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.

BANKEX

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.

Bank Index

66130.15 +152.90 (0.23%)

L: 66060.7 H: 66247.67

Max Pain - BANKEX

19 Dec 2025 09:53 AM IST

Live

Expiry

Max Pain for BANKEX is 66100

Historical data for BANKEX-66100-CE

LTP (66100 CE)

398.9 55

Open Interest

142 0

Historical data for BANKEX-66100-PE

LTP (66100 PE)

252.2 -92.95

Open Interest

64 35

Strike 57500 has a total call value of 0 versus a total put value of 49,887,000,000 Combined total value = 49,887,000,000

Strike 57600 has a total call value of 0 versus a total put value of 49,254,300,000 Combined total value = 49,254,300,000

Strike 57700 has a total call value of 0 versus a total put value of 48,621,600,000 Combined total value = 48,621,600,000

Strike 57800 has a total call value of 0 versus a total put value of 47,988,900,000 Combined total value = 47,988,900,000

Strike 57900 has a total call value of 0 versus a total put value of 47,356,200,000 Combined total value = 47,356,200,000

Strike 58000 has a total call value of 0 versus a total put value of 46,723,500,000 Combined total value = 46,723,500,000

Strike 58100 has a total call value of 0 versus a total put value of 46,090,800,000 Combined total value = 46,090,800,000

Strike 58200 has a total call value of 0 versus a total put value of 45,458,100,000 Combined total value = 45,458,100,000

Strike 58300 has a total call value of 0 versus a total put value of 44,825,400,000 Combined total value = 44,825,400,000

Strike 58400 has a total call value of 0 versus a total put value of 44,192,700,000 Combined total value = 44,192,700,000

Strike 58500 has a total call value of 0 versus a total put value of 43,560,000,000 Combined total value = 43,560,000,000

Strike 58600 has a total call value of 0 versus a total put value of 42,931,200,000 Combined total value = 42,931,200,000

Strike 58700 has a total call value of 0 versus a total put value of 42,302,400,000 Combined total value = 42,302,400,000

Strike 58800 has a total call value of 0 versus a total put value of 41,673,600,000 Combined total value = 41,673,600,000

Strike 58900 has a total call value of 0 versus a total put value of 41,045,700,000 Combined total value = 41,045,700,000

Strike 59000 has a total call value of 0 versus a total put value of 40,417,800,000 Combined total value = 40,417,800,000

Strike 59100 has a total call value of 0 versus a total put value of 39,789,900,000 Combined total value = 39,789,900,000

Strike 59200 has a total call value of 0 versus a total put value of 39,162,000,000 Combined total value = 39,162,000,000

Strike 59300 has a total call value of 0 versus a total put value of 38,534,100,000 Combined total value = 38,534,100,000

Strike 59400 has a total call value of 0 versus a total put value of 37,906,200,000 Combined total value = 37,906,200,000

Strike 59500 has a total call value of 0 versus a total put value of 37,280,100,000 Combined total value = 37,280,100,000

Strike 59600 has a total call value of 0 versus a total put value of 36,654,000,000 Combined total value = 36,654,000,000

Strike 59700 has a total call value of 0 versus a total put value of 36,028,200,000 Combined total value = 36,028,200,000

Strike 59800 has a total call value of 0 versus a total put value of 35,402,400,000 Combined total value = 35,402,400,000

Strike 59900 has a total call value of 0 versus a total put value of 34,776,600,000 Combined total value = 34,776,600,000

Strike 60000 has a total call value of 0 versus a total put value of 34,151,100,000 Combined total value = 34,151,100,000

Strike 60100 has a total call value of 300,000 versus a total put value of 33,525,600,000 Combined total value = 33,525,900,000

Strike 60200 has a total call value of 600,000 versus a total put value of 32,900,100,000 Combined total value = 32,900,700,000

Strike 60300 has a total call value of 900,000 versus a total put value of 32,274,600,000 Combined total value = 32,275,500,000

Strike 60400 has a total call value of 1,200,000 versus a total put value of 31,649,100,000 Combined total value = 31,650,300,000

Strike 60500 has a total call value of 1,500,000 versus a total put value of 31,023,600,000 Combined total value = 31,025,100,000

Strike 60600 has a total call value of 1,800,000 versus a total put value of 30,398,100,000 Combined total value = 30,399,900,000

Strike 60700 has a total call value of 2,100,000 versus a total put value of 29,772,600,000 Combined total value = 29,774,700,000

Strike 60800 has a total call value of 2,400,000 versus a total put value of 29,147,100,000 Combined total value = 29,149,500,000

Strike 60900 has a total call value of 2,700,000 versus a total put value of 28,521,600,000 Combined total value = 28,524,300,000

Strike 61000 has a total call value of 3,000,000 versus a total put value of 27,896,100,000 Combined total value = 27,899,100,000

Strike 61100 has a total call value of 3,300,000 versus a total put value of 27,270,600,000 Combined total value = 27,273,900,000

Strike 61200 has a total call value of 3,600,000 versus a total put value of 26,645,100,000 Combined total value = 26,648,700,000

Strike 61300 has a total call value of 3,900,000 versus a total put value of 26,019,600,000 Combined total value = 26,023,500,000

Strike 61400 has a total call value of 4,200,000 versus a total put value of 25,394,100,000 Combined total value = 25,398,300,000

Strike 61500 has a total call value of 4,500,000 versus a total put value of 24,768,600,000 Combined total value = 24,773,100,000

Strike 61600 has a total call value of 4,800,000 versus a total put value of 24,143,100,000 Combined total value = 24,147,900,000

Strike 61700 has a total call value of 5,100,000 versus a total put value of 23,517,600,000 Combined total value = 23,522,700,000

Strike 61800 has a total call value of 5,400,000 versus a total put value of 22,892,100,000 Combined total value = 22,897,500,000

Strike 61900 has a total call value of 5,700,000 versus a total put value of 22,269,000,000 Combined total value = 22,274,700,000

Strike 62000 has a total call value of 6,000,000 versus a total put value of 21,648,000,000 Combined total value = 21,654,000,000

Strike 62100 has a total call value of 6,300,000 versus a total put value of 21,028,800,000 Combined total value = 21,035,100,000

Strike 62200 has a total call value of 6,600,000 versus a total put value of 20,411,100,000 Combined total value = 20,417,700,000

Strike 62300 has a total call value of 6,900,000 versus a total put value of 19,794,900,000 Combined total value = 19,801,800,000

Strike 62400 has a total call value of 7,200,000 versus a total put value of 19,180,200,000 Combined total value = 19,187,400,000

Strike 62500 has a total call value of 7,500,000 versus a total put value of 18,565,500,000 Combined total value = 18,573,000,000

Strike 62600 has a total call value of 7,800,000 versus a total put value of 17,950,800,000 Combined total value = 17,958,600,000

Strike 62700 has a total call value of 8,100,000 versus a total put value of 17,336,100,000 Combined total value = 17,344,200,000

Strike 62800 has a total call value of 8,400,000 versus a total put value of 16,722,000,000 Combined total value = 16,730,400,000

Strike 62900 has a total call value of 8,700,000 versus a total put value of 16,107,900,000 Combined total value = 16,116,600,000

Strike 63000 has a total call value of 9,000,000 versus a total put value of 15,494,100,000 Combined total value = 15,503,100,000

Strike 63100 has a total call value of 9,300,000 versus a total put value of 14,906,100,000 Combined total value = 14,915,400,000

Strike 63200 has a total call value of 9,600,000 versus a total put value of 14,328,300,000 Combined total value = 14,337,900,000

Strike 63300 has a total call value of 9,900,000 versus a total put value of 13,750,500,000 Combined total value = 13,760,400,000

Strike 63400 has a total call value of 10,200,000 versus a total put value of 13,173,000,000 Combined total value = 13,183,200,000

Strike 63500 has a total call value of 10,500,000 versus a total put value of 12,595,500,000 Combined total value = 12,606,000,000

