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

59129.05 +202.30 (0.34%)

L: 58712.7 H: 59211

Max Pain - BANKNIFTY

18 Dec 2025 01:08 PM IST

Live

Expiry

Max Pain for BANKNIFTY is 59200

Historical data for BANKNIFTY-59200-CE

LTP (59200 CE)

478.75 65

Open Interest

14301 -941

Historical data for BANKNIFTY-59200-PE

LTP (59200 PE)

371.2 -100.75

Open Interest

12228 4731

Strike 43500 has a total call value of 0 versus a total put value of 23,021,371,400,000 Combined total value = 23,021,371,400,000

Strike 43600 has a total call value of 0 versus a total put value of 22,861,249,850,000 Combined total value = 22,861,249,850,000

Strike 43700 has a total call value of 0 versus a total put value of 22,701,128,300,000 Combined total value = 22,701,128,300,000

Strike 43800 has a total call value of 0 versus a total put value of 22,541,006,750,000 Combined total value = 22,541,006,750,000

Strike 43900 has a total call value of 0 versus a total put value of 22,380,885,200,000 Combined total value = 22,380,885,200,000

Strike 44000 has a total call value of 0 versus a total put value of 22,220,763,650,000 Combined total value = 22,220,763,650,000

Strike 44100 has a total call value of 0 versus a total put value of 22,060,642,100,000 Combined total value = 22,060,642,100,000

Strike 44200 has a total call value of 0 versus a total put value of 21,900,520,550,000 Combined total value = 21,900,520,550,000

Strike 44300 has a total call value of 0 versus a total put value of 21,740,399,000,000 Combined total value = 21,740,399,000,000

Strike 44400 has a total call value of 0 versus a total put value of 21,580,277,450,000 Combined total value = 21,580,277,450,000

Strike 44500 has a total call value of 0 versus a total put value of 21,420,155,900,000 Combined total value = 21,420,155,900,000

Strike 44600 has a total call value of 0 versus a total put value of 21,260,034,350,000 Combined total value = 21,260,034,350,000

Strike 44700 has a total call value of 0 versus a total put value of 21,099,912,800,000 Combined total value = 21,099,912,800,000

Strike 44800 has a total call value of 0 versus a total put value of 20,939,791,250,000 Combined total value = 20,939,791,250,000

Strike 44900 has a total call value of 0 versus a total put value of 20,779,669,700,000 Combined total value = 20,779,669,700,000

Strike 45000 has a total call value of 0 versus a total put value of 20,619,548,150,000 Combined total value = 20,619,548,150,000

Strike 45100 has a total call value of 0 versus a total put value of 20,459,426,600,000 Combined total value = 20,459,426,600,000

Strike 45200 has a total call value of 0 versus a total put value of 20,299,305,050,000 Combined total value = 20,299,305,050,000

Strike 45300 has a total call value of 0 versus a total put value of 20,139,183,500,000 Combined total value = 20,139,183,500,000

Strike 45400 has a total call value of 0 versus a total put value of 19,979,061,950,000 Combined total value = 19,979,061,950,000

Strike 45500 has a total call value of 0 versus a total put value of 19,818,940,400,000 Combined total value = 19,818,940,400,000

Strike 45600 has a total call value of 0 versus a total put value of 19,658,818,850,000 Combined total value = 19,658,818,850,000

Strike 45700 has a total call value of 0 versus a total put value of 19,498,697,300,000 Combined total value = 19,498,697,300,000

Strike 45800 has a total call value of 0 versus a total put value of 19,338,575,750,000 Combined total value = 19,338,575,750,000

Strike 45900 has a total call value of 0 versus a total put value of 19,178,454,200,000 Combined total value = 19,178,454,200,000

Strike 46000 has a total call value of 0 versus a total put value of 19,018,332,650,000 Combined total value = 19,018,332,650,000

Strike 46100 has a total call value of 0 versus a total put value of 18,858,211,100,000 Combined total value = 18,858,211,100,000

Strike 46200 has a total call value of 0 versus a total put value of 18,698,089,550,000 Combined total value = 18,698,089,550,000

Strike 46300 has a total call value of 0 versus a total put value of 18,537,968,000,000 Combined total value = 18,537,968,000,000

Strike 46400 has a total call value of 0 versus a total put value of 18,377,846,450,000 Combined total value = 18,377,846,450,000

Strike 46500 has a total call value of 0 versus a total put value of 18,217,724,900,000 Combined total value = 18,217,724,900,000

Strike 46600 has a total call value of 0 versus a total put value of 18,057,815,800,000 Combined total value = 18,057,815,800,000

Strike 46700 has a total call value of 0 versus a total put value of 17,897,906,700,000 Combined total value = 17,897,906,700,000

Strike 46800 has a total call value of 0 versus a total put value of 17,737,997,600,000 Combined total value = 17,737,997,600,000

Strike 46900 has a total call value of 0 versus a total put value of 17,578,088,500,000 Combined total value = 17,578,088,500,000

Strike 47000 has a total call value of 0 versus a total put value of 17,418,179,400,000 Combined total value = 17,418,179,400,000

Strike 47100 has a total call value of 0 versus a total put value of 17,258,417,300,000 Combined total value = 17,258,417,300,000

Strike 47200 has a total call value of 0 versus a total put value of 17,098,655,200,000 Combined total value = 17,098,655,200,000

Strike 47300 has a total call value of 0 versus a total put value of 16,938,893,100,000 Combined total value = 16,938,893,100,000

Strike 47400 has a total call value of 0 versus a total put value of 16,779,131,000,000 Combined total value = 16,779,131,000,000

Strike 47500 has a total call value of 0 versus a total put value of 16,619,368,900,000 Combined total value = 16,619,368,900,000

Strike 47600 has a total call value of 0 versus a total put value of 16,459,882,250,000 Combined total value = 16,459,882,250,000

Strike 47700 has a total call value of 0 versus a total put value of 16,300,395,600,000 Combined total value = 16,300,395,600,000

Strike 47800 has a total call value of 0 versus a total put value of 16,140,908,950,000 Combined total value = 16,140,908,950,000

Strike 47900 has a total call value of 0 versus a total put value of 15,981,422,300,000 Combined total value = 15,981,422,300,000

Strike 48000 has a total call value of 0 versus a total put value of 15,821,935,650,000 Combined total value = 15,821,935,650,000

Strike 48100 has a total call value of 773,150,000 versus a total put value of 15,662,842,400,000 Combined total value = 15,663,615,550,000

Strike 48200 has a total call value of 1,546,300,000 versus a total put value of 15,503,749,150,000 Combined total value = 15,505,295,450,000

Strike 48300 has a total call value of 2,319,450,000 versus a total put value of 15,344,655,900,000 Combined total value = 15,346,975,350,000

Strike 48400 has a total call value of 3,092,600,000 versus a total put value of 15,185,562,650,000 Combined total value = 15,188,655,250,000

Strike 48500 has a total call value of 3,865,750,000 versus a total put value of 15,026,469,400,000 Combined total value = 15,030,335,150,000

Strike 48600 has a total call value of 4,639,950,000 versus a total put value of 14,867,481,500,000 Combined total value = 14,872,121,450,000

Strike 48700 has a total call value of 5,414,150,000 versus a total put value of 14,708,493,600,000 Combined total value = 14,713,907,750,000

Strike 48800 has a total call value of 6,188,350,000 versus a total put value of 14,549,505,700,000 Combined total value = 14,555,694,050,000

Strike 48900 has a total call value of 6,962,550,000 versus a total put value of 14,390,517,800,000 Combined total value = 14,397,480,350,000

Strike 49000 has a total call value of 7,736,750,000 versus a total put value of 14,231,529,900,000 Combined total value = 14,239,266,650,000

Strike 49100 has a total call value of 8,676,850,000 versus a total put value of 14,072,699,150,000 Combined total value = 14,081,376,000,000

Strike 49200 has a total call value of 9,616,950,000 versus a total put value of 13,913,868,400,000 Combined total value = 13,923,485,350,000

Strike 49300 has a total call value of 10,557,050,000 versus a total put value of 13,755,037,650,000 Combined total value = 13,765,594,700,000

Strike 49400 has a total call value of 11,497,150,000 versus a total put value of 13,596,206,900,000 Combined total value = 13,607,704,050,000

Strike 49500 has a total call value of 12,437,250,000 versus a total put value of 13,437,376,150,000 Combined total value = 13,449,813,400,000

Strike 49600 has a total call value of 13,381,550,000 versus a total put value of 13,278,594,050,000 Combined total value = 13,291,975,600,000

Strike 49700 has a total call value of 14,325,850,000 versus a total put value of 13,119,832,250,000 Combined total value = 13,134,158,100,000

Strike 49800 has a total call value of 15,270,500,000 versus a total put value of 12,961,133,450,000 Combined total value = 12,976,403,950,000

Strike 49900 has a total call value of 16,215,500,000 versus a total put value of 12,802,457,050,000 Combined total value = 12,818,672,550,000

Strike 50000 has a total call value of 17,160,850,000 versus a total put value of 12,643,805,850,000 Combined total value = 12,660,966,700,000

Strike 50100 has a total call value of 18,737,600,000 versus a total put value of 12,487,208,800,000 Combined total value = 12,505,946,400,000

Strike 50200 has a total call value of 20,314,700,000 versus a total put value of 12,330,634,850,000 Combined total value = 12,350,949,550,000

Strike 50300 has a total call value of 21,892,150,000 versus a total put value of 12,174,066,850,000 Combined total value = 12,195,959,000,000

Strike 50400 has a total call value of 23,469,950,000 versus a total put value of 12,017,507,950,000 Combined total value = 12,040,977,900,000

Strike 50500 has a total call value of 25,048,100,000 versus a total put value of 11,860,951,850,000 Combined total value = 11,885,999,950,000

Strike 50600 has a total call value of 26,631,150,000 versus a total put value of 11,704,541,000,000 Combined total value = 11,731,172,150,000

Strike 50700 has a total call value of 28,214,550,000 versus a total put value of 11,548,132,950,000 Combined total value = 11,576,347,500,000

Strike 50800 has a total call value of 29,798,300,000 versus a total put value of 11,391,729,100,000 Combined total value = 11,421,527,400,000

Strike 50900 has a total call value of 31,382,400,000 versus a total put value of 11,235,330,150,000 Combined total value = 11,266,712,550,000

Strike 51000 has a total call value of 32,966,850,000 versus a total put value of 11,078,944,850,000 Combined total value = 11,111,911,700,000

Strike 51100 has a total call value of 34,742,900,000 versus a total put value of 10,923,309,850,000 Combined total value = 10,958,052,750,000

Strike 51200 has a total call value of 36,519,300,000 versus a total put value of 10,767,680,800,000 Combined total value = 10,804,200,100,000

Strike 51300 has a total call value of 38,296,050,000 versus a total put value of 10,612,060,150,000 Combined total value = 10,650,356,200,000

Strike 51400 has a total call value of 40,073,150,000 versus a total put value of 10,456,450,350,000 Combined total value = 10,496,523,500,000

Strike 51500 has a total call value of 41,850,600,000 versus a total put value of 10,300,896,200,000 Combined total value = 10,342,746,800,000

Strike 51600 has a total call value of 43,635,400,000 versus a total put value of 10,145,519,850,000 Combined total value = 10,189,155,250,000

Strike 51700 has a total call value of 45,420,550,000 versus a total put value of 9,990,149,800,000 Combined total value = 10,035,570,350,000

Strike 51800 has a total call value of 47,206,050,000 versus a total put value of 9,834,784,300,000 Combined total value = 9,881,990,350,000

Strike 51900 has a total call value of 48,992,600,000 versus a total put value of 9,679,426,850,000 Combined total value = 9,728,419,450,000

Strike 52000 has a total call value of 50,780,550,000 versus a total put value of 9,524,074,650,000 Combined total value = 9,574,855,200,000

Strike 52100 has a total call value of 52,839,400,000 versus a total put value of 9,369,322,700,000 Combined total value = 9,422,162,100,000

Strike 52200 has a total call value of 54,898,600,000 versus a total put value of 9,214,585,450,000 Combined total value = 9,269,484,050,000

Strike 52300 has a total call value of 56,958,150,000 versus a total put value of 9,059,852,750,000 Combined total value = 9,116,810,900,000

Strike 52400 has a total call value of 59,018,050,000 versus a total put value of 8,905,134,400,000 Combined total value = 8,964,152,450,000

Strike 52500 has a total call value of 61,078,300,000 versus a total put value of 8,750,433,900,000 Combined total value = 8,811,512,200,000

Strike 52600 has a total call value of 63,147,650,000 versus a total put value of 8,596,129,450,000 Combined total value = 8,659,277,100,000

Strike 52700 has a total call value of 65,218,050,000 versus a total put value of 8,441,837,950,000 Combined total value = 8,507,056,000,000

Strike 52800 has a total call value of 67,288,800,000 versus a total put value of 8,287,556,950,000 Combined total value = 8,354,845,750,000

Strike 52900 has a total call value of 69,360,250,000 versus a total put value of 8,133,288,900,000 Combined total value = 8,202,649,150,000

Strike 53000 has a total call value of 71,432,400,000 versus a total put value of 7,979,038,700,000 Combined total value = 8,050,471,100,000

Strike 53100 has a total call value of 73,767,400,000 versus a total put value of 7,825,983,400,000 Combined total value = 7,899,750,800,000

Strike 53200 has a total call value of 76,103,450,000 versus a total put value of 7,672,945,600,000 Combined total value = 7,749,049,050,000

Strike 53300 has a total call value of 78,440,200,000 versus a total put value of 7,519,926,350,000 Combined total value = 7,598,366,550,000

Strike 53400 has a total call value of 80,777,650,000 versus a total put value of 7,366,922,150,000 Combined total value = 7,447,699,800,000

Strike 53500 has a total call value of 83,115,800,000 versus a total put value of 7,213,935,450,000 Combined total value = 7,297,051,250,000

Strike 53600 has a total call value of 85,485,800,000 versus a total put value of 7,061,452,750,000 Combined total value = 7,146,938,550,000

Strike 53700 has a total call value of 87,866,300,000 versus a total put value of 6,909,025,000,000 Combined total value = 6,996,891,300,000

Strike 53800 has a total call value of 90,247,850,000 versus a total put value of 6,756,632,250,000 Combined total value = 6,846,880,100,000

Strike 53900 has a total call value of 92,630,800,000 versus a total put value of 6,604,272,050,000 Combined total value = 6,696,902,850,000

Strike 54000 has a total call value of 95,015,150,000 versus a total put value of 6,451,991,300,000 Combined total value = 6,547,006,450,000

Strike 54100 has a total call value of 97,970,100,000 versus a total put value of 6,302,248,050,000 Combined total value = 6,400,218,150,000

Strike 54200 has a total call value of 100,926,450,000 versus a total put value of 6,152,569,900,000 Combined total value = 6,253,496,350,000

Strike 54300 has a total call value of 103,900,300,000 versus a total put value of 6,002,992,900,000 Combined total value = 6,106,893,200,000

Strike 54400 has a total call value of 106,875,550,000 versus a total put value of 5,853,462,450,000 Combined total value = 5,960,338,000,000

Strike 54500 has a total call value of 109,898,050,000 versus a total put value of 5,704,023,700,000 Combined total value = 5,813,921,750,000

Strike 54600 has a total call value of 113,003,850,000 versus a total put value of 5,555,432,650,000 Combined total value = 5,668,436,500,000

Strike 54700 has a total call value of 116,112,100,000 versus a total put value of 5,406,944,850,000 Combined total value = 5,523,056,950,000

Strike 54800 has a total call value of 119,238,900,000 versus a total put value of 5,258,540,350,000 Combined total value = 5,377,779,250,000

Strike 54900 has a total call value of 122,376,200,000 versus a total put value of 5,110,255,900,000 Combined total value = 5,232,632,100,000

Strike 55000 has a total call value of 125,538,700,000 versus a total put value of 4,962,068,750,000 Combined total value = 5,087,607,450,000

Strike 55100 has a total call value of 129,210,450,000 versus a total put value of 4,818,254,500,000 Combined total value = 4,947,464,950,000

Strike 55200 has a total call value of 132,890,600,000 versus a total put value of 4,674,542,100,000 Combined total value = 4,807,432,700,000

Strike 55300 has a total call value of 136,572,150,000 versus a total put value of 4,531,019,750,000 Combined total value = 4,667,591,900,000

Strike 55400 has a total call value of 140,261,050,000 versus a total put value of 4,387,678,000,000 Combined total value = 4,527,939,050,000

Strike 55500 has a total call value of 143,989,500,000 versus a total put value of 4,244,545,900,000 Combined total value = 4,388,535,400,000

Strike 55600 has a total call value of 148,534,850,000 versus a total put value of 4,104,748,900,000 Combined total value = 4,253,283,750,000

Strike 55700 has a total call value of 153,083,000,000 versus a total put value of 3,965,235,400,000 Combined total value = 4,118,318,400,000

Strike 55800 has a total call value of 157,633,250,000 versus a total put value of 3,825,972,500,000 Combined total value = 3,983,605,750,000

Strike 55900 has a total call value of 162,189,100,000 versus a total put value of 3,687,327,350,000 Combined total value = 3,849,516,450,000

Strike 56000 has a total call value of 166,750,900,000 versus a total put value of 3,548,945,400,000 Combined total value = 3,715,696,300,000

Strike 56100 has a total call value of 172,144,650,000 versus a total put value of 3,416,124,250,000 Combined total value = 3,588,268,900,000

Strike 56200 has a total call value of 177,541,900,000 versus a total put value of 3,283,603,050,000 Combined total value = 3,461,144,950,000

Strike 56300 has a total call value of 182,941,950,000 versus a total put value of 3,151,376,200,000 Combined total value = 3,334,318,150,000

Strike 56400 has a total call value of 188,344,450,000 versus a total put value of 3,019,575,300,000 Combined total value = 3,207,919,750,000

Strike 56500 has a total call value of 193,756,050,000 versus a total put value of 2,888,135,250,000 Combined total value = 3,081,891,300,000

Strike 56600 has a total call value of 199,465,500,000 versus a total put value of 2,760,685,200,000 Combined total value = 2,960,150,700,000

Strike 56700 has a total call value of 205,178,100,000 versus a total put value of 2,633,538,250,000 Combined total value = 2,838,716,350,000

Strike 56800 has a total call value of 210,897,000,000 versus a total put value of 2,506,696,500,000 Combined total value = 2,717,593,500,000

Strike 56900 has a total call value of 216,627,800,000 versus a total put value of 2,380,341,950,000 Combined total value = 2,596,969,750,000

Strike 57000 has a total call value of 222,362,800,000 versus a total put value of 2,254,507,850,000 Combined total value = 2,476,870,650,000

Strike 57100 has a total call value of 229,144,650,000 versus a total put value of 2,136,484,700,000 Combined total value = 2,365,629,350,000

Strike 57200 has a total call value of 235,931,050,000 versus a total put value of 2,019,519,950,000 Combined total value = 2,255,451,000,000

Strike 57300 has a total call value of 242,745,450,000 versus a total put value of 1,903,402,200,000 Combined total value = 2,146,147,650,000

Strike 57400 has a total call value of 249,589,950,000 versus a total put value of 1,788,271,800,000 Combined total value = 2,037,861,750,000

Strike 57500 has a total call value of 256,482,750,000 versus a total put value of 1,673,925,750,000 Combined total value = 1,930,408,500,000

Strike 57600 has a total call value of 263,967,750,000 versus a total put value of 1,566,551,000,000 Combined total value = 1,830,518,750,000

Strike 57700 has a total call value of 271,508,750,000 versus a total put value of 1,460,084,850,000 Combined total value = 1,731,593,600,000

Strike 57800 has a total call value of 279,143,550,000 versus a total put value of 1,355,324,950,000 Combined total value = 1,634,468,500,000

Strike 57900 has a total call value of 286,893,150,000 versus a total put value of 1,252,113,100,000 Combined total value = 1,539,006,250,000

Strike 58000 has a total call value of 294,722,900,000 versus a total put value of 1,149,798,300,000 Combined total value = 1,444,521,200,000

Strike 58100 has a total call value of 304,461,900,000 versus a total put value of 1,058,484,350,000 Combined total value = 1,362,946,250,000

Strike 58200 has a total call value of 314,347,200,000 versus a total put value of 967,960,350,000 Combined total value = 1,282,307,550,000

Strike 58300 has a total call value of 324,402,950,000 versus a total put value of 878,672,900,000 Combined total value = 1,203,075,850,000

Strike 58400 has a total call value of 334,613,050,000 versus a total put value of 790,822,550,000 Combined total value = 1,125,435,600,000

Strike 58500 has a total call value of 345,033,500,000 versus a total put value of 704,043,550,000 Combined total value = 1,049,077,050,000

Strike 58600 has a total call value of 362,168,350,000 versus a total put value of 628,157,950,000 Combined total value = 990,326,300,000

Strike 58700 has a total call value of 379,649,000,000 versus a total put value of 555,711,100,000 Combined total value = 935,360,100,000

Strike 58800 has a total call value of 398,466,650,000 versus a total put value of 485,820,650,000 Combined total value = 884,287,300,000

Strike 58900 has a total call value of 418,681,850,000 versus a total put value of 419,613,600,000 Combined total value = 838,295,450,000

Strike 59000 has a total call value of 440,306,850,000 versus a total put value of 357,327,250,000 Combined total value = 797,634,100,000

Strike 59100 has a total call value of 473,051,000,000 versus a total put value of 311,673,950,000 Combined total value = 784,724,950,000

Strike 59200 has a total call value of 509,723,550,000 versus a total put value of 269,580,850,000 Combined total value = 779,304,400,000

Strike 59300 has a total call value of 551,401,450,000 versus a total put value of 231,767,550,000 Combined total value = 783,169,000,000

Strike 59400 has a total call value of 597,865,950,000 versus a total put value of 196,723,450,000 Combined total value = 794,589,400,000

Strike 59500 has a total call value of 648,386,250,000 versus a total put value of 163,675,400,000 Combined total value = 812,061,650,000

Strike 59600 has a total call value of 717,478,950,000 versus a total put value of 145,921,300,000 Combined total value = 863,400,250,000

Strike 59700 has a total call value of 792,485,250,000 versus a total put value of 129,490,900,000 Combined total value = 921,976,150,000

Strike 59800 has a total call value of 871,840,650,000 versus a total put value of 115,229,450,000 Combined total value = 987,070,100,000

Strike 59900 has a total call value of 955,447,850,000 versus a total put value of 102,618,250,000 Combined total value = 1,058,066,100,000

Strike 60000 has a total call value of 1,042,036,700,000 versus a total put value of 90,777,400,000 Combined total value = 1,132,814,100,000

Strike 60100 has a total call value of 1,146,003,750,000 versus a total put value of 84,406,000,000 Combined total value = 1,230,409,750,000

Strike 60200 has a total call value of 1,253,080,900,000 versus a total put value of 78,605,450,000 Combined total value = 1,331,686,350,000

Strike 60300 has a total call value of 1,364,934,850,000 versus a total put value of 73,200,400,000 Combined total value = 1,438,135,250,000

Strike 60400 has a total call value of 1,478,565,050,000 versus a total put value of 68,135,550,000 Combined total value = 1,546,700,600,000

Strike 60500 has a total call value of 1,594,063,550,000 versus a total put value of 63,224,000,000 Combined total value = 1,657,287,550,000

Strike 60600 has a total call value of 1,716,939,700,000 versus a total put value of 59,133,200,000 Combined total value = 1,776,072,900,000

Strike 60700 has a total call value of 1,841,412,200,000 versus a total put value of 55,244,350,000 Combined total value = 1,896,656,550,000

Strike 60800 has a total call value of 1,967,401,600,000 versus a total put value of 51,481,850,000 Combined total value = 2,018,883,450,000

Strike 60900 has a total call value of 2,094,990,500,000 versus a total put value of 47,822,600,000 Combined total value = 2,142,813,100,000

Strike 61000 has a total call value of 2,223,665,100,000 versus a total put value of 44,384,550,000 Combined total value = 2,268,049,650,000

Strike 61100 has a total call value of 2,361,860,750,000 versus a total put value of 42,026,250,000 Combined total value = 2,403,887,000,000

Strike 61200 has a total call value of 2,501,011,200,000 versus a total put value of 39,784,850,000 Combined total value = 2,540,796,050,000

Strike 61300 has a total call value of 2,641,236,850,000 versus a total put value of 37,591,750,000 Combined total value = 2,678,828,600,000

Strike 61400 has a total call value of 2,782,915,000,000 versus a total put value of 35,427,700,000 Combined total value = 2,818,342,700,000

Strike 61500 has a total call value of 2,925,511,900,000 versus a total put value of 33,297,250,000 Combined total value = 2,958,809,150,000

Strike 61600 has a total call value of 3,072,940,900,000 versus a total put value of 31,337,600,000 Combined total value = 3,104,278,500,000

Strike 61700 has a total call value of 3,221,011,100,000 versus a total put value of 29,421,350,000 Combined total value = 3,250,432,450,000

Strike 61800 has a total call value of 3,369,718,300,000 versus a total put value of 27,539,050,000 Combined total value = 3,397,257,350,000

Strike 61900 has a total call value of 3,520,361,000,000 versus a total put value of 25,700,500,000 Combined total value = 3,546,061,500,000

Strike 62000 has a total call value of 3,671,429,300,000 versus a total put value of 23,865,450,000 Combined total value = 3,695,294,750,000

Strike 62100 has a total call value of 3,831,475,100,000 versus a total put value of 22,806,350,000 Combined total value = 3,854,281,450,000

Strike 62200 has a total call value of 3,991,859,000,000 versus a total put value of 21,749,350,000 Combined total value = 4,013,608,350,000

Strike 62300 has a total call value of 4,152,693,350,000 versus a total put value of 20,693,400,000 Combined total value = 4,173,386,750,000

Strike 62400 has a total call value of 4,314,187,450,000 versus a total put value of 19,638,850,000 Combined total value = 4,333,826,300,000

Strike 62500 has a total call value of 4,475,992,700,000 versus a total put value of 18,585,700,000 Combined total value = 4,494,578,400,000

Strike 62600 has a total call value of 4,643,698,600,000 versus a total put value of 17,537,800,000 Combined total value = 4,661,236,400,000

Strike 62700 has a total call value of 4,811,790,200,000 versus a total put value of 16,492,000,000 Combined total value = 4,828,282,200,000

Strike 62800 has a total call value of 4,980,102,300,000 versus a total put value of 15,447,950,000 Combined total value = 4,995,550,250,000

Strike 62900 has a total call value of 5,148,667,100,000 versus a total put value of 14,404,600,000 Combined total value = 5,163,071,700,000

Strike 63000 has a total call value of 5,317,480,400,000 versus a total put value of 13,361,950,000 Combined total value = 5,330,842,350,000

Strike 63100 has a total call value of 5,494,586,600,000 versus a total put value of 12,733,350,000 Combined total value = 5,507,319,950,000

Strike 63200 has a total call value of 5,671,970,000,000 versus a total put value of 12,105,450,000 Combined total value = 5,684,075,450,000

Strike 63300 has a total call value of 5,849,519,300,000 versus a total put value of 11,480,000,000 Combined total value = 5,860,999,300,000

Strike 63400 has a total call value of 6,027,221,550,000 versus a total put value of 10,854,900,000 Combined total value = 6,038,076,450,000

Strike 63500 has a total call value of 6,205,001,500,000 versus a total put value of 10,229,800,000 Combined total value = 6,215,231,300,000

Strike 63600 has a total call value of 6,384,489,800,000 versus a total put value of 9,605,400,000 Combined total value = 6,394,095,200,000

Strike 63700 has a total call value of 6,564,174,800,000 versus a total put value of 8,981,000,000 Combined total value = 6,573,155,800,000

Strike 63800 has a total call value of 6,744,019,400,000 versus a total put value of 8,356,600,000 Combined total value = 6,752,376,000,000

Strike 63900 has a total call value of 6,924,062,100,000 versus a total put value of 7,732,200,000 Combined total value = 6,931,794,300,000

Strike 64000 has a total call value of 7,104,187,750,000 versus a total put value of 7,107,800,000 Combined total value = 7,111,295,550,000

Strike 64100 has a total call value of 7,289,683,450,000 versus a total put value of 6,654,900,000 Combined total value = 7,296,338,350,000

Strike 64200 has a total call value of 7,475,228,150,000 versus a total put value of 6,202,350,000 Combined total value = 7,481,430,500,000

Strike 64300 has a total call value of 7,660,816,250,000 versus a total put value of 5,750,500,000 Combined total value = 7,666,566,750,000

Strike 64400 has a total call value of 7,846,492,900,000 versus a total put value of 5,299,000,000 Combined total value = 7,851,791,900,000

Strike 64500 has a total call value of 8,032,207,350,000 versus a total put value of 4,847,500,000 Combined total value = 8,037,054,850,000

Strike 64600 has a total call value of 8,219,148,550,000 versus a total put value of 4,406,850,000 Combined total value = 8,223,555,400,000

Strike 64700 has a total call value of 8,406,109,350,000 versus a total put value of 3,966,200,000 Combined total value = 8,410,075,550,000

Strike 64800 has a total call value of 8,593,134,550,000 versus a total put value of 3,525,550,000 Combined total value = 8,596,660,100,000

Strike 64900 has a total call value of 8,780,213,650,000 versus a total put value of 3,084,900,000 Combined total value = 8,783,298,550,000

Strike 65000 has a total call value of 8,967,292,750,000 versus a total put value of 2,644,250,000 Combined total value = 8,969,937,000,000

Strike 65100 has a total call value of 9,158,728,300,000 versus a total put value of 2,467,150,000 Combined total value = 9,161,195,450,000

Strike 65200 has a total call value of 9,350,163,850,000 versus a total put value of 2,290,050,000 Combined total value = 9,352,453,900,000

Strike 65300 has a total call value of 9,541,599,400,000 versus a total put value of 2,112,950,000 Combined total value = 9,543,712,350,000

Strike 65400 has a total call value of 9,733,034,950,000 versus a total put value of 1,935,850,000 Combined total value = 9,734,970,800,000

Strike 65500 has a total call value of 9,924,470,500,000 versus a total put value of 1,758,750,000 Combined total value = 9,926,229,250,000

Strike 65600 has a total call value of 10,116,059,000,000 versus a total put value of 1,582,000,000 Combined total value = 10,117,641,000,000

Strike 65700 has a total call value of 10,307,647,500,000 versus a total put value of 1,405,250,000 Combined total value = 10,309,052,750,000

Strike 65800 has a total call value of 10,499,236,000,000 versus a total put value of 1,228,500,000 Combined total value = 10,500,464,500,000

Strike 65900 has a total call value of 10,690,824,500,000 versus a total put value of 1,051,750,000 Combined total value = 10,691,876,250,000

Strike 66000 has a total call value of 10,882,413,000,000 versus a total put value of 875,000,000 Combined total value = 10,883,288,000,000

Strike 66100 has a total call value of 11,075,062,350,000 versus a total put value of 787,500,000 Combined total value = 11,075,849,850,000

Strike 66200 has a total call value of 11,267,711,700,000 versus a total put value of 700,000,000 Combined total value = 11,268,411,700,000

Strike 66300 has a total call value of 11,460,361,050,000 versus a total put value of 612,500,000 Combined total value = 11,460,973,550,000

Strike 66400 has a total call value of 11,653,010,400,000 versus a total put value of 525,000,000 Combined total value = 11,653,535,400,000

Strike 66500 has a total call value of 11,845,659,750,000 versus a total put value of 437,500,000 Combined total value = 11,846,097,250,000

Strike 66600 has a total call value of 12,039,583,800,000 versus a total put value of 350,000,000 Combined total value = 12,039,933,800,000

Strike 66700 has a total call value of 12,233,507,850,000 versus a total put value of 262,500,000 Combined total value = 12,233,770,350,000

Strike 66800 has a total call value of 12,427,431,900,000 versus a total put value of 175,000,000 Combined total value = 12,427,606,900,000

Strike 66900 has a total call value of 12,621,355,950,000 versus a total put value of 87,500,000 Combined total value = 12,621,443,450,000

Strike 67000 has a total call value of 12,815,280,000,000 versus a total put value of 0 Combined total value = 12,815,280,000,000

Strike 67100 has a total call value of 13,014,155,850,000 versus a total put value of 0 Combined total value = 13,014,155,850,000

Strike 67200 has a total call value of 13,213,031,700,000 versus a total put value of 0 Combined total value = 13,213,031,700,000

Strike 67300 has a total call value of 13,411,907,550,000 versus a total put value of 0 Combined total value = 13,411,907,550,000

Strike 67400 has a total call value of 13,610,783,400,000 versus a total put value of 0 Combined total value = 13,610,783,400,000

Strike 67500 has a total call value of 13,809,659,250,000 versus a total put value of 0 Combined total value = 13,809,659,250,000

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	1142.2	1140
ABB	5134.5	5200
ABCAPITAL	348.35	350
ADANIENSOL	987	990
ADANIENT	2240.9	2300
ADANIGREEN	1018	1020
ADANIPORTS	1491.3	1500
ALKEM	5559.5	5700
AMBER	6605	6800
AMBUJACEM	539.9	550
ANGELONE	2491.5	2550
APLAPOLLO	1793	1760
APOLLOHOSP	6929.5	7100
ASHOKLEY	169.66	160
ASIANPAINT	2767.1	2800
ASTRAL	1426.5	1460
AUBANK	987.95	960
AUROPHARMA	1210.8	1200
AXISBANK	1235.2	1240
BAJAJ-AUTO	8830	9000
BAJAJFINSV	2033.1	2060
BAJFINANCE	1006.3	1020
BANDHANBNK	146.63	150
BANKBARODA	290.4	290
BANKINDIA	143.2	143
BDL	1344	1380
BEL	384.5	400
BHARATFORG	1406.6	1400
BHARTIARTL	2108.2	2100
BHEL	274	280
BIOCON	393.15	390
BLUESTARCO	1852.9	1800
BOSCHLTD	35720	36000
BPCL	362.5	365
BRITANNIA	6035	6000
BSE	2693.8	2700
CAMS	745.1	770
CANBK	150.64	150
CDSL	1490.8	1540
CGPOWER	666.25	680
CHOLAFIN	1688.5	1700
CIPLA	1501.8	1520
COALINDIA	385.5	384.75
COFORGE	1843.8	1840
COLPAL	2089	2160
CONCOR	498.4	520
CROMPTON	259.1	265
CUMMINSIND	4381.8	4400
CYIENT	1144	1140
DABUR	493	500
DALBHARAT	2042.8	2040
DELHIVERY	404.15	410
DIVISLAB	6386.5	6400
DIXON	13398	13750
DLF	685.15	710
DMART	3771	3900
DRREDDY	1275.6	1270
EICHERMOT	7107.5	7100
ETERNAL	284.85	290
EXIDEIND	360.25	370
FEDERALBNK	266	260
FORTIS	866.55	890
GAIL	168.12	175
GLENMARK	1957.6	1940
GMRAIRPORT	100.32	102
GODREJCP	1180.5	1160
GODREJPROP	1999.7	2060
GRASIM	2818.8	2800
HAL	4258.4	4450
HAVELLS	1407.8	1440
HCLTECH	1660.3	1660
HDFCAMC	2717.2	2675
HDFCBANK	982.5	995
HDFCLIFE	757	770
HEROMOTOCO	5740	5900
HFCL	65.09	67
HINDALCO	860.3	820
HINDPETRO	464.25	460
HINDUNILVR	2274.4	2300
HINDZINC	592.75	560
HUDCO	208.17	220
ICICIBANK	1362.6	1370
ICICIGI	1953.5	1960
ICICIPRULI	641.4	630
IDEA	11.5	11
IDFCFIRSTB	84.2	82
IEX	141.39	145
IIFL	566.7	560
INDHOTEL	720.2	730
INDIANB	782	820
INDIGO	5130	5050
INDUSINDBK	839.2	850
INDUSTOWER	411.35	410
INFY	1626	1600
INOXWIND	125.33	130
IOC	162.3	162
IRCTC	665.7	690
IREDA	132.15	140
IRFC	111.65	116
ITC	401.15	405
JINDALSTEL	993.8	1020
JIOFIN	292.9	305
JSWENERGY	472.8	490
JSWSTEEL	1088.7	1120
JUBLFOOD	559.7	580
KALYANKJIL	471.7	480
KAYNES	4109	4300
KEI	4076.9	4100
KFINTECH	1059.5	1060
KOTAKBANK	2172.9	2160
KPITTECH	1164.9	1200
LAURUSLABS	1018	1000
LICHSGFIN	527.7	550
LICI	842.1	870
LODHA	1074.9	1100
LT	4061	4040
LTF	303.35	302.5
LTIM	6226.5	6200
LUPIN	2121.5	2100
M&M	3582.4	3650
MANAPPURAM	290.35	280
MANKIND	2114	2200
MARICO	741.9	740
MARUTI	16388	16200
MAXHEALTH	1056.7	1080
MAZDOCK	2370.7	2500
MCX	10196	10000
MFSL	1682.6	1680
MOTHERSON	117.05	115
MPHASIS	2894.3	2900
MUTHOOTFIN	3772.6	3750
NATIONALUM	282.1	270
NAUKRI	1347	1360
NBCC	108.48	111
NCC	154.79	165
NESTLEIND	1243.4	1240
NHPC	75.12	78
NMDC	77.06	77
NTPC	318.1	325
NUVAMA	7346	7300
NYKAA	244.05	252.5
OBEROIRLTY	1667.7	1660
OFSS	7708	8000
OIL	399.35	410
ONGC	232.66	237.5
PAGEIND	35900	37000
PATANJALI	553.05	550
PAYTM	1282.8	1300
PERSISTENT	6313.5	6300
PETRONET	268.5	278
PFC	336.85	355
PGEL	568.7	560
PHOENIXLTD	1804	1760
PIDILITIND	1450.1	1480
PIIND	3212.3	3350
PNB	119.61	120
PNBHOUSING	904.35	900
POLICYBZR	1822.5	1840
POLYCAB	7114.5	7200
POWERGRID	256.9	270
POWERINDIA	18365	19000
PPLPHARMA	166.32	177.5
PRESTIGE	1607.6	1640
RBLBANK	300.65	305
RECLTD	337.9	350
RELIANCE	1548.2	1540
RVNL	306.35	310
SAIL	129.6	132
SAMMAANCAP	146.1	155
SBICARD	849.7	870
SBILIFE	2016.5	2020
SBIN	979.6	970
SHREECEM	25845	26500
SHRIRAMFIN	873.3	850
SIEMENS	3079	3150
SOLARINDS	11751	12500
SONACOMS	485.95	500
SRF	3043.1	3000
SUNPHARMA	1741.9	1760
SUPREMEIND	3350.4	3400
SUZLON	51.82	54
SYNGENE	655.25	650
TATACONSUM	1179.6	1180
TATAELXSI	5004.5	5000
TATAMOTORS	0	320
TATAPOWER	375.2	390
TATASTEEL	169.71	170
TATATECH	644.95	670
TCS	3276.4	3200
TECHM	1595	1560
TIINDIA	2594.1	2700
TITAGARH	774.8	800
TITAN	3918.5	3860
TMPV	346.2	360
TORNTPHARM	3736.6	3750
TORNTPOWER	1262.5	1300
TRENT	4011	4200
TVSMOTOR	3593.8	3600
ULTRACEMCO	11511	11600
UNIONBANK	154.96	155
UNITDSPR	1397.8	1440
UNOMINDA	1229.3	1280
UPL	747.25	750
VBL	471.65	470
VEDL	580.75	550
VOLTAS	1414.1	1380
WIPRO	263.19	257.5
YESBANK	21.55	22
ZYDUSLIFE	915.35	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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