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

59075.8 +162.95 (0.28%)

L: 58947 H: 59134.75

Max Pain - BANKNIFTY

19 Dec 2025 09:41 AM IST

Live

Expiry

Max Pain for BANKNIFTY is 59100

Historical data for BANKNIFTY-59100-CE

LTP (59100 CE)

496.3 91.9

Open Interest

13959 2749

Historical data for BANKNIFTY-59100-PE

LTP (59100 PE)

326.7 -92.3

Open Interest

9156 2114

Strike 43500 has a total call value of 0 versus a total put value of 21,408,167,150,000 Combined total value = 21,408,167,150,000

Strike 43600 has a total call value of 0 versus a total put value of 21,258,532,650,000 Combined total value = 21,258,532,650,000

Strike 43700 has a total call value of 0 versus a total put value of 21,108,898,150,000 Combined total value = 21,108,898,150,000

Strike 43800 has a total call value of 0 versus a total put value of 20,959,263,650,000 Combined total value = 20,959,263,650,000

Strike 43900 has a total call value of 0 versus a total put value of 20,809,629,150,000 Combined total value = 20,809,629,150,000

Strike 44000 has a total call value of 0 versus a total put value of 20,659,994,650,000 Combined total value = 20,659,994,650,000

Strike 44100 has a total call value of 0 versus a total put value of 20,510,360,150,000 Combined total value = 20,510,360,150,000

Strike 44200 has a total call value of 0 versus a total put value of 20,360,725,650,000 Combined total value = 20,360,725,650,000

Strike 44300 has a total call value of 0 versus a total put value of 20,211,091,150,000 Combined total value = 20,211,091,150,000

Strike 44400 has a total call value of 0 versus a total put value of 20,061,456,650,000 Combined total value = 20,061,456,650,000

Strike 44500 has a total call value of 0 versus a total put value of 19,911,822,150,000 Combined total value = 19,911,822,150,000

Strike 44600 has a total call value of 0 versus a total put value of 19,762,187,650,000 Combined total value = 19,762,187,650,000

Strike 44700 has a total call value of 0 versus a total put value of 19,612,553,150,000 Combined total value = 19,612,553,150,000

Strike 44800 has a total call value of 0 versus a total put value of 19,462,918,650,000 Combined total value = 19,462,918,650,000

Strike 44900 has a total call value of 0 versus a total put value of 19,313,284,150,000 Combined total value = 19,313,284,150,000

Strike 45000 has a total call value of 0 versus a total put value of 19,163,649,650,000 Combined total value = 19,163,649,650,000

Strike 45100 has a total call value of 0 versus a total put value of 19,014,015,150,000 Combined total value = 19,014,015,150,000

Strike 45200 has a total call value of 0 versus a total put value of 18,864,380,650,000 Combined total value = 18,864,380,650,000

Strike 45300 has a total call value of 0 versus a total put value of 18,714,746,150,000 Combined total value = 18,714,746,150,000

Strike 45400 has a total call value of 0 versus a total put value of 18,565,111,650,000 Combined total value = 18,565,111,650,000

Strike 45500 has a total call value of 0 versus a total put value of 18,415,477,150,000 Combined total value = 18,415,477,150,000

Strike 45600 has a total call value of 0 versus a total put value of 18,265,842,650,000 Combined total value = 18,265,842,650,000

Strike 45700 has a total call value of 0 versus a total put value of 18,116,208,150,000 Combined total value = 18,116,208,150,000

Strike 45800 has a total call value of 0 versus a total put value of 17,966,573,650,000 Combined total value = 17,966,573,650,000

Strike 45900 has a total call value of 0 versus a total put value of 17,816,939,150,000 Combined total value = 17,816,939,150,000

Strike 46000 has a total call value of 0 versus a total put value of 17,667,304,650,000 Combined total value = 17,667,304,650,000

Strike 46100 has a total call value of 0 versus a total put value of 17,517,670,150,000 Combined total value = 17,517,670,150,000

Strike 46200 has a total call value of 0 versus a total put value of 17,368,035,650,000 Combined total value = 17,368,035,650,000

Strike 46300 has a total call value of 0 versus a total put value of 17,218,401,150,000 Combined total value = 17,218,401,150,000

Strike 46400 has a total call value of 0 versus a total put value of 17,068,766,650,000 Combined total value = 17,068,766,650,000

Strike 46500 has a total call value of 0 versus a total put value of 16,919,132,150,000 Combined total value = 16,919,132,150,000

Strike 46600 has a total call value of 0 versus a total put value of 16,769,707,650,000 Combined total value = 16,769,707,650,000

Strike 46700 has a total call value of 0 versus a total put value of 16,620,283,150,000 Combined total value = 16,620,283,150,000

Strike 46800 has a total call value of 0 versus a total put value of 16,470,858,650,000 Combined total value = 16,470,858,650,000

Strike 46900 has a total call value of 0 versus a total put value of 16,321,434,150,000 Combined total value = 16,321,434,150,000

Strike 47000 has a total call value of 0 versus a total put value of 16,172,009,650,000 Combined total value = 16,172,009,650,000

