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ADANIENT

Adani Enterprises Limited
2222.7 -26.10 (-1.16%)
L: 2217.4 H: 2258.8
Max Pain - ADANIENT
25 Dec 2025 11:11 AM IST


Strike  1840  has a total call value of 0  versus a total put value of  322,964,354,265 Combined total value = 322,964,354,265

Strike  1860  has a total call value of 0  versus a total put value of  307,857,962,265 Combined total value = 307,857,962,265

Strike  1880  has a total call value of 0  versus a total put value of  292,751,570,265 Combined total value = 292,751,570,265

Strike  1900  has a total call value of 0  versus a total put value of  277,666,808,265 Combined total value = 277,666,808,265

Strike  1900.2  has a total call value of 0  versus a total put value of  277,515,960,645 Combined total value = 277,515,960,645

Strike  1920  has a total call value of 17,742,780  versus a total put value of  262,777,216,845 Combined total value = 262,794,959,625

Strike  1938.95  has a total call value of 34,723,875  versus a total put value of  248,687,006,880 Combined total value = 248,721,730,755

Strike  1940  has a total call value of 35,664,780  versus a total put value of  247,914,004,755 Combined total value = 247,949,669,535

Strike  1960  has a total call value of 53,586,780  versus a total put value of  233,206,840,755 Combined total value = 233,260,427,535

Strike  1977.75  has a total call value of 69,492,555  versus a total put value of  220,210,725,630 Combined total value = 220,280,218,185

Strike  1980  has a total call value of 71,508,780  versus a total put value of  218,577,374,805 Combined total value = 218,648,883,585

Strike  2000  has a total call value of 89,430,780  versus a total put value of  204,058,700,805 Combined total value = 204,148,131,585

Strike  2016.55  has a total call value of 111,932,160  versus a total put value of  192,605,498,385 Combined total value = 192,717,430,545

Strike  2020  has a total call value of 116,622,780  versus a total put value of  190,237,161,705 Combined total value = 190,353,784,485

Strike  2035.9  has a total call value of 138,240,420  versus a total put value of  179,392,967,385 Combined total value = 179,531,207,805

Strike  2040  has a total call value of 143,814,780  versus a total put value of  176,611,361,745 Combined total value = 176,755,176,525

Strike  2055.3  has a total call value of 164,616,660  versus a total put value of  166,299,302,505 Combined total value = 166,463,919,165

Strike  2060  has a total call value of 171,006,780  versus a total put value of  163,166,691,405 Combined total value = 163,337,698,185

Strike  2074.7  has a total call value of 190,992,900  versus a total put value of  153,425,729,055 Combined total value = 153,616,721,955

Strike  2080  has a total call value of 198,198,780  versus a total put value of  149,930,549,715 Combined total value = 150,128,748,495

Strike  2094.1  has a total call value of 219,111,900  versus a total put value of  140,727,469,845 Combined total value = 140,946,581,745

Strike  2100  has a total call value of 227,862,780  versus a total put value of  136,896,954,435 Combined total value = 137,124,817,215

Strike  2113.5  has a total call value of 310,041,330  versus a total put value of  128,663,664,885 Combined total value = 128,973,706,215

Strike  2120  has a total call value of 349,809,630  versus a total put value of  124,725,197,235 Combined total value = 125,075,006,865

Strike  2132.85  has a total call value of 429,222,630  versus a total put value of  117,277,846,095 Combined total value = 117,707,068,725

Strike  2140  has a total call value of 482,026,095  versus a total put value of  113,276,271,375 Combined total value = 113,758,297,470

Strike  2152.25  has a total call value of 586,120,470  versus a total put value of  106,519,600,125 Combined total value = 107,105,720,595

Strike  2160  has a total call value of 651,976,095  versus a total put value of  102,298,134,825 Combined total value = 102,950,110,920

Strike  2171.65  has a total call value of 777,250,875  versus a total put value of  96,030,435,990 Combined total value = 96,807,686,865

Strike  2180  has a total call value of 867,040,095  versus a total put value of  91,548,715,440 Combined total value = 92,415,755,535

Strike  2191.05  has a total call value of 1,030,592,250  versus a total put value of  85,792,294,185 Combined total value = 86,822,886,435

Strike  2200  has a total call value of 1,163,062,095  versus a total put value of  81,171,336,690 Combined total value = 82,334,398,785

Strike  2210.45  has a total call value of 1,718,135,790  versus a total put value of  76,268,024,265 Combined total value = 77,986,160,055

Strike  2220  has a total call value of 2,225,404,095  versus a total put value of  71,860,780,440 Combined total value = 74,086,184,535

Strike  2229.8  has a total call value of 2,826,198,975  versus a total put value of  67,515,313,440 Combined total value = 70,341,512,415

Strike  2240  has a total call value of 3,513,921,735  versus a total put value of  63,153,222,240 Combined total value = 66,667,143,975

Strike  2249.2  has a total call value of 4,420,774,935  versus a total put value of  59,509,321,200 Combined total value = 63,930,096,135

Strike  2260  has a total call value of 5,548,748,535  versus a total put value of  55,231,698,240 Combined total value = 60,780,446,775

Strike  2268.6  has a total call value of 8,249,464,155  versus a total put value of  52,158,415,140 Combined total value = 60,407,879,295

Strike  2280  has a total call value of 11,933,399,235  versus a total put value of  48,084,528,240 Combined total value = 60,017,927,475

Strike  2288  has a total call value of 14,782,626,435  versus a total put value of  45,361,373,040 Combined total value = 60,143,999,475

Strike  2300  has a total call value of 19,151,021,235  versus a total put value of  41,276,640,240 Combined total value = 60,427,661,475

Strike  2307.35  has a total call value of 23,350,150,470  versus a total put value of  39,331,627,380 Combined total value = 62,681,777,850

Strike  2320  has a total call value of 30,724,586,880  versus a total put value of  36,052,884,000 Combined total value = 66,777,470,880

Strike  2326.75  has a total call value of 34,918,195,830  versus a total put value of  34,384,284,000 Combined total value = 69,302,479,830

Strike  2340  has a total call value of 43,395,340,455  versus a total put value of  31,379,104,500 Combined total value = 74,774,444,955

Strike  2346.15  has a total call value of 47,547,035,100  versus a total put value of  30,077,744,820 Combined total value = 77,624,779,920

Strike  2360  has a total call value of 57,122,324,010  versus a total put value of  27,264,302,910 Combined total value = 84,386,626,920

Strike  2365.55  has a total call value of 61,207,677,900  versus a total put value of  26,226,072,180 Combined total value = 87,433,750,080

Strike  2380  has a total call value of 72,069,358,530  versus a total put value of  23,736,360,300 Combined total value = 95,805,718,830

Strike  2384.95  has a total call value of 75,922,906,800  versus a total put value of  22,913,768,310 Combined total value = 98,836,675,110

Strike  2400  has a total call value of 87,719,703,315  versus a total put value of  20,424,382,425 Combined total value = 108,144,085,740

Strike  2404.3  has a total call value of 91,980,312,735  versus a total put value of  19,876,027,935 Combined total value = 111,856,340,670

Strike  2420  has a total call value of 107,649,041,475  versus a total put value of  17,939,388,975 Combined total value = 125,588,430,450

Strike  2423.7  has a total call value of 111,391,291,035  versus a total put value of  17,490,758,055 Combined total value = 128,882,049,090

Strike  2440  has a total call value of 128,224,949,775  versus a total put value of  15,886,065,435 Combined total value = 144,111,015,210

Strike  2443.1  has a total call value of 131,515,240,485  versus a total put value of  15,594,097,515 Combined total value = 147,109,338,000

Strike  2460  has a total call value of 149,506,941,615  versus a total put value of  14,002,401,435 Combined total value = 163,509,343,050

Strike  2462.5  has a total call value of 152,222,665,365  versus a total put value of  13,783,243,185 Combined total value = 166,005,908,550

Strike  2480  has a total call value of 171,332,229,615  versus a total put value of  12,299,965,935 Combined total value = 183,632,195,550

Strike  2481.9  has a total call value of 173,415,906,225  versus a total put value of  12,140,098,605 Combined total value = 185,556,004,830

Strike  2500  has a total call value of 193,376,407,035  versus a total put value of  10,692,656,085 Combined total value = 204,069,063,120

Strike  2501.25  has a total call value of 194,868,259,035  versus a total put value of  10,623,633,210 Combined total value = 205,491,892,245

Strike  2520  has a total call value of 217,374,660,285  versus a total put value of  9,601,615,710 Combined total value = 226,976,275,995

Strike  2520.65  has a total call value of 218,157,232,140  versus a total put value of  9,567,230,190 Combined total value = 227,724,462,330

Strike  2540  has a total call value of 241,763,514,255  versus a total put value of  8,666,770,200 Combined total value = 250,430,284,455

Strike  2540.05  has a total call value of 241,824,671,535  versus a total put value of  8,664,443,430 Combined total value = 250,489,114,965

Strike  2559.45  has a total call value of 265,674,187,635  versus a total put value of  7,762,256,130 Combined total value = 273,436,443,765

Strike  2560  has a total call value of 266,350,333,710  versus a total put value of  7,736,780,625 Combined total value = 274,087,114,335

Strike  2578.85  has a total call value of 289,693,783,515  versus a total put value of  6,864,248,055 Combined total value = 296,558,031,570

Strike  2580  has a total call value of 291,117,919,710  versus a total put value of  6,811,300,905 Combined total value = 297,929,220,615

Strike  2598.2  has a total call value of 313,656,422,970  versus a total put value of  5,973,354,705 Combined total value = 319,629,777,675

Strike  2600  has a total call value of 315,890,455,890  versus a total put value of  5,891,092,725 Combined total value = 321,781,548,615

Strike  2617.6  has a total call value of 338,118,828,210  versus a total put value of  5,200,415,925 Combined total value = 343,319,244,135

Strike  2620  has a total call value of 341,175,925,890  versus a total put value of  5,116,170,165 Combined total value = 346,292,096,055

Strike  2637  has a total call value of 362,830,367,790  versus a total put value of  4,521,530,565 Combined total value = 367,351,898,355

Strike  2640  has a total call value of 366,651,739,890  versus a total put value of  4,416,594,165 Combined total value = 371,068,334,055

Strike  2656.4  has a total call value of 387,600,691,530  versus a total put value of  3,843,955,365 Combined total value = 391,444,646,895

Strike  2660  has a total call value of 392,199,241,890  versus a total put value of  3,718,254,165 Combined total value = 395,917,496,055

Strike  2675.8  has a total call value of 412,381,768,470  versus a total put value of  3,167,053,785 Combined total value = 415,548,822,255

Strike  2680  has a total call value of 417,746,743,890  versus a total put value of  3,020,532,165 Combined total value = 420,767,276,055

Strike  2695.15  has a total call value of 437,142,981,345  versus a total put value of  2,492,007,750 Combined total value = 439,634,989,095

Strike  2700  has a total call value of 443,352,337,890  versus a total put value of  2,322,810,165 Combined total value = 445,675,148,055

Strike  2714.55  has a total call value of 462,162,943,095  versus a total put value of  1,830,503,640 Combined total value = 463,993,446,735

Strike  2720  has a total call value of 469,264,581,945  versus a total put value of  1,747,648,380 Combined total value = 471,012,230,325

Strike  2733.95  has a total call value of 487,442,171,295  versus a total put value of  1,538,586,705 Combined total value = 488,980,758,000

Strike  2740  has a total call value of 495,325,641,945  versus a total put value of  1,448,479,215 Combined total value = 496,774,121,160

Strike  2753.35  has a total call value of 512,721,399,495  versus a total put value of  1,249,646,985 Combined total value = 513,971,046,480

Strike  2760  has a total call value of 521,386,701,945  versus a total put value of  1,151,219,670 Combined total value = 522,537,921,615

Strike  2780  has a total call value of 547,447,761,945  versus a total put value of  855,815,670 Combined total value = 548,303,577,615

Strike  2792.1  has a total call value of 563,214,703,245  versus a total put value of  677,096,250 Combined total value = 563,891,799,495

Strike  2800  has a total call value of 573,573,755,205  versus a total put value of  561,144,000 Combined total value = 574,134,899,205

Strike  2820  has a total call value of 599,886,341,205  versus a total put value of  280,572,000 Combined total value = 600,166,913,205

Strike  2840  has a total call value of 626,198,927,205  versus a total put value of  0 Combined total value = 626,198,927,205

Max-Pain Table for Stocks
LTP > Max Pain Bearish
LTP < Max Pain Bullish
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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.