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

2280 +68.40 (3.09%)

L: 2192.4 H: 2293.9

Max Pain - ADANIENT

11 Dec 2025 03:13 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

52.75 23.4

Open Interest

7856 -64

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

57.9 -50.35

Open Interest

3536 -34

Strike 1840 has a total call value of 0 versus a total put value of 365,211,237,510 Combined total value = 365,211,237,510

Strike 1860 has a total call value of 0 versus a total put value of 348,170,505,510 Combined total value = 348,170,505,510

Strike 1880 has a total call value of 0 versus a total put value of 331,129,773,510 Combined total value = 331,129,773,510

Strike 1900 has a total call value of 0 versus a total put value of 314,145,897,510 Combined total value = 314,145,897,510

Strike 1900.2 has a total call value of 0 versus a total put value of 313,976,058,750 Combined total value = 313,976,058,750

Strike 1920 has a total call value of 19,578,240 versus a total put value of 297,454,471,470 Combined total value = 297,474,049,710

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 281,673,764,220 Combined total value = 281,712,080,220

Strike 1940 has a total call value of 39,354,240 versus a total put value of 280,807,612,500 Combined total value = 280,846,966,740

Strike 1960 has a total call value of 59,130,240 versus a total put value of 264,349,036,500 Combined total value = 264,408,166,740

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 249,806,770,350 Combined total value = 249,883,451,790

Strike 1980 has a total call value of 78,906,240 versus a total put value of 247,970,337,000 Combined total value = 248,049,243,240

Strike 2000 has a total call value of 98,682,240 versus a total put value of 231,646,485,000 Combined total value = 231,745,167,240

Strike 2016.55 has a total call value of 123,740,595 versus a total put value of 218,778,252,615 Combined total value = 218,901,993,210

Strike 2020 has a total call value of 128,964,240 versus a total put value of 216,109,396,440 Combined total value = 216,238,360,680

Strike 2035.9 has a total call value of 153,038,430 versus a total put value of 203,869,881,720 Combined total value = 204,022,920,150

Strike 2040 has a total call value of 159,246,240 versus a total put value of 200,730,503,520 Combined total value = 200,889,749,760

Strike 2055.3 has a total call value of 182,411,970 versus a total put value of 189,019,517,850 Combined total value = 189,201,929,820

Strike 2060 has a total call value of 189,528,240 versus a total put value of 185,465,739,750 Combined total value = 185,655,267,990

Strike 2074.7 has a total call value of 211,785,510 versus a total put value of 174,402,059,640 Combined total value = 174,613,845,150

Strike 2080 has a total call value of 219,810,240 versus a total put value of 170,430,473,370 Combined total value = 170,650,283,610

Strike 2094.1 has a total call value of 242,901,810 versus a total put value of 160,004,847,360 Combined total value = 160,247,749,170

Strike 2100 has a total call value of 252,928,860 versus a total put value of 155,664,410,880 Combined total value = 155,917,339,740

Strike 2113.5 has a total call value of 362,222,160 versus a total put value of 146,259,346,980 Combined total value = 146,621,569,140

Strike 2120 has a total call value of 415,045,710 versus a total put value of 141,762,918,030 Combined total value = 142,177,963,740

Strike 2132.85 has a total call value of 519,870,870 versus a total put value of 133,100,150,925 Combined total value = 133,620,021,795

Strike 2140 has a total call value of 587,697,915 versus a total put value of 128,440,852,710 Combined total value = 129,028,550,625

Strike 2152.25 has a total call value of 721,695,765 versus a total put value of 120,545,956,785 Combined total value = 121,267,652,550

Strike 2160 has a total call value of 806,469,915 versus a total put value of 115,647,735,135 Combined total value = 116,454,205,050

Strike 2171.65 has a total call value of 961,623,450 versus a total put value of 108,377,118,090 Combined total value = 109,338,741,540

Strike 2180 has a total call value of 1,072,827,915 versus a total put value of 103,189,984,530 Combined total value = 104,262,812,445

