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

2220.8 -8.50 (-0.38%)

L: 2217.6 H: 2250

Max Pain - ADANIENT

19 Dec 2025 12:41 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

14.95 -2.3

Open Interest

8769 493

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

85.7 6.65

Open Interest

3334 0

Strike 1840 has a total call value of 0 versus a total put value of 362,918,392,620 Combined total value = 362,918,392,620

Strike 1860 has a total call value of 0 versus a total put value of 345,338,146,620 Combined total value = 345,338,146,620

Strike 1880 has a total call value of 0 versus a total put value of 327,757,900,620 Combined total value = 327,757,900,620

Strike 1900 has a total call value of 0 versus a total put value of 310,235,128,620 Combined total value = 310,235,128,620

Strike 1900.2 has a total call value of 0 versus a total put value of 310,059,900,900 Combined total value = 310,059,900,900

Strike 1920 has a total call value of 18,966,420 versus a total put value of 293,002,971,120 Combined total value = 293,021,937,540

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 276,709,317,690 Combined total value = 276,746,436,315

Strike 1940 has a total call value of 38,124,420 versus a total put value of 275,815,003,710 Combined total value = 275,853,128,130

Strike 1960 has a total call value of 57,282,420 versus a total put value of 258,811,969,710 Combined total value = 258,869,252,130

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 243,786,497,085 Combined total value = 243,860,782,230

Strike 1980 has a total call value of 76,440,420 versus a total put value of 241,890,967,485 Combined total value = 241,967,407,905

Strike 2000 has a total call value of 95,598,420 versus a total put value of 225,041,815,485 Combined total value = 225,137,413,905

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 212,418,029,910 Combined total value = 212,537,152,500

Strike 2020 has a total call value of 124,026,420 versus a total put value of 209,807,699,880 Combined total value = 209,931,726,300

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,834,966,490 Combined total value = 197,981,593,170

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,763,494,130 Combined total value = 194,915,948,550

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 183,334,279,380 Combined total value = 183,508,481,220

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,857,473,180 Combined total value = 180,038,355,600

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 169,036,806,120 Combined total value = 169,238,583,120

Strike 2080 has a total call value of 209,310,420 versus a total put value of 165,153,819,420 Combined total value = 165,363,129,840

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,939,938,750 Combined total value = 155,171,033,670

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,680,265,600 Combined total value = 150,920,476,020

Strike 2113.5 has a total call value of 339,909,270 versus a total put value of 141,590,149,950 Combined total value = 141,930,059,220

Strike 2120 has a total call value of 388,113,270 versus a total put value of 137,242,350,000 Combined total value = 137,630,463,270

Strike 2132.85 has a total call value of 484,203,000 versus a total put value of 128,982,206,805 Combined total value = 129,466,409,805

Strike 2140 has a total call value of 546,064,800 versus a total put value of 124,541,413,305 Combined total value = 125,087,478,105

Strike 2152.25 has a total call value of 669,842,475 versus a total put value of 117,016,714,830 Combined total value = 117,686,557,305

Strike 2160 has a total call value of 748,150,800 versus a total put value of 112,317,736,380 Combined total value = 113,065,887,180

Strike 2171.65 has a total call value of 892,864,770 versus a total put value of 105,376,865,595 Combined total value = 106,269,730,365

Strike 2180 has a total call value of 996,586,800 versus a total put value of 100,415,495,160 Combined total value = 101,412,081,960

Strike 2191.05 has a total call value of 1,185,064,440 versus a total put value of 93,996,670,605 Combined total value = 95,181,735,045

Strike 2200 has a total call value of 1,337,722,800 versus a total put value of 88,851,088,275 Combined total value = 90,188,811,075

Strike 2210.45 has a total call value of 2,111,080,275 versus a total put value of 83,394,962,490 Combined total value = 85,506,042,765

Strike 2220 has a total call value of 2,817,832,800 versus a total put value of 78,489,893,400 Combined total value = 81,307,726,200

Strike 2229.8 has a total call value of 3,757,786,080 versus a total put value of 73,668,393,360 Combined total value = 77,426,179,440

Strike 2240 has a total call value of 4,865,013,420 versus a total put value of 68,869,777,860 Combined total value = 73,734,791,280

Strike 2249.2 has a total call value of 6,176,681,340 versus a total put value of 64,812,249,420 Combined total value = 70,988,930,760

Strike 2260 has a total call value of 7,803,900,060 versus a total put value of 60,049,063,860 Combined total value = 67,852,963,920

Strike 2268.6 has a total call value of 10,246,582,140 versus a total put value of 56,527,477,380 Combined total value = 66,774,059,520

Strike 2280 has a total call value of 13,561,701,000 versus a total put value of 51,859,327,860 Combined total value = 65,421,028,860

Strike 2288 has a total call value of 16,168,672,200 versus a total put value of 48,748,068,660 Combined total value = 64,916,740,860

Strike 2300 has a total call value of 20,171,829,000 versus a total put value of 44,081,179,860 Combined total value = 64,253,008,860

Strike 2307.35 has a total call value of 24,615,333,975 versus a total put value of 41,979,911,880 Combined total value = 66,595,245,855

Strike 2320 has a total call value of 32,405,281,140 versus a total put value of 38,449,047,675 Combined total value = 70,854,328,815

Strike 2326.75 has a total call value of 36,770,547,315 versus a total put value of 36,645,708,225 Combined total value = 73,416,255,540

Strike 2340 has a total call value of 45,627,638,340 versus a total put value of 33,388,732,350 Combined total value = 79,016,370,690

Strike 2346.15 has a total call value of 49,988,371,485 versus a total put value of 31,977,532,440 Combined total value = 81,965,903,925

Strike 2360 has a total call value of 60,051,540,495 versus a total put value of 28,917,582,690 Combined total value = 88,969,123,185

Strike 2365.55 has a total call value of 64,343,202,870 versus a total put value of 27,782,114,295 Combined total value = 92,125,317,165

Strike 2380 has a total call value of 75,756,317,175 versus a total put value of 25,045,485,150 Combined total value = 100,801,802,325

Strike 2384.95 has a total call value of 79,778,727,765 versus a total put value of 24,138,767,910 Combined total value = 103,917,495,675

Strike 2400 has a total call value of 92,087,538,825 versus a total put value of 21,393,607,275 Combined total value = 113,481,146,100

Strike 2404.3 has a total call value of 96,504,403,365 versus a total put value of 20,791,440,435 Combined total value = 117,295,843,800

Strike 2420 has a total call value of 112,760,624,535 versus a total put value of 18,663,175,125 Combined total value = 131,423,799,660

Strike 2423.7 has a total call value of 116,645,100,615 versus a total put value of 18,169,498,185 Combined total value = 134,814,598,800

Strike 2440 has a total call value of 134,160,224,865 versus a total put value of 16,432,844,025 Combined total value = 150,593,068,890

Strike 2443.1 has a total call value of 137,589,315,285 versus a total put value of 16,117,311,765 Combined total value = 153,706,627,050

Strike 2460 has a total call value of 156,396,708,435 versus a total put value of 14,397,152,025 Combined total value = 170,793,860,460

Strike 2462.5 has a total call value of 159,240,898,935 versus a total put value of 14,159,840,025 Combined total value = 173,400,738,960

Strike 2480 has a total call value of 179,319,487,185 versus a total put value of 12,553,812,525 Combined total value = 191,873,299,710

Strike 2481.9 has a total call value of 181,520,642,505 versus a total put value of 12,380,735,445 Combined total value = 193,901,377,950

Strike 2500 has a total call value of 202,657,330,185 versus a total put value of 10,807,452,675 Combined total value = 213,464,782,860

Strike 2501.25 has a total call value of 204,265,057,185 versus a total put value of 10,734,258,300 Combined total value = 214,999,315,485

Strike 2520 has a total call value of 228,491,043,435 versus a total put value of 9,649,668,300 Combined total value = 238,140,711,735

Strike 2520.65 has a total call value of 229,332,966,465 versus a total put value of 9,613,113,600 Combined total value = 238,946,080,065

Strike 2540 has a total call value of 254,694,727,020 versus a total put value of 8,703,684,885 Combined total value = 263,398,411,905

Strike 2540.05 has a total call value of 254,760,639,810 versus a total put value of 8,701,334,940 Combined total value = 263,461,974,750

Strike 2559.45 has a total call value of 280,441,506,210 versus a total put value of 7,790,155,740 Combined total value = 288,231,661,950

Strike 2560 has a total call value of 281,169,572,010 versus a total put value of 7,764,442,305 Combined total value = 288,934,014,315

Strike 2578.85 has a total call value of 306,362,348,190 versus a total put value of 6,883,755,225 Combined total value = 313,246,103,415

Strike 2580 has a total call value of 307,899,308,010 versus a total put value of 6,830,310,585 Combined total value = 314,729,618,595

Strike 2598.2 has a total call value of 332,223,367,770 versus a total put value of 5,984,491,065 Combined total value = 338,207,858,835

Strike 2600 has a total call value of 334,636,107,750 versus a total put value of 5,901,450,405 Combined total value = 340,537,558,155

Strike 2617.6 has a total call value of 358,772,814,630 versus a total put value of 5,208,054,405 Combined total value = 363,980,869,035

Strike 2620 has a total call value of 362,098,964,790 versus a total put value of 5,123,586,165 Combined total value = 367,222,550,955

Strike 2637 has a total call value of 385,659,195,090 versus a total put value of 4,527,370,665 Combined total value = 390,186,565,755

Strike 2640 has a total call value of 389,816,882,790 versus a total put value of 4,422,156,165 Combined total value = 394,239,038,955

Strike 2656.4 has a total call value of 412,624,630,110 versus a total put value of 3,847,997,085 Combined total value = 416,472,627,195

Strike 2660 has a total call value of 417,631,208,790 versus a total put value of 3,721,962,165 Combined total value = 421,353,170,955

Strike 2675.8 has a total call value of 439,604,526,330 versus a total put value of 3,169,297,125 Combined total value = 442,773,823,455

Strike 2680 has a total call value of 445,445,534,790 versus a total put value of 3,022,386,165 Combined total value = 448,467,920,955

Strike 2695.15 has a total call value of 466,559,827,695 versus a total put value of 2,492,457,345 Combined total value = 469,052,285,040

Strike 2700 has a total call value of 473,319,188,790 versus a total put value of 2,322,810,165 Combined total value = 475,641,998,955

Strike 2714.55 has a total call value of 493,825,666,335 versus a total put value of 1,830,503,640 Combined total value = 495,656,169,975

Strike 2720 has a total call value of 501,569,096,640 versus a total put value of 1,747,648,380 Combined total value = 503,316,745,020

Strike 2733.95 has a total call value of 521,389,436,595 versus a total put value of 1,538,586,705 Combined total value = 522,928,023,300

Strike 2740 has a total call value of 529,985,354,640 versus a total put value of 1,448,479,215 Combined total value = 531,433,833,855

Strike 2753.35 has a total call value of 548,953,206,855 versus a total put value of 1,249,646,985 Combined total value = 550,202,853,840

Strike 2760 has a total call value of 558,401,612,640 versus a total put value of 1,151,219,670 Combined total value = 559,552,832,310

Strike 2780 has a total call value of 586,817,870,640 versus a total put value of 855,815,670 Combined total value = 587,673,686,310

Strike 2792.1 has a total call value of 604,009,706,730 versus a total put value of 677,096,250 Combined total value = 604,686,802,980

Strike 2800 has a total call value of 615,314,684,940 versus a total put value of 561,144,000 Combined total value = 615,875,828,940

Strike 2820 has a total call value of 644,029,436,940 versus a total put value of 280,572,000 Combined total value = 644,310,008,940

Strike 2840 has a total call value of 672,744,188,940 versus a total put value of 0 Combined total value = 672,744,188,940