Strike 63600 has a total call value of 10,800,000 versus a total put value of 12,019,500,000 Combined total value = 12,030,300,000

Strike 63700 has a total call value of 11,100,000 versus a total put value of 11,443,500,000 Combined total value = 11,454,600,000

Strike 63800 has a total call value of 11,400,000 versus a total put value of 10,867,500,000 Combined total value = 10,878,900,000

Strike 63900 has a total call value of 11,700,000 versus a total put value of 10,291,800,000 Combined total value = 10,303,500,000

Strike 64000 has a total call value of 12,000,000 versus a total put value of 9,717,000,000 Combined total value = 9,729,000,000

Strike 64100 has a total call value of 12,300,000 versus a total put value of 9,156,600,000 Combined total value = 9,168,900,000

Strike 64200 has a total call value of 12,900,000 versus a total put value of 8,596,200,000 Combined total value = 8,609,100,000

Strike 64300 has a total call value of 13,500,000 versus a total put value of 8,042,700,000 Combined total value = 8,056,200,000

Strike 64400 has a total call value of 14,100,000 versus a total put value of 7,491,000,000 Combined total value = 7,505,100,000

Strike 64500 has a total call value of 14,700,000 versus a total put value of 6,943,200,000 Combined total value = 6,957,900,000

Strike 64600 has a total call value of 15,300,000 versus a total put value of 6,415,200,000 Combined total value = 6,430,500,000

Strike 64700 has a total call value of 15,900,000 versus a total put value of 5,889,600,000 Combined total value = 5,905,500,000

Strike 64800 has a total call value of 16,500,000 versus a total put value of 5,370,900,000 Combined total value = 5,387,400,000

Strike 64900 has a total call value of 17,100,000 versus a total put value of 4,858,200,000 Combined total value = 4,875,300,000

Strike 65000 has a total call value of 17,700,000 versus a total put value of 4,356,900,000 Combined total value = 4,374,600,000

Strike 65100 has a total call value of 18,300,000 versus a total put value of 3,896,700,000 Combined total value = 3,915,000,000

Strike 65200 has a total call value of 18,900,000 versus a total put value of 3,449,100,000 Combined total value = 3,468,000,000

Strike 65300 has a total call value of 19,500,000 versus a total put value of 3,010,500,000 Combined total value = 3,030,000,000

Strike 65400 has a total call value of 20,100,000 versus a total put value of 2,593,500,000 Combined total value = 2,613,600,000

Strike 65500 has a total call value of 21,300,000 versus a total put value of 2,188,800,000 Combined total value = 2,210,100,000

Strike 65600 has a total call value of 23,700,000 versus a total put value of 1,898,100,000 Combined total value = 1,921,800,000

Strike 65700 has a total call value of 27,300,000 versus a total put value of 1,624,800,000 Combined total value = 1,652,100,000

Strike 65800 has a total call value of 33,000,000 versus a total put value of 1,366,800,000 Combined total value = 1,399,800,000

Strike 65900 has a total call value of 45,600,000 versus a total put value of 1,126,800,000 Combined total value = 1,172,400,000

Strike 66000 has a total call value of 62,400,000 versus a total put value of 903,600,000 Combined total value = 966,000,000

Strike 66100 has a total call value of 190,500,000 versus a total put value of 754,800,000 Combined total value = 945,300,000

Strike 66200 has a total call value of 361,200,000 versus a total put value of 625,200,000 Combined total value = 986,400,000

Strike 66300 has a total call value of 558,600,000 versus a total put value of 519,900,000 Combined total value = 1,078,500,000

Strike 66400 has a total call value of 786,900,000 versus a total put value of 432,600,000 Combined total value = 1,219,500,000

Strike 66500 has a total call value of 1,041,600,000 versus a total put value of 353,100,000 Combined total value = 1,394,700,000

Strike 66600 has a total call value of 1,363,800,000 versus a total put value of 292,200,000 Combined total value = 1,656,000,000

Strike 66700 has a total call value of 1,720,800,000 versus a total put value of 238,500,000 Combined total value = 1,959,300,000

