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

2224.7 -7.80 (-0.35%)

L: 2211.1 H: 2245

Max Pain - ADANIENT

18 Dec 2025 02:26 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

15.75 -6.65

Open Interest

8291 -282

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

83 4

Open Interest

3389 -30

Strike 1840 has a total call value of 0 versus a total put value of 339,153,608,955 Combined total value = 339,153,608,955

Strike 1860 has a total call value of 0 versus a total put value of 322,971,896,955 Combined total value = 322,971,896,955

Strike 1880 has a total call value of 0 versus a total put value of 306,790,184,955 Combined total value = 306,790,184,955

Strike 1900 has a total call value of 0 versus a total put value of 290,665,328,955 Combined total value = 290,665,328,955

Strike 1900.2 has a total call value of 0 versus a total put value of 290,504,080,395 Combined total value = 290,504,080,395

Strike 1920 has a total call value of 19,578,240 versus a total put value of 274,810,897,395 Combined total value = 274,830,475,635

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 259,822,446,060 Combined total value = 259,860,762,060

Strike 1940 has a total call value of 39,354,240 versus a total put value of 259,000,354,650 Combined total value = 259,039,708,890

Strike 1960 has a total call value of 59,130,240 versus a total put value of 243,372,370,650 Combined total value = 243,431,500,890

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 229,565,609,475 Combined total value = 229,642,290,915

Strike 1980 has a total call value of 78,906,240 versus a total put value of 227,821,922,475 Combined total value = 227,900,828,715

Strike 2000 has a total call value of 98,682,240 versus a total put value of 212,322,482,475 Combined total value = 212,421,164,715

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 199,996,328,790 Combined total value = 200,119,046,595

Strike 2020 has a total call value of 127,728,240 versus a total put value of 197,453,159,910 Combined total value = 197,580,888,150

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 185,774,721,210 Combined total value = 185,925,541,020

Strike 2040 has a total call value of 156,774,240 versus a total put value of 182,776,982,430 Combined total value = 182,933,756,670

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 171,600,699,630 Combined total value = 171,779,694,060

Strike 2060 has a total call value of 185,820,240 versus a total put value of 168,204,641,310 Combined total value = 168,390,461,550

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 157,629,258,450 Combined total value = 157,836,427,500

Strike 2080 has a total call value of 214,866,240 versus a total put value of 153,834,707,550 Combined total value = 154,049,573,790

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 143,849,999,820 Combined total value = 144,087,086,250

Strike 2100 has a total call value of 246,566,550 versus a total put value of 139,689,503,310 Combined total value = 139,936,069,860

Strike 2113.5 has a total call value of 345,013,950 versus a total put value of 130,793,362,410 Combined total value = 131,138,376,360

Strike 2120 has a total call value of 392,615,400 versus a total put value of 126,539,761,110 Combined total value = 126,932,376,510

Strike 2132.85 has a total call value of 487,513,935 versus a total put value of 118,463,856,075 Combined total value = 118,951,370,010

Strike 2140 has a total call value of 548,933,865 versus a total put value of 114,125,576,415 Combined total value = 114,674,510,280

Strike 2152.25 has a total call value of 674,225,640 versus a total put value of 106,772,728,290 Combined total value = 107,446,953,930

Strike 2160 has a total call value of 753,491,865 versus a total put value of 102,207,616,365 Combined total value = 102,961,108,230

Strike 2171.65 has a total call value of 898,565,820 versus a total put value of 95,464,737,330 Combined total value = 96,363,303,150

Strike 2180 has a total call value of 1,002,545,865 versus a total put value of 90,643,727,055 Combined total value = 91,646,272,920

Strike 2191.05 has a total call value of 1,191,364,950 versus a total put value of 84,418,160,370 Combined total value = 85,609,525,320

Strike 2200 has a total call value of 1,344,299,865 versus a total put value of 79,428,555,060 Combined total value = 80,772,854,925

