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

2228 -1.30 (-0.06%)

L: 2210 H: 2250

Max Pain - ADANIENT

19 Dec 2025 02:31 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

15.3 -1.95

Open Interest

8780 504

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

77.5 -1.55

Open Interest

3317 -17

Strike 1840 has a total call value of 0 versus a total put value of 368,277,813,765 Combined total value = 368,277,813,765

Strike 1860 has a total call value of 0 versus a total put value of 350,286,597,765 Combined total value = 350,286,597,765

Strike 1880 has a total call value of 0 versus a total put value of 332,295,381,765 Combined total value = 332,295,381,765

Strike 1900 has a total call value of 0 versus a total put value of 314,354,223,765 Combined total value = 314,354,223,765

Strike 1900.2 has a total call value of 0 versus a total put value of 314,174,812,185 Combined total value = 314,174,812,185

Strike 1920 has a total call value of 18,966,420 versus a total put value of 296,704,903,905 Combined total value = 296,723,870,325

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 280,013,073,075 Combined total value = 280,050,191,700

Strike 1940 has a total call value of 38,124,420 versus a total put value of 279,098,480,970 Combined total value = 279,136,605,390

Strike 1960 has a total call value of 57,282,420 versus a total put value of 261,709,814,970 Combined total value = 261,767,097,390

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 246,344,836,320 Combined total value = 246,419,121,465

Strike 1980 has a total call value of 76,440,420 versus a total put value of 244,410,928,920 Combined total value = 244,487,369,340

Strike 2000 has a total call value of 95,598,420 versus a total put value of 227,220,640,920 Combined total value = 227,316,239,340

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 214,393,320,135 Combined total value = 214,512,442,725

Strike 2020 has a total call value of 124,026,420 versus a total put value of 211,740,454,710 Combined total value = 211,864,481,130

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 199,584,462,690 Combined total value = 199,731,089,370

Strike 2040 has a total call value of 152,454,420 versus a total put value of 196,464,848,130 Combined total value = 196,617,302,550

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 184,853,144,160 Combined total value = 185,027,346,000

Strike 2060 has a total call value of 180,882,420 versus a total put value of 181,320,279,180 Combined total value = 181,501,161,600

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 170,326,550,490 Combined total value = 170,528,327,490

Strike 2080 has a total call value of 209,310,420 versus a total put value of 166,381,494,960 Combined total value = 166,590,805,380

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 156,004,230,540 Combined total value = 156,235,325,460

Strike 2100 has a total call value of 240,210,420 versus a total put value of 151,676,373,450 Combined total value = 151,916,583,870

Strike 2113.5 has a total call value of 337,823,520 versus a total put value of 142,420,649,250 Combined total value = 142,758,472,770

Strike 2120 has a total call value of 385,023,270 versus a total put value of 137,992,911,000 Combined total value = 138,377,934,270

Strike 2132.85 has a total call value of 479,127,675 versus a total put value of 129,593,397,990 Combined total value = 130,072,525,665

Strike 2140 has a total call value of 542,094,150 versus a total put value of 125,075,056,305 Combined total value = 125,617,150,455

Strike 2152.25 has a total call value of 668,521,500 versus a total put value of 117,422,037,855 Combined total value = 118,090,559,355

Strike 2160 has a total call value of 748,506,150 versus a total put value of 112,664,388,030 Combined total value = 113,412,894,180

Strike 2171.65 has a total call value of 895,740,015 versus a total put value of 105,641,440,665 Combined total value = 106,537,180,680

Strike 2180 has a total call value of 1,001,268,150 versus a total put value of 100,620,984,795 Combined total value = 101,622,252,945

Strike 2191.05 has a total call value of 1,197,257,580 versus a total put value of 94,127,383,785 Combined total value = 95,324,641,365

Strike 2200 has a total call value of 1,356,000,150 versus a total put value of 88,923,171,795 Combined total value = 90,279,171,945

Strike 2210.45 has a total call value of 2,144,534,160 versus a total put value of 83,421,839,310 Combined total value = 85,566,373,470

Strike 2220 has a total call value of 2,865,156,150 versus a total put value of 78,477,522,585 Combined total value = 81,342,678,735

Strike 2229.8 has a total call value of 3,805,715,070 versus a total put value of 73,633,916,685 Combined total value = 77,439,631,755

Strike 2240 has a total call value of 4,929,646,950 versus a total put value of 68,817,020,745 Combined total value = 73,746,667,695

Strike 2249.2 has a total call value of 6,259,224,510 versus a total put value of 64,763,472,225 Combined total value = 71,022,696,735

Strike 2260 has a total call value of 7,914,475,710 versus a total put value of 60,004,958,745 Combined total value = 67,919,434,455

Strike 2268.6 has a total call value of 10,363,801,290 versus a total put value of 56,489,750,025 Combined total value = 66,853,551,315

Strike 2280 has a total call value of 13,695,124,110 versus a total put value of 51,830,054,745 Combined total value = 65,525,178,855

Strike 2288 has a total call value of 16,315,938,510 versus a total put value of 48,723,986,745 Combined total value = 65,039,925,255

Strike 2300 has a total call value of 20,343,938,910 versus a total put value of 44,064,884,745 Combined total value = 64,408,823,655

Strike 2307.35 has a total call value of 24,805,158,855 versus a total put value of 41,964,525,225 Combined total value = 66,769,684,080

Strike 2320 has a total call value of 32,627,549,475 versus a total put value of 38,434,833,675 Combined total value = 71,062,383,150

Strike 2326.75 has a total call value of 37,006,164,450 versus a total put value of 36,632,119,950 Combined total value = 73,638,284,400

Strike 2340 has a total call value of 45,887,820,975 versus a total put value of 33,376,372,350 Combined total value = 79,264,193,325

Strike 2346.15 has a total call value of 50,257,485,765 versus a total put value of 31,965,742,545 Combined total value = 82,223,228,310

Strike 2360 has a total call value of 60,339,485,235 versus a total put value of 28,907,076,690 Combined total value = 89,246,561,925

Strike 2365.55 has a total call value of 64,639,036,380 versus a total put value of 27,772,122,780 Combined total value = 92,411,159,160

Strike 2380 has a total call value of 76,071,350,400 versus a total put value of 25,036,833,150 Combined total value = 101,108,183,550

Strike 2384.95 has a total call value of 80,106,303,300 versus a total put value of 24,130,727,730 Combined total value = 104,237,031,030

Strike 2400 has a total call value of 92,452,783,005 versus a total put value of 21,387,427,275 Combined total value = 113,840,210,280

Strike 2404.3 has a total call value of 96,880,941,495 versus a total put value of 20,785,526,175 Combined total value = 117,666,467,670

Strike 2420 has a total call value of 113,179,854,105 versus a total put value of 18,658,231,125 Combined total value = 131,838,085,230

Strike 2423.7 has a total call value of 117,075,648,855 versus a total put value of 18,164,782,845 Combined total value = 135,240,431,700

Strike 2440 has a total call value of 134,640,636,435 versus a total put value of 16,429,136,025 Combined total value = 151,069,772,460

Strike 2443.1 has a total call value of 138,075,474,255 versus a total put value of 16,113,795,345 Combined total value = 154,189,269,600

Strike 2460 has a total call value of 156,914,722,215 versus a total put value of 14,394,680,025 Combined total value = 171,309,402,240

Strike 2462.5 has a total call value of 159,759,762,465 versus a total put value of 14,157,522,525 Combined total value = 173,917,284,990

Strike 2480 has a total call value of 179,863,225,215 versus a total put value of 12,552,576,525 Combined total value = 192,415,801,740

Strike 2481.9 has a total call value of 182,066,611,515 versus a total put value of 12,379,616,865 Combined total value = 194,446,228,380

Strike 2500 has a total call value of 203,222,315,055 versus a total put value of 10,807,452,675 Combined total value = 214,029,767,730

Strike 2501.25 has a total call value of 204,829,462,680 versus a total put value of 10,734,258,300 Combined total value = 215,563,720,980

Strike 2520 has a total call value of 229,047,917,055 versus a total put value of 9,649,668,300 Combined total value = 238,697,585,355

Strike 2520.65 has a total call value of 229,889,538,810 versus a total put value of 9,613,113,600 Combined total value = 239,502,652,410

Strike 2540 has a total call value of 255,236,949,405 versus a total put value of 8,703,684,885 Combined total value = 263,940,634,290

Strike 2540.05 has a total call value of 255,302,825,115 versus a total put value of 8,701,334,940 Combined total value = 264,004,160,055

Strike 2559.45 has a total call value of 280,966,307,175 versus a total put value of 7,790,155,740 Combined total value = 288,756,462,915

Strike 2560 has a total call value of 281,693,880,120 versus a total put value of 7,764,442,305 Combined total value = 289,458,322,425

Strike 2578.85 has a total call value of 306,867,434,955 versus a total put value of 6,883,755,225 Combined total value = 313,751,190,180

Strike 2580 has a total call value of 308,403,222,120 versus a total put value of 6,830,310,585 Combined total value = 315,233,532,705

Strike 2598.2 has a total call value of 332,708,723,340 versus a total put value of 5,984,491,065 Combined total value = 338,693,214,405

Strike 2600 has a total call value of 335,119,572,240 versus a total put value of 5,901,450,405 Combined total value = 341,021,022,645

Strike 2617.6 has a total call value of 359,192,649,840 versus a total put value of 5,208,054,405 Combined total value = 364,400,704,245

Strike 2620 has a total call value of 362,510,123,280 versus a total put value of 5,123,586,165 Combined total value = 367,633,709,445

Strike 2637 has a total call value of 386,008,893,480 versus a total put value of 4,527,370,665 Combined total value = 390,536,264,145

Strike 2640 has a total call value of 390,155,735,280 versus a total put value of 4,422,156,165 Combined total value = 394,577,891,445

Strike 2656.4 has a total call value of 412,890,509,160 versus a total put value of 3,847,997,085 Combined total value = 416,738,506,245

Strike 2660 has a total call value of 417,881,069,280 versus a total put value of 3,721,962,165 Combined total value = 421,603,031,445

Strike 2675.8 has a total call value of 439,784,083,140 versus a total put value of 3,169,297,125 Combined total value = 442,953,380,265

Strike 2680 has a total call value of 445,606,403,280 versus a total put value of 3,022,386,165 Combined total value = 448,628,789,445

Strike 2695.15 has a total call value of 466,653,284,745 versus a total put value of 2,492,457,345 Combined total value = 469,145,742,090

Strike 2700 has a total call value of 473,391,065,280 versus a total put value of 2,322,810,165 Combined total value = 475,713,875,445

Strike 2714.55 has a total call value of 493,824,708,435 versus a total put value of 1,830,503,640 Combined total value = 495,655,212,075

Strike 2720 has a total call value of 501,540,857,130 versus a total put value of 1,747,648,380 Combined total value = 503,288,505,510

Strike 2733.95 has a total call value of 521,291,366,175 versus a total put value of 1,538,586,705 Combined total value = 522,829,952,880

Strike 2740 has a total call value of 529,856,999,130 versus a total put value of 1,448,479,215 Combined total value = 531,305,478,345

Strike 2753.35 has a total call value of 548,758,023,915 versus a total put value of 1,249,646,985 Combined total value = 550,007,670,900

Strike 2760 has a total call value of 558,173,141,130 versus a total put value of 1,151,219,670 Combined total value = 559,324,360,800

