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

2242.5 -36.40 (-1.60%)

L: 2232.1 H: 2276.8

Max Pain - ADANIENT

16 Dec 2025 02:21 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

28.05 -17.3

Open Interest

8129 66

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

72.3 17.95

Open Interest

3456 -72

Strike 1840 has a total call value of 0 versus a total put value of 355,982,027,055 Combined total value = 355,982,027,055

Strike 1860 has a total call value of 0 versus a total put value of 339,556,823,055 Combined total value = 339,556,823,055

Strike 1880 has a total call value of 0 versus a total put value of 323,131,619,055 Combined total value = 323,131,619,055

Strike 1900 has a total call value of 0 versus a total put value of 306,763,271,055 Combined total value = 306,763,271,055

Strike 1900.2 has a total call value of 0 versus a total put value of 306,599,587,575 Combined total value = 306,599,587,575

Strike 1920 has a total call value of 19,578,240 versus a total put value of 290,683,090,275 Combined total value = 290,702,668,515

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 275,480,911,365 Combined total value = 275,519,227,365

Strike 1940 has a total call value of 39,354,240 versus a total put value of 274,646,977,530 Combined total value = 274,686,331,770

Strike 1960 has a total call value of 59,130,240 versus a total put value of 258,795,895,530 Combined total value = 258,855,025,770

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 244,794,425,730 Combined total value = 244,871,107,170

Strike 1980 has a total call value of 78,906,240 versus a total put value of 243,026,544,030 Combined total value = 243,105,450,270

Strike 2000 has a total call value of 98,682,240 versus a total put value of 227,312,040,030 Combined total value = 227,410,722,270

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 214,782,862,530 Combined total value = 214,905,580,335

Strike 2020 has a total call value of 127,728,240 versus a total put value of 212,184,792,075 Combined total value = 212,312,520,315

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 200,248,415,625 Combined total value = 200,399,235,435

Strike 2040 has a total call value of 156,774,240 versus a total put value of 197,185,178,115 Combined total value = 197,341,952,355

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 185,760,691,065 Combined total value = 185,939,685,495

Strike 2060 has a total call value of 185,820,240 versus a total put value of 182,294,631,885 Combined total value = 182,480,452,125

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 171,503,944,005 Combined total value = 171,711,113,055

Strike 2080 has a total call value of 214,866,240 versus a total put value of 167,631,111,045 Combined total value = 167,845,977,285

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 157,449,471,435 Combined total value = 157,686,557,865

Strike 2100 has a total call value of 246,748,860 versus a total put value of 153,204,747,705 Combined total value = 153,451,496,565

Strike 2113.5 has a total call value of 346,864,860 versus a total put value of 144,042,882,255 Combined total value = 144,389,747,115

Strike 2120 has a total call value of 395,269,710 versus a total put value of 139,657,724,205 Combined total value = 140,052,993,915

Strike 2132.85 has a total call value of 491,359,440 versus a total put value of 131,221,681,215 Combined total value = 131,713,040,655

Strike 2140 has a total call value of 554,104,980 versus a total put value of 126,684,560,055 Combined total value = 127,238,665,035

Strike 2152.25 has a total call value of 680,532,330 versus a total put value of 118,987,254,180 Combined total value = 119,667,786,510

Strike 2160 has a total call value of 760,516,980 versus a total put value of 114,201,585,780 Combined total value = 114,962,102,760

Strike 2171.65 has a total call value of 908,470,815 versus a total put value of 107,129,320,470 Combined total value = 108,037,791,285

Strike 2180 has a total call value of 1,014,514,980 versus a total put value of 102,068,872,275 Combined total value = 103,083,387,255

Strike 2191.05 has a total call value of 1,210,845,855 versus a total put value of 95,523,713,070 Combined total value = 96,734,558,925

Strike 2200 has a total call value of 1,369,864,980 versus a total put value of 90,276,635,055 Combined total value = 91,646,500,035

Strike 2210.45 has a total call value of 1,991,780,010 versus a total put value of 84,807,593,070 Combined total value = 86,799,373,080

Strike 2220 has a total call value of 2,560,132,980 versus a total put value of 79,883,932,995 Combined total value = 82,444,065,975

Strike 2229.8 has a total call value of 3,284,781,240 versus a total put value of 75,004,897,155 Combined total value = 78,289,678,395

Strike 2240 has a total call value of 4,119,062,700 versus a total put value of 70,139,463,495 Combined total value = 74,258,526,195

Strike 2249.2 has a total call value of 5,102,671,500 versus a total put value of 65,990,681,175 Combined total value = 71,093,352,675

Strike 2260 has a total call value of 6,316,077,420 versus a total put value of 61,120,371,495 Combined total value = 67,436,448,915

Strike 2268.6 has a total call value of 8,179,180,560 versus a total put value of 57,508,964,895 Combined total value = 65,688,145,455

Strike 2280 has a total call value of 10,711,929,960 versus a total put value of 52,721,751,495 Combined total value = 63,433,681,455

Strike 2288 has a total call value of 12,737,486,760 versus a total put value of 49,529,410,695 Combined total value = 62,266,897,455

Strike 2300 has a total call value of 15,870,005,160 versus a total put value of 44,740,899,495 Combined total value = 60,610,904,655

Strike 2307.35 has a total call value of 19,634,890,515 versus a total put value of 42,592,845,825 Combined total value = 62,227,736,340

Strike 2320 has a total call value of 26,252,573,565 versus a total put value of 38,981,068,425 Combined total value = 65,233,641,990

Strike 2326.75 has a total call value of 29,976,471,615 versus a total put value of 37,135,805,400 Combined total value = 67,112,277,015

Strike 2340 has a total call value of 37,561,479,165 versus a total put value of 33,801,038,775 Combined total value = 71,362,517,940

Strike 2346.15 has a total call value of 41,359,138,605 versus a total put value of 32,361,523,650 Combined total value = 73,720,662,255

Strike 2360 has a total call value of 50,154,247,320 versus a total put value of 29,237,379,150 Combined total value = 79,391,626,470

Strike 2365.55 has a total call value of 53,923,535,925 versus a total put value of 28,081,674,345 Combined total value = 82,005,210,270

Strike 2380 has a total call value of 63,965,879,880 versus a total put value of 25,292,804,115 Combined total value = 89,258,683,995

Strike 2384.95 has a total call value of 67,554,510,090 versus a total put value of 24,368,191,140 Combined total value = 91,922,701,230

Strike 2400 has a total call value of 78,540,733,170 versus a total put value of 21,568,620,240 Combined total value = 100,109,353,410

Strike 2404.3 has a total call value of 82,493,748,540 versus a total put value of 20,959,809,900 Combined total value = 103,453,558,440

Strike 2420 has a total call value of 97,077,726,600 versus a total put value of 18,807,773,220 Combined total value = 115,885,499,820

Strike 2423.7 has a total call value of 100,570,279,440 versus a total put value of 18,307,808,130 Combined total value = 118,878,087,570

Strike 2440 has a total call value of 116,443,439,490 versus a total put value of 16,546,977,810 Combined total value = 132,990,417,300

Strike 2443.1 has a total call value of 119,551,729,200 versus a total put value of 16,227,422,370 Combined total value = 135,779,151,570

Strike 2460 has a total call value of 136,636,873,770 versus a total put value of 14,485,329,810 Combined total value = 151,122,203,580

Strike 2462.5 has a total call value of 139,227,143,520 versus a total put value of 14,245,005,060 Combined total value = 153,472,148,580

Strike 2480 has a total call value of 157,506,115,770 versus a total put value of 12,617,888,310 Combined total value = 170,124,004,080

Strike 2481.9 has a total call value of 159,510,122,910 versus a total put value of 12,442,815,090 Combined total value = 171,952,938,000

