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

59238.55 -538.65 (-0.90%)

L: 59030.6 H: 59713.15

Max Pain - BANKNIFTY

08 Dec 2025 04:12 PM IST Market Closed

Expiry

Max Pain for BANKNIFTY is 59500

Historical data for BANKNIFTY-59500-CE

LTP (59500 CE)

610.65 -310.8

Open Interest

40837 11734

Historical data for BANKNIFTY-59500-PE

LTP (59500 PE)

619.95 236.45

Open Interest

46467 -1102

Strike 43500 has a total call value of 0 versus a total put value of 19,076,617,550,000 Combined total value = 19,076,617,550,000

Strike 43600 has a total call value of 0 versus a total put value of 18,943,669,650,000 Combined total value = 18,943,669,650,000

Strike 43700 has a total call value of 0 versus a total put value of 18,810,721,750,000 Combined total value = 18,810,721,750,000

Strike 43800 has a total call value of 0 versus a total put value of 18,677,773,850,000 Combined total value = 18,677,773,850,000

Strike 43900 has a total call value of 0 versus a total put value of 18,544,825,950,000 Combined total value = 18,544,825,950,000

Strike 44000 has a total call value of 0 versus a total put value of 18,411,878,050,000 Combined total value = 18,411,878,050,000

Strike 44100 has a total call value of 0 versus a total put value of 18,278,930,150,000 Combined total value = 18,278,930,150,000

Strike 44200 has a total call value of 0 versus a total put value of 18,145,982,250,000 Combined total value = 18,145,982,250,000

Strike 44300 has a total call value of 0 versus a total put value of 18,013,034,350,000 Combined total value = 18,013,034,350,000

Strike 44400 has a total call value of 0 versus a total put value of 17,880,086,450,000 Combined total value = 17,880,086,450,000

Strike 44500 has a total call value of 0 versus a total put value of 17,747,138,550,000 Combined total value = 17,747,138,550,000

Strike 44600 has a total call value of 0 versus a total put value of 17,614,190,650,000 Combined total value = 17,614,190,650,000

Strike 44700 has a total call value of 0 versus a total put value of 17,481,242,750,000 Combined total value = 17,481,242,750,000

Strike 44800 has a total call value of 0 versus a total put value of 17,348,294,850,000 Combined total value = 17,348,294,850,000

Strike 44900 has a total call value of 0 versus a total put value of 17,215,346,950,000 Combined total value = 17,215,346,950,000

Strike 45000 has a total call value of 0 versus a total put value of 17,082,399,050,000 Combined total value = 17,082,399,050,000

Strike 45100 has a total call value of 0 versus a total put value of 16,949,451,150,000 Combined total value = 16,949,451,150,000

Strike 45200 has a total call value of 0 versus a total put value of 16,816,503,250,000 Combined total value = 16,816,503,250,000

Strike 45300 has a total call value of 0 versus a total put value of 16,683,555,350,000 Combined total value = 16,683,555,350,000

Strike 45400 has a total call value of 0 versus a total put value of 16,550,607,450,000 Combined total value = 16,550,607,450,000

Strike 45500 has a total call value of 0 versus a total put value of 16,417,659,550,000 Combined total value = 16,417,659,550,000

Strike 45600 has a total call value of 0 versus a total put value of 16,284,711,650,000 Combined total value = 16,284,711,650,000

Strike 45700 has a total call value of 0 versus a total put value of 16,151,763,750,000 Combined total value = 16,151,763,750,000

Strike 45800 has a total call value of 0 versus a total put value of 16,018,815,850,000 Combined total value = 16,018,815,850,000

Strike 45900 has a total call value of 0 versus a total put value of 15,885,867,950,000 Combined total value = 15,885,867,950,000

Strike 46000 has a total call value of 0 versus a total put value of 15,752,920,050,000 Combined total value = 15,752,920,050,000

Strike 46100 has a total call value of 0 versus a total put value of 15,619,972,150,000 Combined total value = 15,619,972,150,000

Strike 46200 has a total call value of 0 versus a total put value of 15,487,024,250,000 Combined total value = 15,487,024,250,000

Strike 46300 has a total call value of 0 versus a total put value of 15,354,076,350,000 Combined total value = 15,354,076,350,000

Strike 46400 has a total call value of 0 versus a total put value of 15,221,128,450,000 Combined total value = 15,221,128,450,000

Strike 46500 has a total call value of 0 versus a total put value of 15,088,180,550,000 Combined total value = 15,088,180,550,000

Strike 46600 has a total call value of 0 versus a total put value of 14,955,410,100,000 Combined total value = 14,955,410,100,000

Strike 46700 has a total call value of 0 versus a total put value of 14,822,639,650,000 Combined total value = 14,822,639,650,000

Strike 46800 has a total call value of 0 versus a total put value of 14,689,869,200,000 Combined total value = 14,689,869,200,000

Strike 46900 has a total call value of 0 versus a total put value of 14,557,098,750,000 Combined total value = 14,557,098,750,000

Strike 47000 has a total call value of 0 versus a total put value of 14,424,328,300,000 Combined total value = 14,424,328,300,000

