BANKEX
Bank Index
Max pain for BANKEX
03 Dec 2024 04:12 PM IST
Max Pain for BANKEX is 59600
Strike 53300 has a total call value of 0 versus a total put value of 43,649,700,000 Combined total value = 43,649,700,000
Strike 53400 has a total call value of 0 versus a total put value of 42,809,550,000 Combined total value = 42,809,550,000
Strike 53500 has a total call value of 0 versus a total put value of 41,969,550,000 Combined total value = 41,969,550,000
Strike 53600 has a total call value of 0 versus a total put value of 41,132,700,000 Combined total value = 41,132,700,000
Strike 53700 has a total call value of 0 versus a total put value of 40,296,000,000 Combined total value = 40,296,000,000
Strike 53800 has a total call value of 0 versus a total put value of 39,459,300,000 Combined total value = 39,459,300,000
Strike 53900 has a total call value of 0 versus a total put value of 38,622,600,000 Combined total value = 38,622,600,000
Strike 54000 has a total call value of 0 versus a total put value of 37,785,900,000 Combined total value = 37,785,900,000
Strike 54100 has a total call value of 0 versus a total put value of 36,954,300,000 Combined total value = 36,954,300,000
Strike 54200 has a total call value of 0 versus a total put value of 36,122,700,000 Combined total value = 36,122,700,000
Strike 54300 has a total call value of 0 versus a total put value of 35,291,100,000 Combined total value = 35,291,100,000
Strike 54400 has a total call value of 0 versus a total put value of 34,459,500,000 Combined total value = 34,459,500,000
Strike 54500 has a total call value of 0 versus a total put value of 33,627,900,000 Combined total value = 33,627,900,000
Strike 54600 has a total call value of 0 versus a total put value of 32,796,300,000 Combined total value = 32,796,300,000
Strike 54700 has a total call value of 0 versus a total put value of 31,964,700,000 Combined total value = 31,964,700,000
Strike 54800 has a total call value of 0 versus a total put value of 31,133,100,000 Combined total value = 31,133,100,000
Strike 54900 has a total call value of 0 versus a total put value of 30,301,500,000 Combined total value = 30,301,500,000
Strike 55000 has a total call value of 0 versus a total put value of 29,469,900,000 Combined total value = 29,469,900,000
Strike 55100 has a total call value of 150,000 versus a total put value of 28,639,200,000 Combined total value = 28,639,350,000
Strike 55200 has a total call value of 300,000 versus a total put value of 27,808,500,000 Combined total value = 27,808,800,000
Strike 55300 has a total call value of 450,000 versus a total put value of 26,977,800,000 Combined total value = 26,978,250,000
Strike 55400 has a total call value of 600,000 versus a total put value of 26,147,100,000 Combined total value = 26,147,700,000
Strike 55500 has a total call value of 750,000 versus a total put value of 25,316,400,000 Combined total value = 25,317,150,000
Strike 55600 has a total call value of 900,000 versus a total put value of 24,485,700,000 Combined total value = 24,486,600,000
Strike 55700 has a total call value of 1,050,000 versus a total put value of 23,655,000,000 Combined total value = 23,656,050,000
Strike 55800 has a total call value of 1,200,000 versus a total put value of 22,824,300,000 Combined total value = 22,825,500,000
Strike 55900 has a total call value of 1,350,000 versus a total put value of 21,993,600,000 Combined total value = 21,994,950,000
Strike 56000 has a total call value of 1,500,000 versus a total put value of 21,162,900,000 Combined total value = 21,164,400,000
Strike 56100 has a total call value of 1,650,000 versus a total put value of 20,332,200,000 Combined total value = 20,333,850,000
Strike 56200 has a total call value of 1,800,000 versus a total put value of 19,501,500,000 Combined total value = 19,503,300,000
Strike 56300 has a total call value of 1,950,000 versus a total put value of 18,670,800,000 Combined total value = 18,672,750,000
Strike 56400 has a total call value of 2,100,000 versus a total put value of 17,852,400,000 Combined total value = 17,854,500,000
Strike 56500 has a total call value of 2,400,000 versus a total put value of 17,045,700,000 Combined total value = 17,048,100,000
Strike 56600 has a total call value of 2,700,000 versus a total put value of 16,268,250,000 Combined total value = 16,270,950,000
Strike 56700 has a total call value of 3,000,000 versus a total put value of 15,495,750,000 Combined total value = 15,498,750,000
Strike 56800 has a total call value of 3,300,000 versus a total put value of 14,728,200,000 Combined total value = 14,731,500,000
Strike 56900 has a total call value of 3,600,000 versus a total put value of 13,972,050,000 Combined total value = 13,975,650,000
Strike 57000 has a total call value of 3,900,000 versus a total put value of 13,229,400,000 Combined total value = 13,233,300,000
Strike 57100 has a total call value of 4,200,000 versus a total put value of 12,558,150,000 Combined total value = 12,562,350,000
Strike 57200 has a total call value of 4,500,000 versus a total put value of 11,898,300,000 Combined total value = 11,902,800,000
Strike 57300 has a total call value of 4,800,000 versus a total put value of 11,260,200,000 Combined total value = 11,265,000,000
Strike 57400 has a total call value of 5,100,000 versus a total put value of 10,632,900,000 Combined total value = 10,638,000,000
Strike 57500 has a total call value of 5,400,000 versus a total put value of 10,014,900,000 Combined total value = 10,020,300,000
Strike 57600 has a total call value of 5,700,000 versus a total put value of 9,434,250,000 Combined total value = 9,439,950,000
Strike 57700 has a total call value of 6,000,000 versus a total put value of 8,860,200,000 Combined total value = 8,866,200,000
Strike 57800 has a total call value of 6,300,000 versus a total put value of 8,294,100,000 Combined total value = 8,300,400,000
Strike 57900 has a total call value of 6,600,000 versus a total put value of 7,734,750,000 Combined total value = 7,741,350,000
Strike 58000 has a total call value of 6,900,000 versus a total put value of 7,182,150,000 Combined total value = 7,189,050,000
Strike 58100 has a total call value of 7,350,000 versus a total put value of 6,670,650,000 Combined total value = 6,678,000,000
Strike 58200 has a total call value of 7,800,000 versus a total put value of 6,168,150,000 Combined total value = 6,175,950,000
Strike 58300 has a total call value of 8,250,000 versus a total put value of 5,672,850,000 Combined total value = 5,681,100,000
Strike 58400 has a total call value of 8,700,000 versus a total put value of 5,185,800,000 Combined total value = 5,194,500,000
Strike 58500 has a total call value of 9,150,000 versus a total put value of 4,706,550,000 Combined total value = 4,715,700,000
Strike 58600 has a total call value of 9,600,000 versus a total put value of 4,248,450,000 Combined total value = 4,258,050,000
Strike 58700 has a total call value of 10,050,000 versus a total put value of 3,800,250,000 Combined total value = 3,810,300,000
Strike 58800 has a total call value of 10,800,000 versus a total put value of 3,361,050,000 Combined total value = 3,371,850,000
Strike 58900 has a total call value of 13,200,000 versus a total put value of 2,936,850,000 Combined total value = 2,950,050,000
Strike 59000 has a total call value of 16,950,000 versus a total put value of 2,535,300,000 Combined total value = 2,552,250,000
Strike 59100 has a total call value of 66,900,000 versus a total put value of 2,182,050,000 Combined total value = 2,248,950,000
Strike 59200 has a total call value of 130,050,000 versus a total put value of 1,841,700,000 Combined total value = 1,971,750,000
Strike 59300 has a total call value of 204,450,000 versus a total put value of 1,516,800,000 Combined total value = 1,721,250,000
Strike 59400 has a total call value of 291,600,000 versus a total put value of 1,213,650,000 Combined total value = 1,505,250,000
Strike 59500 has a total call value of 393,900,000 versus a total put value of 928,650,000 Combined total value = 1,322,550,000
Strike 59600 has a total call value of 580,950,000 versus a total put value of 740,400,000 Combined total value = 1,321,350,000
Strike 59700 has a total call value of 783,150,000 versus a total put value of 574,500,000 Combined total value = 1,357,650,000
Strike 59800 has a total call value of 999,900,000 versus a total put value of 432,000,000 Combined total value = 1,431,900,000
Strike 59900 has a total call value of 1,230,600,000 versus a total put value of 306,900,000 Combined total value = 1,537,500,000
Strike 60000 has a total call value of 1,479,000,000 versus a total put value of 194,550,000 Combined total value = 1,673,550,000
Strike 60100 has a total call value of 1,805,550,000 versus a total put value of 147,150,000 Combined total value = 1,952,700,000
Strike 60200 has a total call value of 2,145,300,000 versus a total put value of 108,450,000 Combined total value = 2,253,750,000
Strike 60300 has a total call value of 2,498,250,000 versus a total put value of 78,000,000 Combined total value = 2,576,250,000
Strike 60400 has a total call value of 2,859,450,000 versus a total put value of 53,400,000 Combined total value = 2,912,850,000
Strike 60500 has a total call value of 3,227,550,000 versus a total put value of 36,000,000 Combined total value = 3,263,550,000
Strike 60600 has a total call value of 3,609,900,000 versus a total put value of 24,900,000 Combined total value = 3,634,800,000
Strike 60700 has a total call value of 3,997,800,000 versus a total put value of 14,700,000 Combined total value = 4,012,500,000
Strike 60800 has a total call value of 4,396,500,000 versus a total put value of 8,550,000 Combined total value = 4,405,050,000
Strike 60900 has a total call value of 4,807,950,000 versus a total put value of 6,150,000 Combined total value = 4,814,100,000
Strike 61000 has a total call value of 5,233,350,000 versus a total put value of 5,700,000 Combined total value = 5,239,050,000
Strike 61100 has a total call value of 5,698,500,000 versus a total put value of 5,250,000 Combined total value = 5,703,750,000
Strike 61200 has a total call value of 6,169,950,000 versus a total put value of 4,800,000 Combined total value = 6,174,750,000
Strike 61300 has a total call value of 6,652,350,000 versus a total put value of 4,350,000 Combined total value = 6,656,700,000
Strike 61400 has a total call value of 7,141,500,000 versus a total put value of 3,900,000 Combined total value = 7,145,400,000
Strike 61500 has a total call value of 7,635,150,000 versus a total put value of 3,450,000 Combined total value = 7,638,600,000
