[--[65.84.65.76]--]

ADANIENT

Adani Enterprises Limited
2229.9 +7.20 (0.32%)
L: 2218 H: 2250.9
Max Pain - ADANIENT
26 Dec 2025 04:11 PM IST


Strike  1840  has a total call value of 0  versus a total put value of  290,321,252,820 Combined total value = 290,321,252,820

Strike  1860  has a total call value of 0  versus a total put value of  276,918,686,820 Combined total value = 276,918,686,820

Strike  1880  has a total call value of 0  versus a total put value of  263,516,120,820 Combined total value = 263,516,120,820

Strike  1900  has a total call value of 0  versus a total put value of  250,133,330,820 Combined total value = 250,133,330,820

Strike  1900.2  has a total call value of 0  versus a total put value of  249,999,502,920 Combined total value = 249,999,502,920

Strike  1920  has a total call value of 16,519,140  versus a total put value of  236,941,428,660 Combined total value = 236,957,947,800

Strike  1938.95  has a total call value of 32,329,125  versus a total put value of  224,457,396,060 Combined total value = 224,489,725,185

Strike  1940  has a total call value of 33,205,140  versus a total put value of  223,771,898,100 Combined total value = 223,805,103,240

Strike  1960  has a total call value of 49,891,140  versus a total put value of  210,729,008,100 Combined total value = 210,778,899,240

Strike  1977.75  has a total call value of 64,699,965  versus a total put value of  199,205,548,350 Combined total value = 199,270,248,315

Strike  1980  has a total call value of 66,577,140  versus a total put value of  197,754,074,925 Combined total value = 197,820,652,065

Strike  2000  has a total call value of 83,263,140  versus a total put value of  184,852,088,925 Combined total value = 184,935,352,065

Strike  2016.55  has a total call value of 104,741,730  versus a total put value of  174,628,280,085 Combined total value = 174,733,021,815

Strike  2020  has a total call value of 109,219,140  versus a total put value of  172,513,663,305 Combined total value = 172,622,882,445

Strike  2035.9  has a total call value of 129,854,160  versus a total put value of  162,834,364,995 Combined total value = 162,964,219,155

Strike  2040  has a total call value of 135,175,140  versus a total put value of  160,349,720,715 Combined total value = 160,484,895,855

Strike  2055.3  has a total call value of 155,031,480  versus a total put value of  151,142,997,735 Combined total value = 151,298,029,215

Strike  2060  has a total call value of 161,131,140  versus a total put value of  148,348,482,075 Combined total value = 148,509,613,215

Strike  2074.7  has a total call value of 180,208,800  versus a total put value of  139,647,252,195 Combined total value = 139,827,460,995

Strike  2080  has a total call value of 187,087,140  versus a total put value of  136,525,468,455 Combined total value = 136,712,555,595

Strike  2094.1  has a total call value of 207,128,880  versus a total put value of  128,315,326,095 Combined total value = 128,522,454,975

Strike  2100  has a total call value of 215,515,140  versus a total put value of  124,898,836,695 Combined total value = 125,114,351,835

Strike  2113.5  has a total call value of 286,013,490  versus a total put value of  117,609,140,445 Combined total value = 117,895,153,935

Strike  2120  has a total call value of 320,157,990  versus a total put value of  114,121,581,045 Combined total value = 114,441,739,035

Strike  2132.85  has a total call value of 388,453,170  versus a total put value of  107,413,167,870 Combined total value = 107,801,621,040

Strike  2140  has a total call value of 435,070,455  versus a total put value of  103,794,694,440 Combined total value = 104,229,764,895

Strike  2152.25  has a total call value of 525,159,405  versus a total put value of  97,680,758,640 Combined total value = 98,205,918,045

Strike  2160  has a total call value of 582,154,455  versus a total put value of  93,848,440,215 Combined total value = 94,430,594,670

Strike  2171.65  has a total call value of 693,029,835  versus a total put value of  88,174,716,630 Combined total value = 88,867,746,465

Strike  2180  has a total call value of 772,498,455  versus a total put value of  84,122,075,025 Combined total value = 84,894,573,480

Strike  2191.05  has a total call value of 920,002,695  versus a total put value of  78,854,944,455 Combined total value = 79,774,947,150

Strike  2200  has a total call value of 1,039,474,455  versus a total put value of  74,621,993,625 Combined total value = 75,661,468,080

Strike  2210.45  has a total call value of 1,528,029,720  versus a total put value of  70,152,019,710 Combined total value = 71,680,049,430

Strike  2220  has a total call value of 1,974,508,455  versus a total put value of  66,120,726,915 Combined total value = 68,095,235,370

Strike  2229.8  has a total call value of 2,493,541,935  versus a total put value of  62,157,721,575 Combined total value = 64,651,263,510

Strike  2240  has a total call value of 3,095,850,915  versus a total put value of  58,149,577,515 Combined total value = 61,245,428,430

Strike  2249.2  has a total call value of 3,981,098,835  versus a total put value of  54,874,671,915 Combined total value = 58,855,770,750

Strike  2260  has a total call value of 5,099,728,275  versus a total put value of  51,030,217,515 Combined total value = 56,129,945,790

Strike  2268.6  has a total call value of 7,258,865,775  versus a total put value of  48,222,940,155 Combined total value = 55,481,805,930

Strike  2280  has a total call value of 10,201,998,075  versus a total put value of  44,501,665,515 Combined total value = 54,703,663,590

Strike  2288  has a total call value of 12,514,801,275  versus a total put value of  42,007,170,315 Combined total value = 54,521,971,590

Strike  2300  has a total call value of 16,049,266,875  versus a total put value of  38,265,427,515 Combined total value = 54,314,694,390

Strike  2307.35  has a total call value of 19,595,213,370  versus a total put value of  36,474,625,740 Combined total value = 56,069,839,110

Strike  2320  has a total call value of 25,858,363,725  versus a total put value of  33,458,947,965 Combined total value = 59,317,311,690

Strike  2326.75  has a total call value of 29,436,259,275  versus a total put value of  31,926,547,440 Combined total value = 61,362,806,715

Strike  2340  has a total call value of 36,715,835,775  versus a total put value of  29,170,298,340 Combined total value = 65,886,134,115

Strike  2346.15  has a total call value of 40,309,587,660  versus a total put value of  27,974,218,050 Combined total value = 68,283,805,710

Strike  2360  has a total call value of 48,603,977,325  versus a total put value of  25,397,012,820 Combined total value = 74,000,990,145

Strike  2365.55  has a total call value of 52,153,923,825  versus a total put value of  24,448,473,975 Combined total value = 76,602,397,800

Strike  2380  has a total call value of 61,672,070,910  versus a total put value of  22,190,051,685 Combined total value = 83,862,122,595

Strike  2384.95  has a total call value of 65,061,247,800  versus a total put value of  21,446,537,430 Combined total value = 86,507,785,230

Strike  2400  has a total call value of 75,443,842,470  versus a total put value of  19,197,579,810 Combined total value = 94,641,422,280

Strike  2404.3  has a total call value of 79,280,330,850  versus a total put value of  18,708,219,600 Combined total value = 97,988,550,450

Strike  2420  has a total call value of 93,370,446,570  versus a total put value of  16,983,097,320 Combined total value = 110,353,543,890

Strike  2423.7  has a total call value of 96,733,692,180  versus a total put value of  16,583,742,630 Combined total value = 113,317,434,810

Strike  2440  has a total call value of 111,839,259,150  versus a total put value of  15,096,405,120 Combined total value = 126,935,664,270

Strike  2443.1  has a total call value of 114,787,004,820  versus a total put value of  14,826,181,530 Combined total value = 129,613,186,350

Strike  2460  has a total call value of 130,895,616,690  versus a total put value of  13,353,027,120 Combined total value = 144,248,643,810

Strike  2462.5  has a total call value of 133,330,073,190  versus a total put value of  13,150,941,120 Combined total value = 146,481,014,310

Strike  2480  has a total call value of 150,435,077,190  versus a total put value of  11,785,006,620 Combined total value = 162,220,083,810

Strike  2481.9  has a total call value of 152,300,587,440  versus a total put value of  11,637,879,360 Combined total value = 163,938,466,800

Strike  2500  has a total call value of 170,159,276,430  versus a total put value of  10,311,802,770 Combined total value = 180,471,079,200

Strike  2501.25  has a total call value of 171,496,860,180  versus a total put value of  10,246,140,270 Combined total value = 181,743,000,450

Strike  2520  has a total call value of 191,675,912,055  versus a total put value of  9,274,528,395 Combined total value = 200,950,440,450

Strike  2520.65  has a total call value of 192,377,260,170  versus a total put value of  9,241,830,015 Combined total value = 201,619,090,185

Strike  2540  has a total call value of 213,520,730,400  versus a total put value of  8,385,017,820 Combined total value = 221,905,748,220

Strike  2540.05  has a total call value of 213,575,482,110  versus a total put value of  8,382,803,835 Combined total value = 221,958,285,945

Strike  2559.45  has a total call value of 234,905,467,830  versus a total put value of  7,524,377,115 Combined total value = 242,429,844,945

Strike  2560  has a total call value of 235,510,183,920  versus a total put value of  7,500,142,245 Combined total value = 243,010,326,165

Strike  2578.85  has a total call value of 256,396,796,355  versus a total put value of  6,670,129,620 Combined total value = 263,066,925,975

Strike  2580  has a total call value of 257,671,045,920  versus a total put value of  6,619,776,525 Combined total value = 264,290,822,445

Strike  2598.2  has a total call value of 277,837,430,340  versus a total put value of  5,822,884,065 Combined total value = 283,660,314,405

Strike  2600  has a total call value of 279,836,468,760  versus a total put value of  5,744,682,345 Combined total value = 285,581,151,105

Strike  2617.6  has a total call value of 299,712,189,240  versus a total put value of  5,069,233,065 Combined total value = 304,781,422,305

Strike  2620  has a total call value of 302,447,655,000  versus a total put value of  4,987,063,785 Combined total value = 307,434,718,785

Strike  2637  has a total call value of 321,823,870,800  versus a total put value of  4,407,132,585 Combined total value = 326,231,003,385

Strike  2640  has a total call value of 325,243,203,000  versus a total put value of  4,304,791,785 Combined total value = 329,547,994,785

Strike  2656.4  has a total call value of 343,994,336,520  versus a total put value of  3,746,342,265 Combined total value = 347,740,678,785

Strike  2660  has a total call value of 348,110,439,000  versus a total put value of  3,623,755,785 Combined total value = 351,734,194,785

Strike  2675.8  has a total call value of 366,175,555,440  versus a total put value of  3,086,225,565 Combined total value = 369,261,781,005

Strike  2680  has a total call value of 370,977,675,000  versus a total put value of  2,943,337,785 Combined total value = 373,921,012,785

Strike  2695.15  has a total call value of 388,343,610,960  versus a total put value of  2,427,921,150 Combined total value = 390,771,532,110

Strike  2700  has a total call value of 393,903,003,000  versus a total put value of  2,262,919,785 Combined total value = 396,165,922,785

Strike  2714.55  has a total call value of 410,725,948,710  versus a total put value of  1,778,705,970 Combined total value = 412,504,654,680

Strike  2720  has a total call value of 417,081,721,815  versus a total put value of  1,698,208,380 Combined total value = 418,779,930,195

Strike  2733.95  has a total call value of 433,350,168,570  versus a total put value of  1,495,181,475 Combined total value = 434,845,350,045

Strike  2740  has a total call value of 440,405,659,815  versus a total put value of  1,407,691,215 Combined total value = 441,813,351,030

Strike  2753.35  has a total call value of 455,974,388,430  versus a total put value of  1,214,634,195 Combined total value = 457,189,022,625

Strike  2760  has a total call value of 463,729,597,815  versus a total put value of  1,119,083,670 Combined total value = 464,848,681,485

Strike  2780  has a total call value of 487,053,535,815  versus a total put value of  832,331,670 Combined total value = 487,885,867,485

Strike  2792.1  has a total call value of 501,164,518,305  versus a total put value of  658,846,710 Combined total value = 501,823,365,015

Strike  2800  has a total call value of 510,431,910,345  versus a total put value of  546,312,000 Combined total value = 510,978,222,345

Strike  2820  has a total call value of 533,945,574,345  versus a total put value of  273,156,000 Combined total value = 534,218,730,345

Strike  2840  has a total call value of 557,459,238,345  versus a total put value of  0 Combined total value = 557,459,238,345

Max-Pain Table for Stocks
LTP > Max Pain Bearish
LTP < Max Pain Bullish
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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.