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

2234.1 -31.30 (-1.38%)

L: 2233.8 H: 2270.4

Max Pain - ADANIENT

08 Dec 2025 12:21 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

37.2 -12.45

Open Interest

7678 189

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

90.4 14.75

Open Interest

3420 25

Strike 1880 has a total call value of 0 versus a total put value of 325,420,573,635 Combined total value = 325,420,573,635

Strike 1900 has a total call value of 0 versus a total put value of 309,052,225,635 Combined total value = 309,052,225,635

Strike 1900.2 has a total call value of 0 versus a total put value of 308,888,542,155 Combined total value = 308,888,542,155

Strike 1920 has a total call value of 19,578,240 versus a total put value of 292,979,998,515 Combined total value = 292,999,576,755

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 277,765,522,950 Combined total value = 277,803,838,950

Strike 1940 has a total call value of 39,354,240 versus a total put value of 276,930,518,430 Combined total value = 276,969,872,670

Strike 1960 has a total call value of 59,130,240 versus a total put value of 261,054,098,430 Combined total value = 261,113,228,670

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 247,018,074,705 Combined total value = 247,094,756,145

Strike 1980 has a total call value of 78,906,240 versus a total put value of 245,247,133,905 Combined total value = 245,326,040,145

Strike 2000 has a total call value of 98,682,240 versus a total put value of 229,505,437,905 Combined total value = 229,604,120,145

Strike 2016.55 has a total call value of 122,206,410 versus a total put value of 217,070,357,085 Combined total value = 217,192,563,495

Strike 2020 has a total call value of 127,110,240 versus a total put value of 214,493,927,445 Combined total value = 214,621,037,685

Strike 2035.9 has a total call value of 149,710,500 versus a total put value of 202,639,108,455 Combined total value = 202,788,818,955

Strike 2040 has a total call value of 155,538,240 versus a total put value of 199,599,055,215 Combined total value = 199,754,593,455

Strike 2055.3 has a total call value of 177,285,660 versus a total put value of 188,254,466,295 Combined total value = 188,431,751,955

Strike 2060 has a total call value of 183,966,240 versus a total put value of 184,816,436,505 Combined total value = 185,000,402,745

Strike 2074.7 has a total call value of 204,860,820 versus a total put value of 174,101,150,805 Combined total value = 174,306,011,625

Strike 2080 has a total call value of 212,394,240 versus a total put value of 170,255,503,665 Combined total value = 170,467,897,905

Strike 2094.1 has a total call value of 234,178,740 versus a total put value of 160,139,653,245 Combined total value = 160,373,831,985

Strike 2100 has a total call value of 243,658,860 versus a total put value of 155,928,839,175 Combined total value = 156,172,498,035

Strike 2113.5 has a total call value of 301,225,560 versus a total put value of 146,685,629,475 Combined total value = 146,986,855,035

Strike 2120 has a total call value of 329,143,710 versus a total put value of 142,266,527,775 Combined total value = 142,595,671,485

Strike 2132.85 has a total call value of 385,129,875 versus a total put value of 133,770,527,970 Combined total value = 134,155,657,845

Strike 2140 has a total call value of 426,444,720 versus a total put value of 129,164,254,155 Combined total value = 129,590,698,875

Strike 2152.25 has a total call value of 516,533,670 versus a total put value of 121,351,498,155 Combined total value = 121,868,031,825

Strike 2160 has a total call value of 573,528,720 versus a total put value of 116,504,045,205 Combined total value = 117,077,573,925

Strike 2171.65 has a total call value of 688,723,920 versus a total put value of 109,322,704,440 Combined total value = 110,011,428,360

Strike 2180 has a total call value of 771,288,720 versus a total put value of 104,194,656,315 Combined total value = 104,965,945,035

Strike 2191.05 has a total call value of 946,450,005 versus a total put value of 97,545,014,940 Combined total value = 98,491,464,945

Strike 2200 has a total call value of 1,088,322,720 versus a total put value of 92,245,114,920 Combined total value = 93,333,437,640

Strike 2210.45 has a total call value of 1,738,653,390 versus a total put value of 86,812,238,295 Combined total value = 88,550,891,685

Strike 2220 has a total call value of 2,332,974,720 versus a total put value of 81,924,579,810 Combined total value = 84,257,554,530

Strike 2229.8 has a total call value of 3,051,263,760 versus a total put value of 77,027,374,770 Combined total value = 80,078,638,530

Strike 2240 has a total call value of 3,864,112,980 versus a total put value of 72,157,213,410 Combined total value = 76,021,326,390

Strike 2249.2 has a total call value of 4,854,828,780 versus a total put value of 67,958,966,370 Combined total value = 72,813,795,150

Strike 2260 has a total call value of 6,071,905,620 versus a total put value of 63,030,589,410 Combined total value = 69,102,495,030

Strike 2268.6 has a total call value of 7,774,236,060 versus a total put value of 59,345,307,090 Combined total value = 67,119,543,150

Strike 2280 has a total call value of 10,145,298,120 versus a total put value of 54,460,165,410 Combined total value = 64,605,463,530

Strike 2288 has a total call value of 12,026,242,920 versus a total put value of 51,151,146,210 Combined total value = 63,177,389,130

Strike 2300 has a total call value of 14,944,809,720 versus a total put value of 46,187,617,410 Combined total value = 61,132,427,130

Strike 2307.35 has a total call value of 18,476,220,855 versus a total put value of 43,924,189,320 Combined total value = 62,400,410,175

Strike 2320 has a total call value of 24,740,543,865 versus a total put value of 40,115,796,765 Combined total value = 64,856,340,630

Strike 2326.75 has a total call value of 28,282,355,940 versus a total put value of 38,167,706,265 Combined total value = 66,450,062,205

Strike 2340 has a total call value of 35,532,453,840 versus a total put value of 34,699,876,515 Combined total value = 70,232,330,355

Strike 2346.15 has a total call value of 39,160,982,130 versus a total put value of 33,202,970,820 Combined total value = 72,363,952,950

Strike 2360 has a total call value of 47,569,210,485 versus a total put value of 29,953,004,610 Combined total value = 77,522,215,095

Strike 2365.55 has a total call value of 51,186,726,015 versus a total put value of 28,749,281,205 Combined total value = 79,936,007,220

Strike 2380 has a total call value of 60,833,020,035 versus a total put value of 25,844,319,675 Combined total value = 86,677,339,710

Strike 2384.95 has a total call value of 64,271,754,345 versus a total put value of 24,882,079,770 Combined total value = 89,153,834,115

Strike 2400 has a total call value of 74,838,971,880 versus a total put value of 21,969,037,890 Combined total value = 96,808,009,770

Strike 2404.3 has a total call value of 78,548,436,540 versus a total put value of 21,340,297,050 Combined total value = 99,888,733,590

Strike 2420 has a total call value of 92,258,210,340 versus a total put value of 19,128,589,380 Combined total value = 111,386,799,720

Strike 2423.7 has a total call value of 95,550,457,020 versus a total put value of 18,614,676,030 Combined total value = 114,165,133,050

Strike 2440 has a total call value of 110,602,131,300 versus a total put value of 16,804,989,720 Combined total value = 127,407,121,020

Strike 2443.1 has a total call value of 113,557,731,750 versus a total put value of 16,477,292,130 Combined total value = 130,035,023,880

Strike 2460 has a total call value of 129,764,519,100 versus a total put value of 14,690,811,720 Combined total value = 144,455,330,820

Strike 2462.5 has a total call value of 132,230,107,350 versus a total put value of 14,443,997,970 Combined total value = 146,674,105,320

Strike 2480 has a total call value of 149,646,583,350 versus a total put value of 12,773,080,470 Combined total value = 162,419,663,820

Strike 2481.9 has a total call value of 151,552,662,210 versus a total put value of 12,593,310,450 Combined total value = 164,145,972,660

Strike 2500 has a total call value of 169,827,462,960 versus a total put value of 10,956,827,910 Combined total value = 180,784,290,870

Strike 2501.25 has a total call value of 171,259,021,335 versus a total put value of 10,881,895,410 Combined total value = 182,140,916,745

Strike 2520 has a total call value of 192,878,978,835 versus a total put value of 9,771,233,535 Combined total value = 202,650,212,370

Strike 2520.65 has a total call value of 193,634,616,705 versus a total put value of 9,733,775,010 Combined total value = 203,368,391,715

Strike 2540 has a total call value of 216,451,651,020 versus a total put value of 8,804,017,185 Combined total value = 225,255,668,205

Strike 2540.05 has a total call value of 216,511,005,285 versus a total put value of 8,801,614,710 Combined total value = 225,312,619,995

Strike 2559.45 has a total call value of 239,636,373,705 versus a total put value of 7,870,053,870 Combined total value = 247,506,427,575

Strike 2560 has a total call value of 240,291,989,820 versus a total put value of 7,843,779,600 Combined total value = 248,135,769,420

Strike 2578.85 has a total call value of 262,951,043,250 versus a total put value of 6,943,871,175 Combined total value = 269,894,914,425

Strike 2580 has a total call value of 264,333,425,820 versus a total put value of 6,889,324,950 Combined total value = 271,222,750,770

Strike 2598.2 has a total call value of 286,211,132,580 versus a total put value of 6,026,071,650 Combined total value = 292,237,204,230

Strike 2600 has a total call value of 288,382,314,900 versus a total put value of 5,941,306,770 Combined total value = 294,323,621,670

Strike 2617.6 has a total call value of 310,271,874,900 versus a total put value of 5,240,297,010 Combined total value = 315,512,171,910

Strike 2620 has a total call value of 313,298,047,860 versus a total put value of 5,155,161,330 Combined total value = 318,453,209,190

Strike 2637 has a total call value of 334,733,439,660 versus a total put value of 4,554,218,130 Combined total value = 339,287,657,790

Strike 2640 has a total call value of 338,516,155,860 versus a total put value of 4,448,169,330 Combined total value = 342,964,325,190

Strike 2656.4 has a total call value of 359,278,113,060 versus a total put value of 3,869,449,410 Combined total value = 363,147,562,470

Strike 2660 has a total call value of 363,835,615,860 versus a total put value of 3,742,413,330 Combined total value = 367,578,029,190

Strike 2675.8 has a total call value of 383,837,989,260 versus a total put value of 3,185,354,310 Combined total value = 387,023,343,570

Strike 2680 has a total call value of 389,155,075,860 versus a total put value of 3,037,275,330 Combined total value = 392,192,351,190

Strike 2695.15 has a total call value of 408,334,566,810 versus a total put value of 2,503,133,295 Combined total value = 410,837,700,105

Strike 2700 has a total call value of 414,474,535,860 versus a total put value of 2,332,137,330 Combined total value = 416,806,673,190

Strike 2714.55 has a total call value of 433,262,211,720 versus a total put value of 1,835,784,450 Combined total value = 435,097,996,170

Strike 2720 has a total call value of 440,383,217,145 versus a total put value of 1,752,592,380 Combined total value = 442,135,809,525

Strike 2733.95 has a total call value of 458,610,377,820 versus a total put value of 1,542,668,595 Combined total value = 460,153,046,415

Strike 2740 has a total call value of 466,515,347,145 versus a total put value of 1,452,187,215 Combined total value = 467,967,534,360

Strike 2753.35 has a total call value of 483,958,543,920 versus a total put value of 1,252,529,955 Combined total value = 485,211,073,875

Strike 2760 has a total call value of 492,647,477,145 versus a total put value of 1,153,691,670 Combined total value = 493,801,168,815

Strike 2780 has a total call value of 518,779,607,145 versus a total put value of 857,051,670 Combined total value = 519,636,658,815

Strike 2792.1 has a total call value of 534,589,545,795 versus a total put value of 677,584,470 Combined total value = 535,267,130,265

Strike 2800 has a total call value of 545,014,019,235 versus a total put value of 561,144,000 Combined total value = 545,575,163,235

Strike 2820 has a total call value of 571,508,915,235 versus a total put value of 280,572,000 Combined total value = 571,789,487,235

Strike 2840 has a total call value of 598,003,811,235 versus a total put value of 0 Combined total value = 598,003,811,235

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	1142.3	1140
ABB	5125.5	5200
ABCAPITAL	355.2	345
ADANIENSOL	964.5	980
ADANIENT	2234.1	2300
ADANIGREEN	1003.8	1040
ADANIPORTS	1492.2	1500
ALKEM	5690	5700
AMBER	6498.5	6500
AMBUJACEM	532.85	550
ANGELONE	2550	2650
APLAPOLLO	1733.8	1760
APOLLOHOSP	7119.5	7300
ASHOKLEY	159.47	157
ASIANPAINT	2940	2920
ASTRAL	1426	1460
AUBANK	954.1	940
AUROPHARMA	1193.3	1220
AXISBANK	1270.3	1280
BAJAJ-AUTO	9007	9100
BAJAJFINSV	2071.5	2080
BAJFINANCE	1029.4	1030
BANDHANBNK	138.55	150
BANKBARODA	285.1	290
BANKINDIA	138.74	145
BDL	1451.1	1500
BEL	391.9	410
BHARATFORG	1376.9	1400
BHARTIARTL	2089.5	2100
BHEL	271.65	285
BIOCON	387.1	400
BLUESTARCO	1711.9	1760
BOSCHLTD	36650	36500
BPCL	359.8	360
BRITANNIA	5861.5	5900
BSE	2838.3	2800
CAMS	751.7	780
CANBK	143.84	150
CDSL	1530.8	1600
CGPOWER	652.25	680
CHOLAFIN	1727.6	1700
CIPLA	1511	1520
COALINDIA	377.2	380
COFORGE	1942.3	1860
COLPAL	2150.9	2200
CONCOR	508.1	520
CROMPTON	254.6	270
CUMMINSIND	4464.3	4450
CYIENT	1147.3	1160
DABUR	504	515
DALBHARAT	1993.9	2000
DELHIVERY	400.45	420
DIVISLAB	6379.5	6450
DIXON	13723	14250
DLF	691.8	730
DMART	3891.7	4000
DRREDDY	1269.6	1270
EICHERMOT	7193	7100
ETERNAL	285.8	300
EXIDEIND	374	380
FEDERALBNK	256.35	255
FORTIS	861.15	900
GAIL	166.87	175
GLENMARK	1946.4	1940
GMRAIRPORT	100.53	102
GODREJCP	1123.8	1140
GODREJPROP	1982.4	2080
GRASIM	2745.9	2760
HAL	4371	4500
HAVELLS	1414.8	1440
HCLTECH	1690.6	1660
HDFCAMC	2572.8	2650
HDFCBANK	1005	1000
HDFCLIFE	773	770
HEROMOTOCO	6199	6200
HFCL	67.62	70
HINDALCO	823.95	800
HINDPETRO	446.7	455
HINDUNILVR	2334.5	2340
HINDZINC	493.8	490
HUDCO	216.3	230
ICICIBANK	1390.9	1390
ICICIGI	1964.2	2000
ICICIPRULI	627.55	620
IDEA	10.41	10
IDFCFIRSTB	79.75	80
IEX	142.75	145
