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DIXON

Dixon Techno (India) Ltd
11987 +217.00 (1.84%)
L: 11708 H: 12055
Max Pain - DIXON
08 Jan 2026 04:12 PM IST
Max-Pain
12,000
DFC
7D Avg
Reliability
14D Avg
Reliability
21D Avg
Reliability
Max Pain for DIXON is 12000


Strike  9500  has a total call value of 0  versus a total put value of  372,983,750,000 Combined total value = 372,983,750,000

Strike  9600  has a total call value of 12,000,000  versus a total put value of  355,549,250,000 Combined total value = 355,561,250,000

Strike  9700  has a total call value of 24,000,000  versus a total put value of  338,114,750,000 Combined total value = 338,138,750,000

Strike  9750  has a total call value of 30,000,000  versus a total put value of  329,397,500,000 Combined total value = 329,427,500,000

Strike  9800  has a total call value of 36,000,000  versus a total put value of  320,680,250,000 Combined total value = 320,716,250,000

Strike  9900  has a total call value of 48,000,000  versus a total put value of  303,385,750,000 Combined total value = 303,433,750,000

Strike  10000  has a total call value of 60,000,000  versus a total put value of  286,091,250,000 Combined total value = 286,151,250,000

Strike  10100  has a total call value of 104,500,000  versus a total put value of  270,809,750,000 Combined total value = 270,914,250,000

Strike  10200  has a total call value of 149,000,000  versus a total put value of  255,528,250,000 Combined total value = 255,677,250,000

Strike  10250  has a total call value of 171,250,000  versus a total put value of  247,964,250,000 Combined total value = 248,135,500,000

Strike  10300  has a total call value of 196,000,000  versus a total put value of  240,472,250,000 Combined total value = 240,668,250,000

Strike  10400  has a total call value of 245,500,000  versus a total put value of  225,488,250,000 Combined total value = 225,733,750,000

Strike  10500  has a total call value of 295,000,000  versus a total put value of  210,601,250,000 Combined total value = 210,896,250,000

Strike  10600  has a total call value of 352,500,000  versus a total put value of  196,546,750,000 Combined total value = 196,899,250,000

Strike  10700  has a total call value of 410,000,000  versus a total put value of  182,543,750,000 Combined total value = 182,953,750,000

Strike  10750  has a total call value of 438,750,000  versus a total put value of  175,568,750,000 Combined total value = 176,007,500,000

Strike  10800  has a total call value of 472,250,000  versus a total put value of  168,730,500,000 Combined total value = 169,202,750,000

Strike  10900  has a total call value of 539,250,000  versus a total put value of  155,204,000,000 Combined total value = 155,743,250,000

Strike  11000  has a total call value of 606,250,000  versus a total put value of  141,790,500,000 Combined total value = 142,396,750,000

Strike  11100  has a total call value of 838,250,000  versus a total put value of  131,124,000,000 Combined total value = 131,962,250,000

Strike  11200  has a total call value of 1,085,750,000  versus a total put value of  120,561,500,000 Combined total value = 121,647,250,000

Strike  11250  has a total call value of 1,228,000,000  versus a total put value of  115,329,500,000 Combined total value = 116,557,500,000

Strike  11300  has a total call value of 1,373,000,000  versus a total put value of  110,260,250,000 Combined total value = 111,633,250,000

Strike  11400  has a total call value of 1,663,000,000  versus a total put value of  100,227,250,000 Combined total value = 101,890,250,000

Strike  11500  has a total call value of 2,008,000,000  versus a total put value of  90,356,750,000 Combined total value = 92,364,750,000

Strike  11600  has a total call value of 2,738,000,000  versus a total put value of  82,086,250,000 Combined total value = 84,824,250,000

Strike  11700  has a total call value of 3,574,500,000  versus a total put value of  74,083,250,000 Combined total value = 77,657,750,000

Strike  11750  has a total call value of 4,074,750,000  versus a total put value of  70,230,500,000 Combined total value = 74,305,250,000

Strike  11800  has a total call value of 4,792,500,000  versus a total put value of  66,769,250,000 Combined total value = 71,561,750,000

