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

2235.3 +6.00 (0.27%)

L: 2210 H: 2250

Max Pain - ADANIENT

19 Dec 2025 02:51 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

16.6 -0.65

Open Interest

8727 451

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

72.5 -6.55

Open Interest

3314 -20

Strike 1840 has a total call value of 0 versus a total put value of 368,668,020,510 Combined total value = 368,668,020,510

Strike 1860 has a total call value of 0 versus a total put value of 350,644,668,510 Combined total value = 350,644,668,510

Strike 1880 has a total call value of 0 versus a total put value of 332,621,316,510 Combined total value = 332,621,316,510

Strike 1900 has a total call value of 0 versus a total put value of 314,645,550,510 Combined total value = 314,645,550,510

Strike 1900.2 has a total call value of 0 versus a total put value of 314,465,792,850 Combined total value = 314,465,792,850

Strike 1920 has a total call value of 18,966,420 versus a total put value of 296,961,622,650 Combined total value = 296,980,589,070

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 280,237,000,740 Combined total value = 280,274,119,365

Strike 1940 has a total call value of 38,124,420 versus a total put value of 279,320,591,715 Combined total value = 279,358,716,135

Strike 1960 has a total call value of 57,282,420 versus a total put value of 261,897,935,715 Combined total value = 261,955,218,135

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 246,511,566,540 Combined total value = 246,585,851,685

Strike 1980 has a total call value of 76,440,420 versus a total put value of 244,574,947,665 Combined total value = 244,651,388,085

Strike 2000 has a total call value of 95,598,420 versus a total put value of 227,360,557,665 Combined total value = 227,456,156,085

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 214,517,383,635 Combined total value = 214,636,506,225

Strike 2020 has a total call value of 124,026,420 versus a total put value of 211,861,320,060 Combined total value = 211,985,346,480

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 199,693,536,600 Combined total value = 199,840,163,280

Strike 2040 has a total call value of 152,454,420 versus a total put value of 196,571,134,860 Combined total value = 196,723,589,280

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 184,950,448,260 Combined total value = 185,124,650,100

Strike 2060 has a total call value of 180,882,420 versus a total put value of 181,414,823,910 Combined total value = 181,595,706,330

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 170,414,281,770 Combined total value = 170,616,058,770

Strike 2080 has a total call value of 209,310,420 versus a total put value of 166,466,933,460 Combined total value = 166,676,243,880

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 156,085,312,140 Combined total value = 156,316,407,060

Strike 2100 has a total call value of 240,210,420 versus a total put value of 151,755,449,640 Combined total value = 151,995,660,060

Strike 2113.5 has a total call value of 336,572,070 versus a total put value of 142,494,719,640 Combined total value = 142,831,291,710

Strike 2120 has a total call value of 383,169,270 versus a total put value of 138,064,370,340 Combined total value = 138,447,539,610

Strike 2132.85 has a total call value of 476,082,480 versus a total put value of 129,664,460,265 Combined total value = 130,140,542,745

Strike 2140 has a total call value of 538,386,150 versus a total put value of 125,145,897,645 Combined total value = 125,684,283,795

Strike 2152.25 has a total call value of 664,056,450 versus a total put value of 117,496,285,920 Combined total value = 118,160,342,370

Strike 2160 has a total call value of 743,562,150 versus a total put value of 112,730,733,420 Combined total value = 113,474,295,570

Strike 2171.65 has a total call value of 890,076,045 versus a total put value of 105,695,546,565 Combined total value = 106,585,622,610

Strike 2180 has a total call value of 995,088,150 versus a total put value of 100,666,318,185 Combined total value = 101,661,406,335

Strike 2191.05 has a total call value of 1,188,687,465 versus a total put value of 94,161,790,935 Combined total value = 95,350,478,400

Strike 2200 has a total call value of 1,345,494,150 versus a total put value of 88,948,452,630 Combined total value = 90,293,946,780

