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

2248 -30.90 (-1.36%)

L: 2232.1 H: 2276.8

Max Pain - ADANIENT

16 Dec 2025 02:51 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

30 -15.35

Open Interest

8139 76

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

71.05 16.7

Open Interest

3454 -74

Strike 1840 has a total call value of 0 versus a total put value of 355,696,389,000 Combined total value = 355,696,389,000

Strike 1860 has a total call value of 0 versus a total put value of 339,286,635,000 Combined total value = 339,286,635,000

Strike 1880 has a total call value of 0 versus a total put value of 322,876,881,000 Combined total value = 322,876,881,000

Strike 1900 has a total call value of 0 versus a total put value of 306,523,983,000 Combined total value = 306,523,983,000

Strike 1900.2 has a total call value of 0 versus a total put value of 306,360,454,020 Combined total value = 306,360,454,020

Strike 1920 has a total call value of 19,578,240 versus a total put value of 290,459,252,220 Combined total value = 290,478,830,460

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 275,271,712,185 Combined total value = 275,310,028,185

Strike 1940 has a total call value of 39,354,240 versus a total put value of 274,438,589,475 Combined total value = 274,477,943,715

Strike 1960 has a total call value of 59,130,240 versus a total put value of 258,602,339,475 Combined total value = 258,661,469,715

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 244,614,033,075 Combined total value = 244,690,714,515

Strike 1980 has a total call value of 78,906,240 versus a total put value of 242,847,819,975 Combined total value = 242,926,726,215

Strike 2000 has a total call value of 98,682,240 versus a total put value of 227,148,147,975 Combined total value = 227,246,830,215

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 214,635,335,115 Combined total value = 214,758,052,920

Strike 2020 has a total call value of 127,728,240 versus a total put value of 212,040,676,020 Combined total value = 212,168,404,260

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 200,114,125,770 Combined total value = 200,264,945,580

Strike 2040 has a total call value of 156,774,240 versus a total put value of 197,053,422,060 Combined total value = 197,210,196,300

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 185,638,390,410 Combined total value = 185,817,384,840

Strike 2060 has a total call value of 185,820,240 versus a total put value of 182,175,235,830 Combined total value = 182,361,056,070

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 171,393,632,550 Combined total value = 171,600,801,600

Strike 2080 has a total call value of 214,866,240 versus a total put value of 167,524,074,990 Combined total value = 167,738,941,230

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 157,351,149,180 Combined total value = 157,588,235,610

Strike 2100 has a total call value of 246,748,860 versus a total put value of 153,110,071,650 Combined total value = 153,356,820,510

Strike 2113.5 has a total call value of 346,864,860 versus a total put value of 143,956,549,200 Combined total value = 144,303,414,060

Strike 2120 has a total call value of 395,269,710 versus a total put value of 139,575,207,300 Combined total value = 139,970,477,010

Strike 2132.85 has a total call value of 491,359,440 versus a total put value of 131,146,708,545 Combined total value = 131,638,067,985

Strike 2140 has a total call value of 554,104,980 versus a total put value of 126,613,785,150 Combined total value = 127,167,890,130

Strike 2152.25 has a total call value of 680,532,330 versus a total put value of 118,923,671,250 Combined total value = 119,604,203,580

Strike 2160 has a total call value of 760,516,980 versus a total put value of 114,142,552,875 Combined total value = 114,903,069,855

Strike 2171.65 has a total call value of 908,470,815 versus a total put value of 107,077,847,250 Combined total value = 107,986,318,065

Strike 2180 has a total call value of 1,014,514,980 versus a total put value of 102,022,817,370 Combined total value = 103,037,332,350

Strike 2191.05 has a total call value of 1,210,845,855 versus a total put value of 95,484,828,510 Combined total value = 96,695,674,365

Strike 2200 has a total call value of 1,369,864,980 versus a total put value of 90,243,558,150 Combined total value = 91,613,423,130