Strike  11900  has a total call value of 6,510,500,000  versus a total put value of  60,306,250,000 Combined total value = 66,816,750,000

Strike  12000  has a total call value of 8,615,500,000  versus a total put value of  54,177,250,000 Combined total value = 62,792,750,000

Strike  12100  has a total call value of 13,072,500,000  versus a total put value of  49,797,750,000 Combined total value = 62,870,250,000

Strike  12200  has a total call value of 17,941,500,000  versus a total put value of  45,660,250,000 Combined total value = 63,601,750,000

Strike  12250  has a total call value of 20,687,750,000  versus a total put value of  43,767,250,000 Combined total value = 64,455,000,000

Strike  12300  has a total call value of 23,857,500,000  versus a total put value of  42,110,750,000 Combined total value = 65,968,250,000

Strike  12400  has a total call value of 30,582,000,000  versus a total put value of  38,976,750,000 Combined total value = 69,558,750,000

Strike  12500  has a total call value of 37,661,000,000  versus a total put value of  35,975,750,000 Combined total value = 73,636,750,000

Strike  12600  has a total call value of 47,607,000,000  versus a total put value of  33,609,750,000 Combined total value = 81,216,750,000

Strike  12700  has a total call value of 57,786,000,000  versus a total put value of  31,313,750,000 Combined total value = 89,099,750,000

Strike  12750  has a total call value of 62,938,500,000  versus a total put value of  30,173,250,000 Combined total value = 93,111,750,000

Strike  12800  has a total call value of 68,443,250,000  versus a total put value of  29,146,000,000 Combined total value = 97,589,250,000

Strike  12900  has a total call value of 79,572,750,000  versus a total put value of  27,091,500,000 Combined total value = 106,664,250,000

Strike  13000  has a total call value of 90,789,750,000  versus a total put value of  25,037,000,000 Combined total value = 115,826,750,000

Strike  13100  has a total call value of 105,772,250,000  versus a total put value of  23,511,500,000 Combined total value = 129,283,750,000

Strike  13200  has a total call value of 120,829,750,000  versus a total put value of  21,986,000,000 Combined total value = 142,815,750,000

Strike  13250  has a total call value of 128,429,250,000  versus a total put value of  21,227,000,000 Combined total value = 149,656,250,000

Strike  13300  has a total call value of 136,373,000,000  versus a total put value of  20,525,500,000 Combined total value = 156,898,500,000

Strike  13400  has a total call value of 152,302,000,000  versus a total put value of  19,122,500,000 Combined total value = 171,424,500,000

Strike  13500  has a total call value of 168,317,500,000  versus a total put value of  17,722,500,000 Combined total value = 186,040,000,000

Strike  13600  has a total call value of 186,994,500,000  versus a total put value of  16,471,000,000 Combined total value = 203,465,500,000

Strike  13700  has a total call value of 205,903,000,000  versus a total put value of  15,219,500,000 Combined total value = 221,122,500,000

Strike  13750  has a total call value of 215,357,250,000  versus a total put value of  14,593,750,000 Combined total value = 229,951,000,000

Strike  13800  has a total call value of 225,115,250,000  versus a total put value of  13,974,000,000 Combined total value = 239,089,250,000

Strike  13900  has a total call value of 244,869,250,000  versus a total put value of  12,734,500,000 Combined total value = 257,603,750,000

Strike  14000  has a total call value of 264,623,250,000  versus a total put value of  11,495,000,000 Combined total value = 276,118,250,000

Strike  14100  has a total call value of 287,590,250,000  versus a total put value of  10,608,500,000 Combined total value = 298,198,750,000

Strike  14200  has a total call value of 310,557,250,000  versus a total put value of  9,722,000,000 Combined total value = 320,279,250,000

Strike  14250  has a total call value of 322,053,750,000  versus a total put value of  9,278,750,000 Combined total value = 331,332,500,000

Strike  14300  has a total call value of 333,734,500,000  versus a total put value of  8,844,000,000 Combined total value = 342,578,500,000

