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

383.35 +1.75 (0.46%)

L: 380.8 H: 384.25

Max Pain - COALINDIA

17 Dec 2025 10:27 AM IST

Live

Expiry

Max Pain for COALINDIA is 384.75

Historical data for COALINDIA-384.75-CE

LTP (384.75 CE)

3.35 0.6

Open Interest

326 8

Historical data for COALINDIA-384.75-PE

LTP (384.75 PE)

3.9 -1.1

Open Interest

137 5

Strike 309.75 has a total call value of 0 versus a total put value of 123,085,271,250 Combined total value = 123,085,271,250

Strike 310 has a total call value of 0 versus a total put value of 122,656,815,000 Combined total value = 122,656,815,000

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 118,372,590,000 Combined total value = 118,374,277,500

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 114,516,787,500 Combined total value = 114,519,993,750

Strike 315 has a total call value of 3,375,000 versus a total put value of 114,088,365,000 Combined total value = 114,091,740,000

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 109,804,140,000 Combined total value = 109,811,227,500

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 105,948,337,500 Combined total value = 105,958,766,250

Strike 320 has a total call value of 10,968,750 versus a total put value of 105,519,915,000 Combined total value = 105,530,883,750

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 101,245,140,000 Combined total value = 101,264,883,750

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 97,397,842,500 Combined total value = 97,425,483,750

Strike 325 has a total call value of 28,518,750 versus a total put value of 96,970,365,000 Combined total value = 96,998,883,750

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 92,695,590,000 Combined total value = 92,732,883,750

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 88,848,292,500 Combined total value = 88,893,483,750

Strike 330 has a total call value of 46,068,750 versus a total put value of 88,420,815,000 Combined total value = 88,466,883,750

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 84,160,890,000 Combined total value = 84,217,083,750

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 80,326,957,500 Combined total value = 80,392,263,750

Strike 335 has a total call value of 66,318,750 versus a total put value of 79,900,965,000 Combined total value = 79,967,283,750

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 75,641,377,500 Combined total value = 75,719,171,250

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 71,807,748,750 Combined total value = 71,895,870,000

Strike 340 has a total call value of 89,336,250 versus a total put value of 71,382,431,250 Combined total value = 71,471,767,500

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 67,622,917,500 Combined total value = 67,725,011,250

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 67,205,193,750 Combined total value = 67,308,705,000

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 63,445,983,750 Combined total value = 63,562,252,500

Strike 345 has a total call value of 117,686,250 versus a total put value of 63,029,205,000 Combined total value = 63,146,891,250

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 59,425,211,250 Combined total value = 59,556,566,250

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 59,025,510,000 Combined total value = 59,158,383,750

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 55,438,222,500 Combined total value = 55,584,765,000

Strike 350 has a total call value of 148,162,500 versus a total put value of 55,041,828,750 Combined total value = 55,189,991,250

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 51,612,795,000 Combined total value = 51,785,561,250

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 51,234,086,250 Combined total value = 51,409,586,250

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 47,839,072,500 Combined total value = 48,039,176,250

Strike 355 has a total call value of 202,837,500 versus a total put value of 47,464,008,750 Combined total value = 47,666,846,250

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 44,123,973,750 Combined total value = 44,354,148,750

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 43,755,963,750 Combined total value = 43,989,176,250

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 40,458,453,750 Combined total value = 40,719,003,750

Strike 360 has a total call value of 263,587,500 versus a total put value of 40,095,101,250 Combined total value = 40,358,688,750

Strike 362.25 has a total call value of 314,617,500 versus a total put value of 37,067,321,250 Combined total value = 37,381,938,750

Strike 362.5 has a total call value of 320,287,500 versus a total put value of 36,733,432,500 Combined total value = 37,053,720,000

Strike 364.75 has a total call value of 371,317,500 versus a total put value of 33,750,607,500 Combined total value = 34,121,925,000

Strike 365 has a total call value of 376,987,500 versus a total put value of 33,424,751,250 Combined total value = 33,801,738,750

Strike 367.25 has a total call value of 431,662,500 versus a total put value of 30,575,272,500 Combined total value = 31,006,935,000

Strike 367.5 has a total call value of 437,737,500 versus a total put value of 30,262,916,250 Combined total value = 30,700,653,750

Strike 369.75 has a total call value of 494,842,500 versus a total put value of 27,506,081,250 Combined total value = 28,000,923,750

Strike 370 has a total call value of 501,930,000 versus a total put value of 27,206,516,250 Combined total value = 27,708,446,250

Strike 372.25 has a total call value of 675,067,500 versus a total put value of 24,788,058,750 Combined total value = 25,463,126,250

Strike 372.5 has a total call value of 696,836,250 versus a total put value of 24,525,652,500 Combined total value = 25,222,488,750

Strike 374.75 has a total call value of 938,925,000 versus a total put value of 22,241,148,750 Combined total value = 23,180,073,750

Strike 375 has a total call value of 971,156,250 versus a total put value of 21,997,642,500 Combined total value = 22,968,798,750

Strike 377.25 has a total call value of 1,468,395,000 versus a total put value of 20,136,262,500 Combined total value = 21,604,657,500

Strike 377.5 has a total call value of 1,525,533,750 versus a total put value of 19,934,370,000 Combined total value = 21,459,903,750

Strike 379.75 has a total call value of 2,095,065,000 versus a total put value of 18,180,517,500 Combined total value = 20,275,582,500

Strike 380 has a total call value of 2,166,716,250 versus a total put value of 17,992,361,250 Combined total value = 20,159,077,500

Strike 382.25 has a total call value of 3,270,543,750 versus a total put value of 16,611,817,500 Combined total value = 19,882,361,250

Strike 382.5 has a total call value of 3,400,886,250 versus a total put value of 16,463,520,000 Combined total value = 19,864,406,250

Strike 384.75 has a total call value of 4,645,957,500 versus a total put value of 15,185,947,500 Combined total value = 19,831,905,000

Strike 385 has a total call value of 4,795,301,250 versus a total put value of 15,048,618,750 Combined total value = 19,843,920,000

Strike 387.25 has a total call value of 6,405,176,250 versus a total put value of 14,004,326,250 Combined total value = 20,409,502,500

Strike 387.5 has a total call value of 6,589,417,500 versus a total put value of 13,890,082,500 Combined total value = 20,479,500,000

Strike 389.75 has a total call value of 8,573,512,500 versus a total put value of 12,866,141,250 Combined total value = 21,439,653,750

Strike 390 has a total call value of 8,801,156,250 versus a total put value of 12,758,951,250 Combined total value = 21,560,107,500

Strike 392.25 has a total call value of 11,212,627,500 versus a total put value of 12,044,835,000 Combined total value = 23,257,462,500

Strike 392.5 has a total call value of 11,483,741,250 versus a total put value of 11,965,522,500 Combined total value = 23,449,263,750

Strike 394.75 has a total call value of 13,952,621,250 versus a total put value of 11,251,710,000 Combined total value = 25,204,331,250

Strike 395 has a total call value of 14,230,350,000 versus a total put value of 11,172,397,500 Combined total value = 25,402,747,500

Strike 397.25 has a total call value of 16,862,647,500 versus a total put value of 10,474,076,250 Combined total value = 27,336,723,750

Strike 397.5 has a total call value of 17,158,871,250 versus a total put value of 10,396,485,000 Combined total value = 27,555,356,250

Strike 399.75 has a total call value of 19,864,068,750 versus a total put value of 9,698,467,500 Combined total value = 29,562,536,250

Strike 400 has a total call value of 20,169,641,250 versus a total put value of 9,621,450,000 Combined total value = 29,791,091,250

Strike 402.25 has a total call value of 23,272,447,500 versus a total put value of 9,025,188,750 Combined total value = 32,297,636,250

Strike 402.5 has a total call value of 23,621,793,750 versus a total put value of 8,958,937,500 Combined total value = 32,580,731,250

Strike 404.75 has a total call value of 26,796,892,500 versus a total put value of 8,362,676,250 Combined total value = 35,159,568,750

Strike 405 has a total call value of 27,150,592,500 versus a total put value of 8,297,437,500 Combined total value = 35,448,030,000

Strike 407.25 has a total call value of 30,384,315,000 versus a total put value of 7,718,186,250 Combined total value = 38,102,501,250

Strike 407.5 has a total call value of 30,745,338,750 versus a total put value of 7,653,858,750 Combined total value = 38,399,197,500

Strike 409.75 has a total call value of 34,010,347,500 versus a total put value of 7,074,911,250 Combined total value = 41,085,258,750

Strike 410 has a total call value of 34,385,276,250 versus a total put value of 7,010,752,500 Combined total value = 41,396,028,750

Strike 412.5 has a total call value of 38,448,101,250 versus a total put value of 6,414,727,500 Combined total value = 44,862,828,750

Strike 414.75 has a total call value of 42,109,200,000 versus a total put value of 5,878,608,750 Combined total value = 47,987,808,750

Strike 415 has a total call value of 42,518,486,250 versus a total put value of 5,819,040,000 Combined total value = 48,337,526,250

Strike 417.5 has a total call value of 46,619,111,250 versus a total put value of 5,226,052,500 Combined total value = 51,845,163,750

Strike 419.75 has a total call value of 50,316,660,000 versus a total put value of 4,692,667,500 Combined total value = 55,009,327,500

Strike 420 has a total call value of 50,728,882,500 versus a total put value of 4,633,571,250 Combined total value = 55,362,453,750

Strike 422.5 has a total call value of 54,895,995,000 versus a total put value of 4,058,471,250 Combined total value = 58,954,466,250

Strike 424.75 has a total call value of 58,646,396,250 versus a total put value of 3,540,881,250 Combined total value = 62,187,277,500

Strike 425 has a total call value of 59,063,748,750 versus a total put value of 3,483,371,250 Combined total value = 62,547,120,000

Strike 427.5 has a total call value of 63,248,411,250 versus a total put value of 2,909,283,750 Combined total value = 66,157,695,000

Strike 429.75 has a total call value of 67,014,607,500 versus a total put value of 2,392,605,000 Combined total value = 69,407,212,500

Strike 430 has a total call value of 67,435,267,500 versus a total put value of 2,338,031,250 Combined total value = 69,773,298,750

Strike 432.5 has a total call value of 71,653,342,500 versus a total put value of 1,797,693,750 Combined total value = 73,451,036,250

Strike 434.75 has a total call value of 75,449,610,000 versus a total put value of 1,311,390,000 Combined total value = 76,761,000,000

Strike 435 has a total call value of 75,871,586,250 versus a total put value of 1,257,356,250 Combined total value = 77,128,942,500

Strike 437.5 has a total call value of 80,096,073,750 versus a total put value of 717,018,750 Combined total value = 80,813,092,500

Strike 439.75 has a total call value of 83,898,112,500 versus a total put value of 230,715,000 Combined total value = 84,128,827,500

Strike 440 has a total call value of 84,326,096,250 versus a total put value of 186,300,000 Combined total value = 84,512,396,250

Strike 442.5 has a total call value of 88,631,921,250 versus a total put value of 139,725,000 Combined total value = 88,771,646,250

Strike 445 has a total call value of 92,937,746,250 versus a total put value of 93,150,000 Combined total value = 93,030,896,250

Strike 447.5 has a total call value of 97,267,871,250 versus a total put value of 46,575,000 Combined total value = 97,314,446,250

Strike 450 has a total call value of 101,597,996,250 versus a total put value of 0 Combined total value = 101,597,996,250

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	1147	1140
ABB	5220	5200
ABCAPITAL	348.85	350
ADANIENSOL	987.45	990
ADANIENT	2229	2300
ADANIGREEN	1020.5	1020
ADANIPORTS	1489	1500
ALKEM	5654	5700
AMBER	6713	6800
AMBUJACEM	547.5	555
ANGELONE	2518.2	2600
APLAPOLLO	1723.6	1740
APOLLOHOSP	7008.5	7200
ASHOKLEY	165.83	160
ASIANPAINT	2802.9	2800
ASTRAL	1441.5	1460
AUBANK	991.35	960
AUROPHARMA	1183.6	1200
AXISBANK	1230.5	1240
BAJAJ-AUTO	8941	9000
BAJAJFINSV	2030.9	2060
BAJFINANCE	1002	1020
BANDHANBNK	149.27	150
BANKBARODA	285.95	290
BANKINDIA	141.48	143
BDL	1333.9	1400
BEL	385.5	400
BHARATFORG	1401.5	1400
BHARTIARTL	2099.5	2100
BHEL	277.1	280
BIOCON	385.5	390
BLUESTARCO	1815	1780
BOSCHLTD	36280	36500
BPCL	369.05	365
BRITANNIA	6096	6000
BSE	2642.2	2700
CAMS	749.1	780
CANBK	150.33	150
CDSL	1484.2	1560
CGPOWER	680.3	680
CHOLAFIN	1714	1700
CIPLA	1493.8	1520
COALINDIA	383.35	384.75
COFORGE	1868.1	1840
COLPAL	2124.4	2180
CONCOR	498.35	520
CROMPTON	251.55	265
CUMMINSIND	4509.3	4500
CYIENT	1135.1	1160
DABUR	497.5	505
DALBHARAT	2052.4	2040
DELHIVERY	402.5	410
DIVISLAB	6361	6400
DIXON	13293	13750
DLF	686.95	710
DMART	3842.8	3900
DRREDDY	1271.6	1270
EICHERMOT	7151	7100
ETERNAL	285.15	295
EXIDEIND	361.85	375
FEDERALBNK	263.9	260
FORTIS	875.1	890
GAIL	169.18	175
GLENMARK	1959.1	1940
GMRAIRPORT	102.62	102
GODREJCP	1186	1160
GODREJPROP	2027.5	2080
GRASIM	2788.3	2800
HAL	4221.5	4450
HAVELLS	1397.3	1440
HCLTECH	1655.4	1660
HDFCAMC	2575.6	2620
HDFCBANK	987.5	1000
HDFCLIFE	752.55	770
HEROMOTOCO	5873	6000
HFCL	64.72	68
HINDALCO	844.05	820
HINDPETRO	466.55	460
HINDUNILVR	2281	2300
HINDZINC	585.15	550
HUDCO	209.33	220
ICICIBANK	1344.3	1370
ICICIGI	1944	1980
ICICIPRULI	633.95	630
IDEA	11.29	11
IDFCFIRSTB	83.43	82
IEX	140.55	145
IIFL	567.5	560
INDHOTEL	724.25	740
INDIANB	775.15	820
INDIGO	4959.5	5000
INDUSINDBK	836.6	850
INDUSTOWER	406.8	410
INFY	1596	1600
INOXWIND	126.33	130
IOC	168.05	166
IRCTC	667.85	690
IREDA	132.82	140
IRFC	111.52	116
ITC	402.35	405
JINDALSTEL	1009.4	1020
JIOFIN	294.2	305
JSWENERGY	479.4	490
JSWSTEEL	1086.3	1130
JUBLFOOD	556.8	580
KALYANKJIL	477.1	480
KAYNES	4166	4400
KEI	4084	4100
KFINTECH	1029.8	1060
KOTAKBANK	2175.1	2160
KPITTECH	1166.9	1200
LAURUSLABS	1013.9	1000
LICHSGFIN	526	550
LICI	855.5	880
LODHA	1075.2	1100
LT	4047.7	4040
LTF	301.9	302.5
LTIM	6232	6200
LUPIN	2115.7	2080
M&M	3612	3700
MANAPPURAM	285.25	280
MANKIND	2100.5	2200
MARICO	737.2	740
MARUTI	16418	16300
MAXHEALTH	1056.9	1100
MAZDOCK	2376.7	2550
MCX	10132	10100
MFSL	1657.3	1700
MOTHERSON	119.73	116
MPHASIS	2861.4	2900
MUTHOOTFIN	3830.9	3800
NATIONALUM	279.3	270
NAUKRI	1350.8	1360
NBCC	110.75	112
NCC	156.83	167.5
NESTLEIND	1236.6	1240
NHPC	75.37	78
NMDC	77.62	77
NTPC	321.25	325
NUVAMA	7213	7200
NYKAA	245.85	255
OBEROIRLTY	1628	1640
OFSS	7797	8000
OIL	402	410
ONGC	231.73	239
PAGEIND	36160	37000
PATANJALI	534	540
PAYTM	1274	1300
PERSISTENT	6288	6300
PETRONET	267.4	278
PFC	336.95	355
PGEL	566.5	560
PHOENIXLTD	1787	1740
PIDILITIND	1460.7	1480
PIIND	3222.5	3350
PNB	118.41	120
PNBHOUSING	907.5	910
POLICYBZR	1782.2	1840
POLYCAB	7075	7200
POWERGRID	261.25	270
POWERINDIA	19375	19500
PPLPHARMA	168.9	180
PRESTIGE	1609	1660
RBLBANK	296.9	310
RECLTD	335.05	350
RELIANCE	1542.4	1540
RVNL	308	315
SAIL	129.85	133
SAMMAANCAP	145.2	155
SBICARD	839.8	870
SBILIFE	2007.2	2020
SBIN	976.15	970
SHREECEM	26125	26500
SHRIRAMFIN	861.9	850
SIEMENS	3147.4	3200
SOLARINDS	11940	12500
SONACOMS	486.25	500
SRF	3010.5	2950
SUNPHARMA	1774.3	1800
SUPREMEIND	3364.3	3400
SUZLON	52.37	54
SYNGENE	648.3	650
TATACONSUM	1178	1170
TATAELXSI	4992.5	5100
TATAMOTORS	0	320
TATAPOWER	380.9	390
TATASTEEL	170.93	170
TATATECH	648.25	670
TCS	3223.3	3200
TECHM	1577	1540
TIINDIA	2623	2700
TITAGARH	780.65	800
TITAN	3930.2	3880
TMPV	347.4	360
TORNTPHARM	3743.4	3750
TORNTPOWER	1294.3	1300
TRENT	4076.3	4200
TVSMOTOR	3641.7	3600
ULTRACEMCO	11534	11700
UNIONBANK	153.52	155
UNITDSPR	1446.2	1440
UNOMINDA	1253.1	1280
UPL	748.3	750
VBL	474.6	470
VEDL	574.15	550
VOLTAS	1392.4	1380
WIPRO	260.46	255
YESBANK	21.56	22
ZYDUSLIFE	917.45	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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