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

27426.15 -177.00 (-0.64%)

L: 27374.95 H: 27538

Max Pain - FINNIFTY

16 Dec 2025 02:55 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27600

Historical data for FINNIFTY-27600-CE

LTP (27600 CE)

196.75 -108.2

Open Interest

1291 181

Historical data for FINNIFTY-27600-PE

LTP (27600 PE)

262 79.05

Open Interest

692 -54

Strike 23000 has a total call value of 0 versus a total put value of 226,587,400,000 Combined total value = 226,587,400,000

Strike 23100 has a total call value of 0 versus a total put value of 221,415,350,000 Combined total value = 221,415,350,000

Strike 23200 has a total call value of 0 versus a total put value of 216,243,300,000 Combined total value = 216,243,300,000

Strike 23300 has a total call value of 0 versus a total put value of 211,071,250,000 Combined total value = 211,071,250,000

Strike 23400 has a total call value of 0 versus a total put value of 205,899,200,000 Combined total value = 205,899,200,000

Strike 23500 has a total call value of 0 versus a total put value of 200,727,150,000 Combined total value = 200,727,150,000

Strike 23600 has a total call value of 0 versus a total put value of 195,570,050,000 Combined total value = 195,570,050,000

Strike 23650 has a total call value of 0 versus a total put value of 192,991,500,000 Combined total value = 192,991,500,000

Strike 23700 has a total call value of 0 versus a total put value of 190,412,950,000 Combined total value = 190,412,950,000

Strike 23750 has a total call value of 0 versus a total put value of 187,834,400,000 Combined total value = 187,834,400,000

Strike 23800 has a total call value of 0 versus a total put value of 185,255,850,000 Combined total value = 185,255,850,000

Strike 23850 has a total call value of 0 versus a total put value of 182,677,300,000 Combined total value = 182,677,300,000

Strike 23900 has a total call value of 0 versus a total put value of 180,098,750,000 Combined total value = 180,098,750,000

Strike 23950 has a total call value of 0 versus a total put value of 177,520,200,000 Combined total value = 177,520,200,000

Strike 24000 has a total call value of 0 versus a total put value of 174,941,650,000 Combined total value = 174,941,650,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 172,367,975,000 Combined total value = 172,375,775,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 169,794,300,000 Combined total value = 169,809,900,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 167,222,900,000 Combined total value = 167,246,300,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 164,651,500,000 Combined total value = 164,682,700,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 162,080,750,000 Combined total value = 162,120,400,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 159,510,000,000 Combined total value = 159,558,100,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 156,939,900,000 Combined total value = 156,996,450,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 154,369,800,000 Combined total value = 154,434,800,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 151,801,000,000 Combined total value = 151,874,450,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 149,232,200,000 Combined total value = 149,314,100,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 146,664,375,000 Combined total value = 146,754,725,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 144,096,550,000 Combined total value = 144,195,350,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 141,528,725,000 Combined total value = 141,635,975,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 138,960,900,000 Combined total value = 139,076,600,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 136,396,325,000 Combined total value = 136,520,475,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 133,831,750,000 Combined total value = 133,964,350,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 131,267,175,000 Combined total value = 131,408,225,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 128,702,600,000 Combined total value = 128,852,100,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 126,138,025,000 Combined total value = 126,295,975,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 123,573,450,000 Combined total value = 123,739,850,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 121,028,375,000 Combined total value = 121,205,825,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 118,483,300,000 Combined total value = 118,671,800,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 115,938,225,000 Combined total value = 116,137,775,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 113,393,150,000 Combined total value = 113,603,750,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 110,848,075,000 Combined total value = 111,069,725,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 108,303,000,000 Combined total value = 108,535,700,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 105,757,925,000 Combined total value = 106,001,675,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 103,212,850,000 Combined total value = 103,467,650,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 100,668,100,000 Combined total value = 100,933,950,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 98,123,350,000 Combined total value = 98,400,250,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 95,592,250,000 Combined total value = 95,880,200,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 93,061,150,000 Combined total value = 93,360,150,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 90,540,125,000 Combined total value = 90,850,175,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 88,019,100,000 Combined total value = 88,340,200,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 85,521,150,000 Combined total value = 85,853,300,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 83,023,200,000 Combined total value = 83,366,400,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 80,537,925,000 Combined total value = 80,892,175,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 78,052,650,000 Combined total value = 78,417,950,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 75,582,000,000 Combined total value = 75,958,350,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 73,111,350,000 Combined total value = 73,498,750,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 70,703,750,000 Combined total value = 71,103,825,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 68,296,150,000 Combined total value = 68,708,900,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 65,919,750,000 Combined total value = 66,345,175,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 63,543,675,000 Combined total value = 63,981,775,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 61,188,725,000 Combined total value = 61,639,500,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 58,833,775,000 Combined total value = 59,297,225,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 56,478,825,000 Combined total value = 56,954,950,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 54,123,875,000 Combined total value = 54,613,000,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 51,768,925,000 Combined total value = 52,271,050,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 49,413,975,000 Combined total value = 49,929,100,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 47,146,450,000 Combined total value = 47,677,500,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 44,878,925,000 Combined total value = 45,425,900,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 42,611,400,000 Combined total value = 43,174,300,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 40,343,875,000 Combined total value = 40,922,700,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 38,134,525,000 Combined total value = 38,729,275,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 35,934,275,000 Combined total value = 36,544,950,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 33,757,750,000 Combined total value = 34,384,350,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 31,581,225,000 Combined total value = 32,223,750,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 29,422,900,000 Combined total value = 30,081,350,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 27,264,575,000 Combined total value = 27,938,950,000

Strike 27050 has a total call value of 694,850,000 versus a total put value of 25,215,775,000 Combined total value = 25,910,625,000

Strike 27100 has a total call value of 715,325,000 versus a total put value of 23,167,300,000 Combined total value = 23,882,625,000

Strike 27150 has a total call value of 735,800,000 versus a total put value of 21,192,925,000 Combined total value = 21,928,725,000

Strike 27200 has a total call value of 756,275,000 versus a total put value of 19,218,550,000 Combined total value = 19,974,825,000

Strike 27250 has a total call value of 776,750,000 versus a total put value of 17,249,050,000 Combined total value = 18,025,800,000

Strike 27300 has a total call value of 797,225,000 versus a total put value of 15,298,400,000 Combined total value = 16,095,625,000

Strike 27350 has a total call value of 831,675,000 versus a total put value of 13,432,900,000 Combined total value = 14,264,575,000

Strike 27400 has a total call value of 869,700,000 versus a total put value of 11,586,900,000 Combined total value = 12,456,600,000

Strike 27450 has a total call value of 961,675,000 versus a total put value of 9,844,575,000 Combined total value = 10,806,250,000

Strike 27500 has a total call value of 1,076,400,000 versus a total put value of 8,122,725,000 Combined total value = 9,199,125,000

Strike 27550 has a total call value of 1,812,200,000 versus a total put value of 6,852,300,000 Combined total value = 8,664,500,000

Strike 27600 has a total call value of 2,586,025,000 versus a total put value of 5,624,450,000 Combined total value = 8,210,475,000

Strike 27650 has a total call value of 3,779,425,000 versus a total put value of 4,621,500,000 Combined total value = 8,400,925,000

Strike 27700 has a total call value of 5,030,350,000 versus a total put value of 3,658,525,000 Combined total value = 8,688,875,000

Strike 27750 has a total call value of 6,476,925,000 versus a total put value of 2,863,575,000 Combined total value = 9,340,500,000

Strike 27800 has a total call value of 7,969,650,000 versus a total put value of 2,098,200,000 Combined total value = 10,067,850,000

Strike 27850 has a total call value of 9,759,425,000 versus a total put value of 1,639,950,000 Combined total value = 11,399,375,000

Strike 27900 has a total call value of 11,607,375,000 versus a total put value of 1,229,475,000 Combined total value = 12,836,850,000

Strike 27950 has a total call value of 13,584,675,000 versus a total put value of 895,700,000 Combined total value = 14,480,375,000

Strike 28000 has a total call value of 15,600,325,000 versus a total put value of 576,225,000 Combined total value = 16,176,550,000

Strike 28050 has a total call value of 18,023,525,000 versus a total put value of 419,575,000 Combined total value = 18,443,100,000

Strike 28100 has a total call value of 20,495,800,000 versus a total put value of 273,650,000 Combined total value = 20,769,450,000

Strike 28150 has a total call value of 23,097,100,000 versus a total put value of 166,725,000 Combined total value = 23,263,825,000

Strike 28200 has a total call value of 25,731,875,000 versus a total put value of 66,950,000 Combined total value = 25,798,825,000

Strike 28250 has a total call value of 28,737,800,000 versus a total put value of 50,375,000 Combined total value = 28,788,175,000

Strike 28300 has a total call value of 31,805,800,000 versus a total put value of 40,300,000 Combined total value = 31,846,100,000

