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

2244.5 -3.40 (-0.15%)

L: 2243.3 H: 2253.1

Max Pain - ADANIENT

17 Dec 2025 09:16 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

28 -17.35

Open Interest

8115 33

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

76.05 21.7

Open Interest

3470 3

Strike 1840 has a total call value of 0 versus a total put value of 348,774,767,370 Combined total value = 348,774,767,370

Strike 1860 has a total call value of 0 versus a total put value of 332,582,549,370 Combined total value = 332,582,549,370

Strike 1880 has a total call value of 0 versus a total put value of 316,390,331,370 Combined total value = 316,390,331,370

Strike 1900 has a total call value of 0 versus a total put value of 300,254,969,370 Combined total value = 300,254,969,370

Strike 1900.2 has a total call value of 0 versus a total put value of 300,093,615,750 Combined total value = 300,093,615,750

Strike 1920 has a total call value of 19,578,240 versus a total put value of 284,407,774,590 Combined total value = 284,427,352,830

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 269,426,349,915 Combined total value = 269,464,665,915

Strike 1940 has a total call value of 39,354,240 versus a total put value of 268,604,647,845 Combined total value = 268,644,002,085

Strike 1960 has a total call value of 59,130,240 versus a total put value of 252,984,079,845 Combined total value = 253,043,210,085

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 239,187,739,695 Combined total value = 239,264,421,135

Strike 1980 has a total call value of 78,906,240 versus a total put value of 237,445,860,345 Combined total value = 237,524,766,585

Strike 2000 has a total call value of 98,682,240 versus a total put value of 221,962,488,345 Combined total value = 222,061,170,585

Strike 2016.55 has a total call value of 123,229,200 versus a total put value of 209,631,220,710 Combined total value = 209,754,449,910

Strike 2020 has a total call value of 128,346,240 versus a total put value of 207,074,406,390 Combined total value = 207,202,752,630

Strike 2035.9 has a total call value of 151,929,120 versus a total put value of 195,321,779,880 Combined total value = 195,473,709,000

Strike 2040 has a total call value of 158,010,240 versus a total put value of 192,305,924,430 Combined total value = 192,463,934,670

Strike 2055.3 has a total call value of 180,703,200 versus a total put value of 181,058,253,360 Combined total value = 181,238,956,560

Strike 2060 has a total call value of 187,674,240 versus a total put value of 177,646,510,200 Combined total value = 177,834,184,440

Strike 2074.7 has a total call value of 209,477,280 versus a total put value of 167,027,067,030 Combined total value = 167,236,544,310

Strike 2080 has a total call value of 217,338,240 versus a total put value of 163,215,975,360 Combined total value = 163,433,313,600

Strike 2094.1 has a total call value of 239,994,120 versus a total put value of 153,192,926,910 Combined total value = 153,432,921,030

Strike 2100 has a total call value of 249,838,860 versus a total put value of 149,014,564,020 Combined total value = 149,264,402,880

Strike 2113.5 has a total call value of 348,703,410 versus a total put value of 140,002,455,420 Combined total value = 140,351,158,830

Strike 2120 has a total call value of 396,505,710 versus a total put value of 135,689,603,370 Combined total value = 136,086,109,080

Strike 2132.85 has a total call value of 491,404,245 versus a total put value of 127,396,106,715 Combined total value = 127,887,510,960

Strike 2140 has a total call value of 553,486,980 versus a total put value of 122,938,301,220 Combined total value = 123,491,788,200

Strike 2152.25 has a total call value of 678,400,230 versus a total put value of 115,378,021,395 Combined total value = 116,056,421,625

Strike 2160 has a total call value of 757,426,980 versus a total put value of 110,679,761,370 Combined total value = 111,437,188,350

Strike 2171.65 has a total call value of 903,940,875 versus a total put value of 103,741,050,495 Combined total value = 104,644,991,370

Strike 2180 has a total call value of 1,008,952,980 versus a total put value of 98,776,325,865 Combined total value = 99,785,278,845

Strike 2191.05 has a total call value of 1,203,576,630 versus a total put value of 92,355,111,195 Combined total value = 93,558,687,825

Strike 2200 has a total call value of 1,361,212,980 versus a total put value of 87,208,699,200 Combined total value = 88,569,912,180

Strike 2210.45 has a total call value of 1,975,701,195 versus a total put value of 81,845,247,150 Combined total value = 83,820,948,345

Strike 2220 has a total call value of 2,537,266,980 versus a total put value of 77,017,197,855 Combined total value = 79,554,464,835

Strike 2229.8 has a total call value of 3,254,647,560 versus a total put value of 72,235,972,875 Combined total value = 75,490,620,435

Strike 2240 has a total call value of 4,081,679,880 versus a total put value of 67,471,711,995 Combined total value = 71,553,391,875

Strike 2249.2 has a total call value of 5,050,790,400 versus a total put value of 63,404,233,755 Combined total value = 68,455,024,155

Strike 2260 has a total call value of 6,247,176,600 versus a total put value of 58,629,367,995 Combined total value = 64,876,544,595

Strike 2268.6 has a total call value of 8,095,132,560 versus a total put value of 55,087,053,795 Combined total value = 63,182,186,355

Strike 2280 has a total call value of 10,601,462,460 versus a total put value of 50,391,427,995 Combined total value = 60,992,890,455

Strike 2288 has a total call value of 12,649,020,060 versus a total put value of 47,273,494,395 Combined total value = 59,922,514,455

Strike 2300 has a total call value of 15,811,202,460 versus a total put value of 42,596,593,995 Combined total value = 58,407,796,455

Strike 2307.35 has a total call value of 19,591,077,405 versus a total put value of 40,520,081,550 Combined total value = 60,111,158,955

Strike 2320 has a total call value of 26,232,995,325 versus a total put value of 37,031,823,810 Combined total value = 63,264,819,135

Strike 2326.75 has a total call value of 29,973,787,950 versus a total put value of 35,252,261,910 Combined total value = 65,226,049,860

Strike 2340 has a total call value of 37,593,596,625 versus a total put value of 32,046,054,735 Combined total value = 69,639,651,360

Strike 2346.15 has a total call value of 41,403,038,235 versus a total put value of 30,666,400,635 Combined total value = 72,069,438,870

Strike 2360 has a total call value of 50,224,252,815 versus a total put value of 27,677,065,110 Combined total value = 77,901,317,925

Strike 2365.55 has a total call value of 54,004,517,100 versus a total put value of 26,575,381,230 Combined total value = 80,579,898,330

Strike 2380 has a total call value of 64,077,669,900 versus a total put value of 23,927,160,075 Combined total value = 88,004,829,975

Strike 2384.95 has a total call value of 67,669,818,075 versus a total put value of 23,050,727,925 Combined total value = 90,720,546,000

Strike 2400 has a total call value of 78,667,202,235 versus a total put value of 20,397,646,200 Combined total value = 99,064,848,435

Strike 2404.3 has a total call value of 82,620,084,735 versus a total put value of 19,830,557,040 Combined total value = 102,450,641,775

Strike 2420 has a total call value of 97,205,033,055 versus a total put value of 17,830,851,180 Combined total value = 115,035,884,235

Strike 2423.7 has a total call value of 100,692,098,055 versus a total put value of 17,366,785,710 Combined total value = 118,058,883,765

Strike 2440 has a total call value of 116,542,089,285 versus a total put value of 15,763,604,100 Combined total value = 132,305,693,385

Strike 2443.1 has a total call value of 119,649,421,095 versus a total put value of 15,473,839,350 Combined total value = 135,123,260,445

Strike 2460 has a total call value of 136,729,865,775 versus a total put value of 13,894,154,100 Combined total value = 150,624,019,875

Strike 2462.5 has a total call value of 139,318,745,025 versus a total put value of 13,677,854,100 Combined total value = 152,996,599,125

Strike 2480 has a total call value of 157,587,983,775 versus a total put value of 12,218,910,600 Combined total value = 169,806,894,375

Strike 2481.9 has a total call value of 159,592,871,565 versus a total put value of 12,062,037,480 Combined total value = 171,654,909,045

Strike 2500 has a total call value of 178,826,854,665 versus a total put value of 10,643,118,750 Combined total value = 189,469,973,415

Strike 2501.25 has a total call value of 180,302,677,290 versus a total put value of 10,581,280,125 Combined total value = 190,883,957,415

Strike 2520 has a total call value of 202,558,209,165 versus a total put value of 9,667,026,375 Combined total value = 212,225,235,540

Strike 2520.65 has a total call value of 203,332,626,510 versus a total put value of 9,636,376,665 Combined total value = 212,969,003,175

Strike 2540 has a total call value of 226,386,435,165 versus a total put value of 8,723,958,375 Combined total value = 235,110,393,540

Strike 2540.05 has a total call value of 226,446,561,930 versus a total put value of 8,721,600,705 Combined total value = 235,168,162,635

Strike 2559.45 has a total call value of 249,872,859,270 versus a total put value of 7,807,424,205 Combined total value = 257,680,283,475

Strike 2560 has a total call value of 250,537,006,875 versus a total put value of 7,781,506,830 Combined total value = 258,318,513,705

Strike 2578.85 has a total call value of 273,588,059,250 versus a total put value of 6,893,830,170 Combined total value = 280,481,889,420

Strike 2580 has a total call value of 274,994,356,875 versus a total put value of 6,840,030,180 Combined total value = 281,834,387,055

Strike 2598.2 has a total call value of 297,250,545,375 versus a total put value of 5,988,586,860 Combined total value = 303,239,132,235

Strike 2600 has a total call value of 299,451,706,875 versus a total put value of 5,904,990,000 Combined total value = 305,356,696,875

Strike 2617.6 has a total call value of 321,667,027,035 versus a total put value of 5,211,050,160 Combined total value = 326,878,077,195

Strike 2620 has a total call value of 324,734,581,275 versus a total put value of 5,126,507,760 Combined total value = 329,861,089,035

Strike 2637 has a total call value of 346,463,090,475 versus a total put value of 4,529,766,960 Combined total value = 350,992,857,435

Strike 2640 has a total call value of 350,297,533,275 versus a total put value of 4,424,459,760 Combined total value = 354,721,993,035

Strike 2656.4 has a total call value of 371,374,695,195 versus a total put value of 3,849,793,920 Combined total value = 375,224,489,115

Strike 2660 has a total call value of 376,001,389,275 versus a total put value of 3,723,647,760 Combined total value = 379,725,037,035

Strike 2675.8 has a total call value of 396,307,435,515 versus a total put value of 3,170,494,500 Combined total value = 399,477,930,015

Strike 2680 has a total call value of 401,705,245,275 versus a total put value of 3,023,453,760 Combined total value = 404,728,699,035

Strike 2695.15 has a total call value of 421,221,325,290 versus a total put value of 2,493,056,805 Combined total value = 423,714,382,095

Strike 2700 has a total call value of 427,469,047,275 versus a total put value of 2,323,259,760 Combined total value = 429,792,307,035

Strike 2714.55 has a total call value of 446,553,905,430 versus a total put value of 1,830,503,640 Combined total value = 448,384,409,070

Strike 2720 has a total call value of 453,779,321,955 versus a total put value of 1,747,648,380 Combined total value = 455,526,970,335

Strike 2733.95 has a total call value of 472,273,736,730 versus a total put value of 1,538,586,705 Combined total value = 473,812,323,435

Strike 2740 has a total call value of 480,294,611,955 versus a total put value of 1,448,479,215 Combined total value = 481,743,091,170

Strike 2753.35 has a total call value of 497,993,568,030 versus a total put value of 1,249,646,985 Combined total value = 499,243,215,015

