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

381.1 -3.35 (-0.87%)

L: 378.35 H: 384.2

Max Pain - COALINDIA

16 Dec 2025 03:17 PM IST

Live

Expiry

Max Pain for COALINDIA is 384.75

Historical data for COALINDIA-384.75-CE

LTP (384.75 CE)

2.7 -1.65

Open Interest

315 19

Historical data for COALINDIA-384.75-PE

LTP (384.75 PE)

5.1 1.75

Open Interest

136 -10

Strike 309.75 has a total call value of 0 versus a total put value of 121,928,490,000 Combined total value = 121,928,490,000

Strike 310 has a total call value of 0 versus a total put value of 121,504,050,000 Combined total value = 121,504,050,000

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 117,259,987,500 Combined total value = 117,261,675,000

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 113,440,331,250 Combined total value = 113,443,537,500

Strike 315 has a total call value of 3,375,000 versus a total put value of 113,015,925,000 Combined total value = 113,019,300,000

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 108,771,862,500 Combined total value = 108,778,950,000

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 104,952,206,250 Combined total value = 104,962,635,000

Strike 320 has a total call value of 10,968,750 versus a total put value of 104,527,800,000 Combined total value = 104,538,768,750

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 100,293,525,000 Combined total value = 100,313,268,750

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 96,482,677,500 Combined total value = 96,510,318,750

Strike 325 has a total call value of 28,518,750 versus a total put value of 96,059,250,000 Combined total value = 96,087,768,750

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 91,824,975,000 Combined total value = 91,862,268,750

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 88,014,127,500 Combined total value = 88,059,318,750

Strike 330 has a total call value of 46,068,750 versus a total put value of 87,590,700,000 Combined total value = 87,636,768,750

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 83,371,950,000 Combined total value = 83,428,143,750

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 79,575,075,000 Combined total value = 79,640,381,250

Strike 335 has a total call value of 66,318,750 versus a total put value of 79,153,200,000 Combined total value = 79,219,518,750

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 74,934,787,500 Combined total value = 75,012,581,250

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 71,138,216,250 Combined total value = 71,226,337,500

Strike 340 has a total call value of 89,336,250 versus a total put value of 70,717,016,250 Combined total value = 70,806,352,500

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 66,994,256,250 Combined total value = 67,096,350,000

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 66,580,616,250 Combined total value = 66,684,127,500

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 62,858,160,000 Combined total value = 62,974,428,750

Strike 345 has a total call value of 117,686,250 versus a total put value of 62,445,465,000 Combined total value = 62,563,151,250

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 58,877,921,250 Combined total value = 59,009,276,250

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 58,482,270,000 Combined total value = 58,615,143,750

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 54,931,432,500 Combined total value = 55,077,975,000

Strike 350 has a total call value of 148,162,500 versus a total put value of 54,539,021,250 Combined total value = 54,687,183,750

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 51,146,437,500 Combined total value = 51,319,203,750

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 50,771,812,500 Combined total value = 50,947,312,500

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 47,413,552,500 Combined total value = 47,613,656,250

Strike 355 has a total call value of 202,837,500 versus a total put value of 47,042,572,500 Combined total value = 47,245,410,000

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 43,740,202,500 Combined total value = 43,970,377,500

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 43,376,377,500 Combined total value = 43,609,590,000

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 40,122,607,500 Combined total value = 40,383,157,500

Strike 360 has a total call value of 263,587,500 versus a total put value of 39,764,115,000 Combined total value = 40,027,702,500

Strike 362.25 has a total call value of 314,617,500 versus a total put value of 36,780,075,000 Combined total value = 37,094,692,500

Strike 362.5 has a total call value of 320,287,500 versus a total put value of 36,451,046,250 Combined total value = 36,771,333,750

Strike 364.75 has a total call value of 371,317,500 versus a total put value of 33,511,961,250 Combined total value = 33,883,278,750

Strike 365 has a total call value of 376,987,500 versus a total put value of 33,190,931,250 Combined total value = 33,567,918,750

Strike 367.25 has a total call value of 431,662,500 versus a total put value of 30,384,585,000 Combined total value = 30,816,247,500

Strike 367.5 has a total call value of 437,737,500 versus a total put value of 30,077,021,250 Combined total value = 30,514,758,750

Strike 369.75 has a total call value of 494,842,500 versus a total put value of 27,362,711,250 Combined total value = 27,857,553,750

Strike 370 has a total call value of 501,930,000 versus a total put value of 27,067,635,000 Combined total value = 27,569,565,000

Strike 372.25 has a total call value of 673,245,000 versus a total put value of 24,678,641,250 Combined total value = 25,351,886,250

Strike 372.5 has a total call value of 694,946,250 versus a total put value of 24,419,340,000 Combined total value = 25,114,286,250

