BANKNIFTY
Nifty Bank
Max pain for BANKNIFTY
18 Oct 2024 10:46 AM IST
Max Pain for BANKNIFTY is 51500
Strike 43000 has a total call value of 0 versus a total put value of 21,820,897,800,000 Combined total value = 21,820,897,800,000
Strike 43100 has a total call value of 0 versus a total put value of 21,507,183,600,000 Combined total value = 21,507,183,600,000
Strike 43200 has a total call value of 0 versus a total put value of 21,193,469,400,000 Combined total value = 21,193,469,400,000
Strike 43300 has a total call value of 0 versus a total put value of 20,879,755,200,000 Combined total value = 20,879,755,200,000
Strike 43400 has a total call value of 0 versus a total put value of 20,566,041,000,000 Combined total value = 20,566,041,000,000
Strike 43500 has a total call value of 0 versus a total put value of 20,252,326,800,000 Combined total value = 20,252,326,800,000
Strike 43600 has a total call value of 0 versus a total put value of 19,939,402,200,000 Combined total value = 19,939,402,200,000
Strike 43700 has a total call value of 0 versus a total put value of 19,626,477,600,000 Combined total value = 19,626,477,600,000
Strike 43800 has a total call value of 0 versus a total put value of 19,313,553,000,000 Combined total value = 19,313,553,000,000
Strike 43900 has a total call value of 0 versus a total put value of 19,000,628,400,000 Combined total value = 19,000,628,400,000
Strike 44000 has a total call value of 0 versus a total put value of 18,687,703,800,000 Combined total value = 18,687,703,800,000
Strike 44100 has a total call value of 0 versus a total put value of 18,379,217,100,000 Combined total value = 18,379,217,100,000
Strike 44200 has a total call value of 0 versus a total put value of 18,070,730,400,000 Combined total value = 18,070,730,400,000
Strike 44300 has a total call value of 0 versus a total put value of 17,762,243,700,000 Combined total value = 17,762,243,700,000
Strike 44400 has a total call value of 0 versus a total put value of 17,453,757,000,000 Combined total value = 17,453,757,000,000
Strike 44500 has a total call value of 0 versus a total put value of 17,145,270,300,000 Combined total value = 17,145,270,300,000
Strike 44600 has a total call value of 0 versus a total put value of 16,840,476,300,000 Combined total value = 16,840,476,300,000
Strike 44700 has a total call value of 0 versus a total put value of 16,535,682,300,000 Combined total value = 16,535,682,300,000
Strike 44800 has a total call value of 0 versus a total put value of 16,230,888,300,000 Combined total value = 16,230,888,300,000
Strike 44900 has a total call value of 0 versus a total put value of 15,926,094,300,000 Combined total value = 15,926,094,300,000
Strike 45000 has a total call value of 0 versus a total put value of 15,621,300,300,000 Combined total value = 15,621,300,300,000
Strike 45100 has a total call value of 0 versus a total put value of 15,318,914,700,000 Combined total value = 15,318,914,700,000
Strike 45200 has a total call value of 0 versus a total put value of 15,016,529,100,000 Combined total value = 15,016,529,100,000
Strike 45300 has a total call value of 0 versus a total put value of 14,714,143,500,000 Combined total value = 14,714,143,500,000
Strike 45400 has a total call value of 0 versus a total put value of 14,411,757,900,000 Combined total value = 14,411,757,900,000
Strike 45500 has a total call value of 0 versus a total put value of 14,109,372,300,000 Combined total value = 14,109,372,300,000
Strike 45600 has a total call value of 0 versus a total put value of 13,808,589,900,000 Combined total value = 13,808,589,900,000
Strike 45700 has a total call value of 0 versus a total put value of 13,507,807,500,000 Combined total value = 13,507,807,500,000
Strike 45800 has a total call value of 0 versus a total put value of 13,207,025,100,000 Combined total value = 13,207,025,100,000
Strike 45900 has a total call value of 0 versus a total put value of 12,906,242,700,000 Combined total value = 12,906,242,700,000
Strike 46000 has a total call value of 0 versus a total put value of 12,605,460,300,000 Combined total value = 12,605,460,300,000
Strike 46100 has a total call value of 0 versus a total put value of 12,307,215,750,000 Combined total value = 12,307,215,750,000
Strike 46200 has a total call value of 0 versus a total put value of 12,008,971,200,000 Combined total value = 12,008,971,200,000
Strike 46300 has a total call value of 0 versus a total put value of 11,710,726,650,000 Combined total value = 11,710,726,650,000
Strike 46400 has a total call value of 0 versus a total put value of 11,412,482,100,000 Combined total value = 11,412,482,100,000
Strike 46500 has a total call value of 0 versus a total put value of 11,114,237,550,000 Combined total value = 11,114,237,550,000
Strike 46600 has a total call value of 0 versus a total put value of 10,820,522,400,000 Combined total value = 10,820,522,400,000
Strike 46700 has a total call value of 0 versus a total put value of 10,526,807,250,000 Combined total value = 10,526,807,250,000
Strike 46800 has a total call value of 0 versus a total put value of 10,233,092,100,000 Combined total value = 10,233,092,100,000
Strike 46900 has a total call value of 0 versus a total put value of 9,939,376,950,000 Combined total value = 9,939,376,950,000
Strike 47000 has a total call value of 0 versus a total put value of 9,645,661,800,000 Combined total value = 9,645,661,800,000
Strike 47100 has a total call value of 0 versus a total put value of 9,364,220,100,000 Combined total value = 9,364,220,100,000
Strike 47200 has a total call value of 0 versus a total put value of 9,082,778,400,000 Combined total value = 9,082,778,400,000
Strike 47300 has a total call value of 0 versus a total put value of 8,801,336,700,000 Combined total value = 8,801,336,700,000
Strike 47400 has a total call value of 0 versus a total put value of 8,519,895,000,000 Combined total value = 8,519,895,000,000
Strike 47500 has a total call value of 0 versus a total put value of 8,238,453,300,000 Combined total value = 8,238,453,300,000
Strike 47600 has a total call value of 0 versus a total put value of 7,963,121,100,000 Combined total value = 7,963,121,100,000
Strike 47700 has a total call value of 0 versus a total put value of 7,688,179,350,000 Combined total value = 7,688,179,350,000
Strike 47800 has a total call value of 0 versus a total put value of 7,413,781,800,000 Combined total value = 7,413,781,800,000
Strike 47900 has a total call value of 0 versus a total put value of 7,140,022,800,000 Combined total value = 7,140,022,800,000
Strike 48000 has a total call value of 0 versus a total put value of 6,867,272,250,000 Combined total value = 6,867,272,250,000
Strike 48100 has a total call value of 5,850,000 versus a total put value of 6,604,520,250,000 Combined total value = 6,604,526,100,000
Strike 48200 has a total call value of 11,700,000 versus a total put value of 6,342,601,650,000 Combined total value = 6,342,613,350,000
Strike 48300 has a total call value of 17,550,000 versus a total put value of 6,081,354,600,000 Combined total value = 6,081,372,150,000
Strike 48400 has a total call value of 23,400,000 versus a total put value of 5,821,892,400,000 Combined total value = 5,821,915,800,000
Strike 48500 has a total call value of 29,250,000 versus a total put value of 5,563,406,700,000 Combined total value = 5,563,435,950,000
Strike 48600 has a total call value of 35,100,000 versus a total put value of 5,313,824,250,000 Combined total value = 5,313,859,350,000
Strike 48700 has a total call value of 40,950,000 versus a total put value of 5,065,184,550,000 Combined total value = 5,065,225,500,000
Strike 48800 has a total call value of 46,800,000 versus a total put value of 4,817,698,500,000 Combined total value = 4,817,745,300,000
Strike 48900 has a total call value of 52,650,000 versus a total put value of 4,573,430,550,000 Combined total value = 4,573,483,200,000
Strike 49000 has a total call value of 58,500,000 versus a total put value of 4,331,514,450,000 Combined total value = 4,331,572,950,000
Strike 49100 has a total call value of 83,850,000 versus a total put value of 4,101,301,350,000 Combined total value = 4,101,385,200,000
Strike 49200 has a total call value of 109,200,000 versus a total put value of 3,873,721,650,000 Combined total value = 3,873,830,850,000
Strike 49300 has a total call value of 134,550,000 versus a total put value of 3,648,435,600,000 Combined total value = 3,648,570,150,000
Strike 49400 has a total call value of 159,900,000 versus a total put value of 3,424,936,650,000 Combined total value = 3,425,096,550,000
Strike 49500 has a total call value of 185,250,000 versus a total put value of 3,204,249,000,000 Combined total value = 3,204,434,250,000
Strike 49600 has a total call value of 250,800,000 versus a total put value of 2,996,028,450,000 Combined total value = 2,996,279,250,000
Strike 49700 has a total call value of 316,350,000 versus a total put value of 2,790,256,650,000 Combined total value = 2,790,573,000,000
Strike 49800 has a total call value of 381,900,000 versus a total put value of 2,588,760,600,000 Combined total value = 2,589,142,500,000
Strike 49900 has a total call value of 450,450,000 versus a total put value of 2,389,380,000,000 Combined total value = 2,389,830,450,000
Strike 50000 has a total call value of 519,000,000 versus a total put value of 2,193,588,300,000 Combined total value = 2,194,107,300,000
Strike 50100 has a total call value of 1,586,850,000 versus a total put value of 2,012,136,750,000 Combined total value = 2,013,723,600,000
Strike 50200 has a total call value of 2,668,950,000 versus a total put value of 1,835,523,450,000 Combined total value = 1,838,192,400,000
Strike 50300 has a total call value of 3,781,050,000 versus a total put value of 1,663,003,200,000 Combined total value = 1,666,784,250,000
Strike 50400 has a total call value of 4,938,150,000 versus a total put value of 1,495,824,450,000 Combined total value = 1,500,762,600,000
Strike 50500 has a total call value of 6,214,500,000 versus a total put value of 1,331,881,950,000 Combined total value = 1,338,096,450,000
Strike 50600 has a total call value of 8,151,300,000 versus a total put value of 1,181,160,900,000 Combined total value = 1,189,312,200,000
Strike 50700 has a total call value of 10,306,650,000 versus a total put value of 1,036,977,150,000 Combined total value = 1,047,283,800,000
Strike 50800 has a total call value of 12,691,500,000 versus a total put value of 897,994,200,000 Combined total value = 910,685,700,000
Strike 50900 has a total call value of 15,441,900,000 versus a total put value of 765,386,100,000 Combined total value = 780,828,000,000
Strike 51000 has a total call value of 18,680,100,000 versus a total put value of 638,751,300,000 Combined total value = 657,431,400,000
Strike 51100 has a total call value of 27,472,950,000 versus a total put value of 534,183,300,000 Combined total value = 561,656,250,000
Strike 51200 has a total call value of 38,601,600,000 versus a total put value of 439,131,150,000 Combined total value = 477,732,750,000
Strike 51300 has a total call value of 53,189,250,000 versus a total put value of 355,921,650,000 Combined total value = 409,110,900,000
Strike 51400 has a total call value of 74,068,200,000 versus a total put value of 284,970,300,000 Combined total value = 359,038,500,000
Strike 51500 has a total call value of 99,984,150,000 versus a total put value of 223,993,350,000 Combined total value = 323,977,500,000
Strike 51600 has a total call value of 141,999,300,000 versus a total put value of 182,473,500,000 Combined total value = 324,472,800,000
Strike 51700 has a total call value of 193,932,600,000 versus a total put value of 149,699,550,000 Combined total value = 343,632,150,000
Strike 51800 has a total call value of 254,784,150,000 versus a total put value of 122,474,550,000 Combined total value = 377,258,700,000
Strike 51900 has a total call value of 327,935,850,000 versus a total put value of 100,923,600,000 Combined total value = 428,859,450,000
Strike 52000 has a total call value of 409,879,950,000 versus a total put value of 82,952,100,000 Combined total value = 492,832,050,000
Strike 52100 has a total call value of 521,669,250,000 versus a total put value of 73,323,150,000 Combined total value = 594,992,400,000
Strike 52200 has a total call value of 641,256,000,000 versus a total put value of 64,927,200,000 Combined total value = 706,183,200,000
Strike 52300 has a total call value of 771,196,050,000 versus a total put value of 57,779,100,000 Combined total value = 828,975,150,000
Strike 52400 has a total call value of 911,220,450,000 versus a total put value of 51,450,750,000 Combined total value = 962,671,200,000
Strike 52500 has a total call value of 1,058,772,450,000 versus a total put value of 45,409,500,000 Combined total value = 1,104,181,950,000
Strike 52600 has a total call value of 1,224,694,950,000 versus a total put value of 40,718,850,000 Combined total value = 1,265,413,800,000
Strike 52700 has a total call value of 1,395,303,300,000 versus a total put value of 36,216,150,000 Combined total value = 1,431,519,450,000
Strike 52800 has a total call value of 1,571,453,550,000 versus a total put value of 31,904,400,000 Combined total value = 1,603,357,950,000
Strike 52900 has a total call value of 1,752,295,050,000 versus a total put value of 27,851,400,000 Combined total value = 1,780,146,450,000
Strike 53000 has a total call value of 1,936,031,250,000 versus a total put value of 23,883,750,000 Combined total value = 1,959,915,000,000
Strike 53100 has a total call value of 2,138,860,800,000 versus a total put value of 21,046,650,000 Combined total value = 2,159,907,450,000
Strike 53200 has a total call value of 2,345,381,700,000 versus a total put value of 18,264,300,000 Combined total value = 2,363,646,000,000
Strike 53300 has a total call value of 2,554,979,550,000 versus a total put value of 15,516,900,000 Combined total value = 2,570,496,450,000
Strike 53400 has a total call value of 2,769,459,900,000 versus a total put value of 12,769,500,000 Combined total value = 2,782,229,400,000
Strike 53500 has a total call value of 2,987,559,000,000 versus a total put value of 10,022,100,000 Combined total value = 2,997,581,100,000
Strike 53600 has a total call value of 3,220,023,600,000 versus a total put value of 7,849,650,000 Combined total value = 3,227,873,250,000
Strike 53700 has a total call value of 3,454,735,050,000 versus a total put value of 6,186,300,000 Combined total value = 3,460,921,350,000
Strike 53800 has a total call value of 3,691,781,850,000 versus a total put value of 4,522,950,000 Combined total value = 3,696,304,800,000
Strike 53900 has a total call value of 3,931,545,150,000 versus a total put value of 2,859,600,000 Combined total value = 3,934,404,750,000
Strike 54000 has a total call value of 4,172,986,050,000 versus a total put value of 1,986,600,000 Combined total value = 4,174,972,650,000
Strike 54100 has a total call value of 4,429,867,800,000 versus a total put value of 1,573,050,000 Combined total value = 4,431,440,850,000
Strike 54200 has a total call value of 4,688,948,100,000 versus a total put value of 1,169,850,000 Combined total value = 4,690,117,950,000
Strike 54300 has a total call value of 4,949,796,150,000 versus a total put value of 958,500,000 Combined total value = 4,950,754,650,000
Strike 54400 has a total call value of 5,211,927,750,000 versus a total put value of 747,150,000 Combined total value = 5,212,674,900,000
Strike 54500 has a total call value of 5,475,181,800,000 versus a total put value of 535,800,000 Combined total value = 5,475,717,600,000
Strike 54600 has a total call value of 5,750,715,750,000 versus a total put value of 423,300,000 Combined total value = 5,751,139,050,000
Strike 54700 has a total call value of 6,026,801,250,000 versus a total put value of 318,600,000 Combined total value = 6,027,119,850,000
Strike 54800 has a total call value of 6,304,144,800,000 versus a total put value of 213,900,000 Combined total value = 6,304,358,700,000
Strike 54900 has a total call value of 6,582,016,650,000 versus a total put value of 109,200,000 Combined total value = 6,582,125,850,000
Strike 55000 has a total call value of 6,860,186,850,000 versus a total put value of 4,500,000 Combined total value = 6,860,191,350,000
Strike 55100 has a total call value of 7,156,893,750,000 versus a total put value of 4,050,000 Combined total value = 7,156,897,800,000
Strike 55200 has a total call value of 7,453,847,700,000 versus a total put value of 3,600,000 Combined total value = 7,453,851,300,000
Strike 55300 has a total call value of 7,751,003,850,000 versus a total put value of 3,150,000 Combined total value = 7,751,007,000,000
Strike 55400 has a total call value of 8,048,338,650,000 versus a total put value of 2,700,000 Combined total value = 8,048,341,350,000
Strike 55500 has a total call value of 8,345,949,900,000 versus a total put value of 2,250,000 Combined total value = 8,345,952,150,000
Strike 55600 has a total call value of 8,647,730,250,000 versus a total put value of 1,800,000 Combined total value = 8,647,732,050,000
Strike 55700 has a total call value of 8,949,627,450,000 versus a total put value of 1,350,000 Combined total value = 8,949,628,800,000
Strike 55800 has a total call value of 9,251,734,950,000 versus a total put value of 900,000 Combined total value = 9,251,735,850,000
Strike 55900 has a total call value of 9,554,016,600,000 versus a total put value of 450,000 Combined total value = 9,554,017,050,000
Strike 56000 has a total call value of 9,856,366,200,000 versus a total put value of 0 Combined total value = 9,856,366,200,000
Strike 56100 has a total call value of 10,162,628,850,000 versus a total put value of 0 Combined total value = 10,162,628,850,000
Strike 56200 has a total call value of 10,468,930,950,000 versus a total put value of 0 Combined total value = 10,468,930,950,000
Strike 56300 has a total call value of 10,775,300,850,000 versus a total put value of 0 Combined total value = 10,775,300,850,000
Strike 56400 has a total call value of 11,081,747,400,000 versus a total put value of 0 Combined total value = 11,081,747,400,000
Strike 56500 has a total call value of 11,388,246,150,000 versus a total put value of 0 Combined total value = 11,388,246,150,000
Strike 56600 has a total call value of 11,695,519,950,000 versus a total put value of 0 Combined total value = 11,695,519,950,000
Strike 56700 has a total call value of 12,002,839,200,000 versus a total put value of 0 Combined total value = 12,002,839,200,000
Strike 56800 has a total call value of 12,310,202,250,000 versus a total put value of 0 Combined total value = 12,310,202,250,000
Strike 56900 has a total call value of 12,617,604,900,000 versus a total put value of 0 Combined total value = 12,617,604,900,000
Strike 57000 has a total call value of 12,925,048,200,000 versus a total put value of 0 Combined total value = 12,925,048,200,000
Strike 57100 has a total call value of 13,235,189,700,000 versus a total put value of 0 Combined total value = 13,235,189,700,000
Strike 57200 has a total call value of 13,545,380,400,000 versus a total put value of 0 Combined total value = 13,545,380,400,000
Strike 57300 has a total call value of 13,855,612,350,000 versus a total put value of 0 Combined total value = 13,855,612,350,000
Strike 57400 has a total call value of 14,165,872,050,000 versus a total put value of 0 Combined total value = 14,165,872,050,000
Strike 57500 has a total call value of 14,476,180,800,000 versus a total put value of 0 Combined total value = 14,476,180,800,000
Strike 57600 has a total call value of 14,786,671,800,000 versus a total put value of 0 Combined total value = 14,786,671,800,000
Strike 57700 has a total call value of 15,097,162,800,000 versus a total put value of 0 Combined total value = 15,097,162,800,000
Strike 57800 has a total call value of 15,407,653,800,000 versus a total put value of 0 Combined total value = 15,407,653,800,000
Strike 57900 has a total call value of 15,718,144,800,000 versus a total put value of 0 Combined total value = 15,718,144,800,000
Strike 58000 has a total call value of 16,028,635,800,000 versus a total put value of 0 Combined total value = 16,028,635,800,000
Strike 58100 has a total call value of 16,340,024,250,000 versus a total put value of 0 Combined total value = 16,340,024,250,000
Strike 58200 has a total call value of 16,651,412,700,000 versus a total put value of 0 Combined total value = 16,651,412,700,000
Strike 58300 has a total call value of 16,962,801,150,000 versus a total put value of 0 Combined total value = 16,962,801,150,000
Strike 58400 has a total call value of 17,274,189,600,000 versus a total put value of 0 Combined total value = 17,274,189,600,000
Strike 58500 has a total call value of 17,585,578,050,000 versus a total put value of 0 Combined total value = 17,585,578,050,000
Strike 58600 has a total call value of 17,897,370,300,000 versus a total put value of 0 Combined total value = 17,897,370,300,000
Strike 58700 has a total call value of 18,209,162,550,000 versus a total put value of 0 Combined total value = 18,209,162,550,000
Strike 58800 has a total call value of 18,520,954,800,000 versus a total put value of 0 Combined total value = 18,520,954,800,000
Strike 58900 has a total call value of 18,832,747,050,000 versus a total put value of 0 Combined total value = 18,832,747,050,000
Strike 59000 has a total call value of 19,144,539,300,000 versus a total put value of 0 Combined total value = 19,144,539,300,000
Strike 59100 has a total call value of 19,459,300,500,000 versus a total put value of 0 Combined total value = 19,459,300,500,000
Strike 59200 has a total call value of 19,774,061,700,000 versus a total put value of 0 Combined total value = 19,774,061,700,000
Strike 59300 has a total call value of 20,088,822,900,000 versus a total put value of 0 Combined total value = 20,088,822,900,000
Strike 59400 has a total call value of 20,403,584,100,000 versus a total put value of 0 Combined total value = 20,403,584,100,000
Strike 59500 has a total call value of 20,718,345,300,000 versus a total put value of 0 Combined total value = 20,718,345,300,000
Strike 59600 has a total call value of 21,034,133,550,000 versus a total put value of 0 Combined total value = 21,034,133,550,000
Strike 59700 has a total call value of 21,349,921,800,000 versus a total put value of 0 Combined total value = 21,349,921,800,000
Strike 59800 has a total call value of 21,665,710,050,000 versus a total put value of 0 Combined total value = 21,665,710,050,000
Strike 59900 has a total call value of 21,981,498,300,000 versus a total put value of 0 Combined total value = 21,981,498,300,000
Strike 60000 has a total call value of 22,297,286,550,000 versus a total put value of 0 Combined total value = 22,297,286,550,000
Strike 60100 has a total call value of 22,615,598,700,000 versus a total put value of 0 Combined total value = 22,615,598,700,000
Strike 60200 has a total call value of 22,933,910,850,000 versus a total put value of 0 Combined total value = 22,933,910,850,000
Strike 60300 has a total call value of 23,252,223,000,000 versus a total put value of 0 Combined total value = 23,252,223,000,000
Strike 60400 has a total call value of 23,570,535,150,000 versus a total put value of 0 Combined total value = 23,570,535,150,000
Strike 60500 has a total call value of 23,888,847,300,000 versus a total put value of 0 Combined total value = 23,888,847,300,000
Strike 60600 has a total call value of 24,207,862,050,000 versus a total put value of 0 Combined total value = 24,207,862,050,000
Strike 60700 has a total call value of 24,526,876,800,000 versus a total put value of 0 Combined total value = 24,526,876,800,000
Strike 60800 has a total call value of 24,845,891,550,000 versus a total put value of 0 Combined total value = 24,845,891,550,000
Strike 60900 has a total call value of 25,164,906,300,000 versus a total put value of 0 Combined total value = 25,164,906,300,000
Strike 61000 has a total call value of 25,483,921,050,000 versus a total put value of 0 Combined total value = 25,483,921,050,000
Strike 61100 has a total call value of 25,809,457,050,000 versus a total put value of 0 Combined total value = 25,809,457,050,000
Strike 61200 has a total call value of 26,134,993,050,000 versus a total put value of 0 Combined total value = 26,134,993,050,000
Strike 61300 has a total call value of 26,460,529,050,000 versus a total put value of 0 Combined total value = 26,460,529,050,000
Strike 61400 has a total call value of 26,786,065,050,000 versus a total put value of 0 Combined total value = 26,786,065,050,000
Strike 61500 has a total call value of 27,111,601,050,000 versus a total put value of 0 Combined total value = 27,111,601,050,000
Strike 61600 has a total call value of 27,443,204,850,000 versus a total put value of 0 Combined total value = 27,443,204,850,000
Strike 61700 has a total call value of 27,774,808,650,000 versus a total put value of 0 Combined total value = 27,774,808,650,000
Strike 61800 has a total call value of 28,106,412,450,000 versus a total put value of 0 Combined total value = 28,106,412,450,000
Strike 61900 has a total call value of 28,438,016,250,000 versus a total put value of 0 Combined total value = 28,438,016,250,000
Strike 62000 has a total call value of 28,769,620,050,000 versus a total put value of 0 Combined total value = 28,769,620,050,000
What is Max Pain?
Max pain, or the max pain price, is the strike price with the most open contract puts and calls - and the price at which the stock would cause financial losses for the largest number of option holders at expiration.
Calculating Max Pain
Max pain is a simple but time consuming calculation. Essentially, it is the sum of the outstanding put and call dollar value of each in-the-money strike price. For each in-the-money strike price for both puts and calls:
- Find the difference between stock price and strike price
- Multiply the result by open interest at that strike
- Add together the dollar value for the put and call at that strike
- Repeat for each strike price
- Find the highest value strike price. This price is equivalent to max pain price.
How can a trader benefit?
As the option expiration approaches, option writers will try to buy or sell shares of stock to drive the price toward a closing price that is profitable for them, or at least to hedge their payouts to option holders. Call writers sell shares to drive share price down and Put holders buy shares to drive share price up. The max pain strike price exists somewhere in the middle.