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.

FINNIFTY

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.

Nifty Financial Services

27573.45 +169.15 (0.62%)

L: 27347.4 H: 27641.65

Max Pain - FINNIFTY

11 Dec 2025 03:07 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27800

Historical data for FINNIFTY-27800-CE

LTP (27800 CE)

218.55 40.75

Open Interest

641 -52

Historical data for FINNIFTY-27800-PE

LTP (27800 PE)

305.6 -124.9

Open Interest

1052 -132

Strike 23000 has a total call value of 0 versus a total put value of 200,575,700,000 Combined total value = 200,575,700,000

Strike 23100 has a total call value of 0 versus a total put value of 195,954,850,000 Combined total value = 195,954,850,000

Strike 23200 has a total call value of 0 versus a total put value of 191,334,000,000 Combined total value = 191,334,000,000

Strike 23300 has a total call value of 0 versus a total put value of 186,713,150,000 Combined total value = 186,713,150,000

Strike 23400 has a total call value of 0 versus a total put value of 182,092,300,000 Combined total value = 182,092,300,000

Strike 23500 has a total call value of 0 versus a total put value of 177,471,450,000 Combined total value = 177,471,450,000

Strike 23600 has a total call value of 0 versus a total put value of 172,867,500,000 Combined total value = 172,867,500,000

Strike 23650 has a total call value of 0 versus a total put value of 170,565,525,000 Combined total value = 170,565,525,000

Strike 23700 has a total call value of 0 versus a total put value of 168,263,550,000 Combined total value = 168,263,550,000

Strike 23750 has a total call value of 0 versus a total put value of 165,961,575,000 Combined total value = 165,961,575,000

Strike 23800 has a total call value of 0 versus a total put value of 163,659,600,000 Combined total value = 163,659,600,000

Strike 23850 has a total call value of 0 versus a total put value of 161,357,625,000 Combined total value = 161,357,625,000

Strike 23900 has a total call value of 0 versus a total put value of 159,055,650,000 Combined total value = 159,055,650,000

Strike 23950 has a total call value of 0 versus a total put value of 156,753,675,000 Combined total value = 156,753,675,000

Strike 24000 has a total call value of 0 versus a total put value of 154,451,700,000 Combined total value = 154,451,700,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 152,154,275,000 Combined total value = 152,162,075,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 149,856,850,000 Combined total value = 149,872,450,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 147,559,425,000 Combined total value = 147,582,825,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 145,262,000,000 Combined total value = 145,293,200,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 142,964,575,000 Combined total value = 143,004,225,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 140,667,150,000 Combined total value = 140,715,250,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 138,369,725,000 Combined total value = 138,426,275,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 136,072,300,000 Combined total value = 136,137,300,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 133,774,875,000 Combined total value = 133,848,325,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 131,477,450,000 Combined total value = 131,559,350,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 129,180,025,000 Combined total value = 129,270,375,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 126,882,600,000 Combined total value = 126,981,400,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 124,585,175,000 Combined total value = 124,692,425,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 122,287,750,000 Combined total value = 122,403,450,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 119,990,325,000 Combined total value = 120,114,475,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 117,692,900,000 Combined total value = 117,825,500,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 115,395,475,000 Combined total value = 115,536,525,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 113,098,050,000 Combined total value = 113,247,550,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 110,800,625,000 Combined total value = 110,958,575,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 108,503,200,000 Combined total value = 108,669,600,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 106,226,575,000 Combined total value = 106,404,025,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 103,949,950,000 Combined total value = 104,138,450,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 101,673,325,000 Combined total value = 101,872,875,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 99,396,700,000 Combined total value = 99,607,300,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 97,120,075,000 Combined total value = 97,341,725,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 94,843,450,000 Combined total value = 95,076,150,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 92,566,825,000 Combined total value = 92,810,575,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 90,290,200,000 Combined total value = 90,545,000,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 88,013,575,000 Combined total value = 88,279,425,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 85,736,950,000 Combined total value = 86,013,850,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 83,476,575,000 Combined total value = 83,764,525,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 81,216,200,000 Combined total value = 81,515,200,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 78,965,575,000 Combined total value = 79,275,625,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 76,714,950,000 Combined total value = 77,036,050,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 74,482,525,000 Combined total value = 74,814,675,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 72,250,100,000 Combined total value = 72,593,300,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 70,035,225,000 Combined total value = 70,389,475,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 67,820,350,000 Combined total value = 68,185,650,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 65,620,425,000 Combined total value = 65,996,775,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 63,420,500,000 Combined total value = 63,807,900,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 61,312,225,000 Combined total value = 61,712,300,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 59,203,950,000 Combined total value = 59,616,700,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 57,157,100,000 Combined total value = 57,582,525,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 55,110,575,000 Combined total value = 55,548,675,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 53,096,225,000 Combined total value = 53,547,000,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 51,081,875,000 Combined total value = 51,545,325,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 49,067,525,000 Combined total value = 49,543,650,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 47,053,175,000 Combined total value = 47,542,300,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 45,038,825,000 Combined total value = 45,540,950,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 43,024,475,000 Combined total value = 43,539,600,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 41,082,925,000 Combined total value = 41,613,975,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 39,141,375,000 Combined total value = 39,688,350,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 37,199,825,000 Combined total value = 37,762,725,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 35,258,275,000 Combined total value = 35,837,100,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 33,367,100,000 Combined total value = 33,961,850,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 31,485,350,000 Combined total value = 32,096,025,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 29,619,200,000 Combined total value = 30,245,800,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 27,753,050,000 Combined total value = 28,395,575,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 25,906,075,000 Combined total value = 26,564,525,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 24,059,100,000 Combined total value = 24,733,475,000

Strike 27050 has a total call value of 694,525,000 versus a total put value of 22,313,200,000 Combined total value = 23,007,725,000

Strike 27100 has a total call value of 714,675,000 versus a total put value of 20,567,300,000 Combined total value = 21,281,975,000

Strike 27150 has a total call value of 734,825,000 versus a total put value of 18,884,775,000 Combined total value = 19,619,600,000

Strike 27200 has a total call value of 754,975,000 versus a total put value of 17,202,250,000 Combined total value = 17,957,225,000

Strike 27250 has a total call value of 775,125,000 versus a total put value of 15,519,725,000 Combined total value = 16,294,850,000

Strike 27300 has a total call value of 795,275,000 versus a total put value of 13,848,575,000 Combined total value = 14,643,850,000

Strike 27350 has a total call value of 821,275,000 versus a total put value of 12,256,400,000 Combined total value = 13,077,675,000

Strike 27400 has a total call value of 848,250,000 versus a total put value of 10,680,475,000 Combined total value = 11,528,725,000

Strike 27450 has a total call value of 905,775,000 versus a total put value of 9,184,825,000 Combined total value = 10,090,600,000

Strike 27500 has a total call value of 973,700,000 versus a total put value of 7,701,850,000 Combined total value = 8,675,550,000

Strike 27550 has a total call value of 1,328,925,000 versus a total put value of 6,601,400,000 Combined total value = 7,930,325,000

Strike 27600 has a total call value of 1,706,900,000 versus a total put value of 5,539,950,000 Combined total value = 7,246,850,000

Strike 27650 has a total call value of 2,156,375,000 versus a total put value of 4,565,275,000 Combined total value = 6,721,650,000

Strike 27700 has a total call value of 2,621,775,000 versus a total put value of 3,624,400,000 Combined total value = 6,246,175,000

Strike 27750 has a total call value of 3,210,025,000 versus a total put value of 2,816,775,000 Combined total value = 6,026,800,000

Strike 27800 has a total call value of 3,830,775,000 versus a total put value of 2,035,475,000 Combined total value = 5,866,250,000

Strike 27850 has a total call value of 4,659,850,000 versus a total put value of 1,596,075,000 Combined total value = 6,255,925,000

Strike 27900 has a total call value of 5,578,950,000 versus a total put value of 1,195,675,000 Combined total value = 6,774,625,000

Strike 27950 has a total call value of 6,620,250,000 versus a total put value of 868,075,000 Combined total value = 7,488,325,000

Strike 28000 has a total call value of 7,696,325,000 versus a total put value of 552,500,000 Combined total value = 8,248,825,000

Strike 28050 has a total call value of 9,130,225,000 versus a total put value of 405,275,000 Combined total value = 9,535,500,000

Strike 28100 has a total call value of 10,607,350,000 versus a total put value of 266,825,000 Combined total value = 10,874,175,000