Strike 2191.05 has a total call value of 1,288,279,710 versus a total put value of 96,533,514,255 Combined total value = 97,821,793,965

Strike 2200 has a total call value of 1,462,785,915 versus a total put value of 91,220,616,150 Combined total value = 92,683,402,065

Strike 2210.45 has a total call value of 2,154,125,520 versus a total put value of 85,702,169,700 Combined total value = 87,856,295,220

Strike 2220 has a total call value of 2,785,923,915 versus a total put value of 80,730,114,045 Combined total value = 83,516,037,960

Strike 2229.8 has a total call value of 3,595,361,775 versus a total put value of 75,820,493,385 Combined total value = 79,415,855,160

Strike 2240 has a total call value of 4,521,990,975 versus a total put value of 70,916,607,765 Combined total value = 75,438,598,740

Strike 2249.2 has a total call value of 5,582,923,935 versus a total put value of 66,748,778,685 Combined total value = 72,331,702,620

Strike 2260 has a total call value of 6,880,093,575 versus a total put value of 61,856,109,765 Combined total value = 68,736,203,340

Strike 2268.6 has a total call value of 8,675,964,495 versus a total put value of 58,210,156,965 Combined total value = 66,886,121,460

Strike 2280 has a total call value of 11,133,682,515 versus a total put value of 53,377,149,765 Combined total value = 64,510,832,280

Strike 2288 has a total call value of 13,074,944,115 versus a total put value of 50,130,919,365 Combined total value = 63,205,863,480

Strike 2300 has a total call value of 16,068,783,315 versus a total put value of 45,261,573,765 Combined total value = 61,330,357,080

Strike 2307.35 has a total call value of 19,686,725,265 versus a total put value of 43,082,178,225 Combined total value = 62,768,903,490

Strike 2320 has a total call value of 26,085,121,830 versus a total put value of 39,411,377,190 Combined total value = 65,496,499,020

Strike 2326.75 has a total call value of 29,703,898,080 versus a total put value of 37,533,576,465 Combined total value = 67,237,474,545

Strike 2340 has a total call value of 37,064,540,730 versus a total put value of 34,151,316,540 Combined total value = 71,215,857,270

Strike 2346.15 has a total call value of 40,760,151,375 versus a total put value of 32,691,087,600 Combined total value = 73,451,238,975

Strike 2360 has a total call value of 49,320,307,305 versus a total put value of 29,517,727,125 Combined total value = 78,838,034,430

Strike 2365.55 has a total call value of 53,009,507,745 versus a total put value of 28,340,928,435 Combined total value = 81,350,436,180

Strike 2380 has a total call value of 62,840,654,835 versus a total put value of 25,502,049,645 Combined total value = 88,342,704,480

Strike 2384.95 has a total call value of 66,352,807,545 versus a total put value of 24,562,141,170 Combined total value = 90,914,948,715

Strike 2400 has a total call value of 77,109,298,395 versus a total put value of 21,716,065,770 Combined total value = 98,825,364,165

Strike 2404.3 has a total call value of 80,881,079,085 versus a total put value of 21,097,555,920 Combined total value = 101,978,635,005

Strike 2420 has a total call value of 94,793,637,225 versus a total put value of 18,922,233,000 Combined total value = 113,715,870,225

Strike 2423.7 has a total call value of 98,126,928,375 versus a total put value of 18,416,780,070 Combined total value = 116,543,708,445

Strike 2440 has a total call value of 113,272,285,275 versus a total put value of 16,638,824,970 Combined total value = 129,911,110,245

Strike 2443.1 has a total call value of 116,236,411,035 versus a total put value of 16,316,300,040 Combined total value = 132,552,711,075

Strike 2460 has a total call value of 132,549,207,015 versus a total put value of 14,558,018,970 Combined total value = 147,107,225,985

Strike 2462.5 has a total call value of 135,020,975,265 versus a total put value of 14,315,299,470 Combined total value = 149,336,274,735

