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

2244.6 +15.30 (0.69%)

L: 2235.8 H: 2250

Max Pain - ADANIENT

19 Dec 2025 09:42 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

20.25 3

Open Interest

8423 147

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

69.7 -9.35

Open Interest

3326 -8

Strike 1840 has a total call value of 0 versus a total put value of 352,559,266,500 Combined total value = 352,559,266,500

Strike 1860 has a total call value of 0 versus a total put value of 336,168,670,500 Combined total value = 336,168,670,500

Strike 1880 has a total call value of 0 versus a total put value of 319,778,074,500 Combined total value = 319,778,074,500

Strike 1900 has a total call value of 0 versus a total put value of 303,444,334,500 Combined total value = 303,444,334,500

Strike 1900.2 has a total call value of 0 versus a total put value of 303,280,997,100 Combined total value = 303,280,997,100

Strike 1920 has a total call value of 18,966,420 versus a total put value of 287,381,018,940 Combined total value = 287,399,985,360

Strike 1938.95 has a total call value of 37,118,625 versus a total put value of 272,194,650,015 Combined total value = 272,231,768,640

Strike 1940 has a total call value of 38,124,420 versus a total put value of 271,361,592,195 Combined total value = 271,399,716,615

Strike 1960 has a total call value of 57,282,420 versus a total put value of 255,528,432,195 Combined total value = 255,585,714,615

Strike 1977.75 has a total call value of 74,285,145 versus a total put value of 241,540,125,795 Combined total value = 241,614,410,940

Strike 1980 has a total call value of 76,440,420 versus a total put value of 239,774,121,270 Combined total value = 239,850,561,690

Strike 2000 has a total call value of 95,598,420 versus a total put value of 224,076,303,270 Combined total value = 224,171,901,690

Strike 2016.55 has a total call value of 119,122,590 versus a total put value of 211,594,685,505 Combined total value = 211,713,808,095

Strike 2020 has a total call value of 124,026,420 versus a total put value of 209,019,428,520 Combined total value = 209,143,454,940

Strike 2035.9 has a total call value of 146,626,680 versus a total put value of 197,197,527,300 Combined total value = 197,344,153,980

Strike 2040 has a total call value of 152,454,420 versus a total put value of 194,162,668,350 Combined total value = 194,315,122,770

Strike 2055.3 has a total call value of 174,201,840 versus a total put value of 182,847,863,940 Combined total value = 183,022,065,780

Strike 2060 has a total call value of 180,882,420 versus a total put value of 179,406,348,630 Combined total value = 179,587,231,050

Strike 2074.7 has a total call value of 201,777,000 versus a total put value of 168,688,791,780 Combined total value = 168,890,568,780

Strike 2080 has a total call value of 209,310,420 versus a total put value of 164,842,980,870 Combined total value = 165,052,291,290

Strike 2094.1 has a total call value of 231,094,920 versus a total put value of 154,721,902,170 Combined total value = 154,952,997,090

Strike 2100 has a total call value of 240,210,420 versus a total put value of 150,503,248,770 Combined total value = 150,743,459,190

Strike 2113.5 has a total call value of 337,823,520 versus a total put value of 141,457,768,170 Combined total value = 141,795,591,690

Strike 2120 has a total call value of 385,023,270 versus a total put value of 137,131,258,320 Combined total value = 137,516,281,590

Strike 2132.85 has a total call value of 479,127,675 versus a total put value of 128,904,071,520 Combined total value = 129,383,199,195

Strike 2140 has a total call value of 540,105,735 versus a total put value of 124,481,615,625 Combined total value = 125,021,721,360

Strike 2152.25 has a total call value of 660,476,685 versus a total put value of 116,983,413,900 Combined total value = 117,643,890,585

Strike 2160 has a total call value of 736,629,735 versus a total put value of 112,302,635,550 Combined total value = 113,039,265,285

Strike 2171.65 has a total call value of 878,103,840 versus a total put value of 105,380,483,985 Combined total value = 106,258,587,825

Strike 2180 has a total call value of 979,503,735 versus a total put value of 100,431,240,255 Combined total value = 101,410,743,990

Strike 2191.05 has a total call value of 1,164,908,370 versus a total put value of 94,032,902,400 Combined total value = 95,197,810,770

Strike 2200 has a total call value of 1,315,077,735 versus a total put value of 88,903,360,260 Combined total value = 90,218,437,995

Strike 2210.45 has a total call value of 2,040,322,365 versus a total put value of 83,513,430,000 Combined total value = 85,553,752,365

Strike 2220 has a total call value of 2,703,105,735 versus a total put value of 78,660,002,535 Combined total value = 81,363,108,270

Strike 2229.8 has a total call value of 3,530,107,155 versus a total put value of 73,866,967,575 Combined total value = 77,397,074,730

Strike 2240 has a total call value of 4,493,612,415 versus a total put value of 69,094,827,195 Combined total value = 73,588,439,610

Strike 2249.2 has a total call value of 5,629,879,575 versus a total put value of 65,032,465,995 Combined total value = 70,662,345,570

Strike 2260 has a total call value of 7,041,848,895 versus a total put value of 60,263,607,195 Combined total value = 67,305,456,090

Strike 2268.6 has a total call value of 9,202,846,575 versus a total put value of 56,726,076,315 Combined total value = 65,928,922,890

Strike 2280 has a total call value of 12,137,524,635 versus a total put value of 52,036,791,195 Combined total value = 64,174,315,830

Strike 2288 has a total call value of 14,459,968,635 versus a total put value of 48,915,643,995 Combined total value = 63,375,612,630

Strike 2300 has a total call value of 18,029,660,235 versus a total put value of 44,233,923,195 Combined total value = 62,263,583,430

Strike 2307.35 has a total call value of 22,129,085,985 versus a total put value of 42,121,753,695 Combined total value = 64,250,839,680

Strike 2320 has a total call value of 29,325,278,835 versus a total put value of 38,572,127,010 Combined total value = 67,897,405,845

Strike 2326.75 has a total call value of 33,376,222,485 versus a total put value of 36,758,984,535 Combined total value = 70,135,207,020

Strike 2340 has a total call value of 41,617,128,885 versus a total put value of 33,482,765,685 Combined total value = 75,099,894,570

Strike 2346.15 has a total call value of 45,685,398,165 versus a total put value of 32,062,634,130 Combined total value = 77,748,032,295

Strike 2360 has a total call value of 55,087,789,215 versus a total put value of 28,982,570,025 Combined total value = 84,070,359,240

Strike 2365.55 has a total call value of 59,112,776,865 versus a total put value of 27,843,671,730 Combined total value = 86,956,448,595

Strike 2380 has a total call value of 69,831,575,895 versus a total put value of 25,098,112,485 Combined total value = 94,929,688,380

Strike 2384.95 has a total call value of 73,620,118,290 versus a total put value of 24,188,336,145 Combined total value = 97,808,454,435

Strike 2400 has a total call value of 85,216,480,410 versus a total put value of 21,433,874,610 Combined total value = 106,650,355,020

Strike 2404.3 has a total call value of 89,341,695,300 versus a total put value of 20,830,113,330 Combined total value = 110,171,808,630

Strike 2420 has a total call value of 104,533,056,120 versus a total put value of 18,696,026,460 Combined total value = 123,229,082,580

Strike 2423.7 has a total call value of 108,160,404,030 versus a total put value of 18,200,977,560 Combined total value = 126,361,381,590

Strike 2440 has a total call value of 124,546,803,810 versus a total put value of 16,458,783,030 Combined total value = 141,005,586,840

Strike 2443.1 has a total call value of 127,762,569,900 versus a total put value of 16,142,292,870 Combined total value = 143,904,862,770

Strike 2460 has a total call value of 145,411,701,270 versus a total put value of 14,416,911,030 Combined total value = 159,828,612,300

Strike 2462.5 has a total call value of 148,084,010,520 versus a total put value of 14,178,826,530 Combined total value = 162,262,837,050

Strike 2480 has a total call value of 166,947,533,520 versus a total put value of 12,567,391,530 Combined total value = 179,514,925,050

Strike 2481.9 has a total call value of 169,017,413,280 versus a total put value of 12,393,786,060 Combined total value = 181,411,199,340

Strike 2500 has a total call value of 188,906,324,970 versus a total put value of 10,815,469,680 Combined total value = 199,721,794,650

Strike 2501.25 has a total call value of 190,430,274,345 versus a total put value of 10,742,159,430 Combined total value = 201,172,433,775

Strike 2520 has a total call value of 213,391,484,970 versus a total put value of 9,655,831,305 Combined total value = 223,047,316,275

Strike 2520.65 has a total call value of 214,189,763,295 versus a total put value of 9,619,216,350 Combined total value = 223,808,979,645

Strike 2540 has a total call value of 238,237,904,595 versus a total put value of 8,707,993,890 Combined total value = 246,945,898,485

Strike 2540.05 has a total call value of 238,300,461,645 versus a total put value of 8,705,639,310 Combined total value = 247,006,100,955

Strike 2559.45 has a total call value of 262,677,502,545 versus a total put value of 7,792,661,730 Combined total value = 270,470,164,275

Strike 2560 has a total call value of 263,368,604,220 versus a total put value of 7,766,914,305 Combined total value = 271,135,518,525

Strike 2578.85 has a total call value of 287,282,869,725 versus a total put value of 6,885,062,295 Combined total value = 294,167,932,020

Strike 2580 has a total call value of 288,741,830,220 versus a total put value of 6,831,546,585 Combined total value = 295,573,376,805

Strike 2598.2 has a total call value of 311,831,465,880 versus a total put value of 5,984,602,305 Combined total value = 317,816,068,185

Strike 2600 has a total call value of 314,122,119,960 versus a total put value of 5,901,450,405 Combined total value = 320,023,570,365

Strike 2617.6 has a total call value of 337,082,500,920 versus a total put value of 5,208,054,405 Combined total value = 342,290,555,325

Strike 2620 has a total call value of 340,248,243,000 versus a total put value of 5,123,586,165 Combined total value = 345,371,829,165

Strike 2637 has a total call value of 362,672,249,400 versus a total put value of 4,527,370,665 Combined total value = 367,199,620,065

Strike 2640 has a total call value of 366,629,427,000 versus a total put value of 4,422,156,165 Combined total value = 371,051,583,165

Strike 2656.4 has a total call value of 388,358,282,280 versus a total put value of 3,847,997,085 Combined total value = 392,206,279,365

Strike 2660 has a total call value of 393,128,031,000 versus a total put value of 3,721,962,165 Combined total value = 396,849,993,165

Strike 2675.8 has a total call value of 414,061,928,160 versus a total put value of 3,169,297,125 Combined total value = 417,231,225,285

Strike 2680 has a total call value of 419,626,635,000 versus a total put value of 3,022,386,165 Combined total value = 422,649,021,165

Strike 2695.15 has a total call value of 439,744,268,490 versus a total put value of 2,492,457,345 Combined total value = 442,236,725,835

Strike 2700 has a total call value of 446,184,567,000 versus a total put value of 2,322,810,165 Combined total value = 448,507,377,165

Strike 2714.55 has a total call value of 465,743,298,285 versus a total put value of 1,830,503,640 Combined total value = 467,573,801,925

Strike 2720 has a total call value of 473,131,730,850 versus a total put value of 1,747,648,380 Combined total value = 474,879,379,230

Strike 2733.95 has a total call value of 492,043,406,865 versus a total put value of 1,538,586,705 Combined total value = 493,581,993,570

Strike 2740 has a total call value of 500,245,244,850 versus a total put value of 1,448,479,215 Combined total value = 501,693,724,065

Strike 2753.35 has a total call value of 518,343,515,445 versus a total put value of 1,249,646,985 Combined total value = 519,593,162,430

Strike 2760 has a total call value of 527,358,758,850 versus a total put value of 1,151,219,670 Combined total value = 528,509,978,520

Strike 2780 has a total call value of 554,472,272,850 versus a total put value of 855,815,670 Combined total value = 555,328,088,520

Strike 2792.1 has a total call value of 570,875,948,820 versus a total put value of 677,096,250 Combined total value = 571,553,045,070

Strike 2800 has a total call value of 581,666,343,150 versus a total put value of 561,144,000 Combined total value = 582,227,487,150

Strike 2820 has a total call value of 609,081,441,150 versus a total put value of 280,572,000 Combined total value = 609,362,013,150

Strike 2840 has a total call value of 636,496,539,150 versus a total put value of 0 Combined total value = 636,496,539,150

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	1139.6	1140
ABB	5160	5200
ABCAPITAL	345.1	345
ADANIENSOL	978.9	980
ADANIENT	2244.6	2300
ADANIGREEN	1016.7	1020
ADANIPORTS	1499.4	1500
ALKEM	5571	5650
AMBER	6649.5	6800
AMBUJACEM	537.5	550
ANGELONE	2478.5	2550
APLAPOLLO	1802.9	1760
APOLLOHOSP	6963	7100
ASHOKLEY	172.33	162
ASIANPAINT	2774	2800
ASTRAL	1415.5	1440
AUBANK	986	960
AUROPHARMA	1240	1220
AXISBANK	1240.4	1240
BAJAJ-AUTO	8890.5	9000
BAJAJFINSV	2049.6	2060
BAJFINANCE	1010.9	1020
BANDHANBNK	149.12	150
BANKBARODA	289.9	290
BANKINDIA	142.76	143
BDL	1349.4	1400
BEL	389.2	400
BHARATFORG	1423.7	1400
BHARTIARTL	2095.7	2100
BHEL	275.6	280
BIOCON	401.2	395
BLUESTARCO	1853.4	1800
BOSCHLTD	35805	36000
BPCL	366.65	365
BRITANNIA	6015	6000
BSE	2728.1	2700
CAMS	757.7	770
CANBK	149.47	150
CDSL	1496.9	1540
CGPOWER	665.5	680
CHOLAFIN	1683.4	1700
CIPLA	1511.6	1520
COALINDIA	385.65	384.75
COFORGE	1851.5	1840
COLPAL	2086.1	2160
CONCOR	500	520
CROMPTON	253.75	265
CUMMINSIND	4400.6	4400
CYIENT	1146.9	1140
DABUR	493.15	500
DALBHARAT	2021.6	2040
DELHIVERY	402.7	410
DIVISLAB	6589.5	6450
DIXON	13348	13500
DLF	685.8	710
DMART	3766.6	3900
DRREDDY	1287.9	1270
EICHERMOT	7164	7100
ETERNAL	287.7	295
EXIDEIND	361	370
FEDERALBNK	266.15	260
FORTIS	878.9	890
GAIL	168.38	175
GLENMARK	1990.8	1940
GMRAIRPORT	101.66	102
GODREJCP	1177.9	1160
GODREJPROP	2023.6	2060
GRASIM	2824.5	2800
HAL	4283	4450
HAVELLS	1408.6	1440
HCLTECH	1659.6	1660
HDFCAMC	2697.1	2700
HDFCBANK	983.8	990
HDFCLIFE	756.75	770
HEROMOTOCO	5774	5900
HFCL	64.8	67
HINDALCO	862.2	820
HINDPETRO	464	460
HINDUNILVR	2274.7	2300
HINDZINC	581.6	555
HUDCO	208.4	217.5
ICICIBANK	1357.5	1380
ICICIGI	1950	1960
ICICIPRULI	649	630
IDEA	11.47	11
IDFCFIRSTB	83.89	82
IEX	140.09	145
IIFL	565.4	560
INDHOTEL	729.7	730
INDIANB	782.55	820
INDIGO	5119.5	5100
INDUSINDBK	835.5	850
INDUSTOWER	411.05	410
INFY	1643.5	1600
INOXWIND	125.49	130
IOC	161.28	161
IRCTC	669.1	690
IREDA	132.18	140
IRFC	111.39	115
ITC	401.4	405
JINDALSTEL	993.8	1020
JIOFIN	296.9	305
JSWENERGY	472.25	490
JSWSTEEL	1083.2	1120
JUBLFOOD	560	580
KALYANKJIL	474.35	480
KAYNES	4057.5	4300
KEI	4174	4100
KFINTECH	1076.7	1060
KOTAKBANK	2170.1	2160
KPITTECH	1169.2	1200
LAURUSLABS	1044.4	1000
LICHSGFIN	529.4	550
LICI	848.35	870
LODHA	1087	1100
LT	4065.6	4040
LTF	300.9	300
LTIM	6046.5	6100
LUPIN	2144.2	2100
M&M	3597.8	3650
MANAPPURAM	285.05	280
MANKIND	2161.6	2200
MARICO	735.1	730
MARUTI	16394	16300
MAXHEALTH	1068.7	1080
MAZDOCK	2385.6	2500
MCX	10349	10100
MFSL	1680	1680
MOTHERSON	118.84	115
MPHASIS	2878.8	2900
MUTHOOTFIN	3730.8	3750
NATIONALUM	280	270
NAUKRI	1331.6	1360
NBCC	109.08	111
NCC	153.69	165
NESTLEIND	1234.6	1240
NHPC	75.26	78
NMDC	76.17	77
NTPC	318.9	325
NUVAMA	7196	7300
NYKAA	244.45	252.5
OBEROIRLTY	1674	1660
OFSS	7681	8000
OIL	401.55	410
ONGC	232.18	237.5
PAGEIND	35805	37000
PATANJALI	554.3	550
PAYTM	1306.6	1300
PERSISTENT	6320	6300
PETRONET	269.35	278
PFC	337.4	355
PGEL	572.35	560
PHOENIXLTD	1806.5	1760
PIDILITIND	1453.6	1480
PIIND	3217.4	3350
PNB	119.3	120
PNBHOUSING	906.8	900
POLICYBZR	1839	1840
POLYCAB	7281.5	7200
POWERGRID	260.15	270
POWERINDIA	18380	19000
PPLPHARMA	169.99	175
PRESTIGE	1620.1	1640
RBLBANK	299.65	305
RECLTD	340.1	350
RELIANCE	1567.6	1550
RVNL	309.8	310
SAIL	125.38	131
SAMMAANCAP	145.78	152.5
SBICARD	853.15	870
SBILIFE	2018	2020
SBIN	980.1	970
SHREECEM	25420	26250
SHRIRAMFIN	859	850
SIEMENS	3101.9	3150
SOLARINDS	11789	12500
SONACOMS	491.55	500
SRF	3038.7	3000
SUNPHARMA	1754.8	1760
SUPREMEIND	3369.8	3400
SUZLON	51.96	54
SYNGENE	660.9	650
TATACONSUM	1176.3	1170
TATAELXSI	5170	5100
TATAMOTORS	0	320
TATAPOWER	375.45	390
TATASTEEL	169.29	170
TATATECH	647.3	670
TCS	3310	3220
TECHM	1602.6	1560
TIINDIA	2609.8	2700
TITAGARH	774.8	800
TITAN	3932.8	3880
TMPV	352.3	360
TORNTPHARM	3786.1	3750
TORNTPOWER	1262.7	1300
TRENT	4056.9	4200
TVSMOTOR	3626.1	3600
ULTRACEMCO	11495	11600
UNIONBANK	154.93	155
UNITDSPR	1395.5	1430
UNOMINDA	1238	1280
UPL	748.1	750
VBL	474.5	470
VEDL	575.7	555
VOLTAS	1407.9	1400
WIPRO	265.26	260
YESBANK	21.58	22
ZYDUSLIFE	924.85	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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