Strike 28150 has a total call value of 12,225,850,000 versus a total put value of 164,125,000 Combined total value = 12,389,975,000

Strike 28200 has a total call value of 13,867,750,000 versus a total put value of 66,950,000 Combined total value = 13,934,700,000

Strike 28250 has a total call value of 16,052,725,000 versus a total put value of 50,375,000 Combined total value = 16,103,100,000

Strike 28300 has a total call value of 18,292,625,000 versus a total put value of 40,300,000 Combined total value = 18,332,925,000

Strike 28350 has a total call value of 20,612,800,000 versus a total put value of 30,225,000 Combined total value = 20,643,025,000

Strike 28400 has a total call value of 22,932,975,000 versus a total put value of 20,150,000 Combined total value = 22,953,125,000

Strike 28450 has a total call value of 25,288,900,000 versus a total put value of 10,075,000 Combined total value = 25,298,975,000

Strike 28500 has a total call value of 27,668,225,000 versus a total put value of 0 Combined total value = 27,668,225,000

Strike 28550 has a total call value of 30,197,050,000 versus a total put value of 0 Combined total value = 30,197,050,000

Strike 28600 has a total call value of 32,725,875,000 versus a total put value of 0 Combined total value = 32,725,875,000

Strike 28650 has a total call value of 35,384,700,000 versus a total put value of 0 Combined total value = 35,384,700,000

Strike 28700 has a total call value of 38,051,000,000 versus a total put value of 0 Combined total value = 38,051,000,000

Strike 28750 has a total call value of 40,717,300,000 versus a total put value of 0 Combined total value = 40,717,300,000

Strike 28800 has a total call value of 43,400,175,000 versus a total put value of 0 Combined total value = 43,400,175,000

Strike 28850 has a total call value of 46,128,550,000 versus a total put value of 0 Combined total value = 46,128,550,000

Strike 28900 has a total call value of 48,858,875,000 versus a total put value of 0 Combined total value = 48,858,875,000

Strike 28950 has a total call value of 51,619,100,000 versus a total put value of 0 Combined total value = 51,619,100,000

Strike 29000 has a total call value of 54,379,325,000 versus a total put value of 0 Combined total value = 54,379,325,000

Strike 29050 has a total call value of 57,275,725,000 versus a total put value of 0 Combined total value = 57,275,725,000

Strike 29100 has a total call value of 60,264,750,000 versus a total put value of 0 Combined total value = 60,264,750,000

Strike 29150 has a total call value of 63,253,775,000 versus a total put value of 0 Combined total value = 63,253,775,000

Strike 29200 has a total call value of 66,242,800,000 versus a total put value of 0 Combined total value = 66,242,800,000

Strike 29250 has a total call value of 69,263,025,000 versus a total put value of 0 Combined total value = 69,263,025,000

Strike 29300 has a total call value of 72,283,250,000 versus a total put value of 0 Combined total value = 72,283,250,000

Strike 29350 has a total call value of 75,303,475,000 versus a total put value of 0 Combined total value = 75,303,475,000

Strike 29400 has a total call value of 78,323,700,000 versus a total put value of 0 Combined total value = 78,323,700,000

Strike 29450 has a total call value of 81,346,525,000 versus a total put value of 0 Combined total value = 81,346,525,000

Strike 29500 has a total call value of 84,369,350,000 versus a total put value of 0 Combined total value = 84,369,350,000

Strike 29550 has a total call value of 87,497,475,000 versus a total put value of 0 Combined total value = 87,497,475,000

Strike 29600 has a total call value of 90,625,600,000 versus a total put value of 0 Combined total value = 90,625,600,000

Strike 29650 has a total call value of 93,839,850,000 versus a total put value of 0 Combined total value = 93,839,850,000

Strike 29700 has a total call value of 97,054,100,000 versus a total put value of 0 Combined total value = 97,054,100,000

Strike 29750 has a total call value of 100,269,000,000 versus a total put value of 0 Combined total value = 100,269,000,000

Strike 29800 has a total call value of 103,483,900,000 versus a total put value of 0 Combined total value = 103,483,900,000

Strike 29850 has a total call value of 106,702,375,000 versus a total put value of 0 Combined total value = 106,702,375,000

Strike 29900 has a total call value of 109,920,850,000 versus a total put value of 0 Combined total value = 109,920,850,000

