[--[65.84.65.76]--]

BHEL

Bhel
277 +7.30 (2.71%)
L: 268.9 H: 280.55
Max Pain - BHEL
09 Dec 2025 04:12 PM IST Market Closed


Strike  210  has a total call value of 0  versus a total put value of  144,115,125,000 Combined total value = 144,115,125,000

Strike  212.5  has a total call value of 0  versus a total put value of  138,235,781,250 Combined total value = 138,235,781,250

Strike  215  has a total call value of 0  versus a total put value of  132,356,437,500 Combined total value = 132,356,437,500

Strike  217.5  has a total call value of 0  versus a total put value of  126,477,093,750 Combined total value = 126,477,093,750

Strike  220  has a total call value of 0  versus a total put value of  120,597,750,000 Combined total value = 120,597,750,000

Strike  222.5  has a total call value of 0  versus a total put value of  114,739,406,250 Combined total value = 114,739,406,250

Strike  225  has a total call value of 0  versus a total put value of  108,881,062,500 Combined total value = 108,881,062,500

Strike  227.5  has a total call value of 0  versus a total put value of  103,022,718,750 Combined total value = 103,022,718,750

Strike  230  has a total call value of 0  versus a total put value of  97,164,375,000 Combined total value = 97,164,375,000

Strike  232.5  has a total call value of 0  versus a total put value of  91,351,968,750 Combined total value = 91,351,968,750

Strike  235  has a total call value of 0  versus a total put value of  85,539,562,500 Combined total value = 85,539,562,500

Strike  237.5  has a total call value of 0  versus a total put value of  79,727,156,250 Combined total value = 79,727,156,250

Strike  240  has a total call value of 0  versus a total put value of  73,914,750,000 Combined total value = 73,914,750,000

Strike  242.5  has a total call value of 24,937,500  versus a total put value of  68,326,781,250 Combined total value = 68,351,718,750

Strike  245  has a total call value of 49,875,000  versus a total put value of  62,763,750,000 Combined total value = 62,813,625,000

Strike  247.5  has a total call value of 74,812,500  versus a total put value of  57,286,031,250 Combined total value = 57,360,843,750

Strike  250  has a total call value of 99,750,000  versus a total put value of  51,831,937,500 Combined total value = 51,931,687,500

Strike  252.5  has a total call value of 159,468,750  versus a total put value of  46,885,125,000 Combined total value = 47,044,593,750

Strike  255  has a total call value of 219,187,500  versus a total put value of  41,984,250,000 Combined total value = 42,203,437,500

Strike  257.5  has a total call value of 292,687,500  versus a total put value of  37,336,687,500 Combined total value = 37,629,375,000

Strike  260  has a total call value of 370,125,000  versus a total put value of  32,798,718,750 Combined total value = 33,168,843,750

Strike  262.5  has a total call value of 504,000,000  versus a total put value of  28,821,843,750 Combined total value = 29,325,843,750

Strike  265  has a total call value of 637,875,000  versus a total put value of  24,917,812,500 Combined total value = 25,555,687,500

Strike  267.5  has a total call value of 798,656,250  versus a total put value of  21,286,125,000 Combined total value = 22,084,781,250

Strike  270  has a total call value of 964,687,500  versus a total put value of  17,756,156,250 Combined total value = 18,720,843,750

Strike  272.5  has a total call value of 1,399,125,000  versus a total put value of  14,766,937,500 Combined total value = 16,166,062,500

Strike  275  has a total call value of 1,860,468,750  versus a total put value of  12,006,093,750 Combined total value = 13,866,562,500

Strike  277.5  has a total call value of 2,537,718,750  versus a total put value of  9,613,406,250 Combined total value = 12,151,125,000

Strike  280  has a total call value of 3,396,750,000  versus a total put value of  7,548,843,750 Combined total value = 10,945,593,750

Strike  282.5  has a total call value of 5,148,937,500  versus a total put value of  5,970,562,500 Combined total value = 11,119,500,000

Strike  285  has a total call value of 7,107,187,500  versus a total put value of  4,511,718,750 Combined total value = 11,618,906,250

Strike  287.5  has a total call value of 9,663,281,250  versus a total put value of  3,319,968,750 Combined total value = 12,983,250,000

Strike  290  has a total call value of 12,554,718,750  versus a total put value of  2,128,218,750 Combined total value = 14,682,937,500

Strike  292.5  has a total call value of 16,927,968,750  versus a total put value of  1,392,562,500 Combined total value = 18,320,531,250

Strike  295  has a total call value of 21,651,000,000  versus a total put value of  777,000,000 Combined total value = 22,428,000,000

Strike  297.5  has a total call value of 27,508,031,250  versus a total put value of  396,375,000 Combined total value = 27,904,406,250

Strike  300  has a total call value of 33,676,781,250  versus a total put value of  173,250,000 Combined total value = 33,850,031,250

Strike  302.5  has a total call value of 43,302,000,000  versus a total put value of  129,937,500 Combined total value = 43,431,937,500

Strike  305  has a total call value of 53,130,000,000  versus a total put value of  86,625,000 Combined total value = 53,216,625,000

Strike  307.5  has a total call value of 63,220,500,000  versus a total put value of  43,312,500 Combined total value = 63,263,812,500

Strike  310  has a total call value of 73,403,531,250  versus a total put value of  0 Combined total value = 73,403,531,250

Strike  312.5  has a total call value of 84,051,843,750  versus a total put value of  0 Combined total value = 84,051,843,750

Strike  315  has a total call value of 94,746,093,750  versus a total put value of  0 Combined total value = 94,746,093,750

Strike  317.5  has a total call value of 105,662,812,500  versus a total put value of  0 Combined total value = 105,662,812,500

Strike  320  has a total call value of 116,635,312,500  versus a total put value of  0 Combined total value = 116,635,312,500

Strike  322.5  has a total call value of 128,640,093,750  versus a total put value of  0 Combined total value = 128,640,093,750

Strike  325  has a total call value of 140,694,093,750  versus a total put value of  0 Combined total value = 140,694,093,750

Strike  327.5  has a total call value of 153,102,468,750  versus a total put value of  0 Combined total value = 153,102,468,750

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1117.9 1140
ABB 5117 5150
ABCAPITAL 364.05 350
ADANIENSOL 974.6 970
ADANIENT 2245.2 2300
ADANIGREEN 998.9 1020
ADANIPORTS 1497.2 1500
ALKEM 5667.5 5700
AMBER 6682.5 6500
AMBUJACEM 533.05 550
ANGELONE 2533.5 2600
APLAPOLLO 1740.8 1740
APOLLOHOSP 7091 7300
ASHOKLEY 159.58 156
ASIANPAINT 2796 2840
ASTRAL 1428.4 1460
AUBANK 972.05 950
AUROPHARMA 1163.6 1220
AXISBANK 1275.9 1270
BAJAJ-AUTO 8961 9100
BAJAJFINSV 2069.5 2080
BAJFINANCE 1016.7 1020
BANDHANBNK 141 150
BANKBARODA 289.85 290
BANKINDIA 141.64 145
BDL 1427.4 1480
BEL 389.45 405
BHARATFORG 1383.3 1400
BHARTIARTL 2089.7 2100
BHEL 277 280
BIOCON 383.65 395
BLUESTARCO 1738.6 1760
BOSCHLTD 36780 36500
BPCL 355.05 362.5
BRITANNIA 5884 5850
BSE 2715.8 2800
CAMS 749.5 780
CANBK 146.19 147
CDSL 1517.2 1580
CGPOWER 667.8 680
CHOLAFIN 1731.2 1700
CIPLA 1490.6 1520
COALINDIA 379.35 380
COFORGE 1873.5 1860
COLPAL 2158.9 2180
CONCOR 505.65 520
CROMPTON 253.15 265
CUMMINSIND 4479.1 4450
CYIENT 1131.6 1160
DABUR 503.6 510
DALBHARAT 1968 2000
DELHIVERY 415.3 420
DIVISLAB 6294 6400
DIXON 13517 14000
DLF 690.05 720
DMART 3910 4000
DRREDDY 1246.2 1260
EICHERMOT 7123 7100
ETERNAL 291.7 300
EXIDEIND 373.4 380
FEDERALBNK 260.85 255
FORTIS 863.85 900
GAIL 167.89 175
GLENMARK 1938.5 1940
GMRAIRPORT 100.41 102
GODREJCP 1128.8 1140
GODREJPROP 2043 2080
GRASIM 2746 2760
HAL 4303 4500
HAVELLS 1419.8 1440
HCLTECH 1657.6 1660
HDFCAMC 2558.9 2640
HDFCBANK 997.1 1000
HDFCLIFE 762.9 770
HEROMOTOCO 6001 6100
HFCL 67.21 70
HINDALCO 812.9 800
HINDPETRO 448.75 455
HINDUNILVR 2306.5 2340
HINDZINC 491.45 490
HUDCO 213.48 225
ICICIBANK 1375.2 1380
ICICIGI 1945.3 2000
ICICIPRULI 623.6 620
IDEA 10.74 10
IDFCFIRSTB 80.91 80
IEX 141.19 145
IIFL 567.25 560
INDHOTEL 727.75 730
INDIANB 793.9 820
INDIGO 4967.5 5050
INDUSINDBK 844.35 860
INDUSTOWER 403.05 405
INFY 1599 1600
INOXWIND 124.32 135
IOC 163.01 163
IRCTC 669.95 685
IREDA 134.46 140
IRFC 113.64 117
ITC 401.05 405
JINDALSTEL 1002.8 1020
JIOFIN 293.2 305
JSWENERGY 451.2 480
JSWSTEEL 1107.8 1140
JUBLFOOD 583.5 600
KALYANKJIL 473.35 480
KAYNES 4331 5000
KEI 4073 4050
KFINTECH 1039.6 1080
KOTAKBANK 2127.7 2120
KPITTECH 1206.1 1220
LAURUSLABS 1021.4 1000
LICHSGFIN 533.2 550
LICI 860.95 890
LODHA 1076 1140
LT 3997.5 4000
LTF 307.3 302.5
LTIM 6245.5 6200
LUPIN 2051.8 2060
M&M 3635.9 3700
MANAPPURAM 275.2 280
MANKIND 2180.4 2250
MARICO 730.5 730
MARUTI 16020 16100
MAXHEALTH 1074.7 1120
MAZDOCK 2489.1 2600
MCX 10358 10100
MFSL 1690.9 1700
MOTHERSON 116.75 115
MPHASIS 2878.8 2900
MUTHOOTFIN 3742.1 3700
NATIONALUM 265.65 265
NAUKRI 1376.3 1380
NBCC 108.1 112
NCC 162.68 170
NESTLEIND 1215.8 1240
NHPC 76.47 78
NMDC 74.83 76
NTPC 319.85 325
NUVAMA 7074 7200
NYKAA 252.95 257.5
OBEROIRLTY 1628 1640
OFSS 8062 8200
OIL 401.9 415
ONGC 239.84 240
PAGEIND 37195 38000
PATANJALI 539 550
PAYTM 1316.7 1300
PERSISTENT 6302 6300
PETRONET 269.25 280
PFC 342.5 360
PGEL 556.45 560
PHOENIXLTD 1739.2 1720
PIDILITIND 1459.8 1480
PIIND 3343 3400
PNB 117.83 120
PNBHOUSING 882.6 900
POLICYBZR 1957.3 1900
POLYCAB 7194 7300
POWERGRID 264.55 272.5
POWERINDIA 19500 19500
PPLPHARMA 173.34 182.5
PRESTIGE 1632.9 1660
RBLBANK 304.1 310
RECLTD 342.85 360
RELIANCE 1529.4 1540
RVNL 312.7 315
SAIL 129.15 134
SAMMAANCAP 141.59 160
SBICARD 865.35 880
SBILIFE 2006.2 2020
SBIN 959.35 965
SHREECEM 26100 26500
SHRIRAMFIN 846.7 840
SIEMENS 3142.8 3300
SOLARINDS 12588 13000
SONACOMS 479.15 500
SRF 2894.8 2900
SUNPHARMA 1776 1800
SUPREMEIND 3329.6 3400
SUZLON 52.55 54
SYNGENE 627.15 640
TATACONSUM 1146.7 1160
TATAELXSI 4979.5 5200
TATAMOTORS 0 320
TATAPOWER 376.25 390
TATASTEEL 160.67 170
TATATECH 652.1 680
TCS 3208.3 3200
TECHM 1561.6 1540
TIINDIA 2655.4 2750
TITAGARH 773.85 800
TITAN 3849 3840
TMPV 344.7 360
TORNTPHARM 3763.9 3750
TORNTPOWER 1259 1300
TRENT 4085.4 4300
TVSMOTOR 3614.5 3550
ULTRACEMCO 11414 11700
UNIONBANK 150.43 152.5
UNITDSPR 1435.4 1440
UNOMINDA 1231.7 1300
UPL 739.7 750
VBL 471.55 470
VEDL 516.15 520
VOLTAS 1335.9 1360
WIPRO 257.41 255
YESBANK 22.02 23
ZYDUSLIFE 920.25 930

Note:
Stock LTP > Max Pain Bearish Trend
Stock LTP < Max Pain Bullish Trend
Frequently Asked Questions

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

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

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

  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.