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

2220.8 -8.50 (-0.38%)

L: 2217.6 H: 2250

Max Pain - ADANIENT

19 Dec 2025 12:46 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

14.9 -2.35

Open Interest

8833 557

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

85.7 6.65

Open Interest

3334 0

Strike 1840 has a total call value of 0 versus a total put value of 363,249,657,615 Combined total value = 363,249,657,615

Strike 1860 has a total call value of 0 versus a total put value of 345,632,331,615 Combined total value = 345,632,331,615

Strike 1880 has a total call value of 0 versus a total put value of 328,015,005,615 Combined total value = 328,015,005,615

Strike 1900 has a total call value of 0 versus a total put value of 310,455,153,615 Combined total value = 310,455,153,615

Strike 1900.2 has a total call value of 0 versus a total put value of 310,279,555,095 Combined total value = 310,279,555,095

Strike 1920 has a total call value of 18,966,420 versus a total put value of 293,185,916,115 Combined total value = 293,204,882,535

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 276,857,129,385 Combined total value = 276,894,248,010

Strike 1940 has a total call value of 38,124,420 versus a total put value of 275,960,868,705 Combined total value = 275,998,993,125

Strike 1960 has a total call value of 57,282,420 versus a total put value of 258,920,754,705 Combined total value = 258,978,037,125

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 243,862,373,580 Combined total value = 243,936,658,725

Strike 1980 has a total call value of 76,440,420 versus a total put value of 241,963,576,305 Combined total value = 242,040,016,725

Strike 2000 has a total call value of 95,598,420 versus a total put value of 225,085,378,305 Combined total value = 225,180,976,725

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 212,457,501,570 Combined total value = 212,576,624,160

Strike 2020 has a total call value of 124,026,420 versus a total put value of 209,846,318,700 Combined total value = 209,970,345,120

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,869,654,830 Combined total value = 198,016,281,510

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,797,168,950 Combined total value = 194,949,623,370

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 183,364,172,040 Combined total value = 183,538,373,880

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,886,204,000 Combined total value = 180,067,086,420

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 169,061,903,100 Combined total value = 169,263,680,100

Strike 2080 has a total call value of 209,310,420 versus a total put value of 165,177,606,240 Combined total value = 165,386,916,660

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,960,240,050 Combined total value = 155,191,334,970

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,699,108,420 Combined total value = 150,939,318,840

Strike 2113.5 has a total call value of 339,909,270 versus a total put value of 141,606,489,870 Combined total value = 141,946,399,140

Strike 2120 has a total call value of 388,113,270 versus a total put value of 137,257,484,820 Combined total value = 137,645,598,090

Strike 2132.85 has a total call value of 484,203,000 versus a total put value of 128,994,959,235 Combined total value = 129,479,162,235

Strike 2140 has a total call value of 546,064,800 versus a total put value of 124,552,840,125 Combined total value = 125,098,904,925

Strike 2152.25 has a total call value of 669,842,475 versus a total put value of 117,025,870,500 Combined total value = 117,695,712,975

Strike 2160 has a total call value of 748,150,800 versus a total put value of 112,325,455,200 Combined total value = 113,073,606,000

Strike 2171.65 has a total call value of 892,864,770 versus a total put value of 105,382,424,505 Combined total value = 106,275,289,275

Strike 2180 has a total call value of 996,586,800 versus a total put value of 100,419,505,980 Combined total value = 101,416,092,780

Strike 2191.05 has a total call value of 1,185,064,440 versus a total put value of 93,998,632,755 Combined total value = 95,183,697,195

Strike 2200 has a total call value of 1,337,722,800 versus a total put value of 88,851,391,095 Combined total value = 90,189,113,895

Strike 2210.45 has a total call value of 2,116,569,660 versus a total put value of 83,394,296,595 Combined total value = 85,510,866,255

Strike 2220 has a total call value of 2,828,338,800 versus a total put value of 78,488,342,220 Combined total value = 81,316,681,020

Strike 2229.8 has a total call value of 3,773,742,840 versus a total put value of 73,667,447,820 Combined total value = 77,441,190,660

Strike 2240 has a total call value of 4,888,534,500 versus a total put value of 68,869,777,860 Combined total value = 73,758,312,360

Strike 2249.2 has a total call value of 6,204,750,900 versus a total put value of 64,812,249,420 Combined total value = 71,017,000,320

Strike 2260 has a total call value of 7,838,310,300 versus a total put value of 60,049,063,860 Combined total value = 67,887,374,160

Strike 2268.6 has a total call value of 10,286,838,660 versus a total put value of 56,527,477,380 Combined total value = 66,814,316,040

Strike 2280 has a total call value of 13,610,764,020 versus a total put value of 51,859,327,860 Combined total value = 65,470,091,880

Strike 2288 has a total call value of 16,224,409,620 versus a total put value of 48,748,068,660 Combined total value = 64,972,478,280

Strike 2300 has a total call value of 20,237,578,020 versus a total put value of 44,081,179,860 Combined total value = 64,318,757,880

Strike 2307.35 has a total call value of 24,701,750,460 versus a total put value of 41,979,911,880 Combined total value = 66,681,662,340

Strike 2320 has a total call value of 32,527,268,160 versus a total put value of 38,449,047,675 Combined total value = 70,976,315,835

Strike 2326.75 has a total call value of 36,911,514,660 versus a total put value of 36,645,708,225 Combined total value = 73,557,222,885

Strike 2340 has a total call value of 45,805,863,360 versus a total put value of 33,388,732,350 Combined total value = 79,194,595,710

Strike 2346.15 has a total call value of 50,183,699,655 versus a total put value of 31,977,532,440 Combined total value = 82,161,232,095

Strike 2360 has a total call value of 60,285,385,515 versus a total put value of 28,917,582,690 Combined total value = 89,202,968,205

Strike 2365.55 has a total call value of 64,592,482,440 versus a total put value of 27,782,114,295 Combined total value = 92,374,596,735

Strike 2380 has a total call value of 76,045,782,195 versus a total put value of 25,045,485,150 Combined total value = 101,091,267,345

Strike 2384.95 has a total call value of 80,082,111,690 versus a total put value of 24,138,767,910 Combined total value = 104,220,879,600

Strike 2400 has a total call value of 92,433,241,845 versus a total put value of 21,393,607,275 Combined total value = 113,826,849,120

Strike 2404.3 has a total call value of 96,863,260,515 versus a total put value of 20,791,440,435 Combined total value = 117,654,700,950

Strike 2420 has a total call value of 113,167,509,555 versus a total put value of 18,663,175,125 Combined total value = 131,830,684,680

Strike 2423.7 has a total call value of 117,063,304,305 versus a total put value of 18,169,498,185 Combined total value = 135,232,802,490

Strike 2440 has a total call value of 134,628,291,885 versus a total put value of 16,432,844,025 Combined total value = 151,061,135,910

Strike 2443.1 has a total call value of 138,066,578,145 versus a total put value of 16,117,311,765 Combined total value = 154,183,889,910

Strike 2460 has a total call value of 156,924,103,455 versus a total put value of 14,397,152,025 Combined total value = 171,321,255,480

Strike 2462.5 has a total call value of 159,775,709,955 versus a total put value of 14,159,840,025 Combined total value = 173,935,549,980

Strike 2480 has a total call value of 179,906,210,205 versus a total put value of 12,553,812,525 Combined total value = 192,460,022,730

Strike 2481.9 has a total call value of 182,113,001,685 versus a total put value of 12,380,735,445 Combined total value = 194,493,737,130

Strike 2500 has a total call value of 203,303,381,205 versus a total put value of 10,807,452,675 Combined total value = 214,110,833,880

Strike 2501.25 has a total call value of 204,914,120,955 versus a total put value of 10,734,258,300 Combined total value = 215,648,379,255

Strike 2520 has a total call value of 229,185,298,455 versus a total put value of 9,649,668,300 Combined total value = 238,834,966,755

Strike 2520.65 has a total call value of 230,028,788,115 versus a total put value of 9,613,113,600 Combined total value = 239,641,901,715

Strike 2540 has a total call value of 255,437,186,040 versus a total put value of 8,703,684,885 Combined total value = 264,140,870,925

Strike 2540.05 has a total call value of 255,503,219,340 versus a total put value of 8,701,334,940 Combined total value = 264,204,554,280

Strike 2559.45 has a total call value of 281,230,843,620 versus a total put value of 7,790,155,740 Combined total value = 289,020,999,360

Strike 2560 has a total call value of 281,960,235,030 versus a total put value of 7,764,442,305 Combined total value = 289,724,677,335

Strike 2578.85 has a total call value of 307,198,443,480 versus a total put value of 6,883,755,225 Combined total value = 314,082,198,705

Strike 2580 has a total call value of 308,738,175,030 versus a total put value of 6,830,310,585 Combined total value = 315,568,485,615

Strike 2598.2 has a total call value of 333,106,100,430 versus a total put value of 5,984,491,065 Combined total value = 339,090,591,495

Strike 2600 has a total call value of 335,523,178,770 versus a total put value of 5,901,450,405 Combined total value = 341,424,629,175

Strike 2617.6 has a total call value of 359,701,761,330 versus a total put value of 5,208,054,405 Combined total value = 364,909,815,735

Strike 2620 has a total call value of 363,033,621,810 versus a total put value of 5,123,586,165 Combined total value = 368,157,207,975

Strike 2637 has a total call value of 386,634,300,210 versus a total put value of 4,527,370,665 Combined total value = 391,161,670,875

