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

2232.5 -15.40 (-0.69%)

L: 2221 H: 2255

Max Pain - ADANIENT

17 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

20.85 -9.9

Open Interest

8554 472

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

81.65 9.25

Open Interest

3417 -50

Strike 1840 has a total call value of 0 versus a total put value of 350,018,829,180 Combined total value = 350,018,829,180

Strike 1860 has a total call value of 0 versus a total put value of 333,656,043,180 Combined total value = 333,656,043,180

Strike 1880 has a total call value of 0 versus a total put value of 317,293,257,180 Combined total value = 317,293,257,180

Strike 1900 has a total call value of 0 versus a total put value of 300,987,327,180 Combined total value = 300,987,327,180

Strike 1900.2 has a total call value of 0 versus a total put value of 300,824,267,880 Combined total value = 300,824,267,880

Strike 1920 has a total call value of 19,578,240 versus a total put value of 284,969,564,400 Combined total value = 284,989,142,640

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 269,826,526,545 Combined total value = 269,864,842,545

Strike 1940 has a total call value of 39,354,240 versus a total put value of 268,995,869,655 Combined total value = 269,035,223,895

Strike 1960 has a total call value of 59,130,240 versus a total put value of 253,202,879,655 Combined total value = 253,262,009,895

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 239,259,548,205 Combined total value = 239,336,229,645

Strike 1980 has a total call value of 78,906,240 versus a total put value of 237,499,036,155 Combined total value = 237,577,942,395

Strike 2000 has a total call value of 98,682,240 versus a total put value of 221,850,040,155 Combined total value = 221,948,722,395

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 209,399,617,485 Combined total value = 209,522,335,290

Strike 2020 has a total call value of 127,728,240 versus a total put value of 206,817,964,200 Combined total value = 206,945,692,440

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 194,962,162,590 Combined total value = 195,112,982,400

Strike 2040 has a total call value of 156,774,240 versus a total put value of 191,919,702,240 Combined total value = 192,076,476,480

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 180,576,531,630 Combined total value = 180,755,526,060

Strike 2060 has a total call value of 185,820,240 versus a total put value of 177,136,323,390 Combined total value = 177,322,143,630

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 166,429,668,060 Combined total value = 166,636,837,110

Strike 2080 has a total call value of 214,866,240 versus a total put value of 162,587,623,860 Combined total value = 162,802,490,100

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 152,476,130,340 Combined total value = 152,713,216,770

Strike 2100 has a total call value of 246,748,860 versus a total put value of 148,263,128,550 Combined total value = 148,509,877,410

Strike 2113.5 has a total call value of 346,864,860 versus a total put value of 139,240,174,050 Combined total value = 139,587,038,910

Strike 2120 has a total call value of 395,269,710 versus a total put value of 134,922,099,900 Combined total value = 135,317,369,610

Strike 2132.85 has a total call value of 492,153,570 versus a total put value of 126,663,942,030 Combined total value = 127,156,095,600

Strike 2140 has a total call value of 554,457,240 versus a total put value of 122,224,253,205 Combined total value = 122,778,710,445

Strike 2152.25 has a total call value of 678,991,965 versus a total put value of 114,698,797,680 Combined total value = 115,377,789,645

Strike 2160 has a total call value of 757,779,240 versus a total put value of 110,024,245,680 Combined total value = 110,782,024,920

Strike 2171.65 has a total call value of 903,573,165 versus a total put value of 103,116,853,500 Combined total value = 104,020,426,665

Strike 2180 has a total call value of 1,008,069,240 versus a total put value of 98,174,576,175 Combined total value = 99,182,645,415

Strike 2191.05 has a total call value of 1,203,375,780 versus a total put value of 91,790,579,010 Combined total value = 92,993,954,790

Strike 2200 has a total call value of 1,361,565,240 versus a total put value of 86,674,034,955 Combined total value = 88,035,600,195

Strike 2210.45 has a total call value of 1,964,751,780 versus a total put value of 81,293,468,940 Combined total value = 83,258,220,720

Strike 2220 has a total call value of 2,515,989,240 versus a total put value of 76,449,779,610 Combined total value = 78,965,768,850

Strike 2229.8 has a total call value of 3,221,862,660 versus a total put value of 71,676,427,950 Combined total value = 74,898,290,610

Strike 2240 has a total call value of 4,053,622,680 versus a total put value of 66,935,805,570 Combined total value = 70,989,428,250

Strike 2249.2 has a total call value of 5,046,897,000 versus a total put value of 62,899,882,410 Combined total value = 67,946,779,410

Strike 2260 has a total call value of 6,290,004,000 versus a total put value of 58,162,059,570 Combined total value = 64,452,063,570

Strike 2268.6 has a total call value of 8,259,934,620 versus a total put value of 54,654,823,050 Combined total value = 62,914,757,670

Strike 2280 has a total call value of 10,934,292,540 versus a total put value of 50,005,695,570 Combined total value = 60,939,988,110

Strike 2288 has a total call value of 13,086,168,540 versus a total put value of 46,918,167,570 Combined total value = 60,004,336,110

Strike 2300 has a total call value of 16,401,491,340 versus a total put value of 42,286,875,570 Combined total value = 58,688,366,910

Strike 2307.35 has a total call value of 20,374,868,265 versus a total put value of 40,226,261,175 Combined total value = 60,601,129,440

Strike 2320 has a total call value of 27,358,028,790 versus a total put value of 36,765,365,385 Combined total value = 64,123,394,175

Strike 2326.75 has a total call value of 31,288,624,665 versus a total put value of 35,005,200,960 Combined total value = 66,293,825,625

Strike 2340 has a total call value of 39,291,245,715 versus a total put value of 31,834,204,335 Combined total value = 71,125,450,050

Strike 2346.15 has a total call value of 43,278,560,085 versus a total put value of 30,468,802,860 Combined total value = 73,747,362,945

Strike 2360 has a total call value of 52,501,633,800 versus a total put value of 27,511,564,710 Combined total value = 80,013,198,510

Strike 2365.55 has a total call value of 56,450,820,660 versus a total put value of 26,422,742,955 Combined total value = 82,873,563,615

Strike 2380 has a total call value of 66,968,692,440 versus a total put value of 23,808,009,675 Combined total value = 90,776,702,115

Strike 2384.95 has a total call value of 70,705,077,180 versus a total put value of 22,943,049,150 Combined total value = 93,648,126,330

Strike 2400 has a total call value of 82,141,928,865 versus a total put value of 20,324,845,800 Combined total value = 102,466,774,665

Strike 2404.3 has a total call value of 86,229,275,805 versus a total put value of 19,760,945,520 Combined total value = 105,990,221,325

Strike 2420 has a total call value of 101,302,750,035 versus a total put value of 17,771,912,520 Combined total value = 119,074,662,555

Strike 2423.7 has a total call value of 104,900,257,815 versus a total put value of 17,310,362,310 Combined total value = 122,210,620,125

Strike 2440 has a total call value of 121,185,419,925 versus a total put value of 15,717,254,100 Combined total value = 136,902,674,025

Strike 2443.1 has a total call value of 124,373,023,755 versus a total put value of 15,429,117,780 Combined total value = 139,802,141,535

Strike 2460 has a total call value of 141,891,080,415 versus a total put value of 13,858,310,100 Combined total value = 155,749,390,515

Strike 2462.5 has a total call value of 144,543,150,165 versus a total put value of 13,643,168,850 Combined total value = 158,186,319,015

Strike 2480 has a total call value of 163,255,803,915 versus a total put value of 12,192,336,600 Combined total value = 175,448,140,515

Strike 2481.9 has a total call value of 165,311,064,885 versus a total put value of 12,036,226,710 Combined total value = 177,347,291,595

Strike 2500 has a total call value of 185,025,478,095 versus a total put value of 10,624,578,750 Combined total value = 195,650,056,845

Strike 2501.25 has a total call value of 186,533,822,970 versus a total put value of 10,562,971,875 Combined total value = 197,096,794,845

Strike 2520 has a total call value of 209,244,743,595 versus a total put value of 9,652,194,375 Combined total value = 218,896,937,970

Strike 2520.65 has a total call value of 210,034,485,795 versus a total put value of 9,621,665,175 Combined total value = 219,656,150,970

Strike 2540 has a total call value of 233,827,317,390 versus a total put value of 8,712,834,375 Combined total value = 242,540,151,765

Strike 2540.05 has a total call value of 233,889,271,890 versus a total put value of 8,710,485,975 Combined total value = 242,599,757,865

Strike 2559.45 has a total call value of 258,019,335,270 versus a total put value of 7,799,906,235 Combined total value = 265,819,241,505

Strike 2560 has a total call value of 258,703,435,005 versus a total put value of 7,774,090,830 Combined total value = 266,477,525,835

Strike 2578.85 has a total call value of 282,426,651,990 versus a total put value of 6,889,908,960 Combined total value = 289,316,560,950

Strike 2580 has a total call value of 283,873,957,005 versus a total put value of 6,836,322,180 Combined total value = 290,710,279,185

Strike 2598.2 has a total call value of 306,779,132,025 versus a total put value of 5,988,253,140 Combined total value = 312,767,385,165

Strike 2600 has a total call value of 309,051,820,845 versus a total put value of 5,904,990,000 Combined total value = 314,956,810,845

Strike 2617.6 has a total call value of 331,920,836,685 versus a total put value of 5,211,050,160 Combined total value = 337,131,886,845

Strike 2620 has a total call value of 335,076,937,965 versus a total put value of 5,126,507,760 Combined total value = 340,203,445,725

Strike 2637 has a total call value of 357,432,655,365 versus a total put value of 4,529,766,960 Combined total value = 361,962,422,325

Strike 2640 has a total call value of 361,377,781,965 versus a total put value of 4,424,459,760 Combined total value = 365,802,241,725

Strike 2656.4 has a total call value of 383,047,853,085 versus a total put value of 3,849,793,920 Combined total value = 386,897,647,005

Strike 2660 has a total call value of 387,804,697,965 versus a total put value of 3,723,647,760 Combined total value = 391,528,345,725

Strike 2675.8 has a total call value of 408,681,961,605 versus a total put value of 3,170,494,500 Combined total value = 411,852,456,105

Strike 2680 has a total call value of 414,231,613,965 versus a total put value of 3,023,453,760 Combined total value = 417,255,067,725

Strike 2695.15 has a total call value of 434,295,411,930 versus a total put value of 2,493,056,805 Combined total value = 436,788,468,735

Strike 2700 has a total call value of 440,718,475,965 versus a total put value of 2,323,259,760 Combined total value = 443,041,735,725

Strike 2714.55 has a total call value of 460,283,951,175 versus a total put value of 1,830,503,640 Combined total value = 462,114,454,815

Strike 2720 has a total call value of 467,689,392,645 versus a total put value of 1,747,648,380 Combined total value = 469,437,041,025

Strike 2733.95 has a total call value of 486,644,605,215 versus a total put value of 1,538,586,705 Combined total value = 488,183,191,920

Strike 2740 has a total call value of 494,865,324,645 versus a total put value of 1,448,479,215 Combined total value = 496,313,803,860

Strike 2753.35 has a total call value of 513,005,259,255 versus a total put value of 1,249,646,985 Combined total value = 514,254,906,240

Strike 2760 has a total call value of 522,041,256,645 versus a total put value of 1,151,219,670 Combined total value = 523,192,476,315