Strike 2780 has a total call value of 586,489,283,130 versus a total put value of 855,815,670 Combined total value = 587,345,098,800

Strike 2792.1 has a total call value of 603,620,549,040 versus a total put value of 677,096,250 Combined total value = 604,297,645,290

Strike 2800 has a total call value of 614,885,737,320 versus a total put value of 561,144,000 Combined total value = 615,446,881,320

Strike 2820 has a total call value of 643,499,755,320 versus a total put value of 280,572,000 Combined total value = 643,780,327,320

Strike 2840 has a total call value of 672,113,773,320 versus a total put value of 0 Combined total value = 672,113,773,320

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	1131.1	1140
ABB	5148.5	5200
ABCAPITAL	348.15	345
ADANIENSOL	982.65	980
ADANIENT	2228	2300
ADANIGREEN	1018.5	1020
ADANIPORTS	1493.9	1500
ALKEM	5535.5	5650
AMBER	6649	6800
AMBUJACEM	539.25	550
ANGELONE	2506.7	2550
APLAPOLLO	1810.5	1760
APOLLOHOSP	6993.5	7100
ASHOKLEY	173.21	164
ASIANPAINT	2790.1	2800
ASTRAL	1420.5	1440
AUBANK	983	960
AUROPHARMA	1221.1	1220
AXISBANK	1233.3	1240
BAJAJ-AUTO	8980	9000
BAJAJFINSV	2039.9	2060
BAJFINANCE	1006	1020
BANDHANBNK	149.72	150
BANKBARODA	290.95	290
BANKINDIA	142.75	143
BDL	1360.9	1400
BEL	391.7	400
BHARATFORG	1433.2	1400
BHARTIARTL	2093.5	2100
BHEL	274.55	280
BIOCON	396.25	395
BLUESTARCO	1768.2	1780
BOSCHLTD	35685	36000
BPCL	363	365
BRITANNIA	6091	6000
BSE	2693.8	2700
CAMS	754.5	770
CANBK	147.77	150
CDSL	1493	1540
CGPOWER	670.5	680
CHOLAFIN	1639.5	1700
CIPLA	1510.1	1520
COALINDIA	385.1	385
COFORGE	1845.2	1840
COLPAL	2101	2160
CONCOR	499.25	520
CROMPTON	253.1	260
CUMMINSIND	4368.8	4400
CYIENT	1155.5	1140
DABUR	493.3	500
DALBHARAT	2018.9	2020
DELHIVERY	404.8	410
DIVISLAB	6438.5	6450
DIXON	13147	13500
DLF	686.6	710
DMART	3816	3900
DRREDDY	1272.3	1270
EICHERMOT	7213.5	7150
ETERNAL	286.65	295
EXIDEIND	361.3	370
FEDERALBNK	267.15	260
FORTIS	888.7	890
GAIL	169	175
GLENMARK	1981.4	1940
GMRAIRPORT	101.17	102
GODREJCP	1183.7	1160
GODREJPROP	2033.4	2060
GRASIM	2815.1	2800
HAL	4298	4500
HAVELLS	1411.6	1440
HCLTECH	1642.6	1660
HDFCAMC	2668.5	2660
HDFCBANK	987.2	990
HDFCLIFE	763	770
HEROMOTOCO	5740	5850
HFCL	64	67
HINDALCO	851.5	820
HINDPETRO	466.8	460
HINDUNILVR	2282.3	2300
HINDZINC	588	560
HUDCO	209.29	217.5
ICICIBANK	1355.7	1370
ICICIGI	1946.2	1960
ICICIPRULI	648.95	630
IDEA	11.65	11
IDFCFIRSTB	84.59	82
IEX	140.97	145
IIFL	560.55	560
INDHOTEL	729.5	730
INDIANB	777.2	810
INDIGO	5145	5100
INDUSINDBK	843	850
INDUSTOWER	411.2	410
INFY	1633.4	1600
INOXWIND	125.4	130
IOC	161.37	161
IRCTC	671.4	690
IREDA	132.25	140
IRFC	112.46	116
ITC	401.8	405
JINDALSTEL	989	1020
JIOFIN	297.05	305
JSWENERGY	476.6	490
JSWSTEEL	1078.6	1120
JUBLFOOD	563.3	580
KALYANKJIL	477.7	480
KAYNES	4152	4300
KEI	4238.7	4100
KFINTECH	1075.2	1080
KOTAKBANK	2163	2160
KPITTECH	1220.4	1200
LAURUSLABS	1038.7	1010
LICHSGFIN	530.25	550
LICI	848.5	870
LODHA	1081.9	1120
LT	4082.9	4040
LTF	299.1	300
LTIM	6187	6100
LUPIN	2120.1	2100
M&M	3605.5	3650
MANAPPURAM	290.05	282.5
MANKIND	2157.8	2200
MARICO	741.65	740
MARUTI	16448	16300
MAXHEALTH	1079.3	1100
MAZDOCK	2396.4	2500
MCX	10293	10100
MFSL	1679.9	1680
MOTHERSON	119.7	116
MPHASIS	2886.5	2900
MUTHOOTFIN	3765	3750
NATIONALUM	277.65	272.5
NAUKRI	1337.8	1360
NBCC	112.8	111
NCC	154.56	165
NESTLEIND	1240.9	1240
NHPC	76.23	78
NMDC	75.95	77
NTPC	319.1	325
NUVAMA	7100	7200
NYKAA	248.7	252.5
OBEROIRLTY	1666.4	1660
OFSS	7739	8000
OIL	406.15	410
ONGC	232.47	237.5
PAGEIND	35790	36500
PATANJALI	559.45	550
PAYTM	1324.9	1300
PERSISTENT	6352.5	6300
PETRONET	273.1	280
PFC	336.85	355
PGEL	580.35	560
PHOENIXLTD	1827.6	1760
PIDILITIND	1452.3	1480
PIIND	3229.7	3350
PNB	119.28	120
PNBHOUSING	915.05	900
POLICYBZR	1883	1860
POLYCAB	7403	7300
POWERGRID	263	270
POWERINDIA	18345	18500
PPLPHARMA	170.29	175
PRESTIGE	1617.2	1640
RBLBANK	299.6	305
RECLTD	338.35	350
RELIANCE	1567.9	1550
RVNL	315.35	315
SAIL	125.42	130
SAMMAANCAP	144.49	155
SBICARD	863.6	870
SBILIFE	2028.4	2020
SBIN	979.8	970
SHREECEM	25590	26000
SHRIRAMFIN	899.6	880
SIEMENS	3100.5	3150
SOLARINDS	11865	12500
SONACOMS	499	500
SRF	3075	3000
SUNPHARMA	1747.4	1760
SUPREMEIND	3368.2	3400
SUZLON	52.19	54
SYNGENE	650	650
TATACONSUM	1184.2	1180
TATAELXSI	5423	5300
TATAMOTORS	0	320
TATAPOWER	379	390
TATASTEEL	168.63	170
TATATECH	652.1	670
TCS	3296.8	3240
TECHM	1611.8	1560
TIINDIA	2615.8	2700
TITAGARH	778.25	800
TITAN	3939.5	3880
TMPV	351.85	360
TORNTPHARM	3776.7	3750
TORNTPOWER	1277.2	1300
TRENT	4065.2	4200
TVSMOTOR	3663.9	3600
ULTRACEMCO	11508	11600
UNIONBANK	153.46	155
UNITDSPR	1407.6	1430
UNOMINDA	1258.9	1280
UPL	745.7	750
VBL	468.85	470
VEDL	576.7	555
VOLTAS	1371.7	1380
WIPRO	264.68	260
YESBANK	21.59	22
ZYDUSLIFE	914	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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