Strike  14400  has a total call value of 357,096,000,000  versus a total put value of  7,974,500,000 Combined total value = 365,070,500,000

Strike  14500  has a total call value of 380,457,500,000  versus a total put value of  7,105,000,000 Combined total value = 387,562,500,000

Strike  14600  has a total call value of 404,937,500,000  versus a total put value of  6,307,000,000 Combined total value = 411,244,500,000

Strike  14700  has a total call value of 429,417,500,000  versus a total put value of  5,509,000,000 Combined total value = 434,926,500,000

Strike  14750  has a total call value of 441,657,500,000  versus a total put value of  5,110,000,000 Combined total value = 446,767,500,000

Strike  14800  has a total call value of 454,021,500,000  versus a total put value of  4,716,500,000 Combined total value = 458,738,000,000

Strike  14900  has a total call value of 478,749,500,000  versus a total put value of  3,929,500,000 Combined total value = 482,679,000,000

Strike  15000  has a total call value of 503,477,500,000  versus a total put value of  3,142,500,000 Combined total value = 506,620,000,000

Strike  15100  has a total call value of 530,459,000,000  versus a total put value of  2,858,000,000 Combined total value = 533,317,000,000

Strike  15200  has a total call value of 557,440,500,000  versus a total put value of  2,573,500,000 Combined total value = 560,014,000,000

Strike  15250  has a total call value of 570,931,250,000  versus a total put value of  2,431,250,000 Combined total value = 573,362,500,000

Strike  15300  has a total call value of 584,455,000,000  versus a total put value of  2,289,500,000 Combined total value = 586,744,500,000

Strike  15400  has a total call value of 611,502,500,000  versus a total put value of  2,006,000,000 Combined total value = 613,508,500,000

Strike  15500  has a total call value of 638,550,000,000  versus a total put value of  1,722,500,000 Combined total value = 640,272,500,000

Strike  15600  has a total call value of 665,934,500,000  versus a total put value of  1,518,500,000 Combined total value = 667,453,000,000

Strike  15700  has a total call value of 693,319,000,000  versus a total put value of  1,314,500,000 Combined total value = 694,633,500,000

Strike  15750  has a total call value of 707,011,250,000  versus a total put value of  1,212,500,000 Combined total value = 708,223,750,000

Strike  15800  has a total call value of 720,713,500,000  versus a total put value of  1,111,750,000 Combined total value = 721,825,250,000

Strike  16000  has a total call value of 775,522,500,000  versus a total put value of  708,750,000 Combined total value = 776,231,250,000

Strike  16200  has a total call value of 831,770,500,000  versus a total put value of  572,750,000 Combined total value = 832,343,250,000

Strike  16250  has a total call value of 845,832,500,000  versus a total put value of  538,750,000 Combined total value = 846,371,250,000

Strike  16400  has a total call value of 888,043,250,000  versus a total put value of  439,000,000 Combined total value = 888,482,250,000

Strike  16500  has a total call value of 916,183,750,000  versus a total put value of  372,500,000 Combined total value = 916,556,250,000

Strike  16600  has a total call value of 944,381,750,000  versus a total put value of  311,500,000 Combined total value = 944,693,250,000

Strike  16750  has a total call value of 986,678,750,000  versus a total put value of  220,000,000 Combined total value = 986,898,750,000

Strike  16800  has a total call value of 1,000,777,750,000  versus a total put value of  189,500,000 Combined total value = 1,000,967,250,000

Strike  17000  has a total call value of 1,057,173,750,000  versus a total put value of  67,500,000 Combined total value = 1,057,241,250,000

Strike  17200  has a total call value of 1,114,540,750,000  versus a total put value of  40,500,000 Combined total value = 1,114,581,250,000

Strike  17250  has a total call value of 1,128,882,500,000  versus a total put value of  33,750,000 Combined total value = 1,128,916,250,000

Strike  17400  has a total call value of 1,171,907,750,000  versus a total put value of  13,500,000 Combined total value = 1,171,921,250,000

Strike  17500  has a total call value of 1,200,591,250,000  versus a total put value of  0 Combined total value = 1,200,591,250,000

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.