Strike 2480 has a total call value of 152,457,459,015 versus a total put value of 12,671,960,220 Combined total value = 165,129,419,235

Strike 2481.9 has a total call value of 154,363,948,845 versus a total put value of 12,495,184,410 Combined total value = 166,859,133,255

Strike 2500 has a total call value of 172,657,765,455 versus a total put value of 10,887,225,660 Combined total value = 183,544,991,115

Strike 2501.25 has a total call value of 174,088,396,830 versus a total put value of 10,812,988,410 Combined total value = 184,901,385,240

Strike 2520 has a total call value of 195,680,544,330 versus a total put value of 9,712,755,285 Combined total value = 205,393,299,615

Strike 2520.65 has a total call value of 196,432,607,070 versus a total put value of 9,675,658,290 Combined total value = 206,108,265,360

Strike 2540 has a total call value of 219,128,862,555 versus a total put value of 8,751,879,615 Combined total value = 227,880,742,170

Strike 2540.05 has a total call value of 219,187,974,255 versus a total put value of 8,749,492,590 Combined total value = 227,937,466,845

Strike 2559.45 has a total call value of 242,211,434,475 versus a total put value of 7,823,926,350 Combined total value = 250,035,360,825

Strike 2560 has a total call value of 242,864,161,440 versus a total put value of 7,797,822,030 Combined total value = 250,661,983,470

Strike 2578.85 has a total call value of 265,455,066,465 versus a total put value of 6,903,738,255 Combined total value = 272,358,804,720

Strike 2580 has a total call value of 266,833,291,440 versus a total put value of 6,849,547,380 Combined total value = 273,682,838,820

Strike 2598.2 has a total call value of 288,645,199,740 versus a total put value of 5,991,917,880 Combined total value = 294,637,117,620

Strike 2600 has a total call value of 290,810,319,480 versus a total put value of 5,907,709,200 Combined total value = 296,718,028,680

Strike 2617.6 has a total call value of 312,686,827,320 versus a total put value of 5,211,050,160 Combined total value = 317,897,877,480

Strike 2620 has a total call value of 315,708,699,000 versus a total put value of 5,126,507,760 Combined total value = 320,835,206,760

Strike 2637 has a total call value of 337,113,623,400 versus a total put value of 4,529,766,960 Combined total value = 341,643,390,360

Strike 2640 has a total call value of 340,890,963,000 versus a total put value of 4,424,459,760 Combined total value = 345,315,422,760

Strike 2656.4 has a total call value of 361,626,568,680 versus a total put value of 3,849,793,920 Combined total value = 365,476,362,600

Strike 2660 has a total call value of 366,178,287,000 versus a total put value of 3,723,647,760 Combined total value = 369,901,934,760

Strike 2675.8 has a total call value of 386,155,272,960 versus a total put value of 3,170,494,500 Combined total value = 389,325,767,460

Strike 2680 has a total call value of 391,465,611,000 versus a total put value of 3,023,453,760 Combined total value = 394,489,064,760

Strike 2695.15 has a total call value of 410,626,844,685 versus a total put value of 2,493,056,805 Combined total value = 413,119,901,490

Strike 2700 has a total call value of 416,760,969,000 versus a total put value of 2,323,259,760 Combined total value = 419,084,228,760

Strike 2714.55 has a total call value of 435,533,358,630 versus a total put value of 1,830,503,640 Combined total value = 437,363,862,270

Strike 2720 has a total call value of 442,639,544,415 versus a total put value of 1,747,648,380 Combined total value = 444,387,192,795

Strike 2733.95 has a total call value of 460,828,772,250 versus a total put value of 1,538,586,705 Combined total value = 462,367,358,955

Strike 2740 has a total call value of 468,717,290,415 versus a total put value of 1,448,479,215 Combined total value = 470,165,769,630

Strike 2753.35 has a total call value of 486,124,185,870 versus a total put value of 1,249,646,985 Combined total value = 487,373,832,855

