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

59460.05 +70.10 (0.12%)

L: 59052.3 H: 59516.85

Max Pain - BANKNIFTY

15 Dec 2025 12:13 PM IST

Live

Expiry

Max Pain for BANKNIFTY is 59500

Historical data for BANKNIFTY-59500-CE

LTP (59500 CE)

607.5 23.7

Open Interest

47274 9110

Historical data for BANKNIFTY-59500-PE

LTP (59500 PE)

396.65 -32.55

Open Interest

55325 7163

Strike 43500 has a total call value of 0 versus a total put value of 22,041,790,000,000 Combined total value = 22,041,790,000,000

Strike 43600 has a total call value of 0 versus a total put value of 21,889,457,350,000 Combined total value = 21,889,457,350,000

Strike 43700 has a total call value of 0 versus a total put value of 21,737,124,700,000 Combined total value = 21,737,124,700,000

Strike 43800 has a total call value of 0 versus a total put value of 21,584,792,050,000 Combined total value = 21,584,792,050,000

Strike 43900 has a total call value of 0 versus a total put value of 21,432,459,400,000 Combined total value = 21,432,459,400,000

Strike 44000 has a total call value of 0 versus a total put value of 21,280,126,750,000 Combined total value = 21,280,126,750,000

Strike 44100 has a total call value of 0 versus a total put value of 21,127,794,100,000 Combined total value = 21,127,794,100,000

Strike 44200 has a total call value of 0 versus a total put value of 20,975,461,450,000 Combined total value = 20,975,461,450,000

Strike 44300 has a total call value of 0 versus a total put value of 20,823,128,800,000 Combined total value = 20,823,128,800,000

Strike 44400 has a total call value of 0 versus a total put value of 20,670,796,150,000 Combined total value = 20,670,796,150,000

Strike 44500 has a total call value of 0 versus a total put value of 20,518,463,500,000 Combined total value = 20,518,463,500,000

Strike 44600 has a total call value of 0 versus a total put value of 20,366,130,850,000 Combined total value = 20,366,130,850,000

Strike 44700 has a total call value of 0 versus a total put value of 20,213,798,200,000 Combined total value = 20,213,798,200,000

Strike 44800 has a total call value of 0 versus a total put value of 20,061,465,550,000 Combined total value = 20,061,465,550,000

Strike 44900 has a total call value of 0 versus a total put value of 19,909,132,900,000 Combined total value = 19,909,132,900,000

Strike 45000 has a total call value of 0 versus a total put value of 19,756,800,250,000 Combined total value = 19,756,800,250,000

Strike 45100 has a total call value of 0 versus a total put value of 19,604,467,600,000 Combined total value = 19,604,467,600,000

Strike 45200 has a total call value of 0 versus a total put value of 19,452,134,950,000 Combined total value = 19,452,134,950,000

Strike 45300 has a total call value of 0 versus a total put value of 19,299,802,300,000 Combined total value = 19,299,802,300,000

Strike 45400 has a total call value of 0 versus a total put value of 19,147,469,650,000 Combined total value = 19,147,469,650,000

Strike 45500 has a total call value of 0 versus a total put value of 18,995,137,000,000 Combined total value = 18,995,137,000,000

Strike 45600 has a total call value of 0 versus a total put value of 18,842,804,350,000 Combined total value = 18,842,804,350,000

Strike 45700 has a total call value of 0 versus a total put value of 18,690,471,700,000 Combined total value = 18,690,471,700,000

Strike 45800 has a total call value of 0 versus a total put value of 18,538,139,050,000 Combined total value = 18,538,139,050,000

Strike 45900 has a total call value of 0 versus a total put value of 18,385,806,400,000 Combined total value = 18,385,806,400,000

Strike 46000 has a total call value of 0 versus a total put value of 18,233,473,750,000 Combined total value = 18,233,473,750,000

Strike 46100 has a total call value of 0 versus a total put value of 18,081,141,100,000 Combined total value = 18,081,141,100,000

Strike 46200 has a total call value of 0 versus a total put value of 17,928,808,450,000 Combined total value = 17,928,808,450,000

Strike 46300 has a total call value of 0 versus a total put value of 17,776,475,800,000 Combined total value = 17,776,475,800,000

Strike 46400 has a total call value of 0 versus a total put value of 17,624,143,150,000 Combined total value = 17,624,143,150,000

Strike 46500 has a total call value of 0 versus a total put value of 17,471,810,500,000 Combined total value = 17,471,810,500,000

Strike 46600 has a total call value of 0 versus a total put value of 17,319,688,550,000 Combined total value = 17,319,688,550,000

Strike 46700 has a total call value of 0 versus a total put value of 17,167,566,600,000 Combined total value = 17,167,566,600,000

Strike 46800 has a total call value of 0 versus a total put value of 17,015,444,650,000 Combined total value = 17,015,444,650,000

Strike 46900 has a total call value of 0 versus a total put value of 16,863,322,700,000 Combined total value = 16,863,322,700,000

Strike 47000 has a total call value of 0 versus a total put value of 16,711,200,750,000 Combined total value = 16,711,200,750,000

Strike 47100 has a total call value of 0 versus a total put value of 16,559,231,050,000 Combined total value = 16,559,231,050,000

Strike 47200 has a total call value of 0 versus a total put value of 16,407,261,350,000 Combined total value = 16,407,261,350,000

Strike 47300 has a total call value of 0 versus a total put value of 16,255,291,650,000 Combined total value = 16,255,291,650,000

Strike 47400 has a total call value of 0 versus a total put value of 16,103,321,950,000 Combined total value = 16,103,321,950,000

Strike 47500 has a total call value of 0 versus a total put value of 15,951,352,250,000 Combined total value = 15,951,352,250,000

Strike 47600 has a total call value of 0 versus a total put value of 15,799,593,600,000 Combined total value = 15,799,593,600,000

Strike 47700 has a total call value of 0 versus a total put value of 15,647,834,950,000 Combined total value = 15,647,834,950,000

Strike 47800 has a total call value of 0 versus a total put value of 15,496,076,300,000 Combined total value = 15,496,076,300,000

Strike 47900 has a total call value of 0 versus a total put value of 15,344,317,650,000 Combined total value = 15,344,317,650,000

Strike 48000 has a total call value of 0 versus a total put value of 15,192,559,000,000 Combined total value = 15,192,559,000,000

Strike 48100 has a total call value of 807,100,000 versus a total put value of 15,041,216,150,000 Combined total value = 15,042,023,250,000

Strike 48200 has a total call value of 1,614,200,000 versus a total put value of 14,889,873,300,000 Combined total value = 14,891,487,500,000

Strike 48300 has a total call value of 2,421,300,000 versus a total put value of 14,738,530,450,000 Combined total value = 14,740,951,750,000

Strike 48400 has a total call value of 3,228,400,000 versus a total put value of 14,587,187,600,000 Combined total value = 14,590,416,000,000

Strike 48500 has a total call value of 4,035,500,000 versus a total put value of 14,435,844,750,000 Combined total value = 14,439,880,250,000

Strike 48600 has a total call value of 4,842,600,000 versus a total put value of 14,284,569,800,000 Combined total value = 14,289,412,400,000

Strike 48700 has a total call value of 5,649,700,000 versus a total put value of 14,133,294,850,000 Combined total value = 14,138,944,550,000

Strike 48800 has a total call value of 6,456,800,000 versus a total put value of 13,982,019,900,000 Combined total value = 13,988,476,700,000

Strike 48900 has a total call value of 7,263,900,000 versus a total put value of 13,830,744,950,000 Combined total value = 13,838,008,850,000

Strike 49000 has a total call value of 8,071,000,000 versus a total put value of 13,679,470,000,000 Combined total value = 13,687,541,000,000

Strike 49100 has a total call value of 8,878,100,000 versus a total put value of 13,528,316,150,000 Combined total value = 13,537,194,250,000

Strike 49200 has a total call value of 9,685,200,000 versus a total put value of 13,377,162,300,000 Combined total value = 13,386,847,500,000

Strike 49300 has a total call value of 10,492,300,000 versus a total put value of 13,226,008,450,000 Combined total value = 13,236,500,750,000

Strike 49400 has a total call value of 11,299,400,000 versus a total put value of 13,074,854,600,000 Combined total value = 13,086,154,000,000

Strike 49500 has a total call value of 12,106,500,000 versus a total put value of 12,923,700,750,000 Combined total value = 12,935,807,250,000

Strike 49600 has a total call value of 12,913,600,000 versus a total put value of 12,772,632,650,000 Combined total value = 12,785,546,250,000

Strike 49700 has a total call value of 13,720,700,000 versus a total put value of 12,621,586,250,000 Combined total value = 12,635,306,950,000

Strike 49800 has a total call value of 14,527,800,000 versus a total put value of 12,470,546,150,000 Combined total value = 12,485,073,950,000

Strike 49900 has a total call value of 15,334,900,000 versus a total put value of 12,319,527,400,000 Combined total value = 12,334,862,300,000

Strike 50000 has a total call value of 16,142,000,000 versus a total put value of 12,168,528,250,000 Combined total value = 12,184,670,250,000

Strike 50100 has a total call value of 17,638,950,000 versus a total put value of 12,019,591,300,000 Combined total value = 12,037,230,250,000

Strike 50200 has a total call value of 19,135,900,000 versus a total put value of 11,870,679,900,000 Combined total value = 11,889,815,800,000

Strike 50300 has a total call value of 20,632,850,000 versus a total put value of 11,721,768,500,000 Combined total value = 11,742,401,350,000

Strike 50400 has a total call value of 22,129,800,000 versus a total put value of 11,572,868,650,000 Combined total value = 11,594,998,450,000

Strike 50500 has a total call value of 23,626,750,000 versus a total put value of 11,423,971,600,000 Combined total value = 11,447,598,350,000

Strike 50600 has a total call value of 25,123,700,000 versus a total put value of 11,275,226,450,000 Combined total value = 11,300,350,150,000

Strike 50700 has a total call value of 26,620,650,000 versus a total put value of 11,126,486,550,000 Combined total value = 11,153,107,200,000

Strike 50800 has a total call value of 28,117,600,000 versus a total put value of 10,977,751,200,000 Combined total value = 11,005,868,800,000

Strike 50900 has a total call value of 29,614,550,000 versus a total put value of 10,829,021,450,000 Combined total value = 10,858,636,000,000

Strike 51000 has a total call value of 31,111,500,000 versus a total put value of 10,680,297,300,000 Combined total value = 10,711,408,800,000

Strike 51100 has a total call value of 32,832,950,000 versus a total put value of 10,532,433,350,000 Combined total value = 10,565,266,300,000

Strike 51200 has a total call value of 34,554,400,000 versus a total put value of 10,384,575,000,000 Combined total value = 10,419,129,400,000

Strike 51300 has a total call value of 36,275,850,000 versus a total put value of 10,236,720,850,000 Combined total value = 10,272,996,700,000

Strike 51400 has a total call value of 37,997,300,000 versus a total put value of 10,088,866,700,000 Combined total value = 10,126,864,000,000

Strike 51500 has a total call value of 39,718,750,000 versus a total put value of 9,941,069,250,000 Combined total value = 9,980,788,000,000

Strike 51600 has a total call value of 41,440,200,000 versus a total put value of 9,793,434,900,000 Combined total value = 9,834,875,100,000

Strike 51700 has a total call value of 43,161,650,000 versus a total put value of 9,645,806,500,000 Combined total value = 9,688,968,150,000

Strike 51800 has a total call value of 44,883,100,000 versus a total put value of 9,498,178,100,000 Combined total value = 9,543,061,200,000

Strike 51900 has a total call value of 46,604,550,000 versus a total put value of 9,350,549,700,000 Combined total value = 9,397,154,250,000

Strike 52000 has a total call value of 48,326,000,000 versus a total put value of 9,202,929,350,000 Combined total value = 9,251,255,350,000

Strike 52100 has a total call value of 50,323,250,000 versus a total put value of 9,055,971,550,000 Combined total value = 9,106,294,800,000

Strike 52200 has a total call value of 52,320,500,000 versus a total put value of 8,909,030,900,000 Combined total value = 8,961,351,400,000

Strike 52300 has a total call value of 54,317,750,000 versus a total put value of 8,762,090,250,000 Combined total value = 8,816,408,000,000

Strike 52400 has a total call value of 56,315,000,000 versus a total put value of 8,615,163,950,000 Combined total value = 8,671,478,950,000

Strike 52500 has a total call value of 58,312,250,000 versus a total put value of 8,468,252,700,000 Combined total value = 8,526,564,950,000

Strike 52600 has a total call value of 60,309,500,000 versus a total put value of 8,321,719,650,000 Combined total value = 8,382,029,150,000

Strike 52700 has a total call value of 62,306,750,000 versus a total put value of 8,175,196,400,000 Combined total value = 8,237,503,150,000

Strike 52800 has a total call value of 64,304,000,000 versus a total put value of 8,028,683,300,000 Combined total value = 8,092,987,300,000

Strike 52900 has a total call value of 66,301,250,000 versus a total put value of 7,882,183,850,000 Combined total value = 7,948,485,100,000

Strike 53000 has a total call value of 68,298,500,000 versus a total put value of 7,735,700,150,000 Combined total value = 7,803,998,650,000

Strike 53100 has a total call value of 70,590,800,000 versus a total put value of 7,590,518,100,000 Combined total value = 7,661,108,900,000

Strike 53200 has a total call value of 72,883,100,000 versus a total put value of 7,445,336,050,000 Combined total value = 7,518,219,150,000

Strike 53300 has a total call value of 75,175,400,000 versus a total put value of 7,300,173,600,000 Combined total value = 7,375,349,000,000

Strike 53400 has a total call value of 77,467,700,000 versus a total put value of 7,155,026,900,000 Combined total value = 7,232,494,600,000

Strike 53500 has a total call value of 79,760,000,000 versus a total put value of 7,009,896,300,000 Combined total value = 7,089,656,300,000

Strike 53600 has a total call value of 82,052,300,000 versus a total put value of 6,865,291,050,000 Combined total value = 6,947,343,350,000

Strike 53700 has a total call value of 84,344,600,000 versus a total put value of 6,720,707,500,000 Combined total value = 6,805,052,100,000

Strike 53800 has a total call value of 86,636,900,000 versus a total put value of 6,576,123,950,000 Combined total value = 6,662,760,850,000

Strike 53900 has a total call value of 88,929,200,000 versus a total put value of 6,431,575,400,000 Combined total value = 6,520,504,600,000

Strike 54000 has a total call value of 91,221,500,000 versus a total put value of 6,287,109,100,000 Combined total value = 6,378,330,600,000

Strike 54100 has a total call value of 94,139,350,000 versus a total put value of 6,145,274,450,000 Combined total value = 6,239,413,800,000

Strike 54200 has a total call value of 97,057,200,000 versus a total put value of 6,003,506,300,000 Combined total value = 6,100,563,500,000

Strike 54300 has a total call value of 99,975,050,000 versus a total put value of 5,861,841,400,000 Combined total value = 5,961,816,450,000

Strike 54400 has a total call value of 102,892,900,000 versus a total put value of 5,720,209,400,000 Combined total value = 5,823,102,300,000

Strike 54500 has a total call value of 105,810,750,000 versus a total put value of 5,578,671,200,000 Combined total value = 5,684,481,950,000

Strike 54600 has a total call value of 108,728,600,000 versus a total put value of 5,438,194,550,000 Combined total value = 5,546,923,150,000

Strike 54700 has a total call value of 111,646,450,000 versus a total put value of 5,297,811,000,000 Combined total value = 5,409,457,450,000

Strike 54800 has a total call value of 114,564,300,000 versus a total put value of 5,157,522,300,000 Combined total value = 5,272,086,600,000

Strike 54900 has a total call value of 117,482,150,000 versus a total put value of 5,017,302,550,000 Combined total value = 5,134,784,700,000

Strike 55000 has a total call value of 120,400,000,000 versus a total put value of 4,877,152,450,000 Combined total value = 4,997,552,450,000

Strike 55100 has a total call value of 123,903,750,000 versus a total put value of 4,740,807,900,000 Combined total value = 4,864,711,650,000

Strike 55200 has a total call value of 127,407,500,000 versus a total put value of 4,604,517,250,000 Combined total value = 4,731,924,750,000

Strike 55300 has a total call value of 130,911,250,000 versus a total put value of 4,468,371,500,000 Combined total value = 4,599,282,750,000

Strike 55400 has a total call value of 134,415,000,000 versus a total put value of 4,332,366,100,000 Combined total value = 4,466,781,100,000

Strike 55500 has a total call value of 137,918,750,000 versus a total put value of 4,196,544,100,000 Combined total value = 4,334,462,850,000

Strike 55600 has a total call value of 142,263,550,000 versus a total put value of 4,063,466,050,000 Combined total value = 4,205,729,600,000

Strike 55700 has a total call value of 146,608,350,000 versus a total put value of 3,930,728,900,000 Combined total value = 4,077,337,250,000

Strike 55800 has a total call value of 150,955,950,000 versus a total put value of 3,798,126,500,000 Combined total value = 3,949,082,450,000

Strike 55900 has a total call value of 155,303,550,000 versus a total put value of 3,665,994,150,000 Combined total value = 3,821,297,700,000

Strike 56000 has a total call value of 159,651,150,000 versus a total put value of 3,534,032,250,000 Combined total value = 3,693,683,400,000

Strike 56100 has a total call value of 164,898,250,000 versus a total put value of 3,406,830,700,000 Combined total value = 3,571,728,950,000

Strike 56200 has a total call value of 170,145,350,000 versus a total put value of 3,279,971,100,000 Combined total value = 3,450,116,450,000

Strike 56300 has a total call value of 175,392,450,000 versus a total put value of 3,153,349,850,000 Combined total value = 3,328,742,300,000

Strike 56400 has a total call value of 180,639,550,000 versus a total put value of 3,026,981,300,000 Combined total value = 3,207,620,850,000

Strike 56500 has a total call value of 185,896,450,000 versus a total put value of 2,900,789,850,000 Combined total value = 3,086,686,300,000

Strike 56600 has a total call value of 191,472,200,000 versus a total put value of 2,777,287,100,000 Combined total value = 2,968,759,300,000

Strike 56700 has a total call value of 197,047,950,000 versus a total put value of 2,654,145,900,000 Combined total value = 2,851,193,850,000

Strike 56800 has a total call value of 202,623,700,000 versus a total put value of 2,531,233,950,000 Combined total value = 2,733,857,650,000

Strike 56900 has a total call value of 208,199,450,000 versus a total put value of 2,408,865,550,000 Combined total value = 2,617,065,000,000

Strike 57000 has a total call value of 213,775,200,000 versus a total put value of 2,286,847,500,000 Combined total value = 2,500,622,700,000

Strike 57100 has a total call value of 220,552,850,000 versus a total put value of 2,172,248,400,000 Combined total value = 2,392,801,250,000

Strike 57200 has a total call value of 227,330,500,000 versus a total put value of 2,058,695,450,000 Combined total value = 2,286,025,950,000

Strike 57300 has a total call value of 234,108,150,000 versus a total put value of 1,945,783,000,000 Combined total value = 2,179,891,150,000

Strike 57400 has a total call value of 240,914,150,000 versus a total put value of 1,833,627,600,000 Combined total value = 2,074,541,750,000

Strike 57500 has a total call value of 247,720,150,000 versus a total put value of 1,722,134,750,000 Combined total value = 1,969,854,900,000

Strike 57600 has a total call value of 255,109,250,000 versus a total put value of 1,617,560,350,000 Combined total value = 1,872,669,600,000

Strike 57700 has a total call value of 262,550,500,000 versus a total put value of 1,513,605,450,000 Combined total value = 1,776,155,950,000

Strike 57800 has a total call value of 270,082,750,000 versus a total put value of 1,410,726,800,000 Combined total value = 1,680,809,550,000

Strike 57900 has a total call value of 277,699,700,000 versus a total put value of 1,309,541,100,000 Combined total value = 1,587,240,800,000

Strike 58000 has a total call value of 285,381,750,000 versus a total put value of 1,209,043,500,000 Combined total value = 1,494,425,250,000

Strike 58100 has a total call value of 295,291,550,000 versus a total put value of 1,118,052,950,000 Combined total value = 1,413,344,500,000

Strike 58200 has a total call value of 305,315,800,000 versus a total put value of 1,027,631,150,000 Combined total value = 1,332,946,950,000

Strike 58300 has a total call value of 315,510,150,000 versus a total put value of 938,117,950,000 Combined total value = 1,253,628,100,000

Strike 58400 has a total call value of 325,843,100,000 versus a total put value of 849,565,850,000 Combined total value = 1,175,408,950,000

Strike 58500 has a total call value of 336,312,550,000 versus a total put value of 761,759,600,000 Combined total value = 1,098,072,150,000

Strike 58600 has a total call value of 353,875,450,000 versus a total put value of 685,203,400,000 Combined total value = 1,039,078,850,000

Strike 58700 has a total call value of 371,648,000,000 versus a total put value of 609,848,400,000 Combined total value = 981,496,400,000

Strike 58800 has a total call value of 389,763,200,000 versus a total put value of 536,186,000,000 Combined total value = 925,949,200,000

Strike 58900 has a total call value of 408,919,650,000 versus a total put value of 464,888,900,000 Combined total value = 873,808,550,000

Strike 59000 has a total call value of 428,574,500,000 versus a total put value of 395,615,850,000 Combined total value = 824,190,350,000

Strike 59100 has a total call value of 456,144,950,000 versus a total put value of 342,027,350,000 Combined total value = 798,172,300,000

Strike 59200 has a total call value of 484,793,400,000 versus a total put value of 291,257,750,000 Combined total value = 776,051,150,000

Strike 59300 has a total call value of 515,601,000,000 versus a total put value of 244,684,650,000 Combined total value = 760,285,650,000

Strike 59400 has a total call value of 549,087,150,000 versus a total put value of 201,481,700,000 Combined total value = 750,568,850,000

Strike 59500 has a total call value of 586,177,600,000 versus a total put value of 161,625,100,000 Combined total value = 747,802,700,000

Strike 59600 has a total call value of 639,813,950,000 versus a total put value of 141,132,250,000 Combined total value = 780,946,200,000

Strike 59700 has a total call value of 697,555,800,000 versus a total put value of 122,881,500,000 Combined total value = 820,437,300,000

Strike 59800 has a total call value of 759,342,600,000 versus a total put value of 106,968,400,000 Combined total value = 866,311,000,000

Strike 59900 has a total call value of 825,290,900,000 versus a total put value of 93,086,000,000 Combined total value = 918,376,900,000

Strike 60000 has a total call value of 894,230,300,000 versus a total put value of 79,997,400,000 Combined total value = 974,227,700,000

Strike 60100 has a total call value of 978,893,800,000 versus a total put value of 73,189,200,000 Combined total value = 1,052,083,000,000

Strike 60200 has a total call value of 1,066,415,050,000 versus a total put value of 67,051,950,000 Combined total value = 1,133,467,000,000

Strike 60300 has a total call value of 1,156,377,550,000 versus a total put value of 61,426,750,000 Combined total value = 1,217,804,300,000

Strike 60400 has a total call value of 1,248,023,900,000 versus a total put value of 56,254,450,000 Combined total value = 1,304,278,350,000

Strike 60500 has a total call value of 1,341,189,600,000 versus a total put value of 51,345,350,000 Combined total value = 1,392,534,950,000

Strike 60600 has a total call value of 1,440,573,750,000 versus a total put value of 47,561,850,000 Combined total value = 1,488,135,600,000

Strike 60700 has a total call value of 1,541,108,700,000 versus a total put value of 43,992,900,000 Combined total value = 1,585,101,600,000

Strike 60800 has a total call value of 1,642,988,350,000 versus a total put value of 40,554,150,000 Combined total value = 1,683,542,500,000

Strike 60900 has a total call value of 1,746,149,350,000 versus a total put value of 37,222,850,000 Combined total value = 1,783,372,200,000

Strike 61000 has a total call value of 1,850,388,700,000 versus a total put value of 34,122,550,000 Combined total value = 1,884,511,250,000

Strike 61100 has a total call value of 1,964,042,000,000 versus a total put value of 32,129,650,000 Combined total value = 1,996,171,650,000

Strike 61200 has a total call value of 2,078,478,250,000 versus a total put value of 30,256,100,000 Combined total value = 2,108,734,350,000

Strike 61300 has a total call value of 2,194,231,900,000 versus a total put value of 28,382,550,000 Combined total value = 2,222,614,450,000

Strike 61400 has a total call value of 2,311,062,150,000 versus a total put value of 26,538,750,000 Combined total value = 2,337,600,900,000

Strike 61500 has a total call value of 2,428,656,100,000 versus a total put value of 24,729,250,000 Combined total value = 2,453,385,350,000

Strike 61600 has a total call value of 2,551,103,150,000 versus a total put value of 23,097,900,000 Combined total value = 2,574,201,050,000

Strike 61700 has a total call value of 2,674,268,050,000 versus a total put value of 21,466,550,000 Combined total value = 2,695,734,600,000

Strike 61800 has a total call value of 2,798,197,350,000 versus a total put value of 19,835,200,000 Combined total value = 2,818,032,550,000

Strike 61900 has a total call value of 2,923,827,300,000 versus a total put value of 18,203,850,000 Combined total value = 2,942,031,150,000

Strike 62000 has a total call value of 3,049,909,100,000 versus a total put value of 16,572,500,000 Combined total value = 3,066,481,600,000

Strike 62100 has a total call value of 3,182,364,750,000 versus a total put value of 15,797,950,000 Combined total value = 3,198,162,700,000

Strike 62200 has a total call value of 3,315,105,300,000 versus a total put value of 15,023,400,000 Combined total value = 3,330,128,700,000

Strike 62300 has a total call value of 3,448,344,250,000 versus a total put value of 14,248,850,000 Combined total value = 3,462,593,100,000

Strike 62400 has a total call value of 3,582,247,850,000 versus a total put value of 13,474,300,000 Combined total value = 3,595,722,150,000

Strike 62500 has a total call value of 3,716,578,800,000 versus a total put value of 12,699,750,000 Combined total value = 3,729,278,550,000

Strike 62600 has a total call value of 3,853,987,300,000 versus a total put value of 11,925,200,000 Combined total value = 3,865,912,500,000

Strike 62700 has a total call value of 3,991,836,800,000 versus a total put value of 11,150,650,000 Combined total value = 4,002,987,450,000

Strike 62800 has a total call value of 4,130,065,700,000 versus a total put value of 10,376,100,000 Combined total value = 4,140,441,800,000

Strike 62900 has a total call value of 4,268,455,250,000 versus a total put value of 9,601,550,000 Combined total value = 4,278,056,800,000

Strike 63000 has a total call value of 4,406,999,150,000 versus a total put value of 8,827,000,000 Combined total value = 4,415,826,150,000

Strike 63100 has a total call value of 4,553,381,650,000 versus a total put value of 8,472,450,000 Combined total value = 4,561,854,100,000

Strike 63200 has a total call value of 4,700,043,800,000 versus a total put value of 8,117,900,000 Combined total value = 4,708,161,700,000

Strike 63300 has a total call value of 4,846,858,900,000 versus a total put value of 7,763,350,000 Combined total value = 4,854,622,250,000

Strike 63400 has a total call value of 4,993,863,000,000 versus a total put value of 7,408,800,000 Combined total value = 5,001,271,800,000

Strike 63500 has a total call value of 5,141,015,850,000 versus a total put value of 7,054,250,000 Combined total value = 5,148,070,100,000

Strike 63600 has a total call value of 5,290,100,700,000 versus a total put value of 6,699,700,000 Combined total value = 5,296,800,400,000

Strike 63700 has a total call value of 5,439,419,700,000 versus a total put value of 6,345,150,000 Combined total value = 5,445,764,850,000

Strike 63800 has a total call value of 5,588,836,350,000 versus a total put value of 5,990,600,000 Combined total value = 5,594,826,950,000

Strike 63900 has a total call value of 5,738,389,150,000 versus a total put value of 5,636,050,000 Combined total value = 5,744,025,200,000

Strike 64000 has a total call value of 5,888,017,900,000 versus a total put value of 5,281,500,000 Combined total value = 5,893,299,400,000

Strike 64100 has a total call value of 6,043,319,100,000 versus a total put value of 4,926,950,000 Combined total value = 6,048,246,050,000

Strike 64200 has a total call value of 6,198,695,550,000 versus a total put value of 4,572,400,000 Combined total value = 6,203,267,950,000

Strike 64300 has a total call value of 6,354,112,250,000 versus a total put value of 4,217,850,000 Combined total value = 6,358,330,100,000

Strike 64400 has a total call value of 6,509,546,450,000 versus a total put value of 3,863,300,000 Combined total value = 6,513,409,750,000

Strike 64500 has a total call value of 6,665,005,150,000 versus a total put value of 3,508,750,000 Combined total value = 6,668,513,900,000

Strike 64600 has a total call value of 6,821,741,000,000 versus a total put value of 3,154,200,000 Combined total value = 6,824,895,200,000

Strike 64700 has a total call value of 6,978,476,850,000 versus a total put value of 2,799,650,000 Combined total value = 6,981,276,500,000

Strike 64800 has a total call value of 7,135,252,600,000 versus a total put value of 2,445,100,000 Combined total value = 7,137,697,700,000

Strike 64900 has a total call value of 7,292,062,300,000 versus a total put value of 2,090,550,000 Combined total value = 7,294,152,850,000

Strike 65000 has a total call value of 7,448,872,000,000 versus a total put value of 1,736,000,000 Combined total value = 7,450,608,000,000

Strike 65100 has a total call value of 7,608,698,000,000 versus a total put value of 1,649,200,000 Combined total value = 7,610,347,200,000

Strike 65200 has a total call value of 7,768,524,000,000 versus a total put value of 1,562,400,000 Combined total value = 7,770,086,400,000

Strike 65300 has a total call value of 7,928,350,000,000 versus a total put value of 1,475,600,000 Combined total value = 7,929,825,600,000

Strike 65400 has a total call value of 8,088,176,000,000 versus a total put value of 1,388,800,000 Combined total value = 8,089,564,800,000

Strike 65500 has a total call value of 8,248,002,000,000 versus a total put value of 1,302,000,000 Combined total value = 8,249,304,000,000

Strike 65600 has a total call value of 8,408,012,450,000 versus a total put value of 1,215,200,000 Combined total value = 8,409,227,650,000

Strike 65700 has a total call value of 8,568,022,900,000 versus a total put value of 1,128,400,000 Combined total value = 8,569,151,300,000

Strike 65800 has a total call value of 8,728,033,350,000 versus a total put value of 1,041,600,000 Combined total value = 8,729,074,950,000

Strike 65900 has a total call value of 8,888,043,800,000 versus a total put value of 954,800,000 Combined total value = 8,888,998,600,000

Strike 66000 has a total call value of 9,048,054,250,000 versus a total put value of 868,000,000 Combined total value = 9,048,922,250,000

Strike 66100 has a total call value of 9,208,701,700,000 versus a total put value of 781,200,000 Combined total value = 9,209,482,900,000

Strike 66200 has a total call value of 9,369,349,150,000 versus a total put value of 694,400,000 Combined total value = 9,370,043,550,000

Strike 66300 has a total call value of 9,529,996,600,000 versus a total put value of 607,600,000 Combined total value = 9,530,604,200,000

Strike 66400 has a total call value of 9,690,644,050,000 versus a total put value of 520,800,000 Combined total value = 9,691,164,850,000

Strike 66500 has a total call value of 9,851,291,500,000 versus a total put value of 434,000,000 Combined total value = 9,851,725,500,000

Strike 66600 has a total call value of 10,013,193,700,000 versus a total put value of 347,200,000 Combined total value = 10,013,540,900,000

Strike 66700 has a total call value of 10,175,095,900,000 versus a total put value of 260,400,000 Combined total value = 10,175,356,300,000

Strike 66800 has a total call value of 10,336,998,100,000 versus a total put value of 173,600,000 Combined total value = 10,337,171,700,000

Strike 66900 has a total call value of 10,498,900,300,000 versus a total put value of 86,800,000 Combined total value = 10,498,987,100,000

Strike 67000 has a total call value of 10,660,802,500,000 versus a total put value of 0 Combined total value = 10,660,802,500,000

Strike 67100 has a total call value of 10,826,328,250,000 versus a total put value of 0 Combined total value = 10,826,328,250,000

Strike 67200 has a total call value of 10,991,854,000,000 versus a total put value of 0 Combined total value = 10,991,854,000,000

Strike 67300 has a total call value of 11,157,379,750,000 versus a total put value of 0 Combined total value = 11,157,379,750,000

Strike 67400 has a total call value of 11,322,905,500,000 versus a total put value of 0 Combined total value = 11,322,905,500,000

Strike 67500 has a total call value of 11,488,431,250,000 versus a total put value of 0 Combined total value = 11,488,431,250,000

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	1143	1140
ABB	5277.5	5200
ABCAPITAL	354.85	350
ADANIENSOL	1015.4	990
ADANIENT	2287	2300
ADANIGREEN	1048.5	1040
ADANIPORTS	1517.5	1500
ALKEM	5600	5700
AMBER	6801.5	6700
AMBUJACEM	553.45	550
ANGELONE	2581	2600
APLAPOLLO	1727.7	1740
APOLLOHOSP	7065	7200
ASHOKLEY	165.75	160
ASIANPAINT	2797	2820
ASTRAL	1419	1440
AUBANK	975.05	960
AUROPHARMA	1183.7	1200
AXISBANK	1286.6	1280
BAJAJ-AUTO	8920.5	9000
BAJAJFINSV	2076	2060
BAJFINANCE	1015.6	1020
BANDHANBNK	150.39	150
BANKBARODA	284.6	290
BANKINDIA	141.74	142
BDL	1407.1	1440
BEL	391	400
BHARATFORG	1399.1	1400
BHARTIARTL	2072	2100
BHEL	283.2	282.5
BIOCON	385.75	390
BLUESTARCO	1809.4	1780
BOSCHLTD	36515	36500
BPCL	364.9	362.5
BRITANNIA	6020	5950
BSE	2694.4	2750
CAMS	753.3	780
CANBK	148.32	148
CDSL	1518.1	1560
CGPOWER	666.15	680
CHOLAFIN	1725.7	1700
CIPLA	1507.7	1520
COALINDIA	384.4	382.25
COFORGE	1865.9	1840
COLPAL	2163.7	2180
CONCOR	504.5	510
CROMPTON	252.85	260
CUMMINSIND	4539.7	4500
CYIENT	1155.5	1160
DABUR	496.9	500
DALBHARAT	2090.4	2020
DELHIVERY	407.6	420
DIVISLAB	6380.5	6400
DIXON	13673	13500
DLF	696.15	710
DMART	3835.4	3900
DRREDDY	1275.1	1270
EICHERMOT	7100.5	7150
ETERNAL	298.8	300
EXIDEIND	371.1	375
FEDERALBNK	265.2	260
FORTIS	865.3	880
GAIL	169.98	172.5
GLENMARK	1968	1940
GMRAIRPORT	105.39	102
GODREJCP	1155.9	1140
GODREJPROP	2063.2	2040
GRASIM	2823.1	2800
HAL	4337.1	4500
HAVELLS	1411.8	1420
HCLTECH	1682	1660
HDFCAMC	2611.2	2650
HDFCBANK	997.5	1000
HDFCLIFE	772.15	770
HEROMOTOCO	5937.5	6000
HFCL	66.32	68
HINDALCO	849.75	820
HINDPETRO	464.85	460
HINDUNILVR	2281.1	2300
HINDZINC	565	540
HUDCO	215.85	220
ICICIBANK	1366.2	1380
ICICIGI	1931	1960
ICICIPRULI	645.65	630
IDEA	11.58	11
IDFCFIRSTB	83.96	81
IEX	142.67	145
IIFL	573.6	560
INDHOTEL	732.2	730
INDIANB	786.75	800
INDIGO	4958.5	5000
INDUSINDBK	848.45	850
INDUSTOWER	410.5	410
INFY	1605.6	1600
INOXWIND	125.56	130
IOC	166.54	165
IRCTC	672.8	680
IREDA	135.58	140
IRFC	113.29	115
ITC	401.9	405
JINDALSTEL	1027.8	1020
JIOFIN	299.3	300
JSWENERGY	484	490
JSWSTEEL	1115.9	1140
JUBLFOOD	577.5	590
KALYANKJIL	486.35	480
KAYNES	4210.5	4400
KEI	4177	4100
KFINTECH	1049.3	1060
KOTAKBANK	2171.5	2160
KPITTECH	1226.6	1220
LAURUSLABS	1006.8	1000
LICHSGFIN	531	550
LICI	859.55	880
LODHA	1098.2	1100
LT	4078.7	4040
LTF	305.85	305
LTIM	6284	6200
LUPIN	2096.3	2080
M&M	3622.2	3700
MANAPPURAM	286.9	280
MANKIND	2152.4	2200
MARICO	735	730
MARUTI	16425	16300
MAXHEALTH	1075.2	1100
MAZDOCK	2454	2500
MCX	10255	10100
MFSL	1683.3	1700
MOTHERSON	120	116
MPHASIS	2891.5	2900
MUTHOOTFIN	3861.8	3750
NATIONALUM	278.9	270
NAUKRI	1351.8	1360
NBCC	115.7	113
NCC	161.54	167.5
NESTLEIND	1241	1240
NHPC	77.08	77
NMDC	77.79	76
NTPC	324.4	325
NUVAMA	7282	7200
NYKAA	249	255
OBEROIRLTY	1648.9	1640
OFSS	7986.5	8000
OIL	403	410
ONGC	232.99	239
PAGEIND	36720	37000
PATANJALI	533.35	540
PAYTM	1302.7	1300
PERSISTENT	6313.5	6300
PETRONET	268.7	275
PFC	340.6	360
PGEL	568.8	560
PHOENIXLTD	1778.3	1740
PIDILITIND	1475.7	1480
PIIND	3256	3350
PNB	118.51	120
PNBHOUSING	913.1	910
POLICYBZR	1905	1900
POLYCAB	7311.5	7300
POWERGRID	261.75	270
POWERINDIA	19390	19500
PPLPHARMA	172.53	177.5
PRESTIGE	1640.9	1660
RBLBANK	305.95	310
RECLTD	341.85	355
RELIANCE	1554.5	1540
RVNL	313.25	315
SAIL	131.13	132
SAMMAANCAP	149.1	155
SBICARD	869	880
SBILIFE	2030.3	2020
SBIN	967.1	965
SHREECEM	26260	26500
SHRIRAMFIN	857.35	840
SIEMENS	3169.7	3200
SOLARINDS	12246	12750
SONACOMS	486	495
SRF	2999	2950
SUNPHARMA	1797.1	1800
SUPREMEIND	3257.9	3350
SUZLON	53.08	54
SYNGENE	655.9	640
TATACONSUM	1158.6	1170
TATAELXSI	5060	5000
TATAMOTORS	0	320
TATAPOWER	381.75	390
TATASTEEL	172.96	170
TATATECH	657.5	670
TCS	3219	3200
TECHM	1581.7	1560
TIINDIA	2628.9	2650
TITAGARH	787.05	800
TITAN	3861.4	3840
TMPV	345.95	360
TORNTPHARM	3783.1	3750
TORNTPOWER	1287.7	1300
TRENT	4063.5	4200
TVSMOTOR	3624	3600
ULTRACEMCO	11660	11700
UNIONBANK	152.38	152.5
UNITDSPR	1442.7	1440
UNOMINDA	1239.2	1280
UPL	751.55	750
VBL	476.2	475
VEDL	545.15	530
VOLTAS	1376.5	1360
WIPRO	260.71	255
YESBANK	21.81	22
ZYDUSLIFE	920.25	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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