[--[65.84.65.76]--]

BRITANNIA

Britannia Industries Ltd
6114 +76.00 (1.26%)
L: 6032 H: 6145
Max Pain - BRITANNIA
16 Dec 2025 11:16 AM IST
Live


Strike  4900  has a total call value of 0  versus a total put value of  79,250,000,000 Combined total value = 79,250,000,000

Strike  4950  has a total call value of 1,875,000  versus a total put value of  74,761,875,000 Combined total value = 74,763,750,000

Strike  5000  has a total call value of 3,750,000  versus a total put value of  70,273,750,000 Combined total value = 70,277,500,000

Strike  5050  has a total call value of 5,625,000  versus a total put value of  65,785,625,000 Combined total value = 65,791,250,000

Strike  5100  has a total call value of 7,500,000  versus a total put value of  61,297,500,000 Combined total value = 61,305,000,000

Strike  5150  has a total call value of 9,375,000  versus a total put value of  56,815,000,000 Combined total value = 56,824,375,000

Strike  5200  has a total call value of 11,250,000  versus a total put value of  52,338,750,000 Combined total value = 52,350,000,000

Strike  5250  has a total call value of 13,125,000  versus a total put value of  47,885,000,000 Combined total value = 47,898,125,000

Strike  5300  has a total call value of 15,000,000  versus a total put value of  43,431,875,000 Combined total value = 43,446,875,000

Strike  5350  has a total call value of 16,875,000  versus a total put value of  38,996,250,000 Combined total value = 39,013,125,000

Strike  5400  has a total call value of 18,750,000  versus a total put value of  34,564,375,000 Combined total value = 34,583,125,000

Strike  5450  has a total call value of 21,250,000  versus a total put value of  30,480,000,000 Combined total value = 30,501,250,000

Strike  5500  has a total call value of 23,750,000  versus a total put value of  26,621,250,000 Combined total value = 26,645,000,000

Strike  5550  has a total call value of 33,125,000  versus a total put value of  22,934,375,000 Combined total value = 22,967,500,000

Strike  5600  has a total call value of 44,375,000  versus a total put value of  19,268,125,000 Combined total value = 19,312,500,000

Strike  5650  has a total call value of 79,375,000  versus a total put value of  16,103,125,000 Combined total value = 16,182,500,000

Strike  5700  has a total call value of 137,500,000  versus a total put value of  12,991,250,000 Combined total value = 13,128,750,000

Strike  5750  has a total call value of 234,375,000  versus a total put value of  10,287,500,000 Combined total value = 10,521,875,000

Strike  5800  has a total call value of 351,875,000  versus a total put value of  7,710,625,000 Combined total value = 8,062,500,000

Strike  5850  has a total call value of 630,625,000  versus a total put value of  5,720,625,000 Combined total value = 6,351,250,000

Strike  5900  has a total call value of 976,875,000  versus a total put value of  3,945,625,000 Combined total value = 4,922,500,000

Strike  5950  has a total call value of 1,465,000,000  versus a total put value of  2,543,750,000 Combined total value = 4,008,750,000

Strike  6000  has a total call value of 2,051,250,000  versus a total put value of  1,347,500,000 Combined total value = 3,398,750,000

Strike  6050  has a total call value of 3,043,125,000  versus a total put value of  689,375,000 Combined total value = 3,732,500,000

Strike  6100  has a total call value of 4,280,625,000  versus a total put value of  245,000,000 Combined total value = 4,525,625,000

Strike  6150  has a total call value of 6,048,125,000  versus a total put value of  103,750,000 Combined total value = 6,151,875,000

Strike  6200  has a total call value of 8,218,125,000  versus a total put value of  36,875,000 Combined total value = 8,255,000,000

Strike  6250  has a total call value of 10,915,000,000  versus a total put value of  20,000,000 Combined total value = 10,935,000,000

Strike  6300  has a total call value of 13,739,375,000  versus a total put value of  3,125,000 Combined total value = 13,742,500,000

Strike  6350  has a total call value of 17,094,375,000  versus a total put value of  1,875,000 Combined total value = 17,096,250,000

Strike  6400  has a total call value of 20,767,500,000  versus a total put value of  1,250,000 Combined total value = 20,768,750,000