Strike 47100 has a total call value of 0 versus a total put value of 14,291,712,550,000 Combined total value = 14,291,712,550,000

Strike 47200 has a total call value of 0 versus a total put value of 14,159,096,800,000 Combined total value = 14,159,096,800,000

Strike 47300 has a total call value of 0 versus a total put value of 14,026,481,050,000 Combined total value = 14,026,481,050,000

Strike 47400 has a total call value of 0 versus a total put value of 13,893,865,300,000 Combined total value = 13,893,865,300,000

Strike 47500 has a total call value of 0 versus a total put value of 13,761,249,550,000 Combined total value = 13,761,249,550,000

Strike 47600 has a total call value of 0 versus a total put value of 13,628,769,600,000 Combined total value = 13,628,769,600,000

Strike 47700 has a total call value of 0 versus a total put value of 13,496,289,650,000 Combined total value = 13,496,289,650,000

Strike 47800 has a total call value of 0 versus a total put value of 13,363,809,700,000 Combined total value = 13,363,809,700,000

Strike 47900 has a total call value of 0 versus a total put value of 13,231,329,750,000 Combined total value = 13,231,329,750,000

Strike 48000 has a total call value of 0 versus a total put value of 13,098,849,800,000 Combined total value = 13,098,849,800,000

Strike 48100 has a total call value of 810,600,000 versus a total put value of 12,966,862,300,000 Combined total value = 12,967,672,900,000

Strike 48200 has a total call value of 1,621,200,000 versus a total put value of 12,834,874,800,000 Combined total value = 12,836,496,000,000

Strike 48300 has a total call value of 2,431,800,000 versus a total put value of 12,702,887,300,000 Combined total value = 12,705,319,100,000

Strike 48400 has a total call value of 3,242,400,000 versus a total put value of 12,570,899,800,000 Combined total value = 12,574,142,200,000

Strike 48500 has a total call value of 4,053,000,000 versus a total put value of 12,438,912,300,000 Combined total value = 12,442,965,300,000

Strike 48600 has a total call value of 4,864,650,000 versus a total put value of 12,306,963,300,000 Combined total value = 12,311,827,950,000

Strike 48700 has a total call value of 5,676,300,000 versus a total put value of 12,175,014,300,000 Combined total value = 12,180,690,600,000

Strike 48800 has a total call value of 6,487,950,000 versus a total put value of 12,043,065,300,000 Combined total value = 12,049,553,250,000

Strike 48900 has a total call value of 7,299,600,000 versus a total put value of 11,911,116,300,000 Combined total value = 11,918,415,900,000

Strike 49000 has a total call value of 8,111,250,000 versus a total put value of 11,779,167,300,000 Combined total value = 11,787,278,550,000

Strike 49100 has a total call value of 9,090,200,000 versus a total put value of 11,647,333,800,000 Combined total value = 11,656,424,000,000

Strike 49200 has a total call value of 10,069,150,000 versus a total put value of 11,515,500,300,000 Combined total value = 11,525,569,450,000

Strike 49300 has a total call value of 11,048,100,000 versus a total put value of 11,383,666,800,000 Combined total value = 11,394,714,900,000

Strike 49400 has a total call value of 12,027,050,000 versus a total put value of 11,251,833,300,000 Combined total value = 11,263,860,350,000

Strike 49500 has a total call value of 13,006,000,000 versus a total put value of 11,119,999,800,000 Combined total value = 11,133,005,800,000

Strike 49600 has a total call value of 13,989,150,000 versus a total put value of 10,988,211,800,000 Combined total value = 11,002,200,950,000

Strike 49700 has a total call value of 14,972,300,000 versus a total put value of 10,856,442,350,000 Combined total value = 10,871,414,650,000

Strike 49800 has a total call value of 15,955,800,000 versus a total put value of 10,724,679,900,000 Combined total value = 10,740,635,700,000

Strike 49900 has a total call value of 16,939,650,000 versus a total put value of 10,592,927,250,000 Combined total value = 10,609,866,900,000

Strike 50000 has a total call value of 17,923,850,000 versus a total put value of 10,461,193,150,000 Combined total value = 10,479,117,000,000

Strike 50100 has a total call value of 19,633,250,000 versus a total put value of 10,331,774,650,000 Combined total value = 10,351,407,900,000

Strike 50200 has a total call value of 21,343,000,000 versus a total put value of 10,202,378,550,000 Combined total value = 10,223,721,550,000

Strike 50300 has a total call value of 23,053,100,000 versus a total put value of 10,072,989,450,000 Combined total value = 10,096,042,550,000

Strike 50400 has a total call value of 24,763,550,000 versus a total put value of 9,943,605,600,000 Combined total value = 9,968,369,150,000

Strike 50500 has a total call value of 26,474,350,000 versus a total put value of 9,814,227,000,000 Combined total value = 9,840,701,350,000

Strike 50600 has a total call value of 28,190,400,000 versus a total put value of 9,684,998,900,000 Combined total value = 9,713,189,300,000

Strike 50700 has a total call value of 29,906,800,000 versus a total put value of 9,555,775,350,000 Combined total value = 9,585,682,150,000