Strike 2780 has a total call value of 549,217,188,645 versus a total put value of 855,815,670 Combined total value = 550,073,004,315

Strike 2792.1 has a total call value of 565,658,627,505 versus a total put value of 677,096,250 Combined total value = 566,335,723,755

Strike 2800 has a total call value of 576,475,629,825 versus a total put value of 561,144,000 Combined total value = 577,036,773,825

Strike 2820 has a total call value of 603,979,101,825 versus a total put value of 280,572,000 Combined total value = 604,259,673,825

Strike 2840 has a total call value of 631,482,573,825 versus a total put value of 0 Combined total value = 631,482,573,825

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	1126.1	1140
ABB	5171	5200
ABCAPITAL	346.8	350
ADANIENSOL	977.55	990
ADANIENT	2232.5	2300
ADANIGREEN	1020.7	1040
ADANIPORTS	1486.3	1500
ALKEM	5628.5	5700
AMBER	6580.5	6800
AMBUJACEM	541.3	550
ANGELONE	2504.6	2600
APLAPOLLO	1764.5	1760
APOLLOHOSP	6921.5	7100
ASHOKLEY	166.14	160
ASIANPAINT	2785.7	2800
ASTRAL	1428.9	1460
AUBANK	990.3	960
AUROPHARMA	1193	1200
AXISBANK	1224.7	1240
BAJAJ-AUTO	8895	9000
BAJAJFINSV	2021.2	2060
BAJFINANCE	999.6	1020
BANDHANBNK	147.84	150
BANKBARODA	287.6	290
BANKINDIA	141.96	143
BDL	1324.3	1400
BEL	385.6	400
BHARATFORG	1413.3	1400
BHARTIARTL	2108	2100
BHEL	277.85	280
BIOCON	386.1	390
BLUESTARCO	1826.8	1800
BOSCHLTD	35975	36000
BPCL	368.35	365
BRITANNIA	6096	6000
BSE	2630.5	2700
CAMS	733.8	780
CANBK	150.21	150
CDSL	1477.3	1560
CGPOWER	670.4	680
CHOLAFIN	1673.5	1700
CIPLA	1496.9	1520
COALINDIA	384.75	384.75
COFORGE	1844.7	1840
COLPAL	2087.4	2160
CONCOR	496.35	520
CROMPTON	249.15	265
CUMMINSIND	4512.7	4500
CYIENT	1138.8	1160
DABUR	494.15	500
DALBHARAT	2073.9	2040
DELHIVERY	399.8	410
DIVISLAB	6293	6400
DIXON	13274	13750
DLF	683.1	710
DMART	3826.2	3900
DRREDDY	1272	1270
EICHERMOT	7134.5	7100
ETERNAL	284.45	295
EXIDEIND	363.8	375
FEDERALBNK	263.6	260
FORTIS	870.95	890
GAIL	169.07	175
GLENMARK	1948.4	1940
GMRAIRPORT	100.95	102
GODREJCP	1179.7	1160
GODREJPROP	2014.9	2060
GRASIM	2806.6	2800
HAL	4228.4	4450
HAVELLS	1397	1440
HCLTECH	1655	1660
HDFCAMC	2541.2	2600
HDFCBANK	984	995
HDFCLIFE	753.5	770
HEROMOTOCO	5817	6000
HFCL	64.53	67
HINDALCO	848.8	820
HINDPETRO	465.45	460
HINDUNILVR	2275.6	2300
HINDZINC	578.3	550
HUDCO	207.91	220
ICICIBANK	1352.4	1370
ICICIGI	1947	1980
ICICIPRULI	630.5	630
IDEA	11.13	11
IDFCFIRSTB	83.95	82
IEX	140.22	145