Strike 61600 has a total call value of 8,167,050,000 versus a total put value of 3,000,000 Combined total value = 8,170,050,000
Strike 61700 has a total call value of 8,704,950,000 versus a total put value of 2,550,000 Combined total value = 8,707,500,000
Strike 61800 has a total call value of 9,247,800,000 versus a total put value of 2,100,000 Combined total value = 9,249,900,000
Strike 61900 has a total call value of 9,800,850,000 versus a total put value of 1,650,000 Combined total value = 9,802,500,000
Strike 62000 has a total call value of 10,364,700,000 versus a total put value of 1,200,000 Combined total value = 10,365,900,000
Strike 62100 has a total call value of 10,995,600,000 versus a total put value of 750,000 Combined total value = 10,996,350,000
Strike 62200 has a total call value of 11,634,900,000 versus a total put value of 300,000 Combined total value = 11,635,200,000
Strike 62300 has a total call value of 12,277,200,000 versus a total put value of 0 Combined total value = 12,277,200,000
Strike 62400 has a total call value of 12,925,800,000 versus a total put value of 0 Combined total value = 12,925,800,000
Strike 62500 has a total call value of 13,578,750,000 versus a total put value of 0 Combined total value = 13,578,750,000
Strike 62600 has a total call value of 14,247,150,000 versus a total put value of 0 Combined total value = 14,247,150,000
Strike 62700 has a total call value of 14,919,900,000 versus a total put value of 0 Combined total value = 14,919,900,000
Strike 62800 has a total call value of 15,604,800,000 versus a total put value of 0 Combined total value = 15,604,800,000
Strike 62900 has a total call value of 16,289,700,000 versus a total put value of 0 Combined total value = 16,289,700,000
Strike 63000 has a total call value of 16,974,600,000 versus a total put value of 0 Combined total value = 16,974,600,000
Strike 63100 has a total call value of 17,714,700,000 versus a total put value of 0 Combined total value = 17,714,700,000
Strike 63200 has a total call value of 18,457,200,000 versus a total put value of 0 Combined total value = 18,457,200,000
Strike 63300 has a total call value of 19,213,350,000 versus a total put value of 0 Combined total value = 19,213,350,000
Strike 63400 has a total call value of 19,969,500,000 versus a total put value of 0 Combined total value = 19,969,500,000
Strike 63500 has a total call value of 20,725,650,000 versus a total put value of 0 Combined total value = 20,725,650,000
Strike 63600 has a total call value of 21,481,800,000 versus a total put value of 0 Combined total value = 21,481,800,000
Strike 63700 has a total call value of 22,237,950,000 versus a total put value of 0 Combined total value = 22,237,950,000
Strike 63800 has a total call value of 22,994,100,000 versus a total put value of 0 Combined total value = 22,994,100,000
Strike 63900 has a total call value of 23,750,250,000 versus a total put value of 0 Combined total value = 23,750,250,000
Strike 64000 has a total call value of 24,506,400,000 versus a total put value of 0 Combined total value = 24,506,400,000
Max-Pain Table for Monthly Expiry
| Max Pain | ||
|---|---|---|
| Symbol | Symbol Ltp | Max Pain |
| AARTIIND | 445.1 | 460 |
| ABB | 7537.55 | 7500 |
| ABBOTINDIA | 28441.05 | 28000 |
| ABCAPITAL | 199.47 | 200 |
| ABFRL | 316.3 | 320 |
| ACC | 2291.7 | 2300 |
| ADANIENSOL | 801.85 | 800 |
| ADANIENT | 2514.2 | 2540 |
| ADANIGREEN | 1312.8 | 1300 |
| ADANIPORTS | 1288.65 | 1240 |
| ALKEM | 5637.35 | 5600 |
| AMBUJACEM | 566.55 | 550 |
| ANGELONE | 3077.05 | 3000 |
| APLAPOLLO | 1556.8 | 1500 |
| APOLLOHOSP | 7126.55 | 7000 |
| APOLLOTYRE | 521.45 | 510 |
| ASHOKLEY | 235.18 | 230 |
| ASIANPAINT | 2469.4 | 2500 |
| ASTRAL | 1845.7 | 1840 |
| ATGL | 766.25 | 780 |
| ATUL | 7396.45 | 7300 |
| AUBANK | 594.85 | 590 |
| AUROPHARMA | 1264.3 | 1260 |
| AXISBANK | 1160.5 | 1150 |
| BAJAJ-AUTO | 9161.8 | 9200 |
| BAJAJFINSV | 1607.1 | 1600 |
| BAJFINANCE | 6675.45 | 6800 |
| BALKRISIND | 2842.2 | 2800 |
| BANDHANBNK | 175.27 | 175 |
| BANKBARODA | 254.55 | 250 |
| BANKINDIA | 114.02 | 110 |
| BATAINDIA | 1425.9 | 1400 |
| BEL | 312.1 | 305 |
| BERGEPAINT | 482.15 | 490 |
| BHARATFORG | 1350.4 | 1340 |
| BHARTIARTL | 1620.55 | 1600 |
| BHEL | 252.35 | 250 |
| BIOCON | 373.85 | 365 |
| BOSCHLTD | 34923.7 | 35000 |
| BPCL | 294.25 | 295 |
| BRITANNIA | 4909.6 | 4950 |
| BSE | 4513.8 | 4600 |
| BSOFT | 601.45 | 600 |
| CAMS | 5120.2 | 5000 |
| CANBK | 105.12 | 104 |
| CANFINHOME | 834.6 | 830 |
| CDSL | 1663.9 | 1660 |
| CESC | 184.28 | 180 |
| CGPOWER | 761.3 | 750 |
| CHAMBLFERT | 525.1 | 510 |
| CHOLAFIN | 1253.65 | 1260 |
| CIPLA | 1533.9 | 1540 |
| COALINDIA | 422.1 | 420 |
| COFORGE | 8718.25 | 8600 |
| COLPAL | 2896.25 | 2900 |
| CONCOR | 839.85 | 840 |
| COROMANDEL | 1777.5 | 1780 |
| CROMPTON | 409.15 | 410 |
| CUB | 182.9 | 180 |
| CUMMINSIND | 3512.3 | 3500 |
| CYIENT | 1876.6 | 1600 |
| DABUR | 522.55 | 530 |
| DALBHARAT | 1930.8 | 1880 |
| DEEPAKNTR | 2627 | 2700 |
| DELHIVERY | 341.15 | 340 |
| DIVISLAB | 6210.55 | 6150 |
| DIXON | 16866.45 | 16000 |
| DLF | 846.95 | 830 |
| DMART | 3829.85 | 3750 |
| DRREDDY | 1224.5 | 1220 |
| EICHERMOT | 4844.35 | 4900 |
| ESCORTS | 3517.05 | 3600 |
| EXIDEIND | 455.55 | 450 |
| FEDERALBNK | 209.96 | 210 |
| GAIL | 199.99 | 200 |
| GLENMARK | 1559.4 | 1540 |
| GMRINFRA | 83.61 | 84 |
| GNFC | 637.15 | 640 |
| GODREJCP | 1230.45 | 1240 |
| GODREJPROP | 2862.55 | 2850 |
| GRANULES | 534.15 | 560 |
| GRASIM | 2714 | 2640 |
| GUJGASLTD | 497.8 | 480 |
| HAL | 4518.85 | 4500 |
| HAVELLS | 1757.2 | 1740 |
| HCLTECH | 1890.75 | 1880 |
| HDFCAMC | 4258.3 | 4250 |
| HDFCBANK | 1826.3 | 1800 |
| HDFCLIFE | 634 | 650 |
| HEROMOTOCO | 4697 | 4800 |
| HFCL | 130.18 | 130 |
| HINDALCO | 667.55 | 660 |
| HINDCOPPER | 284.7 | 280 |
| HINDPETRO | 384.55 | 385 |
| HINDUNILVR | 2482.85 | 2500 |
| HUDCO | 235.54 | 230 |
| ICICIBANK | 1308.4 | 1300 |
| ICICIGI | 1896.35 | 1900 |
| ICICIPRULI | 684.2 | 700 |
| IDEA | 8.21 | 8 |
| IDFCFIRSTB | 65.2 | 65 |
| IEX | 178.1 | 177.5 |
| IGL | 361.25 | 340 |
| INDHOTEL | 806.65 | 790 |
| INDIAMART | 2357.55 | 2350 |
| INDIANB | 579.9 | 580 |
| INDIGO | 4405.5 | 4400 |
| INDUSINDBK | 998.35 | 1000 |
| INDUSTOWER | 353.9 | 350 |
| INFY | 1892.1 | 1900 |
| IOC | 139.51 | 140 |
| IPCALAB | 1502.75 | 1540 |
| IRB | 55.04 | 53 |
| IRCTC | 831.85 | 830 |
| IRFC | 148.2 | 147.5 |
| ITC | 472.55 | 475 |
| JINDALSTEL | 925.8 | 910 |
| JIOFIN | 340.35 | 330 |
| JKCEMENT | 4647.4 | 4500 |
| JSL | 716.05 | 700 |
| JSWENERGY | 642.95 | 650 |
| JSWSTEEL | 998.8 | 980 |
| JUBLFOOD | 657.05 | 650 |
| KALYANKJIL | 726.85 | 720 |
| KEI | 4340.25 | 4300 |
| KOTAKBANK | 1749.9 | 1780 |
| KPITTECH | 1430.7 | 1400 |
| LALPATHLAB | 2972.9 | 3050 |
| LAURUSLABS | 580.7 | 560 |
| LICHSGFIN | 635.35 | 640 |
| LICI | 969.75 | 980 |
| LODHA | 1296.3 | 1300 |
| LT | 3787.05 | 3700 |
| LTF | 145.62 | 145 |
| LTIM | 6167 | 6200 |
| LTTS | 5316.55 | 5300 |
| LUPIN | 2081.65 | 2060 |
| M&M | 3027.3 | 3000 |
| M&MFIN | 285.3 | 280 |
| MANAPPURAM | 164.19 | 162.5 |
| MARICO | 641.7 | 640 |
| MARUTI | 11279.25 | 11200 |
| MAXHEALTH | 1034.35 | 1000 |
| MCX | 6216.5 | 6200 |
| METROPOLIS | 2076.35 | 2100 |
| MFSL | 1142.35 | 1140 |
| MGL | 1278.25 | 1240 |
| MOTHERSON | 166.2 | 167.5 |
| MPHASIS | 3018.95 | 3000 |
| MRF | 125585.05 | 125000 |
| MUTHOOTFIN | 1932.8 | 1920 |
| NATIONALUM | 246.87 | 242.5 |
| NAUKRI | 8472.5 | 8300 |
| NAVINFLUOR | 3586.85 | 3550 |
| NCC | 314.5 | 310 |
| NESTLEIND | 2261.7 | 2300 |
| NHPC | 81.98 | 81 |
| NMDC | 235.68 | 235 |
| NTPC | 367.45 | 365 |
| NYKAA | 171.88 | 170 |
| OBEROIRLTY | 2060.35 | 2000 |
| OFSS | 12524.85 | 12000 |
| OIL | 490.3 | 480 |
| ONGC | 262.35 | 259 |
| PAGEIND | 46143.25 | 45500 |
| PAYTM | 902.6 | 900 |
| PEL | 1236.5 | 1200 |
| PERSISTENT | 6041.3 | 6000 |
| PETRONET | 339.3 | 333 |
| PFC | 501.15 | 490 |
| PIDILITIND | 3149 | 3100 |
| PIIND | 4138.1 | 4100 |
| PNB | 107.97 | 106 |
| POLICYBZR | 1926.25 | 1800 |
| POLYCAB | 7412.5 | 7200 |
| POONAWALLA | 348.55 | 350 |
| POWERGRID | 329.65 | 330 |
| PRESTIGE | 1724.15 | 1700 |
| PVRINOX | 1598.3 | 1560 |
| RAMCOCEM | 1040.1 | 1000 |
| RBLBANK | 162.71 | 155 |
| RECLTD | 539.7 | 530 |
| RELIANCE | 1323.3 | 1310 |
| SAIL | 122.79 | 120 |
| SBICARD | 704.4 | 700 |
| SBILIFE | 1440.95 | 1440 |
| SBIN | 853.95 | 840 |
| SHREECEM | 27159.35 | 26750 |
| SHRIRAMFIN | 3155.55 | 3100 |
| SIEMENS | 7731 | 7500 |
| SJVN | 117.03 | 115 |
| SONACOMS | 672.7 | 680 |
| SRF | 2311.25 | 2300 |
| SUNPHARMA | 1800.05 | 1800 |
| SUNTV | 774.5 | 760 |
| SUPREMEIND | 4763 | 4600 |
| SYNGENE | 934.85 | 930 |
| TATACHEM | 1136.4 | 1120 |
| TATACOMM | 1807.9 | 1800 |
| TATACONSUM | 955 | 960 |
| TATAELXSI | 7098.55 | 7000 |
| TATAMOTORS | 801.25 | 800 |
| TATAPOWER | 428.55 | 425 |
| TATASTEEL | 146.54 | 150 |
| TCS | 4302.75 | 4300 |
| TECHM | 1749.5 | 1740 |
| TIINDIA | 3620.15 | 3600 |
| TITAN | 3332.75 | 3300 |
| TORNTPHARM | 3363.1 | 3300 |
| TRENT | 6841.35 | 6800 |
| TVSMOTOR | 2556.2 | 2500 |
| UBL | 1955.85 | 1940 |
| ULTRACEMCO | 11852.35 | 11500 |
| UNIONBANK | 126.06 | 124 |
| UNITDSPR | 1542.95 | 1500 |
| UPL | 563.1 | 556.35 |
| VBL | 621.1 | 610 |
| VEDL | 468.35 | 460 |
| VOLTAS | 1688.15 | 1700 |
| WIPRO | 291.65 | 290 |
| YESBANK | 20.84 | 20 |
| ZOMATO | 279.85 | 270 |
| ZYDUSLIFE | 982.1 | 980 |
Note:
| Stock LTP > Max Pain | Bearish Trend |
| Stock LTP < Max Pain | Bullish Trend |
What is Max Pain?
Max pain, or the max pain price, is the strike price with the most open contract puts and calls - and the price at which the stock would cause financial losses for the largest number of option holders at expiration.
Calculating Max Pain
Max pain is a simple but time consuming calculation. Essentially, it is the sum of the outstanding put and call dollar value of each in-the-money strike price. For each in-the-money strike price for both puts and calls:
- Find the difference between stock price and strike price
- Multiply the result by open interest at that strike
- Add together the dollar value for the put and call at that strike
- Repeat for each strike price
- Find the highest value strike price. This price is equivalent to max pain price.
How can a trader benefit?
As the option expiration approaches, option writers will try to buy or sell shares of stock to drive the price toward a closing price that is profitable for them, or at least to hedge their payouts to option holders. Call writers sell shares to drive share price down and Put holders buy shares to drive share price up. The max pain strike price exists somewhere in the middle.