Strike 50800 has a total call value of 31,623,550,000 versus a total put value of 9,426,557,400,000 Combined total value = 9,458,180,950,000

Strike 50900 has a total call value of 33,340,650,000 versus a total put value of 9,297,344,000,000 Combined total value = 9,330,684,650,000

Strike 51000 has a total call value of 35,058,100,000 versus a total put value of 9,168,136,550,000 Combined total value = 9,203,194,650,000

Strike 51100 has a total call value of 37,002,850,000 versus a total put value of 9,039,842,450,000 Combined total value = 9,076,845,300,000

Strike 51200 has a total call value of 38,947,950,000 versus a total put value of 8,911,553,600,000 Combined total value = 8,950,501,550,000

Strike 51300 has a total call value of 40,893,400,000 versus a total put value of 8,783,273,850,000 Combined total value = 8,824,167,250,000

Strike 51400 has a total call value of 42,839,200,000 versus a total put value of 8,655,001,100,000 Combined total value = 8,697,840,300,000

Strike 51500 has a total call value of 44,785,350,000 versus a total put value of 8,526,762,650,000 Combined total value = 8,571,548,000,000

Strike 51600 has a total call value of 46,738,850,000 versus a total put value of 8,398,667,350,000 Combined total value = 8,445,406,200,000

Strike 51700 has a total call value of 48,692,700,000 versus a total put value of 8,270,578,700,000 Combined total value = 8,319,271,400,000

Strike 51800 has a total call value of 50,646,900,000 versus a total put value of 8,142,496,000,000 Combined total value = 8,193,142,900,000

Strike 51900 has a total call value of 52,602,150,000 versus a total put value of 8,014,442,700,000 Combined total value = 8,067,044,850,000

Strike 52000 has a total call value of 54,558,800,000 versus a total put value of 7,886,394,650,000 Combined total value = 7,940,953,450,000

Strike 52100 has a total call value of 56,768,500,000 versus a total put value of 7,759,122,200,000 Combined total value = 7,815,890,700,000

Strike 52200 has a total call value of 58,978,550,000 versus a total put value of 7,631,859,550,000 Combined total value = 7,690,838,100,000

Strike 52300 has a total call value of 61,188,950,000 versus a total put value of 7,504,604,600,000 Combined total value = 7,565,793,550,000

Strike 52400 has a total call value of 63,399,700,000 versus a total put value of 7,377,365,750,000 Combined total value = 7,440,765,450,000

Strike 52500 has a total call value of 65,610,800,000 versus a total put value of 7,250,143,700,000 Combined total value = 7,315,754,500,000

Strike 52600 has a total call value of 67,831,000,000 versus a total put value of 7,123,313,800,000 Combined total value = 7,191,144,800,000

Strike 52700 has a total call value of 70,052,250,000 versus a total put value of 6,996,495,800,000 Combined total value = 7,066,548,050,000

Strike 52800 has a total call value of 72,273,850,000 versus a total put value of 6,869,689,350,000 Combined total value = 6,941,963,200,000

Strike 52900 has a total call value of 74,496,150,000 versus a total put value of 6,742,901,100,000 Combined total value = 6,817,397,250,000

Strike 53000 has a total call value of 76,719,150,000 versus a total put value of 6,616,130,000,000 Combined total value = 6,692,849,150,000

Strike 53100 has a total call value of 79,239,300,000 versus a total put value of 6,490,789,350,000 Combined total value = 6,570,028,650,000

Strike 53200 has a total call value of 81,760,500,000 versus a total put value of 6,365,460,600,000 Combined total value = 6,447,221,100,000

Strike 53300 has a total call value of 84,282,400,000 versus a total put value of 6,240,150,400,000 Combined total value = 6,324,432,800,000

Strike 53400 has a total call value of 86,805,000,000 versus a total put value of 6,114,857,350,000 Combined total value = 6,201,662,350,000

Strike 53500 has a total call value of 89,328,300,000 versus a total put value of 5,989,577,950,000 Combined total value = 6,078,906,250,000

Strike 53600 has a total call value of 91,888,350,000 versus a total put value of 5,864,939,750,000 Combined total value = 5,956,828,100,000

Strike 53700 has a total call value of 94,458,900,000 versus a total put value of 5,740,319,050,000 Combined total value = 5,834,777,950,000

Strike 53800 has a total call value of 97,030,500,000 versus a total put value of 5,615,713,050,000 Combined total value = 5,712,743,550,000

Strike 53900 has a total call value of 99,603,500,000 versus a total put value of 5,491,121,050,000 Combined total value = 5,590,724,550,000

Strike 54000 has a total call value of 102,177,900,000 versus a total put value of 5,366,556,000,000 Combined total value = 5,468,733,900,000

Strike 54100 has a total call value of 105,369,450,000 versus a total put value of 5,244,785,700,000 Combined total value = 5,350,155,150,000

Strike 54200 has a total call value of 108,562,400,000 versus a total put value of 5,123,035,700,000 Combined total value = 5,231,598,100,000

Strike 54300 has a total call value of 111,773,200,000 versus a total put value of 5,001,321,400,000 Combined total value = 5,113,094,600,000

Strike 54400 has a total call value of 114,985,400,000 versus a total put value of 4,879,624,950,000 Combined total value = 4,994,610,350,000

Strike 54500 has a total call value of 118,244,850,000 versus a total put value of 4,757,963,850,000 Combined total value = 4,876,208,700,000

Strike 54600 has a total call value of 121,591,800,000 versus a total put value of 4,637,351,350,000 Combined total value = 4,758,943,150,000

Strike 54700 has a total call value of 124,941,550,000 versus a total put value of 4,516,780,500,000 Combined total value = 4,641,722,050,000

Strike 54800 has a total call value of 128,309,850,000 versus a total put value of 4,396,277,200,000 Combined total value = 4,524,587,050,000

Strike 54900 has a total call value of 131,688,650,000 versus a total put value of 4,275,830,600,000 Combined total value = 4,407,519,250,000

Strike 55000 has a total call value of 135,092,650,000 versus a total put value of 4,155,436,500,000 Combined total value = 4,290,529,150,000

Strike 55100 has a total call value of 139,119,300,000 versus a total put value of 4,039,505,950,000 Combined total value = 4,178,625,250,000

Strike 55200 has a total call value of 143,154,350,000 versus a total put value of 3,923,634,900,000 Combined total value = 4,066,789,250,000

Strike 55300 has a total call value of 147,190,800,000 versus a total put value of 3,807,866,400,000 Combined total value = 3,955,057,200,000

Strike 55400 has a total call value of 151,234,600,000 versus a total put value of 3,692,155,300,000 Combined total value = 3,843,389,900,000

Strike 55500 has a total call value of 155,317,950,000 versus a total put value of 3,576,493,200,000 Combined total value = 3,731,811,150,000

Strike 55600 has a total call value of 160,276,300,000 versus a total put value of 3,463,796,350,000 Combined total value = 3,624,072,650,000

Strike 55700 has a total call value of 165,237,450,000 versus a total put value of 3,351,348,700,000 Combined total value = 3,516,586,150,000

Strike 55800 has a total call value of 170,201,400,000 versus a total put value of 3,239,079,550,000 Combined total value = 3,409,280,950,000

Strike 55900 has a total call value of 175,170,950,000 versus a total put value of 3,126,932,550,000 Combined total value = 3,302,103,500,000

Strike 56000 has a total call value of 180,145,750,000 versus a total put value of 3,014,854,850,000 Combined total value = 3,195,000,600,000

Strike 56100 has a total call value of 186,052,950,000 versus a total put value of 2,907,593,500,000 Combined total value = 3,093,646,450,000

Strike 56200 has a total call value of 191,963,650,000 versus a total put value of 2,800,632,800,000 Combined total value = 2,992,596,450,000

Strike 56300 has a total call value of 197,877,500,000 versus a total put value of 2,693,904,150,000 Combined total value = 2,891,781,650,000

Strike 56400 has a total call value of 203,795,200,000 versus a total put value of 2,587,351,900,000 Combined total value = 2,791,147,100,000

Strike 56500 has a total call value of 209,720,950,000 versus a total put value of 2,480,971,850,000 Combined total value = 2,690,692,800,000

Strike 56600 has a total call value of 215,969,050,000 versus a total put value of 2,377,229,750,000 Combined total value = 2,593,198,800,000

Strike 56700 has a total call value of 222,224,850,000 versus a total put value of 2,273,882,450,000 Combined total value = 2,496,107,300,000

Strike 56800 has a total call value of 228,486,950,000 versus a total put value of 2,170,761,950,000 Combined total value = 2,399,248,900,000

Strike 56900 has a total call value of 234,763,750,000 versus a total put value of 2,068,193,750,000 Combined total value = 2,302,957,500,000

Strike 57000 has a total call value of 241,045,800,000 versus a total put value of 1,965,953,150,000 Combined total value = 2,206,998,950,000

Strike 57100 has a total call value of 248,610,250,000 versus a total put value of 1,869,873,600,000 Combined total value = 2,118,483,850,000

Strike 57200 has a total call value of 256,179,250,000 versus a total put value of 1,774,384,850,000 Combined total value = 2,030,564,100,000

Strike 57300 has a total call value of 263,775,900,000 versus a total put value of 1,679,548,150,000 Combined total value = 1,943,324,050,000

Strike 57400 has a total call value of 271,403,000,000 versus a total put value of 1,585,536,400,000 Combined total value = 1,856,939,400,000

Strike 57500 has a total call value of 279,082,250,000 versus a total put value of 1,492,278,900,000 Combined total value = 1,771,361,150,000

Strike 57600 has a total call value of 287,355,100,000 versus a total put value of 1,404,365,200,000 Combined total value = 1,691,720,300,000

Strike 57700 has a total call value of 295,684,300,000 versus a total put value of 1,317,032,850,000 Combined total value = 1,612,717,150,000

Strike 57800 has a total call value of 304,108,700,000 versus a total put value of 1,230,422,200,000 Combined total value = 1,534,530,900,000

Strike 57900 has a total call value of 312,617,800,000 versus a total put value of 1,145,067,000,000 Combined total value = 1,457,684,800,000

Strike 58000 has a total call value of 321,199,350,000 versus a total put value of 1,060,406,550,000 Combined total value = 1,381,605,900,000

Strike 58100 has a total call value of 331,699,600,000 versus a total put value of 985,370,050,000 Combined total value = 1,317,069,650,000

Strike 58200 has a total call value of 342,292,250,000 versus a total put value of 910,767,550,000 Combined total value = 1,253,059,800,000

Strike 58300 has a total call value of 352,991,650,000 versus a total put value of 837,122,300,000 Combined total value = 1,190,113,950,000

Strike 58400 has a total call value of 363,808,300,000 versus a total put value of 764,254,050,000 Combined total value = 1,128,062,350,000

Strike 58500 has a total call value of 374,746,400,000 versus a total put value of 692,050,800,000 Combined total value = 1,066,797,200,000

Strike 58600 has a total call value of 392,495,500,000 versus a total put value of 629,857,900,000 Combined total value = 1,022,353,400,000

Strike 58700 has a total call value of 410,405,950,000 versus a total put value of 568,543,850,000 Combined total value = 978,949,800,000

Strike 58800 has a total call value of 428,590,800,000 versus a total put value of 508,919,950,000 Combined total value = 937,510,750,000

Strike 58900 has a total call value of 447,191,450,000 versus a total put value of 450,898,700,000 Combined total value = 898,090,150,000

Strike 59000 has a total call value of 466,140,350,000 versus a total put value of 394,118,900,000 Combined total value = 860,259,250,000

Strike 59100 has a total call value of 492,162,400,000 versus a total put value of 349,549,900,000 Combined total value = 841,712,300,000

Strike 59200 has a total call value of 518,870,800,000 versus a total put value of 306,619,250,000 Combined total value = 825,490,050,000

Strike 59300 has a total call value of 546,867,900,000 versus a total put value of 265,805,400,000 Combined total value = 812,673,300,000

Strike 59400 has a total call value of 576,491,450,000 versus a total put value of 226,562,700,000 Combined total value = 803,054,150,000

Strike 59500 has a total call value of 608,831,000,000 versus a total put value of 188,847,400,000 Combined total value = 797,678,400,000

Strike 59600 has a total call value of 655,463,500,000 versus a total put value of 167,395,550,000 Combined total value = 822,859,050,000

Strike 59700 has a total call value of 705,633,450,000 versus a total put value of 147,654,500,000 Combined total value = 853,287,950,000

Strike 59800 has a total call value of 759,332,800,000 versus a total put value of 129,673,600,000 Combined total value = 889,006,400,000

Strike 59900 has a total call value of 817,744,550,000 versus a total put value of 114,033,500,000 Combined total value = 931,778,050,000

Strike 60000 has a total call value of 878,556,250,000 versus a total put value of 99,408,750,000 Combined total value = 977,965,000,000

Strike 60100 has a total call value of 954,369,650,000 versus a total put value of 91,273,700,000 Combined total value = 1,045,643,350,000

Strike 60200 has a total call value of 1,032,529,800,000 versus a total put value of 83,845,300,000 Combined total value = 1,116,375,100,000

Strike 60300 has a total call value of 1,112,698,250,000 versus a total put value of 76,935,950,000 Combined total value = 1,189,634,200,000

Strike 60400 has a total call value of 1,194,292,600,000 versus a total put value of 70,886,550,000 Combined total value = 1,265,179,150,000

Strike 60500 has a total call value of 1,277,496,600,000 versus a total put value of 65,121,350,000 Combined total value = 1,342,617,950,000

Strike 60600 has a total call value of 1,366,677,900,000 versus a total put value of 60,568,200,000 Combined total value = 1,427,246,100,000

Strike 60700 has a total call value of 1,457,252,200,000 versus a total put value of 56,410,900,000 Combined total value = 1,513,663,100,000

Strike 60800 has a total call value of 1,549,088,250,000 versus a total put value of 52,388,700,000 Combined total value = 1,601,476,950,000

Strike 60900 has a total call value of 1,642,319,050,000 versus a total put value of 48,483,400,000 Combined total value = 1,690,802,450,000

Strike 61000 has a total call value of 1,736,509,550,000 versus a total put value of 44,839,550,000 Combined total value = 1,781,349,100,000

Strike 61100 has a total call value of 1,838,474,600,000 versus a total put value of 42,426,300,000 Combined total value = 1,880,900,900,000

Strike 61200 has a total call value of 1,941,257,600,000 versus a total put value of 40,140,800,000 Combined total value = 1,981,398,400,000

Strike 61300 has a total call value of 2,044,982,800,000 versus a total put value of 37,903,250,000 Combined total value = 2,082,886,050,000

Strike 61400 has a total call value of 2,149,668,050,000 versus a total put value of 35,697,550,000 Combined total value = 2,185,365,600,000

Strike 61500 has a total call value of 2,254,890,550,000 versus a total put value of 33,526,500,000 Combined total value = 2,288,417,050,000

Strike 61600 has a total call value of 2,365,912,200,000 versus a total put value of 31,567,900,000 Combined total value = 2,397,480,100,000

Strike 61700 has a total call value of 2,477,595,700,000 versus a total put value of 29,653,050,000 Combined total value = 2,507,248,750,000

Strike 61800 has a total call value of 2,589,917,950,000 versus a total put value of 27,771,800,000 Combined total value = 2,617,689,750,000

Strike 61900 has a total call value of 2,703,274,800,000 versus a total put value of 25,932,900,000 Combined total value = 2,729,207,700,000

Strike 62000 has a total call value of 2,817,196,900,000 versus a total put value of 24,097,500,000 Combined total value = 2,841,294,400,000

Strike 62100 has a total call value of 2,938,223,300,000 versus a total put value of 23,023,350,000 Combined total value = 2,961,246,650,000

Strike 62200 has a total call value of 3,059,960,550,000 versus a total put value of 21,951,300,000 Combined total value = 3,081,911,850,000

Strike 62300 has a total call value of 3,182,364,900,000 versus a total put value of 20,880,300,000 Combined total value = 3,203,245,200,000

Strike 62400 has a total call value of 3,305,374,050,000 versus a total put value of 19,811,050,000 Combined total value = 3,325,185,100,000

Strike 62500 has a total call value of 3,428,626,450,000 versus a total put value of 18,743,200,000 Combined total value = 3,447,369,650,000

Strike 62600 has a total call value of 3,554,732,400,000 versus a total put value of 17,678,500,000 Combined total value = 3,572,410,900,000

Strike 62700 has a total call value of 3,681,272,350,000 versus a total put value of 16,615,550,000 Combined total value = 3,697,887,900,000

Strike 62800 has a total call value of 3,808,133,950,000 versus a total put value of 15,554,350,000 Combined total value = 3,823,688,300,000

Strike 62900 has a total call value of 3,935,168,450,000 versus a total put value of 14,494,550,000 Combined total value = 3,949,663,000,000

Strike 63000 has a total call value of 4,062,424,850,000 versus a total put value of 13,435,450,000 Combined total value = 4,075,860,300,000

Strike 63100 has a total call value of 4,197,294,800,000 versus a total put value of 12,791,450,000 Combined total value = 4,210,086,250,000

Strike 63200 has a total call value of 4,332,472,750,000 versus a total put value of 12,148,150,000 Combined total value = 4,344,620,900,000

Strike 63300 has a total call value of 4,467,856,850,000 versus a total put value of 11,507,300,000 Combined total value = 4,479,364,150,000

Strike 63400 has a total call value of 4,603,411,050,000 versus a total put value of 10,866,800,000 Combined total value = 4,614,277,850,000

Strike 63500 has a total call value of 4,739,069,200,000 versus a total put value of 10,226,300,000 Combined total value = 4,749,295,500,000

Strike 63600 has a total call value of 4,876,218,000,000 versus a total put value of 9,586,500,000 Combined total value = 4,885,804,500,000

Strike 63700 has a total call value of 5,013,485,800,000 versus a total put value of 8,946,700,000 Combined total value = 5,022,432,500,000

Strike 63800 has a total call value of 5,150,841,450,000 versus a total put value of 8,306,900,000 Combined total value = 5,159,148,350,000

Strike 63900 has a total call value of 5,288,267,450,000 versus a total put value of 7,667,100,000 Combined total value = 5,295,934,550,000

Strike 64000 has a total call value of 5,425,774,300,000 versus a total put value of 7,027,300,000 Combined total value = 5,432,801,600,000

Strike 64100 has a total call value of 5,567,866,150,000 versus a total put value of 6,576,150,000 Combined total value = 5,574,442,300,000

Strike 64200 has a total call value of 5,710,025,900,000 versus a total put value of 6,125,350,000 Combined total value = 5,716,151,250,000

Strike 64300 has a total call value of 5,852,216,450,000 versus a total put value of 5,675,250,000 Combined total value = 5,857,891,700,000

Strike 64400 has a total call value of 5,994,426,600,000 versus a total put value of 5,225,500,000 Combined total value = 5,999,652,100,000

Strike 64500 has a total call value of 6,136,656,000,000 versus a total put value of 4,775,750,000 Combined total value = 6,141,431,750,000

Strike 64600 has a total call value of 6,279,876,600,000 versus a total put value of 4,336,850,000 Combined total value = 6,284,213,450,000

Strike 64700 has a total call value of 6,423,119,600,000 versus a total put value of 3,897,950,000 Combined total value = 6,427,017,550,000

Strike 64800 has a total call value of 6,566,388,150,000 versus a total put value of 3,459,050,000 Combined total value = 6,569,847,200,000

Strike 64900 has a total call value of 6,709,682,600,000 versus a total put value of 3,020,150,000 Combined total value = 6,712,702,750,000

Strike 65000 has a total call value of 6,852,977,050,000 versus a total put value of 2,581,250,000 Combined total value = 6,855,558,300,000

Strike 65100 has a total call value of 6,999,754,000,000 versus a total put value of 2,406,250,000 Combined total value = 7,002,160,250,000

Strike 65200 has a total call value of 7,146,530,950,000 versus a total put value of 2,231,250,000 Combined total value = 7,148,762,200,000

Strike 65300 has a total call value of 7,293,307,900,000 versus a total put value of 2,056,250,000 Combined total value = 7,295,364,150,000

Strike 65400 has a total call value of 7,440,084,850,000 versus a total put value of 1,881,250,000 Combined total value = 7,441,966,100,000

Strike 65500 has a total call value of 7,586,861,800,000 versus a total put value of 1,706,250,000 Combined total value = 7,588,568,050,000

Strike 65600 has a total call value of 7,733,842,100,000 versus a total put value of 1,531,600,000 Combined total value = 7,735,373,700,000

Strike 65700 has a total call value of 7,880,822,400,000 versus a total put value of 1,356,950,000 Combined total value = 7,882,179,350,000

Strike 65800 has a total call value of 8,027,802,700,000 versus a total put value of 1,182,300,000 Combined total value = 8,028,985,000,000

Strike 65900 has a total call value of 8,174,783,000,000 versus a total put value of 1,007,650,000 Combined total value = 8,175,790,650,000

Strike 66000 has a total call value of 8,321,763,300,000 versus a total put value of 833,000,000 Combined total value = 8,322,596,300,000

Strike 66100 has a total call value of 8,469,685,450,000 versus a total put value of 749,700,000 Combined total value = 8,470,435,150,000

Strike 66200 has a total call value of 8,617,607,600,000 versus a total put value of 666,400,000 Combined total value = 8,618,274,000,000

Strike 66300 has a total call value of 8,765,529,750,000 versus a total put value of 583,100,000 Combined total value = 8,766,112,850,000

Strike 66400 has a total call value of 8,913,451,900,000 versus a total put value of 499,800,000 Combined total value = 8,913,951,700,000

Strike 66500 has a total call value of 9,061,374,050,000 versus a total put value of 416,500,000 Combined total value = 9,061,790,550,000

Strike 66600 has a total call value of 9,210,520,500,000 versus a total put value of 333,200,000 Combined total value = 9,210,853,700,000

Strike 66700 has a total call value of 9,359,666,950,000 versus a total put value of 249,900,000 Combined total value = 9,359,916,850,000

Strike 66800 has a total call value of 9,508,813,400,000 versus a total put value of 166,600,000 Combined total value = 9,508,980,000,000

Strike 66900 has a total call value of 9,657,959,850,000 versus a total put value of 83,300,000 Combined total value = 9,658,043,150,000

Strike 67000 has a total call value of 9,807,106,300,000 versus a total put value of 0 Combined total value = 9,807,106,300,000

Strike 67100 has a total call value of 9,958,773,450,000 versus a total put value of 0 Combined total value = 9,958,773,450,000

Strike 67200 has a total call value of 10,110,440,600,000 versus a total put value of 0 Combined total value = 10,110,440,600,000

Strike 67300 has a total call value of 10,262,107,750,000 versus a total put value of 0 Combined total value = 10,262,107,750,000

Strike 67400 has a total call value of 10,413,774,900,000 versus a total put value of 0 Combined total value = 10,413,774,900,000

Strike 67500 has a total call value of 10,565,442,050,000 versus a total put value of 0 Combined total value = 10,565,442,050,000

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	1128.2	1140
ABB	5057.5	5200
ABCAPITAL	357.1	345
ADANIENSOL	960.5	980
ADANIENT	2216.2	2300
ADANIGREEN	993.8	1020
ADANIPORTS	1480.5	1500
ALKEM	5599	5700
AMBER	6451	6500
AMBUJACEM	528.95	550
ANGELONE	2542.6	2600
APLAPOLLO	1736.1	1760
APOLLOHOSP	7096	7300
ASHOKLEY	159.28	157
ASIANPAINT	2928.3	2900
ASTRAL	1433.3	1460
AUBANK	952.55	940
AUROPHARMA	1177.4	1220
AXISBANK	1273.8	1270
BAJAJ-AUTO	9026	9100
BAJAJFINSV	2059.2	2080
BAJFINANCE	1026.4	1030
BANDHANBNK	135.47	150
BANKBARODA	285.2	290
BANKINDIA	138.15	145
BDL	1423.1	1500
BEL	386.4	405
BHARATFORG	1373.6	1400
BHARTIARTL	2086.2	2100
BHEL	269.7	282.5
BIOCON	383.8	395
BLUESTARCO	1723.2	1760
BOSCHLTD	36595	36500
BPCL	357.55	360
BRITANNIA	5847.5	5900
BSE	2798.8	2800
CAMS	753.4	780
CANBK	142.84	149
CDSL	1520.9	1580
CGPOWER	647.15	680
CHOLAFIN	1724.4	1700
CIPLA	1497.6	1520
COALINDIA	377.35	380
COFORGE	1951.3	1860
COLPAL	2146.4	2200
CONCOR	500.15	520
CROMPTON	252.7	270
CUMMINSIND	4467	4450
CYIENT	1141.9	1160
DABUR	504.45	515
DALBHARAT	1993.8	2000
DELHIVERY	398.05	420
DIVISLAB	6328.5	6450
DIXON	13563	14250
DLF	687.45	720
DMART	3867.6	4000
DRREDDY	1266.5	1270
EICHERMOT	7142	7100
ETERNAL	285.25	300
EXIDEIND	373.25	380
FEDERALBNK	257.45	255
FORTIS	860.8	900
GAIL	166.81	175
GLENMARK	1921.9	1940
GMRAIRPORT	98.71	102
GODREJCP	1121.6	1140
GODREJPROP	1975.1	2060
GRASIM	2744.2	2760
HAL	4287.1	4500
HAVELLS	1407.3	1440
HCLTECH	1688.6	1660
HDFCAMC	2551.5	2650
HDFCBANK	1003.1	1000
HDFCLIFE	764.05	770
HEROMOTOCO	6167	6200
HFCL	66.49	70
HINDALCO	819.45	800
HINDPETRO	445.95	455
HINDUNILVR	2314	2340
HINDZINC	490.45	490
HUDCO	212.79	225
ICICIBANK	1389.6	1390
ICICIGI	1961.1	2000
ICICIPRULI	616.25	620
IDEA	10.29	10
IDFCFIRSTB	79.12	80
IEX	141.91	145
IIFL	554.65	560
INDHOTEL	718.1	740
INDIANB	779.1	830
INDIGO	4923.5	5200
INDUSINDBK	841.4	860
INDUSTOWER	403	410
INFY	1610.8	1600
INOXWIND	124.48	135
IOC	162.1	164
IRCTC	661.3	690
IREDA	131.21	140
IRFC	111.36	117
ITC	402.3	405
JINDALSTEL	997.5	1020
JIOFIN	297.2	310
JSWENERGY	453.85	480
JSWSTEEL	1119.1	1150
JUBLFOOD	584.2	600
KALYANKJIL	475.05	490
KAYNES	3807	5000
KEI	4095.2	4050
KFINTECH	1042	1080
KOTAKBANK	2131.6	2120
KPITTECH	1220.5	1240
LAURUSLABS	1004.1	1000
LICHSGFIN	522.8	550
LICI	857.55	890
LODHA	1072	1140
LT	3996.7	4020
LTF	299.3	300
LTIM	6256	6150
LUPIN	2070.7	2060
M&M	3681.7	3700
MANAPPURAM	271.75	280
MANKIND	2185.5	2250
MARICO	729.3	730
MARUTI	16187	16100
MAXHEALTH	1079.4	1120
MAZDOCK	2483.7	2650
MCX	10183	10100
MFSL	1695.3	1700
MOTHERSON	115.3	115
MPHASIS	2896.8	2900
MUTHOOTFIN	3775.7	3700
NATIONALUM	268.35	265
NAUKRI	1372.1	1380
NBCC	107.98	114
NCC	162.89	172.5
NESTLEIND	1214.8	1250
NHPC	76.43	78
NMDC	74.66	76
NTPC	319.5	325
NUVAMA	7127	7200
NYKAA	252.6	260
OBEROIRLTY	1610	1660
OFSS	8026	8200
OIL	403.95	415
ONGC	238.52	244
PAGEIND	37235	38000
PATANJALI	547.85	550
PAYTM	1321	1320
PERSISTENT	6347	6400
PETRONET	270.8	280
PFC	342.45	365
PGEL	529.6	550
PHOENIXLTD	1721.1	1740
PIDILITIND	1456.1	1480
PIIND	3329.7	3450
PNB	116	121
PNBHOUSING	873.15	900
POLICYBZR	1913.9	1880
POLYCAB	7025	7300
POWERGRID	265.2	275
POWERINDIA	19040	20000
PPLPHARMA	174.65	185
PRESTIGE	1610	1660
RBLBANK	300	310
RECLTD	342.6	360
RELIANCE	1543	1540
RVNL	307.15	310
SAIL	129.75	135
SAMMAANCAP	141.43	160
SBICARD	870.1	880
SBILIFE	2020.7	2020
SBIN	956.4	970
SHREECEM	26135	26500
SHRIRAMFIN	834.25	840
SIEMENS	3204.2	3300
SOLARINDS	12436	13250
SONACOMS	486.35	500
SRF	2831.9	2900
SUNPHARMA	1796.2	1800
SUPREMEIND	3348.4	3500
SUZLON	51.78	54
SYNGENE	632.15	640
TATACONSUM	1145.8	1170
TATAELXSI	5034.5	5200
TATAMOTORS	0	320
TATAPOWER	374.15	390
TATASTEEL	163.47	170
TATATECH	650.85	680
TCS	3236.5	3200
TECHM	1591.8	1540
TIINDIA	2566.8	2750
TITAGARH	763.05	820
TITAN	3767	3840
TMPV	348.3	360
TORNTPHARM	3760	3750
TORNTPOWER	1255.1	1300
TRENT	4090.5	4300
TVSMOTOR	3612.7	3550
ULTRACEMCO	11540	11700
UNIONBANK	148.36	152.5
UNITDSPR	1429.4	1440
UNOMINDA	1258.2	1300
UPL	739.85	750
VBL	469.8	470
VEDL	511.25	520
VOLTAS	1322.5	1360
WIPRO	261.38	255
YESBANK	21.9	23
ZYDUSLIFE	924.6	940

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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