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

2228.9 -0.40 (-0.02%)

L: 2227.1 H: 2250

Max Pain - ADANIENT

19 Dec 2025 11:01 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

16.6 -0.65

Open Interest

8593 317

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

79.05 0

Open Interest

3330 -4

Strike 1840 has a total call value of 0 versus a total put value of 355,116,111,720 Combined total value = 355,116,111,720

Strike 1860 has a total call value of 0 versus a total put value of 338,494,383,720 Combined total value = 338,494,383,720

Strike 1880 has a total call value of 0 versus a total put value of 321,872,655,720 Combined total value = 321,872,655,720

Strike 1900 has a total call value of 0 versus a total put value of 305,307,783,720 Combined total value = 305,307,783,720

Strike 1900.2 has a total call value of 0 versus a total put value of 305,142,135,000 Combined total value = 305,142,135,000

Strike 1920 has a total call value of 18,966,420 versus a total put value of 289,017,007,080 Combined total value = 289,035,973,500

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 273,615,153,915 Combined total value = 273,652,272,540

Strike 1940 has a total call value of 38,124,420 versus a total put value of 272,770,156,335 Combined total value = 272,808,280,755

Strike 1960 has a total call value of 57,282,420 versus a total put value of 256,709,572,335 Combined total value = 256,766,854,755

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 242,519,427,135 Combined total value = 242,593,712,280

Strike 1980 has a total call value of 76,440,420 versus a total put value of 240,730,618,410 Combined total value = 240,807,058,830

Strike 2000 has a total call value of 95,598,420 versus a total put value of 224,830,096,410 Combined total value = 224,925,694,830

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 212,292,736,590 Combined total value = 212,411,859,180

Strike 2020 has a total call value of 124,026,420 versus a total put value of 209,705,859,660 Combined total value = 209,829,886,080

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,828,440,410 Combined total value = 197,975,067,090

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,778,632,040 Combined total value = 194,931,086,460

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 183,408,986,310 Combined total value = 183,583,188,150

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,950,479,090 Combined total value = 180,131,361,510

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 169,181,594,250 Combined total value = 169,383,371,250

Strike 2080 has a total call value of 209,310,420 versus a total put value of 165,316,294,710 Combined total value = 165,525,605,130

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 155,145,111,660 Combined total value = 155,376,206,580

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,904,581,060 Combined total value = 151,144,791,480

Strike 2113.5 has a total call value of 338,240,670 versus a total put value of 141,810,293,910 Combined total value = 142,148,534,580

Strike 2120 has a total call value of 385,641,270 versus a total put value of 137,460,284,610 Combined total value = 137,845,925,880

Strike 2132.85 has a total call value of 480,142,740 versus a total put value of 129,190,214,790 Combined total value = 129,670,357,530

Strike 2140 has a total call value of 541,341,735 versus a total put value of 124,743,897,915 Combined total value = 125,285,239,650

Strike 2152.25 has a total call value of 662,091,210 versus a total put value of 117,206,329,590 Combined total value = 117,868,420,800

Strike 2160 has a total call value of 738,483,735 versus a total put value of 112,499,448,465 Combined total value = 113,237,932,200

Strike 2171.65 has a total call value of 880,317,825 versus a total put value of 105,545,978,205 Combined total value = 106,426,296,030

Strike 2180 has a total call value of 981,975,735 versus a total put value of 100,575,835,260 Combined total value = 101,557,810,995

Strike 2191.05 has a total call value of 1,167,721,815 versus a total put value of 94,145,401,575 Combined total value = 95,313,123,390

Strike 2200 has a total call value of 1,318,167,735 versus a total put value of 88,992,628,815 Combined total value = 90,310,796,550

Strike 2210.45 has a total call value of 2,061,172,140 versus a total put value of 83,568,793,530 Combined total value = 85,629,965,670

Strike 2220 has a total call value of 2,740,185,735 versus a total put value of 78,686,151,660 Combined total value = 81,426,337,395

Strike 2229.8 has a total call value of 3,589,293,015 versus a total put value of 73,870,708,020 Combined total value = 77,460,001,035

Strike 2240 has a total call value of 4,585,576,995 versus a total put value of 69,076,189,860 Combined total value = 73,661,766,855

Strike 2249.2 has a total call value of 5,779,837,275 versus a total put value of 64,983,979,260 Combined total value = 70,763,816,535

Strike 2260 has a total call value of 7,264,557,555 versus a total put value of 60,180,079,860 Combined total value = 67,444,637,415

Strike 2268.6 has a total call value of 9,543,543,795 versus a total put value of 56,648,395,260 Combined total value = 66,191,939,055

Strike 2280 has a total call value of 12,639,204,675 versus a total put value of 51,966,859,860 Combined total value = 64,606,064,535