Strike 2760 has a total call value of 506,809,901,955 versus a total put value of 1,151,219,670 Combined total value = 507,961,121,625

Strike 2780 has a total call value of 533,325,191,955 versus a total put value of 855,815,670 Combined total value = 534,181,007,625

Strike 2792.1 has a total call value of 549,366,942,405 versus a total put value of 677,096,250 Combined total value = 550,044,038,655

Strike 2800 has a total call value of 559,923,723,465 versus a total put value of 561,144,000 Combined total value = 560,484,867,465

Strike 2820 has a total call value of 586,794,363,465 versus a total put value of 280,572,000 Combined total value = 587,074,935,465

Strike 2840 has a total call value of 613,665,003,465 versus a total put value of 0 Combined total value = 613,665,003,465

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	1137.7	1140
ABB	5233.5	5200
ABCAPITAL	348.65	350
ADANIENSOL	989.65	990
ADANIENT	2244.5	2300
ADANIGREEN	1022.7	1020
ADANIPORTS	1494.6	1500
ALKEM	5668.5	5700
AMBER	6773.5	6800
AMBUJACEM	548	555
ANGELONE	2536.2	2600
APLAPOLLO	1729.8	1740
APOLLOHOSP	7063	7200
ASHOKLEY	166	160
ASIANPAINT	2794.9	2800
ASTRAL	1458.8	1460
AUBANK	985.75	960
AUROPHARMA	1175.7	1200
AXISBANK	1225	1240
BAJAJ-AUTO	8980.5	9000
BAJAJFINSV	2030.7	2060
BAJFINANCE	1000.7	1020
BANDHANBNK	149.83	150
BANKBARODA	283.05	290
BANKINDIA	139.83	143
BDL	1348.4	1400
BEL	386.5	400
BHARATFORG	1411.3	1400
BHARTIARTL	2114.5	2100
BHEL	278.9	280
BIOCON	384.3	390
BLUESTARCO	1808.9	1780
BOSCHLTD	36145	36500
BPCL	369.8	362.5
BRITANNIA	6069	6000
BSE	2621	2700
CAMS	750.8	780
CANBK	147.76	148
CDSL	1501.7	1560
CGPOWER	679.75	680
CHOLAFIN	1717.9	1700
CIPLA	1500	1520
COALINDIA	381.35	384.75
COFORGE	1870.4	1840
COLPAL	2129.4	2180
CONCOR	500.45	520
CROMPTON	252.85	265
CUMMINSIND	4488	4500
CYIENT	1140.5	1160
DABUR	495.3	505
DALBHARAT	2058.9	2040
DELHIVERY	399.25	410
DIVISLAB	6335	6400
DIXON	13523	13750
DLF	690.7	720
DMART	3840.7	3900
DRREDDY	1271	1270
EICHERMOT	7114	7100
ETERNAL	286.7	295
EXIDEIND	364.55	375
FEDERALBNK	261.7	260
FORTIS	874.45	890
GAIL	168.8	175
GLENMARK	1956.3	1940
GMRAIRPORT	103.2	102
GODREJCP	1182	1160
GODREJPROP	2020.8	2080
GRASIM	2788	2800
HAL	4258.5	4500
HAVELLS	1404.6	1440
HCLTECH	1650.5	1660
HDFCAMC	2588.4	2620
HDFCBANK	990.2	1000
HDFCLIFE	757.9	770
HEROMOTOCO	5958.5	6050
HFCL	65.25	68
HINDALCO	845.1	820
HINDPETRO	467.1	460
HINDUNILVR	2279	2300
HINDZINC	580.8	540
HUDCO	210.56	220
ICICIBANK	1356.1	1380
ICICIGI	1953.9	1980
