How is Max Pain Calculated?

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. For each strike price: Calculate the difference between the current stock price and the strike price. Multiply this difference by the open interest (number of contracts) at that strike for both call and put options. Sum the values: Add together the dollar value for put options and call options at each strike price. Repeat for all strikes: Perform this calculation for every available strike price in the option chain. Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price. This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

How Can Traders Use Max Pain in Their Strategy?

Traders can incorporate Max Pain analysis into their trading strategy in several ways: Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level. Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes. Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly. Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration. Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

What Does Max Pain Indicate About Stock Price Movement?

Max Pain provides insights into potential stock price behavior, especially near option expiration: Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions. Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost. Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears. Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities. Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

How Often Does Max Pain Change?

Max Pain is a dynamic value that changes continuously based on several factors: Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation. Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations. Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements. New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest. For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

What's the Difference Between Max Pain and Spot Price?

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading: Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately. Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading. The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

Is Max Pain Always Accurate for Predicting Stock Price?

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why: Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions. Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts. Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum. Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level. Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target. Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

When is Max Pain Most Relevant for Options Trading?

Max Pain becomes increasingly relevant as option expiration approaches: Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur. Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations. High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure. Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement. Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement. While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

ADANIENT

Q: What is Max Pain in Options Trading?

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation. The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Adani Enterprises Limited

2242.4 +13.10 (0.59%)

L: 2235.8 H: 2249.3

Max Pain - ADANIENT

19 Dec 2025 09:11 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

17 -5.4

Open Interest

8276 0

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

81.45 2.45

Open Interest

3334 0

Strike 1840 has a total call value of 0 versus a total put value of 352,751,666,895 Combined total value = 352,751,666,895

Strike 1860 has a total call value of 0 versus a total put value of 336,326,462,895 Combined total value = 336,326,462,895

Strike 1880 has a total call value of 0 versus a total put value of 319,901,258,895 Combined total value = 319,901,258,895

Strike 1900 has a total call value of 0 versus a total put value of 303,532,910,895 Combined total value = 303,532,910,895

Strike 1900.2 has a total call value of 0 versus a total put value of 303,369,227,415 Combined total value = 303,369,227,415

Strike 1920 has a total call value of 18,966,420 versus a total put value of 287,434,987,335 Combined total value = 287,453,953,755

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 272,215,827,330 Combined total value = 272,252,945,955

Strike 1940 has a total call value of 38,124,420 versus a total put value of 271,380,952,590 Combined total value = 271,419,077,010

Strike 1960 has a total call value of 57,282,420 versus a total put value of 255,513,184,590 Combined total value = 255,570,467,010

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 241,494,163,590 Combined total value = 241,568,448,735

Strike 1980 has a total call value of 76,440,420 versus a total put value of 239,723,570,415 Combined total value = 239,800,010,835

Strike 2000 has a total call value of 95,598,420 versus a total put value of 223,984,964,415 Combined total value = 224,080,562,835

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 211,478,288,295 Combined total value = 211,597,410,885

Strike 2020 has a total call value of 124,026,420 versus a total put value of 208,897,807,665 Combined total value = 209,021,834,085

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,051,832,255 Combined total value = 197,198,458,935

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,010,892,185 Combined total value = 194,163,346,605

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 182,674,340,355 Combined total value = 182,848,542,195

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,226,144,465 Combined total value = 179,407,026,885

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 168,488,147,265 Combined total value = 168,689,924,265

Strike 2080 has a total call value of 209,310,420 versus a total put value of 164,634,966,705 Combined total value = 164,844,277,125

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,494,717,645 Combined total value = 154,725,812,565

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,268,589,535 Combined total value = 150,508,799,955

Strike 2113.5 has a total call value of 337,823,520 versus a total put value of 141,223,108,935 Combined total value = 141,560,932,455

Strike 2120 has a total call value of 385,023,270 versus a total put value of 136,896,799,935 Combined total value = 137,281,823,205

Strike 2132.85 has a total call value of 479,127,675 versus a total put value of 128,671,995,525 Combined total value = 129,151,123,200

Strike 2140 has a total call value of 540,105,735 versus a total put value of 124,250,865,240 Combined total value = 124,790,970,975

Strike 2152.25 has a total call value of 660,476,685 versus a total put value of 116,755,313,190 Combined total value = 117,415,789,875

Strike 2160 has a total call value of 736,629,735 versus a total put value of 112,097,524,440 Combined total value = 112,834,154,175

Strike 2171.65 has a total call value of 878,103,840 versus a total put value of 105,206,691,570 Combined total value = 106,084,795,410

Strike 2180 has a total call value of 979,503,735 versus a total put value of 100,280,411,175 Combined total value = 101,259,914,910

Strike 2191.05 has a total call value of 1,164,908,370 versus a total put value of 93,914,510,595 Combined total value = 95,079,418,965

Strike 2200 has a total call value of 1,315,077,735 versus a total put value of 88,811,241,180 Combined total value = 90,126,318,915

Strike 2210.45 has a total call value of 2,037,416,220 versus a total put value of 83,446,174,605 Combined total value = 85,483,590,825

Strike 2220 has a total call value of 2,697,543,735 versus a total put value of 78,615,469,455 Combined total value = 81,313,013,190

Strike 2229.8 has a total call value of 3,531,510,015 versus a total put value of 73,845,145,995 Combined total value = 77,376,656,010

Strike 2240 has a total call value of 4,502,579,595 versus a total put value of 69,098,535,195 Combined total value = 73,601,114,790

Strike 2249.2 has a total call value of 5,639,131,035 versus a total put value of 65,037,879,675 Combined total value = 70,677,010,710

Strike 2260 has a total call value of 7,046,428,275 versus a total put value of 60,271,023,195 Combined total value = 67,317,451,470

Strike 2268.6 has a total call value of 9,177,928,815 versus a total put value of 56,732,429,355 Combined total value = 65,910,358,170

Strike 2280 has a total call value of 12,072,449,235 versus a total put value of 52,041,735,195 Combined total value = 64,114,184,430

Strike 2288 has a total call value of 14,363,251,635 versus a total put value of 48,918,610,395 Combined total value = 63,281,862,030

Strike 2300 has a total call value of 17,886,593,235 versus a total put value of 44,233,923,195 Combined total value = 62,120,516,430

Strike 2307.35 has a total call value of 21,924,243,705 versus a total put value of 42,121,753,695 Combined total value = 64,045,997,400

Strike 2320 has a total call value of 29,010,988,755 versus a total put value of 38,572,127,010 Combined total value = 67,583,115,765

Strike 2326.75 has a total call value of 32,996,231,280 versus a total put value of 36,758,984,535 Combined total value = 69,755,215,815

Strike 2340 has a total call value of 41,104,893,405 versus a total put value of 33,482,765,685 Combined total value = 74,587,659,090

Strike 2346.15 has a total call value of 45,108,550,785 versus a total put value of 32,062,634,130 Combined total value = 77,171,184,915

Strike 2360 has a total call value of 54,365,861,700 versus a total put value of 28,982,570,025 Combined total value = 83,348,431,725

Strike 2365.55 has a total call value of 58,328,082,180 versus a total put value of 27,843,671,730 Combined total value = 86,171,753,910

Strike 2380 has a total call value of 68,883,460,380 versus a total put value of 25,098,112,485 Combined total value = 93,981,572,865

Strike 2384.95 has a total call value of 72,615,562,380 versus a total put value of 24,188,336,145 Combined total value = 96,803,898,525

Strike 2400 has a total call value of 84,040,322,895 versus a total put value of 21,433,874,610 Combined total value = 105,474,197,505

Strike 2404.3 has a total call value of 88,096,843,995 versus a total put value of 20,830,113,330 Combined total value = 108,926,957,325

Strike 2420 has a total call value of 103,038,847,995 versus a total put value of 18,696,026,460 Combined total value = 121,734,874,455

Strike 2423.7 has a total call value of 106,603,886,055 versus a total put value of 18,200,977,560 Combined total value = 124,804,863,615

Strike 2440 has a total call value of 122,715,785,685 versus a total put value of 16,458,783,030 Combined total value = 139,174,568,715

Strike 2443.1 has a total call value of 125,879,250,435 versus a total put value of 16,142,292,870 Combined total value = 142,021,543,305

Strike 2460 has a total call value of 143,243,255,145 versus a total put value of 14,416,911,030 Combined total value = 157,660,166,175

Strike 2462.5 has a total call value of 145,873,385,895 versus a total put value of 14,178,826,530 Combined total value = 160,052,212,425

Strike 2480 has a total call value of 164,441,659,395 versus a total put value of 12,567,391,530 Combined total value = 177,009,050,925

Strike 2481.9 has a total call value of 166,478,544,135 versus a total put value of 12,393,786,060 Combined total value = 178,872,330,195

Strike 2500 has a total call value of 186,038,034,015 versus a total put value of 10,815,469,680 Combined total value = 196,853,503,695

Strike 2501.25 has a total call value of 187,538,692,515 versus a total put value of 10,742,159,430 Combined total value = 198,280,851,945

Strike 2520 has a total call value of 210,144,746,265 versus a total put value of 9,655,831,305 Combined total value = 219,800,577,570

Strike 2520.65 has a total call value of 210,930,712,485 versus a total put value of 9,619,216,350 Combined total value = 220,549,928,835

Strike 2540 has a total call value of 234,612,331,890 versus a total put value of 8,707,993,890 Combined total value = 243,320,325,780

Strike 2540.05 has a total call value of 234,673,941,855 versus a total put value of 8,705,639,310 Combined total value = 243,379,581,165

Strike 2559.45 has a total call value of 258,666,129,435 versus a total put value of 7,792,661,730 Combined total value = 266,458,791,165

Strike 2560 has a total call value of 259,346,320,320 versus a total put value of 7,766,914,305 Combined total value = 267,113,234,625

Strike 2578.85 has a total call value of 282,886,643,295 versus a total put value of 6,885,062,295 Combined total value = 289,771,705,590

Strike 2580 has a total call value of 284,322,790,320 versus a total put value of 6,831,546,585 Combined total value = 291,154,336,905

Strike 2598.2 has a total call value of 307,051,378,020 versus a total put value of 5,984,602,305 Combined total value = 313,035,980,325

Strike 2600 has a total call value of 309,306,324,060 versus a total put value of 5,901,450,405 Combined total value = 315,207,774,465

Strike 2617.6 has a total call value of 331,918,103,580 versus a total put value of 5,208,054,405 Combined total value = 337,126,157,985

Strike 2620 has a total call value of 335,036,309,100 versus a total put value of 5,123,586,165 Combined total value = 340,159,895,265

Strike 2637 has a total call value of 357,123,598,200 versus a total put value of 4,527,370,665 Combined total value = 361,650,968,865

Strike 2640 has a total call value of 361,021,355,100 versus a total put value of 4,422,156,165 Combined total value = 365,443,511,265

Strike 2656.4 has a total call value of 382,425,377,220 versus a total put value of 3,847,997,085 Combined total value = 386,273,374,305

Strike 2660 has a total call value of 387,123,821,100 versus a total put value of 3,721,962,165 Combined total value = 390,845,783,265

Strike 2675.8 has a total call value of 407,744,769,240 versus a total put value of 3,169,297,125 Combined total value = 410,914,066,365

Strike 2680 has a total call value of 413,226,287,100 versus a total put value of 3,022,386,165 Combined total value = 416,248,673,265

Strike 2695.15 has a total call value of 433,043,846,055 versus a total put value of 2,492,457,345 Combined total value = 435,536,303,400

Strike 2700 has a total call value of 439,388,081,100 versus a total put value of 2,322,810,165 Combined total value = 441,710,891,265

Strike 2714.55 has a total call value of 458,658,621,990 versus a total put value of 1,830,503,640 Combined total value = 460,489,125,630

Strike 2720 has a total call value of 465,939,106,950 versus a total put value of 1,747,648,380 Combined total value = 467,686,755,330

Strike 2733.95 has a total call value of 484,574,476,710 versus a total put value of 1,538,586,705 Combined total value = 486,113,063,415

Strike 2740 has a total call value of 492,656,482,950 versus a total put value of 1,448,479,215 Combined total value = 494,104,962,165

Strike 2753.35 has a total call value of 510,490,331,430 versus a total put value of 1,249,646,985 Combined total value = 511,739,978,415

Strike 2760 has a total call value of 519,373,858,950 versus a total put value of 1,151,219,670 Combined total value = 520,525,078,620

Strike 2780 has a total call value of 546,091,234,950 versus a total put value of 855,815,670 Combined total value = 546,947,050,620

Strike 2792.1 has a total call value of 562,255,247,430 versus a total put value of 677,096,250 Combined total value = 562,932,343,680

Strike 2800 has a total call value of 572,889,167,250 versus a total put value of 561,144,000 Combined total value = 573,450,311,250

Strike 2820 has a total call value of 599,908,127,250 versus a total put value of 280,572,000 Combined total value = 600,188,699,250

Strike 2840 has a total call value of 626,927,087,250 versus a total put value of 0 Combined total value = 626,927,087,250

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	1144.6	1140
ABB	5121.5	5200
ABCAPITAL	345.55	345
ADANIENSOL	979.7	980
ADANIENT	2242.4	2300
ADANIGREEN	1015.3	1020
ADANIPORTS	1501.5	1500
ALKEM	5549.5	5650
AMBER	6590	6800
AMBUJACEM	538.7	550
ANGELONE	2472.2	2550
APLAPOLLO	1807	1760
APOLLOHOSP	6926.5	7100
ASHOKLEY	172.89	162
ASIANPAINT	2767.1	2800
ASTRAL	1412.7	1440
AUBANK	985.4	960
AUROPHARMA	1224	1200
AXISBANK	1235	1240
BAJAJ-AUTO	8882.5	9000
BAJAJFINSV	2033.3	2060
BAJFINANCE	1003.5	1020
BANDHANBNK	145.9	150
BANKBARODA	290.3	290
BANKINDIA	142.55	143
BDL	1348.5	1400
BEL	385.8	400
BHARATFORG	1418.8	1400
BHARTIARTL	2113.5	2100
BHEL	277.35	280
BIOCON	394.55	395
BLUESTARCO	1845.2	1800
BOSCHLTD	35835	36000
BPCL	365.1	365
BRITANNIA	6010	6000
BSE	2706.8	2700
CAMS	754.8	770
CANBK	150.5	150
CDSL	1493.6	1540
CGPOWER	663.9	680
CHOLAFIN	1687	1700
CIPLA	1505.8	1520
COALINDIA	386.6	384.75
COFORGE	1862	1840
COLPAL	2086.1	2160
CONCOR	499	520
CROMPTON	254.25	265
CUMMINSIND	4396	4400
CYIENT	1149.7	1140
DABUR	492.5	500
DALBHARAT	2023.7	2040
DELHIVERY	402.15	410
DIVISLAB	6554	6400
DIXON	13341	13750
DLF	682.6	710
DMART	3773.4	3900
DRREDDY	1280.2	1270
EICHERMOT	7150	7100
ETERNAL	286.3	295
EXIDEIND	360.2	370
FEDERALBNK	266.2	260
FORTIS	872.2	890
GAIL	168.19	175
GLENMARK	1970.8	1940
GMRAIRPORT	101.35	102
GODREJCP	1181.1	1160
GODREJPROP	2008	2060
GRASIM	2816.5	2800
HAL	4264.4	4450
HAVELLS	1400.9	1440
HCLTECH	1669.7	1660
HDFCAMC	2728	2700
HDFCBANK	978.9	990
HDFCLIFE	757.45	770
HEROMOTOCO	5772.5	5900
HFCL	64.86	67