Strike 2760 has a total call value of 494,795,036,415 versus a total put value of 1,151,219,670 Combined total value = 495,946,256,085

Strike 2780 has a total call value of 520,872,782,415 versus a total put value of 855,815,670 Combined total value = 521,728,598,085

Strike 2792.1 has a total call value of 536,649,818,745 versus a total put value of 677,096,250 Combined total value = 537,326,914,995

Strike 2800 has a total call value of 547,036,455,135 versus a total put value of 561,144,000 Combined total value = 547,597,599,135

Strike 2820 has a total call value of 573,429,999,135 versus a total put value of 280,572,000 Combined total value = 573,710,571,135

Strike 2840 has a total call value of 599,823,543,135 versus a total put value of 0 Combined total value = 599,823,543,135

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	1137.6	1140
ABB	5241	5200
ABCAPITAL	354.4	350
ADANIENSOL	1001.05	980
ADANIENT	2280	2300
ADANIGREEN	1018.2	1020
ADANIPORTS	1504	1500
ALKEM	5626.5	5700
AMBER	6518.5	6700
AMBUJACEM	535.6	550
ANGELONE	2579.2	2600
APLAPOLLO	1722.8	1740
APOLLOHOSP	7008.5	7200
ASHOKLEY	160.51	157
ASIANPAINT	2779.6	2840
ASTRAL	1406.6	1440
AUBANK	972.65	950
AUROPHARMA	1173.7	1200
AXISBANK	1273.8	1280
BAJAJ-AUTO	9059.5	9100
BAJAJFINSV	2065.9	2080
BAJFINANCE	1005.9	1020
BANDHANBNK	145.35	150
BANKBARODA	285.25	290
BANKINDIA	140.83	144
BDL	1413.7	1460
BEL	388	400
BHARATFORG	1407.7	1400
BHARTIARTL	2053.8	2100
BHEL	276.8	280
BIOCON	382	390
BLUESTARCO	1745.4	1760
BOSCHLTD	36875	37000
BPCL	351.65	360
BRITANNIA	5845.5	5850
BSE	2701.9	2750
CAMS	756.6	780
CANBK	146.94	148
CDSL	1524	1580
CGPOWER	667.45	680
CHOLAFIN	1718.2	1700
CIPLA	1513.1	1520
COALINDIA	383.75	384.75
COFORGE	1839.3	1840
COLPAL	2154.9	2200
CONCOR	506.15	520
CROMPTON	251.5	265
CUMMINSIND	4537	4500
CYIENT	1154.4	1160
DABUR	501.1	510
DALBHARAT	1986.7	2000
DELHIVERY	410.75	420
DIVISLAB	6430	6400
DIXON	12992	13500
DLF	694.75	720
DMART	3832.6	3950
DRREDDY	1274	1270
EICHERMOT	7250	7200
ETERNAL	290.6	300
EXIDEIND	375.15	380
FEDERALBNK	260.95	257.5
FORTIS	858	900
GAIL	169	175
GLENMARK	1954.6	1940
GMRAIRPORT	98.16	101
GODREJCP	1146.2	1140
GODREJPROP	2035.6	2080
GRASIM	2800.9	2760
HAL	4323.4	4500
HAVELLS	1402.6	1440
HCLTECH	1671.3	1660
HDFCAMC	2663.7	2650
HDFCBANK	999.8	1000
HDFCLIFE	775.65	770
HEROMOTOCO	5980	6100
HFCL	66.95	70
HINDALCO	824.8	810
HINDPETRO	448.4	455
HINDUNILVR	2306.4	2320
HINDZINC	523.1	505
HUDCO	212.6	225
ICICIBANK	1359.6	1380
ICICIGI	1941.3	1980
ICICIPRULI	635.9	630
IDEA	11.28	11
IDFCFIRSTB	80.64	80
IEX	142.35	145
IIFL	569.5	560
INDHOTEL	730.15	740
INDIANB	783.4	820
INDIGO	4826	5000
INDUSINDBK	836.25	850
INDUSTOWER	410.45	405
INFY	1597.1	1600
INOXWIND	121.59	130
IOC	161.79	164
IRCTC	670	690
IREDA	134.66	140
IRFC	113.4	117
ITC	403	405
JINDALSTEL	1014.1	1020
JIOFIN	298.2	305
JSWENERGY	458.35	480
JSWSTEEL	1105.9	1140
JUBLFOOD	597.9	600
KALYANKJIL	470.2	480
KAYNES	4022.5	4400
KEI	4062.1	4050
KFINTECH	1073.9	1080
KOTAKBANK	2180.1	2160
KPITTECH	1232.8	1220
LAURUSLABS	1018.7	1000
LICHSGFIN	533.25	550
LICI	859	890
LODHA	1080	1120
LT	4008	4000
LTF	302.35	302.5
LTIM	6291.5	6150
LUPIN	2081.5	2060
M&M	3667.5	3700
MANAPPURAM	283.5	280
MANKIND	2168.4	2200
MARICO	724.5	730
MARUTI	16271	16200
MAXHEALTH	1088.1	1120
MAZDOCK	2470	2600
MCX	9942	10000
MFSL	1703.9	1700
MOTHERSON	119.78	115
MPHASIS	2900.3	2900
MUTHOOTFIN	3731.8	3700
NATIONALUM	264.25	265
NAUKRI	1344.7	1360
NBCC	108.36	112
NCC	160.93	170
NESTLEIND	1214.9	1240
NHPC	76.74	78
NMDC	75.42	76
NTPC	322.6	325
NUVAMA	7231.5	7200
NYKAA	249.55	257.5
OBEROIRLTY	1636.1	1660
OFSS	8013.5	8100
OIL	405.3	415
ONGC	238.31	240
PAGEIND	37080	38000
PATANJALI	531.8	550
PAYTM	1280.3	1300
PERSISTENT	6195.5	6200
PETRONET	271.4	280
PFC	342.55	360
PGEL	548.1	560
PHOENIXLTD	1743.2	1740
PIDILITIND	1467.9	1480
PIIND	3370.8	3450
PNB	117.54	120
PNBHOUSING	899.3	900
POLICYBZR	1949.9	1900
POLYCAB	7217.5	7300
POWERGRID	264.9	275
POWERINDIA	19220	19500
PPLPHARMA	171.85	182.5
PRESTIGE	1653	1660
RBLBANK	311.35	310
RECLTD	344.1	360
RELIANCE	1544.9	1540
RVNL	311.85	315
SAIL	129.47	134
SAMMAANCAP	144.42	160
SBICARD	872.7	880
SBILIFE	2006.4	2020
SBIN	963.05	970
SHREECEM	26075	26500
SHRIRAMFIN	847.65	840
SIEMENS	3193.4	3250
SOLARINDS	12456	13000
SONACOMS	482.6	500
SRF	2943.6	2900
SUNPHARMA	1805.4	1800
SUPREMEIND	3232.5	3400
SUZLON	52.09	54
SYNGENE	641.55	640
TATACONSUM	1140.6	1170
TATAELXSI	5014.5	5100
TATAMOTORS	0	320
TATAPOWER	380.5	390
TATASTEEL	166.36	170
TATATECH	656.45	680
TCS	3191.9	3200
TECHM	1569	1540
TIINDIA	2651.4	2750
TITAGARH	771.4	800
TITAN	3845	3840
TMPV	347.1	360
TORNTPHARM	3801	3750
TORNTPOWER	1283.4	1300
TRENT	4050.3	4200
TVSMOTOR	3639.9	3600
ULTRACEMCO	11475	11600
UNIONBANK	150.69	152.5
UNITDSPR	1437	1440
UNOMINDA	1234.9	1280
UPL	745.8	750
VBL	478.05	470
VEDL	529.25	520
VOLTAS	1353.7	1360
WIPRO	259.34	255
YESBANK	21.95	23
ZYDUSLIFE	921.95	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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