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.

BANKNIFTY

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.

Nifty Bank

58928.95 +2.20 (0.00%)

L: 58712.7 H: 59211

Max Pain - BANKNIFTY

18 Dec 2025 02:29 PM IST

Live

Expiry

Max Pain for BANKNIFTY is 59100

Historical data for BANKNIFTY-59100-CE

LTP (59100 CE)

408.95 -55.5

Open Interest

12321 686

Historical data for BANKNIFTY-59100-PE

LTP (59100 PE)

417.1 -6.5

Open Interest

7739 1771

Strike 43500 has a total call value of 0 versus a total put value of 21,480,674,900,000 Combined total value = 21,480,674,900,000

Strike 43600 has a total call value of 0 versus a total put value of 21,330,561,950,000 Combined total value = 21,330,561,950,000

Strike 43700 has a total call value of 0 versus a total put value of 21,180,449,000,000 Combined total value = 21,180,449,000,000

Strike 43800 has a total call value of 0 versus a total put value of 21,030,336,050,000 Combined total value = 21,030,336,050,000

Strike 43900 has a total call value of 0 versus a total put value of 20,880,223,100,000 Combined total value = 20,880,223,100,000

Strike 44000 has a total call value of 0 versus a total put value of 20,730,110,150,000 Combined total value = 20,730,110,150,000

Strike 44100 has a total call value of 0 versus a total put value of 20,579,997,200,000 Combined total value = 20,579,997,200,000

Strike 44200 has a total call value of 0 versus a total put value of 20,429,884,250,000 Combined total value = 20,429,884,250,000

Strike 44300 has a total call value of 0 versus a total put value of 20,279,771,300,000 Combined total value = 20,279,771,300,000

Strike 44400 has a total call value of 0 versus a total put value of 20,129,658,350,000 Combined total value = 20,129,658,350,000

Strike 44500 has a total call value of 0 versus a total put value of 19,979,545,400,000 Combined total value = 19,979,545,400,000

Strike 44600 has a total call value of 0 versus a total put value of 19,829,432,450,000 Combined total value = 19,829,432,450,000

Strike 44700 has a total call value of 0 versus a total put value of 19,679,319,500,000 Combined total value = 19,679,319,500,000

Strike 44800 has a total call value of 0 versus a total put value of 19,529,206,550,000 Combined total value = 19,529,206,550,000

Strike 44900 has a total call value of 0 versus a total put value of 19,379,093,600,000 Combined total value = 19,379,093,600,000

Strike 45000 has a total call value of 0 versus a total put value of 19,228,980,650,000 Combined total value = 19,228,980,650,000

Strike 45100 has a total call value of 0 versus a total put value of 19,078,867,700,000 Combined total value = 19,078,867,700,000

Strike 45200 has a total call value of 0 versus a total put value of 18,928,754,750,000 Combined total value = 18,928,754,750,000

Strike 45300 has a total call value of 0 versus a total put value of 18,778,641,800,000 Combined total value = 18,778,641,800,000

Strike 45400 has a total call value of 0 versus a total put value of 18,628,528,850,000 Combined total value = 18,628,528,850,000

Strike 45500 has a total call value of 0 versus a total put value of 18,478,415,900,000 Combined total value = 18,478,415,900,000

Strike 45600 has a total call value of 0 versus a total put value of 18,328,302,950,000 Combined total value = 18,328,302,950,000

Strike 45700 has a total call value of 0 versus a total put value of 18,178,190,000,000 Combined total value = 18,178,190,000,000

Strike 45800 has a total call value of 0 versus a total put value of 18,028,077,050,000 Combined total value = 18,028,077,050,000

Strike 45900 has a total call value of 0 versus a total put value of 17,877,964,100,000 Combined total value = 17,877,964,100,000

Strike 46000 has a total call value of 0 versus a total put value of 17,727,851,150,000 Combined total value = 17,727,851,150,000

Strike 46100 has a total call value of 0 versus a total put value of 17,577,738,200,000 Combined total value = 17,577,738,200,000

Strike 46200 has a total call value of 0 versus a total put value of 17,427,625,250,000 Combined total value = 17,427,625,250,000

Strike 46300 has a total call value of 0 versus a total put value of 17,277,512,300,000 Combined total value = 17,277,512,300,000

Strike 46400 has a total call value of 0 versus a total put value of 17,127,399,350,000 Combined total value = 17,127,399,350,000

Strike 46500 has a total call value of 0 versus a total put value of 16,977,286,400,000 Combined total value = 16,977,286,400,000

Strike 46600 has a total call value of 0 versus a total put value of 16,827,386,250,000 Combined total value = 16,827,386,250,000

Strike 46700 has a total call value of 0 versus a total put value of 16,677,486,100,000 Combined total value = 16,677,486,100,000

Strike 46800 has a total call value of 0 versus a total put value of 16,527,585,950,000 Combined total value = 16,527,585,950,000

Strike 46900 has a total call value of 0 versus a total put value of 16,377,685,800,000 Combined total value = 16,377,685,800,000

Strike 47000 has a total call value of 0 versus a total put value of 16,227,785,650,000 Combined total value = 16,227,785,650,000

Strike 47100 has a total call value of 0 versus a total put value of 16,078,028,650,000 Combined total value = 16,078,028,650,000

Strike 47200 has a total call value of 0 versus a total put value of 15,928,271,650,000 Combined total value = 15,928,271,650,000

Strike 47300 has a total call value of 0 versus a total put value of 15,778,514,650,000 Combined total value = 15,778,514,650,000

Strike 47400 has a total call value of 0 versus a total put value of 15,628,757,650,000 Combined total value = 15,628,757,650,000

Strike 47500 has a total call value of 0 versus a total put value of 15,479,000,650,000 Combined total value = 15,479,000,650,000

Strike 47600 has a total call value of 0 versus a total put value of 15,329,518,750,000 Combined total value = 15,329,518,750,000

Strike 47700 has a total call value of 0 versus a total put value of 15,180,036,850,000 Combined total value = 15,180,036,850,000

Strike 47800 has a total call value of 0 versus a total put value of 15,030,554,950,000 Combined total value = 15,030,554,950,000

Strike 47900 has a total call value of 0 versus a total put value of 14,881,073,050,000 Combined total value = 14,881,073,050,000

Strike 48000 has a total call value of 0 versus a total put value of 14,731,591,150,000 Combined total value = 14,731,591,150,000

Strike 48100 has a total call value of 771,750,000 versus a total put value of 14,582,504,050,000 Combined total value = 14,583,275,800,000

Strike 48200 has a total call value of 1,543,500,000 versus a total put value of 14,433,416,950,000 Combined total value = 14,434,960,450,000

Strike 48300 has a total call value of 2,315,250,000 versus a total put value of 14,284,329,850,000 Combined total value = 14,286,645,100,000

Strike 48400 has a total call value of 3,087,000,000 versus a total put value of 14,135,242,750,000 Combined total value = 14,138,329,750,000

Strike 48500 has a total call value of 3,858,750,000 versus a total put value of 13,986,155,650,000 Combined total value = 13,990,014,400,000

Strike 48600 has a total call value of 4,631,550,000 versus a total put value of 13,837,174,250,000 Combined total value = 13,841,805,800,000

Strike 48700 has a total call value of 5,404,350,000 versus a total put value of 13,688,192,850,000 Combined total value = 13,693,597,200,000

Strike 48800 has a total call value of 6,177,150,000 versus a total put value of 13,539,211,450,000 Combined total value = 13,545,388,600,000

Strike 48900 has a total call value of 6,949,950,000 versus a total put value of 13,390,230,050,000 Combined total value = 13,397,180,000,000

Strike 49000 has a total call value of 7,722,750,000 versus a total put value of 13,241,248,650,000 Combined total value = 13,248,971,400,000

Strike 49100 has a total call value of 8,661,450,000 versus a total put value of 13,092,419,150,000 Combined total value = 13,101,080,600,000

Strike 49200 has a total call value of 9,600,150,000 versus a total put value of 12,943,589,650,000 Combined total value = 12,953,189,800,000

Strike 49300 has a total call value of 10,538,850,000 versus a total put value of 12,794,760,150,000 Combined total value = 12,805,299,000,000

Strike 49400 has a total call value of 11,477,550,000 versus a total put value of 12,645,930,650,000 Combined total value = 12,657,408,200,000

Strike 49500 has a total call value of 12,416,250,000 versus a total put value of 12,497,101,150,000 Combined total value = 12,509,517,400,000

Strike 49600 has a total call value of 13,359,150,000 versus a total put value of 12,348,331,500,000 Combined total value = 12,361,690,650,000

Strike 49700 has a total call value of 14,302,050,000 versus a total put value of 12,199,582,150,000 Combined total value = 12,213,884,200,000

Strike 49800 has a total call value of 15,245,300,000 versus a total put value of 12,050,897,900,000 Combined total value = 12,066,143,200,000

Strike 49900 has a total call value of 16,188,900,000 versus a total put value of 11,902,236,050,000 Combined total value = 11,918,424,950,000

Strike 50000 has a total call value of 17,132,850,000 versus a total put value of 11,753,599,400,000 Combined total value = 11,770,732,250,000

Strike 50100 has a total call value of 18,702,600,000 versus a total put value of 11,607,076,750,000 Combined total value = 11,625,779,350,000

Strike 50200 has a total call value of 20,272,700,000 versus a total put value of 11,460,577,900,000 Combined total value = 11,480,850,600,000

Strike 50300 has a total call value of 21,843,150,000 versus a total put value of 11,314,084,300,000 Combined total value = 11,335,927,450,000

Strike 50400 has a total call value of 23,413,950,000 versus a total put value of 11,167,599,800,000 Combined total value = 11,191,013,750,000

Strike 50500 has a total call value of 24,985,100,000 versus a total put value of 11,021,118,100,000 Combined total value = 11,046,103,200,000

Strike 50600 has a total call value of 26,561,150,000 versus a total put value of 10,874,782,350,000 Combined total value = 10,901,343,500,000

Strike 50700 has a total call value of 28,137,550,000 versus a total put value of 10,728,449,400,000 Combined total value = 10,756,586,950,000

Strike 50800 has a total call value of 29,714,300,000 versus a total put value of 10,582,120,650,000 Combined total value = 10,611,834,950,000

Strike 50900 has a total call value of 31,291,400,000 versus a total put value of 10,435,796,800,000 Combined total value = 10,467,088,200,000

Strike 51000 has a total call value of 32,868,850,000 versus a total put value of 10,289,486,600,000 Combined total value = 10,322,355,450,000

Strike 51100 has a total call value of 34,637,900,000 versus a total put value of 10,143,920,050,000 Combined total value = 10,178,557,950,000

Strike 51200 has a total call value of 36,407,300,000 versus a total put value of 9,998,359,450,000 Combined total value = 10,034,766,750,000

Strike 51300 has a total call value of 38,177,050,000 versus a total put value of 9,852,807,250,000 Combined total value = 9,890,984,300,000

Strike 51400 has a total call value of 39,947,150,000 versus a total put value of 9,707,265,900,000 Combined total value = 9,747,213,050,000

Strike 51500 has a total call value of 41,717,600,000 versus a total put value of 9,561,780,200,000 Combined total value = 9,603,497,800,000

Strike 51600 has a total call value of 43,495,400,000 versus a total put value of 9,416,473,700,000 Combined total value = 9,459,969,100,000

Strike 51700 has a total call value of 45,273,550,000 versus a total put value of 9,271,173,500,000 Combined total value = 9,316,447,050,000

Strike 51800 has a total call value of 47,052,050,000 versus a total put value of 9,125,877,850,000 Combined total value = 9,172,929,900,000

Strike 51900 has a total call value of 48,831,600,000 versus a total put value of 8,980,590,250,000 Combined total value = 9,029,421,850,000

Strike 52000 has a total call value of 50,612,550,000 versus a total put value of 8,835,307,900,000 Combined total value = 8,885,920,450,000

Strike 52100 has a total call value of 52,663,350,000 versus a total put value of 8,690,624,400,000 Combined total value = 8,743,287,750,000

Strike 52200 has a total call value of 54,714,500,000 versus a total put value of 8,545,955,600,000 Combined total value = 8,600,670,100,000

Strike 52300 has a total call value of 56,766,000,000 versus a total put value of 8,401,291,350,000 Combined total value = 8,458,057,350,000

Strike 52400 has a total call value of 58,817,850,000 versus a total put value of 8,256,642,850,000 Combined total value = 8,315,460,700,000

Strike 52500 has a total call value of 60,870,050,000 versus a total put value of 8,112,017,800,000 Combined total value = 8,172,887,850,000

Strike 52600 has a total call value of 62,931,350,000 versus a total put value of 7,967,788,800,000 Combined total value = 8,030,720,150,000

Strike 52700 has a total call value of 64,993,700,000 versus a total put value of 7,823,574,500,000 Combined total value = 7,888,568,200,000

Strike 52800 has a total call value of 67,056,400,000 versus a total put value of 7,679,370,700,000 Combined total value = 7,746,427,100,000

Strike 52900 has a total call value of 69,119,800,000 versus a total put value of 7,535,179,850,000 Combined total value = 7,604,299,650,000

Strike 53000 has a total call value of 71,183,900,000 versus a total put value of 7,391,006,850,000 Combined total value = 7,462,190,750,000

Strike 53100 has a total call value of 73,510,150,000 versus a total put value of 7,248,026,650,000 Combined total value = 7,321,536,800,000

Strike 53200 has a total call value of 75,837,450,000 versus a total put value of 7,105,063,950,000 Combined total value = 7,180,901,400,000

Strike 53300 has a total call value of 78,165,450,000 versus a total put value of 6,962,120,150,000 Combined total value = 7,040,285,600,000

Strike 53400 has a total call value of 80,494,150,000 versus a total put value of 6,819,191,400,000 Combined total value = 6,899,685,550,000

Strike 53500 has a total call value of 82,823,550,000 versus a total put value of 6,676,282,250,000 Combined total value = 6,759,105,800,000

Strike 53600 has a total call value of 85,184,800,000 versus a total put value of 6,533,863,450,000 Combined total value = 6,619,048,250,000

Strike 53700 has a total call value of 87,556,550,000 versus a total put value of 6,391,476,850,000 Combined total value = 6,479,033,400,000

Strike 53800 has a total call value of 89,929,350,000 versus a total put value of 6,249,125,250,000 Combined total value = 6,339,054,600,000

Strike 53900 has a total call value of 92,303,550,000 versus a total put value of 6,106,806,200,000 Combined total value = 6,199,109,750,000

Strike 54000 has a total call value of 94,679,150,000 versus a total put value of 5,964,566,600,000 Combined total value = 6,059,245,750,000

Strike 54100 has a total call value of 97,622,550,000 versus a total put value of 5,824,704,550,000 Combined total value = 5,922,327,100,000

Strike 54200 has a total call value of 100,567,350,000 versus a total put value of 5,684,907,950,000 Combined total value = 5,785,475,300,000

Strike 54300 has a total call value of 103,529,650,000 versus a total put value of 5,545,212,500,000 Combined total value = 5,648,742,150,000

Strike 54400 has a total call value of 106,493,350,000 versus a total put value of 5,405,564,300,000 Combined total value = 5,512,057,650,000

Strike 54500 has a total call value of 109,504,300,000 versus a total put value of 5,266,008,850,000 Combined total value = 5,375,513,150,000

Strike 54600 has a total call value of 112,598,550,000 versus a total put value of 5,127,297,950,000 Combined total value = 5,239,896,500,000

Strike 54700 has a total call value of 115,695,250,000 versus a total put value of 4,988,690,300,000 Combined total value = 5,104,385,550,000

Strike 54800 has a total call value of 118,810,500,000 versus a total put value of 4,850,165,950,000 Combined total value = 4,968,976,450,000

Strike 54900 has a total call value of 121,936,250,000 versus a total put value of 4,711,762,000,000 Combined total value = 4,833,698,250,000

Strike 55000 has a total call value of 125,087,200,000 versus a total put value of 4,573,455,350,000 Combined total value = 4,698,542,550,000

Strike 55100 has a total call value of 128,744,600,000 versus a total put value of 4,439,545,050,000 Combined total value = 4,568,289,650,000

Strike 55200 has a total call value of 132,410,400,000 versus a total put value of 4,305,722,600,000 Combined total value = 4,438,133,000,000

Strike 55300 has a total call value of 136,077,600,000 versus a total put value of 4,172,083,900,000 Combined total value = 4,308,161,500,000

Strike 55400 has a total call value of 139,752,150,000 versus a total put value of 4,038,612,850,000 Combined total value = 4,178,365,000,000

Strike 55500 has a total call value of 143,466,250,000 versus a total put value of 3,905,352,850,000 Combined total value = 4,048,819,100,000

Strike 55600 has a total call value of 147,996,900,000 versus a total put value of 3,775,520,350,000 Combined total value = 3,923,517,250,000

Strike 55700 has a total call value of 152,530,350,000 versus a total put value of 3,645,954,200,000 Combined total value = 3,798,484,550,000

Strike 55800 has a total call value of 157,065,900,000 versus a total put value of 3,516,640,050,000 Combined total value = 3,673,705,950,000

Strike 55900 has a total call value of 161,607,050,000 versus a total put value of 3,387,934,200,000 Combined total value = 3,549,541,250,000

Strike 56000 has a total call value of 166,154,150,000 versus a total put value of 3,259,447,450,000 Combined total value = 3,425,601,600,000

Strike 56100 has a total call value of 171,529,700,000 versus a total put value of 3,136,543,200,000 Combined total value = 3,308,072,900,000

Strike 56200 has a total call value of 176,908,750,000 versus a total put value of 3,013,933,300,000 Combined total value = 3,190,842,050,000

Strike 56300 has a total call value of 182,290,600,000 versus a total put value of 2,891,620,550,000 Combined total value = 3,073,911,150,000

Strike 56400 has a total call value of 187,674,900,000 versus a total put value of 2,769,741,450,000 Combined total value = 2,957,416,350,000

Strike 56500 has a total call value of 193,068,300,000 versus a total put value of 2,648,242,100,000 Combined total value = 2,841,310,400,000

Strike 56600 has a total call value of 198,759,200,000 versus a total put value of 2,530,323,250,000 Combined total value = 2,729,082,450,000

Strike 56700 has a total call value of 204,453,250,000 versus a total put value of 2,412,683,700,000 Combined total value = 2,617,136,950,000

Strike 56800 has a total call value of 210,153,600,000 versus a total put value of 2,295,397,650,000 Combined total value = 2,505,551,250,000

Strike 56900 has a total call value of 215,865,850,000 versus a total put value of 2,178,655,150,000 Combined total value = 2,394,521,000,000

Strike 57000 has a total call value of 221,582,300,000 versus a total put value of 2,062,385,150,000 Combined total value = 2,283,967,450,000

Strike 57100 has a total call value of 228,339,650,000 versus a total put value of 1,953,763,700,000 Combined total value = 2,182,103,350,000

Strike 57200 has a total call value of 235,101,550,000 versus a total put value of 1,846,130,650,000 Combined total value = 2,081,232,200,000

Strike 57300 has a total call value of 241,891,450,000 versus a total put value of 1,739,350,200,000 Combined total value = 1,981,241,650,000

Strike 57400 has a total call value of 248,711,450,000 versus a total put value of 1,633,458,400,000 Combined total value = 1,882,169,850,000

Strike 57500 has a total call value of 255,580,800,000 versus a total put value of 1,528,216,200,000 Combined total value = 1,783,797,000,000

Strike 57600 has a total call value of 263,030,100,000 versus a total put value of 1,429,798,300,000 Combined total value = 1,692,828,400,000

Strike 57700 has a total call value of 270,535,400,000 versus a total put value of 1,332,148,650,000 Combined total value = 1,602,684,050,000

Strike 57800 has a total call value of 278,134,850,000 versus a total put value of 1,236,053,000,000 Combined total value = 1,514,187,850,000

Strike 57900 has a total call value of 285,848,750,000 versus a total put value of 1,141,393,050,000 Combined total value = 1,427,241,800,000

Strike 58000 has a total call value of 293,642,100,000 versus a total put value of 1,047,692,450,000 Combined total value = 1,341,334,550,000

Strike 58100 has a total call value of 303,302,700,000 versus a total put value of 964,915,350,000 Combined total value = 1,268,218,050,000

Strike 58200 has a total call value of 313,113,800,000 versus a total put value of 882,972,650,000 Combined total value = 1,196,086,450,000

Strike 58300 has a total call value of 323,091,150,000 versus a total put value of 802,192,650,000 Combined total value = 1,125,283,800,000

Strike 58400 has a total call value of 333,213,050,000 versus a total put value of 722,764,350,000 Combined total value = 1,055,977,400,000

Strike 58500 has a total call value of 343,532,000,000 versus a total put value of 644,365,750,000 Combined total value = 987,897,750,000

Strike 58600 has a total call value of 360,689,950,000 versus a total put value of 576,717,750,000 Combined total value = 937,407,700,000

Strike 58700 has a total call value of 378,183,200,000 versus a total put value of 512,377,250,000 Combined total value = 890,560,450,000

Strike 58800 has a total call value of 397,095,000,000 versus a total put value of 450,336,250,000 Combined total value = 847,431,250,000

Strike 58900 has a total call value of 417,510,750,000 versus a total put value of 391,821,850,000 Combined total value = 809,332,600,000

Strike 59000 has a total call value of 439,582,700,000 versus a total put value of 336,705,950,000 Combined total value = 776,288,650,000

Strike 59100 has a total call value of 473,947,000,000 versus a total put value of 296,349,550,000 Combined total value = 770,296,550,000

Strike 59200 has a total call value of 512,623,650,000 versus a total put value of 258,701,800,000 Combined total value = 771,325,450,000

Strike 59300 has a total call value of 556,437,250,000 versus a total put value of 224,092,750,000 Combined total value = 780,530,000,000

Strike 59400 has a total call value of 605,018,200,000 versus a total put value of 191,840,250,000 Combined total value = 796,858,450,000

Strike 59500 has a total call value of 657,582,500,000 versus a total put value of 161,336,000,000 Combined total value = 818,918,500,000

Strike 59600 has a total call value of 728,828,050,000 versus a total put value of 144,151,350,000 Combined total value = 872,979,400,000

Strike 59700 has a total call value of 805,778,600,000 versus a total put value of 128,219,350,000 Combined total value = 933,997,950,000

Strike 59800 has a total call value of 886,992,850,000 versus a total put value of 114,350,600,000 Combined total value = 1,001,343,450,000

Strike 59900 has a total call value of 972,494,600,000 versus a total put value of 102,082,750,000 Combined total value = 1,074,577,350,000

Strike 60000 has a total call value of 1,061,078,800,000 versus a total put value of 90,570,900,000 Combined total value = 1,151,649,700,000

Strike 60100 has a total call value of 1,167,371,600,000 versus a total put value of 84,209,300,000 Combined total value = 1,251,580,900,000

Strike 60200 has a total call value of 1,276,892,100,000 versus a total put value of 78,416,450,000 Combined total value = 1,355,308,550,000

Strike 60300 has a total call value of 1,391,300,700,000 versus a total put value of 73,008,600,000 Combined total value = 1,464,309,300,000

Strike 60400 has a total call value of 1,507,627,300,000 versus a total put value of 67,937,800,000 Combined total value = 1,575,565,100,000

Strike 60500 has a total call value of 1,625,876,800,000 versus a total put value of 63,017,150,000 Combined total value = 1,688,893,950,000

Strike 60600 has a total call value of 1,751,619,100,000 versus a total put value of 58,919,700,000 Combined total value = 1,810,538,800,000

Strike 60700 has a total call value of 1,879,194,700,000 versus a total put value of 55,022,450,000 Combined total value = 1,934,217,150,000

Strike 60800 has a total call value of 2,008,230,500,000 versus a total put value of 51,250,150,000 Combined total value = 2,059,480,650,000

Strike 60900 has a total call value of 2,138,911,650,000 versus a total put value of 47,580,750,000 Combined total value = 2,186,492,400,000

Strike 61000 has a total call value of 2,270,619,000,000 versus a total put value of 44,132,550,000 Combined total value = 2,314,751,550,000

Strike 61100 has a total call value of 2,411,700,050,000 versus a total put value of 41,790,000,000 Combined total value = 2,453,490,050,000

Strike 61200 has a total call value of 2,553,781,400,000 versus a total put value of 39,564,350,000 Combined total value = 2,593,345,750,000

Strike 61300 has a total call value of 2,697,007,250,000 versus a total put value of 37,387,000,000 Combined total value = 2,734,394,250,000

Strike 61400 has a total call value of 2,841,563,100,000 versus a total put value of 35,238,700,000 Combined total value = 2,876,801,800,000

Strike 61500 has a total call value of 2,987,112,250,000 versus a total put value of 33,124,000,000 Combined total value = 3,020,236,250,000

Strike 61600 has a total call value of 3,137,818,300,000 versus a total put value of 31,179,400,000 Combined total value = 3,168,997,700,000

Strike 61700 has a total call value of 3,289,188,650,000 versus a total put value of 29,278,200,000 Combined total value = 3,318,466,850,000

Strike 61800 has a total call value of 3,441,227,850,000 versus a total put value of 27,410,950,000 Combined total value = 3,468,638,800,000

Strike 61900 has a total call value of 3,595,217,250,000 versus a total put value of 25,587,450,000 Combined total value = 3,620,804,700,000

Strike 62000 has a total call value of 3,749,641,000,000 versus a total put value of 23,767,450,000 Combined total value = 3,773,408,450,000

Strike 62100 has a total call value of 3,913,820,300,000 versus a total put value of 22,713,250,000 Combined total value = 3,936,533,550,000

Strike 62200 has a total call value of 4,078,342,250,000 versus a total put value of 21,661,150,000 Combined total value = 4,100,003,400,000

Strike 62300 has a total call value of 4,243,330,750,000 versus a total put value of 20,610,100,000 Combined total value = 4,263,940,850,000

Strike 62400 has a total call value of 4,408,995,100,000 versus a total put value of 19,560,450,000 Combined total value = 4,428,555,550,000

Strike 62500 has a total call value of 4,574,985,650,000 versus a total put value of 18,512,200,000 Combined total value = 4,593,497,850,000

Strike 62600 has a total call value of 4,746,995,500,000 versus a total put value of 17,469,200,000 Combined total value = 4,764,464,700,000

Strike 62700 has a total call value of 4,919,393,850,000 versus a total put value of 16,428,300,000 Combined total value = 4,935,822,150,000

Strike 62800 has a total call value of 5,092,013,050,000 versus a total put value of 15,389,150,000 Combined total value = 5,107,402,200,000

Strike 62900 has a total call value of 5,264,883,900,000 versus a total put value of 14,350,700,000 Combined total value = 5,279,234,600,000

Strike 63000 has a total call value of 5,438,001,850,000 versus a total put value of 13,312,950,000 Combined total value = 5,451,314,800,000

Strike 63100 has a total call value of 5,619,301,400,000 versus a total put value of 12,689,250,000 Combined total value = 5,631,990,650,000

Strike 63200 has a total call value of 5,800,870,800,000 versus a total put value of 12,066,250,000 Combined total value = 5,812,937,050,000

Strike 63300 has a total call value of 5,982,602,950,000 versus a total put value of 11,445,700,000 Combined total value = 5,994,048,650,000

Strike 63400 has a total call value of 6,164,486,650,000 versus a total put value of 10,825,500,000 Combined total value = 6,175,312,150,000

Strike 63500 has a total call value of 6,346,447,000,000 versus a total put value of 10,205,300,000 Combined total value = 6,356,652,300,000

Strike 63600 has a total call value of 6,530,147,900,000 versus a total put value of 9,585,800,000 Combined total value = 6,539,733,700,000

Strike 63700 has a total call value of 6,714,040,950,000 versus a total put value of 8,966,300,000 Combined total value = 6,723,007,250,000

Strike 63800 has a total call value of 6,898,096,050,000 versus a total put value of 8,346,800,000 Combined total value = 6,906,442,850,000

Strike 63900 has a total call value of 7,082,338,750,000 versus a total put value of 7,727,300,000 Combined total value = 7,090,066,050,000

Strike 64000 has a total call value of 7,266,661,600,000 versus a total put value of 7,107,800,000 Combined total value = 7,273,769,400,000

Strike 64100 has a total call value of 7,456,602,650,000 versus a total put value of 6,654,900,000 Combined total value = 7,463,257,550,000

Strike 64200 has a total call value of 7,646,592,350,000 versus a total put value of 6,202,350,000 Combined total value = 7,652,794,700,000

Strike 64300 has a total call value of 7,836,622,300,000 versus a total put value of 5,750,500,000 Combined total value = 7,842,372,800,000

Strike 64400 has a total call value of 8,026,739,750,000 versus a total put value of 5,299,000,000 Combined total value = 8,032,038,750,000

Strike 64500 has a total call value of 8,216,896,750,000 versus a total put value of 4,847,500,000 Combined total value = 8,221,744,250,000

Strike 64600 has a total call value of 8,408,258,100,000 versus a total put value of 4,406,850,000 Combined total value = 8,412,664,950,000

Strike 64700 has a total call value of 8,599,638,000,000 versus a total put value of 3,966,200,000 Combined total value = 8,603,604,200,000

Strike 64800 has a total call value of 8,791,078,800,000 versus a total put value of 3,525,550,000 Combined total value = 8,794,604,350,000

Strike 64900 has a total call value of 8,982,574,200,000 versus a total put value of 3,084,900,000 Combined total value = 8,985,659,100,000

Strike 65000 has a total call value of 9,174,069,600,000 versus a total put value of 2,644,250,000 Combined total value = 9,176,713,850,000

Strike 65100 has a total call value of 9,369,893,800,000 versus a total put value of 2,467,150,000 Combined total value = 9,372,360,950,000

Strike 65200 has a total call value of 9,565,718,000,000 versus a total put value of 2,290,050,000 Combined total value = 9,568,008,050,000

Strike 65300 has a total call value of 9,761,542,200,000 versus a total put value of 2,112,950,000 Combined total value = 9,763,655,150,000

Strike 65400 has a total call value of 9,957,366,400,000 versus a total put value of 1,935,850,000 Combined total value = 9,959,302,250,000

Strike 65500 has a total call value of 10,153,190,600,000 versus a total put value of 1,758,750,000 Combined total value = 10,154,949,350,000

Strike 65600 has a total call value of 10,349,167,750,000 versus a total put value of 1,582,000,000 Combined total value = 10,350,749,750,000

Strike 65700 has a total call value of 10,545,144,900,000 versus a total put value of 1,405,250,000 Combined total value = 10,546,550,150,000

Strike 65800 has a total call value of 10,741,122,050,000 versus a total put value of 1,228,500,000 Combined total value = 10,742,350,550,000

Strike 65900 has a total call value of 10,937,099,200,000 versus a total put value of 1,051,750,000 Combined total value = 10,938,150,950,000

Strike 66000 has a total call value of 11,133,076,350,000 versus a total put value of 875,000,000 Combined total value = 11,133,951,350,000

Strike 66100 has a total call value of 11,330,123,450,000 versus a total put value of 787,500,000 Combined total value = 11,330,910,950,000

Strike 66200 has a total call value of 11,527,170,550,000 versus a total put value of 700,000,000 Combined total value = 11,527,870,550,000

Strike 66300 has a total call value of 11,724,217,650,000 versus a total put value of 612,500,000 Combined total value = 11,724,830,150,000

Strike 66400 has a total call value of 11,921,264,750,000 versus a total put value of 525,000,000 Combined total value = 11,921,789,750,000

Strike 66500 has a total call value of 12,118,311,850,000 versus a total put value of 437,500,000 Combined total value = 12,118,749,350,000

Strike 66600 has a total call value of 12,316,628,400,000 versus a total put value of 350,000,000 Combined total value = 12,316,978,400,000

Strike 66700 has a total call value of 12,514,944,950,000 versus a total put value of 262,500,000 Combined total value = 12,515,207,450,000

Strike 66800 has a total call value of 12,713,261,500,000 versus a total put value of 175,000,000 Combined total value = 12,713,436,500,000

Strike 66900 has a total call value of 12,911,578,050,000 versus a total put value of 87,500,000 Combined total value = 12,911,665,550,000

Strike 67000 has a total call value of 13,109,894,600,000 versus a total put value of 0 Combined total value = 13,109,894,600,000

Strike 67100 has a total call value of 13,313,161,550,000 versus a total put value of 0 Combined total value = 13,313,161,550,000

Strike 67200 has a total call value of 13,516,428,500,000 versus a total put value of 0 Combined total value = 13,516,428,500,000

Strike 67300 has a total call value of 13,719,695,450,000 versus a total put value of 0 Combined total value = 13,719,695,450,000

Strike 67400 has a total call value of 13,922,962,400,000 versus a total put value of 0 Combined total value = 13,922,962,400,000

Strike 67500 has a total call value of 14,126,229,350,000 versus a total put value of 0 Combined total value = 14,126,229,350,000