Strike 2640 has a total call value of 390,799,125,810 versus a total put value of 4,422,156,165 Combined total value = 395,221,281,975

Strike 2656.4 has a total call value of 413,642,346,330 versus a total put value of 3,847,997,085 Combined total value = 417,490,343,415

Strike 2660 has a total call value of 418,656,711,810 versus a total put value of 3,721,962,165 Combined total value = 422,378,673,975

Strike 2675.8 has a total call value of 440,664,204,750 versus a total put value of 3,169,297,125 Combined total value = 443,833,501,875

Strike 2680 has a total call value of 446,514,297,810 versus a total put value of 3,022,386,165 Combined total value = 449,536,683,975

Strike 2695.15 has a total call value of 467,661,360,165 versus a total put value of 2,492,457,345 Combined total value = 470,153,817,510

Strike 2700 has a total call value of 474,431,211,810 versus a total put value of 2,322,810,165 Combined total value = 476,754,021,975

Strike 2714.55 has a total call value of 494,969,161,005 versus a total put value of 1,830,503,640 Combined total value = 496,799,664,645

Strike 2720 has a total call value of 502,724,379,660 versus a total put value of 1,747,648,380 Combined total value = 504,472,028,040

Strike 2733.95 has a total call value of 522,574,893,465 versus a total put value of 1,538,586,705 Combined total value = 524,113,480,170

Strike 2740 has a total call value of 531,183,897,660 versus a total put value of 1,448,479,215 Combined total value = 532,632,376,875

Strike 2753.35 has a total call value of 550,180,625,925 versus a total put value of 1,249,646,985 Combined total value = 551,430,272,910

Strike 2760 has a total call value of 559,643,415,660 versus a total put value of 1,151,219,670 Combined total value = 560,794,635,330

Strike 2780 has a total call value of 588,102,933,660 versus a total put value of 855,815,670 Combined total value = 588,958,749,330

Strike 2792.1 has a total call value of 605,320,942,050 versus a total put value of 677,096,250 Combined total value = 605,998,038,300

Strike 2800 has a total call value of 616,643,007,960 versus a total put value of 561,144,000 Combined total value = 617,204,151,960

Strike 2820 has a total call value of 645,401,019,960 versus a total put value of 280,572,000 Combined total value = 645,681,591,960

Strike 2840 has a total call value of 674,159,031,960 versus a total put value of 0 Combined total value = 674,159,031,960

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	1131.9	1140
ABB	5129	5200
ABCAPITAL	344.8	345
ADANIENSOL	975.4	980
ADANIENT	2220.8	2300
ADANIGREEN	1010.7	1020
ADANIPORTS	1494.9	1500
ALKEM	5528.5	5650
AMBER	6675.5	6800
AMBUJACEM	535.35	550
ANGELONE	2470.8	2550
APLAPOLLO	1805.3	1760
APOLLOHOSP	6980	7100
ASHOKLEY	173.53	164
ASIANPAINT	2789.4	2800
ASTRAL	1415	1440
AUBANK	979	960
AUROPHARMA	1216.4	1220
AXISBANK	1233.8	1240
BAJAJ-AUTO	8976	9000
BAJAJFINSV	2033.6	2060
BAJFINANCE	1005.1	1020
BANDHANBNK	149.27	150
BANKBARODA	290.2	290
BANKINDIA	142.5	143
BDL	1355.5	1400
BEL	389.45	400
BHARATFORG	1421.4	1400
BHARTIARTL	2086.8	2100
BHEL	274.55	280
BIOCON	394.3	395
BLUESTARCO	1770	1800
BOSCHLTD	35650	36000
BPCL	363.2	365
BRITANNIA	6097.5	6000
BSE	2710	2700
CAMS	749.6	770
CANBK	147.8	150
CDSL	1490.4	1540
CGPOWER	664.5	680
CHOLAFIN	1637.8	1700
CIPLA	1508.4	1520
COALINDIA	385	385
COFORGE	1842.4	1840
COLPAL	2089	2160
CONCOR	499.15	520
CROMPTON	251.35	260
CUMMINSIND	4347.1	4400
CYIENT	1143	1140
DABUR	492.9	500
DALBHARAT	2010.2	2020
DELHIVERY	403.5	410
DIVISLAB	6441	6500
DIXON	13115	13500
DLF	683.4	710
DMART	3783.9	3900
DRREDDY	1272.8	1270
EICHERMOT	7204.5	7100
ETERNAL	287.1	295
EXIDEIND	362.7	370
FEDERALBNK	266.4	260
FORTIS	880.3	890
GAIL	168.47	175
GLENMARK	1953.9	1940
GMRAIRPORT	100.77	102
GODREJCP	1178.6	1160
GODREJPROP	2015.3	2060
GRASIM	2812.1	2800
HAL	4290.3	4450
HAVELLS	1406.1	1440
HCLTECH	1639.6	1660
HDFCAMC	2649.1	2675
HDFCBANK	983.3	990
HDFCLIFE	758.55	770
HEROMOTOCO	5772	5900
HFCL	63.92	67
HINDALCO	850.75	820
HINDPETRO	466.95	460
HINDUNILVR	2278	2300
HINDZINC	589.3	560
HUDCO	208.45	217.5
ICICIBANK	1355.8	1370
ICICIGI	1945.8	1960
ICICIPRULI	649.4	630
IDEA	11.63	11
IDFCFIRSTB	84.89	82
IEX	140.36	145
IIFL	560.6	560
INDHOTEL	725.5	730
INDIANB	776.95	810
INDIGO	5154	5100
INDUSINDBK	838.65	850
INDUSTOWER	412.2	410
INFY	1638.9	1600
INOXWIND	124.45	130
IOC	161.04	161
IRCTC	668.25	690
IREDA	131.49	137.5
IRFC	111.41	115
ITC	402	405
JINDALSTEL	987	1020
JIOFIN	296.45	305
JSWENERGY	474	490
JSWSTEEL	1080	1120
JUBLFOOD	563.15	580
KALYANKJIL	475.35	480
KAYNES	4136.5	4300
KEI	4173.8	4100
KFINTECH	1076.6	1080
KOTAKBANK	2164.4	2160
KPITTECH	1181	1200
LAURUSLABS	1033.7	1010
LICHSGFIN	529.75	550
LICI	849.8	870
LODHA	1078	1100
LT	4087.2	4040
LTF	299.8	300
LTIM	6150	6100
LUPIN	2118.6	2100
M&M	3606.3	3650
MANAPPURAM	287.95	280
MANKIND	2140.2	2200
MARICO	741.25	730
MARUTI	16444	16300
MAXHEALTH	1071.2	1080
MAZDOCK	2381.5	2500
MCX	10324	10100
MFSL	1668.9	1680
MOTHERSON	120.05	116
MPHASIS	2884	2900
MUTHOOTFIN	3745.2	3750
NATIONALUM	277.6	272.5
NAUKRI	1327.4	1360
NBCC	111.75	111
NCC	153.5	162.5
NESTLEIND	1239.9	1240
NHPC	75.33	78
NMDC	75.95	77
NTPC	318.4	325
NUVAMA	7064	7200
NYKAA	244.45	250
OBEROIRLTY	1656.7	1660
OFSS	7693	7900
OIL	404.15	410
ONGC	232.32	237.5
PAGEIND	35725	36500
PATANJALI	560.15	550
PAYTM	1306.7	1300
PERSISTENT	6310	6300
PETRONET	271.5	278
PFC	336.65	355
PGEL	572.55	560
PHOENIXLTD	1817	1760
PIDILITIND	1449.3	1480
PIIND	3223.4	3350
PNB	119.15	120
PNBHOUSING	903.6	900
POLICYBZR	1870.9	1840
POLYCAB	7308	7300
POWERGRID	261.4	270
POWERINDIA	18120	18500
PPLPHARMA	168.84	175
PRESTIGE	1606.9	1640
RBLBANK	297.9	305
RECLTD	338	350
RELIANCE	1567.6	1550
RVNL	310.45	310
SAIL	124.53	130
SAMMAANCAP	144.64	155
SBICARD	858.4	870
SBILIFE	2027	2020
SBIN	979.6	970
SHREECEM	25430	26000
SHRIRAMFIN	896.95	870
SIEMENS	3084.9	3150
SOLARINDS	11779	12500
SONACOMS	495.8	500
SRF	3075	3000
SUNPHARMA	1746	1760
SUPREMEIND	3368.7	3400
SUZLON	51.84	54
SYNGENE	647.35	650
TATACONSUM	1181.5	1180
TATAELXSI	5360	5200
TATAMOTORS	0	320
TATAPOWER	377	390
TATASTEEL	168.26	170
TATATECH	646.5	670
TCS	3296.2	3240
TECHM	1606.2	1560
TIINDIA	2602.6	2700
TITAGARH	772	800
TITAN	3941.6	3880
TMPV	350.6	360
TORNTPHARM	3748.4	3750
TORNTPOWER	1261.8	1300
TRENT	4052	4200
TVSMOTOR	3658	3600
ULTRACEMCO	11500	11600
UNIONBANK	153.55	155
UNITDSPR	1399.5	1430
UNOMINDA	1247.6	1280
UPL	742.1	750
VBL	470.7	470
VEDL	577.35	555
VOLTAS	1372.5	1380
WIPRO	264.11	260
YESBANK	21.55	22
ZYDUSLIFE	911.95	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.

Related Pages for ADANIENT

ADANIENT

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD