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

2242.4 +9.90 (0.44%)

L: 2211.1 H: 2245

Max Pain - ADANIENT

18 Dec 2025 12:56 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

21 -1.4

Open Interest

8295 -278

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

69 -10

Open Interest

3394 -25

Strike 1840 has a total call value of 0 versus a total put value of 338,633,442,990 Combined total value = 338,633,442,990

Strike 1860 has a total call value of 0 versus a total put value of 322,484,484,990 Combined total value = 322,484,484,990

Strike 1880 has a total call value of 0 versus a total put value of 306,335,526,990 Combined total value = 306,335,526,990

Strike 1900 has a total call value of 0 versus a total put value of 290,243,424,990 Combined total value = 290,243,424,990

Strike 1900.2 has a total call value of 0 versus a total put value of 290,082,503,970 Combined total value = 290,082,503,970

Strike 1920 has a total call value of 19,578,240 versus a total put value of 274,424,806,530 Combined total value = 274,444,384,770

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 259,470,317,385 Combined total value = 259,508,633,385

Strike 1940 has a total call value of 39,354,240 versus a total put value of 258,650,107,785 Combined total value = 258,689,462,025

Strike 1960 has a total call value of 59,130,240 versus a total put value of 243,057,967,785 Combined total value = 243,117,098,025

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 229,291,793,760 Combined total value = 229,368,475,200

Strike 1980 has a total call value of 78,906,240 versus a total put value of 227,553,460,185 Combined total value = 227,632,366,425

Strike 2000 has a total call value of 98,682,240 versus a total put value of 212,101,606,185 Combined total value = 212,200,288,425

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 199,820,966,655 Combined total value = 199,943,684,460

Strike 2020 has a total call value of 127,728,240 versus a total put value of 197,286,645,990 Combined total value = 197,414,374,230

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 185,648,986,020 Combined total value = 185,799,805,830

Strike 2040 has a total call value of 156,774,240 versus a total put value of 182,662,395,960 Combined total value = 182,819,170,200

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 171,527,716,920 Combined total value = 171,706,711,350

Strike 2060 has a total call value of 185,820,240 versus a total put value of 168,151,409,880 Combined total value = 168,337,230,120

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 157,638,256,530 Combined total value = 157,845,425,580

Strike 2080 has a total call value of 214,866,240 versus a total put value of 153,866,142,120 Combined total value = 154,081,008,360

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 143,940,688,230 Combined total value = 144,177,774,660

Strike 2100 has a total call value of 246,566,550 versus a total put value of 139,804,985,880 Combined total value = 140,051,552,430

Strike 2113.5 has a total call value of 344,596,800 versus a total put value of 130,966,411,680 Combined total value = 131,311,008,480

Strike 2120 has a total call value of 391,997,400 versus a total put value of 126,740,527,680 Combined total value = 127,132,525,080

Strike 2132.85 has a total call value of 486,498,870 versus a total put value of 118,642,784,070 Combined total value = 119,129,282,940

Strike 2140 has a total call value of 547,697,865 versus a total put value of 114,292,352,985 Combined total value = 114,840,050,850

Strike 2152.25 has a total call value of 672,989,640 versus a total put value of 106,918,685,985 Combined total value = 107,591,675,625

Strike 2160 has a total call value of 752,255,865 versus a total put value of 102,340,642,410 Combined total value = 103,092,898,275

Strike 2171.65 has a total call value of 897,329,820 versus a total put value of 95,580,484,095 Combined total value = 96,477,813,915

Strike 2180 has a total call value of 1,001,309,865 versus a total put value of 90,744,508,950 Combined total value = 91,745,818,815

Strike 2191.05 has a total call value of 1,190,128,950 versus a total put value of 84,500,845,680 Combined total value = 85,690,974,630

Strike 2200 has a total call value of 1,343,063,865 versus a total put value of 79,497,136,065 Combined total value = 80,840,199,930