Strike 2500 has a total call value of 178,736,275,950 versus a total put value of 10,850,516,460 Combined total value = 189,586,792,410

Strike 2501.25 has a total call value of 180,218,124,075 versus a total put value of 10,776,704,085 Combined total value = 190,994,828,160

Strike 2520 has a total call value of 202,574,467,200 versus a total put value of 9,682,844,085 Combined total value = 212,257,311,285

Strike 2520.65 has a total call value of 203,352,258,825 versus a total put value of 9,645,968,025 Combined total value = 212,998,226,850

Strike 2540 has a total call value of 226,792,320,570 versus a total put value of 8,728,766,415 Combined total value = 235,521,086,985

Strike 2540.05 has a total call value of 226,853,457,765 versus a total put value of 8,726,396,385 Combined total value = 235,579,854,150

Strike 2559.45 has a total call value of 250,671,202,485 versus a total put value of 7,807,424,205 Combined total value = 258,478,626,690

Strike 2560 has a total call value of 251,346,447,825 versus a total put value of 7,781,506,830 Combined total value = 259,127,954,655

Strike 2578.85 has a total call value of 274,787,751,750 versus a total put value of 6,893,830,170 Combined total value = 281,681,581,920

Strike 2580 has a total call value of 276,217,857,825 versus a total put value of 6,840,030,180 Combined total value = 283,057,888,005

Strike 2598.2 has a total call value of 298,850,840,925 versus a total put value of 5,988,586,860 Combined total value = 304,839,427,785

Strike 2600 has a total call value of 301,096,387,185 versus a total put value of 5,904,990,000 Combined total value = 307,001,377,185

Strike 2617.6 has a total call value of 323,754,393,105 versus a total put value of 5,211,050,160 Combined total value = 328,965,443,265

Strike 2620 has a total call value of 326,882,313,585 versus a total put value of 5,126,507,760 Combined total value = 332,008,821,345

Strike 2637 has a total call value of 349,038,416,985 versus a total put value of 4,529,766,960 Combined total value = 353,568,183,945

Strike 2640 has a total call value of 352,948,317,585 versus a total put value of 4,424,459,760 Combined total value = 357,372,777,345

Strike 2656.4 has a total call value of 374,438,488,905 versus a total put value of 3,849,793,920 Combined total value = 378,288,282,825

Strike 2660 has a total call value of 379,155,843,585 versus a total put value of 3,723,647,760 Combined total value = 382,879,491,345

Strike 2675.8 has a total call value of 399,859,789,125 versus a total put value of 3,170,494,500 Combined total value = 403,030,283,625

Strike 2680 has a total call value of 405,363,369,585 versus a total put value of 3,023,453,760 Combined total value = 408,386,823,345

Strike 2695.15 has a total call value of 425,260,979,625 versus a total put value of 2,493,056,805 Combined total value = 427,754,036,430

Strike 2700 has a total call value of 431,630,841,585 versus a total put value of 2,323,259,760 Combined total value = 433,954,101,345

Strike 2714.55 has a total call value of 451,089,313,185 versus a total put value of 1,830,503,640 Combined total value = 452,919,816,825

Strike 2720 has a total call value of 458,454,505,860 versus a total put value of 1,747,648,380 Combined total value = 460,202,154,240

Strike 2733.95 has a total call value of 477,306,696,285 versus a total put value of 1,538,586,705 Combined total value = 478,845,282,990

Strike 2740 has a total call value of 485,482,735,860 versus a total put value of 1,448,479,215 Combined total value = 486,931,215,075

Strike 2753.35 has a total call value of 503,524,079,385 versus a total put value of 1,249,646,985 Combined total value = 504,773,726,370

Strike 2760 has a total call value of 512,510,965,860 versus a total put value of 1,151,219,670 Combined total value = 513,662,185,530

