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

2240.1 -7.80 (-0.35%)

L: 2222.9 H: 2255

Max Pain - ADANIENT

17 Dec 2025 12:16 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

23.35 -7.4

Open Interest

8360 278

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

75.85 3.45

Open Interest

3449 -18

Strike 1840 has a total call value of 0 versus a total put value of 350,019,059,385 Combined total value = 350,019,059,385

Strike 1860 has a total call value of 0 versus a total put value of 333,691,499,385 Combined total value = 333,691,499,385

Strike 1880 has a total call value of 0 versus a total put value of 317,363,939,385 Combined total value = 317,363,939,385

Strike 1900 has a total call value of 0 versus a total put value of 301,093,235,385 Combined total value = 301,093,235,385

Strike 1900.2 has a total call value of 0 versus a total put value of 300,930,528,345 Combined total value = 300,930,528,345

Strike 1920 has a total call value of 19,578,240 versus a total put value of 285,110,698,605 Combined total value = 285,130,276,845

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 270,001,037,385 Combined total value = 270,039,353,385

Strike 1940 has a total call value of 39,354,240 versus a total put value of 269,172,229,860 Combined total value = 269,211,584,100

Strike 1960 has a total call value of 59,130,240 versus a total put value of 253,416,319,860 Combined total value = 253,475,450,100

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 239,505,348,435 Combined total value = 239,582,029,875

Strike 1980 has a total call value of 78,906,240 versus a total put value of 237,748,938,360 Combined total value = 237,827,844,600

Strike 2000 has a total call value of 98,682,240 versus a total put value of 222,136,404,360 Combined total value = 222,235,086,600

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 209,730,473,055 Combined total value = 209,853,190,860

Strike 2020 has a total call value of 127,728,240 versus a total put value of 207,158,094,405 Combined total value = 207,285,822,645

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 195,345,528,075 Combined total value = 195,496,347,885

Strike 2040 has a total call value of 156,774,240 versus a total put value of 192,314,216,445 Combined total value = 192,470,990,685

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 181,008,867,435 Combined total value = 181,187,861,865

Strike 2060 has a total call value of 185,820,240 versus a total put value of 177,581,439,435 Combined total value = 177,767,259,675

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 166,912,485,195 Combined total value = 167,119,654,245

Strike 2080 has a total call value of 214,866,240 versus a total put value of 163,083,378,825 Combined total value = 163,298,245,065

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 153,004,997,745 Combined total value = 153,242,084,175

Strike 2100 has a total call value of 246,748,860 versus a total put value of 148,806,398,445 Combined total value = 149,053,147,305

Strike 2113.5 has a total call value of 345,613,410 versus a total put value of 139,747,151,895 Combined total value = 140,092,765,305

Strike 2120 has a total call value of 393,415,710 versus a total put value of 135,410,197,845 Combined total value = 135,803,613,555

Strike 2132.85 has a total call value of 488,314,245 versus a total put value of 127,102,009,785 Combined total value = 127,590,324,030

Strike 2140 has a total call value of 550,176,045 versus a total put value of 122,636,250,630 Combined total value = 123,186,426,675

Strike 2152.25 has a total call value of 674,710,770 versus a total put value of 115,063,479,480 Combined total value = 115,738,190,250

Strike 2160 has a total call value of 753,498,045 versus a total put value of 110,358,035,205 Combined total value = 111,111,533,250

Strike 2171.65 has a total call value of 900,011,940 versus a total put value of 103,401,325,080 Combined total value = 104,301,337,020

Strike 2180 has a total call value of 1,005,024,045 versus a total put value of 98,423,183,670 Combined total value = 99,428,207,715

Strike 2191.05 has a total call value of 1,201,013,475 versus a total put value of 91,991,384,205 Combined total value = 93,192,397,680

Strike 2200 has a total call value of 1,359,756,045 versus a total put value of 86,836,399,005 Combined total value = 88,196,155,050

Strike 2210.45 has a total call value of 1,968,109,065 versus a total put value of 81,461,322,375 Combined total value = 83,429,431,440

Strike 2220 has a total call value of 2,524,068,045 versus a total put value of 76,623,534,945 Combined total value = 79,147,602,990

Strike 2229.8 has a total call value of 3,239,328,885 versus a total put value of 71,848,669,185 Combined total value = 75,087,998,070

Strike 2240 has a total call value of 4,074,555,885 versus a total put value of 67,109,937,885 Combined total value = 71,184,493,770

Strike 2249.2 has a total call value of 5,068,398,765 versus a total put value of 63,074,014,725 Combined total value = 68,142,413,490

Strike 2260 has a total call value of 6,307,834,845 versus a total put value of 58,336,191,885 Combined total value = 64,644,026,730

Strike 2268.6 has a total call value of 8,257,834,965 versus a total put value of 54,807,696,165 Combined total value = 63,065,531,130

Strike 2280 has a total call value of 10,906,830,165 versus a total put value of 50,130,387,885 Combined total value = 61,037,218,050

Strike 2288 has a total call value of 13,038,930,165 versus a total put value of 47,028,027,885 Combined total value = 60,066,958,050

Strike 2300 has a total call value of 16,318,656,165 versus a total put value of 42,374,487,885 Combined total value = 58,693,144,050

Strike 2307.35 has a total call value of 20,226,169,740 versus a total put value of 40,307,514,270 Combined total value = 60,533,684,010

Strike 2320 has a total call value of 27,105,354,855 versus a total put value of 36,835,673,700 Combined total value = 63,941,028,555

Strike 2326.75 has a total call value of 30,987,978,480 versus a total put value of 35,069,877,750 Combined total value = 66,057,856,230

Strike 2340 has a total call value of 38,893,975,230 versus a total put value of 31,888,236,075 Combined total value = 70,782,211,305

Strike 2346.15 has a total call value of 42,850,693,965 versus a total put value of 30,518,463,795 Combined total value = 73,369,157,760

Strike 2360 has a total call value of 52,003,581,420 versus a total put value of 27,551,382,450 Combined total value = 79,554,963,870

Strike 2365.55 has a total call value of 55,922,928,150 versus a total put value of 26,458,616,310 Combined total value = 82,381,544,460

Strike 2380 has a total call value of 66,358,196,505 versus a total put value of 23,833,613,415 Combined total value = 90,191,809,920

Strike 2384.95 has a total call value of 70,065,366,840 versus a total put value of 22,965,134,925 Combined total value = 93,030,501,765

Strike 2400 has a total call value of 81,411,534,750 versus a total put value of 20,336,235,540 Combined total value = 101,747,770,290

Strike 2404.3 has a total call value of 85,471,776,210 versus a total put value of 19,771,538,040 Combined total value = 105,243,314,250

Strike 2420 has a total call value of 100,447,254,180 versus a total put value of 17,780,564,520 Combined total value = 118,227,818,700

Strike 2423.7 has a total call value of 104,021,324,310 versus a total put value of 17,318,556,990 Combined total value = 121,339,881,300

Strike 2440 has a total call value of 120,202,226,730 versus a total put value of 15,723,434,100 Combined total value = 135,925,660,830

Strike 2443.1 has a total call value of 123,373,642,050 versus a total put value of 15,434,914,620 Combined total value = 138,808,556,670

Strike 2460 has a total call value of 140,803,445,220 versus a total put value of 13,862,018,100 Combined total value = 154,665,463,320

Strike 2462.5 has a total call value of 143,442,536,970 versus a total put value of 13,646,645,100 Combined total value = 157,089,182,070

Strike 2480 has a total call value of 162,063,263,220 versus a total put value of 12,194,190,600 Combined total value = 174,257,453,820

Strike 2481.9 has a total call value of 164,105,079,600 versus a total put value of 12,037,904,580 Combined total value = 176,142,984,180

Strike 2500 has a total call value of 183,690,856,110 versus a total put value of 10,624,578,750 Combined total value = 194,315,434,860

Strike 2501.25 has a total call value of 185,190,548,985 versus a total put value of 10,562,971,875 Combined total value = 195,753,520,860

Strike 2520 has a total call value of 207,772,848,360 versus a total put value of 9,652,194,375 Combined total value = 217,425,042,735

Strike 2520.65 has a total call value of 208,558,513,305 versus a total put value of 9,621,665,175 Combined total value = 218,180,178,480

Strike 2540 has a total call value of 232,231,163,985 versus a total put value of 8,712,834,375 Combined total value = 240,943,998,360

Strike 2540.05 has a total call value of 232,292,807,940 versus a total put value of 8,710,485,975 Combined total value = 241,003,293,915

Strike 2559.45 has a total call value of 256,302,379,860 versus a total put value of 7,799,906,235 Combined total value = 264,102,286,095

Strike 2560 has a total call value of 256,983,063,600 versus a total put value of 7,774,090,830 Combined total value = 264,757,154,430

Strike 2578.85 has a total call value of 280,598,524,560 versus a total put value of 6,889,908,960 Combined total value = 287,488,433,520

Strike 2580 has a total call value of 282,039,255,600 versus a total put value of 6,836,322,180 Combined total value = 288,875,577,780

Strike 2598.2 has a total call value of 304,840,390,320 versus a total put value of 5,988,253,140 Combined total value = 310,828,643,460

Strike 2600 has a total call value of 307,102,789,440 versus a total put value of 5,904,990,000 Combined total value = 313,007,779,440

Strike 2617.6 has a total call value of 329,880,984,000 versus a total put value of 5,211,050,160 Combined total value = 335,092,034,160

Strike 2620 has a total call value of 333,024,700,560 versus a total put value of 5,126,507,760 Combined total value = 338,151,208,320

Strike 2637 has a total call value of 355,292,692,860 versus a total put value of 4,529,766,960 Combined total value = 359,822,459,820

Strike 2640 has a total call value of 359,222,338,560 versus a total put value of 4,424,459,760 Combined total value = 363,646,798,320

Strike 2656.4 has a total call value of 380,819,943,000 versus a total put value of 3,849,793,920 Combined total value = 384,669,736,920

Strike 2660 has a total call value of 385,560,880,560 versus a total put value of 3,723,647,760 Combined total value = 389,284,528,320

Strike 2675.8 has a total call value of 406,368,328,740 versus a total put value of 3,170,494,500 Combined total value = 409,538,823,240

Strike 2680 has a total call value of 411,899,422,560 versus a total put value of 3,023,453,760 Combined total value = 414,922,876,320

Strike 2695.15 has a total call value of 431,896,277,220 versus a total put value of 2,493,056,805 Combined total value = 434,389,334,025

Strike 2700 has a total call value of 438,297,910,560 versus a total put value of 2,323,259,760 Combined total value = 440,621,170,320

Strike 2714.55 has a total call value of 457,811,232,750 versus a total put value of 1,830,503,640 Combined total value = 459,641,736,390

Strike 2720 has a total call value of 465,197,139,240 versus a total put value of 1,747,648,380 Combined total value = 466,944,787,620

Strike 2733.95 has a total call value of 484,102,349,430 versus a total put value of 1,538,586,705 Combined total value = 485,640,936,135

Strike 2740 has a total call value of 492,301,383,240 versus a total put value of 1,448,479,215 Combined total value = 493,749,862,455

Strike 2753.35 has a total call value of 510,393,466,110 versus a total put value of 1,249,646,985 Combined total value = 511,643,113,095

Strike 2760 has a total call value of 519,405,627,240 versus a total put value of 1,151,219,670 Combined total value = 520,556,846,910

Strike 2780 has a total call value of 546,509,871,240 versus a total put value of 855,815,670 Combined total value = 547,365,686,910

Strike 2792.1 has a total call value of 562,907,938,860 versus a total put value of 677,096,250 Combined total value = 563,585,035,110

Strike 2800 has a total call value of 573,697,600,860 versus a total put value of 561,144,000 Combined total value = 574,258,744,860

Strike 2820 has a total call value of 601,157,812,860 versus a total put value of 280,572,000 Combined total value = 601,438,384,860

Strike 2840 has a total call value of 628,618,024,860 versus a total put value of 0 Combined total value = 628,618,024,860

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	1135.6	1140
ABB	5207.5	5200
ABCAPITAL	349.35	350
ADANIENSOL	988.95	990
ADANIENT	2240.1	2300
ADANIGREEN	1028.3	1020
ADANIPORTS	1486.8	1500
ALKEM	5638.5	5700
AMBER	6649	6800
AMBUJACEM	544	555
ANGELONE	2507.9	2600
APLAPOLLO	1743.6	1740
APOLLOHOSP	6974	7150
ASHOKLEY	165.54	160
ASIANPAINT	2778.8	2800
ASTRAL	1435.3	1460
AUBANK	995.7	960
AUROPHARMA	1189.6	1200
AXISBANK	1229.8	1240
BAJAJ-AUTO	8928	9000
BAJAJFINSV	2022.6	2060
BAJFINANCE	1000	1020
BANDHANBNK	148.88	150
BANKBARODA	286.75	290
BANKINDIA	142.4	143
BDL	1333.2	1400
BEL	385.9	400
BHARATFORG	1410	1400
BHARTIARTL	2101.9	2100
BHEL	276.7	280
BIOCON	388.4	390
BLUESTARCO	1822.5	1780
BOSCHLTD	36020	36500
BPCL	367	365
BRITANNIA	6091	6000
BSE	2656	2700
CAMS	745.1	780
CANBK	150.32	150
CDSL	1483.5	1560
CGPOWER	678.3	680
CHOLAFIN	1687.2	1700
CIPLA	1494.2	1520
COALINDIA	384	384.75
COFORGE	1851.6	1840
COLPAL	2112.5	2180
CONCOR	497.65	520
CROMPTON	251.1	265
CUMMINSIND	4513	4500
CYIENT	1138.3	1160
DABUR	494.8	500
DALBHARAT	2062	2040
DELHIVERY	401.2	410
DIVISLAB	6317.5	6400
DIXON	13317	13750
DLF	682.05	710
DMART	3818.1	3900
DRREDDY	1278.1	1270
EICHERMOT	7154.5	7150
ETERNAL	285.35	295
EXIDEIND	362.45	375
FEDERALBNK	264.3	260
FORTIS	874.9	890
GAIL	169.17	175
GLENMARK	1953.7	1940
GMRAIRPORT	101.93	102
GODREJCP	1175.5	1160
GODREJPROP	2025.3	2080
GRASIM	2802	2800
HAL	4242	4500
HAVELLS	1399.9	1440
HCLTECH	1650.9	1660
HDFCAMC	2559	2620
HDFCBANK	983.8	1000
HDFCLIFE	751.65	770
HEROMOTOCO	5805.5	6000
HFCL	64.86	68
HINDALCO	847.15	820
HINDPETRO	468.5	460
HINDUNILVR	2270.5	2300
HINDZINC	582.2	550
HUDCO	209.01	220
ICICIBANK	1351	1370
ICICIGI	1934.7	1980
ICICIPRULI	632.45	630
IDEA	11.31	11
IDFCFIRSTB	83.84	82
IEX	141.25	145