Strike 28350 has a total call value of 34,978,125,000 versus a total put value of 30,225,000 Combined total value = 35,008,350,000

Strike 28400 has a total call value of 38,150,450,000 versus a total put value of 20,150,000 Combined total value = 38,170,600,000

Strike 28450 has a total call value of 41,373,150,000 versus a total put value of 10,075,000 Combined total value = 41,383,225,000

Strike 28500 has a total call value of 44,620,550,000 versus a total put value of 0 Combined total value = 44,620,550,000

Strike 28550 has a total call value of 48,081,475,000 versus a total put value of 0 Combined total value = 48,081,475,000

Strike 28600 has a total call value of 51,542,400,000 versus a total put value of 0 Combined total value = 51,542,400,000

Strike 28650 has a total call value of 55,121,300,000 versus a total put value of 0 Combined total value = 55,121,300,000

Strike 28700 has a total call value of 58,729,775,000 versus a total put value of 0 Combined total value = 58,729,775,000

Strike 28750 has a total call value of 62,341,825,000 versus a total put value of 0 Combined total value = 62,341,825,000

Strike 28800 has a total call value of 65,966,225,000 versus a total put value of 0 Combined total value = 65,966,225,000

Strike 28850 has a total call value of 69,636,450,000 versus a total put value of 0 Combined total value = 69,636,450,000

Strike 28900 has a total call value of 73,308,300,000 versus a total put value of 0 Combined total value = 73,308,300,000

Strike 28950 has a total call value of 77,000,950,000 versus a total put value of 0 Combined total value = 77,000,950,000

Strike 29000 has a total call value of 80,698,800,000 versus a total put value of 0 Combined total value = 80,698,800,000

Strike 29050 has a total call value of 84,554,600,000 versus a total put value of 0 Combined total value = 84,554,600,000

Strike 29100 has a total call value of 88,430,550,000 versus a total put value of 0 Combined total value = 88,430,550,000

Strike 29150 has a total call value of 92,306,500,000 versus a total put value of 0 Combined total value = 92,306,500,000

Strike 29200 has a total call value of 96,182,450,000 versus a total put value of 0 Combined total value = 96,182,450,000

Strike 29250 has a total call value of 100,090,575,000 versus a total put value of 0 Combined total value = 100,090,575,000

Strike 29300 has a total call value of 103,998,700,000 versus a total put value of 0 Combined total value = 103,998,700,000

Strike 29350 has a total call value of 107,906,825,000 versus a total put value of 0 Combined total value = 107,906,825,000

Strike 29400 has a total call value of 111,814,950,000 versus a total put value of 0 Combined total value = 111,814,950,000

Strike 29450 has a total call value of 115,728,925,000 versus a total put value of 0 Combined total value = 115,728,925,000

Strike 29500 has a total call value of 119,642,900,000 versus a total put value of 0 Combined total value = 119,642,900,000

Strike 29550 has a total call value of 123,637,475,000 versus a total put value of 0 Combined total value = 123,637,475,000

Strike 29600 has a total call value of 127,632,050,000 versus a total put value of 0 Combined total value = 127,632,050,000

Strike 29650 has a total call value of 131,709,175,000 versus a total put value of 0 Combined total value = 131,709,175,000

Strike 29700 has a total call value of 135,786,300,000 versus a total put value of 0 Combined total value = 135,786,300,000

Strike 29750 has a total call value of 139,864,075,000 versus a total put value of 0 Combined total value = 139,864,075,000

Strike 29800 has a total call value of 143,941,850,000 versus a total put value of 0 Combined total value = 143,941,850,000

Strike 29850 has a total call value of 148,023,525,000 versus a total put value of 0 Combined total value = 148,023,525,000

Strike 29900 has a total call value of 152,105,200,000 versus a total put value of 0 Combined total value = 152,105,200,000

Strike 29950 has a total call value of 156,191,750,000 versus a total put value of 0 Combined total value = 156,191,750,000

Strike 30000 has a total call value of 160,278,300,000 versus a total put value of 0 Combined total value = 160,278,300,000

Strike 30050 has a total call value of 164,379,150,000 versus a total put value of 0 Combined total value = 164,379,150,000

Strike 30100 has a total call value of 168,480,000,000 versus a total put value of 0 Combined total value = 168,480,000,000

Strike 30150 has a total call value of 172,580,850,000 versus a total put value of 0 Combined total value = 172,580,850,000

Strike 30200 has a total call value of 176,681,700,000 versus a total put value of 0 Combined total value = 176,681,700,000

Strike 30250 has a total call value of 180,782,550,000 versus a total put value of 0 Combined total value = 180,782,550,000

Strike 30300 has a total call value of 184,883,400,000 versus a total put value of 0 Combined total value = 184,883,400,000

Strike 30350 has a total call value of 188,984,250,000 versus a total put value of 0 Combined total value = 188,984,250,000

Strike 30400 has a total call value of 193,085,100,000 versus a total put value of 0 Combined total value = 193,085,100,000

Strike 30450 has a total call value of 197,186,275,000 versus a total put value of 0 Combined total value = 197,186,275,000

Strike 30500 has a total call value of 201,287,450,000 versus a total put value of 0 Combined total value = 201,287,450,000

Strike 30550 has a total call value of 205,418,850,000 versus a total put value of 0 Combined total value = 205,418,850,000

Strike 30600 has a total call value of 209,550,250,000 versus a total put value of 0 Combined total value = 209,550,250,000

Strike 30650 has a total call value of 213,681,650,000 versus a total put value of 0 Combined total value = 213,681,650,000

Strike 30700 has a total call value of 217,813,050,000 versus a total put value of 0 Combined total value = 217,813,050,000

Strike 30750 has a total call value of 221,944,450,000 versus a total put value of 0 Combined total value = 221,944,450,000

Strike 30800 has a total call value of 226,075,850,000 versus a total put value of 0 Combined total value = 226,075,850,000

Strike 30850 has a total call value of 230,207,250,000 versus a total put value of 0 Combined total value = 230,207,250,000

Strike 30900 has a total call value of 234,338,650,000 versus a total put value of 0 Combined total value = 234,338,650,000

Strike 30950 has a total call value of 238,470,050,000 versus a total put value of 0 Combined total value = 238,470,050,000

Strike 31000 has a total call value of 242,601,450,000 versus a total put value of 0 Combined total value = 242,601,450,000

