[--[65.84.65.76]--]

COALINDIA

Coal India Ltd
402.35 +1.95 (0.49%)
L: 401.75 H: 412.4
Max Pain - COALINDIA
25 Dec 2025 11:12 AM IST


Strike  309.75  has a total call value of 0  versus a total put value of  173,813,748,750 Combined total value = 173,813,748,750

Strike  310  has a total call value of 0  versus a total put value of  173,284,211,250 Combined total value = 173,284,211,250

Strike  312.5  has a total call value of 1,687,500  versus a total put value of  167,992,211,250 Combined total value = 167,993,898,750

Strike  314.75  has a total call value of 3,206,250  versus a total put value of  163,229,411,250 Combined total value = 163,232,617,500

Strike  315  has a total call value of 3,375,000  versus a total put value of  162,700,211,250 Combined total value = 162,703,586,250

Strike  317.5  has a total call value of 7,087,500  versus a total put value of  157,408,211,250 Combined total value = 157,415,298,750

Strike  319.75  has a total call value of 10,428,750  versus a total put value of  152,645,411,250 Combined total value = 152,655,840,000

Strike  320  has a total call value of 10,968,750  versus a total put value of  152,116,211,250 Combined total value = 152,127,180,000

Strike  322.5  has a total call value of 20,418,750  versus a total put value of  146,833,323,750 Combined total value = 146,853,742,500

Strike  324.75  has a total call value of 28,923,750  versus a total put value of  142,078,725,000 Combined total value = 142,107,648,750

Strike  325  has a total call value of 29,868,750  versus a total put value of  141,550,436,250 Combined total value = 141,580,305,000

Strike  327.5  has a total call value of 39,318,750  versus a total put value of  136,268,223,750 Combined total value = 136,307,542,500

Strike  329.75  has a total call value of 47,823,750  versus a total put value of  131,514,232,500 Combined total value = 131,562,056,250

Strike  330  has a total call value of 48,768,750  versus a total put value of  130,986,011,250 Combined total value = 131,034,780,000

Strike  332.5  has a total call value of 59,568,750  versus a total put value of  125,715,273,750 Combined total value = 125,774,842,500

Strike  334.75  has a total call value of 69,288,750  versus a total put value of  120,971,610,000 Combined total value = 121,040,898,750

Strike  335  has a total call value of 70,368,750  versus a total put value of  120,444,536,250 Combined total value = 120,514,905,000

Strike  337.5  has a total call value of 82,518,750  versus a total put value of  115,174,136,250 Combined total value = 115,256,655,000

Strike  339.75  has a total call value of 93,453,750  versus a total put value of  110,430,776,250 Combined total value = 110,524,230,000

Strike  340  has a total call value of 94,736,250  versus a total put value of  109,904,242,500 Combined total value = 109,998,978,750

Strike  342.25  has a total call value of 107,493,750  versus a total put value of  105,198,547,500 Combined total value = 105,306,041,250

Strike  342.5  has a total call value of 108,911,250  versus a total put value of  104,675,692,500 Combined total value = 104,784,603,750

Strike  344.75  has a total call value of 121,668,750  versus a total put value of  99,970,301,250 Combined total value = 100,091,970,000

Strike  345  has a total call value of 123,086,250  versus a total put value of  99,448,121,250 Combined total value = 99,571,207,500

Strike  347.25  has a total call value of 136,755,000  versus a total put value of  94,794,975,000 Combined total value = 94,931,730,000

Strike  347.5  has a total call value of 138,273,750  versus a total put value of  94,278,735,000 Combined total value = 94,417,008,750

Strike  349.75  has a total call value of 151,942,500  versus a total put value of  89,637,131,250 Combined total value = 89,789,073,750

Strike  350  has a total call value of 153,562,500  versus a total put value of  89,123,152,500 Combined total value = 89,276,715,000

Strike  352.25  has a total call value of 178,166,250  versus a total put value of  84,541,083,750 Combined total value = 84,719,250,000

Strike  352.5  has a total call value of 180,900,000  versus a total put value of  84,033,382,500 Combined total value = 84,214,282,500

Strike  354.75  has a total call value of 205,503,750  versus a total put value of  79,475,310,000 Combined total value = 79,680,813,750

Strike  355  has a total call value of 208,237,500  versus a total put value of  78,970,072,500 Combined total value = 79,178,310,000

Strike  357.25  has a total call value of 235,575,000  versus a total put value of  74,442,982,500 Combined total value = 74,678,557,500

Strike  357.5  has a total call value of 238,612,500  versus a total put value of  73,942,098,750 Combined total value = 74,180,711,250

Strike  359.75  has a total call value of 265,950,000  versus a total put value of  69,456,015,000 Combined total value = 69,721,965,000

Strike  360  has a total call value of 268,987,500  versus a total put value of  68,959,552,500 Combined total value = 69,228,540,000

Strike  362.25  has a total call value of 313,638,750  versus a total put value of  64,624,432,500 Combined total value = 64,938,071,250

Strike  362.5  has a total call value of 318,600,000  versus a total put value of  64,145,992,500 Combined total value = 64,464,592,500

Strike  364.75  has a total call value of 363,251,250  versus a total put value of  59,853,093,750 Combined total value = 60,216,345,000

Strike  365  has a total call value of 368,212,500  versus a total put value of  59,379,986,250 Combined total value = 59,748,198,750

Strike  367.25  has a total call value of 416,508,750  versus a total put value of  55,169,100,000 Combined total value = 55,585,608,750

Strike  367.5  has a total call value of 421,875,000  versus a total put value of  54,703,417,500 Combined total value = 55,125,292,500

Strike  369.75  has a total call value of 472,601,250  versus a total put value of  50,551,155,000 Combined total value = 51,023,756,250

Strike  370  has a total call value of 478,912,500  versus a total put value of  50,094,146,250 Combined total value = 50,573,058,750

Strike  372.25  has a total call value of 604,665,000  versus a total put value of  46,109,553,750 Combined total value = 46,714,218,750

Strike  372.5  has a total call value of 620,966,250  versus a total put value of  45,671,917,500 Combined total value = 46,292,883,750

Strike  374.75  has a total call value of 798,356,250  versus a total put value of  41,766,603,750 Combined total value = 42,564,960,000

Strike  375  has a total call value of 823,196,250  versus a total put value of  41,339,632,500 Combined total value = 42,162,828,750

Strike  377.25  has a total call value of 1,155,802,500  versus a total put value of  37,731,082,500 Combined total value = 38,886,885,000

Strike  377.5  has a total call value of 1,194,480,000  versus a total put value of  37,334,553,750 Combined total value = 38,529,033,750

Strike  379.75  has a total call value of 1,582,368,750  versus a total put value of  33,815,913,750 Combined total value = 35,398,282,500

Strike  380  has a total call value of 1,630,833,750  versus a total put value of  33,428,767,500 Combined total value = 35,059,601,250

Strike  382.25  has a total call value of 2,344,038,750  versus a total put value of  30,174,693,750 Combined total value = 32,518,732,500

Strike  382.5  has a total call value of 2,427,165,000  versus a total put value of  29,817,281,250 Combined total value = 32,244,446,250

Strike  384.75  has a total call value of 3,204,765,000  versus a total put value of  26,660,103,750 Combined total value = 29,864,868,750

Strike  385  has a total call value of 3,301,188,750  versus a total put value of  26,317,507,500 Combined total value = 29,618,696,250

Strike  387.25  has a total call value of 4,279,263,750  versus a total put value of  23,494,151,250 Combined total value = 27,773,415,000

Strike  387.5  has a total call value of 4,391,448,750  versus a total put value of  23,187,127,500 Combined total value = 27,578,576,250

Strike  389.75  has a total call value of 5,715,798,750  versus a total put value of  20,478,892,500 Combined total value = 26,194,691,250

Strike  390  has a total call value of 5,869,023,750  versus a total put value of  20,187,866,250 Combined total value = 26,056,890,000

Strike  392.25  has a total call value of 7,475,861,250  versus a total put value of  17,868,735,000 Combined total value = 25,344,596,250

Strike  392.5  has a total call value of 7,657,807,500  versus a total put value of  17,618,748,750 Combined total value = 25,276,556,250

Strike  394.75  has a total call value of 9,321,142,500  versus a total put value of  15,488,246,250 Combined total value = 24,809,388,750

Strike  395  has a total call value of 9,510,041,250  versus a total put value of  15,251,523,750 Combined total value = 24,761,565,000

Strike  397.25  has a total call value of 11,305,203,750  versus a total put value of  13,441,477,500 Combined total value = 24,746,681,250

Strike  397.5  has a total call value of 11,507,197,500  versus a total put value of  13,240,361,250 Combined total value = 24,747,558,750

Strike  399.75  has a total call value of 13,365,540,000  versus a total put value of  11,578,848,750 Combined total value = 24,944,388,750

Strike  400  has a total call value of 13,579,650,000  versus a total put value of  11,405,542,500 Combined total value = 24,985,192,500

Strike  402.25  has a total call value of 15,802,796,250  versus a total put value of  10,271,643,750 Combined total value = 26,074,440,000

Strike  402.5  has a total call value of 16,054,773,750  versus a total put value of  10,145,655,000 Combined total value = 26,200,428,750

Strike  404.75  has a total call value of 18,422,201,250  versus a total put value of  9,110,778,750 Combined total value = 27,532,980,000

Strike  405  has a total call value of 18,695,340,000  versus a total put value of  8,999,741,250 Combined total value = 27,695,081,250

Strike  407.25  has a total call value of 21,489,840,000  versus a total put value of  8,113,398,750 Combined total value = 29,603,238,750

Strike  407.5  has a total call value of 21,820,016,250  versus a total put value of  8,018,088,750 Combined total value = 29,838,105,000

Strike  409.75  has a total call value of 24,929,201,250  versus a total put value of  7,222,871,250 Combined total value = 32,152,072,500

Strike  410  has a total call value of 25,294,410,000  versus a total put value of  7,138,158,750 Combined total value = 32,432,568,750

Strike  412.5  has a total call value of 29,977,560,000  versus a total put value of  6,468,896,250 Combined total value = 36,446,456,250

Strike  414.75  has a total call value of 34,497,663,750  versus a total put value of  5,906,958,750 Combined total value = 40,404,622,500

Strike  415  has a total call value of 35,011,575,000  versus a total put value of  5,844,521,250 Combined total value = 40,856,096,250

Strike  417.5  has a total call value of 40,799,025,000  versus a total put value of  5,235,671,250 Combined total value = 46,034,696,250

Strike  419.75  has a total call value of 46,150,796,250  versus a total put value of  4,688,617,500 Combined total value = 50,839,413,750

Strike  420  has a total call value of 46,755,326,250  versus a total put value of  4,628,137,500 Combined total value = 51,383,463,750

Strike  422.5  has a total call value of 53,341,301,250  versus a total put value of  4,039,200,000 Combined total value = 57,380,501,250

Strike  424.75  has a total call value of 59,372,561,250  versus a total put value of  3,509,156,250 Combined total value = 62,881,717,500

Strike  425  has a total call value of 60,045,738,750  versus a total put value of  3,450,262,500 Combined total value = 63,496,001,250

Strike  427.5  has a total call value of 66,902,726,250  versus a total put value of  2,880,225,000 Combined total value = 69,782,951,250

Strike  429.75  has a total call value of 73,119,273,750  versus a total put value of  2,367,191,250 Combined total value = 75,486,465,000

Strike  430  has a total call value of 73,814,591,250  versus a total put value of  2,312,988,750 Combined total value = 76,127,580,000

Strike  432.5  has a total call value of 80,906,816,250  versus a total put value of  1,779,738,750 Combined total value = 82,686,555,000

Strike  434.75  has a total call value of 87,289,818,750  versus a total put value of  1,299,813,750 Combined total value = 88,589,632,500

Strike  435  has a total call value of 88,002,213,750  versus a total put value of  1,246,488,750 Combined total value = 89,248,702,500

Strike  437.5  has a total call value of 95,178,813,750  versus a total put value of  713,238,750 Combined total value = 95,892,052,500

Strike  439.75  has a total call value of 101,637,753,750  versus a total put value of  233,313,750 Combined total value = 101,871,067,500

Strike  440  has a total call value of 102,362,265,000  versus a total put value of  189,000,000 Combined total value = 102,551,265,000

Strike  442.5  has a total call value of 109,809,202,500  versus a total put value of  141,750,000 Combined total value = 109,950,952,500

Strike  445  has a total call value of 117,256,140,000  versus a total put value of  94,500,000 Combined total value = 117,350,640,000

Strike  447.5  has a total call value of 124,732,440,000  versus a total put value of  47,250,000 Combined total value = 124,779,690,000

Strike  450  has a total call value of 132,208,740,000  versus a total put value of  0 Combined total value = 132,208,740,000

Max-Pain Table for Stocks
LTP > Max Pain Bearish
LTP < Max Pain Bullish
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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.