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

2239 +9.70 (0.44%)

L: 2235.8 H: 2250

Max Pain - ADANIENT

19 Dec 2025 09:52 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

18.95 1.7

Open Interest

8426 150

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

69.2 -9.85

Open Interest

3322 -12

Strike 1840 has a total call value of 0 versus a total put value of 352,911,271,575 Combined total value = 352,911,271,575

Strike 1860 has a total call value of 0 versus a total put value of 336,495,955,575 Combined total value = 336,495,955,575

Strike 1880 has a total call value of 0 versus a total put value of 320,080,639,575 Combined total value = 320,080,639,575

Strike 1900 has a total call value of 0 versus a total put value of 303,722,179,575 Combined total value = 303,722,179,575

Strike 1900.2 has a total call value of 0 versus a total put value of 303,558,594,975 Combined total value = 303,558,594,975

Strike 1920 has a total call value of 18,966,420 versus a total put value of 287,634,144,015 Combined total value = 287,653,110,435

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 272,424,352,890 Combined total value = 272,461,471,515

Strike 1940 has a total call value of 38,124,420 versus a total put value of 271,589,997,270 Combined total value = 271,628,121,690

Strike 1960 has a total call value of 57,282,420 versus a total put value of 255,732,117,270 Combined total value = 255,789,399,690

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 241,721,871,870 Combined total value = 241,796,157,015

Strike 1980 has a total call value of 76,440,420 versus a total put value of 239,954,754,945 Combined total value = 240,031,195,365

Strike 2000 has a total call value of 95,598,420 versus a total put value of 224,247,048,945 Combined total value = 224,342,647,365

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 211,757,760,255 Combined total value = 211,876,882,845

Strike 2020 has a total call value of 124,026,420 versus a total put value of 209,180,904,195 Combined total value = 209,304,930,615

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,349,668,085 Combined total value = 197,496,294,765

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,312,275,335 Combined total value = 194,464,729,755

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 182,988,015,525 Combined total value = 183,162,217,365

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,543,595,615 Combined total value = 179,724,478,035

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 168,816,954,165 Combined total value = 169,018,731,165

Strike 2080 has a total call value of 209,310,420 versus a total put value of 164,967,867,855 Combined total value = 165,177,178,275

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,837,639,665 Combined total value = 155,068,734,585

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,614,975,445 Combined total value = 150,855,185,865

Strike 2113.5 has a total call value of 337,823,520 versus a total put value of 141,557,397,495 Combined total value = 141,895,221,015

Strike 2120 has a total call value of 385,023,270 versus a total put value of 137,225,062,995 Combined total value = 137,610,086,265

Strike 2132.85 has a total call value of 479,127,675 versus a total put value of 128,986,361,310 Combined total value = 129,465,488,985

Strike 2140 has a total call value of 540,105,735 versus a total put value of 124,557,498,300 Combined total value = 125,097,604,035

Strike 2152.25 has a total call value of 660,476,685 versus a total put value of 117,048,319,350 Combined total value = 117,708,796,035

Strike 2160 has a total call value of 736,629,735 versus a total put value of 112,360,117,275 Combined total value = 113,096,747,010

Strike 2171.65 has a total call value of 878,103,840 versus a total put value of 105,427,526,145 Combined total value = 106,305,629,985

Strike 2180 has a total call value of 979,503,735 versus a total put value of 100,470,799,980 Combined total value = 101,450,303,715

Strike 2191.05 has a total call value of 1,164,908,370 versus a total put value of 94,062,560,220 Combined total value = 95,227,468,590

Strike 2200 has a total call value of 1,315,077,735 versus a total put value of 88,924,997,985 Combined total value = 90,240,075,720

Strike 2210.45 has a total call value of 2,035,155,885 versus a total put value of 83,526,995,100 Combined total value = 85,562,150,985

Strike 2220 has a total call value of 2,693,217,735 versus a total put value of 78,666,485,355 Combined total value = 81,359,703,090

Strike 2229.8 has a total call value of 3,515,374,035 versus a total put value of 73,866,788,355 Combined total value = 77,382,162,390

Strike 2240 has a total call value of 4,472,575,695 versus a total put value of 69,088,029,195 Combined total value = 73,560,604,890

Strike 2249.2 has a total call value of 5,607,705,735 versus a total put value of 65,026,520,835 Combined total value = 70,634,226,570

Strike 2260 has a total call value of 7,020,342,495 versus a total put value of 60,258,663,195 Combined total value = 67,279,005,690

Strike 2268.6 has a total call value of 9,184,794,795 versus a total put value of 56,722,195,275 Combined total value = 65,906,990,070

Strike 2280 has a total call value of 12,124,052,235 versus a total put value of 52,034,319,195 Combined total value = 64,158,371,430

Strike 2288 has a total call value of 14,450,451,435 versus a total put value of 48,914,160,795 Combined total value = 63,364,612,230

Strike 2300 has a total call value of 18,026,075,835 versus a total put value of 44,233,923,195 Combined total value = 62,259,999,030

Strike 2307.35 has a total call value of 22,129,816,770 versus a total put value of 42,121,753,695 Combined total value = 64,251,570,465

Strike 2320 has a total call value of 29,333,436,435 versus a total put value of 38,572,127,010 Combined total value = 67,905,563,445

Strike 2326.75 has a total call value of 33,389,385,885 versus a total put value of 36,758,984,535 Combined total value = 70,148,370,420

Strike 2340 has a total call value of 41,638,890,210 versus a total put value of 33,482,765,685 Combined total value = 75,121,655,895

Strike 2346.15 has a total call value of 45,711,530,295 versus a total put value of 32,062,634,130 Combined total value = 77,774,164,425

Strike 2360 has a total call value of 55,123,336,575 versus a total put value of 28,982,570,025 Combined total value = 84,105,906,600

Strike 2365.55 has a total call value of 59,154,841,035 versus a total put value of 27,843,671,730 Combined total value = 86,998,512,765

Strike 2380 has a total call value of 69,890,607,255 versus a total put value of 25,098,112,485 Combined total value = 94,988,719,740

Strike 2384.95 has a total call value of 73,685,267,850 versus a total put value of 24,188,336,145 Combined total value = 97,873,603,995

Strike 2400 has a total call value of 85,300,231,770 versus a total put value of 21,433,874,610 Combined total value = 106,734,106,380

Strike 2404.3 has a total call value of 89,433,817,470 versus a total put value of 20,830,113,330 Combined total value = 110,263,930,800

Strike 2420 has a total call value of 104,655,741,480 versus a total put value of 18,696,026,460 Combined total value = 123,351,767,940

Strike 2423.7 has a total call value of 108,291,092,490 versus a total put value of 18,200,977,560 Combined total value = 126,492,070,050

Strike 2440 has a total call value of 124,712,749,170 versus a total put value of 16,458,783,030 Combined total value = 141,171,532,200

Strike 2443.1 has a total call value of 127,935,220,560 versus a total put value of 16,142,292,870 Combined total value = 144,077,513,430

Strike 2460 has a total call value of 145,620,906,630 versus a total put value of 14,416,911,030 Combined total value = 160,037,817,660

Strike 2462.5 has a total call value of 148,298,623,380 versus a total put value of 14,178,826,530 Combined total value = 162,477,449,910

Strike 2480 has a total call value of 167,199,998,880 versus a total put value of 12,567,391,530 Combined total value = 179,767,390,410

Strike 2481.9 has a total call value of 169,273,988,340 versus a total put value of 12,393,786,060 Combined total value = 181,667,774,400

Strike 2500 has a total call value of 189,202,609,620 versus a total put value of 10,815,469,680 Combined total value = 200,018,079,300

Strike 2501.25 has a total call value of 190,729,224,120 versus a total put value of 10,742,159,430 Combined total value = 201,471,383,550

Strike 2520 has a total call value of 213,735,625,995 versus a total put value of 9,655,831,305 Combined total value = 223,391,457,300

Strike 2520.65 has a total call value of 214,535,470,950 versus a total put value of 9,619,216,350 Combined total value = 224,154,687,300

Strike 2540 has a total call value of 238,633,837,110 versus a total put value of 8,707,993,890 Combined total value = 247,341,831,000

Strike 2540.05 has a total call value of 238,696,523,940 versus a total put value of 8,705,639,310 Combined total value = 247,402,163,250

Strike 2559.45 has a total call value of 263,123,919,480 versus a total put value of 7,792,661,730 Combined total value = 270,916,581,210

Strike 2560 has a total call value of 263,816,448,735 versus a total put value of 7,766,914,305 Combined total value = 271,583,363,040

Strike 2578.85 has a total call value of 287,779,641,300 versus a total put value of 6,885,062,295 Combined total value = 294,664,703,595

Strike 2580 has a total call value of 289,241,586,735 versus a total put value of 6,831,546,585 Combined total value = 296,073,133,320

Strike 2598.2 has a total call value of 312,378,462,315 versus a total put value of 5,984,602,305 Combined total value = 318,363,064,620

Strike 2600 has a total call value of 314,673,788,475 versus a total put value of 5,901,450,405 Combined total value = 320,575,238,880

Strike 2617.6 has a total call value of 337,679,851,995 versus a total put value of 5,208,054,405 Combined total value = 342,887,906,400

Strike 2620 has a total call value of 340,851,823,515 versus a total put value of 5,123,586,165 Combined total value = 345,975,409,680

Strike 2637 has a total call value of 363,319,955,115 versus a total put value of 4,527,370,665 Combined total value = 367,847,325,780

Strike 2640 has a total call value of 367,284,919,515 versus a total put value of 4,422,156,165 Combined total value = 371,707,075,680

Strike 2656.4 has a total call value of 389,056,342,635 versus a total put value of 3,847,997,085 Combined total value = 392,904,339,720

Strike 2660 has a total call value of 393,835,435,515 versus a total put value of 3,721,962,165 Combined total value = 397,557,397,680

Strike 2675.8 has a total call value of 414,810,343,155 versus a total put value of 3,169,297,125 Combined total value = 417,979,640,280

Strike 2680 has a total call value of 420,385,951,515 versus a total put value of 3,022,386,165 Combined total value = 423,408,337,680

Strike 2695.15 has a total call value of 440,542,908,345 versus a total put value of 2,492,457,345 Combined total value = 443,035,365,690

Strike 2700 has a total call value of 446,995,795,515 versus a total put value of 2,322,810,165 Combined total value = 449,318,605,680

Strike 2714.55 has a total call value of 466,592,292,780 versus a total put value of 1,830,503,640 Combined total value = 468,422,796,420

Strike 2720 has a total call value of 473,994,871,365 versus a total put value of 1,747,648,380 Combined total value = 475,742,519,745

Strike 2733.95 has a total call value of 492,942,756,000 versus a total put value of 1,538,586,705 Combined total value = 494,481,342,705

Strike 2740 has a total call value of 501,160,297,365 versus a total put value of 1,448,479,215 Combined total value = 502,608,776,580

Strike 2753.35 has a total call value of 519,293,219,220 versus a total put value of 1,249,646,985 Combined total value = 520,542,866,205

Strike 2760 has a total call value of 528,325,723,365 versus a total put value of 1,151,219,670 Combined total value = 529,476,943,035

Strike 2780 has a total call value of 555,491,149,365 versus a total put value of 855,815,670 Combined total value = 556,346,965,035

Strike 2792.1 has a total call value of 571,926,232,095 versus a total put value of 677,096,250 Combined total value = 572,603,328,345

Strike 2800 has a total call value of 582,737,131,665 versus a total put value of 561,144,000 Combined total value = 583,298,275,665

Strike 2820 has a total call value of 610,204,141,665 versus a total put value of 280,572,000 Combined total value = 610,484,713,665

Strike 2840 has a total call value of 637,671,151,665 versus a total put value of 0 Combined total value = 637,671,151,665