ICICIPRULI	636.55	630
IDEA	11.28	11
IDFCFIRSTB	83.43	81
IEX	140.05	145
IIFL	566.95	560
INDHOTEL	721.7	740
INDIANB	771.6	820
INDIGO	4983	5000
INDUSINDBK	840.4	850
INDUSTOWER	407.7	410
INFY	1590.9	1600
INOXWIND	126.55	130
IOC	168.37	166
IRCTC	670.45	690
IREDA	133.15	140
IRFC	111.7	116
ITC	402.15	405
JINDALSTEL	1006.8	1020
JIOFIN	295.8	305
JSWENERGY	477.6	490
JSWSTEEL	1086.1	1130
JUBLFOOD	558.65	580
KALYANKJIL	478.25	480
KAYNES	4209.5	4400
KEI	4097.6	4100
KFINTECH	1034.1	1060
KOTAKBANK	2181.4	2160
KPITTECH	1166.6	1200
LAURUSLABS	1006.9	1000
LICHSGFIN	527.1	550
LICI	855	880
LODHA	1089.9	1120
LT	4046.7	4040
LTF	305.45	302.5
LTIM	6231	6150
LUPIN	2125.3	2080
M&M	3631.6	3650
MANAPPURAM	284.75	280
MANKIND	2112.2	2200
MARICO	736.1	740
MARUTI	16378	16200
MAXHEALTH	1068.6	1100
MAZDOCK	2404	2550
MCX	10195	10100
MFSL	1664.3	1700
MOTHERSON	118.94	116
MPHASIS	2878.3	2900
MUTHOOTFIN	3855.3	3750
NATIONALUM	278.2	270
NAUKRI	1344.7	1360
NBCC	111.54	112
NCC	156.78	167.5
NESTLEIND	1238.7	1240
NHPC	75.08	78
NMDC	76.9	77
NTPC	320.5	325
NUVAMA	7192.5	7200
NYKAA	246	255
OBEROIRLTY	1642.5	1640
OFSS	7801.5	8000
OIL	400.1	410
ONGC	230.18	240
PAGEIND	36325	37500
PATANJALI	537.05	545
PAYTM	1286.2	1300
PERSISTENT	6265	6200
PETRONET	265.55	277.5
PFC	336.5	355
PGEL	565.75	560
PHOENIXLTD	1784.1	1740
PIDILITIND	1468.5	1480
PIIND	3246.7	3350
PNB	117.26	120
PNBHOUSING	913.8	910
POLICYBZR	1793.3	1840
POLYCAB	7120	7300
POWERGRID	260.5	270
POWERINDIA	19325	19500
PPLPHARMA	169	180
PRESTIGE	1617.7	1660
RBLBANK	302.3	310
RECLTD	335.5	350
RELIANCE	1544.1	1540
RVNL	309.7	315
SAIL	129.55	133
SAMMAANCAP	147.12	155
SBICARD	845.75	870
SBILIFE	2035.7	2020
SBIN	970	965
SHREECEM	26020	26500
SHRIRAMFIN	863.4	850
SIEMENS	3158.6	3200
SOLARINDS	11876	12500
SONACOMS	482	500
SRF	3002.3	2950
SUNPHARMA	1779	1800
SUPREMEIND	3388.6	3400
SUZLON	52.53	54
SYNGENE	645.45	650
TATACONSUM	1173.7	1170
TATAELXSI	4985	5100
TATAMOTORS	0	320
TATAPOWER	380.05	390
TATASTEEL	170.3	170
TATATECH	649	670
TCS	3217.2	3200
TECHM	1575.5	1540
TIINDIA	2611.7	2700
TITAGARH	785.15	800
TITAN	3924.3	3880
TMPV	346.1	360
TORNTPHARM	3751.8	3800
TORNTPOWER	1276.6	1300
TRENT	4105	4200
TVSMOTOR	3632.7	3600
ULTRACEMCO	11546	11700
UNIONBANK	152.5	152.5
UNITDSPR	1454	1440
UNOMINDA	1259	1280
UPL	751.8	750
VBL	476.65	470
VEDL	573.35	545
VOLTAS	1388.4	1380
WIPRO	259.25	255
YESBANK	21.51	22
ZYDUSLIFE	915.4	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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