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BHARTIARTL

Bharti Airtel Limited
2052.6 -14.40 (-0.70%)
L: 2038 H: 2069.2
Max Pain - BHARTIARTL
11 Dec 2025 02:13 PM IST
Live


Strike  1520  has a total call value of 0  versus a total put value of  468,426,000,000 Combined total value = 468,426,000,000

Strike  1540  has a total call value of 0  versus a total put value of  450,897,550,000 Combined total value = 450,897,550,000

Strike  1560  has a total call value of 0  versus a total put value of  433,369,100,000 Combined total value = 433,369,100,000

Strike  1580  has a total call value of 0  versus a total put value of  415,840,650,000 Combined total value = 415,840,650,000

Strike  1600  has a total call value of 0  versus a total put value of  398,312,200,000 Combined total value = 398,312,200,000

Strike  1620  has a total call value of 0  versus a total put value of  380,783,750,000 Combined total value = 380,783,750,000

Strike  1640  has a total call value of 0  versus a total put value of  363,255,300,000 Combined total value = 363,255,300,000

Strike  1660  has a total call value of 0  versus a total put value of  345,726,850,000 Combined total value = 345,726,850,000

Strike  1680  has a total call value of 0  versus a total put value of  328,198,400,000 Combined total value = 328,198,400,000

Strike  1700  has a total call value of 0  versus a total put value of  310,669,950,000 Combined total value = 310,669,950,000

Strike  1720  has a total call value of 0  versus a total put value of  293,141,500,000 Combined total value = 293,141,500,000

Strike  1740  has a total call value of 22,800,000  versus a total put value of  275,613,050,000 Combined total value = 275,635,850,000

Strike  1760  has a total call value of 45,600,000  versus a total put value of  258,084,600,000 Combined total value = 258,130,200,000

Strike  1780  has a total call value of 68,400,000  versus a total put value of  240,556,150,000 Combined total value = 240,624,550,000

Strike  1800  has a total call value of 91,200,000  versus a total put value of  223,027,700,000 Combined total value = 223,118,900,000

Strike  1820  has a total call value of 141,550,000  versus a total put value of  205,647,450,000 Combined total value = 205,789,000,000

Strike  1840  has a total call value of 192,850,000  versus a total put value of  188,269,100,000 Combined total value = 188,461,950,000

Strike  1860  has a total call value of 245,100,000  versus a total put value of  171,011,400,000 Combined total value = 171,256,500,000

Strike  1880  has a total call value of 298,300,000  versus a total put value of  153,852,500,000 Combined total value = 154,150,800,000

Strike  1900  has a total call value of 352,450,000  versus a total put value of  136,755,350,000 Combined total value = 137,107,800,000

Strike  1920  has a total call value of 964,250,000  versus a total put value of  120,379,250,000 Combined total value = 121,343,500,000

Strike  1940  has a total call value of 1,578,900,000  versus a total put value of  104,806,850,000 Combined total value = 106,385,750,000

Strike  1960  has a total call value of 2,322,750,000  versus a total put value of  90,387,750,000 Combined total value = 92,710,500,000

Strike  1980  has a total call value of 3,078,000,000  versus a total put value of  76,924,350,000 Combined total value = 80,002,350,000

Strike  2000  has a total call value of 3,838,950,000  versus a total put value of  63,853,300,000 Combined total value = 67,692,250,000

Strike  2020  has a total call value of 4,996,050,000  versus a total put value of  52,255,700,000 Combined total value = 57,251,750,000

Strike  2040  has a total call value of 6,252,900,000  versus a total put value of  41,402,900,000 Combined total value = 47,655,800,000

Strike  2060  has a total call value of 7,924,900,000  versus a total put value of  31,902,900,000 Combined total value = 39,827,800,000

Strike  2080  has a total call value of 10,494,650,000  versus a total put value of  23,663,550,000 Combined total value = 34,158,200,000

Strike  2100  has a total call value of 14,851,350,000  versus a total put value of  16,815,950,000 Combined total value = 31,667,300,000

Strike  2120  has a total call value of 25,032,500,000  versus a total put value of  12,306,300,000 Combined total value = 37,338,800,000

Strike  2140  has a total call value of 39,346,150,000  versus a total put value of  9,043,050,000 Combined total value = 48,389,200,000

Strike  2160  has a total call value of 57,700,150,000  versus a total put value of  6,994,850,000 Combined total value = 64,695,000,000