Strike 2210.45 has a total call value of 2,120,466,150 versus a total put value of 83,435,172,660 Combined total value = 85,555,638,810

Strike 2220 has a total call value of 2,828,694,150 versus a total put value of 78,480,232,515 Combined total value = 81,308,926,665

Strike 2229.8 has a total call value of 3,751,083,870 versus a total put value of 73,626,936,375 Combined total value = 77,378,020,245

Strike 2240 has a total call value of 4,843,812,930 versus a total put value of 68,798,063,595 Combined total value = 73,641,876,525

Strike 2249.2 has a total call value of 6,145,815,330 versus a total put value of 64,746,220,755 Combined total value = 70,892,036,085

Strike 2260 has a total call value of 7,768,361,970 versus a total put value of 59,989,709,595 Combined total value = 67,758,071,565

Strike 2268.6 has a total call value of 10,184,735,790 versus a total put value of 56,476,095,315 Combined total value = 66,660,831,105

Strike 2280 has a total call value of 13,472,730,630 versus a total put value of 51,818,513,595 Combined total value = 65,291,244,225

Strike 2288 has a total call value of 16,065,117,030 versus a total put value of 48,713,928,795 Combined total value = 64,779,045,825

Strike 2300 has a total call value of 20,049,733,830 versus a total put value of 44,057,051,595 Combined total value = 64,106,785,425

Strike 2307.35 has a total call value of 24,472,344,225 versus a total put value of 41,957,373,420 Combined total value = 66,429,717,645

Strike 2320 has a total call value of 32,228,675,280 versus a total put value of 38,428,854,525 Combined total value = 70,657,529,805

Strike 2326.75 has a total call value of 36,572,458,230 versus a total put value of 36,626,766,525 Combined total value = 73,199,224,755

Strike 2340 has a total call value of 45,392,701,005 versus a total put value of 33,371,428,350 Combined total value = 78,764,129,355

Strike 2346.15 has a total call value of 49,733,480,475 versus a total put value of 31,960,988,580 Combined total value = 81,694,469,055

Strike 2360 has a total call value of 59,750,001,300 versus a total put value of 28,902,750,690 Combined total value = 88,652,751,990

Strike 2365.55 has a total call value of 64,019,369,325 versus a total put value of 27,767,968,275 Combined total value = 91,787,337,600

Strike 2380 has a total call value of 75,373,098,465 versus a total put value of 25,033,125,150 Combined total value = 100,406,223,615

Strike 2384.95 has a total call value of 79,381,284,240 versus a total put value of 24,127,172,685 Combined total value = 103,508,456,925

Strike 2400 has a total call value of 91,648,241,250 versus a total put value of 21,384,337,275 Combined total value = 113,032,578,525

Strike 2404.3 has a total call value of 96,050,490,090 versus a total put value of 20,782,569,045 Combined total value = 116,833,059,135

Strike 2420 has a total call value of 112,255,772,610 versus a total put value of 18,655,759,125 Combined total value = 130,911,531,735

Strike 2423.7 has a total call value of 116,129,387,340 versus a total put value of 18,162,425,175 Combined total value = 134,291,812,515

Strike 2440 has a total call value of 133,596,159,270 versus a total put value of 16,427,282,025 Combined total value = 150,023,441,295

Strike 2443.1 has a total call value of 137,012,126,460 versus a total put value of 16,112,037,135 Combined total value = 153,124,163,595

Strike 2460 has a total call value of 155,748,499,050 versus a total put value of 14,393,444,025 Combined total value = 170,141,943,075

Strike 2462.5 has a total call value of 158,578,321,050 versus a total put value of 14,156,363,775 Combined total value = 172,734,684,825

Strike 2480 has a total call value of 178,575,256,050 versus a total put value of 12,551,958,525 Combined total value = 191,127,214,575