IIFL	554.6	560
INDHOTEL	726	740
INDIANB	785.95	830
INDIGO	4962	5300
INDUSINDBK	846.75	860
INDUSTOWER	404.6	410
INFY	1618.8	1600
INOXWIND	126.3	137.5
IOC	162.8	165
IRCTC	669.95	690
IREDA	131.29	140
IRFC	112.1	118
ITC	404.8	405
JINDALSTEL	998	1030
JIOFIN	298.15	310
JSWENERGY	460.1	480
JSWSTEEL	1138.3	1150
JUBLFOOD	584.35	600
KALYANKJIL	481.2	490
KAYNES	4096	5000
KEI	4110	4100
KFINTECH	1053.7	1080
KOTAKBANK	2142.8	2120
KPITTECH	1232.1	1240
LAURUSLABS	1014	1000
LICHSGFIN	531.85	550
LICI	862	900
LODHA	1083	1140
LT	4001.3	4020
LTF	301.45	302.5
LTIM	6283.5	6150
LUPIN	2080.4	2080
M&M	3689.8	3700
MANAPPURAM	272.45	280
MANKIND	2190.3	2250
MARICO	731.55	730
MARUTI	16170	16100
MAXHEALTH	1082.3	1120
MAZDOCK	2520.2	2650
MCX	10276	10100
MFSL	1692	1700
MOTHERSON	116	115
MPHASIS	2884.4	2900
MUTHOOTFIN	3762.3	3700
NATIONALUM	271.4	265
NAUKRI	1366.1	1380
NBCC	109.24	115
NCC	164.01	175
NESTLEIND	1228.3	1260
NHPC	76.68	78
NMDC	75.16	76
NTPC	320.75	325
NUVAMA	7222	7200
NYKAA	252.25	260
OBEROIRLTY	1620.8	1660
OFSS	8045	8200
OIL	408.25	420
ONGC	240.89	244
PAGEIND	37170	38000
PATANJALI	545.55	550
PAYTM	1338.5	1320
PERSISTENT	6361	6400
PETRONET	272.35	280
PFC	345.25	365
PGEL	532.3	560
PHOENIXLTD	1714.2	1740
PIDILITIND	1461.7	1480
PIIND	3327	3450
PNB	117.54	122
PNBHOUSING	883.3	900
POLICYBZR	1916.2	1880
POLYCAB	7092	7300
POWERGRID	265.65	275
POWERINDIA	18685	20000
PPLPHARMA	174.76	185
PRESTIGE	1625	1680
RBLBANK	300.4	310
RECLTD	344.8	360
RELIANCE	1543.1	1540
RVNL	305.35	315
SAIL	130.3	135
SAMMAANCAP	142.8	160
SBICARD	879.45	880
SBILIFE	2028.7	2020
SBIN	958.25	970
SHREECEM	26205	26500
SHRIRAMFIN	842.45	840
SIEMENS	3258.1	3300
SOLARINDS	12601	13250
SONACOMS	487.7	500
SRF	2834.1	2900
SUNPHARMA	1799.6	1800
SUPREMEIND	3320.4	3500
SUZLON	52.16	55
SYNGENE	630.45	650
TATACONSUM	1154.8	1170
TATAELXSI	5131	5300
TATAMOTORS	0	320
TATAPOWER	377.25	390
TATASTEEL	165.48	170
TATATECH	656.6	680
TCS	3246.5	3200
TECHM	1581.5	1520
TIINDIA	2601.5	2800
TITAGARH	768.4	820
TITAN	3805.5	3860
TMPV	351.1	360
TORNTPHARM	3762.1	3750
TORNTPOWER	1259	1300
TRENT	4146.5	4300
TVSMOTOR	3602.8	3600
ULTRACEMCO	11600	11700
UNIONBANK	148.65	152.5
UNITDSPR	1437.2	1450
UNOMINDA	1267.3	1300
UPL	746.4	750
VBL	469.6	470
VEDL	517.35	520
VOLTAS	1318.3	1360
WIPRO	260.75	255
YESBANK	22.1	23
ZYDUSLIFE	930.6	940

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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