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

385.05 -0.25 (-0.06%)

L: 383.5 H: 387.35

Max Pain - COALINDIA

19 Dec 2025 12:47 PM IST

Live

Expiry

Max Pain for COALINDIA is 385

Historical data for COALINDIA-385-CE

LTP (385 CE)

3.55 -0.65

Open Interest

890 -78

Historical data for COALINDIA-385-PE

LTP (385 PE)

2.85 0

Open Interest

708 47

Strike 309.75 has a total call value of 0 versus a total put value of 128,342,137,500 Combined total value = 128,342,137,500

Strike 310 has a total call value of 0 versus a total put value of 127,892,857,500 Combined total value = 127,892,857,500

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 123,407,145,000 Combined total value = 123,408,832,500

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 119,370,003,750 Combined total value = 119,373,210,000

Strike 315 has a total call value of 3,375,000 versus a total put value of 118,921,432,500 Combined total value = 118,924,807,500

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 114,435,720,000 Combined total value = 114,442,807,500

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 110,398,578,750 Combined total value = 110,409,007,500

Strike 320 has a total call value of 10,968,750 versus a total put value of 109,950,007,500 Combined total value = 109,960,976,250

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 105,476,782,500 Combined total value = 105,496,526,250

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 101,450,880,000 Combined total value = 101,478,521,250

Strike 325 has a total call value of 28,518,750 versus a total put value of 101,003,557,500 Combined total value = 101,032,076,250

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 96,533,032,500 Combined total value = 96,570,326,250

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 92,509,560,000 Combined total value = 92,554,751,250

Strike 330 has a total call value of 46,068,750 versus a total put value of 92,062,507,500 Combined total value = 92,108,576,250

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 87,607,507,500 Combined total value = 87,663,701,250

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 83,598,007,500 Combined total value = 83,663,313,750

Strike 335 has a total call value of 66,318,750 versus a total put value of 83,152,507,500 Combined total value = 83,218,826,250

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 78,697,845,000 Combined total value = 78,775,638,750

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 74,688,648,750 Combined total value = 74,776,770,000

Strike 340 has a total call value of 89,336,250 versus a total put value of 74,244,870,000 Combined total value = 74,334,206,250

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 70,320,420,000 Combined total value = 70,422,513,750

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 69,884,370,000 Combined total value = 69,987,881,250

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 65,960,223,750 Combined total value = 66,076,492,500

Strike 345 has a total call value of 117,686,250 versus a total put value of 65,525,490,000 Combined total value = 65,643,176,250

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 61,758,686,250 Combined total value = 61,890,041,250

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 61,340,962,500 Combined total value = 61,473,836,250

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 57,591,168,750 Combined total value = 57,737,711,250

Strike 350 has a total call value of 148,162,500 versus a total put value of 57,176,853,750 Combined total value = 57,325,016,250

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 53,585,313,750 Combined total value = 53,758,080,000

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 53,188,548,750 Combined total value = 53,364,048,750

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 49,631,636,250 Combined total value = 49,831,740,000

Strike 355 has a total call value of 202,837,500 versus a total put value of 49,238,583,750 Combined total value = 49,441,421,250

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 45,736,650,000 Combined total value = 45,966,825,000

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 45,350,617,500 Combined total value = 45,583,830,000

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 41,901,232,500 Combined total value = 42,161,782,500

Strike 360 has a total call value of 263,587,500 versus a total put value of 41,520,971,250 Combined total value = 41,784,558,750

Strike 362.25 has a total call value of 314,617,500 versus a total put value of 38,315,801,250 Combined total value = 38,630,418,750

Strike 362.5 has a total call value of 320,287,500 versus a total put value of 37,963,721,250 Combined total value = 38,284,008,750

Strike 364.75 has a total call value of 371,317,500 versus a total put value of 34,815,656,250 Combined total value = 35,186,973,750

Strike 365 has a total call value of 376,987,500 versus a total put value of 34,471,440,000 Combined total value = 34,848,427,500

Strike 367.25 has a total call value of 431,662,500 versus a total put value of 31,460,366,250 Combined total value = 31,892,028,750

Strike 367.5 has a total call value of 437,737,500 versus a total put value of 31,131,607,500 Combined total value = 31,569,345,000

Strike 369.75 has a total call value of 494,842,500 versus a total put value of 28,226,846,250 Combined total value = 28,721,688,750

Strike 370 has a total call value of 501,963,750 versus a total put value of 27,912,060,000 Combined total value = 28,414,023,750

Strike 372.25 has a total call value of 671,152,500 versus a total put value of 25,356,611,250 Combined total value = 26,027,763,750

Strike 372.5 has a total call value of 692,482,500 versus a total put value of 25,080,097,500 Combined total value = 25,772,580,000

Strike 374.75 has a total call value of 930,622,500 versus a total put value of 22,678,346,250 Combined total value = 23,608,968,750

Strike 375 has a total call value of 962,313,750 versus a total put value of 22,422,858,750 Combined total value = 23,385,172,500

Strike 377.25 has a total call value of 1,437,682,500 versus a total put value of 20,453,040,000 Combined total value = 21,890,722,500

Strike 377.5 has a total call value of 1,492,391,250 versus a total put value of 20,239,875,000 Combined total value = 21,732,266,250

Strike 379.75 has a total call value of 2,033,370,000 versus a total put value of 18,389,430,000 Combined total value = 20,422,800,000

Strike 380 has a total call value of 2,100,903,750 versus a total put value of 18,189,798,750 Combined total value = 20,290,702,500

Strike 382.25 has a total call value of 3,128,490,000 versus a total put value of 16,712,662,500 Combined total value = 19,841,152,500

Strike 382.5 has a total call value of 3,248,268,750 versus a total put value of 16,553,160,000 Combined total value = 19,801,428,750

Strike 384.75 has a total call value of 4,382,167,500 versus a total put value of 15,182,336,250 Combined total value = 19,564,503,750

Strike 385 has a total call value of 4,523,411,250 versus a total put value of 15,038,223,750 Combined total value = 19,561,635,000

Strike 387.25 has a total call value of 6,064,942,500 versus a total put value of 13,956,266,250 Combined total value = 20,021,208,750

Strike 387.5 has a total call value of 6,244,053,750 versus a total put value of 13,839,727,500 Combined total value = 20,083,781,250

Strike 389.75 has a total call value of 8,190,483,750 versus a total put value of 12,814,875,000 Combined total value = 21,005,358,750

Strike 390 has a total call value of 8,415,225,000 versus a total put value of 12,707,583,750 Combined total value = 21,122,808,750

Strike 392.25 has a total call value of 10,816,976,250 versus a total put value of 11,992,860,000 Combined total value = 22,809,836,250

Strike 392.5 has a total call value of 11,088,393,750 versus a total put value of 11,913,885,000 Combined total value = 23,002,278,750

Strike 394.75 has a total call value of 13,577,928,750 versus a total put value of 11,204,021,250 Combined total value = 24,781,950,000

Strike 395 has a total call value of 13,862,846,250 versus a total put value of 11,125,147,500 Combined total value = 24,987,993,750

Strike 397.25 has a total call value of 16,594,773,750 versus a total put value of 10,437,153,750 Combined total value = 27,031,927,500

Strike 397.5 has a total call value of 16,902,067,500 versus a total put value of 10,360,710,000 Combined total value = 27,262,777,500

Strike 399.75 has a total call value of 19,710,540,000 versus a total put value of 9,673,020,000 Combined total value = 29,383,560,000

Strike 400 has a total call value of 20,027,621,250 versus a total put value of 9,597,150,000 Combined total value = 29,624,771,250

Strike 402.25 has a total call value of 23,228,235,000 versus a total put value of 9,006,660,000 Combined total value = 32,234,895,000

Strike 402.5 has a total call value of 23,588,381,250 versus a total put value of 8,941,050,000 Combined total value = 32,529,431,250

Strike 404.75 has a total call value of 26,857,642,500 versus a total put value of 8,350,560,000 Combined total value = 35,208,202,500

Strike 405 has a total call value of 27,221,872,500 versus a total put value of 8,285,962,500 Combined total value = 35,507,835,000

Strike 407.25 has a total call value of 30,577,095,000 versus a total put value of 7,711,875,000 Combined total value = 38,288,970,000

Strike 407.5 has a total call value of 30,951,618,750 versus a total put value of 7,648,121,250 Combined total value = 38,599,740,000

Strike 409.75 has a total call value of 34,338,127,500 versus a total put value of 7,074,337,500 Combined total value = 41,412,465,000

Strike 410 has a total call value of 34,726,488,750 versus a total put value of 7,010,752,500 Combined total value = 41,737,241,250

Strike 412.5 has a total call value of 38,917,901,250 versus a total put value of 6,414,727,500 Combined total value = 45,332,628,750

Strike 414.75 has a total call value of 42,694,728,750 versus a total put value of 5,878,608,750 Combined total value = 48,573,337,500

Strike 415 has a total call value of 43,116,840,000 versus a total put value of 5,819,040,000 Combined total value = 48,935,880,000

Strike 417.5 has a total call value of 47,345,715,000 versus a total put value of 5,226,052,500 Combined total value = 52,571,767,500

Strike 419.75 has a total call value of 51,158,688,750 versus a total put value of 4,692,667,500 Combined total value = 55,851,356,250

