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 02:32 PM IST

Live

Expiry

Max Pain for COALINDIA is 385

Historical data for COALINDIA-385-CE

LTP (385 CE)

3.45 -0.75

Open Interest

904 -64

Historical data for COALINDIA-385-PE

LTP (385 PE)

2.75 -0.1

Open Interest

709 48

Strike 309.75 has a total call value of 0 versus a total put value of 127,860,086,250 Combined total value = 127,860,086,250

Strike 310 has a total call value of 0 versus a total put value of 127,412,730,000 Combined total value = 127,412,730,000

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 122,946,255,000 Combined total value = 122,947,942,500

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 118,926,427,500 Combined total value = 118,929,633,750

Strike 315 has a total call value of 3,375,000 versus a total put value of 118,479,780,000 Combined total value = 118,483,155,000

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 114,013,305,000 Combined total value = 114,020,392,500

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 109,993,477,500 Combined total value = 110,003,906,250

Strike 320 has a total call value of 10,968,750 versus a total put value of 109,546,830,000 Combined total value = 109,557,798,750

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 105,092,842,500 Combined total value = 105,112,586,250

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 101,084,253,750 Combined total value = 101,111,895,000

Strike 325 has a total call value of 28,518,750 versus a total put value of 100,638,855,000 Combined total value = 100,667,373,750

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 96,187,567,500 Combined total value = 96,224,861,250

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 92,181,408,750 Combined total value = 92,226,600,000

Strike 330 has a total call value of 46,068,750 versus a total put value of 91,736,280,000 Combined total value = 91,782,348,750

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 87,300,517,500 Combined total value = 87,356,711,250

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 83,308,331,250 Combined total value = 83,373,637,500

Strike 335 has a total call value of 66,318,750 versus a total put value of 82,864,755,000 Combined total value = 82,931,073,750

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 78,429,330,000 Combined total value = 78,507,123,750

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 74,437,447,500 Combined total value = 74,525,568,750

Strike 340 has a total call value of 89,336,250 versus a total put value of 73,995,660,000 Combined total value = 74,084,996,250

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 70,089,131,250 Combined total value = 70,191,225,000

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 69,655,072,500 Combined total value = 69,758,583,750

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 65,748,847,500 Combined total value = 65,865,116,250

Strike 345 has a total call value of 117,686,250 versus a total put value of 65,316,105,000 Combined total value = 65,433,791,250

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 61,566,918,750 Combined total value = 61,698,273,750

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 61,151,152,500 Combined total value = 61,284,026,250

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 57,418,976,250 Combined total value = 57,565,518,750

Strike 350 has a total call value of 148,162,500 versus a total put value of 57,006,618,750 Combined total value = 57,154,781,250

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 53,432,696,250 Combined total value = 53,605,462,500

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 53,037,888,750 Combined total value = 53,213,388,750

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 49,498,593,750 Combined total value = 49,698,697,500

Strike 355 has a total call value of 202,837,500 versus a total put value of 49,107,498,750 Combined total value = 49,310,336,250

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 45,621,056,250 Combined total value = 45,851,231,250

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 45,236,745,000 Combined total value = 45,469,957,500

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 41,802,851,250 Combined total value = 42,063,401,250

Strike 360 has a total call value of 263,587,500 versus a total put value of 41,424,311,250 Combined total value = 41,687,898,750

Strike 362.25 has a total call value of 314,921,250 versus a total put value of 38,232,810,000 Combined total value = 38,547,731,250

Strike 362.5 has a total call value of 320,625,000 versus a total put value of 37,882,248,750 Combined total value = 38,202,873,750

Strike 364.75 has a total call value of 371,958,750 versus a total put value of 34,747,852,500 Combined total value = 35,119,811,250

Strike 365 has a total call value of 377,662,500 versus a total put value of 34,405,155,000 Combined total value = 34,782,817,500

Strike 367.25 has a total call value of 432,641,250 versus a total put value of 31,407,750,000 Combined total value = 31,840,391,250

Strike 367.5 has a total call value of 438,750,000 versus a total put value of 31,080,510,000 Combined total value = 31,519,260,000

Strike 369.75 has a total call value of 496,158,750 versus a total put value of 28,189,113,750 Combined total value = 28,685,272,500

Strike 370 has a total call value of 503,313,750 versus a total put value of 27,875,778,750 Combined total value = 28,379,092,500

Strike 372.25 has a total call value of 671,287,500 versus a total put value of 25,328,531,250 Combined total value = 25,999,818,750

Strike 372.5 has a total call value of 692,482,500 versus a total put value of 25,052,928,750 Combined total value = 25,745,411,250