Strike 66800 has a total call value of 2,107,800,000 versus a total put value of 188,700,000 Combined total value = 2,296,500,000

Strike 66900 has a total call value of 2,511,900,000 versus a total put value of 144,300,000 Combined total value = 2,656,200,000

Strike 67000 has a total call value of 2,940,000,000 versus a total put value of 107,400,000 Combined total value = 3,047,400,000

Strike 67100 has a total call value of 3,433,500,000 versus a total put value of 80,700,000 Combined total value = 3,514,200,000

Strike 67200 has a total call value of 3,951,900,000 versus a total put value of 58,800,000 Combined total value = 4,010,700,000

Strike 67300 has a total call value of 4,493,100,000 versus a total put value of 39,600,000 Combined total value = 4,532,700,000

Strike 67400 has a total call value of 5,056,800,000 versus a total put value of 24,900,000 Combined total value = 5,081,700,000

Strike 67500 has a total call value of 5,631,000,000 versus a total put value of 14,700,000 Combined total value = 5,645,700,000

Strike 67600 has a total call value of 6,222,600,000 versus a total put value of 11,400,000 Combined total value = 6,234,000,000

Strike 67700 has a total call value of 6,819,900,000 versus a total put value of 8,100,000 Combined total value = 6,828,000,000

Strike 67800 has a total call value of 7,424,100,000 versus a total put value of 5,400,000 Combined total value = 7,429,500,000

Strike 67900 has a total call value of 8,036,400,000 versus a total put value of 2,700,000 Combined total value = 8,039,100,000

Strike 68000 has a total call value of 8,659,800,000 versus a total put value of 0 Combined total value = 8,659,800,000

Strike 68100 has a total call value of 9,403,500,000 versus a total put value of 0 Combined total value = 9,403,500,000

Strike 68200 has a total call value of 10,151,700,000 versus a total put value of 0 Combined total value = 10,151,700,000

Strike 68300 has a total call value of 10,910,700,000 versus a total put value of 0 Combined total value = 10,910,700,000

Strike 68400 has a total call value of 11,681,100,000 versus a total put value of 0 Combined total value = 11,681,100,000

Strike 68500 has a total call value of 12,467,400,000 versus a total put value of 0 Combined total value = 12,467,400,000

Strike 68600 has a total call value of 13,263,000,000 versus a total put value of 0 Combined total value = 13,263,000,000

Strike 68700 has a total call value of 14,089,500,000 versus a total put value of 0 Combined total value = 14,089,500,000

Strike 68800 has a total call value of 14,922,300,000 versus a total put value of 0 Combined total value = 14,922,300,000

Strike 68900 has a total call value of 15,760,800,000 versus a total put value of 0 Combined total value = 15,760,800,000

Strike 69000 has a total call value of 16,604,400,000 versus a total put value of 0 Combined total value = 16,604,400,000

Strike 69100 has a total call value of 17,522,700,000 versus a total put value of 0 Combined total value = 17,522,700,000

Strike 69200 has a total call value of 18,448,200,000 versus a total put value of 0 Combined total value = 18,448,200,000

Strike 69300 has a total call value of 19,389,900,000 versus a total put value of 0 Combined total value = 19,389,900,000

Strike 69400 has a total call value of 20,331,600,000 versus a total put value of 0 Combined total value = 20,331,600,000

Strike 69500 has a total call value of 21,273,300,000 versus a total put value of 0 Combined total value = 21,273,300,000

Strike 69600 has a total call value of 22,226,100,000 versus a total put value of 0 Combined total value = 22,226,100,000

Strike 69700 has a total call value of 23,178,900,000 versus a total put value of 0 Combined total value = 23,178,900,000

Strike 69800 has a total call value of 24,131,700,000 versus a total put value of 0 Combined total value = 24,131,700,000

Strike 69900 has a total call value of 25,084,500,000 versus a total put value of 0 Combined total value = 25,084,500,000

Strike 70000 has a total call value of 26,037,300,000 versus a total put value of 0 Combined total value = 26,037,300,000

