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

59035.15 -203.40 (-0.34%)

L: 58878.45 H: 59083.3

Max Pain - BANKNIFTY

09 Dec 2025 09:29 AM IST

Live

Expiry

Max Pain for BANKNIFTY is 59500

Historical data for BANKNIFTY-59500-CE

LTP (59500 CE)

573.25 -79.35

Open Interest

40834 9

Historical data for BANKNIFTY-59500-PE

LTP (59500 PE)

688.05 108.8

Open Interest

45862 -341

Strike 43500 has a total call value of 0 versus a total put value of 18,996,861,550,000 Combined total value = 18,996,861,550,000

Strike 43600 has a total call value of 0 versus a total put value of 18,864,410,600,000 Combined total value = 18,864,410,600,000

Strike 43700 has a total call value of 0 versus a total put value of 18,731,959,650,000 Combined total value = 18,731,959,650,000

Strike 43800 has a total call value of 0 versus a total put value of 18,599,508,700,000 Combined total value = 18,599,508,700,000

Strike 43900 has a total call value of 0 versus a total put value of 18,467,057,750,000 Combined total value = 18,467,057,750,000

Strike 44000 has a total call value of 0 versus a total put value of 18,334,606,800,000 Combined total value = 18,334,606,800,000

Strike 44100 has a total call value of 0 versus a total put value of 18,202,155,850,000 Combined total value = 18,202,155,850,000

Strike 44200 has a total call value of 0 versus a total put value of 18,069,704,900,000 Combined total value = 18,069,704,900,000

Strike 44300 has a total call value of 0 versus a total put value of 17,937,253,950,000 Combined total value = 17,937,253,950,000

Strike 44400 has a total call value of 0 versus a total put value of 17,804,803,000,000 Combined total value = 17,804,803,000,000

Strike 44500 has a total call value of 0 versus a total put value of 17,672,352,050,000 Combined total value = 17,672,352,050,000

Strike 44600 has a total call value of 0 versus a total put value of 17,539,901,100,000 Combined total value = 17,539,901,100,000

Strike 44700 has a total call value of 0 versus a total put value of 17,407,450,150,000 Combined total value = 17,407,450,150,000

Strike 44800 has a total call value of 0 versus a total put value of 17,274,999,200,000 Combined total value = 17,274,999,200,000

Strike 44900 has a total call value of 0 versus a total put value of 17,142,548,250,000 Combined total value = 17,142,548,250,000

Strike 45000 has a total call value of 0 versus a total put value of 17,010,097,300,000 Combined total value = 17,010,097,300,000

Strike 45100 has a total call value of 0 versus a total put value of 16,877,646,350,000 Combined total value = 16,877,646,350,000

Strike 45200 has a total call value of 0 versus a total put value of 16,745,195,400,000 Combined total value = 16,745,195,400,000

Strike 45300 has a total call value of 0 versus a total put value of 16,612,744,450,000 Combined total value = 16,612,744,450,000

Strike 45400 has a total call value of 0 versus a total put value of 16,480,293,500,000 Combined total value = 16,480,293,500,000

Strike 45500 has a total call value of 0 versus a total put value of 16,347,842,550,000 Combined total value = 16,347,842,550,000

Strike 45600 has a total call value of 0 versus a total put value of 16,215,391,600,000 Combined total value = 16,215,391,600,000

Strike 45700 has a total call value of 0 versus a total put value of 16,082,940,650,000 Combined total value = 16,082,940,650,000

Strike 45800 has a total call value of 0 versus a total put value of 15,950,489,700,000 Combined total value = 15,950,489,700,000

Strike 45900 has a total call value of 0 versus a total put value of 15,818,038,750,000 Combined total value = 15,818,038,750,000

Strike 46000 has a total call value of 0 versus a total put value of 15,685,587,800,000 Combined total value = 15,685,587,800,000

Strike 46100 has a total call value of 0 versus a total put value of 15,553,136,850,000 Combined total value = 15,553,136,850,000

Strike 46200 has a total call value of 0 versus a total put value of 15,420,685,900,000 Combined total value = 15,420,685,900,000

Strike 46300 has a total call value of 0 versus a total put value of 15,288,234,950,000 Combined total value = 15,288,234,950,000

Strike 46400 has a total call value of 0 versus a total put value of 15,155,784,000,000 Combined total value = 15,155,784,000,000

Strike 46500 has a total call value of 0 versus a total put value of 15,023,333,050,000 Combined total value = 15,023,333,050,000

Strike 46600 has a total call value of 0 versus a total put value of 14,891,059,900,000 Combined total value = 14,891,059,900,000

Strike 46700 has a total call value of 0 versus a total put value of 14,758,786,750,000 Combined total value = 14,758,786,750,000

Strike 46800 has a total call value of 0 versus a total put value of 14,626,513,600,000 Combined total value = 14,626,513,600,000

Strike 46900 has a total call value of 0 versus a total put value of 14,494,240,450,000 Combined total value = 14,494,240,450,000

Strike 47000 has a total call value of 0 versus a total put value of 14,361,967,300,000 Combined total value = 14,361,967,300,000

Strike 47100 has a total call value of 0 versus a total put value of 14,229,908,700,000 Combined total value = 14,229,908,700,000

Strike 47200 has a total call value of 0 versus a total put value of 14,097,850,100,000 Combined total value = 14,097,850,100,000

Strike 47300 has a total call value of 0 versus a total put value of 13,965,791,500,000 Combined total value = 13,965,791,500,000

Strike 47400 has a total call value of 0 versus a total put value of 13,833,732,900,000 Combined total value = 13,833,732,900,000

Strike 47500 has a total call value of 0 versus a total put value of 13,701,674,300,000 Combined total value = 13,701,674,300,000

Strike 47600 has a total call value of 0 versus a total put value of 13,569,750,450,000 Combined total value = 13,569,750,450,000

Strike 47700 has a total call value of 0 versus a total put value of 13,437,826,600,000 Combined total value = 13,437,826,600,000

Strike 47800 has a total call value of 0 versus a total put value of 13,305,902,750,000 Combined total value = 13,305,902,750,000

Strike 47900 has a total call value of 0 versus a total put value of 13,173,978,900,000 Combined total value = 13,173,978,900,000

Strike 48000 has a total call value of 0 versus a total put value of 13,042,055,050,000 Combined total value = 13,042,055,050,000

Strike 48100 has a total call value of 809,900,000 versus a total put value of 12,910,627,850,000 Combined total value = 12,911,437,750,000

Strike 48200 has a total call value of 1,619,800,000 versus a total put value of 12,779,200,650,000 Combined total value = 12,780,820,450,000

Strike 48300 has a total call value of 2,429,700,000 versus a total put value of 12,647,773,450,000 Combined total value = 12,650,203,150,000

Strike 48400 has a total call value of 3,239,600,000 versus a total put value of 12,516,346,250,000 Combined total value = 12,519,585,850,000

Strike 48500 has a total call value of 4,049,500,000 versus a total put value of 12,384,919,050,000 Combined total value = 12,388,968,550,000

Strike 48600 has a total call value of 4,859,400,000 versus a total put value of 12,253,530,350,000 Combined total value = 12,258,389,750,000

Strike 48700 has a total call value of 5,669,300,000 versus a total put value of 12,122,141,650,000 Combined total value = 12,127,810,950,000

Strike 48800 has a total call value of 6,479,200,000 versus a total put value of 11,990,752,950,000 Combined total value = 11,997,232,150,000

Strike 48900 has a total call value of 7,289,100,000 versus a total put value of 11,859,364,250,000 Combined total value = 11,866,653,350,000

Strike 49000 has a total call value of 8,099,000,000 versus a total put value of 11,727,975,550,000 Combined total value = 11,736,074,550,000

Strike 49100 has a total call value of 8,908,900,000 versus a total put value of 11,596,703,750,000 Combined total value = 11,605,612,650,000

Strike 49200 has a total call value of 9,718,800,000 versus a total put value of 11,465,431,950,000 Combined total value = 11,475,150,750,000

Strike 49300 has a total call value of 10,528,700,000 versus a total put value of 11,334,160,150,000 Combined total value = 11,344,688,850,000

Strike 49400 has a total call value of 11,338,600,000 versus a total put value of 11,202,888,350,000 Combined total value = 11,214,226,950,000

Strike 49500 has a total call value of 12,148,500,000 versus a total put value of 11,071,616,550,000 Combined total value = 11,083,765,050,000

Strike 49600 has a total call value of 12,958,400,000 versus a total put value of 10,940,390,250,000 Combined total value = 10,953,348,650,000

Strike 49700 has a total call value of 13,768,300,000 versus a total put value of 10,809,182,500,000 Combined total value = 10,822,950,800,000

Strike 49800 has a total call value of 14,578,200,000 versus a total put value of 10,677,974,750,000 Combined total value = 10,692,552,950,000

Strike 49900 has a total call value of 15,388,100,000 versus a total put value of 10,546,776,450,000 Combined total value = 10,562,164,550,000

Strike 50000 has a total call value of 16,198,000,000 versus a total put value of 10,415,596,700,000 Combined total value = 10,431,794,700,000

Strike 50100 has a total call value of 17,007,900,000 versus a total put value of 10,286,689,150,000 Combined total value = 10,303,697,050,000

Strike 50200 has a total call value of 17,817,800,000 versus a total put value of 10,157,781,600,000 Combined total value = 10,175,599,400,000

Strike 50300 has a total call value of 18,627,700,000 versus a total put value of 10,028,880,700,000 Combined total value = 10,047,508,400,000

Strike 50400 has a total call value of 19,437,600,000 versus a total put value of 9,899,979,800,000 Combined total value = 9,919,417,400,000

Strike 50500 has a total call value of 20,247,500,000 versus a total put value of 9,771,078,900,000 Combined total value = 9,791,326,400,000

Strike 50600 has a total call value of 21,057,400,000 versus a total put value of 9,642,328,850,000 Combined total value = 9,663,386,250,000

Strike 50700 has a total call value of 21,867,300,000 versus a total put value of 9,513,578,800,000 Combined total value = 9,535,446,100,000

Strike 50800 has a total call value of 22,677,200,000 versus a total put value of 9,384,834,700,000 Combined total value = 9,407,511,900,000

Strike 50900 has a total call value of 23,487,100,000 versus a total put value of 9,256,095,850,000 Combined total value = 9,279,582,950,000

Strike 51000 has a total call value of 24,297,000,000 versus a total put value of 9,127,362,950,000 Combined total value = 9,151,659,950,000

Strike 51100 has a total call value of 25,333,500,000 versus a total put value of 8,999,542,050,000 Combined total value = 9,024,875,550,000

Strike 51200 has a total call value of 26,370,000,000 versus a total put value of 8,871,732,350,000 Combined total value = 8,898,102,350,000

Strike 51300 has a total call value of 27,406,500,000 versus a total put value of 8,743,931,750,000 Combined total value = 8,771,338,250,000

Strike 51400 has a total call value of 28,443,000,000 versus a total put value of 8,616,138,500,000 Combined total value = 8,644,581,500,000

Strike 51500 has a total call value of 29,479,500,000 versus a total put value of 8,488,393,200,000 Combined total value = 8,517,872,700,000

Strike 51600 has a total call value of 30,516,000,000 versus a total put value of 8,360,792,100,000 Combined total value = 8,391,308,100,000

Strike 51700 has a total call value of 31,552,500,000 versus a total put value of 8,233,196,950,000 Combined total value = 8,264,749,450,000

Strike 51800 has a total call value of 32,589,000,000 versus a total put value of 8,105,601,800,000 Combined total value = 8,138,190,800,000

Strike 51900 has a total call value of 33,625,500,000 versus a total put value of 7,978,036,050,000 Combined total value = 8,011,661,550,000

Strike 52000 has a total call value of 34,662,000,000 versus a total put value of 7,850,475,550,000 Combined total value = 7,885,137,550,000

Strike 52100 has a total call value of 35,951,200,000 versus a total put value of 7,723,733,700,000 Combined total value = 7,759,684,900,000

Strike 52200 has a total call value of 37,240,400,000 versus a total put value of 7,597,002,000,000 Combined total value = 7,634,242,400,000

Strike 52300 has a total call value of 38,529,600,000 versus a total put value of 7,470,270,300,000 Combined total value = 7,508,799,900,000

Strike 52400 has a total call value of 39,818,800,000 versus a total put value of 7,343,554,700,000 Combined total value = 7,383,373,500,000

Strike 52500 has a total call value of 41,108,000,000 versus a total put value of 7,216,839,100,000 Combined total value = 7,257,947,100,000

Strike 52600 has a total call value of 42,397,200,000 versus a total put value of 7,090,525,100,000 Combined total value = 7,132,922,300,000

Strike 52700 has a total call value of 43,686,400,000 versus a total put value of 6,964,222,650,000 Combined total value = 7,007,909,050,000

Strike 52800 has a total call value of 44,975,600,000 versus a total put value of 6,837,931,400,000 Combined total value = 6,882,907,000,000

Strike 52900 has a total call value of 46,264,800,000 versus a total put value of 6,711,658,000,000 Combined total value = 6,757,922,800,000

Strike 53000 has a total call value of 47,554,000,000 versus a total put value of 6,585,402,100,000 Combined total value = 6,632,956,100,000

Strike 53100 has a total call value of 48,843,200,000 versus a total put value of 6,460,571,050,000 Combined total value = 6,509,414,250,000

Strike 53200 has a total call value of 50,132,400,000 versus a total put value of 6,335,740,000,000 Combined total value = 6,385,872,400,000

Strike 53300 has a total call value of 51,421,600,000 versus a total put value of 6,210,908,950,000 Combined total value = 6,262,330,550,000

Strike 53400 has a total call value of 52,710,800,000 versus a total put value of 6,086,095,050,000 Combined total value = 6,138,805,850,000

Strike 53500 has a total call value of 54,000,000,000 versus a total put value of 5,961,294,450,000 Combined total value = 6,015,294,450,000

Strike 53600 has a total call value of 55,289,200,000 versus a total put value of 5,837,047,900,000 Combined total value = 5,892,337,100,000

Strike 53700 has a total call value of 56,578,400,000 versus a total put value of 5,712,801,350,000 Combined total value = 5,769,379,750,000

Strike 53800 has a total call value of 57,867,600,000 versus a total put value of 5,588,554,800,000 Combined total value = 5,646,422,400,000

Strike 53900 has a total call value of 59,156,800,000 versus a total put value of 5,464,319,100,000 Combined total value = 5,523,475,900,000

Strike 54000 has a total call value of 60,446,000,000 versus a total put value of 5,340,109,300,000 Combined total value = 5,400,555,300,000

Strike 54100 has a total call value of 62,352,350,000 versus a total put value of 5,218,696,700,000 Combined total value = 5,281,049,050,000

Strike 54200 has a total call value of 64,258,700,000 versus a total put value of 5,097,304,750,000 Combined total value = 5,161,563,450,000

Strike 54300 has a total call value of 66,165,050,000 versus a total put value of 4,975,912,800,000 Combined total value = 5,042,077,850,000

Strike 54400 has a total call value of 68,071,400,000 versus a total put value of 4,854,520,850,000 Combined total value = 4,922,592,250,000

Strike 54500 has a total call value of 69,977,750,000 versus a total put value of 4,733,164,950,000 Combined total value = 4,803,142,700,000

Strike 54600 has a total call value of 71,884,100,000 versus a total put value of 4,612,833,500,000 Combined total value = 4,684,717,600,000

Strike 54700 has a total call value of 73,790,450,000 versus a total put value of 4,492,502,050,000 Combined total value = 4,566,292,500,000

Strike 54800 has a total call value of 75,696,800,000 versus a total put value of 4,372,237,100,000 Combined total value = 4,447,933,900,000

Strike 54900 has a total call value of 77,603,150,000 versus a total put value of 4,252,026,750,000 Combined total value = 4,329,629,900,000

Strike 55000 has a total call value of 79,509,500,000 versus a total put value of 4,131,869,250,000 Combined total value = 4,211,378,750,000

Strike 55100 has a total call value of 82,037,800,000 versus a total put value of 4,016,059,450,000 Combined total value = 4,098,097,250,000

Strike 55200 has a total call value of 84,566,100,000 versus a total put value of 3,900,309,150,000 Combined total value = 3,984,875,250,000

Strike 55300 has a total call value of 87,094,400,000 versus a total put value of 3,784,662,450,000 Combined total value = 3,871,756,850,000

Strike 55400 has a total call value of 89,622,700,000 versus a total put value of 3,669,071,050,000 Combined total value = 3,758,693,750,000

Strike 55500 has a total call value of 92,151,000,000 versus a total put value of 3,553,527,600,000 Combined total value = 3,645,678,600,000

Strike 55600 has a total call value of 95,553,600,000 versus a total put value of 3,440,932,950,000 Combined total value = 3,536,486,550,000

Strike 55700 has a total call value of 98,956,200,000 versus a total put value of 3,328,338,300,000 Combined total value = 3,427,294,500,000

Strike 55800 has a total call value of 102,358,800,000 versus a total put value of 3,215,923,900,000 Combined total value = 3,318,282,700,000

Strike 55900 has a total call value of 105,761,400,000 versus a total put value of 3,103,634,800,000 Combined total value = 3,209,396,200,000

Strike 56000 has a total call value of 109,164,000,000 versus a total put value of 2,991,430,750,000 Combined total value = 3,100,594,750,000

Strike 56100 has a total call value of 113,500,050,000 versus a total put value of 2,884,047,950,000 Combined total value = 2,997,548,000,000

Strike 56200 has a total call value of 117,836,100,000 versus a total put value of 2,776,942,700,000 Combined total value = 2,894,778,800,000

Strike 56300 has a total call value of 122,172,150,000 versus a total put value of 2,670,068,450,000 Combined total value = 2,792,240,600,000

Strike 56400 has a total call value of 126,508,200,000 versus a total put value of 2,563,381,450,000 Combined total value = 2,689,889,650,000

Strike 56500 has a total call value of 130,844,250,000 versus a total put value of 2,456,871,200,000 Combined total value = 2,587,715,450,000

Strike 56600 has a total call value of 135,502,300,000 versus a total put value of 2,353,010,100,000 Combined total value = 2,488,512,400,000

Strike 56700 has a total call value of 140,160,350,000 versus a total put value of 2,249,573,900,000 Combined total value = 2,389,734,250,000

Strike 56800 has a total call value of 144,818,400,000 versus a total put value of 2,146,379,200,000 Combined total value = 2,291,197,600,000

Strike 56900 has a total call value of 149,476,450,000 versus a total put value of 2,043,745,900,000 Combined total value = 2,193,222,350,000

Strike 57000 has a total call value of 154,134,500,000 versus a total put value of 1,941,431,450,000 Combined total value = 2,095,565,950,000

Strike 57100 has a total call value of 160,070,400,000 versus a total put value of 1,845,246,550,000 Combined total value = 2,005,316,950,000

Strike 57200 has a total call value of 166,006,300,000 versus a total put value of 1,749,562,150,000 Combined total value = 1,915,568,450,000

Strike 57300 has a total call value of 171,942,200,000 versus a total put value of 1,654,521,750,000 Combined total value = 1,826,463,950,000

Strike 57400 has a total call value of 177,878,100,000 versus a total put value of 1,560,288,800,000 Combined total value = 1,738,166,900,000

Strike 57500 has a total call value of 183,814,000,000 versus a total put value of 1,466,800,300,000 Combined total value = 1,650,614,300,000

Strike 57600 has a total call value of 190,344,900,000 versus a total put value of 1,378,542,900,000 Combined total value = 1,568,887,800,000

Strike 57700 has a total call value of 196,875,800,000 versus a total put value of 1,290,877,350,000 Combined total value = 1,487,753,150,000

Strike 57800 has a total call value of 203,406,700,000 versus a total put value of 1,203,939,100,000 Combined total value = 1,407,345,800,000

Strike 57900 has a total call value of 210,019,850,000 versus a total put value of 1,118,272,400,000 Combined total value = 1,328,292,250,000

Strike 58000 has a total call value of 216,706,500,000 versus a total put value of 1,033,265,100,000 Combined total value = 1,249,971,600,000

Strike 58100 has a total call value of 225,341,250,000 versus a total put value of 957,442,500,000 Combined total value = 1,182,783,750,000

Strike 58200 has a total call value of 234,070,500,000 versus a total put value of 882,093,450,000 Combined total value = 1,116,163,950,000

Strike 58300 has a total call value of 242,908,600,000 versus a total put value of 807,660,700,000 Combined total value = 1,050,569,300,000

Strike 58400 has a total call value of 251,864,650,000 versus a total put value of 733,980,100,000 Combined total value = 985,844,750,000

Strike 58500 has a total call value of 260,956,150,000 versus a total put value of 660,962,750,000 Combined total value = 921,918,900,000

Strike 58600 has a total call value of 276,897,500,000 versus a total put value of 598,126,900,000 Combined total value = 875,024,400,000

Strike 58700 has a total call value of 293,009,300,000 versus a total put value of 536,203,850,000 Combined total value = 829,213,150,000

Strike 58800 has a total call value of 309,410,900,000 versus a total put value of 475,988,100,000 Combined total value = 785,399,000,000

Strike 58900 has a total call value of 326,350,800,000 versus a total put value of 417,596,550,000 Combined total value = 743,947,350,000

Strike 59000 has a total call value of 343,901,800,000 versus a total put value of 361,161,150,000 Combined total value = 705,062,950,000

Strike 59100 has a total call value of 369,105,550,000 versus a total put value of 317,332,050,000 Combined total value = 686,437,600,000

Strike 59200 has a total call value of 395,224,900,000 versus a total put value of 275,439,850,000 Combined total value = 670,664,750,000

Strike 59300 has a total call value of 422,754,050,000 versus a total put value of 235,718,000,000 Combined total value = 658,472,050,000

Strike 59400 has a total call value of 452,060,850,000 versus a total put value of 197,531,600,000 Combined total value = 649,592,450,000

Strike 59500 has a total call value of 484,270,550,000 versus a total put value of 161,127,050,000 Combined total value = 645,397,600,000

Strike 59600 has a total call value of 530,772,150,000 versus a total put value of 140,774,200,000 Combined total value = 671,546,350,000

Strike 59700 has a total call value of 580,980,950,000 versus a total put value of 122,017,700,000 Combined total value = 702,998,650,000

Strike 59800 has a total call value of 634,694,650,000 versus a total put value of 104,937,700,000 Combined total value = 739,632,350,000

Strike 59900 has a total call value of 693,029,400,000 versus a total put value of 90,040,650,000 Combined total value = 783,070,050,000

Strike 60000 has a total call value of 753,768,300,000 versus a total put value of 76,149,150,000 Combined total value = 829,917,450,000

Strike 60100 has a total call value of 829,617,050,000 versus a total put value of 68,772,200,000 Combined total value = 898,389,250,000

Strike 60200 has a total call value of 907,804,500,000 versus a total put value of 62,083,700,000 Combined total value = 969,888,200,000

Strike 60300 has a total call value of 988,035,950,000 versus a total put value of 55,910,400,000 Combined total value = 1,043,946,350,000

Strike 60400 has a total call value of 1,069,708,700,000 versus a total put value of 50,479,800,000 Combined total value = 1,120,188,500,000

Strike 60500 has a total call value of 1,153,044,300,000 versus a total put value of 45,329,200,000 Combined total value = 1,198,373,500,000

Strike 60600 has a total call value of 1,242,463,950,000 versus a total put value of 41,419,350,000 Combined total value = 1,283,883,300,000

Strike 60700 has a total call value of 1,333,337,150,000 versus a total put value of 37,863,000,000 Combined total value = 1,371,200,150,000

Strike 60800 has a total call value of 1,425,446,900,000 versus a total put value of 34,442,100,000 Combined total value = 1,459,889,000,000

Strike 60900 has a total call value of 1,518,925,150,000 versus a total put value of 31,137,050,000 Combined total value = 1,550,062,200,000

Strike 61000 has a total call value of 1,613,373,950,000 versus a total put value of 28,093,450,000 Combined total value = 1,641,467,400,000

Strike 61100 has a total call value of 1,715,433,500,000 versus a total put value of 26,283,250,000 Combined total value = 1,741,716,750,000

Strike 61200 has a total call value of 1,818,285,800,000 versus a total put value of 24,600,800,000 Combined total value = 1,842,886,600,000

Strike 61300 has a total call value of 1,922,071,550,000 versus a total put value of 22,918,350,000 Combined total value = 1,944,989,900,000

Strike 61400 has a total call value of 2,026,700,800,000 versus a total put value of 21,267,050,000 Combined total value = 2,047,967,850,000

Strike 61500 has a total call value of 2,131,832,300,000 versus a total put value of 19,615,750,000 Combined total value = 2,151,448,050,000

Strike 61600 has a total call value of 2,242,626,800,000 versus a total put value of 18,164,650,000 Combined total value = 2,260,791,450,000

Strike 61700 has a total call value of 2,354,056,550,000 versus a total put value of 16,713,550,000 Combined total value = 2,370,770,100,000

Strike 61800 has a total call value of 2,466,125,750,000 versus a total put value of 15,262,450,000 Combined total value = 2,481,388,200,000

Strike 61900 has a total call value of 2,579,187,550,000 versus a total put value of 13,811,350,000 Combined total value = 2,592,998,900,000

Strike 62000 has a total call value of 2,692,812,500,000 versus a total put value of 12,360,250,000 Combined total value = 2,705,172,750,000

Strike 62100 has a total call value of 2,813,369,550,000 versus a total put value of 11,669,700,000 Combined total value = 2,825,039,250,000

Strike 62200 has a total call value of 2,934,608,400,000 versus a total put value of 10,979,150,000 Combined total value = 2,945,587,550,000

Strike 62300 has a total call value of 3,056,483,900,000 versus a total put value of 10,288,600,000 Combined total value = 3,066,772,500,000

Strike 62400 has a total call value of 3,178,969,100,000 versus a total put value of 9,598,050,000 Combined total value = 3,188,567,150,000

Strike 62500 has a total call value of 3,301,699,300,000 versus a total put value of 8,907,500,000 Combined total value = 3,310,606,800,000

Strike 62600 has a total call value of 3,427,361,800,000 versus a total put value of 8,216,950,000 Combined total value = 3,435,578,750,000

Strike 62700 has a total call value of 3,553,460,750,000 versus a total put value of 7,526,400,000 Combined total value = 3,560,987,150,000

Strike 62800 has a total call value of 3,679,869,800,000 versus a total put value of 6,835,850,000 Combined total value = 3,686,705,650,000

Strike 62900 has a total call value of 3,806,453,500,000 versus a total put value of 6,145,300,000 Combined total value = 3,812,598,800,000

Strike 63000 has a total call value of 3,933,257,350,000 versus a total put value of 5,454,750,000 Combined total value = 3,938,712,100,000

Strike 63100 has a total call value of 4,067,777,650,000 versus a total put value of 5,179,300,000 Combined total value = 4,072,956,950,000

Strike 63200 has a total call value of 4,202,609,100,000 versus a total put value of 4,903,850,000 Combined total value = 4,207,512,950,000

Strike 63300 has a total call value of 4,337,609,600,000 versus a total put value of 4,628,400,000 Combined total value = 4,342,238,000,000

Strike 63400 has a total call value of 4,472,777,050,000 versus a total put value of 4,352,950,000 Combined total value = 4,477,130,000,000

Strike 63500 has a total call value of 4,608,047,750,000 versus a total put value of 4,077,500,000 Combined total value = 4,612,125,250,000

Strike 63600 has a total call value of 4,744,736,650,000 versus a total put value of 3,802,050,000 Combined total value = 4,748,538,700,000

Strike 63700 has a total call value of 4,881,547,700,000 versus a total put value of 3,526,600,000 Combined total value = 4,885,074,300,000

Strike 63800 has a total call value of 5,018,437,500,000 versus a total put value of 3,251,150,000 Combined total value = 5,021,688,650,000

Strike 63900 has a total call value of 5,155,419,350,000 versus a total put value of 2,975,700,000 Combined total value = 5,158,395,050,000

Strike 64000 has a total call value of 5,292,480,650,000 versus a total put value of 2,700,250,000 Combined total value = 5,295,180,900,000

Strike 64100 has a total call value of 5,434,174,550,000 versus a total put value of 2,424,800,000 Combined total value = 5,436,599,350,000

Strike 64200 has a total call value of 5,575,937,400,000 versus a total put value of 2,149,350,000 Combined total value = 5,578,086,750,000

Strike 64300 has a total call value of 5,717,731,400,000 versus a total put value of 1,873,900,000 Combined total value = 5,719,605,300,000

Strike 64400 has a total call value of 5,859,525,400,000 versus a total put value of 1,598,450,000 Combined total value = 5,861,123,850,000

Strike 64500 has a total call value of 6,001,340,400,000 versus a total put value of 1,323,000,000 Combined total value = 6,002,663,400,000

Strike 64600 has a total call value of 6,144,144,150,000 versus a total put value of 1,058,400,000 Combined total value = 6,145,202,550,000

Strike 64700 has a total call value of 6,286,947,900,000 versus a total put value of 793,800,000 Combined total value = 6,287,741,700,000

Strike 64800 has a total call value of 6,429,751,650,000 versus a total put value of 529,200,000 Combined total value = 6,430,280,850,000

Strike 64900 has a total call value of 6,572,575,700,000 versus a total put value of 264,600,000 Combined total value = 6,572,840,300,000

Strike 65000 has a total call value of 6,715,399,750,000 versus a total put value of 0 Combined total value = 6,715,399,750,000

Strike 65100 has a total call value of 6,861,681,100,000 versus a total put value of 0 Combined total value = 6,861,681,100,000

Strike 65200 has a total call value of 7,007,962,450,000 versus a total put value of 0 Combined total value = 7,007,962,450,000

Strike 65300 has a total call value of 7,154,243,800,000 versus a total put value of 0 Combined total value = 7,154,243,800,000

Strike 65400 has a total call value of 7,300,525,150,000 versus a total put value of 0 Combined total value = 7,300,525,150,000

Strike 65500 has a total call value of 7,446,806,500,000 versus a total put value of 0 Combined total value = 7,446,806,500,000

Strike 65600 has a total call value of 7,593,289,800,000 versus a total put value of 0 Combined total value = 7,593,289,800,000

Strike 65700 has a total call value of 7,739,773,100,000 versus a total put value of 0 Combined total value = 7,739,773,100,000

Strike 65800 has a total call value of 7,886,256,400,000 versus a total put value of 0 Combined total value = 7,886,256,400,000

Strike 65900 has a total call value of 8,032,739,700,000 versus a total put value of 0 Combined total value = 8,032,739,700,000

Strike 66000 has a total call value of 8,179,223,000,000 versus a total put value of 0 Combined total value = 8,179,223,000,000

Strike 66100 has a total call value of 8,326,736,350,000 versus a total put value of 0 Combined total value = 8,326,736,350,000

Strike 66200 has a total call value of 8,474,249,700,000 versus a total put value of 0 Combined total value = 8,474,249,700,000

Strike 66300 has a total call value of 8,621,763,050,000 versus a total put value of 0 Combined total value = 8,621,763,050,000

Strike 66400 has a total call value of 8,769,276,400,000 versus a total put value of 0 Combined total value = 8,769,276,400,000

Strike 66500 has a total call value of 8,916,789,750,000 versus a total put value of 0 Combined total value = 8,916,789,750,000

Strike 66600 has a total call value of 9,065,528,100,000 versus a total put value of 0 Combined total value = 9,065,528,100,000

Strike 66700 has a total call value of 9,214,266,450,000 versus a total put value of 0 Combined total value = 9,214,266,450,000

Strike 66800 has a total call value of 9,363,004,800,000 versus a total put value of 0 Combined total value = 9,363,004,800,000

Strike 66900 has a total call value of 9,511,743,150,000 versus a total put value of 0 Combined total value = 9,511,743,150,000

Strike 67000 has a total call value of 9,660,481,500,000 versus a total put value of 0 Combined total value = 9,660,481,500,000

Strike 67100 has a total call value of 9,811,739,850,000 versus a total put value of 0 Combined total value = 9,811,739,850,000

Strike 67200 has a total call value of 9,962,998,200,000 versus a total put value of 0 Combined total value = 9,962,998,200,000

Strike 67300 has a total call value of 10,114,256,550,000 versus a total put value of 0 Combined total value = 10,114,256,550,000

Strike 67400 has a total call value of 10,265,514,900,000 versus a total put value of 0 Combined total value = 10,265,514,900,000

Strike 67500 has a total call value of 10,416,773,250,000 versus a total put value of 0 Combined total value = 10,416,773,250,000

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	1126	1140
ABB	5000	5100
ABCAPITAL	356	350
ADANIENSOL	954.5	960
ADANIENT	2202.4	2260
ADANIGREEN	989.6	1020
ADANIPORTS	1471.8	1500
ALKEM	5564	5500
AMBER	6393.5	6500
AMBUJACEM	525.8	540
ANGELONE	2497.8	2600
APLAPOLLO	1731.6	1740
APOLLOHOSP	7071.5	7300
ASHOKLEY	157.07	159
ASIANPAINT	2832.5	2900
ASTRAL	1429.8	1460
AUBANK	953.5	950
AUROPHARMA	1170.6	1220
AXISBANK	1269.1	1280
BAJAJ-AUTO	8937	9000
BAJAJFINSV	2050.2	2060
BAJFINANCE	1023.4	1030
BANDHANBNK	135.32	150
BANKBARODA	282.7	290
BANKINDIA	136.89	140
BDL	1405	1480
BEL	384.5	405
BHARATFORG	1355.3	1400
BHARTIARTL	2092.9	2100
BHEL	272.1	277.5
BIOCON	380	395
BLUESTARCO	1716.5	1700
BOSCHLTD	36425	36500
BPCL	356.35	360
BRITANNIA	5799	5800
BSE	2757.9	2800
CAMS	740.9	760
CANBK	141.5	147
CDSL	1485	1560
CGPOWER	639.3	670
CHOLAFIN	1711.8	1700
CIPLA	1498.2	1520
COALINDIA	374.45	380
COFORGE	1888	1880
COLPAL	2144	2200
CONCOR	495.3	510
CROMPTON	250.5	265
CUMMINSIND	4421.4	4500
CYIENT	1130.6	1140
DABUR	499.55	510
DALBHARAT	1966.6	2000
DELHIVERY	395.65	410
DIVISLAB	6300	6400
DIXON	13370	14000
DLF	683.1	710
DMART	3878.6	4000
DRREDDY	1254.6	1270
EICHERMOT	7096	7100
ETERNAL	282.75	300
EXIDEIND	369.2	375
FEDERALBNK	256.35	257.5
FORTIS	852.95	890
GAIL	165.23	175
GLENMARK	1898	1940
GMRAIRPORT	98.98	100
GODREJCP	1111.3	1140
GODREJPROP	1969.5	2000
GRASIM	2738.9	2760
HAL	4213	4500
HAVELLS	1393.1	1440
HCLTECH	1673.2	1660
HDFCAMC	2531	2600
HDFCBANK	1001.6	1000
HDFCLIFE	757	770
HEROMOTOCO	6077	6200
HFCL	65.69	67
HINDALCO	807.6	800
HINDPETRO	445.35	450
HINDUNILVR	2323.5	2340
HINDZINC	483.15	490
HUDCO	211	225
ICICIBANK	1382.7	1380
ICICIGI	1942.8	2000
ICICIPRULI	617.45	620
IDEA	10.18	10
IDFCFIRSTB	79.06	80
IEX	141.06	145
IIFL	547.55	560
INDHOTEL	714.35	730
INDIANB	771.7	810
INDIGO	4925	5200
INDUSINDBK	835.05	860
INDUSTOWER	399.7	410
INFY	1597.6	1600
INOXWIND	122.51	130
IOC	162.59	163
IRCTC	659.4	680
IREDA	129.9	135
IRFC	110.73	113
ITC	400.55	405
JINDALSTEL	984.1	1010
JIOFIN	292.1	305
JSWENERGY	448.25	470
JSWSTEEL	1115.4	1140
JUBLFOOD	579.05	590
KALYANKJIL	467.4	490
KAYNES	3784.5	4800
KEI	4031.9	4100
KFINTECH	1030	1080
KOTAKBANK	2124.8	2120
KPITTECH	1204.2	1220
LAURUSLABS	996.9	1000
LICHSGFIN	521.15	550
LICI	852	870
LODHA	1061.4	1120
LT	3974.4	4000
LTF	298.05	300
LTIM	6231.5	6300
LUPIN	2060.7	2080
M&M	3633.9	3700
MANAPPURAM	269.4	275
MANKIND	2170.1	2200
MARICO	724.7	730
MARUTI	16075	16100
MAXHEALTH	1067.7	1100
MAZDOCK	2424.2	2600
MCX	10133	10100
MFSL	1683.2	1700
MOTHERSON	113.87	114
MPHASIS	2884.5	2900
MUTHOOTFIN	3735.2	3700
NATIONALUM	261.25	265
NAUKRI	1349	1380
NBCC	106.81	112
NCC	160.96	170
NESTLEIND	1208.6	1240
NHPC	75.63	78
NMDC	73.49	76
NTPC	317.55	322.5
NUVAMA	7055.5	7200
NYKAA	247.95	260
OBEROIRLTY	1622.4	1600
OFSS	7945.5	8200
OIL	400.85	405
ONGC	237.49	240
PAGEIND	36845	37500
PATANJALI	542.85	550
PAYTM	1303.4	1320
PERSISTENT	6277.5	6400
PETRONET	267.65	275
PFC	338.8	360
PGEL	531.6	540
PHOENIXLTD	1705.1	1720
PIDILITIND	1444.3	1480
PIIND	3265.5	3400
PNB	115.54	120
PNBHOUSING	863.15	900
POLICYBZR	1904.2	1900
POLYCAB	6986	7200
POWERGRID	264	270
POWERINDIA	18855	19500
PPLPHARMA	172	180
PRESTIGE	1598.1	1620
RBLBANK	296.1	300
RECLTD	338.25	355
RELIANCE	1525.2	1540
RVNL	301.8	310
SAIL	127.95	132
SAMMAANCAP	139.51	155
SBICARD	863	860
SBILIFE	2002.5	2020
SBIN	954.15	965
SHREECEM	25930	26500
SHRIRAMFIN	826.55	830
SIEMENS	3139.3	3250
SOLARINDS	12270	13000
SONACOMS	478	500
SRF	2830.5	2900
SUNPHARMA	1792.4	1800
SUPREMEIND	3317.5	3300
SUZLON	51.24	54
SYNGENE	625.3	630
TATACONSUM	1138.1	1150
TATAELXSI	4995.5	5200
TATAMOTORS	0	320
TATAPOWER	372.4	390
TATASTEEL	161.6	170
TATATECH	644.55	660
TCS	3205	3200
TECHM	1578.3	1540
TIINDIA	2550.3	2650
TITAGARH	752.8	800
TITAN	3766.8	3840
TMPV	344.15	360
TORNTPHARM	3739.6	3750
TORNTPOWER	1238.9	1300
TRENT	4005	4300
TVSMOTOR	3570.8	3600
ULTRACEMCO	11429	11600
UNIONBANK	146.38	150
UNITDSPR	1416.4	1430
UNOMINDA	1242.1	1280
UPL	732.5	750
VBL	462.6	470
VEDL	505.1	520
VOLTAS	1313.1	1340
WIPRO	258.86	257.5
YESBANK	21.71	23
ZYDUSLIFE	917.85	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

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