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	1131.9	1140
ABB	5133.5	5200
ABCAPITAL	344.9	345
ADANIENSOL	975.95	980
ADANIENT	2220.8	2300
ADANIGREEN	1011.7	1020
ADANIPORTS	1495.5	1500
ALKEM	5525.5	5650
AMBER	6682.5	6800
AMBUJACEM	535.65	550
ANGELONE	2474.3	2550
APLAPOLLO	1805.5	1760
APOLLOHOSP	6978.5	7100
ASHOKLEY	173.56	164
ASIANPAINT	2789.3	2800
ASTRAL	1414.4	1440
AUBANK	978.9	960
AUROPHARMA	1217.9	1220
AXISBANK	1233.8	1240
BAJAJ-AUTO	8979	9000
BAJAJFINSV	2034.3	2060
BAJFINANCE	1004.5	1020
BANDHANBNK	149.29	150
BANKBARODA	290.2	290
BANKINDIA	142.51	143
BDL	1355	1400
BEL	389.55	400
BHARATFORG	1424	1400
BHARTIARTL	2087.8	2100
BHEL	275.4	280
BIOCON	393.95	395
BLUESTARCO	1776.8	1800
BOSCHLTD	35655	36000
BPCL	363.25	365
BRITANNIA	6094	6000
BSE	2709.5	2700
CAMS	749.1	770
CANBK	147.78	150
CDSL	1490	1540
CGPOWER	663.5	680
CHOLAFIN	1642.4	1700
CIPLA	1508.9	1520
COALINDIA	385.2	385
COFORGE	1843.7	1840
COLPAL	2089.3	2160
CONCOR	499.25	520
CROMPTON	251.8	260
CUMMINSIND	4349.7	4400
CYIENT	1143.7	1140
DABUR	493.05	500
DALBHARAT	2011.2	2020
DELHIVERY	403.85	410
DIVISLAB	6451	6500
DIXON	13131	13500
DLF	683.6	710
DMART	3789.3	3900
DRREDDY	1273.5	1270
EICHERMOT	7204.5	7100
ETERNAL	287.55	295
EXIDEIND	362.6	370
FEDERALBNK	266.4	260
FORTIS	880.25	890
GAIL	168.48	175
GLENMARK	1955.3	1940
GMRAIRPORT	100.65	102
GODREJCP	1180	1160
GODREJPROP	2016.9	2060
GRASIM	2814	2800
HAL	4289	4450
HAVELLS	1407.6	1440
HCLTECH	1639.7	1660
HDFCAMC	2648	2675
HDFCBANK	983.3	990
HDFCLIFE	758.6	770
HEROMOTOCO	5772	5900
HFCL	64.05	67
HINDALCO	850.8	820
HINDPETRO	467.55	460
HINDUNILVR	2278.2	2300
HINDZINC	588.05	560
HUDCO	208.71	217.5
ICICIBANK	1355.8	1370
ICICIGI	1946.6	1960
ICICIPRULI	649.5	630
IDEA	11.64	11
IDFCFIRSTB	84.95	82
IEX	140.49	145
IIFL	560.6	560
INDHOTEL	726.65	730
INDIANB	777.75	810
INDIGO	5153	5100
INDUSINDBK	838.55	850
INDUSTOWER	412.6	410
INFY	1639.2	1600
INOXWIND	124.67	130
IOC	161.41	161
IRCTC	668.6	690
IREDA	131.6	137.5
IRFC	111.5	115
ITC	402	405
JINDALSTEL	987.7	1020
JIOFIN	296.35	305
JSWENERGY	474.3	490
JSWSTEEL	1081	1120
JUBLFOOD	564.5	580
KALYANKJIL	475.8	480
KAYNES	4144.5	4300
KEI	4174	4100
KFINTECH	1073.9	1080
KOTAKBANK	2167.6	2160
KPITTECH	1181.5	1200
LAURUSLABS	1033.8	1010
LICHSGFIN	530.3	550
LICI	849.85	870
LODHA	1079.7	1100
LT	4089.1	4040
LTF	299.85	300
LTIM	6154.5	6100
LUPIN	2118.5	2100
M&M	3606.7	3650
MANAPPURAM	288.25	280
MANKIND	2143.4	2200
MARICO	740.6	730
MARUTI	16439	16300
MAXHEALTH	1072.4	1080
MAZDOCK	2379	2500
MCX	10322	10100
MFSL	1668.2	1680
MOTHERSON	120.03	116
MPHASIS	2885.2	2900
MUTHOOTFIN	3744.1	3750
NATIONALUM	277.65	272.5
NAUKRI	1327.8	1360
NBCC	111.8	111
NCC	153.43	162.5
NESTLEIND	1240.3	1240
NHPC	75.4	78
NMDC	76.05	77
NTPC	318.4	325
NUVAMA	7087.5	7200
NYKAA	244.9	250
OBEROIRLTY	1660.3	1660
OFSS	7699	7900
OIL	404.45	410
ONGC	232.3	237.5
PAGEIND	35730	36500
PATANJALI	558.25	550
PAYTM	1306.1	1300
PERSISTENT	6319.5	6300
PETRONET	271.55	278
PFC	336.6	355
PGEL	573.75	560
PHOENIXLTD	1811.8	1760
PIDILITIND	1450	1480
PIIND	3223	3350
PNB	119.22	120
PNBHOUSING	904.65	900
POLICYBZR	1868.7	1840
POLYCAB	7292	7300
POWERGRID	261.35	270
POWERINDIA	18075	18500
PPLPHARMA	168.8	175
PRESTIGE	1606.9	1640
RBLBANK	298.1	305
RECLTD	338.3	350
RELIANCE	1568.5	1550
RVNL	310.45	310
SAIL	124.65	130
SAMMAANCAP	144.79	155
SBICARD	857.9	870
SBILIFE	2027.4	2020
SBIN	979.6	970
SHREECEM	25430	26000
SHRIRAMFIN	895.95	870
SIEMENS	3087.4	3150
SOLARINDS	11778	12500
SONACOMS	496.8	500
SRF	3075.1	3000
SUNPHARMA	1744.9	1760
SUPREMEIND	3371.9	3400
SUZLON	51.86	54
SYNGENE	646.75	650
TATACONSUM	1181.4	1180
TATAELXSI	5356	5200
TATAMOTORS	0	320
TATAPOWER	376.65	390
TATASTEEL	168.27	170
TATATECH	647.75	670
TCS	3299.5	3240
TECHM	1606.3	1560
TIINDIA	2607.9	2700
TITAGARH	772	800
TITAN	3943.3	3880
TMPV	350.65	360
TORNTPHARM	3747.8	3750
TORNTPOWER	1265	1300
TRENT	4055.1	4200
TVSMOTOR	3657.1	3600
ULTRACEMCO	11506	11600
UNIONBANK	153.73	155
UNITDSPR	1400.1	1430
UNOMINDA	1247.5	1280
UPL	742.8	750
VBL	471.55	470
VEDL	577.15	555
VOLTAS	1378.8	1400
WIPRO	264.22	260
YESBANK	21.54	22
ZYDUSLIFE	913.15	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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