Strike 29950 has a total call value of 113,142,575,000 versus a total put value of 0 Combined total value = 113,142,575,000

Strike 30000 has a total call value of 116,364,300,000 versus a total put value of 0 Combined total value = 116,364,300,000

Strike 30050 has a total call value of 119,606,500,000 versus a total put value of 0 Combined total value = 119,606,500,000

Strike 30100 has a total call value of 122,848,700,000 versus a total put value of 0 Combined total value = 122,848,700,000

Strike 30150 has a total call value of 126,090,900,000 versus a total put value of 0 Combined total value = 126,090,900,000

Strike 30200 has a total call value of 129,333,100,000 versus a total put value of 0 Combined total value = 129,333,100,000

Strike 30250 has a total call value of 132,575,300,000 versus a total put value of 0 Combined total value = 132,575,300,000

Strike 30300 has a total call value of 135,817,500,000 versus a total put value of 0 Combined total value = 135,817,500,000

Strike 30350 has a total call value of 139,059,700,000 versus a total put value of 0 Combined total value = 139,059,700,000

Strike 30400 has a total call value of 142,301,900,000 versus a total put value of 0 Combined total value = 142,301,900,000

Strike 30450 has a total call value of 145,544,425,000 versus a total put value of 0 Combined total value = 145,544,425,000

Strike 30500 has a total call value of 148,786,950,000 versus a total put value of 0 Combined total value = 148,786,950,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1136	1140
ABB	5239.5	5200
ABCAPITAL	354.9	350
ADANIENSOL	998.45	980
ADANIENT	2277.7	2300
ADANIGREEN	1018.3	1020
ADANIPORTS	1503	1500
ALKEM	5626.5	5700
AMBER	6521.5	6700
AMBUJACEM	535.5	550
ANGELONE	2583	2600
APLAPOLLO	1719.5	1740
APOLLOHOSP	7005.5	7200
ASHOKLEY	160.21	157
ASIANPAINT	2781.9	2840
ASTRAL	1405.2	1440
AUBANK	973.25	950
AUROPHARMA	1174.4	1200
AXISBANK	1272.2	1280
BAJAJ-AUTO	9056	9100
BAJAJFINSV	2068	2080
BAJFINANCE	1006	1020
BANDHANBNK	145.38	150
BANKBARODA	284.8	290
BANKINDIA	140.89	144
BDL	1412.8	1460
BEL	387.25	400
BHARATFORG	1407.4	1400
BHARTIARTL	2053.6	2100
BHEL	276.45	280
BIOCON	380.95	390
BLUESTARCO	1752.8	1760
BOSCHLTD	36865	37000
BPCL	351.1	360
BRITANNIA	5842.5	5850
BSE	2697	2750
CAMS	758.4	780
CANBK	146.77	148
CDSL	1524	1580
CGPOWER	667.1	680
CHOLAFIN	1722.3	1700
CIPLA	1511.9	1520
COALINDIA	384.2	384.75
COFORGE	1844.8	1840
COLPAL	2154.6	2200
CONCOR	505.65	520
CROMPTON	251.65	265
CUMMINSIND	4532.9	4500
CYIENT	1154	1160
DABUR	502.3	510
DALBHARAT	1986.3	2000
DELHIVERY	411.55	420
DIVISLAB	6433.5	6400
DIXON	13009	13500
DLF	693.2	720
DMART	3831.8	3950
DRREDDY	1272.1	1270
EICHERMOT	7264.5	7200
ETERNAL	291.7	300
EXIDEIND	374.25	380
FEDERALBNK	260.95	257.5
FORTIS	853.85	900
GAIL	168.96	175
GLENMARK	1957.4	1940
GMRAIRPORT	98.2	101
GODREJCP	1146.9	1140
GODREJPROP	2038	2080
GRASIM	2797.4	2760
HAL	4321	4500
HAVELLS	1402.5	1440
HCLTECH	1672.5	1660
HDFCAMC	2667.9	2650
HDFCBANK	1000.9	1000
HDFCLIFE	772.85	770
HEROMOTOCO	5980.5	6100
HFCL	66.99	70
HINDALCO	823.5	810
HINDPETRO	447.8	455
HINDUNILVR	2303.9	2320
HINDZINC	523.05	505
HUDCO	212.35	225
ICICIBANK	1360.4	1380
ICICIGI	1939.7	1980
ICICIPRULI	635.75	630
IDEA	11.26	10
IDFCFIRSTB	80.64	80
IEX	142.57	145
IIFL	569.25	560
INDHOTEL	728.25	740
INDIANB	782.05	820
INDIGO	4809	5000
INDUSINDBK	835.45	850
INDUSTOWER	410.55	405
INFY	1598.6	1600
INOXWIND	121.72	130
IOC	161.51	164
IRCTC	669.95	690
IREDA	134.57	140
IRFC	113.25	117
ITC	403.15	405
JINDALSTEL	1013	1020
JIOFIN	298.65	305
JSWENERGY	456.8	480
JSWSTEEL	1105.7	1140
JUBLFOOD	598.15	600
KALYANKJIL	470.15	480
KAYNES	4060	4400
KEI	4055.9	4050
KFINTECH	1075.6	1080
KOTAKBANK	2184.3	2160
KPITTECH	1231.4	1220
LAURUSLABS	1019.8	1000
LICHSGFIN	532.75	550
LICI	859.35	890
LODHA	1079.9	1120
LT	4005.5	4000
LTF	301.9	302.5
LTIM	6291.5	6150
LUPIN	2081.1	2060
M&M	3664	3700
MANAPPURAM	283.15	280
MANKIND	2164.4	2200
MARICO	724.6	730
MARUTI	16262	16200
MAXHEALTH	1085.3	1120
MAZDOCK	2468	2600
MCX	9948	10000
MFSL	1704.9	1700
MOTHERSON	119.54	115
MPHASIS	2897.2	2900
MUTHOOTFIN	3735.9	3700
NATIONALUM	264.55	265
NAUKRI	1340.6	1360
NBCC	108.27	112
NCC	161.08	170
NESTLEIND	1215.8	1240
NHPC	76.69	78
NMDC	75.43	76
NTPC	322.7	325
NUVAMA	7229.5	7200
NYKAA	249.85	257.5
OBEROIRLTY	1632.3	1660
OFSS	8007	8100
OIL	404.5	415
ONGC	238.23	240
PAGEIND	37140	38000
PATANJALI	534.55	550
PAYTM	1281.8	1300
PERSISTENT	6166	6200
PETRONET	271.25	280
PFC	342.7	360
PGEL	549.65	560
PHOENIXLTD	1743.5	1740
PIDILITIND	1468.4	1480
PIIND	3377.9	3450
PNB	117.4	120
PNBHOUSING	897.15	900
POLICYBZR	1944.8	1900
POLYCAB	7220	7300
POWERGRID	264.65	275
POWERINDIA	19220	19500
PPLPHARMA	171.79	182.5
PRESTIGE	1649.8	1660
RBLBANK	311.05	310
RECLTD	343.6	360
RELIANCE	1544.7	1540
RVNL	312.35	315
SAIL	129.43	134
SAMMAANCAP	144.45	160
SBICARD	875.4	880
SBILIFE	2011.2	2020
SBIN	963.6	970
SHREECEM	26055	26500
SHRIRAMFIN	847.3	840
SIEMENS	3198.8	3250
SOLARINDS	12455	13000
SONACOMS	483.55	500
SRF	2944.1	2900
SUNPHARMA	1807.2	1800
SUPREMEIND	3235.1	3400
SUZLON	52.04	54
SYNGENE	641.65	640
TATACONSUM	1142.8	1170
TATAELXSI	5021.5	5100
TATAMOTORS	0	320
TATAPOWER	380.15	390
TATASTEEL	166.28	170
TATATECH	654.85	680
TCS	3192.4	3200
TECHM	1567.8	1540
TIINDIA	2659	2750
TITAGARH	770.1	800
TITAN	3848.2	3840
TMPV	346.7	360
TORNTPHARM	3793.1	3750
TORNTPOWER	1283.7	1300
TRENT	4037.9	4200
TVSMOTOR	3639.9	3600
ULTRACEMCO	11473	11600
UNIONBANK	150.52	152.5
UNITDSPR	1437.7	1440
UNOMINDA	1236.1	1280
UPL	745.95	750
VBL	478.05	470
VEDL	528.9	520
VOLTAS	1355.1	1360
WIPRO	259.23	255
YESBANK	21.95	23
ZYDUSLIFE	921.65	940

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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