Strike 2481.9 has a total call value of 180,767,076,480 versus a total put value of 12,379,057,575 Combined total value = 193,146,134,055

Strike 2500 has a total call value of 201,813,159,180 versus a total put value of 10,807,452,675 Combined total value = 212,620,611,855

Strike 2501.25 has a total call value of 203,411,925,180 versus a total put value of 10,734,258,300 Combined total value = 214,146,183,480

Strike 2520 has a total call value of 227,504,655,180 versus a total put value of 9,649,668,300 Combined total value = 237,154,323,480

Strike 2520.65 has a total call value of 228,341,878,320 versus a total put value of 9,613,113,600 Combined total value = 237,954,991,920

Strike 2540 has a total call value of 253,558,345,530 versus a total put value of 8,703,684,885 Combined total value = 262,262,030,415

Strike 2540.05 has a total call value of 253,623,848,895 versus a total put value of 8,701,334,940 Combined total value = 262,325,183,835

Strike 2559.45 has a total call value of 279,142,861,095 versus a total put value of 7,790,155,740 Combined total value = 286,933,016,835

Strike 2560 has a total call value of 279,866,338,245 versus a total put value of 7,764,442,305 Combined total value = 287,630,780,550

Strike 2578.85 has a total call value of 304,898,354,085 versus a total put value of 6,883,755,225 Combined total value = 311,782,109,310

Strike 2580 has a total call value of 306,425,506,245 versus a total put value of 6,830,310,585 Combined total value = 313,255,816,830

Strike 2598.2 has a total call value of 330,594,349,125 versus a total put value of 5,984,491,065 Combined total value = 336,578,840,190

Strike 2600 has a total call value of 332,991,682,365 versus a total put value of 5,901,450,405 Combined total value = 338,893,132,770

Strike 2617.6 has a total call value of 356,928,256,125 versus a total put value of 5,208,054,405 Combined total value = 362,136,310,530

Strike 2620 has a total call value of 360,227,115,405 versus a total put value of 5,123,586,165 Combined total value = 365,350,701,570

Strike 2637 has a total call value of 383,594,035,305 versus a total put value of 4,527,370,665 Combined total value = 388,121,405,970

Strike 2640 has a total call value of 387,717,609,405 versus a total put value of 4,422,156,165 Combined total value = 392,139,765,570

Strike 2656.4 has a total call value of 410,324,173,005 versus a total put value of 3,847,997,085 Combined total value = 414,172,170,090

Strike 2660 has a total call value of 415,286,589,405 versus a total put value of 3,721,962,165 Combined total value = 419,008,551,570

Strike 2675.8 has a total call value of 437,066,083,605 versus a total put value of 3,169,297,125 Combined total value = 440,235,380,730

Strike 2680 has a total call value of 442,855,569,405 versus a total put value of 3,022,386,165 Combined total value = 445,877,955,570

Strike 2695.15 has a total call value of 463,784,012,715 versus a total put value of 2,492,457,345 Combined total value = 466,276,470,060

Strike 2700 has a total call value of 470,483,877,405 versus a total put value of 2,322,810,165 Combined total value = 472,806,687,570

Strike 2714.55 has a total call value of 490,803,773,025 versus a total put value of 1,830,503,640 Combined total value = 492,634,276,665

Strike 2720 has a total call value of 498,477,315,255 versus a total put value of 1,747,648,380 Combined total value = 500,224,963,635

Strike 2733.95 has a total call value of 518,118,767,385 versus a total put value of 1,538,586,705 Combined total value = 519,657,354,090

Strike 2740 has a total call value of 526,637,103,255 versus a total put value of 1,448,479,215 Combined total value = 528,085,582,470

Strike 2753.35 has a total call value of 545,433,761,745 versus a total put value of 1,249,646,985 Combined total value = 546,683,408,730

Strike 2760 has a total call value of 554,796,891,255 versus a total put value of 1,151,219,670 Combined total value = 555,948,110,925