Strike 2210.45 has a total call value of 1,992,748,725 versus a total put value of 84,781,620,075 Combined total value = 86,774,368,800

Strike 2220 has a total call value of 2,561,986,980 versus a total put value of 79,864,156,995 Combined total value = 82,426,143,975

Strike 2229.8 has a total call value of 3,287,240,880 versus a total put value of 74,990,874,735 Combined total value = 78,278,115,615

Strike 2240 has a total call value of 4,122,152,700 versus a total put value of 70,131,429,495 Combined total value = 74,253,582,195

Strike 2249.2 has a total call value of 5,103,771,540 versus a total put value of 65,984,637,135 Combined total value = 71,088,408,675

Strike 2260 has a total call value of 6,315,842,580 versus a total put value of 61,116,663,495 Combined total value = 67,432,506,075

Strike 2268.6 has a total call value of 8,189,043,840 versus a total put value of 57,504,193,935 Combined total value = 65,693,237,775

Strike 2280 has a total call value of 10,728,133,920 versus a total put value of 52,715,571,495 Combined total value = 63,443,705,415

Strike 2288 has a total call value of 12,757,893,120 versus a total put value of 49,523,972,295 Combined total value = 62,281,865,415

Strike 2300 has a total call value of 15,896,715,120 versus a total put value of 44,736,573,495 Combined total value = 60,633,288,615

Strike 2307.35 has a total call value of 19,667,732,580 versus a total put value of 42,588,746,940 Combined total value = 62,256,479,520

Strike 2320 has a total call value of 26,294,796,870 versus a total put value of 38,977,360,425 Combined total value = 65,272,157,295

Strike 2326.75 has a total call value of 30,023,283,570 versus a total put value of 37,132,305,975 Combined total value = 67,155,589,545

Strike 2340 has a total call value of 37,617,298,470 versus a total put value of 33,797,948,775 Combined total value = 71,415,247,245

Strike 2346.15 has a total call value of 41,417,998,470 versus a total put value of 32,358,623,685 Combined total value = 73,776,622,155

Strike 2360 has a total call value of 50,219,954,625 versus a total put value of 29,234,907,150 Combined total value = 79,454,861,775

Strike 2365.55 has a total call value of 53,992,330,140 versus a total put value of 28,079,373,840 Combined total value = 82,071,703,980

Strike 2380 has a total call value of 64,043,157,690 versus a total put value of 25,290,950,115 Combined total value = 89,334,107,805

Strike 2384.95 has a total call value of 67,633,929,270 versus a total put value of 24,366,490,095 Combined total value = 92,000,419,365

Strike 2400 has a total call value of 78,627,128,025 versus a total put value of 21,567,384,240 Combined total value = 100,194,512,265

Strike 2404.3 has a total call value of 82,583,066,535 versus a total put value of 20,958,706,770 Combined total value = 103,541,773,305

Strike 2420 has a total call value of 97,177,717,455 versus a total put value of 18,807,155,220 Combined total value = 115,984,872,675

Strike 2423.7 has a total call value of 100,668,669,675 versus a total put value of 18,307,304,460 Combined total value = 118,975,974,135

Strike 2440 has a total call value of 116,535,785,685 versus a total put value of 16,546,977,810 Combined total value = 133,082,763,495

Strike 2443.1 has a total call value of 119,645,799,615 versus a total put value of 16,227,422,370 Combined total value = 135,873,221,985

Strike 2460 has a total call value of 136,740,343,965 versus a total put value of 14,485,329,810 Combined total value = 151,225,673,775

Strike 2462.5 has a total call value of 139,331,695,215 versus a total put value of 14,245,005,060 Combined total value = 153,576,700,275

Strike 2480 has a total call value of 157,618,237,965 versus a total put value of 12,617,888,310 Combined total value = 170,236,126,275

Strike 2481.9 has a total call value of 159,624,065,115 versus a total put value of 12,442,815,090 Combined total value = 172,066,880,205