Strike 2288 has a total call value of 15,081,787,875 versus a total put value of 48,847,690,260 Combined total value = 63,929,478,135

Strike 2300 has a total call value of 18,833,542,275 versus a total put value of 44,168,935,860 Combined total value = 63,002,478,135

Strike 2307.35 has a total call value of 23,083,091,040 versus a total put value of 42,059,491,740 Combined total value = 65,142,582,780

Strike 2320 has a total call value of 30,536,877,105 versus a total put value of 38,514,555,675 Combined total value = 69,051,432,780

Strike 2326.75 has a total call value of 34,727,983,155 versus a total put value of 36,703,916,100 Combined total value = 71,431,899,255

Strike 2340 has a total call value of 43,243,204,305 versus a total put value of 33,432,610,350 Combined total value = 76,675,814,655

Strike 2346.15 has a total call value of 47,439,937,245 versus a total put value of 32,014,759,215 Combined total value = 79,454,696,460

Strike 2360 has a total call value of 57,135,912,285 versus a total put value of 28,939,830,690 Combined total value = 86,075,742,975

Strike 2365.55 has a total call value of 61,286,948,760 versus a total put value of 27,802,990,335 Combined total value = 89,089,939,095

Strike 2380 has a total call value of 72,333,928,965 versus a total put value of 25,062,789,150 Combined total value = 97,396,718,115

Strike 2384.95 has a total call value of 76,228,775,085 versus a total put value of 24,154,848,270 Combined total value = 100,383,623,355

Strike 2400 has a total call value of 88,149,738,615 versus a total put value of 21,405,967,275 Combined total value = 109,555,705,890

Strike 2404.3 has a total call value of 92,464,160,385 versus a total put value of 20,803,534,695 Combined total value = 113,267,695,080

Strike 2420 has a total call value of 108,346,831,455 versus a total put value of 18,674,299,125 Combined total value = 127,021,130,580

Strike 2423.7 has a total call value of 112,139,157,555 versus a total put value of 18,180,393,525 Combined total value = 130,319,551,080

Strike 2440 has a total call value of 129,249,834,795 versus a total put value of 16,442,732,025 Combined total value = 145,692,566,820

Strike 2443.1 has a total call value of 132,604,017,435 versus a total put value of 16,127,008,185 Combined total value = 148,731,025,620

Strike 2460 has a total call value of 151,005,131,205 versus a total put value of 14,405,804,025 Combined total value = 165,410,935,230

Strike 2462.5 has a total call value of 153,789,375,705 versus a total put value of 14,168,337,525 Combined total value = 167,957,713,230

Strike 2480 has a total call value of 173,438,067,705 versus a total put value of 12,561,228,525 Combined total value = 185,999,296,230

Strike 2481.9 has a total call value of 175,592,078,895 versus a total put value of 12,388,034,025 Combined total value = 187,980,112,920

Strike 2500 has a total call value of 196,283,012,445 versus a total put value of 10,813,632,675 Combined total value = 207,096,645,120

Strike 2501.25 has a total call value of 197,860,805,070 versus a total put value of 10,740,361,050 Combined total value = 208,601,166,120

Strike 2520 has a total call value of 221,636,616,945 versus a total put value of 9,654,612,300 Combined total value = 231,291,229,245

Strike 2520.65 has a total call value of 222,462,974,100 versus a total put value of 9,618,017,430 Combined total value = 232,080,991,530

Strike 2540 has a total call value of 247,364,938,020 versus a total put value of 8,707,392,885 Combined total value = 256,072,330,905

Strike 2540.05 has a total call value of 247,429,678,155 versus a total put value of 8,705,039,850 Combined total value = 256,134,718,005

Strike 2559.45 has a total call value of 272,648,960,355 versus a total put value of 7,792,661,730 Combined total value = 280,441,622,085

Strike 2560 has a total call value of 273,363,940,005 versus a total put value of 7,766,914,305 Combined total value = 281,130,854,310

Strike 2578.85 has a total call value of 298,099,481,160 versus a total put value of 6,885,062,295 Combined total value = 304,984,543,455

Strike 2580 has a total call value of 299,608,546,005 versus a total put value of 6,831,546,585 Combined total value = 306,440,092,590

Strike 2598.2 has a total call value of 323,491,137,465 versus a total put value of 5,984,602,305 Combined total value = 329,475,739,770

Strike 2600 has a total call value of 325,860,215,745 versus a total put value of 5,901,450,405 Combined total value = 331,761,666,150

Strike 2617.6 has a total call value of 349,574,902,785 versus a total put value of 5,208,054,405 Combined total value = 354,782,957,190

Strike 2620 has a total call value of 352,843,504,785 versus a total put value of 5,123,586,165 Combined total value = 357,967,090,950