HINDALCO	861.45	820
HINDPETRO	464.05	460
HINDUNILVR	2269.8	2300
HINDZINC	585	555
HUDCO	207.38	217.5
ICICIBANK	1357.8	1380
ICICIGI	1948.9	1980
ICICIPRULI	650.15	630
IDEA	11.33	11
IDFCFIRSTB	84.06	82
IEX	140.39	145
IIFL	562.1	560
INDHOTEL	726.65	730
INDIANB	781.35	820
INDIGO	5130	5100
INDUSINDBK	834.75	850
INDUSTOWER	409.15	410
INFY	1645	1600
INOXWIND	124.89	130
IOC	160.83	162
IRCTC	667.2	690
IREDA	132.15	137.5
IRFC	111.17	115
ITC	401.1	405
JINDALSTEL	991.1	1020
JIOFIN	294.1	305
JSWENERGY	472.1	490
JSWSTEEL	1084.5	1120
JUBLFOOD	559.2	580
KALYANKJIL	470.65	480
KAYNES	4065	4300
KEI	4124	4100
KFINTECH	1075.3	1060
KOTAKBANK	2169.9	2160
KPITTECH	1165.8	1200
LAURUSLABS	1030.1	1000
LICHSGFIN	529.2	550
LICI	849.15	870
LODHA	1082	1100
LT	4045.8	4040
LTF	301.65	300
LTIM	6087.5	6200
LUPIN	2138	2100
M&M	3592.2	3650
MANAPPURAM	286.25	280
MANKIND	2152	2200
MARICO	734.35	740
MARUTI	16388	16200
MAXHEALTH	1065	1100
MAZDOCK	2375	2500
MCX	10230	10100
MFSL	1683.8	1700
MOTHERSON	118.25	115
MPHASIS	2901.9	2900
MUTHOOTFIN	3735	3750
NATIONALUM	280.25	270
NAUKRI	1325.8	1360
NBCC	108.69	111
NCC	152.99	165
NESTLEIND	1231.8	1240
NHPC	75.19	78
NMDC	76.24	77
NTPC	319.1	322.5
NUVAMA	7266.5	7300
NYKAA	244.6	252.5
OBEROIRLTY	1664	1660
OFSS	7691	8000
OIL	400.9	410
ONGC	232.35	237.5
PAGEIND	35700	37000
PATANJALI	548.6	550
PAYTM	1288.5	1300
PERSISTENT	6371	6300
PETRONET	268.85	278
PFC	336.7	350
PGEL	570.8	560
PHOENIXLTD	1803.5	1760
PIDILITIND	1451.9	1480
PIIND	3212	3350
PNB	119.55	120
PNBHOUSING	894.95	900
POLICYBZR	1835.1	1840
POLYCAB	7167.5	7200
POWERGRID	259.7	270
POWERINDIA	18115	19000
PPLPHARMA	168.02	175
PRESTIGE	1610.3	1640
RBLBANK	298.4	305
RECLTD	338.85	350
RELIANCE	1560.4	1540
RVNL	309.45	310
SAIL	126.18	132
SAMMAANCAP	142.27	152.5
SBICARD	854.4	870
SBILIFE	2015	2020
SBIN	979.45	970
SHREECEM	25420	26500
SHRIRAMFIN	865	850
SIEMENS	3088.4	3150
SOLARINDS	11790	12500
SONACOMS	489.3	500
SRF	3049.6	3000
SUNPHARMA	1756.1	1760
SUPREMEIND	3360.4	3400
SUZLON	51.92	54
SYNGENE	660.05	650
TATACONSUM	1174.8	1170
TATAELXSI	5081	5000
TATAMOTORS	0	320
TATAPOWER	375.25	390
TATASTEEL	168.75	170
TATATECH	646.8	670
TCS	3302.5	3220
TECHM	1609.6	1560
TIINDIA	2600	2700
TITAGARH	774.05	800
TITAN	3916.5	3860
TMPV	349.3	360
TORNTPHARM	3775.4	3750
TORNTPOWER	1258.4	1300
TRENT	4053.4	4200
TVSMOTOR	3613.2	3600
ULTRACEMCO	11485	11600
UNIONBANK	154.59	155
UNITDSPR	1394	1440
UNOMINDA	1229.2	1280
UPL	746.15	750
VBL	476.1	470
VEDL	579	555
VOLTAS	1393	1400
WIPRO	265.14	260
YESBANK	21.54	22
ZYDUSLIFE	921.15	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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