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.

COALINDIA

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.

Coal India Ltd

384.75 +3.15 (0.83%)

L: 380.8 H: 385.5

Max Pain - COALINDIA

17 Dec 2025 04:12 PM IST Market Closed

Expiry

Max Pain for COALINDIA is 384.75

Historical data for COALINDIA-384.75-CE

LTP (384.75 CE)

4 1.25

Open Interest

619 301

Historical data for COALINDIA-384.75-PE

LTP (384.75 PE)

3.3 -1.7

Open Interest

188 56

Strike 309.75 has a total call value of 0 versus a total put value of 125,140,680,000 Combined total value = 125,140,680,000

Strike 310 has a total call value of 0 versus a total put value of 124,704,933,750 Combined total value = 124,704,933,750

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 120,347,808,750 Combined total value = 120,349,496,250

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 116,426,396,250 Combined total value = 116,429,602,500

Strike 315 has a total call value of 3,375,000 versus a total put value of 115,990,683,750 Combined total value = 115,994,058,750

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 111,633,558,750 Combined total value = 111,640,646,250

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 107,712,146,250 Combined total value = 107,722,575,000

Strike 320 has a total call value of 10,968,750 versus a total put value of 107,276,433,750 Combined total value = 107,287,402,500

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 102,928,758,750 Combined total value = 102,948,502,500

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 99,015,851,250 Combined total value = 99,043,492,500

Strike 325 has a total call value of 28,518,750 versus a total put value of 98,581,083,750 Combined total value = 98,609,602,500

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 94,233,408,750 Combined total value = 94,270,702,500

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 90,320,501,250 Combined total value = 90,365,692,500

Strike 330 has a total call value of 46,068,750 versus a total put value of 89,885,733,750 Combined total value = 89,931,802,500

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 85,552,908,750 Combined total value = 85,609,102,500

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 81,653,366,250 Combined total value = 81,718,672,500

Strike 335 has a total call value of 66,318,750 versus a total put value of 81,220,083,750 Combined total value = 81,286,402,500

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 76,887,596,250 Combined total value = 76,965,390,000

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 72,988,357,500 Combined total value = 73,076,478,750

Strike 340 has a total call value of 89,336,250 versus a total put value of 72,555,750,000 Combined total value = 72,645,086,250

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 68,730,018,750 Combined total value = 68,832,112,500

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 68,304,937,500 Combined total value = 68,408,448,750

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 64,479,510,000 Combined total value = 64,595,778,750

Strike 345 has a total call value of 117,686,250 versus a total put value of 64,055,475,000 Combined total value = 64,173,161,250

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 60,386,175,000 Combined total value = 60,517,530,000

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 59,979,285,000 Combined total value = 60,112,158,750

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 56,327,298,750 Combined total value = 56,473,841,250

Strike 350 has a total call value of 148,162,500 versus a total put value of 55,923,817,500 Combined total value = 56,071,980,000

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 52,430,388,750 Combined total value = 52,603,155,000

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 52,044,525,000 Combined total value = 52,220,025,000

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 48,585,116,250 Combined total value = 48,785,220,000

Strike 355 has a total call value of 202,837,500 versus a total put value of 48,202,897,500 Combined total value = 48,405,735,000

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 44,799,075,000 Combined total value = 45,029,250,000

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 44,423,977,500 Combined total value = 44,657,190,000

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 41,062,680,000 Combined total value = 41,323,230,000

Strike 360 has a total call value of 263,587,500 versus a total put value of 40,692,206,250 Combined total value = 40,955,793,750

Strike 362.25 has a total call value of 314,617,500 versus a total put value of 37,592,133,750 Combined total value = 37,906,751,250

Strike 362.5 has a total call value of 320,287,500 versus a total put value of 37,250,212,500 Combined total value = 37,570,500,000

Strike 364.75 has a total call value of 371,317,500 versus a total put value of 34,195,702,500 Combined total value = 34,567,020,000

Strike 365 has a total call value of 376,987,500 versus a total put value of 33,861,881,250 Combined total value = 34,238,868,750

Strike 367.25 has a total call value of 431,662,500 versus a total put value of 30,940,110,000 Combined total value = 31,371,772,500

Strike 367.5 has a total call value of 437,737,500 versus a total put value of 30,619,687,500 Combined total value = 31,057,425,000

Strike 369.75 has a total call value of 494,842,500 versus a total put value of 27,789,952,500 Combined total value = 28,284,795,000

Strike 370 has a total call value of 501,930,000 versus a total put value of 27,482,658,750 Combined total value = 27,984,588,750

Strike 372.25 has a total call value of 675,067,500 versus a total put value of 25,010,133,750 Combined total value = 25,685,201,250

Strike 372.5 has a total call value of 696,836,250 versus a total put value of 24,741,888,750 Combined total value = 25,438,725,000

Strike 374.75 has a total call value of 938,925,000 versus a total put value of 22,406,658,750 Combined total value = 23,345,583,750

Strike 375 has a total call value of 971,223,750 versus a total put value of 22,157,651,250 Combined total value = 23,128,875,000

Strike 377.25 has a total call value of 1,464,817,500 versus a total put value of 20,255,265,000 Combined total value = 21,720,082,500

Strike 377.5 has a total call value of 1,521,551,250 versus a total put value of 20,048,883,750 Combined total value = 21,570,435,000

Strike 379.75 has a total call value of 2,083,792,500 versus a total put value of 18,258,277,500 Combined total value = 20,342,070,000

Strike 380 has a total call value of 2,154,093,750 versus a total put value of 18,065,193,750 Combined total value = 20,219,287,500

Strike 382.25 has a total call value of 3,224,812,500 versus a total put value of 16,660,957,500 Combined total value = 19,885,770,000

Strike 382.5 has a total call value of 3,349,856,250 versus a total put value of 16,509,858,750 Combined total value = 19,859,715,000

Strike 384.75 has a total call value of 4,538,126,250 versus a total put value of 15,205,860,000 Combined total value = 19,743,986,250

Strike 385 has a total call value of 4,691,047,500 versus a total put value of 15,067,316,250 Combined total value = 19,758,363,750

Strike 387.25 has a total call value of 6,358,938,750 versus a total put value of 14,010,570,000 Combined total value = 20,369,508,750

Strike 387.5 has a total call value of 6,549,390,000 versus a total put value of 13,895,347,500 Combined total value = 20,444,737,500

Strike 389.75 has a total call value of 8,591,197,500 versus a total put value of 12,868,065,000 Combined total value = 21,459,262,500

Strike 390 has a total call value of 8,825,220,000 versus a total put value of 12,760,470,000 Combined total value = 21,585,690,000

Strike 392.25 has a total call value of 11,307,161,250 versus a total put value of 12,042,708,750 Combined total value = 23,349,870,000

Strike 392.5 has a total call value of 11,586,341,250 versus a total put value of 11,963,160,000 Combined total value = 23,549,501,250

Strike 394.75 has a total call value of 14,136,930,000 versus a total put value of 11,247,221,250 Combined total value = 25,384,151,250

Strike 395 has a total call value of 14,425,155,000 versus a total put value of 11,167,672,500 Combined total value = 25,592,827,500

Strike 397.25 has a total call value of 17,152,526,250 versus a total put value of 10,470,262,500 Combined total value = 27,622,788,750

Strike 397.5 has a total call value of 17,459,246,250 versus a total put value of 10,392,772,500 Combined total value = 27,852,018,750

Strike 399.75 has a total call value of 20,260,125,000 versus a total put value of 9,695,666,250 Combined total value = 29,955,791,250

Strike 400 has a total call value of 20,576,295,000 versus a total put value of 9,618,750,000 Combined total value = 30,195,045,000

Strike 402.25 has a total call value of 23,779,946,250 versus a total put value of 9,023,096,250 Combined total value = 32,803,042,500

Strike 402.5 has a total call value of 24,140,430,000 versus a total put value of 8,956,912,500 Combined total value = 33,097,342,500

Strike 404.75 has a total call value of 27,414,551,250 versus a total put value of 8,361,258,750 Combined total value = 35,775,810,000

Strike 405 has a total call value of 27,779,253,750 versus a total put value of 8,296,087,500 Combined total value = 36,075,341,250

Strike 407.25 has a total call value of 31,113,517,500 versus a total put value of 7,717,443,750 Combined total value = 38,830,961,250

Strike 407.5 has a total call value of 31,485,712,500 versus a total put value of 7,653,183,750 Combined total value = 39,138,896,250

Strike 409.75 has a total call value of 34,851,262,500 versus a total put value of 7,074,843,750 Combined total value = 41,926,106,250

Strike 410 has a total call value of 35,237,295,000 versus a total put value of 7,010,752,500 Combined total value = 42,248,047,500

Strike 412.5 has a total call value of 39,411,832,500 versus a total put value of 6,414,727,500 Combined total value = 45,826,560,000

Strike 414.75 has a total call value of 43,173,472,500 versus a total put value of 5,878,608,750 Combined total value = 49,052,081,250

Strike 415 has a total call value of 43,593,930,000 versus a total put value of 5,819,040,000 Combined total value = 49,412,970,000

Strike 417.5 has a total call value of 47,806,267,500 versus a total put value of 5,226,052,500 Combined total value = 53,032,320,000

Strike 419.75 has a total call value of 51,604,357,500 versus a total put value of 4,692,667,500 Combined total value = 56,297,025,000

Strike 420 has a total call value of 52,027,515,000 versus a total put value of 4,633,571,250 Combined total value = 56,661,086,250

Strike 422.5 has a total call value of 56,303,977,500 versus a total put value of 4,058,471,250 Combined total value = 60,362,448,750

Strike 424.75 has a total call value of 60,152,793,750 versus a total put value of 3,540,881,250 Combined total value = 63,693,675,000

Strike 425 has a total call value of 60,581,081,250 versus a total put value of 3,483,371,250 Combined total value = 64,064,452,500

Strike 427.5 has a total call value of 64,880,156,250 versus a total put value of 2,909,283,750 Combined total value = 67,789,440,000

Strike 429.75 has a total call value of 68,749,323,750 versus a total put value of 2,392,605,000 Combined total value = 71,141,928,750

Strike 430 has a total call value of 69,181,425,000 versus a total put value of 2,338,031,250 Combined total value = 71,519,456,250

Strike 432.5 has a total call value of 73,513,912,500 versus a total put value of 1,797,693,750 Combined total value = 75,311,606,250

Strike 434.75 has a total call value of 77,413,151,250 versus a total put value of 1,311,390,000 Combined total value = 78,724,541,250

Strike 435 has a total call value of 77,846,568,750 versus a total put value of 1,257,356,250 Combined total value = 79,103,925,000

Strike 437.5 has a total call value of 82,185,468,750 versus a total put value of 717,018,750 Combined total value = 82,902,487,500

Strike 439.75 has a total call value of 86,090,478,750 versus a total put value of 230,715,000 Combined total value = 86,321,193,750

Strike 440 has a total call value of 86,529,903,750 versus a total put value of 186,300,000 Combined total value = 86,716,203,750

Strike 442.5 has a total call value of 90,950,141,250 versus a total put value of 139,725,000 Combined total value = 91,089,866,250

Strike 445 has a total call value of 95,370,378,750 versus a total put value of 93,150,000 Combined total value = 95,463,528,750

Strike 447.5 has a total call value of 99,814,916,250 versus a total put value of 46,575,000 Combined total value = 99,861,491,250

Strike 450 has a total call value of 104,259,453,750 versus a total put value of 0 Combined total value = 104,259,453,750

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	1126.1	1140
ABB	5171	5200
ABCAPITAL	346.8	350
ADANIENSOL	977.55	990
ADANIENT	2232.5	2300
ADANIGREEN	1020.7	1040
ADANIPORTS	1486.3	1500
ALKEM	5628.5	5700
AMBER	6580.5	6800
AMBUJACEM	541.3	550
ANGELONE	2504.6	2600
APLAPOLLO	1764.5	1760
APOLLOHOSP	6921.5	7100
ASHOKLEY	166.14	160
ASIANPAINT	2785.7	2800
ASTRAL	1428.9	1460
AUBANK	990.3	960
AUROPHARMA	1193	1200
AXISBANK	1224.7	1240
BAJAJ-AUTO	8895	9000
BAJAJFINSV	2021.2	2060
BAJFINANCE	999.6	1020
BANDHANBNK	147.84	150
BANKBARODA	287.6	290
BANKINDIA	141.96	143
BDL	1324.3	1400
BEL	385.6	400
BHARATFORG	1413.3	1400
BHARTIARTL	2108	2100
BHEL	277.85	280
BIOCON	386.1	390
BLUESTARCO	1826.8	1800
BOSCHLTD	35975	36000
BPCL	368.35	365
BRITANNIA	6096	6000
BSE	2630.5	2700
CAMS	733.8	780
CANBK	150.21	150
CDSL	1477.3	1560
CGPOWER	670.4	680
CHOLAFIN	1673.5	1700
CIPLA	1496.9	1520
COALINDIA	384.75	384.75
COFORGE	1844.7	1840
COLPAL	2087.4	2160
CONCOR	496.35	520
CROMPTON	249.15	265
CUMMINSIND	4512.7	4500
CYIENT	1138.8	1160
DABUR	494.15	500
DALBHARAT	2073.9	2040
DELHIVERY	399.8	410
DIVISLAB	6293	6400
DIXON	13274	13750
DLF	683.1	710
DMART	3826.2	3900
DRREDDY	1272	1270
EICHERMOT	7134.5	7100
ETERNAL	284.45	295
EXIDEIND	363.8	375
FEDERALBNK	263.6	260
FORTIS	870.95	890
GAIL	169.07	175
GLENMARK	1948.4	1940
GMRAIRPORT	100.95	102
GODREJCP	1179.7	1160
GODREJPROP	2014.9	2060
GRASIM	2806.6	2800
HAL	4228.4	4450
HAVELLS	1397	1440
HCLTECH	1655	1660
HDFCAMC	2541.2	2600
HDFCBANK	984	995
HDFCLIFE	753.5	770
HEROMOTOCO	5817	6000
HFCL	64.53	67
HINDALCO	848.8	820
HINDPETRO	465.45	460
HINDUNILVR	2275.6	2300
HINDZINC	578.3	550
HUDCO	207.91	220
ICICIBANK	1352.4	1370
ICICIGI	1947	1980
ICICIPRULI	630.5	630
IDEA	11.13	11
IDFCFIRSTB	83.95	82
IEX	140.22	145
IIFL	563.1	560
INDHOTEL	713.2	730
INDIANB	775	820
INDIGO	4980.5	5000
INDUSINDBK	833.85	850
INDUSTOWER	407.2	410
INFY	1602	1600
INOXWIND	126.04	130
IOC	168.16	167
IRCTC	666.1	690
IREDA	131.43	140
IRFC	111.08	115
ITC	399.8	405
JINDALSTEL	1001.5	1020
JIOFIN	293.15	305
JSWENERGY	475.25	490
JSWSTEEL	1079.3	1120
JUBLFOOD	554.05	580
KALYANKJIL	474.85	480
KAYNES	4093.5	4400
KEI	4106.6	4100
KFINTECH	1031.3	1060
KOTAKBANK	2173.2	2160
KPITTECH	1168.9	1200
LAURUSLABS	1010	1000
LICHSGFIN	524.8	550
LICI	844.55	870
LODHA	1063.8	1100
LT	4062.4	4040
LTF	301.9	302.5
LTIM	6252.5	6150
LUPIN	2113.1	2080
M&M	3612.8	3650
MANAPPURAM	286.25	280
MANKIND	2111.2	2200
MARICO	738.15	740
MARUTI	16398	16300
MAXHEALTH	1031.1	1080
MAZDOCK	2356.6	2500
MCX	10025	10000
MFSL	1663.9	1680
MOTHERSON	119.56	116
MPHASIS	2865.3	2900
MUTHOOTFIN	3766.5	3750
NATIONALUM	279.45	270
NAUKRI	1338.2	1360
NBCC	109.56	112
NCC	155.32	165
NESTLEIND	1234.6	1240
NHPC	75.39	78
NMDC	77.28	77
NTPC	321.25	325
NUVAMA	7171	7200
NYKAA	245.1	255
OBEROIRLTY	1609.9	1640
OFSS	7712.5	8000
OIL	398.15	410
ONGC	232.91	239
PAGEIND	36055	37000
PATANJALI	543.9	540
PAYTM	1268.6	1300
PERSISTENT	6282.5	6300
PETRONET	268.65	278
PFC	335.65	355
PGEL	563.75	560
PHOENIXLTD	1781.5	1740
PIDILITIND	1450.7	1480
PIIND	3206.2	3350
PNB	119.33	120
PNBHOUSING	894.85	910
POLICYBZR	1765	1840
POLYCAB	7079.5	7200
POWERGRID	261.1	270
POWERINDIA	19150	19500
PPLPHARMA	167.9	180
PRESTIGE	1607.4	1660
RBLBANK	296.95	305
RECLTD	333.95	350
RELIANCE	1544.4	1540
RVNL	307.25	315
SAIL	130.2	133
SAMMAANCAP	145.78	155
SBICARD	834.4	870
SBILIFE	2010.2	2020
SBIN	975.85	970
SHREECEM	26045	26500
SHRIRAMFIN	864.2	850
SIEMENS	3140.1	3200
SOLARINDS	11815	12500
SONACOMS	489.9	500
SRF	3033.3	2950
SUNPHARMA	1792.9	1800
SUPREMEIND	3345.2	3400
SUZLON	51.94	54
SYNGENE	646.5	650
TATACONSUM	1179.8	1170
TATAELXSI	4968.5	5000
TATAMOTORS	0	320
TATAPOWER	378.55	390
TATASTEEL	170.34	170
TATATECH	641.8	670
TCS	3217.8	3200
TECHM	1579.4	1560
TIINDIA	2614.1	2700
TITAGARH	774.55	800
TITAN	3907.9	3860
TMPV	346.35	360
TORNTPHARM	3770.8	3750
TORNTPOWER	1274.5	1300
TRENT	4045.2	4200
TVSMOTOR	3638.9	3600
ULTRACEMCO	11540	11600
UNIONBANK	153.04	155
UNITDSPR	1424.9	1440
UNOMINDA	1248.8	1280
UPL	746.3	750
VBL	470.85	470
VEDL	569.8	550
VOLTAS	1380.5	1380
WIPRO	261.14	255
YESBANK	21.56	22
ZYDUSLIFE	918.1	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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