Strike 2210.45 has a total call value of 2,060,826,060 versus a total put value of 74,203,629,255 Combined total value = 76,264,455,315

Strike 2220 has a total call value of 2,715,641,865 versus a total put value of 69,502,175,715 Combined total value = 72,217,817,580

Strike 2229.8 has a total call value of 3,533,255,865 versus a total put value of 64,872,663,555 Combined total value = 68,405,919,420

Strike 2240 has a total call value of 4,479,426,225 versus a total put value of 60,280,175,775 Combined total value = 64,759,602,000

Strike 2249.2 has a total call value of 5,596,362,345 versus a total put value of 56,372,178,615 Combined total value = 61,968,540,960

Strike 2260 has a total call value of 6,980,299,185 versus a total put value of 51,784,529,775 Combined total value = 58,764,828,960

Strike 2268.6 has a total call value of 9,087,085,905 versus a total put value of 48,391,295,715 Combined total value = 57,478,381,620

Strike 2280 has a total call value of 11,947,084,845 versus a total put value of 43,893,287,775 Combined total value = 55,840,372,620

Strike 2288 has a total call value of 14,217,616,845 versus a total put value of 40,905,875,775 Combined total value = 55,123,492,620

Strike 2300 has a total call value of 17,710,182,045 versus a total put value of 36,424,757,775 Combined total value = 54,134,939,820

Strike 2307.35 has a total call value of 21,732,388,695 versus a total put value of 34,449,765,735 Combined total value = 56,182,154,430

Strike 2320 has a total call value of 28,806,625,425 versus a total put value of 31,136,233,590 Combined total value = 59,942,859,015

Strike 2326.75 has a total call value of 32,792,076,525 versus a total put value of 29,449,278,990 Combined total value = 62,241,355,515

Strike 2340 has a total call value of 40,900,329,225 versus a total put value of 26,421,171,690 Combined total value = 67,321,500,915

Strike 2346.15 has a total call value of 44,918,809,335 versus a total put value of 25,116,391,380 Combined total value = 70,035,200,715

Strike 2360 has a total call value of 54,210,785,415 versus a total put value of 22,296,102,030 Combined total value = 76,506,887,445

Strike 2365.55 has a total call value of 58,187,068,485 versus a total put value of 21,261,472,695 Combined total value = 79,448,541,180

Strike 2380 has a total call value of 68,779,060,095 versus a total put value of 18,787,388,490 Combined total value = 87,566,448,585

Strike 2384.95 has a total call value of 72,521,563,035 versus a total put value of 17,970,608,790 Combined total value = 90,492,171,825

Strike 2400 has a total call value of 83,982,597,060 versus a total put value of 15,498,894,615 Combined total value = 99,481,491,675

Strike 2404.3 has a total call value of 88,090,804,590 versus a total put value of 14,976,184,035 Combined total value = 103,066,988,625

Strike 2420 has a total call value of 103,234,137,540 versus a total put value of 13,138,026,465 Combined total value = 116,372,164,005

Strike 2423.7 has a total call value of 106,849,252,140 versus a total put value of 12,712,718,865 Combined total value = 119,561,971,005

Strike 2440 has a total call value of 123,181,255,560 versus a total put value of 11,278,266,705 Combined total value = 134,459,522,265

Strike 2443.1 has a total call value of 126,387,155,280 versus a total put value of 11,020,304,235 Combined total value = 137,407,459,515

Strike 2460 has a total call value of 143,985,632,280 versus a total put value of 9,613,992,705 Combined total value = 153,599,624,985

Strike 2462.5 has a total call value of 146,648,130,780 versus a total put value of 9,423,107,955 Combined total value = 156,071,238,735

Strike 2480 has a total call value of 165,432,704,280 versus a total put value of 8,142,071,205 Combined total value = 173,574,775,485