Strike 374.75 has a total call value of 929,407,500 versus a total put value of 22,658,467,500 Combined total value = 23,587,875,000

Strike 375 has a total call value of 960,963,750 versus a total put value of 22,403,823,750 Combined total value = 23,364,787,500

Strike 377.25 has a total call value of 1,426,916,250 versus a total put value of 20,443,117,500 Combined total value = 21,870,033,750

Strike 377.5 has a total call value of 1,480,612,500 versus a total put value of 20,230,762,500 Combined total value = 21,711,375,000

Strike 379.75 has a total call value of 2,012,175,000 versus a total put value of 18,382,443,750 Combined total value = 20,394,618,750

Strike 380 has a total call value of 2,078,561,250 versus a total put value of 18,183,150,000 Combined total value = 20,261,711,250

Strike 382.25 has a total call value of 3,091,871,250 versus a total put value of 16,703,583,750 Combined total value = 19,795,455,000

Strike 382.5 has a total call value of 3,209,962,500 versus a total put value of 16,543,980,000 Combined total value = 19,753,942,500

Strike 384.75 has a total call value of 4,329,281,250 versus a total put value of 15,173,763,750 Combined total value = 19,503,045,000

Strike 385 has a total call value of 4,468,736,250 versus a total put value of 15,029,820,000 Combined total value = 19,498,556,250

Strike 387.25 has a total call value of 5,998,421,250 versus a total put value of 13,949,685,000 Combined total value = 19,948,106,250

Strike 387.5 has a total call value of 6,176,317,500 versus a total put value of 13,833,281,250 Combined total value = 20,009,598,750

Strike 389.75 has a total call value of 8,114,242,500 versus a total put value of 12,809,340,000 Combined total value = 20,923,582,500

Strike 390 has a total call value of 8,338,072,500 versus a total put value of 12,702,183,750 Combined total value = 21,040,256,250

Strike 392.25 has a total call value of 10,732,533,750 versus a total put value of 11,988,675,000 Combined total value = 22,721,208,750

Strike 392.5 has a total call value of 11,003,546,250 versus a total put value of 11,909,835,000 Combined total value = 22,913,381,250

Strike 394.75 has a total call value of 13,489,436,250 versus a total put value of 11,201,186,250 Combined total value = 24,690,622,500

Strike 395 has a total call value of 13,773,948,750 versus a total put value of 11,122,447,500 Combined total value = 24,896,396,250

Strike 397.25 has a total call value of 16,502,535,000 versus a total put value of 10,435,668,750 Combined total value = 26,938,203,750

Strike 397.5 has a total call value of 16,809,491,250 versus a total put value of 10,359,360,000 Combined total value = 27,168,851,250

Strike 399.75 has a total call value of 19,615,533,750 versus a total put value of 9,672,885,000 Combined total value = 29,288,418,750

Strike 400 has a total call value of 19,932,345,000 versus a total put value of 9,597,150,000 Combined total value = 29,529,495,000

Strike 402.25 has a total call value of 23,130,528,750 versus a total put value of 9,006,660,000 Combined total value = 32,137,188,750

Strike 402.5 has a total call value of 23,490,405,000 versus a total put value of 8,941,050,000 Combined total value = 32,431,455,000

Strike 404.75 has a total call value of 26,757,236,250 versus a total put value of 8,350,560,000 Combined total value = 35,107,796,250

Strike 405 has a total call value of 27,121,196,250 versus a total put value of 8,285,962,500 Combined total value = 35,407,158,750

Strike 407.25 has a total call value of 30,474,900,000 versus a total put value of 7,711,875,000 Combined total value = 38,186,775,000

Strike 407.5 has a total call value of 30,849,255,000 versus a total put value of 7,648,121,250 Combined total value = 38,497,376,250

Strike 409.75 has a total call value of 34,234,245,000 versus a total put value of 7,074,337,500 Combined total value = 41,308,582,500

Strike 410 has a total call value of 34,622,437,500 versus a total put value of 7,010,752,500 Combined total value = 41,633,190,000

Strike 412.5 has a total call value of 38,812,162,500 versus a total put value of 6,414,727,500 Combined total value = 45,226,890,000

Strike 414.75 has a total call value of 42,587,471,250 versus a total put value of 5,878,608,750 Combined total value = 48,466,080,000

Strike 415 has a total call value of 43,009,413,750 versus a total put value of 5,819,040,000 Combined total value = 48,828,453,750

Strike 417.5 has a total call value of 47,236,601,250 versus a total put value of 5,226,052,500 Combined total value = 52,462,653,750

Strike 419.75 has a total call value of 51,048,056,250 versus a total put value of 4,692,667,500 Combined total value = 55,740,723,750

Strike 420 has a total call value of 51,472,665,000 versus a total put value of 4,633,571,250 Combined total value = 56,106,236,250

Strike 422.5 has a total call value of 55,763,302,500 versus a total put value of 4,058,471,250 Combined total value = 59,821,773,750

Strike 424.75 has a total call value of 59,624,876,250 versus a total put value of 3,540,881,250 Combined total value = 63,165,757,500

Strike 425 has a total call value of 60,054,581,250 versus a total put value of 3,483,371,250 Combined total value = 63,537,952,500

Strike 427.5 has a total call value of 64,367,493,750 versus a total put value of 2,909,283,750 Combined total value = 67,276,777,500

Strike 429.75 has a total call value of 68,249,115,000 versus a total put value of 2,392,605,000 Combined total value = 70,641,720,000

Strike 430 has a total call value of 68,682,600,000 versus a total put value of 2,338,031,250 Combined total value = 71,020,631,250

Strike 432.5 has a total call value of 73,030,950,000 versus a total put value of 1,797,693,750 Combined total value = 74,828,643,750

Strike 434.75 has a total call value of 76,944,465,000 versus a total put value of 1,311,390,000 Combined total value = 78,255,855,000

Strike 435 has a total call value of 77,379,468,750 versus a total put value of 1,257,356,250 Combined total value = 78,636,825,000

Strike 437.5 has a total call value of 81,734,231,250 versus a total put value of 717,018,750 Combined total value = 82,451,250,000

Strike 439.75 has a total call value of 85,653,517,500 versus a total put value of 230,715,000 Combined total value = 85,884,232,500

Strike 440 has a total call value of 86,094,528,750 versus a total put value of 186,300,000 Combined total value = 86,280,828,750

Strike 442.5 has a total call value of 90,541,428,750 versus a total put value of 139,725,000 Combined total value = 90,681,153,750

Strike 445 has a total call value of 94,988,328,750 versus a total put value of 93,150,000 Combined total value = 95,081,478,750

Strike 447.5 has a total call value of 99,459,528,750 versus a total put value of 46,575,000 Combined total value = 99,506,103,750

Strike 450 has a total call value of 103,930,728,750 versus a total put value of 0 Combined total value = 103,930,728,750