Strike 374.75 has a total call value of 936,427,500 versus a total put value of 22,162,477,500 Combined total value = 23,098,905,000

Strike 375 has a total call value of 968,625,000 versus a total put value of 21,922,110,000 Combined total value = 22,890,735,000

Strike 377.25 has a total call value of 1,466,471,250 versus a total put value of 20,087,460,000 Combined total value = 21,553,931,250

Strike 377.5 has a total call value of 1,523,711,250 versus a total put value of 19,888,537,500 Combined total value = 21,412,248,750

Strike 379.75 has a total call value of 2,093,546,250 versus a total put value of 18,169,008,750 Combined total value = 20,262,555,000

Strike 380 has a total call value of 2,165,298,750 versus a total put value of 17,985,071,250 Combined total value = 20,150,370,000

Strike 382.25 has a total call value of 3,282,491,250 versus a total put value of 16,627,005,000 Combined total value = 19,909,496,250

Strike 382.5 has a total call value of 3,414,588,750 versus a total put value of 16,480,698,750 Combined total value = 19,895,287,500

Strike 384.75 has a total call value of 4,675,151,250 versus a total put value of 15,214,668,750 Combined total value = 19,889,820,000

Strike 385 has a total call value of 4,825,845,000 versus a total put value of 15,078,588,750 Combined total value = 19,904,433,750

Strike 387.25 has a total call value of 6,445,136,250 versus a total put value of 14,028,525,000 Combined total value = 20,473,661,250

Strike 387.5 has a total call value of 6,630,525,000 versus a total put value of 13,913,640,000 Combined total value = 20,544,165,000

Strike 389.75 has a total call value of 8,624,036,250 versus a total put value of 12,881,801,250 Combined total value = 21,505,837,500

Strike 390 has a total call value of 8,852,793,750 versus a total put value of 12,773,801,250 Combined total value = 21,626,595,000

Strike 392.25 has a total call value of 11,280,363,750 versus a total put value of 12,057,558,750 Combined total value = 23,337,922,500

Strike 392.5 has a total call value of 11,553,468,750 versus a total put value of 11,978,010,000 Combined total value = 23,531,478,750

Strike 394.75 has a total call value of 14,040,877,500 versus a total put value of 11,262,071,250 Combined total value = 25,302,948,750

Strike 395 has a total call value of 14,321,002,500 versus a total put value of 11,182,522,500 Combined total value = 25,503,525,000

Strike 397.25 has a total call value of 16,972,740,000 versus a total put value of 10,482,075,000 Combined total value = 27,454,815,000

Strike 397.5 has a total call value of 17,271,123,750 versus a total put value of 10,404,247,500 Combined total value = 27,675,371,250

Strike 399.75 has a total call value of 19,995,761,250 versus a total put value of 9,704,103,750 Combined total value = 29,699,865,000

Strike 400 has a total call value of 20,303,730,000 versus a total put value of 9,626,850,000 Combined total value = 29,930,580,000

Strike 402.25 has a total call value of 23,454,832,500 versus a total put value of 9,029,677,500 Combined total value = 32,484,510,000

Strike 402.5 has a total call value of 23,808,363,750 versus a total put value of 8,963,325,000 Combined total value = 32,771,688,750

Strike 404.75 has a total call value of 27,024,165,000 versus a total put value of 8,366,152,500 Combined total value = 35,390,317,500

Strike 405 has a total call value of 27,382,387,500 versus a total put value of 8,300,812,500 Combined total value = 35,683,200,000

Strike 407.25 has a total call value of 30,658,635,000 versus a total put value of 7,721,257,500 Combined total value = 38,379,892,500

Strike 407.5 has a total call value of 31,024,383,750 versus a total put value of 7,656,896,250 Combined total value = 38,681,280,000

Strike 409.75 has a total call value of 34,331,917,500 versus a total put value of 7,077,645,000 Combined total value = 41,409,562,500

Strike 410 has a total call value of 34,711,571,250 versus a total put value of 7,013,452,500 Combined total value = 41,725,023,750

Strike 412.5 has a total call value of 38,816,921,250 versus a total put value of 6,417,090,000 Combined total value = 45,234,011,250

Strike 414.75 has a total call value of 42,516,292,500 versus a total put value of 5,880,667,500 Combined total value = 48,396,960,000

Strike 415 has a total call value of 42,929,865,000 versus a total put value of 5,821,065,000 Combined total value = 48,750,930,000

Strike 417.5 has a total call value of 47,073,352,500 versus a total put value of 5,227,740,000 Combined total value = 52,301,092,500

Strike 419.75 has a total call value of 50,809,477,500 versus a total put value of 4,694,051,250 Combined total value = 55,503,528,750

Strike 420 has a total call value of 51,225,986,250 versus a total put value of 4,634,921,250 Combined total value = 55,860,907,500

Strike 422.5 has a total call value of 55,439,673,750 versus a total put value of 4,059,483,750 Combined total value = 59,499,157,500

Strike 424.75 has a total call value of 59,231,992,500 versus a total put value of 3,541,590,000 Combined total value = 62,773,582,500

Strike 425 has a total call value of 59,654,002,500 versus a total put value of 3,484,046,250 Combined total value = 63,138,048,750

Strike 427.5 has a total call value of 63,885,240,000 versus a total put value of 2,909,621,250 Combined total value = 66,794,861,250

Strike 429.75 has a total call value of 67,693,353,750 versus a total put value of 2,392,638,750 Combined total value = 70,085,992,500

Strike 430 has a total call value of 68,118,671,250 versus a total put value of 2,338,031,250 Combined total value = 70,456,702,500

Strike 432.5 has a total call value of 72,383,321,250 versus a total put value of 1,797,693,750 Combined total value = 74,181,015,000

Strike 434.75 has a total call value of 76,221,506,250 versus a total put value of 1,311,390,000 Combined total value = 77,532,896,250

Strike 435 has a total call value of 76,648,140,000 versus a total put value of 1,257,356,250 Combined total value = 77,905,496,250

Strike 437.5 has a total call value of 80,919,202,500 versus a total put value of 717,018,750 Combined total value = 81,636,221,250

Strike 439.75 has a total call value of 84,763,158,750 versus a total put value of 230,715,000 Combined total value = 84,993,873,750

Strike 440 has a total call value of 85,195,800,000 versus a total put value of 186,300,000 Combined total value = 85,382,100,000

Strike 442.5 has a total call value of 89,548,200,000 versus a total put value of 139,725,000 Combined total value = 89,687,925,000

Strike 445 has a total call value of 93,900,600,000 versus a total put value of 93,150,000 Combined total value = 93,993,750,000

Strike 447.5 has a total call value of 98,277,300,000 versus a total put value of 46,575,000 Combined total value = 98,323,875,000

Strike 450 has a total call value of 102,654,000,000 versus a total put value of 0 Combined total value = 102,654,000,000