Strike 2481.9 has a total call value of 167,493,014,310 versus a total put value of 8,004,337,545 Combined total value = 175,497,351,855

Strike 2500 has a total call value of 187,272,864,450 versus a total put value of 6,767,747,355 Combined total value = 194,040,611,805

Strike 2501.25 has a total call value of 188,786,076,075 versus a total put value of 6,718,075,605 Combined total value = 195,504,151,680

Strike 2520 has a total call value of 211,555,513,575 versus a total put value of 5,986,324,980 Combined total value = 217,541,838,555

Strike 2520.65 has a total call value of 212,347,123,680 versus a total put value of 5,962,002,045 Combined total value = 218,309,125,725

Strike 2540 has a total call value of 236,196,159,285 versus a total put value of 5,418,497,310 Combined total value = 241,614,656,595

Strike 2540.05 has a total call value of 236,258,208,030 versus a total put value of 5,417,092,905 Combined total value = 241,675,300,935

Strike 2559.45 has a total call value of 260,420,642,250 versus a total put value of 4,872,783,225 Combined total value = 265,293,425,475

Strike 2560 has a total call value of 261,105,659,715 versus a total put value of 4,857,487,725 Combined total value = 265,963,147,440

Strike 2578.85 has a total call value of 284,811,402,750 versus a total put value of 4,333,851,690 Combined total value = 289,145,254,440

Strike 2580 has a total call value of 286,257,641,715 versus a total put value of 4,302,261,075 Combined total value = 290,559,902,790

Strike 2598.2 has a total call value of 309,145,945,335 versus a total put value of 3,802,305,255 Combined total value = 312,948,250,590

Strike 2600 has a total call value of 311,416,909,935 versus a total put value of 3,752,859,075 Combined total value = 315,169,769,010

Strike 2617.6 has a total call value of 334,185,315,375 versus a total put value of 3,389,030,115 Combined total value = 337,574,345,490

Strike 2620 has a total call value of 337,324,878,975 versus a total put value of 3,349,502,835 Combined total value = 340,674,381,810

Strike 2637 has a total call value of 359,563,454,475 versus a total put value of 3,071,619,135 Combined total value = 362,635,073,610

Strike 2640 has a total call value of 363,487,908,975 versus a total put value of 3,022,580,835 Combined total value = 366,510,489,810

Strike 2656.4 has a total call value of 385,043,452,335 versus a total put value of 2,755,518,315 Combined total value = 387,798,970,650

Strike 2660 has a total call value of 389,775,156,975 versus a total put value of 2,696,894,835 Combined total value = 392,472,051,810

Strike 2675.8 has a total call value of 410,542,082,895 versus a total put value of 2,440,091,115 Combined total value = 412,982,174,010

Strike 2680 has a total call value of 416,062,404,975 versus a total put value of 2,371,826,835 Combined total value = 418,434,231,810

Strike 2695.15 has a total call value of 436,019,936,295 versus a total put value of 2,125,587,825 Combined total value = 438,145,524,120

Strike 2700 has a total call value of 442,408,980,975 versus a total put value of 2,046,758,835 Combined total value = 444,455,739,810

Strike 2714.55 has a total call value of 461,838,228,900 versus a total put value of 1,826,906,880 Combined total value = 463,665,135,780

Strike 2720 has a total call value of 469,178,329,230 versus a total put value of 1,744,556,835 Combined total value = 470,922,886,065

Strike 2733.95 has a total call value of 487,966,292,460 versus a total put value of 1,536,788,325 Combined total value = 489,503,080,785

Strike 2740 has a total call value of 496,114,477,230 versus a total put value of 1,447,241,670 Combined total value = 497,561,718,900

Strike 2753.35 has a total call value of 514,094,356,020 versus a total put value of 1,249,646,985 Combined total value = 515,344,003,005

Strike 2760 has a total call value of 523,050,625,230 versus a total put value of 1,151,219,670 Combined total value = 524,201,844,900