Strike  2180  has a total call value of 79,858,900,000  versus a total put value of  5,536,600,000 Combined total value = 85,395,500,000

Strike  2200  has a total call value of 104,217,850,000  versus a total put value of  4,254,100,000 Combined total value = 108,471,950,000

Strike  2220  has a total call value of 134,076,350,000  versus a total put value of  3,466,550,000 Combined total value = 137,542,900,000

Strike  2240  has a total call value of 165,245,850,000  versus a total put value of  2,769,250,000 Combined total value = 168,015,100,000

Strike  2260  has a total call value of 197,633,250,000  versus a total put value of  2,129,900,000 Combined total value = 199,763,150,000

Strike  2280  has a total call value of 230,699,900,000  versus a total put value of  1,594,100,000 Combined total value = 232,294,000,000

Strike  2300  has a total call value of 264,248,200,000  versus a total put value of  1,184,650,000 Combined total value = 265,432,850,000

Strike  2320  has a total call value of 300,080,300,000  versus a total put value of  1,007,000,000 Combined total value = 301,087,300,000

Strike  2340  has a total call value of 336,598,300,000  versus a total put value of  831,250,000 Combined total value = 337,429,550,000

Strike  2360  has a total call value of 373,436,450,000  versus a total put value of  655,500,000 Combined total value = 374,091,950,000

Strike  2380  has a total call value of 410,576,700,000  versus a total put value of  479,750,000 Combined total value = 411,056,450,000

Strike  2400  has a total call value of 447,716,950,000  versus a total put value of  304,000,000 Combined total value = 448,020,950,000

Strike  2420  has a total call value of 485,782,500,000  versus a total put value of  152,000,000 Combined total value = 485,934,500,000

Strike  2440  has a total call value of 523,848,050,000  versus a total put value of  0 Combined total value = 523,848,050,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1131 1140
ABB 5228 5200
ABCAPITAL 356.05 350
ADANIENSOL 1001.55 980
ADANIENT 2280.3 2300
ADANIGREEN 1015.8 1020
ADANIPORTS 1509.2 1500
ALKEM 5619 5700
AMBER 6544 6700
AMBUJACEM 535.75 550
ANGELONE 2567.4 2600
APLAPOLLO 1723.4 1740
APOLLOHOSP 7017 7200
ASHOKLEY 160.14 157
ASIANPAINT 2784.5 2840
ASTRAL 1406.1 1440
AUBANK 975 950
AUROPHARMA 1170.8 1200
AXISBANK 1274.1 1280
BAJAJ-AUTO 9050 9100
BAJAJFINSV 2067.2 2080
BAJFINANCE 1004 1020
BANDHANBNK 143.63 150
BANKBARODA 285 290
BANKINDIA 141 144
BDL 1413.3 1460
BEL 387 400
BHARATFORG 1403.2 1400
BHARTIARTL 2052.6 2100
BHEL 277 280
BIOCON 380.4 390
BLUESTARCO 1751.3 1760
BOSCHLTD 36820 37000
BPCL 351.4 360
BRITANNIA 5853 5850
BSE 2678.6 2750
CAMS 753.7 780
CANBK 146.73 148
CDSL 1518.7 1580
CGPOWER 665.95 680
CHOLAFIN 1726.9 1700
CIPLA 1510.1 1520
COALINDIA 384.8 384.75
COFORGE 1836.8 1840
COLPAL 2155 2200
CONCOR 504.9 520
CROMPTON 251.8 265
CUMMINSIND 4536.4 4500
CYIENT 1150.2 1160
DABUR 502.05 510
DALBHARAT 1983.5 2000
DELHIVERY 408.15 420
DIVISLAB 6425 6400
DIXON 12818 13250
DLF 692.55 720
DMART 3836 3950
DRREDDY 1272.5 1270
EICHERMOT 7249 7200
ETERNAL 290.6 300
EXIDEIND 373.2 380
FEDERALBNK 261.3 257.5
FORTIS 852.9 900
GAIL 169.44 175
GLENMARK 1952.2 1940
GMRAIRPORT 98.44 101
GODREJCP 1142.8 1140
GODREJPROP 2032.1 2080
GRASIM 2798.4 2760
HAL 4322 4500
HAVELLS 1393.5 1440
HCLTECH 1665.8 1660
HDFCAMC 2652.3 2650
HDFCBANK 998.5 1000
HDFCLIFE 770.95 770
HEROMOTOCO 5964 6100
HFCL 66.8 70
HINDALCO 823.75 810
HINDPETRO 448.1 455
HINDUNILVR 2305 2340
HINDZINC 521.85 505
HUDCO 212.62 225
ICICIBANK 1359.9 1380
ICICIGI 1938.1 1980
ICICIPRULI 635.25 630
IDEA 10.99 10
IDFCFIRSTB 80.47 80
IEX 142.38 145
IIFL 569.15 560
INDHOTEL 725.55 740
INDIANB 780.2 820
INDIGO 4793.5 5000
INDUSINDBK 835.45 850
INDUSTOWER 408.25 410
INFY 1590.3 1600
INOXWIND 122.04 130
IOC 161.55 164
IRCTC 669.5 690
IREDA 134.44 140
IRFC 113.18 117
ITC 402.45 405
JINDALSTEL 1014 1020
JIOFIN 297.2 305
JSWENERGY 458.35 480
JSWSTEEL 1103.2 1140
JUBLFOOD 597 600
KALYANKJIL 470.2 480
KAYNES 4055.5 4400
KEI 4055.5 4050
KFINTECH 1072.6 1080
KOTAKBANK 2188.2 2160
KPITTECH 1231 1220
LAURUSLABS 1022.5 1000
LICHSGFIN 532.65 550
LICI 863.5 890
LODHA 1080.5 1120
LT 4009.4 4000
LTF 300.6 302.5
LTIM 6271 6150
LUPIN 2085 2060
M&M 3654.6 3700
MANAPPURAM 281.5 280
MANKIND 2167.3 2200
MARICO 725.65 730
MARUTI 16196 16200
MAXHEALTH 1082.4 1120
MAZDOCK 2474.5 2600
MCX 9936 10000
MFSL 1708.4 1700
MOTHERSON 119.87 115
MPHASIS 2893.9 2900
MUTHOOTFIN 3736 3700
NATIONALUM 263.35 265
NAUKRI 1343.7 1360
NBCC 108.48 112
NCC 161.59 170
NESTLEIND 1218 1240
NHPC 76.68 78
NMDC 75.3 76
NTPC 322.4 325
NUVAMA 7215.5 7200
NYKAA 248.85 257.5
OBEROIRLTY 1642 1660
OFSS 7989 8100
OIL 405.75 415
ONGC 238.77 241.5
PAGEIND 37135 38000
PATANJALI 534.65 550
PAYTM 1278.7 1300
PERSISTENT 6133 6200
PETRONET 271.35 280
PFC 341.35 360
PGEL 550.5 560
PHOENIXLTD 1731.2 1740
PIDILITIND 1466.3 1480
PIIND 3376 3450
PNB 117.49 120
PNBHOUSING 897.6 900
POLICYBZR 1932.8 1900
POLYCAB 7215 7300
POWERGRID 265.3 275
POWERINDIA 19100 19500
PPLPHARMA 171.5 182.5
PRESTIGE 1644.2 1660
RBLBANK 311 310
RECLTD 342.65 360
RELIANCE 1544 1540
RVNL 312.5 315
SAIL 129.11 134
SAMMAANCAP 144.69 160
SBICARD 872.85 880
SBILIFE 2013.2 2020
SBIN 963.8 970
SHREECEM 26200 26500
SHRIRAMFIN 845.4 840
SIEMENS 3171.2 3250
SOLARINDS 12458 13000
SONACOMS 488.25 500
SRF 2937 2900
SUNPHARMA 1802 1800
SUPREMEIND 3231.2 3400
SUZLON 51.83 54
SYNGENE 640.55 640
TATACONSUM 1147.4 1170
TATAELXSI 4961 5100
TATAMOTORS 0 320
TATAPOWER 381.05 390
TATASTEEL 165.64 170
TATATECH 651.4 680
TCS 3183.7 3200
TECHM 1558.7 1540
TIINDIA 2646.2 2750
TITAGARH 769.9 800
TITAN 3838.3 3840
TMPV 347.4 360
TORNTPHARM 3788 3750
TORNTPOWER 1286.6 1300
TRENT 4025 4200
TVSMOTOR 3618 3600
ULTRACEMCO 11452 11600
UNIONBANK 150.64 152.5
UNITDSPR 1437.1 1440
UNOMINDA 1234.3 1280
UPL 746.25 750
VBL 472.85 470
VEDL 529.35 520
VOLTAS 1351 1360
WIPRO 258.49 255
YESBANK 21.93 23
ZYDUSLIFE 925.45 940

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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.