IIFL	568.95	560
INDHOTEL	719.05	730
INDIANB	777.05	820
INDIGO	4974.5	5000
INDUSINDBK	835.8	850
INDUSTOWER	408.25	410
INFY	1600.7	1600
INOXWIND	126.57	130
IOC	168.33	166
IRCTC	668.6	690
IREDA	132.47	140
IRFC	111.54	116
ITC	400	405
JINDALSTEL	1006.5	1030
JIOFIN	293.6	305
JSWENERGY	481.3	490
JSWSTEEL	1085.1	1130
JUBLFOOD	553.35	580
KALYANKJIL	474.6	480
KAYNES	4184.5	4400
KEI	4100	4100
KFINTECH	1035.8	1060
KOTAKBANK	2169.8	2160
KPITTECH	1171.1	1200
LAURUSLABS	1010	1000
LICHSGFIN	526.35	550
LICI	846.8	870
LODHA	1068.5	1100
LT	4059.6	4040
LTF	302.9	302.5
LTIM	6246	6150
LUPIN	2116.5	2080
M&M	3604.4	3650
MANAPPURAM	284.95	280
MANKIND	2098.5	2200
MARICO	739.15	740
MARUTI	16410	16300
MAXHEALTH	1040.6	1100
MAZDOCK	2382.8	2500
MCX	10106	10100
MFSL	1648.5	1680
MOTHERSON	119.94	116
MPHASIS	2866	2900
MUTHOOTFIN	3800.5	3750
NATIONALUM	279.5	270
NAUKRI	1347.7	1360
NBCC	110.55	112
NCC	156.6	165
NESTLEIND	1229.6	1240
NHPC	75.73	78
NMDC	77.5	77
NTPC	320.6	325
NUVAMA	7248.5	7200
NYKAA	244.8	255
OBEROIRLTY	1625.6	1640
OFSS	7770	8000
OIL	402	410
ONGC	232.29	237.5
PAGEIND	36195	37000
PATANJALI	531.5	540
PAYTM	1270.7	1300
PERSISTENT	6289.5	6300
PETRONET	268.9	278
PFC	336.45	355
PGEL	566.5	560
PHOENIXLTD	1788.5	1740
PIDILITIND	1449.7	1480
PIIND	3211.2	3350
PNB	119.23	120
PNBHOUSING	905.1	910
POLICYBZR	1794.2	1840
POLYCAB	7105	7200
POWERGRID	262.5	270
POWERINDIA	19265	19500
PPLPHARMA	169.83	180
PRESTIGE	1612.2	1660
RBLBANK	297.45	310
RECLTD	334.15	350
RELIANCE	1541.8	1540
RVNL	308.1	315
SAIL	129.62	132
SAMMAANCAP	152.21	155
SBICARD	833.9	870
SBILIFE	2001.6	2020
SBIN	976	970
SHREECEM	26030	26500
SHRIRAMFIN	865	850
SIEMENS	3146.5	3200
SOLARINDS	11920	12500
SONACOMS	489.9	500
SRF	3016	2950
SUNPHARMA	1782.5	1800
SUPREMEIND	3333.2	3400
SUZLON	52.17	54
SYNGENE	652.5	650
TATACONSUM	1181.9	1170
TATAELXSI	4993.5	5100
TATAMOTORS	0	320
TATAPOWER	380.2	390
TATASTEEL	169.96	170
TATATECH	645.85	670
TCS	3218.5	3200
TECHM	1578.2	1540
TIINDIA	2626.4	2700
TITAGARH	781.8	800
TITAN	3906	3880
TMPV	347.35	360
TORNTPHARM	3742.3	3750
TORNTPOWER	1288	1300
TRENT	4062.7	4200
TVSMOTOR	3643	3600
ULTRACEMCO	11523	11700
UNIONBANK	153.4	155
UNITDSPR	1442.5	1440
UNOMINDA	1246.9	1280
UPL	745.95	750
VBL	478.6	470
VEDL	573.05	550
VOLTAS	1384.1	1380
WIPRO	260.75	255
YESBANK	21.59	22
ZYDUSLIFE	920.05	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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