Strike  6450  has a total call value of 24,940,625,000  versus a total put value of  625,000 Combined total value = 24,941,250,000

Strike  6500  has a total call value of 29,710,000,000  versus a total put value of  0 Combined total value = 29,710,000,000

Strike  6550  has a total call value of 35,190,000,000  versus a total put value of  0 Combined total value = 35,190,000,000

Strike  6600  has a total call value of 40,690,625,000  versus a total put value of  0 Combined total value = 40,690,625,000

Strike  6650  has a total call value of 46,392,500,000  versus a total put value of  0 Combined total value = 46,392,500,000

Strike  6700  has a total call value of 52,131,250,000  versus a total put value of  0 Combined total value = 52,131,250,000

Strike  6750  has a total call value of 57,881,875,000  versus a total put value of  0 Combined total value = 57,881,875,000

Strike  6800  has a total call value of 63,632,500,000  versus a total put value of  0 Combined total value = 63,632,500,000

Strike  6850  has a total call value of 69,383,125,000  versus a total put value of  0 Combined total value = 69,383,125,000

Strike  6900  has a total call value of 75,133,750,000  versus a total put value of  0 Combined total value = 75,133,750,000

Strike  6950  has a total call value of 80,884,375,000  versus a total put value of  0 Combined total value = 80,884,375,000

Strike  7000  has a total call value of 86,635,000,000  versus a total put value of  0 Combined total value = 86,635,000,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1139 1140
ABB 5266.5 5200
ABCAPITAL 351.25 350
ADANIENSOL 1004.85 990
ADANIENT 2247.2 2300
ADANIGREEN 1032 1040
ADANIPORTS 1499.2 1500
ALKEM 5621 5700
AMBER 6762.5 6800
AMBUJACEM 547.25 550
ANGELONE 2551.2 2600
APLAPOLLO 1736.2 1740
APOLLOHOSP 7125 7200
ASHOKLEY 166.85 160
ASIANPAINT 2807.7 2800
ASTRAL 1459.8 1460
AUBANK 974.05 960
AUROPHARMA 1181.1 1200
AXISBANK 1235.3 1250
BAJAJ-AUTO 8944 9000
BAJAJFINSV 2056.5 2060
BAJFINANCE 1007.3 1020
BANDHANBNK 150.41 150
BANKBARODA 281.1 290
BANKINDIA 140.1 144
BDL 1365.8 1420
BEL 385.6 400
BHARATFORG 1395.5 1400
BHARTIARTL 2088.7 2100
BHEL 280 280
BIOCON 386.3 390
BLUESTARCO 1812.7 1780
BOSCHLTD 35950 36500
BPCL 362.5 365
BRITANNIA 6114 6000
BSE 2586 2700
CAMS 751 780
CANBK 146.71 148
CDSL 1500.7 1560
CGPOWER 665.2 680
CHOLAFIN 1722.1 1700
CIPLA 1507.2 1520
COALINDIA 380.2 384.75
COFORGE 1853.3 1840
COLPAL 2169.3 2180
CONCOR 501.85 520
CROMPTON 253.65 265
CUMMINSIND 4491.3 4500
CYIENT 1150.7 1160
DABUR 502.8 505
DALBHARAT 2079 2040
DELHIVERY 402.8 415
DIVISLAB 6321.5 6400
DIXON 13606 13750
DLF 692.4 720
DMART 3904.4 3900
DRREDDY 1276 1270
EICHERMOT 7075 7100
ETERNAL 283.2 295
EXIDEIND 366.6 375
FEDERALBNK 262.2 260
FORTIS 870.35 880
GAIL 168.79 175
GLENMARK 1970.5 1940
GMRAIRPORT 103.7 102
GODREJCP 1192.9 1160
GODREJPROP 2040.3 2080
GRASIM 2826 2800
HAL 4272.5 4500
HAVELLS 1418.5 1440
HCLTECH 1656.3 1660
HDFCAMC 2571.2 2640
HDFCBANK 993.7 1000
HDFCLIFE 780.3 770
HEROMOTOCO 5952 6050
HFCL 66.22 68
HINDALCO 839.6 820
HINDPETRO 462.5 460
HINDUNILVR 2296.7 2300
HINDZINC 563.3 540
HUDCO 211.7 220
ICICIBANK 1364.9 1380
ICICIGI 1961.4 1980
ICICIPRULI 648.15 630
IDEA 11.32 11
IDFCFIRSTB 83.63 81
IEX 141 145
IIFL 565.15 560
INDHOTEL 728.55 740
INDIANB 766.6 820
INDIGO 4996 5000
INDUSINDBK 843.6 850
INDUSTOWER 408.65 410
INFY 1586.1 1600
INOXWIND 126 130
IOC 167.01 166
IRCTC 671.55 690
IREDA 134.21 140
IRFC 112.52 117
ITC 404.45 405
JINDALSTEL 1014.3 1030
JIOFIN 295.2 305
JSWENERGY 478.35 490
JSWSTEEL 1099.9 1140
JUBLFOOD 569.5 590
KALYANKJIL 474 480
KAYNES 4166 4400
KEI 4142.3 4100
KFINTECH 1036.1 1060
KOTAKBANK 2184.5 2160
KPITTECH 1178.4 1200
LAURUSLABS 993.4 1000
LICHSGFIN 530.55 550
LICI 855.7 880
LODHA 1086 1120
LT 4060.5 4040
LTF 301.25 302.5
LTIM 6217 6150
LUPIN 2090.4 2080
M&M 3622.1 3650
MANAPPURAM 283.15 280
MANKIND 2132.8 2200
MARICO 744.35 740
MARUTI 16390 16200
MAXHEALTH 1084.7 1100
MAZDOCK 2419.3 2600
MCX 10161 10000
MFSL 1690.9 1700
MOTHERSON 119.74 116
MPHASIS 2847.6 2900
MUTHOOTFIN 3834.7 3750
NATIONALUM 276 270
NAUKRI 1345 1360
NBCC 112.54 113
NCC 158.54 170
NESTLEIND 1253 1240
NHPC 76.51 78
NMDC 77.38 77
NTPC 322.85 325
NUVAMA 7260 7200
NYKAA 247.8 255
OBEROIRLTY 1647.6 1660
OFSS 7837 8000
OIL 402 415
ONGC 233.1 240
PAGEIND 36555 37500
PATANJALI 531 545
PAYTM 1296.7 1300
PERSISTENT 6226 6300
PETRONET 266.85 280
PFC 337.25 360
PGEL 555.75 560
PHOENIXLTD 1783.7 1740
PIDILITIND 1486 1480
PIIND 3258.3 3350
PNB 117.37 120
PNBHOUSING 919.45 910
POLICYBZR 1836.7 1880
POLYCAB 7306.5 7300
POWERGRID 263 272.5
POWERINDIA 19335 19500
PPLPHARMA 169.02 180
PRESTIGE 1629.5 1660
RBLBANK 299.55 310
RECLTD 337.85 355
RELIANCE 1541.2 1540
RVNL 310.2 315
SAIL 129.64 133
SAMMAANCAP 147.7 155
SBICARD 856 870
SBILIFE 2047.7 2020
SBIN 964.3 970
SHREECEM 26430 26500
SHRIRAMFIN 853.15 850
SIEMENS 3151.8 3200
SOLARINDS 12016 12500
SONACOMS 485.1 500
SRF 3016.5 2950
SUNPHARMA 1787.3 1800
SUPREMEIND 3405.2 3400
SUZLON 52.76 54
SYNGENE 652.55 650
TATACONSUM 1175 1170
TATAELXSI 5002 5100
TATAMOTORS 0 320
TATAPOWER 380 390
TATASTEEL 170.44 170
TATATECH 651.3 680
TCS 3200.7 3200
TECHM 1571 1540
TIINDIA 2624.1 2700
TITAGARH 793.55 800
TITAN 3900 3840
TMPV 346.1 360
TORNTPHARM 3778 3800
TORNTPOWER 1286.2 1300
TRENT 4114 4200
TVSMOTOR 3630 3600
ULTRACEMCO 11616 11700
UNIONBANK 152.65 152.5
UNITDSPR 1448.1 1440
UNOMINDA 1237.2 1280
UPL 752.4 750
VBL 483.1 470
VEDL 547.25 535
VOLTAS 1386.2 1360
WIPRO 260.1 255
YESBANK 21.55 22
ZYDUSLIFE 920.3 930

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.