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	1140.3	1140
ABB	5151.5	5200
ABCAPITAL	345.5	345
ADANIENSOL	977.1	980
ADANIENT	2239	2300
ADANIGREEN	1015.6	1020
ADANIPORTS	1501	1500
ALKEM	5547.5	5650
AMBER	6656	6800
AMBUJACEM	537.45	550
ANGELONE	2475	2550
APLAPOLLO	1803.3	1760
APOLLOHOSP	6956	7100
ASHOKLEY	172.17	162
ASIANPAINT	2772.6	2800
ASTRAL	1414.1	1440
AUBANK	987.5	960
AUROPHARMA	1232.3	1220
AXISBANK	1237.3	1240
BAJAJ-AUTO	8884.5	9000
BAJAJFINSV	2051.2	2060
BAJFINANCE	1010.5	1020
BANDHANBNK	149	152.5
BANKBARODA	289.2	290
BANKINDIA	142.3	143
BDL	1353.6	1400
BEL	390.45	400
BHARATFORG	1421.7	1400
BHARTIARTL	2096.1	2100
BHEL	275.4	280
BIOCON	399.8	395
BLUESTARCO	1850	1800
BOSCHLTD	35750	36000
BPCL	366.15	365
BRITANNIA	6011	6000
BSE	2721.6	2700
CAMS	757.8	770
CANBK	149.34	150
CDSL	1496.1	1540
CGPOWER	666.65	680
CHOLAFIN	1681.6	1700
CIPLA	1509.4	1520
COALINDIA	385.75	385
COFORGE	1850.9	1840
COLPAL	2088.5	2160
CONCOR	500	520
CROMPTON	253.4	265
CUMMINSIND	4399.6	4450
CYIENT	1146	1140
DABUR	493.4	500
DALBHARAT	2026.3	2040
DELHIVERY	401	410
DIVISLAB	6579.5	6500
DIXON	13265	13500
DLF	686.4	710
DMART	3773.5	3900
DRREDDY	1288.5	1270
EICHERMOT	7190	7100
ETERNAL	287.7	295
EXIDEIND	361.1	370
FEDERALBNK	266.4	260
FORTIS	878.85	890
GAIL	168.49	175
GLENMARK	1986.8	1940
GMRAIRPORT	101.76	102
GODREJCP	1185.8	1160
GODREJPROP	2022	2060
GRASIM	2819.1	2800
HAL	4290	4500
HAVELLS	1409	1440
HCLTECH	1656.2	1660
HDFCAMC	2690.9	2700
HDFCBANK	983.8	990
HDFCLIFE	756.3	770
HEROMOTOCO	5737	5900
HFCL	64.68	67
HINDALCO	861.8	820
HINDPETRO	464.2	460
HINDUNILVR	2275.1	2300
HINDZINC	579	555
HUDCO	208.14	217.5
ICICIBANK	1356.8	1370
ICICIGI	1950	1960
ICICIPRULI	649.55	630
IDEA	11.66	11
IDFCFIRSTB	83.92	82
IEX	140.1	145
IIFL	564.65	560
INDHOTEL	730.1	730
INDIANB	776.95	820
INDIGO	5124	5100
INDUSINDBK	833.75	850
INDUSTOWER	412.55	410
INFY	1645	1600
INOXWIND	124.77	130
IOC	161.45	161
IRCTC	668.7	690
IREDA	131.86	140
IRFC	111.3	115
ITC	401.35	405
JINDALSTEL	992.7	1020
JIOFIN	296.4	305
JSWENERGY	473.05	490
JSWSTEEL	1084.6	1120
JUBLFOOD	560.2	580
KALYANKJIL	474.85	480
KAYNES	4047.5	4300
KEI	4176.7	4100
KFINTECH	1070.4	1080
KOTAKBANK	2164.4	2160
KPITTECH	1167.6	1200
LAURUSLABS	1042.9	1000
LICHSGFIN	529.4	550
LICI	849.45	870
LODHA	1086.4	1100
LT	4065.7	4040
LTF	300.45	300
LTIM	6054	6100
LUPIN	2138.3	2100
M&M	3586.6	3650
MANAPPURAM	285.2	280
MANKIND	2157.9	2200
MARICO	735.65	730
MARUTI	16391	16300
MAXHEALTH	1068.2	1080
MAZDOCK	2392	2500
MCX	10319	10100
MFSL	1679.1	1700
MOTHERSON	119.72	116
MPHASIS	2877.7	2900
MUTHOOTFIN	3723.5	3750
NATIONALUM	280.4	270
NAUKRI	1330.3	1360
NBCC	109.74	111
NCC	153.53	165
NESTLEIND	1237	1240
NHPC	75.37	78
NMDC	76.29	77
NTPC	318.9	325
NUVAMA	7175	7300
NYKAA	244.7	252.5
OBEROIRLTY	1673.1	1660
OFSS	7676	8000
OIL	400.8	410
ONGC	232.27	237.5
PAGEIND	35760	37000
PATANJALI	553.35	550
PAYTM	1309	1300
PERSISTENT	6312.5	6300
PETRONET	269.35	278
PFC	337.55	355
PGEL	570.7	560
PHOENIXLTD	1806.1	1760
PIDILITIND	1451.1	1480
PIIND	3214.3	3350
PNB	119.09	120
PNBHOUSING	905.25	900
POLICYBZR	1835	1840
POLYCAB	7302	7200
POWERGRID	260.25	270
POWERINDIA	18190	19000
PPLPHARMA	168.85	175
PRESTIGE	1619.7	1640
RBLBANK	299.3	305
RECLTD	339.75	355
RELIANCE	1562.9	1550
RVNL	310.45	310
SAIL	125.36	131
SAMMAANCAP	145.11	152.5
SBICARD	852.7	870
SBILIFE	2014.8	2020
SBIN	979.3	970
SHREECEM	25570	26250
SHRIRAMFIN	858.1	850
SIEMENS	3101.1	3150
SOLARINDS	11765	12500
SONACOMS	491.4	500
SRF	3048.5	3000
SUNPHARMA	1750	1760
SUPREMEIND	3360.3	3400
SUZLON	51.89	54
SYNGENE	658.05	650
TATACONSUM	1174.6	1170
TATAELXSI	5155.5	5100
TATAMOTORS	0	320
TATAPOWER	376.3	390
TATASTEEL	168.88	170
TATATECH	646.2	670
TCS	3306.4	3220
TECHM	1602.6	1560
TIINDIA	2599.7	2700
TITAGARH	772.65	800
TITAN	3927.1	3880
TMPV	351.95	360
TORNTPHARM	3770.7	3750
TORNTPOWER	1264.2	1300
TRENT	4052	4200
TVSMOTOR	3620.9	3600
ULTRACEMCO	11500	11600
UNIONBANK	153.99	155
UNITDSPR	1399.3	1430
UNOMINDA	1236.7	1280
UPL	745.15	750
VBL	474.9	470
VEDL	575.05	555
VOLTAS	1408.3	1400
WIPRO	265	260
YESBANK	21.57	22
ZYDUSLIFE	922.95	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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