Strike 2637 has a total call value of 375,996,102,285 versus a total put value of 4,527,370,665 Combined total value = 380,523,472,950

Strike 2640 has a total call value of 380,081,854,785 versus a total put value of 4,422,156,165 Combined total value = 384,504,010,950

Strike 2656.4 has a total call value of 402,513,586,185 versus a total put value of 3,847,997,085 Combined total value = 406,361,583,270

Strike 2660 has a total call value of 407,437,624,785 versus a total put value of 3,721,962,165 Combined total value = 411,159,586,950

Strike 2675.8 has a total call value of 429,048,683,085 versus a total put value of 3,169,297,125 Combined total value = 432,217,980,210

Strike 2680 has a total call value of 434,793,394,785 versus a total put value of 3,022,386,165 Combined total value = 437,815,780,950

Strike 2695.15 has a total call value of 455,560,331,520 versus a total put value of 2,492,457,345 Combined total value = 458,052,788,865

Strike 2700 has a total call value of 462,208,492,785 versus a total put value of 2,322,810,165 Combined total value = 464,531,302,950

Strike 2714.55 has a total call value of 482,382,270,030 versus a total put value of 1,830,503,640 Combined total value = 484,212,773,670

Strike 2720 has a total call value of 490,001,080,635 versus a total put value of 1,747,648,380 Combined total value = 491,748,729,015

Strike 2733.95 has a total call value of 509,502,439,890 versus a total put value of 1,538,586,705 Combined total value = 511,041,026,595

Strike 2740 has a total call value of 517,960,018,635 versus a total put value of 1,448,479,215 Combined total value = 519,408,497,850

Strike 2753.35 has a total call value of 536,622,609,750 versus a total put value of 1,249,646,985 Combined total value = 537,872,256,735

Strike 2760 has a total call value of 545,918,956,635 versus a total put value of 1,151,219,670 Combined total value = 547,070,176,305

Strike 2780 has a total call value of 573,877,894,635 versus a total put value of 855,815,670 Combined total value = 574,733,710,305

Strike 2792.1 has a total call value of 590,793,052,125 versus a total put value of 677,096,250 Combined total value = 591,470,148,375

Strike 2800 has a total call value of 601,917,388,935 versus a total put value of 561,144,000 Combined total value = 602,478,532,935

Strike 2820 has a total call value of 630,177,910,935 versus a total put value of 280,572,000 Combined total value = 630,458,482,935

Strike 2840 has a total call value of 658,438,432,935 versus a total put value of 0 Combined total value = 658,438,432,935

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	1134.7	1140
ABB	5140	5200
ABCAPITAL	345.7	345
ADANIENSOL	975	980
ADANIENT	2228.9	2300
ADANIGREEN	1010.5	1020
ADANIPORTS	1495.8	1500
ALKEM	5519	5650
AMBER	6625	6800
AMBUJACEM	536.15	550
ANGELONE	2461.4	2550
APLAPOLLO	1807.5	1760
APOLLOHOSP	6960	7100
ASHOKLEY	173.4	164
ASIANPAINT	2787	2800
ASTRAL	1408.8	1440
AUBANK	978.65	960
AUROPHARMA	1220.2	1220
AXISBANK	1237.9	1240
BAJAJ-AUTO	8922	9000
BAJAJFINSV	2038.7	2060
BAJFINANCE	1004.7	1020
BANDHANBNK	148.98	152.5
BANKBARODA	289.2	290
BANKINDIA	142.22	143
BDL	1345.2	1400
BEL	390.45	400
BHARATFORG	1424.3	1400
BHARTIARTL	2092.3	2100
BHEL	273.9	280
BIOCON	398.35	395
BLUESTARCO	1801	1820
BOSCHLTD	35720	36000
BPCL	364.6	365
BRITANNIA	6068.5	6000
BSE	2703.8	2700
CAMS	749.7	770
CANBK	148.1	150
CDSL	1488.4	1540
CGPOWER	660.55	680
CHOLAFIN	1673.2	1700
CIPLA	1509.4	1520
COALINDIA	383.75	385
COFORGE	1854.3	1840
COLPAL	2082.7	2160
CONCOR	497.7	520
CROMPTON	251.45	260
CUMMINSIND	4362.5	4400
CYIENT	1146.9	1140
DABUR	492.2	500
DALBHARAT	2021.6	2040
DELHIVERY	402.6	410
DIVISLAB	6530	6500
DIXON	13205	13500
DLF	681.8	710
DMART	3769.5	3900
DRREDDY	1280.8	1270
EICHERMOT	7189	7100
ETERNAL	286.9	295
EXIDEIND	359.1	370
FEDERALBNK	267.2	260
FORTIS	887.35	890
GAIL	168.77	175
GLENMARK	1965.7	1940
GMRAIRPORT	101.25	102
GODREJCP	1181.8	1160
GODREJPROP	2007.3	2060
GRASIM	2820	2800
HAL	4266	4450
HAVELLS	1401.3	1440
HCLTECH	1648.1	1660
HDFCAMC	2641.6	2675
HDFCBANK	984	995
HDFCLIFE	756.9	770
HEROMOTOCO	5768.5	5900
HFCL	64.4	67
HINDALCO	849.2	820
HINDPETRO	465.9	460
HINDUNILVR	2271.4	2300
HINDZINC	585.75	560
HUDCO	207.88	217.5
ICICIBANK	1355.8	1370
ICICIGI	1940	1960
ICICIPRULI	648.95	630
IDEA	11.67	11
IDFCFIRSTB	83.8	82
IEX	139.22	145
IIFL	562	560
INDHOTEL	724.6	730
INDIANB	776.55	810
INDIGO	5113	5100
INDUSINDBK	831.75	850
INDUSTOWER	410.85	410
INFY	1650	1600
INOXWIND	123.99	130
IOC	161.32	161
IRCTC	668.2	690
IREDA	131.35	137.5
IRFC	111.19	115
ITC	400.95	405
JINDALSTEL	983.3	1020
JIOFIN	295.25	305
JSWENERGY	469.05	490
JSWSTEEL	1081.4	1120
JUBLFOOD	561	580
KALYANKJIL	475.7	480
KAYNES	4048	4300
KEI	4150.7	4100
KFINTECH	1063	1080
KOTAKBANK	2172.3	2160
KPITTECH	1168	1200
LAURUSLABS	1045.3	1010
LICHSGFIN	529.05	550
LICI	849.6	870
LODHA	1077.6	1100
LT	4075.7	4040
LTF	299.7	300
LTIM	6170	6100
LUPIN	2130	2100
M&M	3600.1	3650
MANAPPURAM	285	280
MANKIND	2146.6	2200
MARICO	735.1	730
MARUTI	16406	16300
MAXHEALTH	1072.4	1080
MAZDOCK	2373.2	2500
MCX	10270	10100
MFSL	1664.1	1700
MOTHERSON	119.65	116
MPHASIS	2892	2900
MUTHOOTFIN	3751.3	3750
NATIONALUM	278.1	272.5
NAUKRI	1326	1360
NBCC	110.54	111
NCC	153	162.5
NESTLEIND	1239	1240
NHPC	75.13	78
NMDC	75.89	77
NTPC	317.95	325
NUVAMA	7141	7300
NYKAA	244.15	250
OBEROIRLTY	1663	1660
OFSS	7673	7900
OIL	401.35	410
ONGC	232.73	237.5
PAGEIND	35505	36500
PATANJALI	562	550
PAYTM	1305.4	1300
PERSISTENT	6344.5	6300
PETRONET	270	278
PFC	337	355
PGEL	572.3	560
PHOENIXLTD	1810.8	1760
PIDILITIND	1450.2	1480
PIIND	3215	3350
PNB	119.09	120
PNBHOUSING	900.7	900
POLICYBZR	1843.7	1840
POLYCAB	7274.5	7300
POWERGRID	260.1	270
POWERINDIA	17980	18500
PPLPHARMA	168.36	175
PRESTIGE	1613.5	1640
RBLBANK	297.55	305
RECLTD	338.5	355
RELIANCE	1573	1550
RVNL	309.3	310
SAIL	125.51	130
SAMMAANCAP	144.75	155
SBICARD	849.7	870
SBILIFE	2016.7	2020
SBIN	979.05	970
SHREECEM	25470	26000
SHRIRAMFIN	860.25	850
SIEMENS	3094.5	3150
SOLARINDS	11780	12500
SONACOMS	485.6	495
SRF	3062.7	3000
SUNPHARMA	1748.4	1760
SUPREMEIND	3358.1	3400
SUZLON	51.86	54
SYNGENE	651.3	650
TATACONSUM	1170.7	1170
TATAELXSI	5245.5	5200
TATAMOTORS	0	320
TATAPOWER	375.05	390
TATASTEEL	168.24	170
TATATECH	646.8	670
TCS	3312.2	3240
TECHM	1602.7	1560
TIINDIA	2577	2700
TITAGARH	767.25	800
TITAN	3960.5	3880
TMPV	350.8	360
TORNTPHARM	3763	3750
TORNTPOWER	1250	1300
TRENT	4033	4200
TVSMOTOR	3645	3600
ULTRACEMCO	11490	11600
UNIONBANK	153.63	155
UNITDSPR	1397.3	1430
UNOMINDA	1235.6	1280
UPL	742.1	750
VBL	469.25	470
VEDL	573.1	555
VOLTAS	1401.9	1400
WIPRO	265.21	260
YESBANK	21.58	22
ZYDUSLIFE	916.4	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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