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

2244 -34.90 (-1.53%)

L: 2242 H: 2276.8

Max Pain - ADANIENT

16 Dec 2025 11:56 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

28.5 -16.85

Open Interest

7955 -108

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

76.35 22

Open Interest

3520 -8

Strike 1840 has a total call value of 0 versus a total put value of 356,459,469,135 Combined total value = 356,459,469,135

Strike 1860 has a total call value of 0 versus a total put value of 340,007,691,135 Combined total value = 340,007,691,135

Strike 1880 has a total call value of 0 versus a total put value of 323,555,913,135 Combined total value = 323,555,913,135

Strike 1900 has a total call value of 0 versus a total put value of 307,160,991,135 Combined total value = 307,160,991,135

Strike 1900.2 has a total call value of 0 versus a total put value of 306,997,041,915 Combined total value = 306,997,041,915

Strike 1920 has a total call value of 19,578,240 versus a total put value of 291,056,683,635 Combined total value = 291,076,261,875

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 275,831,668,080 Combined total value = 275,869,984,080

Strike 1940 has a total call value of 39,354,240 versus a total put value of 274,996,468,890 Combined total value = 275,035,823,130

Strike 1960 has a total call value of 59,130,240 versus a total put value of 259,120,666,890 Combined total value = 259,179,797,130

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 245,097,258,090 Combined total value = 245,173,939,530

Strike 1980 has a total call value of 78,906,240 versus a total put value of 243,326,595,390 Combined total value = 243,405,501,630

Strike 2000 has a total call value of 98,682,240 versus a total put value of 227,587,371,390 Combined total value = 227,686,053,630

Strike 2016.55 has a total call value of 123,229,200 versus a total put value of 215,055,125,520 Combined total value = 215,178,354,720

Strike 2020 has a total call value of 128,346,240 versus a total put value of 212,456,522,040 Combined total value = 212,584,868,280

Strike 2035.9 has a total call value of 151,929,120 versus a total put value of 200,526,532,620 Combined total value = 200,678,461,740

Strike 2040 has a total call value of 158,010,240 versus a total put value of 197,464,942,080 Combined total value = 197,622,952,320

Strike 2055.3 has a total call value of 180,703,200 versus a total put value of 186,044,709,960 Combined total value = 186,225,413,160

Strike 2060 has a total call value of 187,674,240 versus a total put value of 182,579,957,850 Combined total value = 182,767,632,090

Strike 2074.7 has a total call value of 209,477,280 versus a total put value of 171,792,903,810 Combined total value = 172,002,381,090

Strike 2080 has a total call value of 217,338,240 versus a total put value of 167,921,381,010 Combined total value = 168,138,719,250

Strike 2094.1 has a total call value of 239,994,120 versus a total put value of 157,744,533,990 Combined total value = 157,984,528,110

Strike 2100 has a total call value of 249,838,860 versus a total put value of 153,501,997,980 Combined total value = 153,751,836,840

Strike 2113.5 has a total call value of 347,869,110 versus a total put value of 144,367,247,280 Combined total value = 144,715,116,390

Strike 2120 has a total call value of 395,269,710 versus a total put value of 139,996,148,730 Combined total value = 140,391,418,440

Strike 2132.85 has a total call value of 489,374,115 versus a total put value of 131,586,312,030 Combined total value = 132,075,686,145

Strike 2140 has a total call value of 551,014,980 versus a total put value of 127,065,098,190 Combined total value = 127,616,113,170

Strike 2152.25 has a total call value of 673,278,555 versus a total put value of 119,393,532,015 Combined total value = 120,066,810,570

Strike 2160 has a total call value of 750,628,980 versus a total put value of 114,600,918,840 Combined total value = 115,351,547,820

Strike 2171.65 has a total call value of 894,622,980 versus a total put value of 107,490,495,120 Combined total value = 108,385,118,100

Strike 2180 has a total call value of 997,828,980 versus a total put value of 102,402,697,335 Combined total value = 103,400,526,315

Strike 2191.05 has a total call value of 1,190,403,960 versus a total put value of 95,843,197,440 Combined total value = 97,033,601,400

Strike 2200 has a total call value of 1,346,380,980 versus a total put value of 90,584,504,115 Combined total value = 91,930,885,095

Strike 2210.45 has a total call value of 1,968,941,820 versus a total put value of 85,084,463,250 Combined total value = 87,053,405,070

Strike 2220 has a total call value of 2,537,884,980 versus a total put value of 80,132,474,055 Combined total value = 82,670,359,035

Strike 2229.8 has a total call value of 3,263,441,700 versus a total put value of 75,221,642,115 Combined total value = 78,485,083,815

Strike 2240 has a total call value of 4,097,092,800 versus a total put value of 70,319,017,215 Combined total value = 74,416,110,015

Strike 2249.2 has a total call value of 5,072,457,480 versus a total put value of 66,136,405,575 Combined total value = 71,208,863,055

Strike 2260 has a total call value of 6,275,518,080 versus a total put value of 61,226,383,215 Combined total value = 67,501,901,295

Strike 2268.6 has a total call value of 8,130,914,760 versus a total put value of 57,592,388,715 Combined total value = 65,723,303,475

Strike 2280 has a total call value of 10,663,311,900 versus a total put value of 52,775,233,215 Combined total value = 63,438,545,115

Strike 2288 has a total call value of 12,699,745,500 versus a total put value of 49,566,577,215 Combined total value = 62,266,322,715

Strike 2300 has a total call value of 15,847,837,500 versus a total put value of 44,753,593,215 Combined total value = 60,601,430,715

Strike 2307.35 has a total call value of 19,582,743,675 versus a total put value of 42,605,085,315 Combined total value = 62,187,828,990

Strike 2320 has a total call value of 26,153,129,640 versus a total put value of 38,992,526,145 Combined total value = 65,145,655,785

Strike 2326.75 has a total call value of 29,855,544,465 versus a total put value of 37,147,054,545 Combined total value = 67,002,599,010

Strike 2340 has a total call value of 37,399,200,090 versus a total put value of 33,811,059,645 Combined total value = 71,210,259,735

Strike 2346.15 has a total call value of 41,190,588,375 versus a total put value of 32,370,404,310 Combined total value = 73,560,992,685

Strike 2360 has a total call value of 49,975,853,895 versus a total put value of 29,243,692,020 Combined total value = 79,219,545,915

Strike 2365.55 has a total call value of 53,741,026,620 versus a total put value of 28,087,129,740 Combined total value = 81,828,156,360

Strike 2380 has a total call value of 63,775,333,485 versus a total put value of 25,296,026,985 Combined total value = 89,071,360,470

Strike 2384.95 has a total call value of 67,360,904,595 versus a total put value of 24,370,649,235 Combined total value = 91,731,553,830

Strike 2400 has a total call value of 78,338,756,865 versus a total put value of 21,568,753,110 Combined total value = 99,907,509,975

Strike 2404.3 has a total call value of 82,228,526,115 versus a total put value of 20,959,809,900 Combined total value = 103,188,336,015

Strike 2420 has a total call value of 96,574,790,475 versus a total put value of 18,807,773,220 Combined total value = 115,382,563,695

Strike 2423.7 has a total call value of 100,008,692,025 versus a total put value of 18,307,808,130 Combined total value = 118,316,500,155

Strike 2440 has a total call value of 115,623,973,035 versus a total put value of 16,546,977,810 Combined total value = 132,170,950,845

Strike 2443.1 has a total call value of 118,685,900,385 versus a total put value of 16,227,422,370 Combined total value = 134,913,322,755

Strike 2460 has a total call value of 135,518,295,315 versus a total put value of 14,485,329,810 Combined total value = 150,003,625,125

Strike 2462.5 has a total call value of 138,071,948,565 versus a total put value of 14,245,005,060 Combined total value = 152,316,953,625