Strike 2780 has a total call value of 582,956,679,255 versus a total put value of 855,815,670 Combined total value = 583,812,494,925

Strike 2792.1 has a total call value of 599,993,350,995 versus a total put value of 677,096,250 Combined total value = 600,670,447,245

Strike 2800 has a total call value of 611,196,779,445 versus a total put value of 561,144,000 Combined total value = 611,757,923,445

Strike 2820 has a total call value of 639,654,443,445 versus a total put value of 280,572,000 Combined total value = 639,935,015,445

Strike 2840 has a total call value of 668,112,107,445 versus a total put value of 0 Combined total value = 668,112,107,445

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	1138.8	1140
ABB	5155	5200
ABCAPITAL	348.35	345
ADANIENSOL	987.95	980
ADANIENT	2235.3	2300
ADANIGREEN	1023.1	1020
ADANIPORTS	1495.1	1500
ALKEM	5566.5	5650
AMBER	6663	6700
AMBUJACEM	539.8	550
ANGELONE	2519.8	2550
APLAPOLLO	1817.5	1780
APOLLOHOSP	6995	7100
ASHOKLEY	173.6	164
ASIANPAINT	2788	2800
ASTRAL	1422.2	1440
AUBANK	984	960
AUROPHARMA	1222.5	1220
AXISBANK	1231.9	1240
BAJAJ-AUTO	8984	9000
BAJAJFINSV	2040.8	2060
BAJFINANCE	1005.7	1020
BANDHANBNK	149.86	150
BANKBARODA	291.85	290
BANKINDIA	142.88	143
BDL	1365.2	1400
BEL	391.9	400
BHARATFORG	1436	1400
BHARTIARTL	2094	2100
BHEL	276.4	280
BIOCON	397.75	395
BLUESTARCO	1776.6	1780
BOSCHLTD	35690	36000
BPCL	363.65	365
BRITANNIA	6107	6000
BSE	2690.9	2700
CAMS	757	780
CANBK	148.24	150
CDSL	1497.8	1560
CGPOWER	672.3	680
CHOLAFIN	1641.1	1700
CIPLA	1511.5	1520
COALINDIA	385.25	385
COFORGE	1847.9	1840
COLPAL	2106	2160
CONCOR	500.2	520
CROMPTON	255.1	265
CUMMINSIND	4375.9	4400
CYIENT	1158.6	1140
DABUR	494.35	500
DALBHARAT	2016.7	2020
DELHIVERY	406.25	410
DIVISLAB	6453.5	6450
DIXON	13179	13500
DLF	688	710
DMART	3819.7	3900
DRREDDY	1275.3	1270
EICHERMOT	7204.5	7150
ETERNAL	286.75	295
EXIDEIND	362.95	370
FEDERALBNK	267.7	260
FORTIS	891.8	890
GAIL	169.3	175
GLENMARK	1985.9	1940
GMRAIRPORT	101.17	102
GODREJCP	1185.4	1160
GODREJPROP	2037.3	2080
GRASIM	2813.6	2800
HAL	4305.1	4500
HAVELLS	1414.6	1440
HCLTECH	1643.1	1660
HDFCAMC	2672.2	2660
HDFCBANK	987.2	995
HDFCLIFE	763.3	770
HEROMOTOCO	5758	5850
HFCL	63.89	67
HINDALCO	851.9	820
HINDPETRO	468	460
HINDUNILVR	2280.2	2300
HINDZINC	588.3	560
HUDCO	209.97	220
ICICIBANK	1354.8	1370
ICICIGI	1949	1960
ICICIPRULI	649.65	630
IDEA	11.95	11
IDFCFIRSTB	84.77	82
IEX	141.45	145
IIFL	561.4	560
INDHOTEL	731.95	730
INDIANB	780.8	810
INDIGO	5144	5100
INDUSINDBK	844.55	850
INDUSTOWER	414.3	410
INFY	1632.8	1600
INOXWIND	125.98	130
IOC	161.8	161
IRCTC	671.9	690
IREDA	132.78	140
IRFC	112.75	116
ITC	401.55	405
JINDALSTEL	987.3	1020
JIOFIN	297.05	305
JSWENERGY	477.2	490
JSWSTEEL	1078.3	1120
JUBLFOOD	564.2	580
KALYANKJIL	480.2	480
KAYNES	4168	4300
KEI	4245	4100
KFINTECH	1072.7	1080
KOTAKBANK	2161.7	2160
KPITTECH	1228.1	1220
LAURUSLABS	1043.1	1010
LICHSGFIN	532	550
LICI	848.2	870
LODHA	1087	1120
LT	4075.4	4040
LTF	299.9	300
LTIM	6197	6100
LUPIN	2126	2100
M&M	3607.1	3650
MANAPPURAM	290.75	282.5
MANKIND	2166	2200
MARICO	742.45	740
MARUTI	16446	16300
MAXHEALTH	1079.3	1100
MAZDOCK	2410.3	2500
MCX	10312	10100
MFSL	1693.4	1680
MOTHERSON	120.7	117
MPHASIS	2890	2900
MUTHOOTFIN	3765.7	3750
NATIONALUM	277.65	272.5
NAUKRI	1342.5	1360
NBCC	112.89	112
NCC	155.27	165
NESTLEIND	1242	1240
NHPC	76.44	78
NMDC	76.1	77
NTPC	318.95	325
NUVAMA	7153	7200
NYKAA	248.8	252.5
OBEROIRLTY	1670	1660
OFSS	7777.5	8000
OIL	407.1	410
ONGC	232.45	237.5
PAGEIND	35830	37000
PATANJALI	558.7	550
PAYTM	1323.9	1300
PERSISTENT	6360	6300
PETRONET	273.65	280
PFC	337.4	355
PGEL	581.35	560
PHOENIXLTD	1829.1	1760
PIDILITIND	1455.2	1480
PIIND	3233.6	3350
PNB	119.67	120
PNBHOUSING	919.15	900
POLICYBZR	1885.7	1860
POLYCAB	7428.5	7300
POWERGRID	263	270
POWERINDIA	18435	18500
PPLPHARMA	170.9	175
PRESTIGE	1617.7	1640
RBLBANK	300.6	305
RECLTD	338.2	350
RELIANCE	1565.9	1550
RVNL	314.9	315
SAIL	125.3	130
SAMMAANCAP	144.66	155
SBICARD	865.65	870
SBILIFE	2029.7	2020
SBIN	979.05	970
SHREECEM	25650	26000
SHRIRAMFIN	900.05	880
SIEMENS	3106.6	3150
SOLARINDS	11887	12500
SONACOMS	497.8	500
SRF	3086	3000
SUNPHARMA	1746.7	1760
SUPREMEIND	3373.6	3400
SUZLON	52.29	54
SYNGENE	652.4	650
TATACONSUM	1183.7	1180
TATAELXSI	5428	5300
TATAMOTORS	0	320
TATAPOWER	379.8	390
TATASTEEL	168.38	170
TATATECH	654.45	670
TCS	3295.6	3240
TECHM	1612.3	1560
TIINDIA	2633.8	2700
TITAGARH	782.1	800
TITAN	3935.2	3880
TMPV	351.9	360
TORNTPHARM	3792	3750
TORNTPOWER	1279.7	1300
TRENT	4063	4200
TVSMOTOR	3663.2	3600
ULTRACEMCO	11502	11600
UNIONBANK	153.91	155
UNITDSPR	1411.1	1430
UNOMINDA	1260.5	1280
UPL	749.75	750
VBL	469.85	470
VEDL	578.4	555
VOLTAS	1377.2	1380
WIPRO	264.44	260
YESBANK	21.65	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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