 378,911,891,175 versus a total put value of 4,527,370,665 Combined total value = 383,439,261,840

Strike 2640 has a total call value of 382,996,345,875 versus a total put value of 4,422,156,165 Combined total value = 387,418,502,040

Strike 2656.4 has a total call value of 405,388,043,235 versus a total put value of 3,847,997,085 Combined total value = 409,236,040,320

Strike 2660 has a total call value of 410,303,293,875 versus a total put value of 3,721,962,165 Combined total value = 414,025,256,040

Strike 2675.8 has a total call value of 431,875,782,795 versus a total put value of 3,169,297,125 Combined total value = 435,045,079,920

Strike 2680 has a total call value of 437,610,241,875 versus a total put value of 3,022,386,165 Combined total value = 440,632,628,040

Strike 2695.15 has a total call value of 458,340,195,945 versus a total put value of 2,492,457,345 Combined total value = 460,832,653,290

Strike 2700 has a total call value of 464,976,517,875 versus a total put value of 2,322,810,165 Combined total value = 467,299,328,040

Strike 2714.55 has a total call value of 485,105,785,215 versus a total put value of 1,830,503,640 Combined total value = 486,936,288,855

Strike 2720 has a total call value of 492,707,923,725 versus a total put value of 1,747,648,380 Combined total value = 494,455,572,105

Strike 2733.95 has a total call value of 512,166,608,535 versus a total put value of 1,538,586,705 Combined total value = 513,705,195,240

Strike 2740 has a total call value of 520,605,679,725 versus a total put value of 1,448,479,215 Combined total value = 522,054,158,940

Strike 2753.35 has a total call value of 539,227,431,855 versus a total put value of 1,249,646,985 Combined total value = 540,477,078,840

Strike 2760 has a total call value of 548,503,435,725 versus a total put value of 1,151,219,670 Combined total value = 549,654,655,395

Strike 2780 has a total call value of 576,401,191,725 versus a total put value of 855,815,670 Combined total value = 577,257,007,395

Strike 2792.1 has a total call value of 593,279,334,105 versus a total put value of 677,096,250 Combined total value = 593,956,430,355

Strike 2800 has a total call value of 604,379,259,915 versus a total put value of 561,144,000 Combined total value = 604,940,403,915

Strike 2820 has a total call value of 632,574,891,915 versus a total put value of 280,572,000 Combined total value = 632,855,463,915

Strike 2840 has a total call value of 660,770,523,915 versus a total put value of 0 Combined total value = 660,770,523,915

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	1135.3	1140
ABB	5175	5200
ABCAPITAL	348.7	345
ADANIENSOL	989.75	980
ADANIENT	2239.4	2300
ADANIGREEN	1022.5	1040
ADANIPORTS	1497.6	1500
ALKEM	5552.5	5650
AMBER	6667	6800
AMBUJACEM	539.75	550
ANGELONE	2518.8	2550
APLAPOLLO	1820.9	1780
APOLLOHOSP	7009	7100
ASHOKLEY	173.84	165
ASIANPAINT	2800.8	2800
ASTRAL	1422.9	1440
AUBANK	984.55	960
AUROPHARMA	1225	1220
AXISBANK	1230.1	1240
BAJAJ-AUTO	8999	9000
BAJAJFINSV	2044.3	2060
BAJFINANCE	1009.2	1020
BANDHANBNK	150.22	150
BANKBARODA	292	290
BANKINDIA	143.14	143
BDL	1373.5	1400
BEL	392.95	400
BHARATFORG	1438.9	1400
BHARTIARTL	2097.6	2100
BHEL	276.55	280
BIOCON	398.25	395
BLUESTARCO	1782.5	1780
BOSCHLTD	35870	36000
BPCL	366	365
BRITANNIA	6106	6000
BSE	2686.7	2700
CAMS	758.7	780
CANBK	148.62	150
CDSL	1500.1	1560
CGPOWER	671.35	680
CHOLAFIN	1650.8	1700
CIPLA	1517.1	1520
COALINDIA	385.7	385
COFORGE	1845.1	1840
COLPAL	2112.7	2160
CONCOR	501.45	520
CROMPTON	254.95	265
CUMMINSIND	4412.7	4400
CYIENT	1158	1140
DABUR	493.55	500
DALBHARAT	2016.6	2020
DELHIVERY	405.9	410
DIVISLAB	6469.5	6450
DIXON	13282	13500
DLF	691.05	710
DMART	3816	3900
DRREDDY	1277.5	1270
EICHERMOT	7218	7150
ETERNAL	286.2	295
EXIDEIND	363.5	370
FEDERALBNK	267.85	260
FORTIS	891.95	900
GAIL	169.91	175
GLENMARK	1993.4	1940
GMRAIRPORT	101.56	102
GODREJCP	1185.5	1160
GODREJPROP	2046.4	2080
GRASIM	2810	2800
HAL	4305.5	4500
HAVELLS	1416.9	1440
HCLTECH	1642.3	1660
HDFCAMC	2672.4	2660
HDFCBANK	986	995
HDFCLIFE	765.25	770
HEROMOTOCO	5783.5	5900
HFCL	63.99	67
HINDALCO	851.7	820
HINDPETRO	469.8	460
HINDUNILVR	2279.9	2300
HINDZINC	588.75	560
HUDCO	211.63	220
ICICIBANK	1354.1	1370
ICICIGI	1953.5	1960
ICICIPRULI	649.9	630
IDEA	11.97	11
IDFCFIRSTB	84.71	82
IEX	141.37	145
IIFL	565.4	560
INDHOTEL	731.8	730
INDIANB	780.75	820
INDIGO	5155.5	5100
INDUSINDBK	844.5	850
INDUSTOWER	413.95	410
INFY	1638.4	1600
INOXWIND	127.05	130
IOC	162.57	162
IRCTC	674.2	690
IREDA	133.15	140
IRFC	113.99	116
ITC	401.05	405
JINDALSTEL	992.9	1020
JIOFIN	296.75	305
JSWENERGY	478.65	490
JSWSTEEL	1079.2	1120
JUBLFOOD	563.7	580
KALYANKJIL	485.4	480
KAYNES	4180.5	4400
KEI	4280.2	4150
KFINTECH	1075.6	1080
KOTAKBANK	2159.8	2160
KPITTECH	1224.8	1220
LAURUSLABS	1043.8	1010
LICHSGFIN	532.5	550
LICI	852.05	870
LODHA	1090.9	1120
LT	4075.2	4040
LTF	300.3	300
LTIM	6197	6100
LUPIN	2124.5	2100
M&M	3604.3	3650
MANAPPURAM	292.65	282.5
MANKIND	2170.9	2200
MARICO	741.8	740
MARUTI	16418	16300
MAXHEALTH	1076.2	1100
MAZDOCK	2411.7	2500
MCX	10307	10100
MFSL	1689.9	1680
MOTHERSON	120.93	117
MPHASIS	2892.3	2900
MUTHOOTFIN	3778.9	3750
NATIONALUM	278.5	270
NAUKRI	1342.8	1360
NBCC	113.94	112
NCC	155.9	165
NESTLEIND	1244.7	1240
NHPC	76.66	78
NMDC	76.3	77
NTPC	320	325
NUVAMA	7176	7200
NYKAA	249.05	252.5
OBEROIRLTY	1675.8	1660
OFSS	7822	8000
OIL	405	410
ONGC	232.94	237.5
PAGEIND	35755	37000
PATANJALI	558.8	550
PAYTM	1333.3	1300
PERSISTENT	6347	6300
PETRONET	273.8	280
PFC	338.65	355
PGEL	582.5	570
PHOENIXLTD	1832.7	1780
PIDILITIND	1457.6	1480
PIIND	3248.3	3350
PNB	119.9	120
PNBHOUSING	929.95	910
POLICYBZR	1887.6	1860
POLYCAB	7445.5	7300
POWERGRID	263.45	270
POWERINDIA	18525	18750
PPLPHARMA	171.31	177.5
PRESTIGE	1626.8	1660
RBLBANK	300.15	305
RECLTD	339.1	350
RELIANCE	1565.1	1550
RVNL	319.45	315
SAIL	125.85	130
SAMMAANCAP	145.38	155
SBICARD	870	870
SBILIFE	2029.1	2020
SBIN	980.55	970
SHREECEM	25610	26000
SHRIRAMFIN	900.1	880
SIEMENS	3117.1	3200
SOLARINDS	11917	12500
SONACOMS	496.85	500
SRF	3091.7	3000
SUNPHARMA	1745.1	1760
SUPREMEIND	3373	3400
SUZLON	52.6	54
SYNGENE	654.55	650
TATACONSUM	1182.7	1180
TATAELXSI	5422	5300
TATAMOTORS	0	320
TATAPOWER	380.5	390
TATASTEEL	168.64	170
TATATECH	654.05	670
TCS	3281.9	3240
TECHM	1613.1	1580
TIINDIA	2627.2	2700
TITAGARH	785.45	800
TITAN	3933.3	3880
TMPV	352.1	360
TORNTPHARM	3799.8	3750
TORNTPOWER	1279.9	1300
TRENT	4057.1	4200
TVSMOTOR	3669	3600
ULTRACEMCO	11506	11600
UNIONBANK	154	155
UNITDSPR	1407	1430
UNOMINDA	1268.5	1280
UPL	752.4	750
VBL	468.75	470
VEDL	581.9	555
VOLTAS	1374	1380
WIPRO	264.25	260
YESBANK	21.71	22
ZYDUSLIFE	919.75	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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