Strike 70100 has a total call value of 27,052,800,000 versus a total put value of 0 Combined total value = 27,052,800,000

Strike 70200 has a total call value of 28,068,600,000 versus a total put value of 0 Combined total value = 28,068,600,000

Strike 70300 has a total call value of 29,084,400,000 versus a total put value of 0 Combined total value = 29,084,400,000

Strike 70400 has a total call value of 30,100,200,000 versus a total put value of 0 Combined total value = 30,100,200,000

Strike 70500 has a total call value of 31,116,000,000 versus a total put value of 0 Combined total value = 31,116,000,000

Strike 70600 has a total call value of 32,135,700,000 versus a total put value of 0 Combined total value = 32,135,700,000

Strike 70700 has a total call value of 33,155,400,000 versus a total put value of 0 Combined total value = 33,155,400,000

Strike 70800 has a total call value of 34,175,100,000 versus a total put value of 0 Combined total value = 34,175,100,000

Strike 70900 has a total call value of 35,194,800,000 versus a total put value of 0 Combined total value = 35,194,800,000

Strike 71000 has a total call value of 36,214,500,000 versus a total put value of 0 Combined total value = 36,214,500,000

Strike 71100 has a total call value of 37,234,200,000 versus a total put value of 0 Combined total value = 37,234,200,000

Strike 71200 has a total call value of 38,253,900,000 versus a total put value of 0 Combined total value = 38,253,900,000

Strike 71300 has a total call value of 39,273,600,000 versus a total put value of 0 Combined total value = 39,273,600,000

Strike 71400 has a total call value of 40,293,300,000 versus a total put value of 0 Combined total value = 40,293,300,000

Strike 71500 has a total call value of 41,313,000,000 versus a total put value of 0 Combined total value = 41,313,000,000

Strike 71600 has a total call value of 42,332,700,000 versus a total put value of 0 Combined total value = 42,332,700,000

Strike 71700 has a total call value of 43,352,400,000 versus a total put value of 0 Combined total value = 43,352,400,000

Strike 71800 has a total call value of 44,372,100,000 versus a total put value of 0 Combined total value = 44,372,100,000

Strike 71900 has a total call value of 45,391,800,000 versus a total put value of 0 Combined total value = 45,391,800,000

Strike 72000 has a total call value of 46,411,500,000 versus a total put value of 0 Combined total value = 46,411,500,000

Strike 72100 has a total call value of 47,431,200,000 versus a total put value of 0 Combined total value = 47,431,200,000

Strike 72200 has a total call value of 48,450,900,000 versus a total put value of 0 Combined total value = 48,450,900,000

Strike 72300 has a total call value of 49,470,600,000 versus a total put value of 0 Combined total value = 49,470,600,000

Strike 72400 has a total call value of 50,490,300,000 versus a total put value of 0 Combined total value = 50,490,300,000

Strike 72500 has a total call value of 51,510,000,000 versus a total put value of 0 Combined total value = 51,510,000,000

Strike 72600 has a total call value of 52,529,700,000 versus a total put value of 0 Combined total value = 52,529,700,000

Strike 72700 has a total call value of 53,549,400,000 versus a total put value of 0 Combined total value = 53,549,400,000

Strike 72800 has a total call value of 54,569,100,000 versus a total put value of 0 Combined total value = 54,569,100,000

Strike 72900 has a total call value of 55,588,800,000 versus a total put value of 0 Combined total value = 55,588,800,000

Strike 73000 has a total call value of 56,608,500,000 versus a total put value of 0 Combined total value = 56,608,500,000

Strike 73100 has a total call value of 57,628,200,000 versus a total put value of 0 Combined total value = 57,628,200,000

Strike 73200 has a total call value of 58,647,900,000 versus a total put value of 0 Combined total value = 58,647,900,000

Strike 73300 has a total call value of 59,667,600,000 versus a total put value of 0 Combined total value = 59,667,600,000

Strike 73400 has a total call value of 60,687,300,000 versus a total put value of 0 Combined total value = 60,687,300,000

