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

2282.4 +4.70 (0.21%)

L: 2270.2 H: 2296.8

Max Pain - ADANIENT

12 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

48 -2.5

Open Interest

7713 50

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

53 -6.45

Open Interest

3553 -66

Strike 1840 has a total call value of 0 versus a total put value of 369,620,752,485 Combined total value = 369,620,752,485

Strike 1860 has a total call value of 0 versus a total put value of 352,435,408,485 Combined total value = 352,435,408,485

Strike 1880 has a total call value of 0 versus a total put value of 335,250,064,485 Combined total value = 335,250,064,485

Strike 1900 has a total call value of 0 versus a total put value of 318,121,576,485 Combined total value = 318,121,576,485

Strike 1900.2 has a total call value of 0 versus a total put value of 317,950,291,605 Combined total value = 317,950,291,605

Strike 1920 has a total call value of 19,578,240 versus a total put value of 301,284,314,805 Combined total value = 301,303,893,045

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 285,364,831,020 Combined total value = 285,403,147,020

Strike 1940 has a total call value of 39,354,240 versus a total put value of 284,491,152,060 Combined total value = 284,530,506,300

Strike 1960 has a total call value of 59,130,240 versus a total put value of 267,877,458,060 Combined total value = 267,936,588,300

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 253,198,621,635 Combined total value = 253,275,303,075

Strike 1980 has a total call value of 78,906,240 versus a total put value of 251,344,876,560 Combined total value = 251,423,782,800

Strike 2000 has a total call value of 98,682,240 versus a total put value of 234,867,142,560 Combined total value = 234,965,824,800

Strike 2016.55 has a total call value of 123,229,200 versus a total put value of 221,745,258,255 Combined total value = 221,868,487,455

Strike 2020 has a total call value of 128,346,240 versus a total put value of 219,022,992,975 Combined total value = 219,151,339,215

Strike 2035.9 has a total call value of 151,929,120 versus a total put value of 206,525,540,505 Combined total value = 206,677,469,625

Strike 2040 has a total call value of 158,010,240 versus a total put value of 203,318,509,845 Combined total value = 203,476,520,085

Strike 2055.3 has a total call value of 180,703,200 versus a total put value of 191,355,064,995 Combined total value = 191,535,768,195

Strike 2060 has a total call value of 187,674,240 versus a total put value of 187,723,734,075 Combined total value = 187,911,408,315

Strike 2074.7 has a total call value of 209,477,280 versus a total put value of 176,414,315,535 Combined total value = 176,623,792,815

Strike 2080 has a total call value of 217,338,240 versus a total put value of 172,354,293,465 Combined total value = 172,571,631,705

Strike 2094.1 has a total call value of 239,994,120 versus a total put value of 161,707,772,625 Combined total value = 161,947,766,745

Strike 2100 has a total call value of 249,838,860 versus a total put value of 157,271,258,775 Combined total value = 157,521,097,635

Strike 2113.5 has a total call value of 347,869,110 versus a total put value of 147,718,106,625 Combined total value = 148,065,975,735

Strike 2120 has a total call value of 395,269,710 versus a total put value of 143,147,564,025 Combined total value = 143,542,833,735

Strike 2132.85 has a total call value of 489,374,115 versus a total put value of 134,346,221,235 Combined total value = 134,835,595,350

Strike 2140 has a total call value of 551,456,850 versus a total put value of 129,612,467,925 Combined total value = 130,163,924,775

Strike 2152.25 has a total call value of 675,613,050 versus a total put value of 121,587,359,400 Combined total value = 122,262,972,450

Strike 2160 has a total call value of 754,160,850 versus a total put value of 116,589,516,150 Combined total value = 117,343,677,000

Strike 2171.65 has a total call value of 900,314,760 versus a total put value of 109,154,745,945 Combined total value = 110,055,060,705

Strike 2180 has a total call value of 1,005,068,850 versus a total put value of 103,838,346,870 Combined total value = 104,843,415,720