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	1142.7	1140
ABB	5079.5	5200
ABCAPITAL	344.2	350
ADANIENSOL	974.65	990
ADANIENT	2223.9	2300
ADANIGREEN	1007.3	1020
ADANIPORTS	1485.7	1500
ALKEM	5531.5	5650
AMBER	6561.5	6800
AMBUJACEM	535.25	550
ANGELONE	2474	2550
APLAPOLLO	1787.6	1760
APOLLOHOSP	6891.5	7100
ASHOKLEY	171.21	162
ASIANPAINT	2760.1	2800
ASTRAL	1407.3	1440
AUBANK	987.5	960
AUROPHARMA	1203.9	1200
AXISBANK	1229.6	1240
BAJAJ-AUTO	8785	9000
BAJAJFINSV	2021.5	2060
BAJFINANCE	999.1	1020
BANDHANBNK	145.7	150
BANKBARODA	287.9	290
BANKINDIA	141.77	143
BDL	1336.4	1380
BEL	382	400
BHARATFORG	1399.8	1400
BHARTIARTL	2093.1	2100
BHEL	272.7	280
BIOCON	390.85	390
BLUESTARCO	1855.8	1800
BOSCHLTD	35590	36000
BPCL	362	365
BRITANNIA	6016	6000
BSE	2672.2	2700
CAMS	745.1	770
CANBK	149.32	150
CDSL	1478.1	1540
CGPOWER	659.5	680
CHOLAFIN	1671.2	1700
CIPLA	1497.8	1520
COALINDIA	385.1	384.75
COFORGE	1842.7	1840
COLPAL	2087.3	2160
CONCOR	496.8	520
CROMPTON	255.65	265
CUMMINSIND	4368.9	4400
CYIENT	1134.8	1140
DABUR	490.75	500
DALBHARAT	2024.2	2040
DELHIVERY	400	410
DIVISLAB	6371	6400
DIXON	13213	13750
DLF	680.45	710
DMART	3751.9	3900
DRREDDY	1275.5	1270
EICHERMOT	7077.5	7100
ETERNAL	283.6	295
EXIDEIND	357.75	370
FEDERALBNK	264.7	260
FORTIS	866	890
GAIL	167.32	175
GLENMARK	1947.8	1940
GMRAIRPORT	99.86	102
GODREJCP	1180.5	1160
GODREJPROP	1997.7	2060
GRASIM	2805.5	2800
HAL	4235.9	4450
HAVELLS	1397.9	1440
HCLTECH	1655.5	1660
HDFCAMC	2712.7	2680
HDFCBANK	981.9	990
HDFCLIFE	754.7	770
HEROMOTOCO	5730	5900
HFCL	64.13	67
HINDALCO	854.8	820
HINDPETRO	462.6	460
HINDUNILVR	2258.6	2300
HINDZINC	590.1	560
HUDCO	205.87	220
ICICIBANK	1359.4	1370
ICICIGI	1946.4	1960
ICICIPRULI	644.45	630
IDEA	11.26	11
IDFCFIRSTB	83.53	82
IEX	139.68	145
IIFL	556.95	560
INDHOTEL	718.45	730
INDIANB	773.95	820
INDIGO	5102.5	5100
INDUSINDBK	831.4	850
INDUSTOWER	407.85	410
INFY	1622.4	1600
INOXWIND	124.41	130
IOC	161.68	162
IRCTC	662	685
IREDA	130.89	137.5
IRFC	110.55	115
ITC	400.25	405
JINDALSTEL	980.1	1020
JIOFIN	291	305
JSWENERGY	468	490
JSWSTEEL	1079.8	1120
JUBLFOOD	555.4	580
KALYANKJIL	469.7	480
KAYNES	4053	4300
KEI	4075.5	4100
KFINTECH	1061.7	1060
KOTAKBANK	2163	2160
KPITTECH	1151.4	1200
LAURUSLABS	1010.7	1000
LICHSGFIN	526.75	550
LICI	841.9	870
LODHA	1067.9	1100
LT	4032.2	4040
LTF	299.2	302.5
LTIM	6187.5	6200
LUPIN	2110.4	2100
M&M	3569.9	3650
MANAPPURAM	287.6	280
MANKIND	2126.3	2200
MARICO	740.45	740
MARUTI	16347	16200
MAXHEALTH	1050.5	1100
MAZDOCK	2344.5	2500
MCX	10137	10100
MFSL	1676.6	1700
MOTHERSON	117.2	115
MPHASIS	2873.9	2900
MUTHOOTFIN	3740.4	3750
NATIONALUM	279.2	270
NAUKRI	1337.2	1360
NBCC	107.93	111
NCC	153.48	165
NESTLEIND	1237.9	1240
NHPC	74.76	78
NMDC	76.43	77
NTPC	317.1	325
NUVAMA	7258	7300
NYKAA	242.9	252.5
OBEROIRLTY	1652.5	1660
OFSS	7605	8000
OIL	398.9	410
ONGC	231.75	237.5
PAGEIND	35635	37000
PATANJALI	551.65	550
PAYTM	1282	1300
PERSISTENT	6283	6300
PETRONET	268	278
PFC	333.45	355
PGEL	564.9	560
PHOENIXLTD	1789.4	1760
PIDILITIND	1445.8	1480
PIIND	3203.5	3350
PNB	118.59	120
PNBHOUSING	893.45	900
POLICYBZR	1830.5	1840
POLYCAB	7075.5	7200
POWERGRID	256.75	270
POWERINDIA	18235	19000
PPLPHARMA	165.93	175
PRESTIGE	1594.1	1640
RBLBANK	298	305
RECLTD	336.9	350
RELIANCE	1544.2	1540
RVNL	304.3	310
SAIL	127.14	132
SAMMAANCAP	145.28	155
SBICARD	845.15	870
SBILIFE	2012.2	2020
SBIN	976.05	970
SHREECEM	25625	26500
SHRIRAMFIN	864.5	850
SIEMENS	3064	3150
SOLARINDS	11727	12500
SONACOMS	485.45	500
SRF	3044	3000
SUNPHARMA	1745.1	1760
SUPREMEIND	3344.9	3400
SUZLON	51.48	54
SYNGENE	653.4	650
TATACONSUM	1172.4	1180
TATAELXSI	4958	5000
TATAMOTORS	0	320
TATAPOWER	373.35	390
TATASTEEL	168.06	170
TATATECH	639.5	670
TCS	3268.2	3220
TECHM	1594.8	1560
TIINDIA	2571.8	2700
TITAGARH	768.45	800
TITAN	3898.9	3860
TMPV	344.2	360
TORNTPHARM	3735	3750
TORNTPOWER	1249.3	1300
TRENT	4008.2	4200
TVSMOTOR	3585.1	3600
ULTRACEMCO	11419	11600
UNIONBANK	153.76	155
UNITDSPR	1391.4	1440
UNOMINDA	1219.9	1280
UPL	741.8	750
VBL	470.85	470
VEDL	577.8	555
VOLTAS	1401.1	1400
WIPRO	261.75	257.5
YESBANK	21.39	22
ZYDUSLIFE	911.8	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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