Strike 2780 has a total call value of 549,986,773,230 versus a total put value of 855,815,670 Combined total value = 550,842,588,900

Strike 2792.1 has a total call value of 566,283,142,770 versus a total put value of 677,096,250 Combined total value = 566,960,239,020

Strike 2800 has a total call value of 577,004,698,080 versus a total put value of 561,144,000 Combined total value = 577,565,842,080

Strike 2820 has a total call value of 604,251,082,080 versus a total put value of 280,572,000 Combined total value = 604,531,654,080

Strike 2840 has a total call value of 631,497,466,080 versus a total put value of 0 Combined total value = 631,497,466,080

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	1141.6	1140
ABB	5080	5200
ABCAPITAL	344.15	350
ADANIENSOL	975	990
ADANIENT	2224.7	2300
ADANIGREEN	1008.5	1020
ADANIPORTS	1485.7	1500
ALKEM	5532.5	5650
AMBER	6561.5	6800
AMBUJACEM	535.25	550
ANGELONE	2473.1	2550
APLAPOLLO	1786.4	1760
APOLLOHOSP	6891	7100
ASHOKLEY	171.16	162
ASIANPAINT	2759	2800
ASTRAL	1406.5	1440
AUBANK	986.55	960
AUROPHARMA	1203.1	1200
AXISBANK	1228.5	1240
BAJAJ-AUTO	8770.5	9000
BAJAJFINSV	2021.2	2060
BAJFINANCE	999.2	1020
BANDHANBNK	145.48	150
BANKBARODA	287.8	290
BANKINDIA	141.82	143
BDL	1335.7	1380
BEL	382.1	400
BHARATFORG	1397.1	1400
BHARTIARTL	2093.1	2100
BHEL	272.7	280
BIOCON	390.8	390
BLUESTARCO	1855	1800
BOSCHLTD	35580	36000
BPCL	361.7	365
BRITANNIA	6020.5	6000
BSE	2673	2700
CAMS	744.4	770
CANBK	149.21	150
CDSL	1478.3	1540
CGPOWER	659.85	680
CHOLAFIN	1671.6	1700
CIPLA	1496.2	1520
COALINDIA	385.15	384.75
COFORGE	1841.1	1840
COLPAL	2087	2160
CONCOR	497.3	520
CROMPTON	256	265
CUMMINSIND	4373.3	4400
CYIENT	1134.9	1140
DABUR	490.85	500
DALBHARAT	2024.6	2040
DELHIVERY	399.9	410
DIVISLAB	6373	6400
DIXON	13225	13750
DLF	680.6	710
DMART	3751	3900
DRREDDY	1275.1	1270
EICHERMOT	7074	7100
ETERNAL	283.8	295
EXIDEIND	357.75	370
FEDERALBNK	264.4	260
FORTIS	865.4	890
GAIL	167.28	175
GLENMARK	1947.9	1940
GMRAIRPORT	99.85	102
GODREJCP	1180	1160
GODREJPROP	1994.4	2060
GRASIM	2805.9	2800
HAL	4237.2	4450
HAVELLS	1397.6	1440
HCLTECH	1655.7	1660
HDFCAMC	2713.6	2680
HDFCBANK	981.8	990
HDFCLIFE	753.85	770
HEROMOTOCO	5727	5900
HFCL	64.33	67
HINDALCO	854	820
HINDPETRO	462.3	460
HINDUNILVR	2260.2	2300
HINDZINC	589.25	560
HUDCO	205.74	220
ICICIBANK	1359.3	1370
ICICIGI	1946.5	1960
ICICIPRULI	642.9	630
IDEA	11.26	11
IDFCFIRSTB	83.46	82
IEX	139.68	145
IIFL	557	560
INDHOTEL	718.55	730
INDIANB	774.1	820
INDIGO	5103.5	5100
INDUSINDBK	831.9	850
INDUSTOWER	407.85	410
INFY	1622.8	1600
INOXWIND	124.4	130
IOC	161.63	162
IRCTC	662.1	685
IREDA	130.77	137.5
IRFC	110.51	115
ITC	400.45	405
JINDALSTEL	980.1	1020
JIOFIN	291	305
JSWENERGY	468.25	490
JSWSTEEL	1081	1120
JUBLFOOD	555.6	580
KALYANKJIL	469.3	480
KAYNES	4056.5	4300
KEI	4074	4100
KFINTECH	1061.4	1060
KOTAKBANK	2163	2160
KPITTECH	1150.5	1200
LAURUSLABS	1010.7	1000
LICHSGFIN	526.45	550
LICI	841.15	870
LODHA	1067	1100
LT	4031.5	4040
LTF	299.2	302.5
LTIM	6190	6200
LUPIN	2108.5	2100
M&M	3568.5	3650
MANAPPURAM	287.95	280
MANKIND	2125	2200
MARICO	739.75	740
MARUTI	16343	16200
MAXHEALTH	1049.4	1100
MAZDOCK	2345.6	2500
MCX	10133	10100
MFSL	1676.1	1700
MOTHERSON	117.03	115
MPHASIS	2871.1	2900
MUTHOOTFIN	3739.4	3750
NATIONALUM	278.95	270
NAUKRI	1334.3	1360
NBCC	108	111
NCC	153.5	165
NESTLEIND	1236.7	1240
NHPC	74.78	78
NMDC	76.36	77
NTPC	317.1	325
NUVAMA	7247	7300
NYKAA	242.75	252.5
OBEROIRLTY	1650.8	1660
OFSS	7619	8000
OIL	399	410
ONGC	231.64	237.5
PAGEIND	35620	37000
PATANJALI	551	550
PAYTM	1282.3	1300
PERSISTENT	6285	6300
PETRONET	267.85	278
PFC	333.6	355
PGEL	564.95	560
PHOENIXLTD	1789.5	1760
PIDILITIND	1445	1480
PIIND	3200.5	3350
PNB	118.6	120
PNBHOUSING	893.7	900
POLICYBZR	1828.3	1840
POLYCAB	7076	7200
POWERGRID	256.7	270
POWERINDIA	18220	19000
PPLPHARMA	165.95	175
PRESTIGE	1593.9	1640
RBLBANK	297.8	305
RECLTD	336.7	350
RELIANCE	1544.1	1540
RVNL	304.2	310
SAIL	127.15	132
SAMMAANCAP	145.2	155
SBICARD	845.1	870
SBILIFE	2012.4	2020
SBIN	975.5	970
SHREECEM	25665	26500
SHRIRAMFIN	863.4	850
SIEMENS	3058	3150
SOLARINDS	11720	12500
SONACOMS	485.55	500
SRF	3043.1	3000
SUNPHARMA	1741.6	1760
SUPREMEIND	3343.9	3400
SUZLON	51.48	54
SYNGENE	652.9	650
TATACONSUM	1172.9	1180
TATAELXSI	4958	5000
TATAMOTORS	0	320
TATAPOWER	373.05	390
TATASTEEL	168.14	170
TATATECH	639.8	670
TCS	3268	3220
TECHM	1594.9	1560
TIINDIA	2571.1	2700
TITAGARH	769	800
TITAN	3899.5	3860
TMPV	344	360
TORNTPHARM	3735	3750
TORNTPOWER	1250.2	1300
TRENT	4007	4200
TVSMOTOR	3585.5	3600
ULTRACEMCO	11425	11600
UNIONBANK	153.7	155
UNITDSPR	1390	1440
UNOMINDA	1220.7	1280
UPL	742.1	750
VBL	470.15	470
VEDL	577.35	555
VOLTAS	1401.1	1400
WIPRO	261.88	257.5
YESBANK	21.4	22
ZYDUSLIFE	911.4	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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