Strike 2780 has a total call value of 539,539,195,860 versus a total put value of 855,815,670 Combined total value = 540,395,011,530

Strike 2792.1 has a total call value of 555,891,275,010 versus a total put value of 677,096,250 Combined total value = 556,568,371,260

Strike 2800 has a total call value of 566,650,667,370 versus a total put value of 561,144,000 Combined total value = 567,211,811,370

Strike 2820 has a total call value of 594,026,831,370 versus a total put value of 280,572,000 Combined total value = 594,307,403,370

Strike 2840 has a total call value of 621,402,995,370 versus a total put value of 0 Combined total value = 621,402,995,370

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	1131	1140
ABB	5252	5200
ABCAPITAL	348.4	350
ADANIENSOL	996.6	990
ADANIENT	2242.5	2300
ADANIGREEN	1025.4	1020
ADANIPORTS	1500.9	1500
ALKEM	5654.5	5700
AMBER	6765	6800
AMBUJACEM	547.8	550
ANGELONE	2533.5	2600
APLAPOLLO	1729.8	1740
APOLLOHOSP	7041	7200
ASHOKLEY	167.68	160
ASIANPAINT	2784.8	2800
ASTRAL	1460.8	1460
AUBANK	980.6	960
AUROPHARMA	1181	1200
AXISBANK	1224.9	1240
BAJAJ-AUTO	8985	9000
BAJAJFINSV	2036.6	2060
BAJFINANCE	998.7	1020
BANDHANBNK	149	150
BANKBARODA	282.45	290
BANKINDIA	139.48	143
BDL	1353.6	1400
BEL	386.55	400
BHARATFORG	1415	1400
BHARTIARTL	2100.5	2100
BHEL	278.3	280
BIOCON	384.75	390
BLUESTARCO	1807.3	1780
BOSCHLTD	36115	36500
BPCL	365.35	362.5
BRITANNIA	6065	6000
BSE	2599.5	2700
CAMS	751.3	780
CANBK	147.34	148
CDSL	1500.5	1560
CGPOWER	670	680
CHOLAFIN	1717.2	1700
CIPLA	1498	1520
COALINDIA	380.6	384.75
COFORGE	1850.7	1840
COLPAL	2162	2180
CONCOR	499.2	520
CROMPTON	252.9	265
CUMMINSIND	4489.7	4500
CYIENT	1150	1160
DABUR	497.95	505
DALBHARAT	2065.9	2040
DELHIVERY	400.6	410
DIVISLAB	6289.5	6400
DIXON	13628	13750
DLF	690.35	720
DMART	3844.8	3900
DRREDDY	1279.7	1270
EICHERMOT	7076.5	7100
ETERNAL	287.35	295
EXIDEIND	366.1	375
FEDERALBNK	262.95	260
FORTIS	877.95	890
GAIL	167.8	175
GLENMARK	1965.4	1940
GMRAIRPORT	102.75	102
GODREJCP	1179.4	1160
GODREJPROP	2021.7	2080
GRASIM	2798.6	2800
HAL	4250.8	4500
HAVELLS	1411.7	1440
HCLTECH	1648.3	1660
HDFCAMC	2583.6	2625
HDFCBANK	995.7	1000
HDFCLIFE	767.8	770
HEROMOTOCO	5945	6050
HFCL	65.73	68
HINDALCO	833.05	820
HINDPETRO	463	460
HINDUNILVR	2281.6	2300
HINDZINC	567.95	540
HUDCO	210.87	220
ICICIBANK	1362.4	1380
ICICIGI	1949.5	1980
ICICIPRULI	639.7	630
IDEA	11.24	11
IDFCFIRSTB	83.3	81
IEX	140.44	145