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	1134.1	1140
ABB	5246	5200
ABCAPITAL	348.25	350
ADANIENSOL	995.05	990
ADANIENT	2246.9	2300
ADANIGREEN	1029.7	1020
ADANIPORTS	1499.4	1500
ALKEM	5663	5700
AMBER	6785	6800
AMBUJACEM	548.7	555
ANGELONE	2534.4	2600
APLAPOLLO	1732.4	1740
APOLLOHOSP	7053	7200
ASHOKLEY	167.83	160
ASIANPAINT	2789.1	2800
ASTRAL	1462.6	1460
AUBANK	981	960
AUROPHARMA	1178.5	1200
AXISBANK	1218.5	1240
BAJAJ-AUTO	8997.5	9000
BAJAJFINSV	2034.1	2060
BAJFINANCE	998.3	1020
BANDHANBNK	149.37	150
BANKBARODA	283.05	290
BANKINDIA	139.67	143
BDL	1357	1400
BEL	387.75	400
BHARATFORG	1416.7	1400
BHARTIARTL	2101.8	2100
BHEL	279.6	280
BIOCON	385.3	390
BLUESTARCO	1815.8	1780
BOSCHLTD	36235	36500
BPCL	368.6	362.5
BRITANNIA	6069	6000
BSE	2614.6	2700
CAMS	754.8	780
CANBK	146.99	148
CDSL	1502.8	1560
CGPOWER	673.75	680
CHOLAFIN	1717.8	1700
CIPLA	1500	1520
COALINDIA	381.1	384.75
COFORGE	1866.4	1840
COLPAL	2161	2180
CONCOR	499	520
CROMPTON	252.75	265
CUMMINSIND	4494.3	4500
CYIENT	1150.3	1160
DABUR	497.05	505
DALBHARAT	2065.6	2040
DELHIVERY	402.3	410
DIVISLAB	6335.5	6400
DIXON	13630	13750
DLF	691.75	720
DMART	3862.5	3900
DRREDDY	1275.2	1270
EICHERMOT	7056	7100
ETERNAL	284.5	295
EXIDEIND	366.7	375
FEDERALBNK	262.45	260
FORTIS	875.2	890
GAIL	168.4	175
GLENMARK	1967.4	1940
GMRAIRPORT	103.65	102
GODREJCP	1182.1	1160
GODREJPROP	2023.6	2080
GRASIM	2799.1	2800
HAL	4263.1	4500
HAVELLS	1413.1	1440
HCLTECH	1652.1	1660
HDFCAMC	2582.7	2625
HDFCBANK	993.7	1000
HDFCLIFE	765	770
HEROMOTOCO	5945.5	6050
HFCL	65.47	68
HINDALCO	837.25	820
HINDPETRO	465.5	460
HINDUNILVR	2279.9	2300
HINDZINC	568.15	540
HUDCO	211.63	220
ICICIBANK	1363.9	1380
ICICIGI	1952.7	1980
ICICIPRULI	638.35	630
IDEA	11.26	11
IDFCFIRSTB	83.55	82
IEX	140.4	145
IIFL	568.15	560
INDHOTEL	725.8	740
INDIANB	773.5	820
INDIGO	4975	5000
INDUSINDBK	844.65	850
INDUSTOWER	408.05	410
INFY	1591.4	1600
INOXWIND	126.98	130
IOC	167.97	166
IRCTC	671.95	690
IREDA	133.9	140
IRFC	112.11	116
ITC	401.55	405
JINDALSTEL	1012.6	1030
JIOFIN	295.2	305
JSWENERGY	478.9	490
JSWSTEEL	1082.3	1130
JUBLFOOD	559.85	580
KALYANKJIL	479.7	480
KAYNES	4185	4400
KEI	4161.3	4100
KFINTECH	1036.6	1060
KOTAKBANK	2181.8	2160
KPITTECH	1177.6	1200
LAURUSLABS	1002.6	1000
LICHSGFIN	526.5	550
LICI	855.85	880
LODHA	1075	1120
LT	4064.2	4040
LTF	300.85	302.5
LTIM	6211	6150
LUPIN	2091.8	2080
M&M	3620.1	3650
MANAPPURAM	284.6	280
MANKIND	2104.5	2200
MARICO	739	740
MARUTI	16350	16200
MAXHEALTH	1071.2	1100
MAZDOCK	2412.4	2600
MCX	10175	10100
MFSL	1671	1700
MOTHERSON	119.66	116
MPHASIS	2859.4	2900
MUTHOOTFIN	3850.6	3750
NATIONALUM	277.55	270
NAUKRI	1348.1	1360
NBCC	111.73	113
NCC	157.95	167.5
NESTLEIND	1240.2	1240
NHPC	76.04	78
NMDC	77.19	77
NTPC	320.85	325
NUVAMA	7193	7200
NYKAA	247.6	255
OBEROIRLTY	1625.6	1660
OFSS	7835	8000
OIL	402.55	410
ONGC	232.15	240
PAGEIND	36365	37500
PATANJALI	537.4	545
PAYTM	1281.4	1300
PERSISTENT	6259.5	6200
PETRONET	264.45	277.5
PFC	337	355
PGEL	571.2	560
PHOENIXLTD	1782.7	1740
PIDILITIND	1471.2	1480
PIIND	3261.2	3350
PNB	116.94	120
PNBHOUSING	912.9	910
POLICYBZR	1820.8	1860
POLYCAB	7332.5	7300
POWERGRID	260.55	270
POWERINDIA	19320	19500
PPLPHARMA	168.61	180
PRESTIGE	1625.4	1660
RBLBANK	301.15	310
RECLTD	335.3	355
RELIANCE	1540.9	1540
RVNL	309.15	315
SAIL	129.86	133
SAMMAANCAP	146.71	155
SBICARD	848.05	870
SBILIFE	2035.1	2020
SBIN	960.65	965
SHREECEM	25990	26500
SHRIRAMFIN	847.35	850
SIEMENS	3160.2	3200
SOLARINDS	11935	12500
SONACOMS	485.3	500
SRF	3017.2	2950
SUNPHARMA	1781.2	1800
SUPREMEIND	3405.6	3400
SUZLON	52.7	54
SYNGENE	647.35	650
TATACONSUM	1169.4	1170
TATAELXSI	5003.5	5100
TATAMOTORS	0	320
TATAPOWER	380.1	390
TATASTEEL	169.73	170
TATATECH	651.3	680
TCS	3205	3200
TECHM	1580	1540
TIINDIA	2621.4	2700
TITAGARH	790.85	800
TITAN	3933	3860
TMPV	345.5	360
TORNTPHARM	3768.7	3800
TORNTPOWER	1284	1300
TRENT	4109.7	4200
TVSMOTOR	3621.1	3600
ULTRACEMCO	11523	11700
UNIONBANK	153.23	152.5
UNITDSPR	1452.4	1440
UNOMINDA	1259.3	1280
UPL	750.75	750
VBL	477.1	470
VEDL	571	540
VOLTAS	1391	1380
WIPRO	259.3	255
YESBANK	21.51	22
ZYDUSLIFE	914.8	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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