Strike 2500 has a total call value of 178,866,996,855 versus a total put value of 10,850,516,460 Combined total value = 189,717,513,315

Strike 2501.25 has a total call value of 180,344,866,605 versus a total put value of 10,776,704,085 Combined total value = 191,121,570,690

Strike 2520 has a total call value of 202,638,057,855 versus a total put value of 9,682,844,085 Combined total value = 212,320,901,940

Strike 2520.65 has a total call value of 203,413,780,725 versus a total put value of 9,645,968,025 Combined total value = 213,059,748,750

Strike 2540 has a total call value of 226,792,257,225 versus a total put value of 8,728,766,415 Combined total value = 235,521,023,640

Strike 2540.05 has a total call value of 226,853,229,105 versus a total put value of 8,726,396,385 Combined total value = 235,579,625,490

Strike 2559.45 has a total call value of 250,606,831,605 versus a total put value of 7,807,424,205 Combined total value = 258,414,255,810

Strike 2560 has a total call value of 251,280,258,480 versus a total put value of 7,781,506,830 Combined total value = 259,061,765,310

Strike 2578.85 has a total call value of 274,659,821,115 versus a total put value of 6,893,830,170 Combined total value = 281,553,651,285

Strike 2580 has a total call value of 276,086,160,480 versus a total put value of 6,840,030,180 Combined total value = 282,926,190,660

Strike 2598.2 has a total call value of 298,659,531,300 versus a total put value of 5,988,586,860 Combined total value = 304,648,118,160

Strike 2600 has a total call value of 300,899,181,840 versus a total put value of 5,904,990,000 Combined total value = 306,804,171,840

Strike 2617.6 has a total call value of 323,493,014,640 versus a total put value of 5,211,050,160 Combined total value = 328,704,064,800

Strike 2620 has a total call value of 326,612,406,720 versus a total put value of 5,126,507,760 Combined total value = 331,738,914,480

Strike 2637 has a total call value of 348,708,100,620 versus a total put value of 4,529,766,960 Combined total value = 353,237,867,580

Strike 2640 has a total call value of 352,607,340,720 versus a total put value of 4,424,459,760 Combined total value = 357,031,800,480

Strike 2656.4 has a total call value of 374,039,234,640 versus a total put value of 3,849,793,920 Combined total value = 377,889,028,560

Strike 2660 has a total call value of 378,743,796,720 versus a total put value of 3,723,647,760 Combined total value = 382,467,444,480

Strike 2675.8 has a total call value of 399,391,596,960 versus a total put value of 3,170,494,500 Combined total value = 402,562,091,460

Strike 2680 has a total call value of 404,880,252,720 versus a total put value of 3,023,453,760 Combined total value = 407,903,706,480

Strike 2695.15 has a total call value of 424,724,027,235 versus a total put value of 2,493,056,805 Combined total value = 427,217,084,040

Strike 2700 has a total call value of 431,076,654,720 versus a total put value of 2,323,259,760 Combined total value = 433,399,914,480

Strike 2714.55 has a total call value of 450,483,422,895 versus a total put value of 1,830,503,640 Combined total value = 452,313,926,535

Strike 2720 has a total call value of 457,829,248,995 versus a total put value of 1,747,648,380 Combined total value = 459,576,897,375

Strike 2733.95 has a total call value of 476,631,868,095 versus a total put value of 1,538,586,705 Combined total value = 478,170,454,800

Strike 2740 has a total call value of 484,786,408,995 versus a total put value of 1,448,479,215 Combined total value = 486,234,888,210

Strike 2753.35 has a total call value of 502,780,313,295 versus a total put value of 1,249,646,985 Combined total value = 504,029,960,280

Strike 2760 has a total call value of 511,743,568,995 versus a total put value of 1,151,219,670 Combined total value = 512,894,788,665

Strike 2780 has a total call value of 538,700,728,995 versus a total put value of 855,815,670 Combined total value = 539,556,544,665

Strike 2792.1 has a total call value of 555,009,810,795 versus a total put value of 677,096,250 Combined total value = 555,686,907,045

Strike 2800 has a total call value of 565,741,130,505 versus a total put value of 561,144,000 Combined total value = 566,302,274,505

Strike 2820 has a total call value of 593,046,224,505 versus a total put value of 280,572,000 Combined total value = 593,326,796,505

Strike 2840 has a total call value of 620,351,318,505 versus a total put value of 0 Combined total value = 620,351,318,505

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	1128.7	1140
ABB	5243.5	5200
ABCAPITAL	348.25	350
ADANIENSOL	995.5	990
ADANIENT	2248	2300
ADANIGREEN	1027.1	1020
ADANIPORTS	1502.2	1500
ALKEM	5657	5700
AMBER	6778.5	6800
AMBUJACEM	549.25	550
ANGELONE	2533.9	2600
APLAPOLLO	1731	1740
APOLLOHOSP	7045.5	7200
ASHOKLEY	167.69	160
ASIANPAINT	2792.5	2800
ASTRAL	1462.6	1460
AUBANK	981.1	960
AUROPHARMA	1179.4	1200
AXISBANK	1222.5	1240
BAJAJ-AUTO	9018	9000
BAJAJFINSV	2039.7	2060
BAJFINANCE	999.4	1020
BANDHANBNK	149.42	150
BANKBARODA	282.35	290
BANKINDIA	139.8	143
BDL	1354.9	1400
BEL	388.1	400
BHARATFORG	1418.6	1400
BHARTIARTL	2101.8	2100
BHEL	278.6	280
BIOCON	384.9	390
BLUESTARCO	1815.3	1780
BOSCHLTD	36220	36500
BPCL	367	362.5
BRITANNIA	6072	6000
BSE	2600.3	2700
CAMS	754.5	780
CANBK	147.32	148
CDSL	1503.6	1560
CGPOWER	672.65	680
CHOLAFIN	1716.5	1700
CIPLA	1498.5	1520
COALINDIA	381.75	384.75
COFORGE	1854.7	1840
COLPAL	2162.1	2180
CONCOR	500.05	520
CROMPTON	253	265
CUMMINSIND	4489.5	4500
CYIENT	1151.8	1160
DABUR	497.65	505
DALBHARAT	2059.9	2040
DELHIVERY	402.15	410
DIVISLAB	6303	6400
DIXON	13646	13750
DLF	691.1	720
DMART	3844.8	3900
DRREDDY	1280.6	1270
EICHERMOT	7086	7100
ETERNAL	285.6	295
EXIDEIND	366.1	375
FEDERALBNK	262.4	260
FORTIS	876.8	890
GAIL	168.11	175
GLENMARK	1966.5	1940
GMRAIRPORT	103.25	102
GODREJCP	1184.1	1160
GODREJPROP	2024.3	2080
GRASIM	2802.5	2800
HAL	4257.8	4500
HAVELLS	1415.1	1440
HCLTECH	1651	1660
HDFCAMC	2579.7	2625
HDFCBANK	994.9	1000
HDFCLIFE	765.7	770
HEROMOTOCO	5948	6050
HFCL	65.67	68
HINDALCO	837.3	820
HINDPETRO	463.8	460
HINDUNILVR	2285.2	2300
HINDZINC	567.4	540
HUDCO	211.32	220
ICICIBANK	1364.3	1380
ICICIGI	1947.5	1980
ICICIPRULI	640.5	630
IDEA	11.29	11
IDFCFIRSTB	83.5	81
IEX	140.52	145
IIFL	567.4	560
INDHOTEL	724.35	740
INDIANB	774	820
INDIGO	4978.5	5000
INDUSINDBK	844.5	850
INDUSTOWER	407.8	410
INFY	1592	1600
INOXWIND	126.1	130
IOC	167.57	165
IRCTC	670.7	690
IREDA	133.78	140
IRFC	112.25	116
ITC	402.25	405
JINDALSTEL	1014.3	1030
JIOFIN	295.65	305
JSWENERGY	477	490
JSWSTEEL	1085.1	1130
JUBLFOOD	561.15	580
KALYANKJIL	478.25	480
KAYNES	4177.5	4400
KEI	4153.6	4100
KFINTECH	1033.8	1060
KOTAKBANK	2183.9	2160
KPITTECH	1171.2	1200
LAURUSLABS	998.6	1000
LICHSGFIN	526.5	550
LICI	854.35	880
LODHA	1075.1	1120
LT	4063.7	4040
LTF	300.4	302.5
LTIM	6212	6150
LUPIN	2089	2080
M&M	3628.6	3650
MANAPPURAM	283.55	280
MANKIND	2108.3	2200
MARICO	738.65	740
MARUTI	16389	16300
MAXHEALTH	1074.7	1100
MAZDOCK	2409.8	2600
MCX	10155	10100
MFSL	1672.8	1700
MOTHERSON	119.8	116
MPHASIS	2854.1	2900
MUTHOOTFIN	3835.9	3750
NATIONALUM	276.3	270
NAUKRI	1345.8	1360
NBCC	111.83	113
NCC	158.22	167.5
NESTLEIND	1244	1240
NHPC	75.92	78
NMDC	77.1	77
NTPC	321.25	325
NUVAMA	7213	7200
NYKAA	246.7	255
OBEROIRLTY	1633	1660
OFSS	7854	8000
OIL	401.8	410
ONGC	232.36	240
PAGEIND	36330	37500
PATANJALI	535.75	545
PAYTM	1280.1	1300
PERSISTENT	6195	6200
PETRONET	264.85	277.5
PFC	335.35	355
PGEL	570.65	560
PHOENIXLTD	1779.4	1740
PIDILITIND	1471.9	1480
PIIND	3253.4	3350
PNB	117.01	120
PNBHOUSING	912.05	910
POLICYBZR	1820.2	1860
POLYCAB	7334	7300
POWERGRID	261.5	270
POWERINDIA	19290	19500
PPLPHARMA	169	180
PRESTIGE	1630.5	1660
RBLBANK	299.55	310
RECLTD	335.55	355
RELIANCE	1543.5	1540
RVNL	309.65	315
SAIL	128.79	132
SAMMAANCAP	146.58	155
SBICARD	849.8	870
SBILIFE	2040.6	2020
SBIN	964.05	970
SHREECEM	25975	26500
SHRIRAMFIN	852.8	850
SIEMENS	3152.5	3200
SOLARINDS	11937	12500
SONACOMS	484.85	500
SRF	3015	2950
SUNPHARMA	1784.5	1800
SUPREMEIND	3410.2	3400
SUZLON	52.42	54
SYNGENE	647.25	650
TATACONSUM	1169.8	1170
TATAELXSI	4997.5	5100
TATAMOTORS	0	320
TATAPOWER	379.55	390
TATASTEEL	169.97	170
TATATECH	650.3	680
TCS	3208.4	3200
TECHM	1575.9	1540
TIINDIA	2622.7	2700
TITAGARH	791.15	800
TITAN	3919.7	3860
TMPV	345.75	360
TORNTPHARM	3774	3800
TORNTPOWER	1281.5	1300
TRENT	4102	4200
TVSMOTOR	3615.9	3600
ULTRACEMCO	11545	11700
UNIONBANK	152.87	152.5
UNITDSPR	1448.7	1440
UNOMINDA	1259.7	1280
UPL	750	750
VBL	477.7	470
VEDL	564.55	540
VOLTAS	1396.6	1380
WIPRO	259.2	255
YESBANK	21.45	22
ZYDUSLIFE	917.95	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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