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

2245.2 +29.00 (1.31%)

L: 2178.4 H: 2257

Max Pain - ADANIENT

09 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

39.95 7.9

Open Interest

7478 -406

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

79.45 -28.05

Open Interest

3488 52

Strike 1880 has a total call value of 0 versus a total put value of 299,325,225,450 Combined total value = 299,325,225,450

Strike 1900 has a total call value of 0 versus a total put value of 283,864,719,450 Combined total value = 283,864,719,450

Strike 1900.2 has a total call value of 0 versus a total put value of 283,710,114,390 Combined total value = 283,710,114,390

Strike 1920 has a total call value of 0 versus a total put value of 268,693,604,310 Combined total value = 268,693,604,310

Strike 1938.95 has a total call value of 0 versus a total put value of 254,340,480,150 Combined total value = 254,340,480,150

Strike 1940 has a total call value of 0 versus a total put value of 253,553,429,340 Combined total value = 253,553,429,340

Strike 1960 has a total call value of 0 versus a total put value of 238,604,627,340 Combined total value = 238,604,627,340

Strike 1977.75 has a total call value of 0 versus a total put value of 225,397,349,340 Combined total value = 225,397,349,340

Strike 1980 has a total call value of 0 versus a total put value of 223,731,321,765 Combined total value = 223,731,321,765

Strike 2000 has a total call value of 0 versus a total put value of 208,922,187,765 Combined total value = 208,922,187,765

Strike 2016.55 has a total call value of 8,693,715 versus a total put value of 197,249,085,495 Combined total value = 197,257,779,210

Strike 2020 has a total call value of 10,506,000 versus a total put value of 194,830,218,045 Combined total value = 194,840,724,045

Strike 2035.9 has a total call value of 18,858,270 versus a total put value of 183,718,751,085 Combined total value = 183,737,609,355

Strike 2040 has a total call value of 21,012,000 versus a total put value of 180,870,126,435 Combined total value = 180,891,138,435

Strike 2055.3 has a total call value of 29,049,090 versus a total put value of 170,239,892,985 Combined total value = 170,268,942,075

Strike 2060 has a total call value of 31,518,000 versus a total put value of 167,021,450,955 Combined total value = 167,052,968,955

Strike 2074.7 has a total call value of 39,239,910 versus a total put value of 157,007,950,605 Combined total value = 157,047,190,515

Strike 2080 has a total call value of 42,024,000 versus a total put value of 153,414,673,035 Combined total value = 153,456,697,035

Strike 2094.1 has a total call value of 49,430,730 versus a total put value of 143,981,548,845 Combined total value = 144,030,979,575

Strike 2100 has a total call value of 52,530,000 versus a total put value of 140,034,355,035 Combined total value = 140,086,885,035

Strike 2113.5 has a total call value of 133,039,950 versus a total put value of 131,432,722,035 Combined total value = 131,565,761,985

Strike 2120 has a total call value of 171,804,000 versus a total put value of 127,321,523,385 Combined total value = 127,493,327,385

Strike 2132.85 has a total call value of 248,437,545 versus a total put value of 119,418,341,625 Combined total value = 119,666,779,170

Strike 2140 has a total call value of 301,903,815 versus a total put value of 115,145,237,790 Combined total value = 115,447,141,605

Strike 2152.25 has a total call value of 410,540,490 versus a total put value of 107,899,890,765 Combined total value = 108,310,431,255

Strike 2160 has a total call value of 479,269,815 versus a total put value of 103,412,368,740 Combined total value = 103,891,638,555

Strike 2171.65 has a total call value of 607,784,460 versus a total put value of 96,753,366,210 Combined total value = 97,361,150,670

Strike 2180 has a total call value of 699,895,815 versus a total put value of 92,005,116,165 Combined total value = 92,705,011,980

Strike 2191.05 has a total call value of 891,787,905 versus a total put value of 85,850,911,485 Combined total value = 86,742,699,390

Strike 2200 has a total call value of 1,047,211,815 versus a total put value of 80,943,996,120 Combined total value = 81,991,207,935

Strike 2210.45 has a total call value of 1,703,031,870 versus a total put value of 75,959,957,445 Combined total value = 77,662,989,315

Strike 2220 has a total call value of 2,302,369,815 versus a total put value of 71,473,923,255 Combined total value = 73,776,293,070

Strike 2229.8 has a total call value of 3,091,215,915 versus a total put value of 67,044,575,115 Combined total value = 70,135,791,030

Strike 2240 has a total call value of 3,986,011,935 versus a total put value of 62,659,475,775 Combined total value = 66,645,487,710

Strike 2249.2 has a total call value of 5,067,697,335 versus a total put value of 58,910,391,135 Combined total value = 63,978,088,470

Strike 2260 has a total call value of 6,383,221,575 versus a total put value of 54,509,291,775 Combined total value = 60,892,513,350

Strike 2268.6 has a total call value of 8,133,916,695 versus a total put value of 51,227,934,255 Combined total value = 59,361,850,950

Strike 2280 has a total call value of 10,536,682,155 versus a total put value of 46,878,227,775 Combined total value = 57,414,909,930

Strike 2288 has a total call value of 12,428,998,155 versus a total put value of 43,929,626,175 Combined total value = 56,358,624,330

Strike 2300 has a total call value of 15,355,722,555 versus a total put value of 39,506,723,775 Combined total value = 54,862,446,330

Strike 2307.35 has a total call value of 18,846,707,220 versus a total put value of 37,589,873,175 Combined total value = 56,436,580,395

Strike 2320 has a total call value of 25,040,670,930 versus a total put value of 34,368,980,775 Combined total value = 59,409,651,705

Strike 2326.75 has a total call value of 28,550,153,880 versus a total put value of 32,731,667,025 Combined total value = 61,281,820,905

Strike 2340 has a total call value of 35,719,185,630 versus a total put value of 29,868,148,575 Combined total value = 65,587,334,205

Strike 2346.15 has a total call value of 39,318,638,565 versus a total put value of 28,650,404,295 Combined total value = 67,969,042,860

Strike 2360 has a total call value of 47,655,396,765 versus a total put value of 25,908,004,575 Combined total value = 73,563,401,340

Strike 2365.55 has a total call value of 51,272,912,295 versus a total put value of 24,906,302,280 Combined total value = 76,179,214,575

Strike 2380 has a total call value of 60,929,029,425 versus a total put value of 22,527,770,145 Combined total value = 83,456,799,570

Strike 2384.95 has a total call value of 64,391,165,850 versus a total put value of 21,712,978,860 Combined total value = 86,104,144,710

Strike 2400 has a total call value of 75,034,185,720 versus a total put value of 19,248,240,360 Combined total value = 94,282,426,080

Strike 2404.3 has a total call value of 78,795,602,550 versus a total put value of 18,743,732,970 Combined total value = 97,539,335,520

Strike 2420 has a total call value of 92,661,103,080 versus a total put value of 16,901,694,360 Combined total value = 109,562,797,440

Strike 2423.7 has a total call value of 95,977,587,720 versus a total put value of 16,467,583,350 Combined total value = 112,445,171,070

Strike 2440 has a total call value of 111,139,062,060 versus a total put value of 15,004,925,670 Combined total value = 126,143,987,730

Strike 2443.1 has a total call value of 114,111,042,600 versus a total put value of 14,742,844,230 Combined total value = 128,853,886,830

Strike 2460 has a total call value of 130,467,182,010 versus a total put value of 13,314,077,670 Combined total value = 143,781,259,680

Strike 2462.5 has a total call value of 132,948,529,260 versus a total put value of 13,102,721,670 Combined total value = 146,051,250,930

Strike 2480 has a total call value of 150,462,340,260 versus a total put value of 11,680,008,420 Combined total value = 162,142,348,680

Strike 2481.9 has a total call value of 152,378,399,820 versus a total put value of 11,525,542,410 Combined total value = 163,903,942,230

Strike 2500 has a total call value of 170,754,432,060 versus a total put value of 10,054,050,420 Combined total value = 180,808,482,480

Strike 2501.25 has a total call value of 172,199,045,685 versus a total put value of 9,990,164,670 Combined total value = 182,189,210,355

Strike 2520 has a total call value of 194,011,355,685 versus a total put value of 9,031,878,420 Combined total value = 203,043,234,105

Strike 2520.65 has a total call value of 194,771,452,425 versus a total put value of 8,998,657,830 Combined total value = 203,770,110,255

Strike 2540 has a total call value of 217,717,636,380 versus a total put value of 8,194,462,155 Combined total value = 225,912,098,535

Strike 2540.05 has a total call value of 217,777,330,545 versus a total put value of 8,192,384,130 Combined total value = 225,969,714,675

Strike 2559.45 has a total call value of 241,016,596,365 versus a total put value of 7,386,110,430 Combined total value = 248,402,706,795

Strike 2560 has a total call value of 241,675,441,530 versus a total put value of 7,363,388,115 Combined total value = 249,038,829,645

Strike 2578.85 has a total call value of 264,445,745,775 versus a total put value of 6,584,632,410 Combined total value = 271,030,378,185

Strike 2580 has a total call value of 265,834,915,530 versus a total put value of 6,537,122,115 Combined total value = 272,372,037,645

Strike 2598.2 has a total call value of 287,820,036,870 versus a total put value of 5,785,220,055 Combined total value = 293,605,256,925

Strike 2600 has a total call value of 290,002,621,290 versus a total put value of 5,710,856,115 Combined total value = 295,713,477,405

Strike 2617.6 has a total call value of 312,082,525,290 versus a total put value of 5,111,544,435 Combined total value = 317,194,069,725

Strike 2620 has a total call value of 315,131,094,570 versus a total put value of 5,029,820,115 Combined total value = 320,160,914,685

Strike 2637 has a total call value of 336,725,126,970 versus a total put value of 4,453,040,715 Combined total value = 341,178,167,685

Strike 2640 has a total call value of 340,535,838,570 versus a total put value of 4,351,256,115 Combined total value = 344,887,094,685

Strike 2656.4 has a total call value of 361,452,357,570 versus a total put value of 3,794,833,635 Combined total value = 365,247,191,205

Strike 2660 has a total call value of 366,043,788,570 versus a total put value of 3,672,692,115 Combined total value = 369,716,480,685

Strike 2675.8 has a total call value of 386,195,069,070 versus a total put value of 3,137,114,775 Combined total value = 389,332,183,845

Strike 2680 has a total call value of 391,551,738,570 versus a total put value of 2,994,746,115 Combined total value = 394,546,484,685

Strike 2695.15 has a total call value of 410,874,010,695 versus a total put value of 2,481,202,020 Combined total value = 413,355,212,715

Strike 2700 has a total call value of 417,059,688,570 versus a total put value of 2,316,800,115 Combined total value = 419,376,488,685

Strike 2714.55 has a total call value of 435,984,041,310 versus a total put value of 1,823,594,400 Combined total value = 437,807,635,710

Strike 2720 has a total call value of 443,157,757,500 versus a total put value of 1,741,581,165 Combined total value = 444,899,338,665

Strike 2733.95 has a total call value of 461,519,838,390 versus a total put value of 1,534,674,765 Combined total value = 463,054,513,155

Strike 2740 has a total call value of 469,483,321,500 versus a total put value of 1,445,502,000 Combined total value = 470,928,823,500

Strike 2753.35 has a total call value of 487,055,635,470 versus a total put value of 1,248,732,345 Combined total value = 488,304,367,815

Strike 2760 has a total call value of 495,808,885,500 versus a total put value of 1,150,716,000 Combined total value = 496,959,601,500

Strike 2780 has a total call value of 522,134,449,500 versus a total put value of 855,930,000 Combined total value = 522,990,379,500

Strike 2792.1 has a total call value of 538,061,415,720 versus a total put value of 677,584,470 Combined total value = 538,739,000,190

Strike 2800 has a total call value of 548,460,013,500 versus a total put value of 561,144,000 Combined total value = 549,021,157,500

Strike 2820 has a total call value of 574,885,693,500 versus a total put value of 280,572,000 Combined total value = 575,166,265,500

Strike 2840 has a total call value of 601,311,373,500 versus a total put value of 0 Combined total value = 601,311,373,500

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	1117.9	1140
ABB	5117	5150
ABCAPITAL	364.05	350
ADANIENSOL	974.6	970
ADANIENT	2245.2	2300
ADANIGREEN	998.9	1020
ADANIPORTS	1497.2	1500
ALKEM	5667.5	5700
AMBER	6682.5	6500
AMBUJACEM	533.05	550
ANGELONE	2533.5	2600
APLAPOLLO	1740.8	1740
APOLLOHOSP	7091	7300
ASHOKLEY	159.58	156
ASIANPAINT	2796	2840
ASTRAL	1428.4	1460
AUBANK	972.05	950
AUROPHARMA	1163.6	1220
AXISBANK	1275.9	1270
BAJAJ-AUTO	8961	9100
BAJAJFINSV	2069.5	2080
BAJFINANCE	1016.7	1020
BANDHANBNK	141	150
BANKBARODA	289.85	290
BANKINDIA	141.64	145
BDL	1427.4	1480
BEL	389.45	405
BHARATFORG	1383.3	1400
BHARTIARTL	2089.7	2100
BHEL	277	280
BIOCON	383.65	395
BLUESTARCO	1738.6	1760
BOSCHLTD	36780	36500
BPCL	355.05	362.5
BRITANNIA	5884	5850
BSE	2715.8	2800
CAMS	749.5	780
CANBK	146.19	147
CDSL	1517.2	1580
CGPOWER	667.8	680
CHOLAFIN	1731.2	1700
CIPLA	1490.6	1520
COALINDIA	379.35	380
COFORGE	1873.5	1860
COLPAL	2158.9	2180
CONCOR	505.65	520
CROMPTON	253.15	265
CUMMINSIND	4479.1	4450
CYIENT	1131.6	1160
DABUR	503.6	510
DALBHARAT	1968	2000
DELHIVERY	415.3	420
DIVISLAB	6294	6400
DIXON	13517	14000
DLF	690.05	720
DMART	3910	4000
DRREDDY	1246.2	1260
EICHERMOT	7123	7100
ETERNAL	291.7	300
EXIDEIND	373.4	380
FEDERALBNK	260.85	255
FORTIS	863.85	900
GAIL	167.89	175
GLENMARK	1938.5	1940
GMRAIRPORT	100.41	102
GODREJCP	1128.8	1140
GODREJPROP	2043	2080
GRASIM	2746	2760
HAL	4303	4500
HAVELLS	1419.8	1440
HCLTECH	1657.6	1660
HDFCAMC	2558.9	2640
HDFCBANK	997.1	1000
HDFCLIFE	762.9	770
HEROMOTOCO	6001	6100
HFCL	67.21	70
HINDALCO	812.9	800
HINDPETRO	448.75	455
HINDUNILVR	2306.5	2340
HINDZINC	491.45	490
HUDCO	213.48	225
ICICIBANK	1375.2	1380
ICICIGI	1945.3	2000
ICICIPRULI	623.6	620
IDEA	10.74	10
IDFCFIRSTB	80.91	80
IEX	141.19	145
IIFL	567.25	560
INDHOTEL	727.75	730
INDIANB	793.9	820
INDIGO	4967.5	5050
INDUSINDBK	844.35	860
INDUSTOWER	403.05	405
INFY	1599	1600
INOXWIND	124.32	135
IOC	163.01	163
IRCTC	669.95	685
IREDA	134.46	140
IRFC	113.64	117
ITC	401.05	405
JINDALSTEL	1002.8	1020
JIOFIN	293.2	305
JSWENERGY	451.2	480
JSWSTEEL	1107.8	1140
JUBLFOOD	583.5	600
KALYANKJIL	473.35	480
KAYNES	4331	5000
KEI	4073	4050
KFINTECH	1039.6	1080
KOTAKBANK	2127.7	2120
KPITTECH	1206.1	1220
LAURUSLABS	1021.4	1000
LICHSGFIN	533.2	550
LICI	860.95	890
LODHA	1076	1140
LT	3997.5	4000
LTF	307.3	302.5
LTIM	6245.5	6200
LUPIN	2051.8	2060
M&M	3635.9	3700
MANAPPURAM	275.2	280
MANKIND	2180.4	2250
MARICO	730.5	730
MARUTI	16020	16100
MAXHEALTH	1074.7	1120
MAZDOCK	2489.1	2600
MCX	10358	10100
MFSL	1690.9	1700
MOTHERSON	116.75	115
MPHASIS	2878.8	2900
MUTHOOTFIN	3742.1	3700
NATIONALUM	265.65	265
NAUKRI	1376.3	1380
NBCC	108.1	112
NCC	162.68	170
NESTLEIND	1215.8	1240
NHPC	76.47	78
NMDC	74.83	76
NTPC	319.85	325
NUVAMA	7074	7200
NYKAA	252.95	257.5
OBEROIRLTY	1628	1640
OFSS	8062	8200
OIL	401.9	415
ONGC	239.84	240
PAGEIND	37195	38000
PATANJALI	539	550
PAYTM	1316.7	1300
PERSISTENT	6302	6300
PETRONET	269.25	280
PFC	342.5	360
PGEL	556.45	560
PHOENIXLTD	1739.2	1720
PIDILITIND	1459.8	1480
PIIND	3343	3400
PNB	117.83	120
PNBHOUSING	882.6	900
POLICYBZR	1957.3	1900
POLYCAB	7194	7300
POWERGRID	264.55	272.5
POWERINDIA	19500	19500
PPLPHARMA	173.34	182.5
PRESTIGE	1632.9	1660
RBLBANK	304.1	310
RECLTD	342.85	360
RELIANCE	1529.4	1540
RVNL	312.7	315
SAIL	129.15	134
SAMMAANCAP	141.59	160
SBICARD	865.35	880
SBILIFE	2006.2	2020
SBIN	959.35	965
SHREECEM	26100	26500
SHRIRAMFIN	846.7	840
SIEMENS	3142.8	3300
SOLARINDS	12588	13000
SONACOMS	479.15	500
SRF	2894.8	2900
SUNPHARMA	1776	1800
SUPREMEIND	3329.6	3400
SUZLON	52.55	54
SYNGENE	627.15	640
TATACONSUM	1146.7	1160
TATAELXSI	4979.5	5200
TATAMOTORS	0	320
TATAPOWER	376.25	390
TATASTEEL	160.67	170
TATATECH	652.1	680
TCS	3208.3	3200
TECHM	1561.6	1540
TIINDIA	2655.4	2750
TITAGARH	773.85	800
TITAN	3849	3840
TMPV	344.7	360
TORNTPHARM	3763.9	3750
TORNTPOWER	1259	1300
TRENT	4085.4	4300
TVSMOTOR	3614.5	3550
ULTRACEMCO	11414	11700
UNIONBANK	150.43	152.5
UNITDSPR	1435.4	1440
UNOMINDA	1231.7	1300
UPL	739.7	750
VBL	471.55	470
VEDL	516.15	520
VOLTAS	1335.9	1360
WIPRO	257.41	255
YESBANK	22.02	23
ZYDUSLIFE	920.25	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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