Strike 2480 has a total call value of 156,098,390,565 versus a total put value of 12,617,888,310 Combined total value = 168,716,278,875

Strike 2481.9 has a total call value of 158,074,216,905 versus a total put value of 12,442,815,090 Combined total value = 170,517,031,995

Strike 2500 has a total call value of 177,040,300,095 versus a total put value of 10,850,516,460 Combined total value = 187,890,816,555

Strike 2501.25 has a total call value of 178,515,041,220 versus a total put value of 10,776,704,085 Combined total value = 189,291,745,305

Strike 2520 has a total call value of 200,758,406,220 versus a total put value of 9,682,844,085 Combined total value = 210,441,250,305

Strike 2520.65 has a total call value of 201,532,120,590 versus a total put value of 9,645,968,025 Combined total value = 211,178,088,615

Strike 2540 has a total call value of 224,857,382,655 versus a total put value of 8,728,766,415 Combined total value = 233,586,149,070

Strike 2540.05 has a total call value of 224,918,240,205 versus a total put value of 8,726,396,385 Combined total value = 233,644,636,590

Strike 2559.45 has a total call value of 248,627,482,665 versus a total put value of 7,807,424,205 Combined total value = 256,434,906,870

Strike 2560 has a total call value of 249,299,651,910 versus a total put value of 7,781,506,830 Combined total value = 257,081,158,740

Strike 2578.85 has a total call value of 272,648,926,365 versus a total put value of 6,893,830,170 Combined total value = 279,542,756,535

Strike 2580 has a total call value of 274,073,417,910 versus a total put value of 6,840,030,180 Combined total value = 280,913,448,090

Strike 2598.2 has a total call value of 296,617,544,970 versus a total put value of 5,988,586,860 Combined total value = 302,606,131,830

Strike 2600 has a total call value of 298,853,913,930 versus a total put value of 5,904,990,000 Combined total value = 304,758,903,930

Strike 2617.6 has a total call value of 321,449,378,250 versus a total put value of 5,211,050,160 Combined total value = 326,660,428,410

Strike 2620 has a total call value of 324,568,696,170 versus a total put value of 5,126,507,760 Combined total value = 329,695,203,930

Strike 2637 has a total call value of 346,663,864,770 versus a total put value of 4,529,766,960 Combined total value = 351,193,631,730

Strike 2640 has a total call value of 350,563,012,170 versus a total put value of 4,424,459,760 Combined total value = 354,987,471,930

Strike 2656.4 has a total call value of 371,980,716,810 versus a total put value of 3,849,793,920 Combined total value = 375,830,510,730

Strike 2660 has a total call value of 376,682,164,170 versus a total put value of 3,723,647,760 Combined total value = 380,405,811,930

Strike 2675.8 has a total call value of 397,316,294,250 versus a total put value of 3,170,494,500 Combined total value = 400,486,788,750

Strike 2680 has a total call value of 402,801,316,170 versus a total put value of 3,023,453,760 Combined total value = 405,824,769,930

Strike 2695.15 has a total call value of 422,632,451,040 versus a total put value of 2,493,056,805 Combined total value = 425,125,507,845

Strike 2700 has a total call value of 428,981,032,170 versus a total put value of 2,323,259,760 Combined total value = 431,304,291,930

Strike 2714.55 has a total call value of 448,377,010,065 versus a total put value of 1,830,503,640 Combined total value = 450,207,513,705

Strike 2720 has a total call value of 455,715,594,750 versus a total put value of 1,747,648,380 Combined total value = 457,463,243,130

Strike 2733.95 has a total call value of 474,499,678,485 versus a total put value of 1,538,586,705 Combined total value = 476,038,265,190

Strike 2740 has a total call value of 482,646,180,750 versus a total put value of 1,448,479,215 Combined total value = 484,094,659,965

Strike 2753.35 has a total call value of 500,622,346,905 versus a total put value of 1,249,646,985 Combined total value = 501,871,993,890

Strike 2760 has a total call value of 509,576,766,750 versus a total put value of 1,151,219,670 Combined total value = 510,727,986,420

Strike 2780 has a total call value of 536,507,352,750 versus a total put value of 855,815,670 Combined total value = 537,363,168,420

Strike 2792.1 has a total call value of 552,800,357,280 versus a total put value of 677,096,250 Combined total value = 553,477,453,530

Strike 2800 has a total call value of 563,521,180,260 versus a total put value of 561,144,000 Combined total value = 564,082,324,260

Strike 2820 has a total call value of 590,791,666,260 versus a total put value of 280,572,000 Combined total value = 591,072,238,260

Strike 2840 has a total call value of 618,062,152,260 versus a total put value of 0 Combined total value = 618,062,152,260

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	1141.1	1140
ABB	5269	5200
ABCAPITAL	350.1	350
ADANIENSOL	999.5	990
ADANIENT	2244	2300
ADANIGREEN	1026.6	1040
ADANIPORTS	1501.8	1500
ALKEM	5635.5	5700
AMBER	6793.5	6800
AMBUJACEM	546.65	550
ANGELONE	2552.6	2600
APLAPOLLO	1731	1740
APOLLOHOSP	7119	7200
ASHOKLEY	166.95	160
ASIANPAINT	2793.3	2800
ASTRAL	1459	1460
AUBANK	978.8	960
AUROPHARMA	1176.9	1200
AXISBANK	1233.5	1250
BAJAJ-AUTO	8959	9000
BAJAJFINSV	2048.7	2060
BAJFINANCE	1002	1020
BANDHANBNK	150.62	150
BANKBARODA	280.9	290
BANKINDIA	140.2	144
BDL	1366.9	1420
BEL	385.3	400
BHARATFORG	1400	1400
BHARTIARTL	2092.2	2100
BHEL	278.75	280
BIOCON	386.1	390
BLUESTARCO	1816.8	1780
BOSCHLTD	36025	36500
BPCL	362.55	365
BRITANNIA	6096	6000
BSE	2597.2	2700
CAMS	753.5	780
CANBK	147	148
CDSL	1504	1560
CGPOWER	665.25	680
CHOLAFIN	1719.3	1700
CIPLA	1503.2	1520
COALINDIA	378.9	384.75
COFORGE	1852.9	1840
COLPAL	2167.4	2180
CONCOR	502.35	520
CROMPTON	253.9	265
CUMMINSIND	4496	4500
CYIENT	1150.4	1160
DABUR	503	505
DALBHARAT	2065.5	2040
DELHIVERY	401.65	415
DIVISLAB	6301.5	6400
DIXON	13602	13750
DLF	690.95	720
DMART	3895.8	3900
DRREDDY	1276	1270
EICHERMOT	7076	7100
ETERNAL	284.7	295
EXIDEIND	368.25	375
FEDERALBNK	262.8	260
FORTIS	874.4	880
GAIL	168.42	175
GLENMARK	1970.1	1940
GMRAIRPORT	103.32	102
GODREJCP	1192.4	1180
GODREJPROP	2037.1	2080
GRASIM	2804	2800
HAL	4268.5	4500
HAVELLS	1424	1440
HCLTECH	1651	1660
HDFCAMC	2568	2625
HDFCBANK	993.2	1000
HDFCLIFE	774.4	770
HEROMOTOCO	5955	6050
HFCL	66.06	68
HINDALCO	834.25	820
HINDPETRO	462.7	460
HINDUNILVR	2294.1	2300
HINDZINC	565.8	540
HUDCO	211.56	220
ICICIBANK	1364.8	1380
ICICIGI	1960.3	1980
ICICIPRULI	647.3	630
IDEA	11.32	11
IDFCFIRSTB	83.48	82
IEX	140.71	145
IIFL	566	560
INDHOTEL	727.3	740
INDIANB	766.75	810
INDIGO	4976	5000
INDUSINDBK	843.4	850
INDUSTOWER	407.95	410
INFY	1589	1600
INOXWIND	125.79	130
IOC	166.92	165
IRCTC	670.85	690
IREDA	134.11	140
IRFC	112.49	117
ITC	403.2	405
JINDALSTEL	1014.2	1030
JIOFIN	294.95	305
JSWENERGY	478.4	490
JSWSTEEL	1095.5	1140
JUBLFOOD	566.35	590
KALYANKJIL	478.25	480
KAYNES	4211	4400
KEI	4144.9	4100
KFINTECH	1038	1060
KOTAKBANK	2188.4	2160
KPITTECH	1183	1200
LAURUSLABS	998.2	1000
LICHSGFIN	529.55	550
LICI	854.3	880
LODHA	1081.2	1120
LT	4058.2	4040
LTF	300.6	302.5
LTIM	6222.5	6150
LUPIN	2093.5	2080
M&M	3620.2	3650
MANAPPURAM	282.3	280
MANKIND	2128	2200
MARICO	742.5	740
MARUTI	16397	16200
MAXHEALTH	1082.3	1100
MAZDOCK	2424.6	2600
MCX	10172	10100
MFSL	1686	1700
MOTHERSON	119.79	116
MPHASIS	2861.1	2900
MUTHOOTFIN	3826.8	3750
NATIONALUM	274.55	270
NAUKRI	1346.5	1360
NBCC	112	113
NCC	158.85	170
NESTLEIND	1244.2	1240
NHPC	76.2	78
NMDC	76.91	77
NTPC	321.05	325
NUVAMA	7264.5	7200
NYKAA	246.8	255
OBEROIRLTY	1648.2	1660
OFSS	7830	8000
OIL	402.15	415
ONGC	232.55	240
PAGEIND	36480	37500
PATANJALI	532.3	545
PAYTM	1286.1	1300
PERSISTENT	6235	6300
PETRONET	266.55	280
PFC	336.8	360
PGEL	560.05	560
PHOENIXLTD	1781.9	1740
PIDILITIND	1481.2	1480
PIIND	3245	3350
PNB	117.25	120
PNBHOUSING	917	910
POLICYBZR	1827.2	1860
POLYCAB	7306.5	7300
POWERGRID	262	272.5
POWERINDIA	19340	19500
PPLPHARMA	169.29	180
PRESTIGE	1624.7	1660
RBLBANK	299.4	310
RECLTD	337.2	355
RELIANCE	1542.7	1540
RVNL	310.05	315
SAIL	129.03	133
SAMMAANCAP	147.89	155
SBICARD	851.25	870
SBILIFE	2044.1	2020
SBIN	963.15	970
SHREECEM	26205	26500
SHRIRAMFIN	850.5	850
SIEMENS	3137.5	3200
SOLARINDS	11999	12500
SONACOMS	486.05	500
SRF	3016.8	2950
SUNPHARMA	1785.9	1800
SUPREMEIND	3404	3400
SUZLON	52.64	54
SYNGENE	654.8	650
TATACONSUM	1171.2	1170
TATAELXSI	5006	5100
TATAMOTORS	0	320
TATAPOWER	379.95	390
TATASTEEL	169.44	170
TATATECH	650.95	680
TCS	3205.1	3200
TECHM	1574.2	1540
TIINDIA	2622	2700
TITAGARH	791	800
TITAN	3911.8	3840
TMPV	346.75	360
TORNTPHARM	3763.7	3800
TORNTPOWER	1284.2	1300
TRENT	4115.6	4200
TVSMOTOR	3613.6	3600
ULTRACEMCO	11571	11700
UNIONBANK	152.61	152.5
UNITDSPR	1449.2	1440
UNOMINDA	1239.2	1280
UPL	751.6	750
VBL	481.75	470
VEDL	547.5	535
VOLTAS	1391	1360
WIPRO	260.35	255
YESBANK	21.5	22
ZYDUSLIFE	920.8	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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