IIFL	563.1	560
INDHOTEL	713.2	730
INDIANB	775	820
INDIGO	4980.5	5000
INDUSINDBK	833.85	850
INDUSTOWER	407.2	410
INFY	1602	1600
INOXWIND	126.04	130
IOC	168.16	167
IRCTC	666.1	690
IREDA	131.43	140
IRFC	111.08	115
ITC	399.8	405
JINDALSTEL	1001.5	1020
JIOFIN	293.15	305
JSWENERGY	475.25	490
JSWSTEEL	1079.3	1120
JUBLFOOD	554.05	580
KALYANKJIL	474.85	480
KAYNES	4093.5	4400
KEI	4106.6	4100
KFINTECH	1031.3	1060
KOTAKBANK	2173.2	2160
KPITTECH	1168.9	1200
LAURUSLABS	1010	1000
LICHSGFIN	524.8	550
LICI	844.55	870
LODHA	1063.8	1100
LT	4062.4	4040
LTF	301.9	302.5
LTIM	6252.5	6150
LUPIN	2113.1	2080
M&M	3612.8	3650
MANAPPURAM	286.25	280
MANKIND	2111.2	2200
MARICO	738.15	740
MARUTI	16398	16300
MAXHEALTH	1031.1	1080
MAZDOCK	2356.6	2500
MCX	10025	10000
MFSL	1663.9	1680
MOTHERSON	119.56	116
MPHASIS	2865.3	2900
MUTHOOTFIN	3766.5	3750
NATIONALUM	279.45	270
NAUKRI	1338.2	1360
NBCC	109.56	112
NCC	155.32	165
NESTLEIND	1234.6	1240
NHPC	75.39	78
NMDC	77.28	77
NTPC	321.25	325
NUVAMA	7171	7200
NYKAA	245.1	255
OBEROIRLTY	1609.9	1640
OFSS	7712.5	8000
OIL	398.15	410
ONGC	232.91	239
PAGEIND	36055	37000
PATANJALI	543.9	540
PAYTM	1268.6	1300
PERSISTENT	6282.5	6300
PETRONET	268.65	278
PFC	335.65	355
PGEL	563.75	560
PHOENIXLTD	1781.5	1740
PIDILITIND	1450.7	1480
PIIND	3206.2	3350
PNB	119.33	120
PNBHOUSING	894.85	910
POLICYBZR	1765	1840
POLYCAB	7079.5	7200
POWERGRID	261.1	270
POWERINDIA	19150	19500
PPLPHARMA	167.9	180
PRESTIGE	1607.4	1660
RBLBANK	296.95	305
RECLTD	333.95	350
RELIANCE	1544.4	1540
RVNL	307.25	315
SAIL	130.2	133
SAMMAANCAP	145.78	155
SBICARD	834.4	870
SBILIFE	2010.2	2020
SBIN	975.85	970
SHREECEM	26045	26500
SHRIRAMFIN	864.2	850
SIEMENS	3140.1	3200
SOLARINDS	11815	12500
SONACOMS	489.9	500
SRF	3033.3	2950
SUNPHARMA	1792.9	1800
SUPREMEIND	3345.2	3400
SUZLON	51.94	54
SYNGENE	646.5	650
TATACONSUM	1179.8	1170
TATAELXSI	4968.5	5000
TATAMOTORS	0	320
TATAPOWER	378.55	390
TATASTEEL	170.34	170
TATATECH	641.8	670
TCS	3217.8	3200
TECHM	1579.4	1560
TIINDIA	2614.1	2700
TITAGARH	774.55	800
TITAN	3907.9	3860
TMPV	346.35	360
TORNTPHARM	3770.8	3750
TORNTPOWER	1274.5	1300
TRENT	4045.2	4200
TVSMOTOR	3638.9	3600
ULTRACEMCO	11540	11600
UNIONBANK	153.04	155
UNITDSPR	1424.9	1440
UNOMINDA	1248.8	1280
UPL	746.3	750
VBL	470.85	470
VEDL	569.8	550
VOLTAS	1380.5	1380
WIPRO	261.14	255
YESBANK	21.56	22
ZYDUSLIFE	918.1	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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