Strike 2210.45 has a total call value of 2,055,392,295 versus a total put value of 74,259,616,965 Combined total value = 76,315,009,260

Strike 2220 has a total call value of 2,706,371,865 versus a total put value of 69,546,949,815 Combined total value = 72,253,321,680

Strike 2229.8 has a total call value of 3,523,380,225 versus a total put value of 64,906,233,315 Combined total value = 68,429,613,540

Strike 2240 has a total call value of 4,470,180,945 versus a total put value of 60,303,659,775 Combined total value = 64,773,840,720

Strike 2249.2 has a total call value of 5,582,284,305 versus a total put value of 56,388,271,335 Combined total value = 61,970,555,640

Strike 2260 has a total call value of 6,959,880,465 versus a total put value of 51,791,945,775 Combined total value = 58,751,826,240

Strike 2268.6 has a total call value of 9,064,807,005 versus a total put value of 48,396,851,535 Combined total value = 57,461,658,540

Strike 2280 has a total call value of 11,922,340,125 versus a total put value of 43,896,377,775 Combined total value = 55,818,717,900

Strike 2288 has a total call value of 14,190,894,525 versus a total put value of 40,907,729,775 Combined total value = 55,098,624,300

Strike 2300 has a total call value of 17,681,976,525 versus a total put value of 36,424,757,775 Combined total value = 54,106,734,300

Strike 2307.35 has a total call value of 21,704,183,175 versus a total put value of 34,449,765,735 Combined total value = 56,153,948,910

Strike 2320 has a total call value of 28,778,810,790 versus a total put value of 31,136,233,590 Combined total value = 59,915,044,380

Strike 2326.75 has a total call value of 32,765,096,190 versus a total put value of 29,449,278,990 Combined total value = 62,214,375,180

Strike 2340 has a total call value of 40,877,033,715 versus a total put value of 26,421,171,690 Combined total value = 67,298,205,405

Strike 2346.15 has a total call value of 44,898,744,420 versus a total put value of 25,116,391,380 Combined total value = 70,015,135,800

Strike 2360 has a total call value of 54,197,995,905 versus a total put value of 22,296,102,030 Combined total value = 76,494,097,935

Strike 2365.55 has a total call value of 58,176,165,420 versus a total put value of 21,261,472,695 Combined total value = 79,437,638,115

Strike 2380 has a total call value of 68,772,622,080 versus a total put value of 18,787,388,490 Combined total value = 87,560,010,570

Strike 2384.95 has a total call value of 72,517,878,210 versus a total put value of 17,970,608,790 Combined total value = 90,488,487,000

Strike 2400 has a total call value of 83,984,957,820 versus a total put value of 15,498,894,615 Combined total value = 99,483,852,435

Strike 2404.3 has a total call value of 88,098,613,020 versus a total put value of 14,976,184,035 Combined total value = 103,074,797,055

Strike 2420 has a total call value of 103,261,836,300 versus a total put value of 13,138,026,465 Combined total value = 116,399,862,765

Strike 2423.7 has a total call value of 106,881,181,110 versus a total put value of 12,712,718,865 Combined total value = 119,593,899,975

Strike 2440 has a total call value of 123,231,316,650 versus a total put value of 11,278,266,705 Combined total value = 134,509,583,355

Strike 2443.1 has a total call value of 126,441,047,970 versus a total put value of 11,020,304,235 Combined total value = 137,461,352,205

Strike 2460 has a total call value of 144,061,457,790 versus a total put value of 9,613,992,705 Combined total value = 153,675,450,495

Strike 2462.5 has a total call value of 146,728,050,540 versus a total put value of 9,423,107,955 Combined total value = 156,151,158,495

Strike 2480 has a total call value of 165,538,580,040 versus a total put value of 8,142,071,205 Combined total value = 173,680,651,245

Strike 2481.9 has a total call value of 167,602,764,930 versus a total put value of 8,004,337,545 Combined total value = 175,607,102,475

Strike 2500 has a total call value of 187,419,528,210 versus a total put value of 6,767,747,355 Combined total value = 194,187,275,565

Strike 2501.25 has a total call value of 188,936,834,085 versus a total put value of 6,718,075,605 Combined total value = 195,654,909,690

Strike 2520 has a total call value of 211,779,852,210 versus a total put value of 5,986,324,980 Combined total value = 217,766,177,190

Strike 2520.65 has a total call value of 212,574,013,110 versus a total put value of 5,962,002,045 Combined total value = 218,536,015,155

Strike 2540 has a total call value of 236,494,798,515 versus a total put value of 5,418,497,310 Combined total value = 241,913,295,825

Strike 2540.05 has a total call value of 236,557,032,660 versus a total put value of 5,417,092,905 Combined total value = 241,974,125,565

Strike 2559.45 has a total call value of 260,791,402,080 versus a total put value of 4,872,783,225 Combined total value = 265,664,185,305

Strike 2560 has a total call value of 261,478,458,945 versus a total put value of 4,857,487,725 Combined total value = 266,335,946,670

Strike 2578.85 has a total call value of 285,260,504,895 versus a total put value of 4,333,851,690 Combined total value = 289,594,356,585

Strike 2580 has a total call value of 286,711,398,945 versus a total put value of 4,302,261,075 Combined total value = 291,013,660,020

Strike 2598.2 has a total call value of 309,673,374,345 versus a total put value of 3,802,305,255 Combined total value = 313,475,679,600

Strike 2600 has a total call value of 311,951,625,165 versus a total put value of 3,752,859,075 Combined total value = 315,704,484,240

Strike 2617.6 has a total call value of 334,802,694,285 versus a total put value of 3,389,030,115 Combined total value = 338,191,724,400

Strike 2620 has a total call value of 337,953,530,205 versus a total put value of 3,349,502,835 Combined total value = 341,303,033,040

Strike 2637 has a total call value of 360,271,951,305 versus a total put value of 3,071,619,135 Combined total value = 363,343,570,440

Strike 2640 has a total call value of 364,210,496,205 versus a total put value of 3,022,580,835 Combined total value = 367,233,077,040

Strike 2656.4 has a total call value of 385,843,573,845 versus a total put value of 2,755,518,315 Combined total value = 388,599,092,160

Strike 2660 has a total call value of 390,592,298,205 versus a total put value of 2,696,894,835 Combined total value = 393,289,193,040

Strike 2675.8 has a total call value of 411,433,921,785 versus a total put value of 2,440,091,115 Combined total value = 413,874,012,900

Strike 2680 has a total call value of 416,974,100,205 versus a total put value of 2,371,826,835 Combined total value = 419,345,927,040

Strike 2695.15 has a total call value of 437,003,256,180 versus a total put value of 2,125,587,825 Combined total value = 439,128,844,005

Strike 2700 has a total call value of 443,415,230,205 versus a total put value of 2,046,758,835 Combined total value = 445,461,989,040

Strike 2714.55 has a total call value of 462,920,909,280 versus a total put value of 1,826,906,880 Combined total value = 464,747,816,160

Strike 2720 has a total call value of 470,289,975,270 versus a total put value of 1,744,556,835 Combined total value = 472,034,532,105

Strike 2733.95 has a total call value of 489,152,079,960 versus a total put value of 1,536,788,325 Combined total value = 490,688,868,285

Strike 2740 has a total call value of 497,332,419,270 versus a total put value of 1,447,241,670 Combined total value = 498,779,660,940

Strike 2753.35 has a total call value of 515,383,250,640 versus a total put value of 1,249,646,985 Combined total value = 516,632,897,625

Strike 2760 has a total call value of 524,374,863,270 versus a total put value of 1,151,219,670 Combined total value = 525,526,082,940

Strike 2780 has a total call value of 551,417,307,270 versus a total put value of 855,815,670 Combined total value = 552,273,122,940

Strike 2792.1 has a total call value of 567,777,985,890 versus a total put value of 677,096,250 Combined total value = 568,455,082,140

Strike 2800 has a total call value of 578,541,772,230 versus a total put value of 561,144,000 Combined total value = 579,102,916,230

Strike 2820 has a total call value of 605,895,070,230 versus a total put value of 280,572,000 Combined total value = 606,175,642,230

Strike 2840 has a total call value of 633,248,368,230 versus a total put value of 0 Combined total value = 633,248,368,230

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	1139.2	1140
ABB	5136.5	5200
ABCAPITAL	348	350
ADANIENSOL	987.65	990
ADANIENT	2242.4	2300
ADANIGREEN	1019.7	1020
ADANIPORTS	1490.9	1500
ALKEM	5564.5	5700
AMBER	6593	6800
AMBUJACEM	539.5	550
ANGELONE	2486	2550
APLAPOLLO	1792.2	1760
APOLLOHOSP	6931.5	7100
ASHOKLEY	169.7	160
ASIANPAINT	2766.6	2800
ASTRAL	1425	1460
AUBANK	987.6	960
AUROPHARMA	1210.4	1200
AXISBANK	1236	1240
BAJAJ-AUTO	8820	9000
BAJAJFINSV	2031.8	2060
BAJFINANCE	1005.2	1020
BANDHANBNK	146.76	150
BANKBARODA	290.4	290
BANKINDIA	143.19	143
BDL	1344.8	1380
BEL	384.85	400
BHARATFORG	1406	1400
BHARTIARTL	2107.9	2100
BHEL	274.1	280
BIOCON	392.9	390
BLUESTARCO	1850.5	1800
BOSCHLTD	35680	36000
BPCL	362.25	365
BRITANNIA	6030.5	6000
BSE	2688	2700
CAMS	742.5	770
CANBK	150.58	150
CDSL	1487.4	1540
CGPOWER	668.2	680
CHOLAFIN	1686.1	1700
CIPLA	1501.2	1520
COALINDIA	385.5	384.75
COFORGE	1844.2	1840
COLPAL	2088.2	2160
CONCOR	498.35	520
CROMPTON	259.15	265
CUMMINSIND	4381.9	4400
CYIENT	1143.3	1140
DABUR	493	500
DALBHARAT	2042.9	2040
DELHIVERY	401.15	410
DIVISLAB	6384.5	6400
DIXON	13335	13750
DLF	684.9	710
DMART	3774.5	3900
DRREDDY	1275.4	1270
EICHERMOT	7101.5	7100
ETERNAL	284.5	290
EXIDEIND	360.15	370
FEDERALBNK	265.5	260
FORTIS	866.35	890
GAIL	168.01	175
GLENMARK	1952.6	1940
GMRAIRPORT	100.25	102
GODREJCP	1181.3	1160
GODREJPROP	2004.6	2060
GRASIM	2819.9	2800
HAL	4258.9	4450
HAVELLS	1407.4	1440
HCLTECH	1661.3	1660
HDFCAMC	2708.2	2660
HDFCBANK	982.6	995
HDFCLIFE	757.15	770
HEROMOTOCO	5744	5900
HFCL	65.15	67
HINDALCO	861.7	820
HINDPETRO	463.15	460
HINDUNILVR	2275.4	2300
HINDZINC	592.9	560
HUDCO	208.33	220
ICICIBANK	1364.5	1370
ICICIGI	1952.1	1960
ICICIPRULI	641.65	630
IDEA	11.51	11
IDFCFIRSTB	84.15	82
IEX	141.19	145
IIFL	565.4	560
INDHOTEL	719.6	730
INDIANB	781.55	820
INDIGO	5106	5050
INDUSINDBK	838.65	850
INDUSTOWER	410	410
INFY	1624.7	1600
INOXWIND	125.3	130
IOC	162.26	162
IRCTC	665.8	690
IREDA	132.14	140
IRFC	111.82	116
ITC	401.2	405
JINDALSTEL	993.9	1020
JIOFIN	292.8	305
JSWENERGY	472.6	490
JSWSTEEL	1088.9	1120
JUBLFOOD	558.6	580
KALYANKJIL	471.15	480
KAYNES	4121	4300
KEI	4079.6	4100
KFINTECH	1056	1060
KOTAKBANK	2172.3	2160
KPITTECH	1163.6	1200
LAURUSLABS	1012.5	1000
LICHSGFIN	527.8	550
LICI	842.65	870
LODHA	1072.8	1100
LT	4057.4	4040
LTF	302.4	302.5
LTIM	6225.5	6200
LUPIN	2121.1	2100
M&M	3576.1	3650
MANAPPURAM	290.2	280
MANKIND	2121	2200
MARICO	742.1	740
MARUTI	16367	16200
MAXHEALTH	1052.9	1080
MAZDOCK	2370.9	2500
MCX	10155	10000
MFSL	1679.2	1680
MOTHERSON	117.25	116
MPHASIS	2893.4	2900
MUTHOOTFIN	3769.4	3750
NATIONALUM	282	270
NAUKRI	1345.7	1360
NBCC	108.37	111
NCC	154.79	165
NESTLEIND	1243.1	1240
NHPC	75.01	78
NMDC	77.05	77
NTPC	318.15	325
NUVAMA	7337	7300
NYKAA	243.75	252.5
OBEROIRLTY	1666	1660
OFSS	7715.5	8000
OIL	399	410
ONGC	232.64	237.5
PAGEIND	35885	37000
PATANJALI	553.05	550
PAYTM	1279.9	1300
PERSISTENT	6307.5	6300
PETRONET	268.3	278
PFC	336.25	355
PGEL	568.65	560
PHOENIXLTD	1803.8	1760
PIDILITIND	1450.9	1480
PIIND	3209.7	3300
PNB	119.43	120
PNBHOUSING	902.5	900
POLICYBZR	1820.1	1840
POLYCAB	7126.5	7200
POWERGRID	257.05	270
POWERINDIA	18315	19000
PPLPHARMA	166.3	177.5
PRESTIGE	1605	1640
RBLBANK	300.6	305
RECLTD	337.4	350
RELIANCE	1548.7	1540
RVNL	306.4	310
SAIL	129.7	132
SAMMAANCAP	146	155
SBICARD	851.85	870
SBILIFE	2015	2020
SBIN	979.45	970
SHREECEM	25830	26500
SHRIRAMFIN	872.8	850
SIEMENS	3078.9	3150
SOLARINDS	11766	12500
SONACOMS	485.8	500
SRF	3037.2	3000
SUNPHARMA	1738	1760
SUPREMEIND	3341.9	3400
SUZLON	51.79	54
SYNGENE	654.7	650
TATACONSUM	1180	1180
TATAELXSI	4998.5	5000
TATAMOTORS	0	320
TATAPOWER	375.1	390
TATASTEEL	169.74	170
TATATECH	644.2	670
TCS	3276	3200
TECHM	1593.7	1560
TIINDIA	2592.5	2700
TITAGARH	774.35	800
TITAN	3912	3860
TMPV	344.85	360
TORNTPHARM	3731.1	3750
TORNTPOWER	1259.5	1300
TRENT	4019.1	4200
TVSMOTOR	3587.7	3600
ULTRACEMCO	11508	11600
UNIONBANK	155.02	155
UNITDSPR	1397.2	1440
UNOMINDA	1233.7	1280
UPL	747.5	750
VBL	471.3	470
VEDL	580.75	550
VOLTAS	1414	1380
WIPRO	263.16	257.5
YESBANK	21.55	22
ZYDUSLIFE	915.3	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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