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

2229.3 0.00 (0.00%)

L: 2228.1 H: 2250

Max Pain - ADANIENT

19 Dec 2025 10:21 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

17.1 -0.15

Open Interest

8514 238

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

76 -3.05

Open Interest

3329 -5

Strike 1840 has a total call value of 0 versus a total put value of 354,331,043,145 Combined total value = 354,331,043,145

Strike 1860 has a total call value of 0 versus a total put value of 337,761,845,145 Combined total value = 337,761,845,145

Strike 1880 has a total call value of 0 versus a total put value of 321,192,647,145 Combined total value = 321,192,647,145

Strike 1900 has a total call value of 0 versus a total put value of 304,680,305,145 Combined total value = 304,680,305,145

Strike 1900.2 has a total call value of 0 versus a total put value of 304,515,181,725 Combined total value = 304,515,181,725

Strike 1920 has a total call value of 18,966,420 versus a total put value of 288,439,611,225 Combined total value = 288,458,577,645

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 273,085,188,015 Combined total value = 273,122,306,640

Strike 1940 has a total call value of 38,124,420 versus a total put value of 272,242,818,480 Combined total value = 272,280,942,900

Strike 1960 has a total call value of 57,282,420 versus a total put value of 256,232,292,480 Combined total value = 256,289,574,900

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 242,086,573,755 Combined total value = 242,160,858,900

Strike 1980 has a total call value of 76,440,420 versus a total put value of 240,302,701,305 Combined total value = 240,379,141,725

Strike 2000 has a total call value of 95,598,420 versus a total put value of 224,446,057,305 Combined total value = 224,541,655,725

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 211,940,403,975 Combined total value = 212,059,526,565

Strike 2020 has a total call value of 124,026,420 versus a total put value of 209,360,136,555 Combined total value = 209,484,162,975

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,513,178,525 Combined total value = 197,659,805,205

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,471,224,935 Combined total value = 194,623,679,355

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 183,129,945,405 Combined total value = 183,304,147,245

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,680,151,985 Combined total value = 179,861,034,405

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 168,936,704,025 Combined total value = 169,138,481,025

Strike 2080 has a total call value of 209,310,420 versus a total put value of 165,080,575,605 Combined total value = 165,289,886,025

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,933,791,195 Combined total value = 155,164,886,115

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,703,652,265 Combined total value = 150,943,862,685

Strike 2113.5 has a total call value of 337,823,520 versus a total put value of 141,631,474,065 Combined total value = 141,969,297,585

Strike 2120 has a total call value of 385,023,270 versus a total put value of 137,292,109,815 Combined total value = 137,677,133,085

Strike 2132.85 has a total call value of 479,127,675 versus a total put value of 129,040,702,050 Combined total value = 129,519,829,725

Strike 2140 has a total call value of 540,105,735 versus a total put value of 124,604,769,120 Combined total value = 125,144,874,855

Strike 2152.25 has a total call value of 660,098,160 versus a total put value of 117,084,612,945 Combined total value = 117,744,711,105

Strike 2160 has a total call value of 736,011,735 versus a total put value of 112,388,268,720 Combined total value = 113,124,280,455

Strike 2171.65 has a total call value of 877,125,855 versus a total put value of 105,447,397,935 Combined total value = 106,324,523,790

Strike 2180 has a total call value of 978,267,735 versus a total put value of 100,486,543,530 Combined total value = 101,464,811,265

Strike 2191.05 has a total call value of 1,163,330,925 versus a total put value of 94,070,450,535 Combined total value = 95,233,781,460

Strike 2200 has a total call value of 1,313,223,735 versus a total put value of 88,926,527,535 Combined total value = 90,239,751,270

Strike 2210.45 has a total call value of 2,052,353,280 versus a total put value of 83,520,452,025 Combined total value = 85,572,805,305

Strike 2220 has a total call value of 2,727,825,735 versus a total put value of 78,653,450,190 Combined total value = 81,381,275,925

Strike 2229.8 has a total call value of 3,566,031,495 versus a total put value of 73,846,182,690 Combined total value = 77,412,214,185

Strike 2240 has a total call value of 4,543,404,675 versus a total put value of 69,063,326,190 Combined total value = 73,606,730,865

Strike 2249.2 has a total call value of 5,697,865,755 versus a total put value of 64,991,868,030 Combined total value = 70,689,733,785

Strike 2260 has a total call value of 7,137,867,555 versus a total put value of 60,212,330,190 Combined total value = 67,350,197,745

Strike 2268.6 has a total call value of 9,337,131,795 versus a total put value of 56,679,316,890 Combined total value = 66,016,448,685

Strike 2280 has a total call value of 12,325,001,115 versus a total put value of 51,996,020,190 Combined total value = 64,321,021,305

Strike 2288 has a total call value of 14,689,963,515 versus a total put value of 48,875,614,590 Combined total value = 63,565,578,105

Strike 2300 has a total call value of 18,324,545,115 versus a total put value of 44,195,006,190 Combined total value = 62,519,551,305

Strike 2307.35 has a total call value of 22,484,383,455 versus a total put value of 42,084,199,380 Combined total value = 64,568,582,835

Strike 2320 has a total call value of 29,785,333,485 versus a total put value of 38,536,918,005 Combined total value = 68,322,251,490

Strike 2326.75 has a total call value of 33,895,095,285 versus a total put value of 36,725,026,980 Combined total value = 70,620,122,265

Strike 2340 has a total call value of 42,249,412,410 versus a total put value of 33,451,264,680 Combined total value = 75,700,677,090

Strike 2346.15 has a total call value of 46,371,271,560 versus a total put value of 32,032,273,335 Combined total value = 78,403,544,895

Strike 2360 has a total call value of 55,896,060,600 versus a total put value of 28,954,777,020 Combined total value = 84,850,837,620

Strike 2365.55 has a total call value of 59,972,153,760 versus a total put value of 27,816,907,695 Combined total value = 87,789,061,455

Strike 2380 has a total call value of 70,824,011,280 versus a total put value of 25,074,027,480 Combined total value = 95,898,038,760

Strike 2384.95 has a total call value of 74,652,321,975 versus a total put value of 24,165,168,870 Combined total value = 98,817,490,845

Strike 2400 has a total call value of 86,370,525,885 versus a total put value of 21,413,497,605 Combined total value = 107,784,023,490

Strike 2404.3 has a total call value of 90,623,295,975 versus a total put value of 20,810,533,545 Combined total value = 111,433,829,520

Strike 2420 has a total call value of 106,280,866,725 versus a total put value of 18,679,357,455 Combined total value = 124,960,224,180

Strike 2423.7 has a total call value of 110,018,428,755 versus a total put value of 18,184,994,535 Combined total value = 128,203,423,290

Strike 2440 has a total call value of 126,890,366,415 versus a total put value of 16,445,822,025 Combined total value = 143,336,188,440

Strike 2443.1 has a total call value of 130,198,569,855 versus a total put value of 16,129,906,605 Combined total value = 146,328,476,460

Strike 2460 has a total call value of 148,349,022,825 versus a total put value of 14,407,658,025 Combined total value = 162,756,680,850

Strike 2462.5 has a total call value of 151,096,110,075 versus a total put value of 14,170,037,025 Combined total value = 165,266,147,100

Strike 2480 has a total call value of 170,487,405,075 versus a total put value of 12,561,846,525 Combined total value = 183,049,251,600

Strike 2481.9 has a total call value of 172,614,996,765 versus a total put value of 12,388,593,315 Combined total value = 185,003,590,080

Strike 2500 has a total call value of 193,054,249,815 versus a total put value of 10,813,632,675 Combined total value = 203,867,882,490

Strike 2501.25 has a total call value of 194,616,244,815 versus a total put value of 10,740,361,050 Combined total value = 205,356,605,865

Strike 2520 has a total call value of 218,156,251,065 versus a total put value of 9,654,612,300 Combined total value = 227,810,863,365

Strike 2520.65 has a total call value of 218,974,453,710 versus a total put value of 9,618,017,430 Combined total value = 228,592,471,140

Strike 2540 has a total call value of 243,633,664,140 versus a total put value of 8,707,392,885 Combined total value = 252,341,057,025

Strike 2540.05 has a total call value of 243,697,800,180 versus a total put value of 8,705,039,850 Combined total value = 252,402,840,030

Strike 2559.45 has a total call value of 268,692,884,340 versus a total put value of 7,792,661,730 Combined total value = 276,485,546,070

Strike 2560 has a total call value of 269,401,507,860 versus a total put value of 7,766,914,305 Combined total value = 277,168,422,165

Strike 2578.85 has a total call value of 293,916,294,780 versus a total put value of 6,885,062,295 Combined total value = 300,801,357,075

Strike 2580 has a total call value of 295,411,891,860 versus a total put value of 6,831,546,585 Combined total value = 302,243,438,445

Strike 2598.2 has a total call value of 319,081,341,300 versus a total put value of 5,984,602,305 Combined total value = 325,065,943,605

Strike 2600 has a total call value of 321,429,339,600 versus a total put value of 5,901,450,405 Combined total value = 327,330,790,005

Strike 2617.6 has a total call value of 344,945,525,040 versus a total put value of 5,208,054,405 Combined total value = 350,153,579,445

Strike 2620 has a total call value of 348,187,058,640 versus a total put value of 5,123,586,165 Combined total value = 353,310,644,805

Strike 2637 has a total call value of 371,147,921,640 versus a total put value of 4,527,370,665 Combined total value = 375,675,292,305

Strike 2640 has a total call value of 375,199,838,640 versus a total put value of 4,422,156,165 Combined total value = 379,621,994,805

Strike 2656.4 has a total call value of 397,446,602,640 versus a total put value of 3,847,997,085 Combined total value = 401,294,599,725

Strike 2660 has a total call value of 402,330,038,640 versus a total put value of 3,721,962,165 Combined total value = 406,052,000,805

Strike 2675.8 has a total call value of 423,762,896,640 versus a total put value of 3,169,297,125 Combined total value = 426,932,193,765

Strike 2680 has a total call value of 429,460,238,640 versus a total put value of 3,022,386,165 Combined total value = 432,482,624,805

Strike 2695.15 has a total call value of 450,056,306,100 versus a total put value of 2,492,457,345 Combined total value = 452,548,763,445

Strike 2700 has a total call value of 456,649,766,640 versus a total put value of 2,322,810,165 Combined total value = 458,972,576,805

Strike 2714.55 has a total call value of 476,666,635,230 versus a total put value of 1,830,503,640 Combined total value = 478,497,138,870

Strike 2720 has a total call value of 484,226,672,490 versus a total put value of 1,747,648,380 Combined total value = 485,974,320,870

Strike 2733.95 has a total call value of 503,577,593,550 versus a total put value of 1,538,586,705 Combined total value = 505,116,180,255

Strike 2740 has a total call value of 511,969,928,490 versus a total put value of 1,448,479,215 Combined total value = 513,418,407,705

Strike 2753.35 has a total call value of 530,488,551,870 versus a total put value of 1,249,646,985 Combined total value = 531,738,198,855

Strike 2760 has a total call value of 539,713,184,490 versus a total put value of 1,151,219,670 Combined total value = 540,864,404,160

Strike 2780 has a total call value of 567,456,440,490 versus a total put value of 855,815,670 Combined total value = 568,312,256,160

Strike 2792.1 has a total call value of 584,241,110,370 versus a total put value of 677,096,250 Combined total value = 584,918,206,620

Strike 2800 has a total call value of 595,280,252,790 versus a total put value of 561,144,000 Combined total value = 595,841,396,790

Strike 2820 has a total call value of 623,325,092,790 versus a total put value of 280,572,000 Combined total value = 623,605,664,790

Strike 2840 has a total call value of 651,369,932,790 versus a total put value of 0 Combined total value = 651,369,932,790

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	1137.5	1140
ABB	5129.5	5200
ABCAPITAL	345.95	345
ADANIENSOL	975.95	980
ADANIENT	2229.3	2300
ADANIGREEN	1011.5	1020
ADANIPORTS	1499.1	1500
ALKEM	5539.5	5650
AMBER	6617	6800
AMBUJACEM	536.9	550
ANGELONE	2464.9	2550
APLAPOLLO	1806	1760
APOLLOHOSP	6964	7100
ASHOKLEY	173.15	163
ASIANPAINT	2784.6	2800
ASTRAL	1407	1440
AUBANK	981.85	960
AUROPHARMA	1227.1	1220
AXISBANK	1236.5	1240
BAJAJ-AUTO	8890	9000
BAJAJFINSV	2049.1	2060
BAJFINANCE	1009.3	1020
BANDHANBNK	149.4	152.5
BANKBARODA	288.75	290
BANKINDIA	142.15	143
BDL	1344	1400
BEL	389.7	400
BHARATFORG	1423	1400
BHARTIARTL	2088.6	2100
BHEL	274.45	280
BIOCON	398.75	395
BLUESTARCO	1830.5	1800
BOSCHLTD	35795	36000
BPCL	365	365
BRITANNIA	6058	6000
BSE	2715.8	2700
CAMS	755	770
CANBK	148.66	150
CDSL	1492.9	1540
CGPOWER	662.8	680
CHOLAFIN	1678.7	1700
CIPLA	1508.5	1520
COALINDIA	383.9	385
COFORGE	1849.8	1840
COLPAL	2084.8	2160
CONCOR	497.65	520
CROMPTON	251.95	260
CUMMINSIND	4397.9	4450
CYIENT	1143.7	1140
DABUR	493.45	500
DALBHARAT	2021.5	2040
DELHIVERY	403.4	410
DIVISLAB	6583.5	6500
DIXON	13245	13500
DLF	683.9	710
DMART	3763.6	3900
DRREDDY	1287.8	1270
EICHERMOT	7195.5	7100
ETERNAL	285.7	295
EXIDEIND	360.35	370
FEDERALBNK	266.65	260
FORTIS	882.2	890
GAIL	168.29	175
GLENMARK	1978.6	1940
GMRAIRPORT	101.19	102
GODREJCP	1185.6	1160
GODREJPROP	2009	2060
GRASIM	2817.7	2800
HAL	4277.1	4450
HAVELLS	1405	1440
HCLTECH	1646.3	1660
HDFCAMC	2677.1	2680
HDFCBANK	986.6	990
HDFCLIFE	756.35	770
HEROMOTOCO	5747	5900
HFCL	64.41	67
HINDALCO	860.25	820
HINDPETRO	464.35	460
HINDUNILVR	2272.3	2300
HINDZINC	584.65	560
HUDCO	207.6	217.5
ICICIBANK	1354.8	1370
ICICIGI	1936.6	1960
ICICIPRULI	649.5	630
IDEA	11.61	11
IDFCFIRSTB	83.73	82
IEX	139.8	145
IIFL	562.4	560
INDHOTEL	726.1	730
INDIANB	775.65	820
INDIGO	5117	5100
INDUSINDBK	832.65	850
INDUSTOWER	410.55	410
INFY	1646.2	1600
INOXWIND	124.22	130
IOC	161.18	161
IRCTC	667.65	690
IREDA	131.32	137.5
IRFC	111.06	115
ITC	401.1	405
JINDALSTEL	991.9	1020
JIOFIN	294.95	305
JSWENERGY	470.35	490
JSWSTEEL	1083.4	1120
JUBLFOOD	559.85	580
KALYANKJIL	473.95	480
KAYNES	4038.5	4300
KEI	4166.1	4100
KFINTECH	1073.4	1080
KOTAKBANK	2166.7	2160
KPITTECH	1165.8	1200
LAURUSLABS	1042.2	1010
LICHSGFIN	529	550
LICI	847	870
LODHA	1077.4	1100
LT	4075.3	4040
LTF	300.2	300
LTIM	6132	6100
LUPIN	2139.9	2100
M&M	3586.6	3650
MANAPPURAM	285.3	280
MANKIND	2154.5	2200
MARICO	736.9	730
MARUTI	16384	16300
MAXHEALTH	1073.3	1080
MAZDOCK	2379.7	2500
MCX	10333	10100
MFSL	1669.6	1700
MOTHERSON	119.55	116
MPHASIS	2882.2	2900
MUTHOOTFIN	3734.8	3750
NATIONALUM	280.1	270
NAUKRI	1329.2	1360
NBCC	109.9	111
NCC	153.29	165
NESTLEIND	1238	1240
NHPC	74.8	78
NMDC	76.22	77
NTPC	318	325
NUVAMA	7131	7300
NYKAA	243.65	250
OBEROIRLTY	1666.7	1660
OFSS	7665	7900
OIL	402.15	410
ONGC	232.52	237.5
PAGEIND	35570	37000
PATANJALI	558.5	550
PAYTM	1305.6	1300
PERSISTENT	6310	6300
PETRONET	270.45	278
PFC	336.95	355
PGEL	571.25	560
PHOENIXLTD	1813.6	1760
PIDILITIND	1451.4	1480
PIIND	3209.1	3350
PNB	119.05	120
PNBHOUSING	898.7	900
POLICYBZR	1836	1840
POLYCAB	7283	7300
POWERGRID	260.15	270
POWERINDIA	18130	18750
PPLPHARMA	169.45	175
PRESTIGE	1613.7	1640
RBLBANK	298.75	305
RECLTD	339.3	355
RELIANCE	1566.6	1550
RVNL	309.7	310
SAIL	125.65	130
SAMMAANCAP	145.53	155
SBICARD	850.05	870
SBILIFE	2024.4	2020
SBIN	980.7	970
SHREECEM	25540	26000
SHRIRAMFIN	860.4	850
SIEMENS	3100	3150
SOLARINDS	11735	12500
SONACOMS	484.85	495
SRF	3061.4	3000
SUNPHARMA	1749.3	1760
SUPREMEIND	3338.7	3400
SUZLON	51.78	54
SYNGENE	659.15	650
TATACONSUM	1172	1170
TATAELXSI	5195	5100
TATAMOTORS	0	320
TATAPOWER	375.3	390
TATASTEEL	168.74	170
TATATECH	645.05	670
TCS	3307.2	3240
TECHM	1600	1560
TIINDIA	2584.8	2700
TITAGARH	770.9	800
TITAN	3935.3	3880
TMPV	350.3	360
TORNTPHARM	3764.3	3750
TORNTPOWER	1256.9	1300
TRENT	4037	4200
TVSMOTOR	3618.5	3600
ULTRACEMCO	11498	11600
UNIONBANK	153.61	155
UNITDSPR	1395.5	1430
UNOMINDA	1237.9	1280
UPL	745.15	750
VBL	471.8	470
VEDL	574.7	555
VOLTAS	1402.7	1400
WIPRO	264.9	260
YESBANK	21.56	22
ZYDUSLIFE	919.5	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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