Strike 2191.05 has a total call value of 1,208,570,070 versus a total put value of 97,005,690,975 Combined total value = 98,214,261,045

Strike 2200 has a total call value of 1,373,396,850 versus a total put value of 91,546,771,830 Combined total value = 92,920,168,680

Strike 2210.45 has a total call value of 1,997,249,310 versus a total put value of 85,940,495,220 Combined total value = 87,937,744,530

Strike 2220 has a total call value of 2,567,372,850 versus a total put value of 80,890,829,580 Combined total value = 83,458,202,430

Strike 2229.8 has a total call value of 3,310,795,950 versus a total put value of 75,893,693,940 Combined total value = 79,204,489,890

Strike 2240 has a total call value of 4,167,140,010 versus a total put value of 70,901,557,920 Combined total value = 75,068,697,930

Strike 2249.2 has a total call value of 5,140,230,450 versus a total put value of 66,656,120,400 Combined total value = 71,796,350,850

Strike 2260 has a total call value of 6,330,943,410 versus a total put value of 61,672,345,920 Combined total value = 68,003,289,330

Strike 2268.6 has a total call value of 8,020,784,070 versus a total put value of 57,987,063,600 Combined total value = 66,007,847,670

Strike 2280 has a total call value of 10,326,678,030 versus a total put value of 53,101,921,920 Combined total value = 63,428,599,950

Strike 2288 has a total call value of 12,171,531,630 versus a total put value of 49,870,770,720 Combined total value = 62,042,302,350

Strike 2300 has a total call value of 15,032,624,430 versus a total put value of 45,024,043,920 Combined total value = 60,056,668,350

Strike 2307.35 has a total call value of 18,536,781,765 versus a total put value of 42,862,363,350 Combined total value = 61,399,145,115

Strike 2320 has a total call value of 24,715,891,845 versus a total put value of 39,217,360,725 Combined total value = 63,933,252,570

Strike 2326.75 has a total call value of 28,217,448,945 versus a total put value of 37,354,577,400 Combined total value = 65,572,026,345

Strike 2340 has a total call value of 35,360,277,495 versus a total put value of 33,990,741,600 Combined total value = 69,351,019,095

Strike 2346.15 has a total call value of 38,941,297,035 versus a total put value of 32,541,344,655 Combined total value = 71,482,641,690

Strike 2360 has a total call value of 47,266,500,180 versus a total put value of 29,394,945,975 Combined total value = 76,661,446,155

Strike 2365.55 has a total call value of 50,845,086,345 versus a total put value of 28,226,550,540 Combined total value = 79,071,636,885

Strike 2380 has a total call value of 60,387,791,205 versus a total put value of 25,409,550,495 Combined total value = 85,797,341,700

Strike 2384.95 has a total call value of 63,793,028,370 versus a total put value of 24,477,289,770 Combined total value = 88,270,318,140

Strike 2400 has a total call value of 74,226,777,990 versus a total put value of 21,654,466,620 Combined total value = 95,881,244,610

Strike 2404.3 has a total call value of 77,926,277,400 versus a total put value of 21,040,740,090 Combined total value = 98,967,017,490

Strike 2420 has a total call value of 91,562,796,570 versus a total put value of 18,874,634,640 Combined total value = 110,437,431,210

Strike 2423.7 has a total call value of 94,833,892,200 versus a total put value of 18,371,353,980 Combined total value = 113,205,246,180

Strike 2440 has a total call value of 109,706,763,630 versus a total put value of 16,600,450,260 Combined total value = 126,307,213,890

Strike 2443.1 has a total call value of 112,623,569,130 versus a total put value of 16,278,979,020 Combined total value = 128,902,548,150

Strike 2460 has a total call value of 128,673,693,480 versus a total put value of 14,526,442,260 Combined total value = 143,200,135,740

Strike 2462.5 has a total call value of 131,110,158,480 versus a total put value of 14,284,572,510 Combined total value = 145,394,730,990

