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

2229.3 -3.20 (-0.14%)

L: 2211.1 H: 2245

Max Pain - ADANIENT

18 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

17 -5.4

Open Interest

8316 -257

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

81.45 2.45

Open Interest

3358 -61

Strike 1840 has a total call value of 0 versus a total put value of 336,906,984,285 Combined total value = 336,906,984,285

Strike 1860 has a total call value of 0 versus a total put value of 320,840,220,285 Combined total value = 320,840,220,285

Strike 1880 has a total call value of 0 versus a total put value of 304,773,456,285 Combined total value = 304,773,456,285

Strike 1900 has a total call value of 0 versus a total put value of 288,763,548,285 Combined total value = 288,763,548,285

Strike 1900.2 has a total call value of 0 versus a total put value of 288,603,449,205 Combined total value = 288,603,449,205

Strike 1920 has a total call value of 19,578,240 versus a total put value of 273,025,288,365 Combined total value = 273,044,866,605

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 258,146,921,370 Combined total value = 258,185,237,370

Strike 1940 has a total call value of 39,354,240 versus a total put value of 257,330,929,620 Combined total value = 257,370,283,860

Strike 1960 has a total call value of 59,130,240 versus a total put value of 241,823,455,620 Combined total value = 241,882,585,860

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 228,123,647,070 Combined total value = 228,200,328,510

Strike 1980 has a total call value of 78,906,240 versus a total put value of 226,393,517,445 Combined total value = 226,472,423,685

Strike 2000 has a total call value of 98,682,240 versus a total put value of 211,014,587,445 Combined total value = 211,113,269,685

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 198,797,360,895 Combined total value = 198,920,078,700

Strike 2020 has a total call value of 127,728,240 versus a total put value of 196,277,218,695 Combined total value = 196,404,946,935

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 184,704,902,955 Combined total value = 184,855,722,765

Strike 2040 has a total call value of 156,774,240 versus a total put value of 181,734,402,525 Combined total value = 181,891,176,765

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 170,660,238,045 Combined total value = 170,839,232,475

Strike 2060 has a total call value of 185,820,240 versus a total put value of 167,292,644,805 Combined total value = 167,478,465,045

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 156,806,745,255 Combined total value = 157,013,914,305

Strike 2080 has a total call value of 214,866,240 versus a total put value of 153,044,457,045 Combined total value = 153,259,323,285

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 143,145,580,245 Combined total value = 143,382,666,675

Strike 2100 has a total call value of 246,566,550 versus a total put value of 139,020,269,565 Combined total value = 139,266,836,115

Strike 2113.5 has a total call value of 345,013,950 versus a total put value of 130,204,221,465 Combined total value = 130,549,235,415

Strike 2120 has a total call value of 392,615,400 versus a total put value of 125,988,580,815 Combined total value = 126,381,196,215

Strike 2132.85 has a total call value of 487,513,935 versus a total put value of 117,978,588,570 Combined total value = 118,466,102,505

Strike 2140 has a total call value of 548,933,865 versus a total put value of 113,676,984,120 Combined total value = 114,225,917,985

Strike 2152.25 has a total call value of 669,683,340 versus a total put value of 106,386,592,620 Combined total value = 107,056,275,960

Strike 2160 has a total call value of 746,075,865 versus a total put value of 101,858,359,845 Combined total value = 102,604,435,710

Strike 2171.65 has a total call value of 887,189,985 versus a total put value of 95,162,998,830 Combined total value = 96,050,188,815

Strike 2180 has a total call value of 988,331,865 versus a total put value of 90,376,304,550 Combined total value = 91,364,636,415

Strike 2191.05 has a total call value of 1,173,395,055 versus a total put value of 84,195,125,715 Combined total value = 85,368,520,770

Strike 2200 has a total call value of 1,323,287,865 versus a total put value of 79,241,196,000 Combined total value = 80,564,483,865

Strike 2210.45 has a total call value of 2,036,907,915 versus a total put value of 74,050,175,220 Combined total value = 76,087,083,135

Strike 2220 has a total call value of 2,689,067,865 versus a total put value of 69,379,411,560 Combined total value = 72,068,479,425

Strike 2229.8 has a total call value of 3,515,766,465 versus a total put value of 64,775,941,920 Combined total value = 68,291,708,385

Strike 2240 has a total call value of 4,480,217,265 versus a total put value of 60,204,571,200 Combined total value = 64,684,788,465

Strike 2249.2 has a total call value of 5,610,798,825 versus a total put value of 56,309,082,360 Combined total value = 61,919,881,185

Strike 2260 has a total call value of 7,011,755,385 versus a total put value of 51,736,117,200 Combined total value = 58,747,872,585

Strike 2268.6 has a total call value of 9,137,675,385 versus a total put value of 48,352,184,040 Combined total value = 57,489,859,425

Strike 2280 has a total call value of 12,024,798,345 versus a total put value of 43,866,505,200 Combined total value = 55,891,303,545

Strike 2288 has a total call value of 14,311,151,145 versus a total put value of 40,887,498,000 Combined total value = 55,198,649,145

Strike 2300 has a total call value of 17,827,447,545 versus a total put value of 36,418,987,200 Combined total value = 54,246,434,745

Strike 2307.35 has a total call value of 21,869,867,430 versus a total put value of 34,444,676,505 Combined total value = 56,314,543,935

Strike 2320 has a total call value of 28,964,821,065 versus a total put value of 31,132,317,015 Combined total value = 60,097,138,080

Strike 2326.75 has a total call value of 32,954,026,515 versus a total put value of 29,445,988,140 Combined total value = 62,400,014,655

Strike 2340 has a total call value of 41,070,877,140 versus a total put value of 26,418,699,690 Combined total value = 67,489,576,830

Strike 2346.15 has a total call value of 45,078,335,220 versus a total put value of 25,114,299,450 Combined total value = 70,192,634,670

Strike 2360 has a total call value of 54,344,633,400 versus a total put value of 22,294,866,030 Combined total value = 76,639,499,430

Strike 2365.55 has a total call value of 58,307,196,870 versus a total put value of 21,260,408,190 Combined total value = 79,567,605,060

Strike 2380 has a total call value of 68,863,468,080 versus a total put value of 18,786,770,490 Combined total value = 87,650,238,570

Strike 2384.95 has a total call value of 72,595,723,035 versus a total put value of 17,970,143,745 Combined total value = 90,565,866,780

Strike 2400 has a total call value of 84,021,878,685 versus a total put value of 15,498,894,615 Combined total value = 99,520,773,300

Strike 2404.3 has a total call value of 88,079,329,875 versus a total put value of 14,976,184,035 Combined total value = 103,055,513,910

Strike 2420 has a total call value of 103,024,729,785 versus a total put value of 13,138,026,465 Combined total value = 116,162,756,250

Strike 2423.7 has a total call value of 106,590,453,825 versus a total put value of 12,712,718,865 Combined total value = 119,303,172,690

Strike 2440 has a total call value of 122,705,375,475 versus a total put value of 11,278,266,705 Combined total value = 133,983,642,180

Strike 2443.1 has a total call value of 125,869,989,705 versus a total put value of 11,020,304,235 Combined total value = 136,890,293,940

Strike 2460 has a total call value of 143,240,783,145 versus a total put value of 9,613,992,705 Combined total value = 152,854,775,850

Strike 2462.5 has a total call value of 145,870,064,145 versus a total put value of 9,423,107,955 Combined total value = 155,293,172,100

Strike 2480 has a total call value of 164,429,685,645 versus a total put value of 8,142,071,205 Combined total value = 172,571,756,850

Strike 2481.9 has a total call value of 166,465,631,025 versus a total put value of 8,004,337,545 Combined total value = 174,469,968,570

Strike 2500 has a total call value of 186,013,375,815 versus a total put value of 6,767,747,355 Combined total value = 192,781,123,170

Strike 2501.25 has a total call value of 187,512,952,815 versus a total put value of 6,718,075,605 Combined total value = 194,231,028,420

Strike 2520 has a total call value of 210,091,196,565 versus a total put value of 5,986,324,980 Combined total value = 216,077,521,545

Strike 2520.65 has a total call value of 210,876,198,705 versus a total put value of 5,962,002,045 Combined total value = 216,838,200,750

Strike 2540 has a total call value of 234,527,922,360 versus a total put value of 5,418,497,310 Combined total value = 239,946,419,670

Strike 2540.05 has a total call value of 234,589,453,530 versus a total put value of 5,417,092,905 Combined total value = 240,006,546,435

Strike 2559.45 has a total call value of 258,551,068,650 versus a total put value of 4,872,783,225 Combined total value = 263,423,851,875

Strike 2560 has a total call value of 259,230,392,790 versus a total put value of 4,857,487,725 Combined total value = 264,087,880,515

Strike 2578.85 has a total call value of 282,741,592,515 versus a total put value of 4,333,851,690 Combined total value = 287,075,444,205

Strike 2580 has a total call value of 284,175,962,790 versus a total put value of 4,302,261,075 Combined total value = 288,478,223,865

Strike 2598.2 has a total call value of 306,876,431,490 versus a total put value of 3,802,305,255 Combined total value = 310,678,736,745

Strike 2600 has a total call value of 309,128,819,010 versus a total put value of 3,752,859,075 Combined total value = 312,881,678,085

Strike 2617.6 has a total call value of 331,715,581,890 versus a total put value of 3,389,030,115 Combined total value = 335,104,612,005

Strike 2620 has a total call value of 334,830,376,050 versus a total put value of 3,349,502,835 Combined total value = 338,179,878,885

Strike 2637 has a total call value of 356,893,501,350 versus a total put value of 3,071,619,135 Combined total value = 359,965,120,485

Strike 2640 has a total call value of 360,786,994,050 versus a total put value of 3,022,580,835 Combined total value = 363,809,574,885

Strike 2656.4 has a total call value of 382,172,772,810 versus a total put value of 2,755,518,315 Combined total value = 384,928,291,125

Strike 2660 has a total call value of 386,867,212,050 versus a total put value of 2,696,894,835 Combined total value = 389,564,106,885

Strike 2675.8 has a total call value of 407,470,584,270 versus a total put value of 2,440,091,115 Combined total value = 409,910,675,385

Strike 2680 has a total call value of 412,947,430,050 versus a total put value of 2,371,826,835 Combined total value = 415,319,256,885

Strike 2695.15 has a total call value of 432,748,136,145 versus a total put value of 2,125,587,825 Combined total value = 434,873,723,970

Strike 2700 has a total call value of 439,086,976,050 versus a total put value of 2,046,758,835 Combined total value = 441,133,734,885

Strike 2714.55 has a total call value of 458,351,672,205 versus a total put value of 1,826,906,880 Combined total value = 460,178,579,085

Strike 2720 has a total call value of 465,630,136,305 versus a total put value of 1,744,556,835 Combined total value = 467,374,693,140

Strike 2733.95 has a total call value of 484,260,333,405 versus a total put value of 1,536,788,325 Combined total value = 485,797,121,730

Strike 2740 has a total call value of 492,340,096,305 versus a total put value of 1,447,241,670 Combined total value = 493,787,337,975

Strike 2753.35 has a total call value of 510,168,994,605 versus a total put value of 1,249,646,985 Combined total value = 511,418,641,590

Strike 2760 has a total call value of 519,050,056,305 versus a total put value of 1,151,219,670 Combined total value = 520,201,275,975

Strike 2780 has a total call value of 545,760,016,305 versus a total put value of 855,815,670 Combined total value = 546,615,831,975

Strike 2792.1 has a total call value of 561,919,542,105 versus a total put value of 677,096,250 Combined total value = 562,596,638,355

Strike 2800 has a total call value of 572,551,509,045 versus a total put value of 561,144,000 Combined total value = 573,112,653,045

Strike 2820 has a total call value of 599,571,087,045 versus a total put value of 280,572,000 Combined total value = 599,851,659,045

Strike 2840 has a total call value of 626,590,665,045 versus a total put value of 0 Combined total value = 626,590,665,045

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	1143.2	1140
ABB	5097.5	5200
ABCAPITAL	344.25	345
ADANIENSOL	976.3	980
ADANIENT	2229.3	2300
ADANIGREEN	1011	1020
ADANIPORTS	1495.7	1500
ALKEM	5521	5650
AMBER	6585.5	6800
AMBUJACEM	535.8	550
ANGELONE	2479.1	2550
APLAPOLLO	1795.7	1760
APOLLOHOSP	6918.5	7100
ASHOKLEY	171.57	162
ASIANPAINT	2759.7	2800
ASTRAL	1407.9	1440
AUBANK	987.65	960
AUROPHARMA	1209.3	1200
AXISBANK	1229.8	1240
BAJAJ-AUTO	8831	9000
BAJAJFINSV	2026.3	2060
BAJFINANCE	1000.3	1020
BANDHANBNK	145.33	150
BANKBARODA	288.1	290
BANKINDIA	142.3	143
BDL	1342.5	1400
BEL	383.45	400
BHARATFORG	1407.5	1400
BHARTIARTL	2092	2100
BHEL	275.05	280
BIOCON	392.25	390
BLUESTARCO	1854.6	1800
BOSCHLTD	35720	36000
BPCL	363.35	365
BRITANNIA	6040.5	6000
BSE	2682.9	2700
CAMS	752.3	770
CANBK	149.83	150
CDSL	1489.6	1540
CGPOWER	661.8	680
CHOLAFIN	1679	1700
CIPLA	1498.9	1520
COALINDIA	385.3	384.75
COFORGE	1854.8	1840
COLPAL	2090	2160
CONCOR	498.25	520
CROMPTON	255.65	265
CUMMINSIND	4385.4	4400
CYIENT	1141.3	1140
DABUR	492.55	500
DALBHARAT	2024.4	2040
DELHIVERY	402.35	410
DIVISLAB	6380	6400
DIXON	13299	13750
DLF	679.05	710
DMART	3757.2	3900
DRREDDY	1280	1270
EICHERMOT	7106.5	7100
ETERNAL	284.75	295
EXIDEIND	359.05	370
FEDERALBNK	265.4	260
FORTIS	866.35	890
GAIL	167.55	175
GLENMARK	1957.1	1940
GMRAIRPORT	100.59	102
GODREJCP	1186.8	1160
GODREJPROP	1999.8	2060
GRASIM	2807.6	2800
HAL	4259.5	4450
HAVELLS	1401.2	1440
HCLTECH	1661.4	1660
HDFCAMC	2722.9	2700
HDFCBANK	979.7	990
HDFCLIFE	757	770
HEROMOTOCO	5748.5	5900
HFCL	64.62	67
HINDALCO	856.7	820
HINDPETRO	464	460
HINDUNILVR	2265.5	2300
HINDZINC	592.15	555
HUDCO	206.9	217.5
ICICIBANK	1356.8	1380
ICICIGI	1949.8	1960
ICICIPRULI	645.65	630
IDEA	11.3	11
IDFCFIRSTB	83.79	82
IEX	139.76	145
IIFL	560.5	560
INDHOTEL	722	730
INDIANB	777.85	820
INDIGO	5115.5	5100
INDUSINDBK	834.9	850
INDUSTOWER	408.75	410
INFY	1626.8	1600
INOXWIND	124.21	130
IOC	161.75	162
IRCTC	663.85	685
IREDA	131.42	137.5
IRFC	110.81	115
ITC	400.4	405
JINDALSTEL	986	1020
JIOFIN	292.3	305
JSWENERGY	472	490
JSWSTEEL	1082.2	1120
JUBLFOOD	558.7	580
KALYANKJIL	470.85	480
KAYNES	4046.5	4300
KEI	4086.8	4100
KFINTECH	1069	1060
KOTAKBANK	2164.6	2160
KPITTECH	1160.8	1200
LAURUSLABS	1015.5	1000
LICHSGFIN	528.1	550
LICI	847.4	870
LODHA	1069.1	1100
LT	4031.1	4040
LTF	299.85	300
LTIM	6245	6200
LUPIN	2119.1	2100
M&M	3586.6	3650
MANAPPURAM	287.05	280
MANKIND	2142	2200
MARICO	742.45	740
MARUTI	16329	16200
MAXHEALTH	1048.5	1100
MAZDOCK	2358	2500
MCX	10172	10100
MFSL	1686.6	1700
MOTHERSON	117.15	115
MPHASIS	2887.9	2900
MUTHOOTFIN	3749.9	3750
NATIONALUM	279.25	270
NAUKRI	1333.7	1360
NBCC	108.26	111
NCC	153.07	165
NESTLEIND	1233.5	1240
NHPC	75.04	78
NMDC	76.51	77
NTPC	318.5	325
NUVAMA	7301.5	7300
NYKAA	244.1	252.5
OBEROIRLTY	1658.2	1660
OFSS	7662.5	8000
OIL	399.85	410
ONGC	232	237.5
PAGEIND	35695	37000
PATANJALI	550.3	550
PAYTM	1286.1	1300
PERSISTENT	6318.5	6300
PETRONET	268.8	278
PFC	335.05	350
PGEL	566.35	560
PHOENIXLTD	1798	1760
PIDILITIND	1451.6	1480
PIIND	3213.8	3350
PNB	118.9	120
PNBHOUSING	896.15	900
POLICYBZR	1834.4	1840
POLYCAB	7099	7200
POWERGRID	257.95	270
POWERINDIA	18160	19000
PPLPHARMA	166.52	175
PRESTIGE	1600.2	1640
RBLBANK	298.75	305
RECLTD	337	350
RELIANCE	1544.4	1540
RVNL	305.95	310
SAIL	127.27	132
SAMMAANCAP	143.48	152.5
SBICARD	848.15	870
SBILIFE	2014.4	2020
SBIN	977.55	970
SHREECEM	25645	26500
SHRIRAMFIN	869.45	850
SIEMENS	3074	3150
SOLARINDS	11772	12500
SONACOMS	486.45	500
SRF	3050.7	3000
SUNPHARMA	1745.9	1760
SUPREMEIND	3340.9	3400
SUZLON	51.78	54
SYNGENE	657.1	650
TATACONSUM	1171.5	1170
TATAELXSI	5013.5	5000
TATAMOTORS	0	320
TATAPOWER	374.95	390
TATASTEEL	168.12	170
TATATECH	643.05	670
TCS	3280.8	3220
TECHM	1605.6	1560
TIINDIA	2579.9	2700
TITAGARH	772.35	800
TITAN	3919.3	3860
TMPV	345.8	360
TORNTPHARM	3759.5	3750
TORNTPOWER	1252.7	1300
TRENT	4030	4200
TVSMOTOR	3592.2	3600
ULTRACEMCO	11461	11600
UNIONBANK	154.15	155
UNITDSPR	1391.2	1440
UNOMINDA	1226.6	1280
UPL	744.4	750
VBL	473.6	470
VEDL	579.15	555
VOLTAS	1401.7	1400
WIPRO	263.85	260
YESBANK	21.44	22
ZYDUSLIFE	913.65	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.

Related Pages for ADANIENT

ADANIENT

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD