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

2247.9 -31.00 (-1.36%)

L: 2232.1 H: 2276.8

Max Pain - ADANIENT

16 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

28.5 -16.85

Open Interest

8083 20

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

76.15 21.8

Open Interest

3463 -65

Strike 1840 has a total call value of 0 versus a total put value of 355,085,142,195 Combined total value = 355,085,142,195

Strike 1860 has a total call value of 0 versus a total put value of 338,712,468,195 Combined total value = 338,712,468,195

Strike 1880 has a total call value of 0 versus a total put value of 322,339,794,195 Combined total value = 322,339,794,195

Strike 1900 has a total call value of 0 versus a total put value of 306,023,976,195 Combined total value = 306,023,976,195

Strike 1900.2 has a total call value of 0 versus a total put value of 305,860,818,015 Combined total value = 305,860,818,015

Strike 1920 has a total call value of 19,578,240 versus a total put value of 289,996,325,415 Combined total value = 290,015,903,655

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 274,843,918,680 Combined total value = 274,882,234,680

Strike 1940 has a total call value of 39,354,240 versus a total put value of 274,012,742,670 Combined total value = 274,052,096,910

Strike 1960 has a total call value of 59,130,240 versus a total put value of 258,212,954,670 Combined total value = 258,272,084,910

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 244,257,008,295 Combined total value = 244,333,689,735

Strike 1980 has a total call value of 78,906,240 versus a total put value of 242,494,897,170 Combined total value = 242,573,803,410

Strike 2000 has a total call value of 98,682,240 versus a total put value of 226,831,687,170 Combined total value = 226,930,369,410

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 214,351,603,590 Combined total value = 214,474,321,395

Strike 2020 has a total call value of 127,728,240 versus a total put value of 211,763,767,215 Combined total value = 211,891,495,455

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 199,868,169,495 Combined total value = 200,018,989,305

Strike 2040 has a total call value of 156,774,240 versus a total put value of 196,815,447,255 Combined total value = 196,972,221,495

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 185,430,672,885 Combined total value = 185,609,667,315

Strike 2060 has a total call value of 185,820,240 versus a total put value of 181,976,813,025 Combined total value = 182,162,633,265

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 171,225,188,925 Combined total value = 171,432,357,975

Strike 2080 has a total call value of 214,866,240 versus a total put value of 167,366,440,185 Combined total value = 167,581,306,425

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 157,216,170,255 Combined total value = 157,453,256,685

Strike 2100 has a total call value of 246,748,860 versus a total put value of 152,984,572,845 Combined total value = 153,231,321,705

Strike 2113.5 has a total call value of 346,030,560 versus a total put value of 143,851,073,595 Combined total value = 144,197,104,155

Strike 2120 has a total call value of 394,033,710 versus a total put value of 139,479,573,345 Combined total value = 139,873,607,055

Strike 2132.85 has a total call value of 489,329,310 versus a total put value of 131,070,530,775 Combined total value = 131,559,860,085

Strike 2140 has a total call value of 551,632,980 versus a total put value of 126,548,433,195 Combined total value = 127,100,066,175

Strike 2152.25 has a total call value of 674,275,080 versus a total put value of 118,878,002,595 Combined total value = 119,552,277,675

Strike 2160 has a total call value of 751,864,980 versus a total put value of 114,110,055,345 Combined total value = 114,861,920,325

Strike 2171.65 has a total call value of 896,218,965 versus a total put value of 107,066,588,835 Combined total value = 107,962,807,800

Strike 2180 has a total call value of 999,682,980 versus a total put value of 102,026,781,840 Combined total value = 103,026,464,820

Strike 2191.05 has a total call value of 1,192,599,405 versus a total put value of 95,506,206,675 Combined total value = 96,698,806,080

Strike 2200 has a total call value of 1,348,852,980 versus a total put value of 90,279,040,620 Combined total value = 91,627,893,600

Strike 2210.45 has a total call value of 1,968,507,675 versus a total put value of 84,820,008,690 Combined total value = 86,788,516,365

Strike 2220 has a total call value of 2,534,794,980 versus a total put value of 79,904,906,370 Combined total value = 82,439,701,350

Strike 2229.8 has a total call value of 3,257,929,140 versus a total put value of 75,034,955,130 Combined total value = 78,292,884,270

Strike 2240 has a total call value of 4,090,634,700 versus a total put value of 70,176,770,610 Combined total value = 74,267,405,310

Strike 2249.2 has a total call value of 5,063,156,580 versus a total put value of 66,024,576,930 Combined total value = 71,087,733,510

Strike 2260 has a total call value of 6,263,213,700 versus a total put value of 61,150,262,610 Combined total value = 67,413,476,310

Strike 2268.6 has a total call value of 8,110,106,700 versus a total put value of 57,526,100,490 Combined total value = 65,636,207,190

Strike 2280 has a total call value of 10,615,027,560 versus a total put value of 52,721,978,610 Combined total value = 63,337,006,170

Strike 2288 has a total call value of 12,660,607,560 versus a total put value of 49,527,907,410 Combined total value = 62,188,514,970

Strike 2300 has a total call value of 15,819,452,760 versus a total put value of 44,736,800,610 Combined total value = 60,556,253,370

Strike 2307.35 has a total call value of 19,590,015,990 versus a total put value of 42,588,746,940 Combined total value = 62,178,762,930

Strike 2320 has a total call value of 26,215,907,625 versus a total put value of 38,977,360,425 Combined total value = 65,193,268,050

Strike 2326.75 has a total call value of 29,947,940,100 versus a total put value of 37,132,305,975 Combined total value = 67,080,246,075

Strike 2340 has a total call value of 37,549,734,075 versus a total put value of 33,797,948,775 Combined total value = 71,347,682,850

Strike 2346.15 has a total call value of 41,349,293,865 versus a total put value of 32,358,623,685 Combined total value = 73,707,917,550

Strike 2360 has a total call value of 50,148,682,230 versus a total put value of 29,234,907,150 Combined total value = 79,383,589,380

Strike 2365.55 has a total call value of 53,918,999,805 versus a total put value of 28,079,373,840 Combined total value = 81,998,373,645

Strike 2380 has a total call value of 63,964,469,295 versus a total put value of 25,290,950,115 Combined total value = 89,255,419,410

Strike 2384.95 has a total call value of 67,552,181,775 versus a total put value of 24,366,490,095 Combined total value = 91,918,671,870

Strike 2400 has a total call value of 78,536,079,630 versus a total put value of 21,567,384,240 Combined total value = 100,103,463,870

Strike 2404.3 has a total call value of 82,485,374,640 versus a total put value of 20,958,706,770 Combined total value = 103,444,081,410

Strike 2420 has a total call value of 97,055,769,060 versus a total put value of 18,807,155,220 Combined total value = 115,862,924,280

Strike 2423.7 has a total call value of 100,539,518,490 versus a total put value of 18,307,304,460 Combined total value = 118,846,822,950

Strike 2440 has a total call value of 116,374,399,620 versus a total put value of 16,546,977,810 Combined total value = 132,921,377,430

Strike 2443.1 has a total call value of 119,478,857,730 versus a total put value of 16,227,422,370 Combined total value = 135,706,280,100

Strike 2460 has a total call value of 136,543,113,900 versus a total put value of 14,485,329,810 Combined total value = 151,028,443,710

Strike 2462.5 has a total call value of 139,129,598,400 versus a total put value of 14,245,005,060 Combined total value = 153,374,603,460

Strike 2480 has a total call value of 157,382,073,900 versus a total put value of 12,617,888,310 Combined total value = 169,999,962,210

Strike 2481.9 has a total call value of 159,384,202,320 versus a total put value of 12,442,815,090 Combined total value = 171,827,017,410

Strike 2500 has a total call value of 178,591,898,790 versus a total put value of 10,850,516,460 Combined total value = 189,442,415,250

Strike 2501.25 has a total call value of 180,065,249,415 versus a total put value of 10,776,704,085 Combined total value = 190,841,953,500

Strike 2520 has a total call value of 202,283,701,290 versus a total put value of 9,682,844,085 Combined total value = 211,966,545,375

Strike 2520.65 has a total call value of 203,056,853,280 versus a total put value of 9,645,968,025 Combined total value = 212,702,821,305

Strike 2540 has a total call value of 226,358,796,660 versus a total put value of 8,728,766,415 Combined total value = 235,087,563,075

Strike 2540.05 has a total call value of 226,419,570,780 versus a total put value of 8,726,396,385 Combined total value = 235,145,967,165

Strike 2559.45 has a total call value of 250,096,442,400 versus a total put value of 7,807,424,205 Combined total value = 257,903,866,605

Strike 2560 has a total call value of 250,767,693,915 versus a total put value of 7,781,506,830 Combined total value = 258,549,200,745

Strike 2578.85 has a total call value of 274,070,371,170 versus a total put value of 6,893,830,170 Combined total value = 280,964,201,340

Strike 2580 has a total call value of 275,492,019,915 versus a total put value of 6,840,030,180 Combined total value = 282,332,050,095

Strike 2598.2 has a total call value of 297,991,156,575 versus a total put value of 5,988,586,860 Combined total value = 303,979,743,435

Strike 2600 has a total call value of 300,223,465,275 versus a total put value of 5,904,990,000 Combined total value = 306,128,455,275

Strike 2617.6 has a total call value of 322,744,423,515 versus a total put value of 5,211,050,160 Combined total value = 327,955,473,675

Strike 2620 has a total call value of 325,853,729,835 versus a total put value of 5,126,507,760 Combined total value = 330,980,237,595

Strike 2637 has a total call value of 347,877,982,935 versus a total put value of 4,529,766,960 Combined total value = 352,407,749,895

Strike 2640 has a total call value of 351,764,615,835 versus a total put value of 4,424,459,760 Combined total value = 356,189,075,595

Strike 2656.4 has a total call value of 373,127,590,395 versus a total put value of 3,849,793,920 Combined total value = 376,977,384,315

Strike 2660 has a total call value of 377,817,023,835 versus a total put value of 3,723,647,760 Combined total value = 381,540,671,595

Strike 2675.8 has a total call value of 398,398,426,155 versus a total put value of 3,170,494,500 Combined total value = 401,568,920,655

Strike 2680 has a total call value of 403,869,431,835 versus a total put value of 3,023,453,760 Combined total value = 406,892,885,595

Strike 2695.15 has a total call value of 423,649,539,990 versus a total put value of 2,493,056,805 Combined total value = 426,142,596,795

Strike 2700 has a total call value of 429,981,785,835 versus a total put value of 2,323,259,760 Combined total value = 432,305,045,595

Strike 2714.55 has a total call value of 449,322,913,140 versus a total put value of 1,830,503,640 Combined total value = 451,153,416,780

Strike 2720 has a total call value of 456,644,152,110 versus a total put value of 1,747,648,380 Combined total value = 458,391,800,490

Strike 2733.95 has a total call value of 475,383,837,180 versus a total put value of 1,538,586,705 Combined total value = 476,922,423,885

Strike 2740 has a total call value of 483,511,084,110 versus a total put value of 1,448,479,215 Combined total value = 484,959,563,325

Strike 2753.35 has a total call value of 501,444,761,220 versus a total put value of 1,249,646,985 Combined total value = 502,694,408,205

Strike 2760 has a total call value of 510,378,016,110 versus a total put value of 1,151,219,670 Combined total value = 511,529,235,780

Strike 2780 has a total call value of 537,244,948,110 versus a total put value of 855,815,670 Combined total value = 538,100,763,780

Strike 2792.1 has a total call value of 553,499,441,970 versus a total put value of 677,096,250 Combined total value = 554,176,538,220

Strike 2800 has a total call value of 564,195,121,620 versus a total put value of 561,144,000 Combined total value = 564,756,265,620

Strike 2820 has a total call value of 591,417,403,620 versus a total put value of 280,572,000 Combined total value = 591,697,975,620

Strike 2840 has a total call value of 618,639,685,620 versus a total put value of 0 Combined total value = 618,639,685,620

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	1133.4	1140
ABB	5242	5200
ABCAPITAL	348.05	350
ADANIENSOL	994.3	990
ADANIENT	2247.9	2300
ADANIGREEN	1028.2	1020
ADANIPORTS	1499	1500
ALKEM	5663.5	5700
AMBER	6779.5	6800
AMBUJACEM	548.7	555
ANGELONE	2532.4	2600
APLAPOLLO	1732.9	1740
APOLLOHOSP	7051.5	7200
ASHOKLEY	167.75	160
ASIANPAINT	2790.9	2800
ASTRAL	1462.9	1460
AUBANK	980.6	960
AUROPHARMA	1178.1	1200
AXISBANK	1219.6	1240
BAJAJ-AUTO	9008	9000
BAJAJFINSV	2035.2	2060
BAJFINANCE	998.4	1020
BANDHANBNK	149.49	150
BANKBARODA	282.85	290
BANKINDIA	139.38	143
BDL	1355.6	1400
BEL	388	400
BHARATFORG	1417.4	1400
BHARTIARTL	2102	2100
BHEL	279.35	280
BIOCON	384.9	390
BLUESTARCO	1815.6	1780
BOSCHLTD	36230	36500
BPCL	368.15	362.5
BRITANNIA	6066	6000
BSE	2605.9	2700
CAMS	753.8	780
CANBK	147.17	148
CDSL	1501.2	1560
CGPOWER	673.05	680
CHOLAFIN	1715.4	1700
CIPLA	1499.6	1520
COALINDIA	381.6	382.5
COFORGE	1866.8	1840
COLPAL	2160.4	2180
CONCOR	499.6	520
CROMPTON	252.45	265
CUMMINSIND	4494.3	4500
CYIENT	1149.8	1160
DABUR	497.2	505
DALBHARAT	2066.5	2040
DELHIVERY	401.8	410
DIVISLAB	6335.5	6400
DIXON	13628	13750
DLF	691.95	720
DMART	3856.8	3900
DRREDDY	1276.9	1270
EICHERMOT	7061.5	7100
ETERNAL	284.45	295
EXIDEIND	366.25	375
FEDERALBNK	262.2	260
FORTIS	875	890
GAIL	168.32	175
GLENMARK	1966.5	1940
GMRAIRPORT	103.52	102
GODREJCP	1182.4	1160
GODREJPROP	2023.6	2080
GRASIM	2799.1	2800
HAL	4261.4	4500
HAVELLS	1412	1440
HCLTECH	1651.7	1660
HDFCAMC	2583.7	2620
HDFCBANK	994.3	1000
HDFCLIFE	764.35	770
HEROMOTOCO	5946.5	6050
HFCL	65.43	68
HINDALCO	837.15	820
HINDPETRO	465.35	460
HINDUNILVR	2281.1	2300
HINDZINC	567.7	540
HUDCO	211.02	220
ICICIBANK	1366	1380
ICICIGI	1951.2	1980
ICICIPRULI	637.95	630
IDEA	11.25	11
IDFCFIRSTB	83.46	81
IEX	140.4	145
IIFL	566.7	560
INDHOTEL	725.25	740
INDIANB	773.15	820
INDIGO	4974	5000
INDUSINDBK	845.05	850
INDUSTOWER	408.15	410
INFY	1592.9	1600
INOXWIND	126.92	130
IOC	167.74	166
IRCTC	671.05	690
IREDA	133.87	140
IRFC	112.01	116
ITC	401.7	405
JINDALSTEL	1011.2	1030
JIOFIN	295.25	305
JSWENERGY	478.5	490
JSWSTEEL	1082.6	1130
JUBLFOOD	560.2	580
KALYANKJIL	479.1	480
KAYNES	4186.5	4400
KEI	4156.3	4100
KFINTECH	1034.5	1060
KOTAKBANK	2182.4	2160
KPITTECH	1176.3	1200
LAURUSLABS	1001.3	1000
LICHSGFIN	525.8	550
LICI	854.5	880
LODHA	1075.4	1120
LT	4063.8	4040
LTF	300.8	302.5
LTIM	6216	6150
LUPIN	2090.6	2080
M&M	3621	3650
MANAPPURAM	283.5	280
MANKIND	2106	2200
MARICO	738.8	740
MARUTI	16354	16200
MAXHEALTH	1073	1100
MAZDOCK	2408	2550
MCX	10164	10100
MFSL	1669.6	1700
MOTHERSON	119.57	116
MPHASIS	2863.1	2900
MUTHOOTFIN	3847	3750
NATIONALUM	276.85	270
NAUKRI	1346.9	1360
NBCC	111.68	112
NCC	157.85	167.5
NESTLEIND	1240.6	1240
NHPC	76.01	78
NMDC	77.15	77
NTPC	321	325
NUVAMA	7190	7200
NYKAA	247.3	255
OBEROIRLTY	1626.8	1640
OFSS	7828.5	8000
OIL	401.7	410
ONGC	232.21	240
PAGEIND	36355	37500
PATANJALI	537.85	545
PAYTM	1281.4	1300
PERSISTENT	6263	6200
PETRONET	264.7	277.5
PFC	336.15	355
PGEL	570.95	560
PHOENIXLTD	1781	1740
PIDILITIND	1473.1	1480
PIIND	3259.3	3350
PNB	117.03	120
PNBHOUSING	913.4	910
POLICYBZR	1820.5	1860
POLYCAB	7361.5	7300
POWERGRID	260.35	270
POWERINDIA	19320	19500
PPLPHARMA	168.6	180
PRESTIGE	1627.9	1660
RBLBANK	300.7	310
RECLTD	335.4	350
RELIANCE	1542.3	1540
RVNL	309.4	315
SAIL	129.68	133
SAMMAANCAP	146.89	155
SBICARD	847.7	870
SBILIFE	2036	2020
SBIN	961.15	965
SHREECEM	25990	26500
SHRIRAMFIN	848.4	850
SIEMENS	3161.4	3200
SOLARINDS	11918	12500
SONACOMS	484.95	500
SRF	3015.7	2950
SUNPHARMA	1781.3	1800
SUPREMEIND	3405.8	3400
SUZLON	52.67	54
SYNGENE	646.35	650
TATACONSUM	1169.9	1170
TATAELXSI	4998	5100
TATAMOTORS	0	320
TATAPOWER	379.85	390
TATASTEEL	169.83	170
TATATECH	650.35	680
TCS	3205.1	3200
TECHM	1578.2	1540
TIINDIA	2622.4	2700
TITAGARH	789.8	800
TITAN	3929.5	3860
TMPV	345.45	360
TORNTPHARM	3765.1	3800
TORNTPOWER	1281.2	1300
TRENT	4108.7	4200
TVSMOTOR	3619.6	3600
ULTRACEMCO	11528	11700
UNIONBANK	153.2	152.5
UNITDSPR	1451.4	1440
UNOMINDA	1257	1280
UPL	749.9	750
VBL	477.15	470
VEDL	569.5	545
VOLTAS	1394.3	1380
WIPRO	259.22	255
YESBANK	21.5	22
ZYDUSLIFE	914.35	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