Strike 2480 has a total call value of 148,325,475,480 versus a total put value of 12,647,181,510 Combined total value = 160,972,656,990

Strike 2481.9 has a total call value of 150,209,714,220 versus a total put value of 12,471,051,510 Combined total value = 162,680,765,730

Strike 2500 has a total call value of 168,316,168,680 versus a total put value of 10,868,685,660 Combined total value = 179,184,854,340

Strike 2501.25 has a total call value of 169,727,680,680 versus a total put value of 10,794,680,160 Combined total value = 180,522,360,840

Strike 2520 has a total call value of 191,032,458,180 versus a total put value of 9,697,923,285 Combined total value = 200,730,381,465

Strike 2520.65 has a total call value of 191,774,699,355 versus a total put value of 9,660,946,800 Combined total value = 201,435,646,155

Strike 2540 has a total call value of 214,173,193,170 versus a total put value of 8,740,755,615 Combined total value = 222,913,948,785

Strike 2540.05 has a total call value of 214,231,552,455 versus a total put value of 8,738,377,860 Combined total value = 222,969,930,315

Strike 2559.45 has a total call value of 236,962,476,195 versus a total put value of 7,816,408,380 Combined total value = 244,778,884,575

Strike 2560 has a total call value of 237,606,909,600 versus a total put value of 7,790,406,030 Combined total value = 245,397,315,630

Strike 2578.85 has a total call value of 259,964,828,625 versus a total put value of 6,899,817,045 Combined total value = 266,864,645,670

Strike 2580 has a total call value of 261,328,839,600 versus a total put value of 6,845,839,380 Combined total value = 268,174,678,980

Strike 2598.2 has a total call value of 282,915,795,900 versus a total put value of 5,991,584,160 Combined total value = 288,907,380,060

Strike 2600 has a total call value of 285,059,501,940 versus a total put value of 5,907,709,200 Combined total value = 290,967,211,140

Strike 2617.6 has a total call value of 306,696,176,340 versus a total put value of 5,211,050,160 Combined total value = 311,907,226,500

Strike 2620 has a total call value of 309,685,269,300 versus a total put value of 5,126,507,760 Combined total value = 314,811,777,060

Strike 2637 has a total call value of 330,858,011,100 versus a total put value of 4,529,766,960 Combined total value = 335,387,778,060

Strike 2640 has a total call value of 334,594,377,300 versus a total put value of 4,424,459,760 Combined total value = 339,018,837,060

Strike 2656.4 has a total call value of 355,108,528,860 versus a total put value of 3,849,793,920 Combined total value = 358,958,322,780

Strike 2660 has a total call value of 359,611,635,300 versus a total put value of 3,723,647,760 Combined total value = 363,335,283,060

Strike 2675.8 has a total call value of 379,375,269,120 versus a total put value of 3,170,494,500 Combined total value = 382,545,763,620

Strike 2680 has a total call value of 384,628,893,300 versus a total put value of 3,023,453,760 Combined total value = 387,652,347,060

Strike 2695.15 has a total call value of 403,590,233,340 versus a total put value of 2,493,056,805 Combined total value = 406,083,290,145

Strike 2700 has a total call value of 409,660,365,300 versus a total put value of 2,323,259,760 Combined total value = 411,983,625,060

Strike 2714.55 has a total call value of 428,234,483,535 versus a total put value of 1,830,503,640 Combined total value = 430,064,987,175

Strike 2720 has a total call value of 435,266,571,120 versus a total put value of 1,747,648,380 Combined total value = 437,014,219,500

Strike 2733.95 has a total call value of 453,266,134,755 versus a total put value of 1,538,586,705 Combined total value = 454,804,721,460

Strike 2740 has a total call value of 461,072,397,120 versus a total put value of 1,448,479,215 Combined total value = 462,520,876,335

Strike 2753.35 has a total call value of 478,297,785,975 versus a total put value of 1,249,646,985 Combined total value = 479,547,432,960

Strike 2760 has a total call value of 486,878,223,120 versus a total put value of 1,151,219,670 Combined total value = 488,029,442,790

Strike 2780 has a total call value of 512,684,049,120 versus a total put value of 855,815,670 Combined total value = 513,539,864,790

Strike 2792.1 has a total call value of 528,296,573,850 versus a total put value of 677,096,250 Combined total value = 528,973,670,100

Strike 2800 has a total call value of 538,574,825,400 versus a total put value of 561,144,000 Combined total value = 539,135,969,400

Strike 2820 has a total call value of 564,694,595,400 versus a total put value of 280,572,000 Combined total value = 564,975,167,400

Strike 2840 has a total call value of 590,814,365,400 versus a total put value of 0 Combined total value = 590,814,365,400

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	1142.2	1140
ABB	5278	5200
ABCAPITAL	362.95	350
ADANIENSOL	1011.3	990
ADANIENT	2282.4	2300
ADANIGREEN	1040.2	1020
ADANIPORTS	1522.8	1500
ALKEM	5631	5700
AMBER	6626	6700
AMBUJACEM	548.15	550
ANGELONE	2595.3	2600
APLAPOLLO	1737.9	1740
APOLLOHOSP	7101	7250
ASHOKLEY	163.86	157
ASIANPAINT	2764.8	2820
ASTRAL	1416.4	1440
AUBANK	968.05	950
AUROPHARMA	1195.1	1200
AXISBANK	1286.1	1280
BAJAJ-AUTO	9015	9100
BAJAJFINSV	2083.1	2080
BAJFINANCE	1017.3	1020
BANDHANBNK	149.57	150
BANKBARODA	284.45	290
BANKINDIA	141.12	144
BDL	1409.9	1460
BEL	389.45	400
BHARATFORG	1426.6	1400
BHARTIARTL	2083.4	2100
BHEL	285.15	282.5
BIOCON	386.35	390
BLUESTARCO	1796.7	1780
BOSCHLTD	36715	36500
BPCL	365.05	362.5
BRITANNIA	5915.5	5850
BSE	2735	2750
CAMS	755.2	780
CANBK	146.63	148
CDSL	1526.5	1580
CGPOWER	665.9	680
CHOLAFIN	1735.6	1700
CIPLA	1517.4	1520
COALINDIA	383.35	384.75
COFORGE	1851	1840
COLPAL	2161.3	2200
CONCOR	505.5	520
CROMPTON	254.1	265
CUMMINSIND	4600.2	4500
CYIENT	1167.7	1160
DABUR	495	505
DALBHARAT	2072.2	2020
DELHIVERY	412.3	420
DIVISLAB	6426.5	6400
DIXON	13379	13500
DLF	699.4	720
DMART	3843	3950
DRREDDY	1279.3	1270
EICHERMOT	7229	7200
ETERNAL	298.05	300
EXIDEIND	373.75	380
FEDERALBNK	261.35	257.5
FORTIS	874.05	890
GAIL	170.71	175
GLENMARK	1975	1940
GMRAIRPORT	104.34	102
GODREJCP	1153.8	1140
GODREJPROP	2075.1	2100
GRASIM	2836.7	2800
HAL	4302.5	4500
HAVELLS	1409.6	1440
HCLTECH	1673.2	1660
HDFCAMC	2674.7	2650
HDFCBANK	1001.5	1000
HDFCLIFE	777.5	770
HEROMOTOCO	5960	6100
HFCL	66.56	69
HINDALCO	852.1	820
HINDPETRO	459.9	455
HINDUNILVR	2260.6	2300
HINDZINC	561.65	540
HUDCO	213.69	222.5
ICICIBANK	1366	1380
ICICIGI	1937.9	1980
ICICIPRULI	647.55	630
IDEA	11.64	11
IDFCFIRSTB	82.29	80
IEX	143.2	145