IIFL	565.95	560
INDHOTEL	724.4	740
INDIANB	770.85	820
INDIGO	4974	5000
INDUSINDBK	844.3	850
INDUSTOWER	407.4	410
INFY	1592.6	1600
INOXWIND	125.89	130
IOC	166.99	165
IRCTC	669.75	690
IREDA	133.75	140
IRFC	112.16	117
ITC	402.35	405
JINDALSTEL	1008.8	1030
JIOFIN	295.5	305
JSWENERGY	476.8	490
JSWSTEEL	1085.4	1130
JUBLFOOD	561.35	580
KALYANKJIL	477.25	480
KAYNES	4191.5	4400
KEI	4150.3	4100
KFINTECH	1034.6	1060
KOTAKBANK	2183.4	2160
KPITTECH	1178.4	1200
LAURUSLABS	995.3	1000
LICHSGFIN	526.8	550
LICI	853.05	880
LODHA	1078	1120
LT	4058	4040
LTF	300.25	302.5
LTIM	6210	6150
LUPIN	2089.3	2080
M&M	3623.2	3650
MANAPPURAM	283.4	280
MANKIND	2110.9	2200
MARICO	738	730
MARUTI	16399	16300
MAXHEALTH	1079	1100
MAZDOCK	2413.2	2600
MCX	10144	10100
MFSL	1679	1700
MOTHERSON	119.75	116
MPHASIS	2853.4	2900
MUTHOOTFIN	3837.9	3750
NATIONALUM	275.2	270
NAUKRI	1347.5	1360
NBCC	111.62	113
NCC	158.25	167.5
NESTLEIND	1242.5	1240
NHPC	75.85	78
NMDC	76.9	77
NTPC	319.7	325
NUVAMA	7230.5	7200
NYKAA	245.35	255
OBEROIRLTY	1632.6	1660
OFSS	7855	8000
OIL	401.05	410
ONGC	230.91	240
PAGEIND	36280	37500
PATANJALI	534.3	545
PAYTM	1284.9	1300
PERSISTENT	6213	6200
PETRONET	264.4	277.5
PFC	335.75	355
PGEL	567.8	560
PHOENIXLTD	1781.1	1740
PIDILITIND	1471.5	1480
PIIND	3228.8	3350
PNB	116.9	120
PNBHOUSING	911.8	910
POLICYBZR	1824.5	1860
POLYCAB	7277	7300
POWERGRID	260.9	270
POWERINDIA	19215	19500
PPLPHARMA	169.21	180
PRESTIGE	1618	1660
RBLBANK	299.15	310
RECLTD	335.4	355
RELIANCE	1545.7	1540
RVNL	308.8	315
SAIL	128.6	132
SAMMAANCAP	146.54	155
SBICARD	849.05	870
SBILIFE	2042.4	2020
SBIN	963.05	965
SHREECEM	25965	26500
SHRIRAMFIN	849.9	850
SIEMENS	3151.7	3200
SOLARINDS	11923	12500
SONACOMS	485.15	500
SRF	3013.8	2950
SUNPHARMA	1785.5	1800
SUPREMEIND	3400.2	3400
SUZLON	52.5	54
SYNGENE	650.3	650
TATACONSUM	1168.7	1170
TATAELXSI	5005	5100
TATAMOTORS	0	320
TATAPOWER	378.8	390
TATASTEEL	169.55	170
TATATECH	650.15	680
TCS	3201.9	3200
TECHM	1573.6	1540
TIINDIA	2618	2700
TITAGARH	788.6	800
TITAN	3905.5	3860
TMPV	344.7	360
TORNTPHARM	3771.6	3800
TORNTPOWER	1299.5	1300
TRENT	4105.5	4200
TVSMOTOR	3617.3	3600
ULTRACEMCO	11561	11700
UNIONBANK	152.71	152.5
UNITDSPR	1447.9	1440
UNOMINDA	1257.2	1280
UPL	748.6	750
VBL	477.45	470
VEDL	548.6	535
VOLTAS	1392.7	1360
WIPRO	259.25	255
YESBANK	21.43	22
ZYDUSLIFE	917.3	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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