Strike 420 has a total call value of 51,583,466,250 versus a total put value of 4,633,571,250 Combined total value = 56,217,037,500

Strike 422.5 has a total call value of 55,876,128,750 versus a total put value of 4,058,471,250 Combined total value = 59,934,600,000

Strike 424.75 has a total call value of 59,739,525,000 versus a total put value of 3,540,881,250 Combined total value = 63,280,406,250

Strike 425 has a total call value of 60,169,432,500 versus a total put value of 3,483,371,250 Combined total value = 63,652,803,750

Strike 427.5 has a total call value of 64,484,370,000 versus a total put value of 2,909,283,750 Combined total value = 67,393,653,750

Strike 429.75 has a total call value of 68,367,813,750 versus a total put value of 2,392,605,000 Combined total value = 70,760,418,750

Strike 430 has a total call value of 68,801,501,250 versus a total put value of 2,338,031,250 Combined total value = 71,139,532,500

Strike 432.5 has a total call value of 73,151,876,250 versus a total put value of 1,797,693,750 Combined total value = 74,949,570,000

Strike 434.75 has a total call value of 77,067,213,750 versus a total put value of 1,311,390,000 Combined total value = 78,378,603,750

Strike 435 has a total call value of 77,502,420,000 versus a total put value of 1,257,356,250 Combined total value = 78,759,776,250

Strike 437.5 has a total call value of 81,859,207,500 versus a total put value of 717,018,750 Combined total value = 82,576,226,250

Strike 439.75 has a total call value of 85,780,316,250 versus a total put value of 230,715,000 Combined total value = 86,011,031,250

Strike 440 has a total call value of 86,221,530,000 versus a total put value of 186,300,000 Combined total value = 86,407,830,000

Strike 442.5 has a total call value of 90,670,455,000 versus a total put value of 139,725,000 Combined total value = 90,810,180,000

Strike 445 has a total call value of 95,119,380,000 versus a total put value of 93,150,000 Combined total value = 95,212,530,000

Strike 447.5 has a total call value of 99,592,605,000 versus a total put value of 46,575,000 Combined total value = 99,639,180,000

Strike 450 has a total call value of 104,065,830,000 versus a total put value of 0 Combined total value = 104,065,830,000

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	1131.6	1140
ABB	5133	5200
ABCAPITAL	344.95	345
ADANIENSOL	975.9	980
ADANIENT	2220.3	2300
ADANIGREEN	1011.5	1020
ADANIPORTS	1495.8	1500
ALKEM	5525.5	5650
AMBER	6678	6800
AMBUJACEM	535.65	550
ANGELONE	2472	2550
APLAPOLLO	1805.5	1760
APOLLOHOSP	6978.5	7100
ASHOKLEY	173.57	164
ASIANPAINT	2789.3	2800
ASTRAL	1414.4	1440
AUBANK	978.95	960
AUROPHARMA	1218.7	1220
AXISBANK	1233.8	1240
BAJAJ-AUTO	8977.5	9000
BAJAJFINSV	2033.9	2060
BAJFINANCE	1005.1	1020
BANDHANBNK	149.31	150
BANKBARODA	290.25	290
BANKINDIA	142.54	143
BDL	1355.1	1400
BEL	389.45	400
BHARATFORG	1423.5	1400
BHARTIARTL	2088.4	2100
BHEL	275.4	280
BIOCON	394	395
BLUESTARCO	1775.2	1800
BOSCHLTD	35650	36000
BPCL	363.45	365
BRITANNIA	6095.5	6000
BSE	2710	2700
CAMS	749.7	770
CANBK	147.9	150
CDSL	1490.8	1540
CGPOWER	664.45	680
CHOLAFIN	1644.5	1700
CIPLA	1509.1	1520
COALINDIA	385.05	385
COFORGE	1842.9	1840
COLPAL	2090.2	2160
CONCOR	499.45	520
CROMPTON	251.75	260
CUMMINSIND	4346.9	4400
CYIENT	1143.7	1140
DABUR	493.35	500
DALBHARAT	2010.3	2020
DELHIVERY	403.6	410
DIVISLAB	6456	6500
DIXON	13127	13500
DLF	683.75	710
DMART	3787.6	3900
DRREDDY	1273.9	1270
EICHERMOT	7204.5	7100
ETERNAL	287.5	295
EXIDEIND	362.6	370
FEDERALBNK	266.45	260
FORTIS	879.75	890
GAIL	168.53	175
GLENMARK	1955.3	1940
GMRAIRPORT	100.8	102
GODREJCP	1179.8	1160
GODREJPROP	2016.2	2060
GRASIM	2813.4	2800
HAL	4288.4	4450
HAVELLS	1407.1	1440
HCLTECH	1639.6	1660
HDFCAMC	2649.1	2675
HDFCBANK	983.7	990
HDFCLIFE	758.65	770
HEROMOTOCO	5771.5	5900
HFCL	64.03	67
HINDALCO	850.5	820
HINDPETRO	467.5	460
HINDUNILVR	2278.1	2300
HINDZINC	587.75	560
HUDCO	208.77	217.5
ICICIBANK	1355.9	1370
ICICIGI	1946.1	1960
ICICIPRULI	649.4	630
IDEA	11.63	11
IDFCFIRSTB	84.93	82
IEX	140.42	145
IIFL	560.65	560
INDHOTEL	726.6	730
INDIANB	778.3	810
INDIGO	5155.5	5100
INDUSINDBK	838.45	850
INDUSTOWER	412.25	410
INFY	1638.8	1600
INOXWIND	124.55	130
IOC	161.4	161
IRCTC	668.7	690
IREDA	131.6	137.5
IRFC	111.52	115
ITC	402.15	405
JINDALSTEL	988.3	1020
JIOFIN	296.4	305
JSWENERGY	474.1	490
JSWSTEEL	1080.8	1120
JUBLFOOD	564.25	580
KALYANKJIL	475.7	480
KAYNES	4134.5	4300
KEI	4172.3	4100
KFINTECH	1075	1080
KOTAKBANK	2167.5	2160
KPITTECH	1181.9	1200
LAURUSLABS	1033.6	1010
LICHSGFIN	530.45	550
LICI	850.1	870
LODHA	1079.7	1100
LT	4088	4040
LTF	299.95	300
LTIM	6151.5	6100
LUPIN	2118.4	2100
M&M	3606.5	3650
MANAPPURAM	288.15	280
MANKIND	2142.8	2200
MARICO	741	730
MARUTI	16436	16300
MAXHEALTH	1072.4	1080
MAZDOCK	2378.4	2500
MCX	10325	10100
MFSL	1668.6	1680
MOTHERSON	120.06	116
MPHASIS	2884.9	2900
MUTHOOTFIN	3746.1	3750
NATIONALUM	277.65	272.5
NAUKRI	1327.9	1360
NBCC	111.8	111
NCC	153.5	162.5
NESTLEIND	1240.3	1240
NHPC	75.4	78
NMDC	76.02	77
NTPC	318.45	325
NUVAMA	7075.5	7200
NYKAA	244.9	250
OBEROIRLTY	1660.3	1660
OFSS	7695.5	7900
OIL	404.5	410
ONGC	232.39	237.5
PAGEIND	35725	36500
PATANJALI	558.45	550
PAYTM	1305.7	1300
PERSISTENT	6312.5	6300
PETRONET	271.5	278
PFC	336.8	355
PGEL	573.8	560
PHOENIXLTD	1811.2	1760
PIDILITIND	1449.9	1480
PIIND	3223	3350
PNB	119.22	120
PNBHOUSING	903.5	900
POLICYBZR	1870.2	1840
POLYCAB	7303.5	7300
POWERGRID	261.4	270
POWERINDIA	18075	18500
PPLPHARMA	168.87	175
PRESTIGE	1606.8	1640
RBLBANK	298.15	305
RECLTD	338.35	350
RELIANCE	1568.9	1550
RVNL	310.5	310
SAIL	124.62	130
SAMMAANCAP	144.75	155
SBICARD	858.55	870
SBILIFE	2027.1	2020
SBIN	979.6	970
SHREECEM	25430	26000
SHRIRAMFIN	898.45	870
SIEMENS	3084.7	3150
SOLARINDS	11781	12500
SONACOMS	496.1	500
SRF	3075	3000
SUNPHARMA	1745	1760
SUPREMEIND	3370.7	3400
SUZLON	51.83	54
SYNGENE	647.75	650
TATACONSUM	1181.4	1180
TATAELXSI	5356	5200
TATAMOTORS	0	320
TATAPOWER	376.8	390
TATASTEEL	168.24	170
TATATECH	647.05	670
TCS	3299.2	3240
TECHM	1606.1	1560
TIINDIA	2602.8	2700
TITAGARH	772.1	800
TITAN	3943.5	3880
TMPV	350.6	360
TORNTPHARM	3750	3750
TORNTPOWER	1263.6	1300
TRENT	4053.2	4200
TVSMOTOR	3657.4	3600
ULTRACEMCO	11506	11600
UNIONBANK	153.7	155
UNITDSPR	1400.1	1430
UNOMINDA	1249	1280
UPL	742.65	750
VBL	471.1	470
VEDL	577.1	555
VOLTAS	1378	1380
WIPRO	264.18	260
YESBANK	21.56	22
ZYDUSLIFE	912.85	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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