IIFL	581	560
INDHOTEL	735.05	740
INDIANB	789.35	820
INDIGO	4860.5	5000
INDUSINDBK	846.15	850
INDUSTOWER	415.2	405
INFY	1598.2	1600
INOXWIND	124.61	130
IOC	163.67	164
IRCTC	674.25	690
IREDA	136.18	140
IRFC	113.82	117
ITC	400.1	405
JINDALSTEL	1029.5	1030
JIOFIN	300.75	305
JSWENERGY	482.2	490
JSWSTEEL	1125.5	1140
JUBLFOOD	583.55	600
KALYANKJIL	479.3	480
KAYNES	4265.5	4500
KEI	4067.1	4050
KFINTECH	1051.7	1060
KOTAKBANK	2176.6	2160
KPITTECH	1237.9	1220
LAURUSLABS	1012.3	1000
LICHSGFIN	532.4	550
LICI	867.6	880
LODHA	1091.1	1120
LT	4074.1	4040
LTF	307.85	302.5
LTIM	6284.5	6150
LUPIN	2113.9	2080
M&M	3679.6	3700
MANAPPURAM	287.6	280
MANKIND	2178.8	2200
MARICO	727.05	730
MARUTI	16522	16300
MAXHEALTH	1081.3	1100
MAZDOCK	2458.7	2600
MCX	10162	10000
MFSL	1719	1700
MOTHERSON	121.3	116
MPHASIS	2912.7	2900
MUTHOOTFIN	3837.6	3700
NATIONALUM	278.15	270
NAUKRI	1377.7	1380
NBCC	109.57	112
NCC	160.66	170
NESTLEIND	1238.3	1240
NHPC	77.13	78
NMDC	77.94	77
NTPC	325.05	325
NUVAMA	7352	7200
NYKAA	251.1	260
OBEROIRLTY	1659.8	1660
OFSS	7990	8100
OIL	404.35	415
ONGC	238.02	240
PAGEIND	36930	38000
PATANJALI	536.85	550
PAYTM	1304.7	1300
PERSISTENT	6336.5	6200
PETRONET	268.95	280
PFC	344.2	360
PGEL	567.1	560
PHOENIXLTD	1770.9	1740
PIDILITIND	1476.8	1480
PIIND	3311.1	3400
PNB	117.81	120
PNBHOUSING	937.1	910
POLICYBZR	1925.3	1900
POLYCAB	7276.5	7300
POWERGRID	263.6	275
POWERINDIA	19535	19500
PPLPHARMA	174.45	182.5
PRESTIGE	1660.9	1660
RBLBANK	307.6	310
RECLTD	344.4	360
RELIANCE	1556.5	1540
RVNL	313.9	315
SAIL	131.9	134
SAMMAANCAP	149.49	160
SBICARD	874.6	880
SBILIFE	2025.9	2020
SBIN	963.15	965
SHREECEM	26285	26500
SHRIRAMFIN	848	840
SIEMENS	3144.6	3200
SOLARINDS	12304	13000
SONACOMS	492.5	500
SRF	3023.6	2950
SUNPHARMA	1793.5	1800
SUPREMEIND	3221.1	3400
SUZLON	53.02	54
SYNGENE	647	650
TATACONSUM	1149.3	1170
TATAELXSI	5030.5	5100
TATAMOTORS	0	320
TATAPOWER	381.95	390
TATASTEEL	171.89	170
TATATECH	660	680
TCS	3220.5	3200
TECHM	1578.4	1540
TIINDIA	2655.6	2750
TITAGARH	778.45	800
TITAN	3880.2	3840
TMPV	347.45	360
TORNTPHARM	3791.5	3800
TORNTPOWER	1290.8	1300
TRENT	4075.4	4200
TVSMOTOR	3655.2	3600
ULTRACEMCO	11723	11700
UNIONBANK	152.74	152.5
UNITDSPR	1447.1	1440
UNOMINDA	1248.1	1280
UPL	748.35	750
VBL	479.95	470
VEDL	543.6	530
VOLTAS	1377.2	1360
WIPRO	260.6	255
YESBANK	21.92	23
ZYDUSLIFE	929.15	940

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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