Strike 47100 has a total call value of 0 versus a total put value of 16,022,730,050,000 Combined total value = 16,022,730,050,000

Strike 47200 has a total call value of 0 versus a total put value of 15,873,450,450,000 Combined total value = 15,873,450,450,000

Strike 47300 has a total call value of 0 versus a total put value of 15,724,170,850,000 Combined total value = 15,724,170,850,000

Strike 47400 has a total call value of 0 versus a total put value of 15,574,891,250,000 Combined total value = 15,574,891,250,000

Strike 47500 has a total call value of 0 versus a total put value of 15,425,611,650,000 Combined total value = 15,425,611,650,000

Strike 47600 has a total call value of 0 versus a total put value of 15,276,605,400,000 Combined total value = 15,276,605,400,000

Strike 47700 has a total call value of 0 versus a total put value of 15,127,599,150,000 Combined total value = 15,127,599,150,000

Strike 47800 has a total call value of 0 versus a total put value of 14,978,592,900,000 Combined total value = 14,978,592,900,000

Strike 47900 has a total call value of 0 versus a total put value of 14,829,586,650,000 Combined total value = 14,829,586,650,000

Strike 48000 has a total call value of 0 versus a total put value of 14,680,580,400,000 Combined total value = 14,680,580,400,000

Strike 48100 has a total call value of 763,000,000 versus a total put value of 14,531,958,800,000 Combined total value = 14,532,721,800,000

Strike 48200 has a total call value of 1,526,000,000 versus a total put value of 14,383,337,200,000 Combined total value = 14,384,863,200,000

Strike 48300 has a total call value of 2,289,000,000 versus a total put value of 14,234,715,600,000 Combined total value = 14,237,004,600,000

Strike 48400 has a total call value of 3,052,000,000 versus a total put value of 14,086,094,000,000 Combined total value = 14,089,146,000,000

Strike 48500 has a total call value of 3,815,000,000 versus a total put value of 13,937,472,400,000 Combined total value = 13,941,287,400,000

Strike 48600 has a total call value of 4,579,050,000 versus a total put value of 13,788,956,500,000 Combined total value = 13,793,535,550,000

Strike 48700 has a total call value of 5,343,100,000 versus a total put value of 13,640,440,600,000 Combined total value = 13,645,783,700,000

Strike 48800 has a total call value of 6,107,150,000 versus a total put value of 13,491,924,700,000 Combined total value = 13,498,031,850,000

Strike 48900 has a total call value of 6,871,200,000 versus a total put value of 13,343,408,800,000 Combined total value = 13,350,280,000,000

Strike 49000 has a total call value of 7,635,250,000 versus a total put value of 13,194,892,900,000 Combined total value = 13,202,528,150,000

Strike 49100 has a total call value of 8,565,200,000 versus a total put value of 13,046,525,750,000 Combined total value = 13,055,090,950,000

Strike 49200 has a total call value of 9,495,150,000 versus a total put value of 12,898,158,600,000 Combined total value = 12,907,653,750,000

Strike 49300 has a total call value of 10,425,100,000 versus a total put value of 12,749,791,450,000 Combined total value = 12,760,216,550,000

Strike 49400 has a total call value of 11,355,050,000 versus a total put value of 12,601,424,300,000 Combined total value = 12,612,779,350,000

Strike 49500 has a total call value of 12,285,000,000 versus a total put value of 12,453,057,150,000 Combined total value = 12,465,342,150,000

Strike 49600 has a total call value of 13,219,150,000 versus a total put value of 12,304,745,300,000 Combined total value = 12,317,964,450,000

Strike 49700 has a total call value of 14,153,300,000 versus a total put value of 12,156,454,100,000 Combined total value = 12,170,607,400,000

Strike 49800 has a total call value of 15,087,800,000 versus a total put value of 12,008,222,050,000 Combined total value = 12,023,309,850,000

Strike 49900 has a total call value of 16,022,650,000 versus a total put value of 11,860,013,100,000 Combined total value = 11,876,035,750,000

Strike 50000 has a total call value of 16,957,850,000 versus a total put value of 11,711,825,150,000 Combined total value = 11,728,783,000,000

Strike 50100 has a total call value of 18,503,800,000 versus a total put value of 11,565,721,100,000 Combined total value = 11,584,224,900,000

Strike 50200 has a total call value of 20,050,100,000 versus a total put value of 11,419,639,100,000 Combined total value = 11,439,689,200,000

Strike 50300 has a total call value of 21,596,750,000 versus a total put value of 11,273,561,650,000 Combined total value = 11,295,158,400,000

Strike 50400 has a total call value of 23,143,750,000 versus a total put value of 11,127,493,300,000 Combined total value = 11,150,637,050,000

Strike 50500 has a total call value of 24,691,100,000 versus a total put value of 10,981,427,750,000 Combined total value = 11,006,118,850,000

Strike 50600 has a total call value of 26,243,350,000 versus a total put value of 10,835,507,800,000 Combined total value = 10,861,751,150,000

Strike 50700 has a total call value of 27,795,950,000 versus a total put value of 10,689,590,650,000 Combined total value = 10,717,386,600,000

Strike 50800 has a total call value of 29,348,900,000 versus a total put value of 10,543,677,700,000 Combined total value = 10,573,026,600,000

Strike 50900 has a total call value of 30,902,200,000 versus a total put value of 10,397,769,300,000 Combined total value = 10,428,671,500,000

Strike 51000 has a total call value of 32,455,850,000 versus a total put value of 10,251,873,850,000 Combined total value = 10,284,329,700,000

Strike 51100 has a total call value of 34,200,050,000 versus a total put value of 10,106,715,750,000 Combined total value = 10,140,915,800,000

Strike 51200 has a total call value of 35,944,600,000 versus a total put value of 9,961,563,250,000 Combined total value = 9,997,507,850,000

Strike 51300 has a total call value of 37,689,500,000 versus a total put value of 9,816,419,500,000 Combined total value = 9,854,109,000,000

Strike 51400 has a total call value of 39,434,750,000 versus a total put value of 9,671,284,850,000 Combined total value = 9,710,719,600,000

Strike 51500 has a total call value of 41,180,350,000 versus a total put value of 9,526,206,200,000 Combined total value = 9,567,386,550,000

Strike 51600 has a total call value of 42,933,300,000 versus a total put value of 9,381,315,850,000 Combined total value = 9,424,249,150,000

Strike 51700 has a total call value of 44,686,600,000 versus a total put value of 9,236,431,800,000 Combined total value = 9,281,118,400,000

Strike 51800 has a total call value of 46,440,250,000 versus a total put value of 9,091,552,300,000 Combined total value = 9,137,992,550,000

Strike 51900 has a total call value of 48,194,950,000 versus a total put value of 8,946,680,150,000 Combined total value = 8,994,875,100,000

Strike 52000 has a total call value of 49,951,050,000 versus a total put value of 8,801,813,950,000 Combined total value = 8,851,765,000,000

Strike 52100 has a total call value of 51,976,650,000 versus a total put value of 8,657,577,750,000 Combined total value = 8,709,554,400,000

Strike 52200 has a total call value of 54,002,600,000 versus a total put value of 8,513,355,900,000 Combined total value = 8,567,358,500,000

Strike 52300 has a total call value of 56,028,900,000 versus a total put value of 8,369,138,600,000 Combined total value = 8,425,167,500,000

Strike 52400 has a total call value of 58,055,550,000 versus a total put value of 8,224,952,450,000 Combined total value = 8,283,008,000,000

Strike 52500 has a total call value of 60,082,550,000 versus a total put value of 8,080,800,250,000 Combined total value = 8,140,882,800,000

Strike 52600 has a total call value of 62,117,250,000 versus a total put value of 7,937,021,700,000 Combined total value = 7,999,138,950,000

Strike 52700 has a total call value of 64,153,000,000 versus a total put value of 7,793,265,550,000 Combined total value = 7,857,418,550,000

Strike 52800 has a total call value of 66,189,100,000 versus a total put value of 7,649,524,450,000 Combined total value = 7,715,713,550,000

Strike 52900 has a total call value of 68,225,900,000 versus a total put value of 7,505,802,600,000 Combined total value = 7,574,028,500,000

Strike 53000 has a total call value of 70,263,400,000 versus a total put value of 7,362,099,650,000 Combined total value = 7,432,363,050,000

Strike 53100 has a total call value of 72,563,050,000 versus a total put value of 7,219,580,400,000 Combined total value = 7,292,143,450,000

Strike 53200 has a total call value of 74,863,750,000 versus a total put value of 7,077,078,300,000 Combined total value = 7,151,942,050,000

Strike 53300 has a total call value of 77,165,150,000 versus a total put value of 6,934,597,550,000 Combined total value = 7,011,762,700,000

Strike 53400 has a total call value of 79,467,250,000 versus a total put value of 6,792,132,550,000 Combined total value = 6,871,599,800,000

Strike 53500 has a total call value of 81,770,050,000 versus a total put value of 6,649,684,700,000 Combined total value = 6,731,454,750,000

Strike 53600 has a total call value of 84,104,700,000 versus a total put value of 6,507,717,050,000 Combined total value = 6,591,821,750,000

Strike 53700 has a total call value of 86,449,850,000 versus a total put value of 6,365,775,300,000 Combined total value = 6,452,225,150,000

Strike 53800 has a total call value of 88,796,050,000 versus a total put value of 6,223,868,900,000 Combined total value = 6,312,664,950,000

Strike 53900 has a total call value of 91,143,650,000 versus a total put value of 6,081,997,150,000 Combined total value = 6,173,140,800,000

Strike 54000 has a total call value of 93,492,650,000 versus a total put value of 5,940,204,850,000 Combined total value = 6,033,697,500,000

Strike 54100 has a total call value of 96,408,050,000 versus a total put value of 5,800,771,200,000 Combined total value = 5,897,179,250,000

Strike 54200 has a total call value of 99,324,850,000 versus a total put value of 5,661,401,950,000 Combined total value = 5,760,726,800,000

Strike 54300 has a total call value of 102,259,150,000 versus a total put value of 5,522,135,950,000 Combined total value = 5,624,395,100,000

Strike 54400 has a total call value of 105,194,850,000 versus a total put value of 5,382,915,800,000 Combined total value = 5,488,110,650,000

Strike 54500 has a total call value of 108,177,800,000 versus a total put value of 5,243,787,700,000 Combined total value = 5,351,965,500,000

Strike 54600 has a total call value of 111,243,700,000 versus a total put value of 5,105,538,450,000 Combined total value = 5,216,782,150,000

Strike 54700 has a total call value of 114,312,050,000 versus a total put value of 4,967,390,700,000 Combined total value = 5,081,702,750,000

Strike 54800 has a total call value of 117,398,950,000 versus a total put value of 4,829,327,650,000 Combined total value = 4,946,726,600,000

Strike 54900 has a total call value of 120,496,350,000 versus a total put value of 4,691,369,250,000 Combined total value = 4,811,865,600,000

Strike 55000 has a total call value of 123,618,950,000 versus a total put value of 4,553,509,900,000 Combined total value = 4,677,128,850,000

Strike 55100 has a total call value of 127,249,400,000 versus a total put value of 4,420,540,750,000 Combined total value = 4,547,790,150,000

Strike 55200 has a total call value of 130,888,250,000 versus a total put value of 4,287,642,300,000 Combined total value = 4,418,530,550,000

Strike 55300 has a total call value of 134,528,500,000 versus a total put value of 4,154,935,650,000 Combined total value = 4,289,464,150,000

Strike 55400 has a total call value of 138,176,100,000 versus a total put value of 4,022,358,850,000 Combined total value = 4,160,534,950,000

Strike 55500 has a total call value of 141,863,250,000 versus a total put value of 3,889,962,650,000 Combined total value = 4,031,825,900,000

Strike 55600 has a total call value of 146,366,600,000 versus a total put value of 3,761,199,750,000 Combined total value = 3,907,566,350,000

Strike 55700 has a total call value of 150,872,750,000 versus a total put value of 3,632,668,550,000 Combined total value = 3,783,541,300,000

Strike 55800 has a total call value of 155,381,000,000 versus a total put value of 3,504,369,750,000 Combined total value = 3,659,750,750,000

Strike 55900 has a total call value of 159,894,850,000 versus a total put value of 3,376,452,800,000 Combined total value = 3,536,347,650,000

Strike 56000 has a total call value of 164,416,400,000 versus a total put value of 3,248,773,150,000 Combined total value = 3,413,189,550,000

Strike 56100 has a total call value of 169,758,350,000 versus a total put value of 3,126,981,900,000 Combined total value = 3,296,740,250,000

Strike 56200 has a total call value of 175,103,450,000 versus a total put value of 3,005,502,500,000 Combined total value = 3,180,605,950,000

Strike 56300 has a total call value of 180,451,350,000 versus a total put value of 2,884,302,750,000 Combined total value = 3,064,754,100,000

Strike 56400 has a total call value of 185,801,700,000 versus a total put value of 2,763,806,850,000 Combined total value = 2,949,608,550,000

Strike 56500 has a total call value of 191,161,150,000 versus a total put value of 2,643,546,850,000 Combined total value = 2,834,708,000,000

Strike 56600 has a total call value of 196,818,800,000 versus a total put value of 2,526,929,300,000 Combined total value = 2,723,748,100,000

Strike 56700 has a total call value of 202,479,600,000 versus a total put value of 2,410,585,450,000 Combined total value = 2,613,065,050,000

Strike 56800 has a total call value of 208,146,350,000 versus a total put value of 2,294,610,150,000 Combined total value = 2,502,756,500,000

Strike 56900 has a total call value of 213,825,000,000 versus a total put value of 2,179,230,200,000 Combined total value = 2,393,055,200,000

Strike 57000 has a total call value of 219,507,850,000 versus a total put value of 2,064,263,600,000 Combined total value = 2,283,771,450,000

Strike 57100 has a total call value of 226,232,300,000 versus a total put value of 1,957,117,400,000 Combined total value = 2,183,349,700,000

Strike 57200 has a total call value of 232,961,300,000 versus a total put value of 1,851,013,500,000 Combined total value = 2,083,974,800,000

Strike 57300 has a total call value of 239,718,300,000 versus a total put value of 1,745,841,650,000 Combined total value = 1,985,559,950,000

Strike 57400 has a total call value of 246,505,400,000 versus a total put value of 1,641,559,850,000 Combined total value = 1,888,065,250,000

Strike 57500 has a total call value of 253,342,200,000 versus a total put value of 1,537,995,900,000 Combined total value = 1,791,338,100,000

Strike 57600 has a total call value of 260,742,850,000 versus a total put value of 1,440,329,100,000 Combined total value = 1,701,071,950,000

Strike 57700 has a total call value of 268,200,200,000 versus a total put value of 1,343,516,300,000 Combined total value = 1,611,716,500,000

Strike 57800 has a total call value of 275,751,350,000 versus a total put value of 1,248,158,800,000 Combined total value = 1,523,910,150,000

Strike 57900 has a total call value of 283,414,500,000 versus a total put value of 1,154,177,850,000 Combined total value = 1,437,592,350,000

Strike 58000 has a total call value of 291,156,750,000 versus a total put value of 1,060,963,750,000 Combined total value = 1,352,120,500,000

Strike 58100 has a total call value of 300,632,200,000 versus a total put value of 977,803,400,000 Combined total value = 1,278,435,600,000

Strike 58200 has a total call value of 310,274,600,000 versus a total put value of 895,470,800,000 Combined total value = 1,205,745,400,000

Strike 58300 has a total call value of 320,071,000,000 versus a total put value of 814,450,000,000 Combined total value = 1,134,521,000,000

Strike 58400 has a total call value of 329,994,100,000 versus a total put value of 734,922,300,000 Combined total value = 1,064,916,400,000

Strike 58500 has a total call value of 340,088,350,000 versus a total put value of 656,446,000,000 Combined total value = 996,534,350,000

Strike 58600 has a total call value of 356,989,750,000 versus a total put value of 587,863,150,000 Combined total value = 944,852,900,000

Strike 58700 has a total call value of 374,183,400,000 versus a total put value of 522,403,350,000 Combined total value = 896,586,750,000

Strike 58800 has a total call value of 392,753,600,000 versus a total put value of 459,135,250,000 Combined total value = 851,888,850,000

Strike 58900 has a total call value of 412,920,500,000 versus a total put value of 398,951,700,000 Combined total value = 811,872,200,000

Strike 59000 has a total call value of 434,842,650,000 versus a total put value of 341,692,400,000 Combined total value = 776,535,050,000

Strike 59100 has a total call value of 469,919,550,000 versus a total put value of 299,403,300,000 Combined total value = 769,322,850,000

Strike 59200 has a total call value of 509,882,100,000 versus a total put value of 260,318,800,000 Combined total value = 770,200,900,000

Strike 59300 has a total call value of 555,730,950,000 versus a total put value of 224,820,050,000 Combined total value = 780,551,000,000

Strike 59400 has a total call value of 607,151,450,000 versus a total put value of 191,742,950,000 Combined total value = 798,894,400,000

Strike 59500 has a total call value of 662,620,050,000 versus a total put value of 160,516,650,000 Combined total value = 823,136,700,000

Strike 59600 has a total call value of 737,263,750,000 versus a total put value of 143,499,300,000 Combined total value = 880,763,050,000

Strike 59700 has a total call value of 817,929,550,000 versus a total put value of 127,646,050,000 Combined total value = 945,575,600,000

Strike 59800 has a total call value of 902,659,200,000 versus a total put value of 113,788,150,000 Combined total value = 1,016,447,350,000

Strike 59900 has a total call value of 991,627,000,000 versus a total put value of 101,475,500,000 Combined total value = 1,093,102,500,000

Strike 60000 has a total call value of 1,083,680,400,000 versus a total put value of 89,930,400,000 Combined total value = 1,173,610,800,000

Strike 60100 has a total call value of 1,193,735,350,000 versus a total put value of 83,576,500,000 Combined total value = 1,277,311,850,000

Strike 60200 has a total call value of 1,307,010,300,000 versus a total put value of 77,814,100,000 Combined total value = 1,384,824,400,000

Strike 60300 has a total call value of 1,424,821,950,000 versus a total put value of 72,438,100,000 Combined total value = 1,497,260,050,000

Strike 60400 has a total call value of 1,544,726,950,000 versus a total put value of 67,398,100,000 Combined total value = 1,612,125,050,000

Strike 60500 has a total call value of 1,666,563,950,000 versus a total put value of 62,504,400,000 Combined total value = 1,729,068,350,000

Strike 60600 has a total call value of 1,796,548,950,000 versus a total put value of 58,432,500,000 Combined total value = 1,854,981,450,000

Strike 60700 has a total call value of 1,927,836,300,000 versus a total put value of 54,560,100,000 Combined total value = 1,982,396,400,000

Strike 60800 has a total call value of 2,060,746,600,000 versus a total put value of 50,812,300,000 Combined total value = 2,111,558,900,000

Strike 60900 has a total call value of 2,195,323,250,000 versus a total put value of 47,164,250,000 Combined total value = 2,242,487,500,000

Strike 61000 has a total call value of 2,331,038,100,000 versus a total put value of 43,737,400,000 Combined total value = 2,374,775,500,000

Strike 61100 has a total call value of 2,476,188,250,000 versus a total put value of 41,407,800,000 Combined total value = 2,517,596,050,000

Strike 61200 has a total call value of 2,622,233,350,000 versus a total put value of 39,195,100,000 Combined total value = 2,661,428,450,000

Strike 61300 has a total call value of 2,769,377,100,000 versus a total put value of 37,030,700,000 Combined total value = 2,806,407,800,000

Strike 61400 has a total call value of 2,917,842,450,000 versus a total put value of 34,895,350,000 Combined total value = 2,952,737,800,000

Strike 61500 has a total call value of 3,067,319,300,000 versus a total put value of 32,793,250,000 Combined total value = 3,100,112,550,000

Strike 61600 has a total call value of 3,222,233,050,000 versus a total put value of 30,868,250,000 Combined total value = 3,253,101,300,000

Strike 61700 has a total call value of 3,377,761,050,000 versus a total put value of 28,986,650,000 Combined total value = 3,406,747,700,000

Strike 61800 has a total call value of 3,534,129,050,000 versus a total put value of 27,139,000,000 Combined total value = 3,561,268,050,000

Strike 61900 has a total call value of 3,692,460,550,000 versus a total put value of 25,335,100,000 Combined total value = 3,717,795,650,000

Strike 62000 has a total call value of 3,851,150,800,000 versus a total put value of 23,534,700,000 Combined total value = 3,874,685,500,000

Strike 62100 has a total call value of 4,019,607,450,000 versus a total put value of 22,488,550,000 Combined total value = 4,042,096,000,000

Strike 62200 has a total call value of 4,188,397,650,000 versus a total put value of 21,444,500,000 Combined total value = 4,209,842,150,000

Strike 62300 has a total call value of 4,357,668,400,000 versus a total put value of 20,401,500,000 Combined total value = 4,378,069,900,000

Strike 62400 has a total call value of 4,527,599,600,000 versus a total put value of 19,359,900,000 Combined total value = 4,546,959,500,000

Strike 62500 has a total call value of 4,697,818,500,000 versus a total put value of 18,319,700,000 Combined total value = 4,716,138,200,000

Strike 62600 has a total call value of 4,874,278,950,000 versus a total put value of 17,284,750,000 Combined total value = 4,891,563,700,000

Strike 62700 has a total call value of 5,051,112,500,000 versus a total put value of 16,251,900,000 Combined total value = 5,067,364,400,000

Strike 62800 has a total call value of 5,228,154,300,000 versus a total put value of 15,220,800,000 Combined total value = 5,243,375,100,000

Strike 62900 has a total call value of 5,405,443,900,000 versus a total put value of 14,190,400,000 Combined total value = 5,419,634,300,000

Strike 63000 has a total call value of 5,582,934,050,000 versus a total put value of 13,160,700,000 Combined total value = 5,596,094,750,000

Strike 63100 has a total call value of 5,768,852,900,000 versus a total put value of 12,544,700,000 Combined total value = 5,781,397,600,000

Strike 63200 has a total call value of 5,955,008,350,000 versus a total put value of 11,929,400,000 Combined total value = 5,966,937,750,000

Strike 63300 has a total call value of 6,141,306,600,000 versus a total put value of 11,316,550,000 Combined total value = 6,152,623,150,000

Strike 63400 has a total call value of 6,327,758,850,000 versus a total put value of 10,704,050,000 Combined total value = 6,338,462,900,000

Strike 63500 has a total call value of 6,514,293,000,000 versus a total put value of 10,091,550,000 Combined total value = 6,524,384,550,000

Strike 63600 has a total call value of 6,702,648,200,000 versus a total put value of 9,479,750,000 Combined total value = 6,712,127,950,000

Strike 63700 has a total call value of 6,891,205,000,000 versus a total put value of 8,867,950,000 Combined total value = 6,900,072,950,000

Strike 63800 has a total call value of 7,079,929,450,000 versus a total put value of 8,256,150,000 Combined total value = 7,088,185,600,000

Strike 63900 has a total call value of 7,268,834,150,000 versus a total put value of 7,644,350,000 Combined total value = 7,276,478,500,000

Strike 64000 has a total call value of 7,457,817,250,000 versus a total put value of 7,032,550,000 Combined total value = 7,464,849,800,000

Strike 64100 has a total call value of 7,652,408,400,000 versus a total put value of 6,586,300,000 Combined total value = 7,658,994,700,000

Strike 64200 has a total call value of 7,847,048,900,000 versus a total put value of 6,140,400,000 Combined total value = 7,853,189,300,000

Strike 64300 has a total call value of 8,041,729,650,000 versus a total put value of 5,695,200,000 Combined total value = 8,047,424,850,000

Strike 64400 has a total call value of 8,236,497,550,000 versus a total put value of 5,250,350,000 Combined total value = 8,241,747,900,000

Strike 64500 has a total call value of 8,431,306,050,000 versus a total put value of 4,805,500,000 Combined total value = 8,436,111,550,000

Strike 64600 has a total call value of 8,627,304,900,000 versus a total put value of 4,371,150,000 Combined total value = 8,631,676,050,000

Strike 64700 has a total call value of 8,823,330,000,000 versus a total put value of 3,936,800,000 Combined total value = 8,827,266,800,000

Strike 64800 has a total call value of 9,019,413,900,000 versus a total put value of 3,502,450,000 Combined total value = 9,022,916,350,000

Strike 64900 has a total call value of 9,215,549,600,000 versus a total put value of 3,068,100,000 Combined total value = 9,218,617,700,000

Strike 65000 has a total call value of 9,411,685,300,000 versus a total put value of 2,633,750,000 Combined total value = 9,414,319,050,000

Strike 65100 has a total call value of 9,612,241,150,000 versus a total put value of 2,457,700,000 Combined total value = 9,614,698,850,000

Strike 65200 has a total call value of 9,812,797,000,000 versus a total put value of 2,281,650,000 Combined total value = 9,815,078,650,000

Strike 65300 has a total call value of 10,013,352,850,000 versus a total put value of 2,105,600,000 Combined total value = 10,015,458,450,000

Strike 65400 has a total call value of 10,213,908,700,000 versus a total put value of 1,929,550,000 Combined total value = 10,215,838,250,000

Strike 65500 has a total call value of 10,414,464,550,000 versus a total put value of 1,753,500,000 Combined total value = 10,416,218,050,000

Strike 65600 has a total call value of 10,615,199,250,000 versus a total put value of 1,577,800,000 Combined total value = 10,616,777,050,000

Strike 65700 has a total call value of 10,815,933,950,000 versus a total put value of 1,402,100,000 Combined total value = 10,817,336,050,000

Strike 65800 has a total call value of 11,016,668,650,000 versus a total put value of 1,226,400,000 Combined total value = 11,017,895,050,000

Strike 65900 has a total call value of 11,217,403,350,000 versus a total put value of 1,050,700,000 Combined total value = 11,218,454,050,000

Strike 66000 has a total call value of 11,418,138,050,000 versus a total put value of 875,000,000 Combined total value = 11,419,013,050,000

Strike 66100 has a total call value of 11,619,972,800,000 versus a total put value of 787,500,000 Combined total value = 11,620,760,300,000

Strike 66200 has a total call value of 11,821,807,550,000 versus a total put value of 700,000,000 Combined total value = 11,822,507,550,000

Strike 66300 has a total call value of 12,023,642,300,000 versus a total put value of 612,500,000 Combined total value = 12,024,254,800,000

Strike 66400 has a total call value of 12,225,477,050,000 versus a total put value of 525,000,000 Combined total value = 12,226,002,050,000

Strike 66500 has a total call value of 12,427,311,800,000 versus a total put value of 437,500,000 Combined total value = 12,427,749,300,000

Strike 66600 has a total call value of 12,630,413,200,000 versus a total put value of 350,000,000 Combined total value = 12,630,763,200,000

Strike 66700 has a total call value of 12,833,514,600,000 versus a total put value of 262,500,000 Combined total value = 12,833,777,100,000

Strike 66800 has a total call value of 13,036,616,000,000 versus a total put value of 175,000,000 Combined total value = 13,036,791,000,000

Strike 66900 has a total call value of 13,239,717,400,000 versus a total put value of 87,500,000 Combined total value = 13,239,804,900,000

Strike 67000 has a total call value of 13,442,818,800,000 versus a total put value of 0 Combined total value = 13,442,818,800,000

Strike 67100 has a total call value of 13,650,844,000,000 versus a total put value of 0 Combined total value = 13,650,844,000,000

Strike 67200 has a total call value of 13,858,869,200,000 versus a total put value of 0 Combined total value = 13,858,869,200,000

Strike 67300 has a total call value of 14,066,894,400,000 versus a total put value of 0 Combined total value = 14,066,894,400,000

Strike 67400 has a total call value of 14,274,919,600,000 versus a total put value of 0 Combined total value = 14,274,919,600,000

Strike 67500 has a total call value of 14,482,944,800,000 versus a total put value of 0 Combined total value = 14,482,944,800,000

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	1139.1	1140
ABB	5159	5200
ABCAPITAL	344.95	345
ADANIENSOL	979	980
ADANIENT	2244.9	2300
ADANIGREEN	1016.7	1020
ADANIPORTS	1499	1500
ALKEM	5572	5650
AMBER	6650	6800
AMBUJACEM	537.2	550
ANGELONE	2478.6	2550
APLAPOLLO	1802.6	1760
APOLLOHOSP	6958.5	7100
ASHOKLEY	172.47	162
ASIANPAINT	2775.4	2800
ASTRAL	1416.9	1440
AUBANK	985.95	960
AUROPHARMA	1239.9	1220
AXISBANK	1240.5	1240
BAJAJ-AUTO	8890	9000
BAJAJFINSV	2051.2	2060
BAJFINANCE	1010.3	1020
BANDHANBNK	149.15	150
BANKBARODA	290.05	290
BANKINDIA	142.67	143
BDL	1351.4	1400
BEL	389.45	400
BHARATFORG	1423.7	1400
BHARTIARTL	2097	2100
BHEL	275.5	280
BIOCON	400.45	395
BLUESTARCO	1852.7	1800
BOSCHLTD	35815	36000
BPCL	366.55	365
BRITANNIA	6019.5	6000
BSE	2725.2	2700
CAMS	757.9	770
CANBK	149.53	150
CDSL	1495.6	1540
CGPOWER	665.45	680
CHOLAFIN	1681.8	1700
CIPLA	1511.8	1520
COALINDIA	385.7	384.75
COFORGE	1850.2	1840
COLPAL	2086.5	2160
CONCOR	499.8	520
CROMPTON	253.75	265
CUMMINSIND	4404	4400
CYIENT	1147.4	1140
DABUR	493.65	500
DALBHARAT	2021	2040
DELHIVERY	402.5	410
DIVISLAB	6592	6450
DIXON	13340	13500
DLF	685.65	710
DMART	3770	3900
DRREDDY	1287.5	1270
EICHERMOT	7163	7100
ETERNAL	287.75	295
EXIDEIND	361.05	370
FEDERALBNK	266.1	260
FORTIS	878.35	890
GAIL	168.41	175
GLENMARK	1991.4	1940
GMRAIRPORT	101.52	102
GODREJCP	1178.1	1160
GODREJPROP	2024.1	2060
GRASIM	2824.4	2800
HAL	4283.7	4450
HAVELLS	1409.9	1440
HCLTECH	1659.8	1660
HDFCAMC	2697.7	2700
HDFCBANK	983.6	990
HDFCLIFE	756.45	770
HEROMOTOCO	5775.5	5900
HFCL	64.8	67
HINDALCO	861.55	820
HINDPETRO	464	460
HINDUNILVR	2274.9	2300
HINDZINC	582	555
HUDCO	208.5	217.5
ICICIBANK	1358.2	1380
ICICIGI	1950	1960
ICICIPRULI	649.45	630
IDEA	11.45	11
IDFCFIRSTB	83.9	82
IEX	140.12	145
IIFL	565.4	560
INDHOTEL	729.2	730
INDIANB	782.35	820
INDIGO	5117.5	5100
INDUSINDBK	835.2	850
INDUSTOWER	411.2	410
INFY	1644	1600
INOXWIND	125.17	130
IOC	161.34	161
IRCTC	668.8	690
IREDA	132.16	140
IRFC	111.42	115
ITC	401.3	405
JINDALSTEL	993.8	1020
JIOFIN	296.35	305
JSWENERGY	472.75	490
JSWSTEEL	1083	1120
JUBLFOOD	559.9	580
KALYANKJIL	474.7	480
KAYNES	4057	4300
KEI	4170	4100
KFINTECH	1077	1060
KOTAKBANK	2167.6	2160
KPITTECH	1168.9	1200
LAURUSLABS	1043.6	1000
LICHSGFIN	529.05	550
LICI	848.15	870
LODHA	1086.7	1100
LT	4065	4040
LTF	300.65	300
LTIM	6046	6100
LUPIN	2144	2100
M&M	3594.7	3650
MANAPPURAM	285.05	280
MANKIND	2163	2200
MARICO	735.5	730
MARUTI	16389	16300
MAXHEALTH	1068.9	1080
MAZDOCK	2387.9	2500
MCX	10339	10100
MFSL	1681	1680
MOTHERSON	118.88	115
MPHASIS	2878.3	2900
MUTHOOTFIN	3730.4	3750
NATIONALUM	279.95	270
NAUKRI	1331	1360
NBCC	109.11	111
NCC	153.65	165
NESTLEIND	1234.6	1240
NHPC	75.25	78
NMDC	76.18	77
NTPC	319.3	325
NUVAMA	7210.5	7300
NYKAA	244.45	252.5
OBEROIRLTY	1674.7	1660
OFSS	7688.5	8000
OIL	401.5	410
ONGC	232.16	237.5
PAGEIND	35795	37000
PATANJALI	553.75	550
PAYTM	1305.6	1300
PERSISTENT	6326	6300
PETRONET	269.1	278
PFC	337.45	355
PGEL	571.8	560
PHOENIXLTD	1804.8	1760
PIDILITIND	1453	1480
PIIND	3216	3350
PNB	119.32	120
PNBHOUSING	904.45	900
POLICYBZR	1839	1840
POLYCAB	7280	7200
POWERGRID	260.1	270
POWERINDIA	18380	19000
PPLPHARMA	169.68	175
PRESTIGE	1618.7	1640
RBLBANK	299.55	305
RECLTD	340.1	350
RELIANCE	1567.8	1550
RVNL	310.15	310
SAIL	125.38	131
SAMMAANCAP	145.35	152.5
SBICARD	853.45	870
SBILIFE	2020.3	2020
SBIN	979.7	970
SHREECEM	25430	26250
SHRIRAMFIN	859.25	850
SIEMENS	3102	3150
SOLARINDS	11790	12500
SONACOMS	491.85	500
SRF	3038.5	3000
SUNPHARMA	1755.3	1760
SUPREMEIND	3370.1	3400
SUZLON	51.98	54
SYNGENE	660.85	650
TATACONSUM	1176.8	1170
TATAELXSI	5155	5100
TATAMOTORS	0	320
TATAPOWER	375.45	390
TATASTEEL	169.21	170
TATATECH	647.4	670
TCS	3312	3220
TECHM	1602.9	1560
TIINDIA	2606.6	2700
TITAGARH	774.7	800
TITAN	3932.4	3880
TMPV	351.95	360
TORNTPHARM	3785.4	3750
TORNTPOWER	1262.1	1300
TRENT	4054.6	4200
TVSMOTOR	3622.7	3600
ULTRACEMCO	11494	11600
UNIONBANK	154.96	155
UNITDSPR	1395.5	1430
UNOMINDA	1237.6	1280
UPL	748.55	750
VBL	474.8	470
VEDL	576.55	555
VOLTAS	1407.8	1400
WIPRO	265.32	260
YESBANK	21.57	22
ZYDUSLIFE	924.85	930

Note:

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

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