Strike 73500 has a total call value of 61,707,000,000 versus a total put value of 0 Combined total value = 61,707,000,000

Strike 73600 has a total call value of 62,726,700,000 versus a total put value of 0 Combined total value = 62,726,700,000

Strike 73700 has a total call value of 63,746,400,000 versus a total put value of 0 Combined total value = 63,746,400,000

Strike 73800 has a total call value of 64,766,100,000 versus a total put value of 0 Combined total value = 64,766,100,000

Strike 73900 has a total call value of 65,785,800,000 versus a total put value of 0 Combined total value = 65,785,800,000

Strike 74000 has a total call value of 66,805,500,000 versus a total put value of 0 Combined total value = 66,805,500,000

Strike 74100 has a total call value of 67,825,200,000 versus a total put value of 0 Combined total value = 67,825,200,000

Strike 74200 has a total call value of 68,844,900,000 versus a total put value of 0 Combined total value = 68,844,900,000

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	1140.3	1140
ABB	5151.5	5200
ABCAPITAL	345.5	345
ADANIENSOL	977.1	980
ADANIENT	2239	2300
ADANIGREEN	1015.6	1020
ADANIPORTS	1501	1500
ALKEM	5547.5	5650
AMBER	6656	6800
AMBUJACEM	537.45	550
ANGELONE	2475	2550
APLAPOLLO	1803.3	1760
APOLLOHOSP	6956	7100
ASHOKLEY	172.17	162
ASIANPAINT	2772.6	2800
ASTRAL	1414.1	1440
AUBANK	987.5	960
AUROPHARMA	1232.3	1220
AXISBANK	1237.3	1240
BAJAJ-AUTO	8884.5	9000
BAJAJFINSV	2051.2	2060
BAJFINANCE	1010.5	1020
BANDHANBNK	149	152.5
BANKBARODA	289.2	290
BANKINDIA	142.3	143
BDL	1353.6	1400
BEL	390.45	400
BHARATFORG	1421.7	1400
BHARTIARTL	2096.1	2100
BHEL	275.4	280
BIOCON	399.8	395
BLUESTARCO	1850	1800
BOSCHLTD	35750	36000
BPCL	366.15	365
BRITANNIA	6011	6000
BSE	2721.6	2700
CAMS	757.8	770
CANBK	149.34	150
CDSL	1496.1	1540
CGPOWER	666.65	680
CHOLAFIN	1681.6	1700
CIPLA	1509.4	1520
COALINDIA	385.75	385
COFORGE	1850.9	1840
COLPAL	2088.5	2160
CONCOR	500	520
CROMPTON	253.4	265
CUMMINSIND	4399.6	4450
CYIENT	1146	1140
DABUR	493.4	500
DALBHARAT	2026.3	2040
DELHIVERY	401	410
DIVISLAB	6579.5	6500
DIXON	13265	13500
DLF	686.4	710
DMART	3773.5	3900
DRREDDY	1288.5	1270
EICHERMOT	7190	7100
ETERNAL	287.7	295
EXIDEIND	361.1	370
FEDERALBNK	266.4	260
FORTIS	878.85	890
GAIL	168.49	175
GLENMARK	1986.8	1940
GMRAIRPORT	101.76	102
GODREJCP	1185.8	1160
GODREJPROP	2022	2060
GRASIM	2819.1	2800
HAL	4290	4500
HAVELLS	1409	1440
HCLTECH	1656.2	1660
HDFCAMC	2690.9	2700
HDFCBANK	983.8	990
HDFCLIFE	756.3	770
HEROMOTOCO	5737	5900
HFCL	64.68	67
HINDALCO	861.8	820
HINDPETRO	464.2	460
HINDUNILVR	2275.1	2300
HINDZINC	579	555
HUDCO	208.14	217.5
ICICIBANK	1356.8	1370
ICICIGI	1950	1960
ICICIPRULI	649.55	630
IDEA	11.66	11
IDFCFIRSTB	83.92	82
IEX	140.1	145
IIFL	564.65	560
INDHOTEL	730.1	730
INDIANB	776.95	820
INDIGO	5124	5100
INDUSINDBK	833.75	850
INDUSTOWER	412.55	410
INFY	1645	1600
INOXWIND	124.77	130
IOC	161.45	161
IRCTC	668.7	690
IREDA	131.86	140
IRFC	111.3	115
ITC	401.35	405
JINDALSTEL	992.7	1020
JIOFIN	296.4	305
JSWENERGY	473.05	490
JSWSTEEL	1084.6	1120
JUBLFOOD	560.2	580
KALYANKJIL	474.85	480
KAYNES	4047.5	4300
KEI	4176.7	4100
KFINTECH	1070.4	1080
KOTAKBANK	2164.4	2160
KPITTECH	1167.6	1200
LAURUSLABS	1042.9	1000
LICHSGFIN	529.4	550
LICI	849.45	870
LODHA	1086.4	1100
LT	4065.7	4040
LTF	300.45	300
LTIM	6054	6100
LUPIN	2138.3	2100
M&M	3586.6	3650
MANAPPURAM	285.2	280
MANKIND	2157.9	2200
MARICO	735.65	730
MARUTI	16391	16300
MAXHEALTH	1068.2	1080
MAZDOCK	2392	2500
MCX	10319	10100
MFSL	1679.1	1700
MOTHERSON	119.72	116
MPHASIS	2877.7	2900
MUTHOOTFIN	3723.5	3750
NATIONALUM	280.4	270
NAUKRI	1330.3	1360
NBCC	109.74	111
NCC	153.53	165
NESTLEIND	1237	1240
NHPC	75.37	78
NMDC	76.29	77
NTPC	318.9	325
NUVAMA	7175	7300
NYKAA	244.7	252.5
OBEROIRLTY	1673.1	1660
OFSS	7676	8000
OIL	400.8	410
ONGC	232.27	237.5
PAGEIND	35760	37000
PATANJALI	553.35	550
PAYTM	1309	1300
PERSISTENT	6312.5	6300
PETRONET	269.35	278
PFC	337.55	355
PGEL	570.7	560
PHOENIXLTD	1806.1	1760
PIDILITIND	1451.1	1480
PIIND	3214.3	3350
PNB	119.09	120
PNBHOUSING	905.25	900
POLICYBZR	1835	1840
POLYCAB	7302	7200
POWERGRID	260.25	270
POWERINDIA	18190	19000
PPLPHARMA	168.85	175
PRESTIGE	1619.7	1640
RBLBANK	299.3	305
RECLTD	339.75	355
RELIANCE	1562.9	1550
RVNL	310.45	310
SAIL	125.36	131
SAMMAANCAP	145.11	152.5
SBICARD	852.7	870
SBILIFE	2014.8	2020
SBIN	979.3	970
SHREECEM	25570	26250
SHRIRAMFIN	858.1	850
SIEMENS	3101.1	3150
SOLARINDS	11765	12500
SONACOMS	491.4	500
SRF	3048.5	3000
SUNPHARMA	1750	1760
SUPREMEIND	3360.3	3400
SUZLON	51.89	54
SYNGENE	658.05	650
TATACONSUM	1174.6	1170
TATAELXSI	5155.5	5100
TATAMOTORS	0	320
TATAPOWER	376.3	390
TATASTEEL	168.88	170
TATATECH	646.2	670
TCS	3306.4	3220
TECHM	1602.6	1560
TIINDIA	2599.7	2700
TITAGARH	772.65	800
TITAN	3927.1	3880
TMPV	351.95	360
TORNTPHARM	3770.7	3750
TORNTPOWER	1264.2	1300
TRENT	4052	4200
TVSMOTOR	3620.9	3600
ULTRACEMCO	11500	11600
UNIONBANK	153.99	155
UNITDSPR	1399.3	1430
UNOMINDA	1236.7	1280
UPL	745.15	750
VBL	474.9	470
VEDL	575.05	555
VOLTAS	1408.3	1400
WIPRO	265	260
YESBANK	21.57	22
ZYDUSLIFE	922.95	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 BANKEX

BANKEX

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