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	1140
ABB	5150	5200
ABCAPITAL	348	345
ADANIENSOL	982	980
ADANIENT	2227.5	2300
ADANIGREEN	1017.6	1020
ADANIPORTS	1493.1	1500
ALKEM	5537	5650
AMBER	6656	6800
AMBUJACEM	539.8	550
ANGELONE	2505.6	2550
APLAPOLLO	1809.4	1760
APOLLOHOSP	6990.5	7100
ASHOKLEY	173.2	164
ASIANPAINT	2790.1	2800
ASTRAL	1419	1440
AUBANK	982.4	960
AUROPHARMA	1221.5	1220
AXISBANK	1232.8	1240
BAJAJ-AUTO	8976.5	9000
BAJAJFINSV	2039.7	2060
BAJFINANCE	1005.9	1020
BANDHANBNK	149.59	150
BANKBARODA	290.9	290
BANKINDIA	142.74	143
BDL	1360.7	1400
BEL	392	400
BHARATFORG	1432.3	1400
BHARTIARTL	2093.2	2100
BHEL	274.5	280
BIOCON	396.25	395
BLUESTARCO	1768.4	1780
BOSCHLTD	35680	36000
BPCL	363	365
BRITANNIA	6091	6000
BSE	2693.1	2700
CAMS	754.3	770
CANBK	147.7	150
CDSL	1492.6	1540
CGPOWER	670.95	680
CHOLAFIN	1633.2	1700
CIPLA	1511.3	1520
COALINDIA	385.05	385
COFORGE	1843.8	1840
COLPAL	2099.9	2160
CONCOR	498.9	520
CROMPTON	253.1	260
CUMMINSIND	4365.5	4400
CYIENT	1155.5	1140
DABUR	493.65	500
DALBHARAT	2018.1	2020
DELHIVERY	404.75	410
DIVISLAB	6444	6450
DIXON	13141	13500
DLF	686.4	710
DMART	3814.1	3900
DRREDDY	1272.8	1270
EICHERMOT	7209.5	7150
ETERNAL	286.75	295
EXIDEIND	361.7	370
FEDERALBNK	267.25	260
FORTIS	888.8	890
GAIL	168.81	175
GLENMARK	1981.2	1940
GMRAIRPORT	101.15	102
GODREJCP	1184.4	1160
GODREJPROP	2032.6	2060
GRASIM	2814.2	2800
HAL	4299.5	4500
HAVELLS	1412.1	1440
HCLTECH	1642.7	1660
HDFCAMC	2666.9	2660
HDFCBANK	987	995
HDFCLIFE	762.8	770
HEROMOTOCO	5742.5	5850
HFCL	63.93	67
HINDALCO	851.55	820
HINDPETRO	466.5	460
HINDUNILVR	2282.3	2300
HINDZINC	587.3	560
HUDCO	209.21	217.5
ICICIBANK	1355.2	1370
ICICIGI	1946.8	1960
ICICIPRULI	648.75	630
IDEA	11.64	11
IDFCFIRSTB	84.58	82
IEX	140.86	145
IIFL	559.95	560
INDHOTEL	729.7	730
INDIANB	777.1	810
INDIGO	5144.5	5100
INDUSINDBK	842.9	850
INDUSTOWER	411.3	410
INFY	1632.5	1600
INOXWIND	125.24	130
IOC	161.36	161
IRCTC	671.65	690
IREDA	132.06	140
IRFC	112.36	116
ITC	401.7	405
JINDALSTEL	987.2	1020
JIOFIN	297	305
JSWENERGY	476.45	490
JSWSTEEL	1077.3	1120
JUBLFOOD	563.2	580
KALYANKJIL	477.8	480
KAYNES	4147	4300
KEI	4243.1	4100
KFINTECH	1075.2	1080
KOTAKBANK	2161.6	2160
KPITTECH	1221.5	1200
LAURUSLABS	1038	1010
LICHSGFIN	530.3	550
LICI	848.9	870
LODHA	1082.7	1120
LT	4076.9	4040
LTF	299.15	300
LTIM	6187.5	6100
LUPIN	2118.9	2100
M&M	3605.5	3650
MANAPPURAM	290.15	282.5
MANKIND	2158.4	2200
MARICO	741.3	740
MARUTI	16444	16300
MAXHEALTH	1079.9	1100
MAZDOCK	2396.3	2500
MCX	10297	10100
MFSL	1680.3	1680
MOTHERSON	119.66	117
MPHASIS	2886.5	2900
MUTHOOTFIN	3763.5	3750
NATIONALUM	277.6	272.5
NAUKRI	1338.5	1360
NBCC	112.94	112
NCC	154.53	165
NESTLEIND	1241.3	1240
NHPC	76.23	78
NMDC	75.96	77
NTPC	319.05	325
NUVAMA	7106.5	7200
NYKAA	248.8	252.5
OBEROIRLTY	1668.1	1660
OFSS	7744.5	8000
OIL	406.05	410
ONGC	232.46	237.5
PAGEIND	35755	36500
PATANJALI	558.9	550
PAYTM	1324.7	1300
PERSISTENT	6346.5	6300
PETRONET	273.1	280
PFC	336.95	355
PGEL	580.3	560
PHOENIXLTD	1826.1	1760
PIDILITIND	1453	1480
PIIND	3229.9	3350
PNB	119.3	120
PNBHOUSING	914.6	900
POLICYBZR	1882.7	1860
POLYCAB	7405.5	7300
POWERGRID	262.95	270
POWERINDIA	18365	18500
PPLPHARMA	170.6	175
PRESTIGE	1615.9	1640
RBLBANK	300.05	305
RECLTD	338.25	350
RELIANCE	1567.5	1550
RVNL	315.2	315
SAIL	125.24	130
SAMMAANCAP	144.45	155
SBICARD	864	870
SBILIFE	2028.6	2020
SBIN	978.5	970
SHREECEM	25575	26000
SHRIRAMFIN	898.6	880
SIEMENS	3100.7	3150
SOLARINDS	11865	12500
SONACOMS	499	500
SRF	3075	3000
SUNPHARMA	1747.5	1760
SUPREMEIND	3369.3	3400
SUZLON	52.19	54
SYNGENE	649.3	650
TATACONSUM	1184.3	1180
TATAELXSI	5426.5	5300
TATAMOTORS	0	320
TATAPOWER	378.7	390
TATASTEEL	168.4	170
TATATECH	652.1	670
TCS	3296.8	3240
TECHM	1611.2	1560
TIINDIA	2620.9	2700
TITAGARH	777.4	800
TITAN	3935.8	3880
TMPV	352.1	360
TORNTPHARM	3777.8	3750
TORNTPOWER	1277.6	1300
TRENT	4063.5	4200
TVSMOTOR	3663.2	3600
ULTRACEMCO	11512	11600
UNIONBANK	153.39	155
UNITDSPR	1407.1	1430
UNOMINDA	1259.4	1280
UPL	746	750
VBL	468	470
VEDL	576.25	555
VOLTAS	1371.2	1380
WIPRO	264.45	260
YESBANK	21.59	22
ZYDUSLIFE	914	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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