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	1129.9	1140
ABB	5246	5200
ABCAPITAL	348.2	350
ADANIENSOL	995.6	990
ADANIENT	2250	2300
ADANIGREEN	1028.3	1020
ADANIPORTS	1504.3	1500
ALKEM	5657	5700
AMBER	6782.5	6800
AMBUJACEM	549	550
ANGELONE	2539.8	2600
APLAPOLLO	1730.7	1740
APOLLOHOSP	7043.5	7200
ASHOKLEY	167.87	160
ASIANPAINT	2791	2800
ASTRAL	1464.2	1460
AUBANK	980.6	960
AUROPHARMA	1179.3	1200
AXISBANK	1224	1240
BAJAJ-AUTO	9022.5	9000
BAJAJFINSV	2039.8	2060
BAJFINANCE	999.6	1020
BANDHANBNK	149.4	150
BANKBARODA	282.45	290
BANKINDIA	139.9	143
BDL	1357.9	1400
BEL	388.5	400
BHARATFORG	1420.3	1400
BHARTIARTL	2102.7	2100
BHEL	279.75	280
BIOCON	385	390
BLUESTARCO	1815.2	1780
BOSCHLTD	36190	36500
BPCL	366.95	362.5
BRITANNIA	6069.5	6000
BSE	2600.1	2700
CAMS	754.1	780
CANBK	147.38	148
CDSL	1504	1560
CGPOWER	673.1	680
CHOLAFIN	1717.4	1700
CIPLA	1499.5	1520
COALINDIA	381.6	384.75
COFORGE	1856	1840
COLPAL	2161.1	2180
CONCOR	500.45	520
CROMPTON	253.1	265
CUMMINSIND	4489.5	4500
CYIENT	1150.9	1160
DABUR	498.05	505
DALBHARAT	2062.7	2040
DELHIVERY	402.05	410
DIVISLAB	6309.5	6400
DIXON	13646	13750
DLF	692	720
DMART	3846	3900
DRREDDY	1280.6	1270
EICHERMOT	7088	7100
ETERNAL	285.6	295
EXIDEIND	366.3	375
FEDERALBNK	262.45	260
FORTIS	877.05	890
GAIL	168.18	175
GLENMARK	1967.2	1940
GMRAIRPORT	103.46	102
GODREJCP	1186.7	1160
GODREJPROP	2025.2	2080
GRASIM	2804.5	2800
HAL	4261	4500
HAVELLS	1415.6	1440
HCLTECH	1650.8	1660
HDFCAMC	2583.4	2625
HDFCBANK	995.8	1000
HDFCLIFE	766.55	770
HEROMOTOCO	5946	6050
HFCL	65.67	68
HINDALCO	837.9	820
HINDPETRO	464.25	460
HINDUNILVR	2288	2300
HINDZINC	567.05	540
HUDCO	211.42	220
ICICIBANK	1366.2	1380
ICICIGI	1948.1	1980
ICICIPRULI	640.9	630
IDEA	11.28	11
IDFCFIRSTB	83.49	81
IEX	140.5	145
IIFL	568.05	560
INDHOTEL	724.95	740
INDIANB	774.4	820
INDIGO	4979.5	5000
INDUSINDBK	844.5	850
INDUSTOWER	407.75	410
INFY	1596.3	1600
INOXWIND	126.13	130
IOC	167.45	165
IRCTC	671.15	690
IREDA	133.92	140
IRFC	112.23	116
ITC	402.75	405
JINDALSTEL	1015	1030
JIOFIN	295.95	305
JSWENERGY	477.25	490
JSWSTEEL	1085.3	1130
JUBLFOOD	561.45	580
KALYANKJIL	479.1	480
KAYNES	4181.5	4400
KEI	4159.1	4100
KFINTECH	1034.7	1060
KOTAKBANK	2183.3	2160
KPITTECH	1171.9	1200
LAURUSLABS	1000.1	1000
LICHSGFIN	526.5	550
LICI	853.95	880
LODHA	1076.2	1120
LT	4065.7	4040
LTF	300.3	302.5
LTIM	6215	6150
LUPIN	2088.4	2080
M&M	3629.6	3650
MANAPPURAM	283.65	280
MANKIND	2108	2200
MARICO	739.05	740
MARUTI	16388	16300
MAXHEALTH	1074.5	1100
MAZDOCK	2414.3	2600
MCX	10158	10100
MFSL	1674.1	1700
MOTHERSON	119.82	116
MPHASIS	2855.4	2900
MUTHOOTFIN	3839.3	3750
NATIONALUM	276.4	270
NAUKRI	1346.9	1360
NBCC	111.8	113
NCC	158.36	167.5
NESTLEIND	1244	1240
NHPC	75.9	78
NMDC	77.07	77
NTPC	321.35	325
NUVAMA	7218	7200
NYKAA	246.9	255
OBEROIRLTY	1633.1	1660
OFSS	7862.5	8000
OIL	401.55	410
ONGC	232.53	240
PAGEIND	36365	37500
PATANJALI	537.6	545
PAYTM	1280.4	1300
PERSISTENT	6214.5	6200
PETRONET	264.75	277.5
PFC	335.45	355
PGEL	572.7	560
PHOENIXLTD	1778.1	1740
PIDILITIND	1471.6	1480
PIIND	3257.7	3350
PNB	117	120
PNBHOUSING	913.1	910
POLICYBZR	1818.2	1860
POLYCAB	7335.5	7300
POWERGRID	261.6	270
POWERINDIA	19305	19500
PPLPHARMA	169.23	180
PRESTIGE	1628.5	1660
RBLBANK	299.35	310
RECLTD	335.7	355
RELIANCE	1545	1540
RVNL	309.6	315
SAIL	128.79	132
SAMMAANCAP	146.8	155
SBICARD	849.5	870
SBILIFE	2041.7	2020
SBIN	964.4	970
SHREECEM	26005	26500
SHRIRAMFIN	853	850
SIEMENS	3159.3	3200
SOLARINDS	11943	12500
SONACOMS	485.15	500
SRF	3016.5	2950
SUNPHARMA	1784.8	1800
SUPREMEIND	3415.1	3400
SUZLON	52.43	54
SYNGENE	647.7	650
TATACONSUM	1171.7	1170
TATAELXSI	5000.5	5100
TATAMOTORS	0	320
TATAPOWER	379.45	390
TATASTEEL	169.91	170
TATATECH	650.75	680
TCS	3209.3	3200
TECHM	1576.9	1540
TIINDIA	2623.3	2700
TITAGARH	790.75	800
TITAN	3924	3860
TMPV	346.25	360
TORNTPHARM	3773.1	3800
TORNTPOWER	1284.6	1300
TRENT	4105	4200
TVSMOTOR	3615.3	3600
ULTRACEMCO	11553	11700
UNIONBANK	152.93	152.5
UNITDSPR	1448.1	1440
UNOMINDA	1261	1280
UPL	749.85	750
VBL	478.2	470
VEDL	562.3	540
VOLTAS	1397.1	1380
WIPRO	259.34	255
YESBANK	21.46	22
ZYDUSLIFE	916.95	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.

Related Pages for FINNIFTY

FINNIFTY

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD