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

380.65 -3.80 (-0.99%)

L: 378.35 H: 384.2

Max Pain - COALINDIA

16 Dec 2025 02:22 PM IST

Live

Expiry

Max Pain for COALINDIA is 384.75

Historical data for COALINDIA-384.75-CE

LTP (384.75 CE)

2.75 -1.6

Open Interest

316 20

Historical data for COALINDIA-384.75-PE

LTP (384.75 PE)

5.3 1.95

Open Interest

131 -15

Strike 309.75 has a total call value of 0 versus a total put value of 121,670,100,000 Combined total value = 121,670,100,000

Strike 310 has a total call value of 0 versus a total put value of 121,246,537,500 Combined total value = 121,246,537,500

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 117,011,250,000 Combined total value = 117,012,937,500

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 113,199,491,250 Combined total value = 113,202,697,500

Strike 315 has a total call value of 3,375,000 versus a total put value of 112,775,962,500 Combined total value = 112,779,337,500

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 108,540,675,000 Combined total value = 108,547,762,500

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 104,728,916,250 Combined total value = 104,739,345,000

Strike 320 has a total call value of 10,968,750 versus a total put value of 104,305,387,500 Combined total value = 104,316,356,250

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 100,079,887,500 Combined total value = 100,099,631,250

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 96,276,937,500 Combined total value = 96,304,578,750

Strike 325 has a total call value of 28,518,750 versus a total put value of 95,854,387,500 Combined total value = 95,882,906,250

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 91,628,887,500 Combined total value = 91,666,181,250

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 87,825,937,500 Combined total value = 87,871,128,750

Strike 330 has a total call value of 46,068,750 versus a total put value of 87,403,387,500 Combined total value = 87,449,456,250

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 83,193,412,500 Combined total value = 83,249,606,250

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 79,404,435,000 Combined total value = 79,469,741,250

Strike 335 has a total call value of 66,318,750 versus a total put value of 78,983,437,500 Combined total value = 79,049,756,250

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 74,773,800,000 Combined total value = 74,851,593,750

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 70,985,126,250 Combined total value = 71,073,247,500

Strike 340 has a total call value of 89,336,250 versus a total put value of 70,564,803,750 Combined total value = 70,654,140,000

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 66,849,941,250 Combined total value = 66,952,035,000

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 66,437,178,750 Combined total value = 66,540,690,000

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 62,722,620,000 Combined total value = 62,838,888,750

Strike 345 has a total call value of 117,686,250 versus a total put value of 62,310,802,500 Combined total value = 62,428,488,750

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 58,751,156,250 Combined total value = 58,882,511,250

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 58,356,382,500 Combined total value = 58,489,256,250

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 54,813,442,500 Combined total value = 54,959,985,000

Strike 350 has a total call value of 148,162,500 versus a total put value of 54,421,908,750 Combined total value = 54,570,071,250

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 51,037,222,500 Combined total value = 51,209,988,750

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 50,663,475,000 Combined total value = 50,838,975,000

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 47,313,112,500 Combined total value = 47,513,216,250

Strike 355 has a total call value of 202,837,500 versus a total put value of 46,942,976,250 Combined total value = 47,145,813,750

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 43,648,200,000 Combined total value = 43,878,375,000

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 43,285,252,500 Combined total value = 43,518,465,000

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 40,039,380,000 Combined total value = 40,299,930,000

Strike 360 has a total call value of 263,587,500 versus a total put value of 39,681,765,000 Combined total value = 39,945,352,500

Strike 362.25 has a total call value of 315,528,750 versus a total put value of 36,707,141,250 Combined total value = 37,022,670,000

Strike 362.5 has a total call value of 321,300,000 versus a total put value of 36,379,158,750 Combined total value = 36,700,458,750

Strike 364.75 has a total call value of 373,241,250 versus a total put value of 33,450,705,000 Combined total value = 33,823,946,250

Strike 365 has a total call value of 379,012,500 versus a total put value of 33,130,856,250 Combined total value = 33,509,868,750

Strike 367.25 has a total call value of 434,598,750 versus a total put value of 30,336,963,750 Combined total value = 30,771,562,500

Strike 367.5 has a total call value of 440,775,000 versus a total put value of 30,030,783,750 Combined total value = 30,471,558,750

Strike 369.75 has a total call value of 498,791,250 versus a total put value of 27,329,838,750 Combined total value = 27,828,630,000

Strike 370 has a total call value of 505,980,000 versus a total put value of 27,036,281,250 Combined total value = 27,542,261,250

Strike 372.25 has a total call value of 678,510,000 versus a total put value of 24,661,260,000 Combined total value = 25,339,770,000

Strike 372.5 has a total call value of 700,380,000 versus a total put value of 24,403,241,250 Combined total value = 25,103,621,250

Strike 374.75 has a total call value of 943,380,000 versus a total put value of 22,156,706,250 Combined total value = 23,100,086,250

Strike 375 has a total call value of 975,746,250 versus a total put value of 21,917,486,250 Combined total value = 22,893,232,500

Strike 377.25 has a total call value of 1,474,503,750 versus a total put value of 20,086,785,000 Combined total value = 21,561,288,750

Strike 377.5 has a total call value of 1,532,013,750 versus a total put value of 19,888,301,250 Combined total value = 21,420,315,000

Strike 379.75 has a total call value of 2,104,582,500 versus a total put value of 18,172,417,500 Combined total value = 20,277,000,000

Strike 380 has a total call value of 2,176,605,000 versus a total put value of 17,988,783,750 Combined total value = 20,165,388,750

Strike 382.25 has a total call value of 3,300,176,250 versus a total put value of 16,630,717,500 Combined total value = 19,930,893,750

Strike 382.5 has a total call value of 3,433,083,750 versus a total put value of 16,484,580,000 Combined total value = 19,917,663,750

Strike 384.75 has a total call value of 4,699,113,750 versus a total put value of 15,218,246,250 Combined total value = 19,917,360,000

Strike 385 has a total call value of 4,850,448,750 versus a total put value of 15,081,963,750 Combined total value = 19,932,412,500

Strike 387.25 has a total call value of 6,476,726,250 versus a total put value of 14,031,596,250 Combined total value = 20,508,322,500

Strike 387.5 has a total call value of 6,662,756,250 versus a total put value of 13,916,643,750 Combined total value = 20,579,400,000

Strike 389.75 has a total call value of 8,662,950,000 versus a total put value of 12,883,893,750 Combined total value = 21,546,843,750

Strike 390 has a total call value of 8,892,382,500 versus a total put value of 12,775,826,250 Combined total value = 21,668,208,750

Strike 392.25 has a total call value of 11,325,420,000 versus a total put value of 12,059,280,000 Combined total value = 23,384,700,000

Strike 392.5 has a total call value of 11,599,267,500 versus a total put value of 11,979,697,500 Combined total value = 23,578,965,000

Strike 394.75 has a total call value of 14,093,358,750 versus a total put value of 11,263,455,000 Combined total value = 25,356,813,750

Strike 395 has a total call value of 14,374,192,500 versus a total put value of 11,183,872,500 Combined total value = 25,558,065,000

Strike 397.25 has a total call value of 17,033,220,000 versus a total put value of 10,483,121,250 Combined total value = 27,516,341,250

Strike 397.5 has a total call value of 17,332,481,250 versus a total put value of 10,405,260,000 Combined total value = 27,737,741,250

Strike 399.75 has a total call value of 20,067,142,500 versus a total put value of 9,704,812,500 Combined total value = 29,771,955,000

Strike 400 has a total call value of 20,376,292,500 versus a total put value of 9,627,525,000 Combined total value = 30,003,817,500

Strike 402.25 has a total call value of 23,537,722,500 versus a total put value of 9,030,048,750 Combined total value = 32,567,771,250

Strike 402.5 has a total call value of 23,892,401,250 versus a total put value of 8,963,662,500 Combined total value = 32,856,063,750

Strike 404.75 has a total call value of 27,118,530,000 versus a total put value of 8,366,186,250 Combined total value = 35,484,716,250

Strike 405 has a total call value of 27,477,900,000 versus a total put value of 8,300,812,500 Combined total value = 35,778,712,500

Strike 407.25 has a total call value of 30,764,475,000 versus a total put value of 7,721,257,500 Combined total value = 38,485,732,500

Strike 407.5 has a total call value of 31,131,371,250 versus a total put value of 7,656,896,250 Combined total value = 38,788,267,500

Strike 409.75 has a total call value of 34,449,232,500 versus a total put value of 7,077,645,000 Combined total value = 41,526,877,500

Strike 410 has a total call value of 34,830,033,750 versus a total put value of 7,013,452,500 Combined total value = 41,843,486,250

Strike 412.5 has a total call value of 38,946,858,750 versus a total put value of 6,417,090,000 Combined total value = 45,363,948,750

Strike 414.75 has a total call value of 42,656,557,500 versus a total put value of 5,880,667,500 Combined total value = 48,537,225,000

Strike 415 has a total call value of 43,071,277,500 versus a total put value of 5,821,065,000 Combined total value = 48,892,342,500

Strike 417.5 has a total call value of 47,226,240,000 versus a total put value of 5,227,740,000 Combined total value = 52,453,980,000

Strike 419.75 has a total call value of 50,972,692,500 versus a total put value of 4,694,051,250 Combined total value = 55,666,743,750

Strike 420 has a total call value of 51,390,348,750 versus a total put value of 4,634,921,250 Combined total value = 56,025,270,000

Strike 422.5 has a total call value of 55,615,511,250 versus a total put value of 4,059,483,750 Combined total value = 59,674,995,000

Strike 424.75 has a total call value of 59,418,157,500 versus a total put value of 3,541,590,000 Combined total value = 62,959,747,500

Strike 425 has a total call value of 59,841,315,000 versus a total put value of 3,484,046,250 Combined total value = 63,325,361,250

Strike 427.5 has a total call value of 64,084,027,500 versus a total put value of 2,909,621,250 Combined total value = 66,993,648,750

Strike 429.75 has a total call value of 67,902,468,750 versus a total put value of 2,392,638,750 Combined total value = 70,295,107,500

Strike 430 has a total call value of 68,328,933,750 versus a total put value of 2,338,031,250 Combined total value = 70,666,965,000

Strike 432.5 has a total call value of 72,605,058,750 versus a total put value of 1,797,693,750 Combined total value = 74,402,752,500

Strike 434.75 has a total call value of 76,453,571,250 versus a total put value of 1,311,390,000 Combined total value = 77,764,961,250

Strike 435 has a total call value of 76,881,352,500 versus a total put value of 1,257,356,250 Combined total value = 78,138,708,750

Strike 437.5 has a total call value of 81,163,890,000 versus a total put value of 717,018,750 Combined total value = 81,880,908,750

Strike 439.75 has a total call value of 85,018,173,750 versus a total put value of 230,715,000 Combined total value = 85,248,888,750

Strike 440 has a total call value of 85,451,962,500 versus a total put value of 186,300,000 Combined total value = 85,638,262,500

Strike 442.5 has a total call value of 89,815,837,500 versus a total put value of 139,725,000 Combined total value = 89,955,562,500

Strike 445 has a total call value of 94,179,712,500 versus a total put value of 93,150,000 Combined total value = 94,272,862,500

Strike 447.5 has a total call value of 98,567,887,500 versus a total put value of 46,575,000 Combined total value = 98,614,462,500

Strike 450 has a total call value of 102,956,062,500 versus a total put value of 0 Combined total value = 102,956,062,500

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	1130.8	1140
ABB	5251.5	5200
ABCAPITAL	348.3	350
ADANIENSOL	996.6	990
ADANIENT	2241.2	2300
ADANIGREEN	1025.5	1020
ADANIPORTS	1500.7	1500
ALKEM	5664.5	5700
AMBER	6765.5	6800
AMBUJACEM	547.8	550
ANGELONE	2533.9	2600
APLAPOLLO	1729.2	1740
APOLLOHOSP	7042.5	7200
ASHOKLEY	167.7	160
ASIANPAINT	2784.8	2800
ASTRAL	1460.7	1460
AUBANK	980.85	960
AUROPHARMA	1181	1200
AXISBANK	1226.4	1240
BAJAJ-AUTO	8986	9000
BAJAJFINSV	2035.6	2060
BAJFINANCE	998.6	1020
BANDHANBNK	149.19	150
BANKBARODA	282.35	290
BANKINDIA	139.47	143
BDL	1352.7	1400
BEL	386.35	400
BHARATFORG	1415	1400
BHARTIARTL	2099.5	2100
BHEL	278.25	280
BIOCON	384.5	390
BLUESTARCO	1807.3	1780
BOSCHLTD	36155	36500
BPCL	365.2	362.5
BRITANNIA	6063.5	6000
BSE	2599	2700
CAMS	751	780
CANBK	147.23	148
CDSL	1500.5	1560
CGPOWER	669.8	680
CHOLAFIN	1715.2	1700
CIPLA	1498.4	1520
COALINDIA	380.65	384.75
COFORGE	1850.3	1840
COLPAL	2161	2180
CONCOR	499	520
CROMPTON	252.85	265
CUMMINSIND	4489.7	4500
CYIENT	1150.6	1160
DABUR	497.7	505
DALBHARAT	2066.4	2040
DELHIVERY	400.05	410
DIVISLAB	6290.5	6400
DIXON	13626	13750
DLF	690.2	720
DMART	3846.7	3900
DRREDDY	1279.9	1270
EICHERMOT	7075	7100
ETERNAL	287.45	295
EXIDEIND	366.1	375
FEDERALBNK	262.9	260
FORTIS	877.65	890
GAIL	167.73	175
GLENMARK	1967.4	1940
GMRAIRPORT	102.7	102
GODREJCP	1179.5	1160
GODREJPROP	2020.7	2080
GRASIM	2799.8	2800
HAL	4250	4500
HAVELLS	1411	1440
HCLTECH	1647.2	1660
HDFCAMC	2583.5	2625
HDFCBANK	994.5	1000
HDFCLIFE	767.35	770
HEROMOTOCO	5943	6050
HFCL	65.74	68
HINDALCO	832.7	820
HINDPETRO	462.85	460
HINDUNILVR	2281.8	2300
HINDZINC	567.6	540
HUDCO	210.8	220
ICICIBANK	1360.5	1380
ICICIGI	1949.3	1980
ICICIPRULI	639	630
IDEA	11.25	11
IDFCFIRSTB	83.3	81
IEX	140.39	145
IIFL	566.15	560
INDHOTEL	724.4	740
INDIANB	770.8	820
INDIGO	4965	5000
INDUSINDBK	843.75	850
INDUSTOWER	407.5	410
INFY	1590.1	1600
INOXWIND	125.86	130
IOC	166.99	165
IRCTC	669.5	690
IREDA	133.62	140
IRFC	112.12	117
ITC	402.15	405
JINDALSTEL	1008.7	1030
JIOFIN	295.45	305
JSWENERGY	477.15	490
JSWSTEEL	1085.5	1130
JUBLFOOD	561.6	580
KALYANKJIL	477.2	480
KAYNES	4189	4400
KEI	4150.6	4100
KFINTECH	1034.9	1060
KOTAKBANK	2183.7	2160
KPITTECH	1178.2	1200
LAURUSLABS	995.7	1000
LICHSGFIN	526.8	550
LICI	853.35	880
LODHA	1075.7	1120
LT	4057.6	4040
LTF	300.25	302.5
LTIM	6210	6150
LUPIN	2089.9	2080
M&M	3622.6	3650
MANAPPURAM	283.4	280
MANKIND	2110.1	2200
MARICO	738.15	730
MARUTI	16395	16300
MAXHEALTH	1079.1	1100
MAZDOCK	2412.6	2600
MCX	10144	10100
MFSL	1675.8	1700
MOTHERSON	119.75	116
MPHASIS	2853.3	2900
MUTHOOTFIN	3833.4	3750
NATIONALUM	275.1	270
NAUKRI	1346.8	1360
NBCC	111.62	113
NCC	158.2	167.5
NESTLEIND	1241.7	1240
NHPC	75.82	78
NMDC	76.86	77
NTPC	319.85	325
NUVAMA	7225.5	7200
NYKAA	245	255
OBEROIRLTY	1632.1	1660
OFSS	7855	8000
OIL	401.05	410
ONGC	230.99	240
PAGEIND	36290	37500
PATANJALI	533.65	545
PAYTM	1285	1300
PERSISTENT	6217.5	6200
PETRONET	264.4	277.5
PFC	335.7	355
PGEL	567.6	560
PHOENIXLTD	1779.3	1740
PIDILITIND	1471.5	1480
PIIND	3227.2	3350
PNB	116.93	120
PNBHOUSING	911.7	910
POLICYBZR	1822.4	1860
POLYCAB	7278.5	7300
POWERGRID	260.8	270
POWERINDIA	19215	19500
PPLPHARMA	169.25	180
PRESTIGE	1616.1	1660
RBLBANK	299	310
RECLTD	335.35	355
RELIANCE	1543.4	1540
RVNL	308.8	315
SAIL	128.63	132
SAMMAANCAP	146.56	155
SBICARD	848.6	870
SBILIFE	2042	2020
SBIN	963.05	965
SHREECEM	25970	26500
SHRIRAMFIN	850	850
SIEMENS	3151.7	3200
SOLARINDS	11923	12500
SONACOMS	485.2	500
SRF	3014.1	2950
SUNPHARMA	1785.4	1800
SUPREMEIND	3396.2	3400
SUZLON	52.5	54
SYNGENE	650.3	650
TATACONSUM	1168.9	1170
TATAELXSI	5004.5	5100
TATAMOTORS	0	320
TATAPOWER	378.8	390
TATASTEEL	169.47	170
TATATECH	650.1	680
TCS	3199.1	3200
TECHM	1572.7	1540
TIINDIA	2623.3	2700
TITAGARH	788.6	800
TITAN	3907	3860
TMPV	344.75	360
TORNTPHARM	3777.2	3800
TORNTPOWER	1293.1	1300
TRENT	4107	4200
TVSMOTOR	3619	3600
ULTRACEMCO	11572	11700
UNIONBANK	152.72	152.5
UNITDSPR	1447.5	1440
UNOMINDA	1257.3	1280
UPL	748.55	750
VBL	477.2	470
VEDL	548.45	535
VOLTAS	1391.8	1360
WIPRO	259.15	255
YESBANK	21.43	22
ZYDUSLIFE	917.05	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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