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

27255.8 -129.75 (-0.47%)

L: 27244.55 H: 27446.7

Max Pain - FINNIFTY

17 Dec 2025 12:19 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27600

Historical data for FINNIFTY-27600-CE

LTP (27600 CE)

124.5 -58

Open Interest

1530 286

Historical data for FINNIFTY-27600-PE

LTP (27600 PE)

330.8 56.05

Open Interest

638 -20

Strike 23000 has a total call value of 0 versus a total put value of 242,920,275,000 Combined total value = 242,920,275,000

Strike 23100 has a total call value of 0 versus a total put value of 237,362,125,000 Combined total value = 237,362,125,000

Strike 23200 has a total call value of 0 versus a total put value of 231,803,975,000 Combined total value = 231,803,975,000

Strike 23300 has a total call value of 0 versus a total put value of 226,245,825,000 Combined total value = 226,245,825,000

Strike 23400 has a total call value of 0 versus a total put value of 220,687,675,000 Combined total value = 220,687,675,000

Strike 23500 has a total call value of 0 versus a total put value of 215,129,525,000 Combined total value = 215,129,525,000

Strike 23600 has a total call value of 0 versus a total put value of 209,586,325,000 Combined total value = 209,586,325,000

Strike 23650 has a total call value of 0 versus a total put value of 206,814,725,000 Combined total value = 206,814,725,000

Strike 23700 has a total call value of 0 versus a total put value of 204,043,125,000 Combined total value = 204,043,125,000

Strike 23750 has a total call value of 0 versus a total put value of 201,271,525,000 Combined total value = 201,271,525,000

Strike 23800 has a total call value of 0 versus a total put value of 198,499,925,000 Combined total value = 198,499,925,000

Strike 23850 has a total call value of 0 versus a total put value of 195,728,325,000 Combined total value = 195,728,325,000

Strike 23900 has a total call value of 0 versus a total put value of 192,956,725,000 Combined total value = 192,956,725,000

Strike 23950 has a total call value of 0 versus a total put value of 190,185,125,000 Combined total value = 190,185,125,000

Strike 24000 has a total call value of 0 versus a total put value of 187,413,525,000 Combined total value = 187,413,525,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 184,646,800,000 Combined total value = 184,654,600,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 181,880,075,000 Combined total value = 181,895,675,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 179,115,625,000 Combined total value = 179,139,025,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 176,351,175,000 Combined total value = 176,382,375,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 173,587,375,000 Combined total value = 173,627,025,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 170,823,575,000 Combined total value = 170,871,675,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 168,060,425,000 Combined total value = 168,116,975,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 165,297,275,000 Combined total value = 165,362,275,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 162,536,400,000 Combined total value = 162,609,850,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 159,775,525,000 Combined total value = 159,857,425,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 157,015,625,000 Combined total value = 157,105,975,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 154,255,725,000 Combined total value = 154,354,525,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 151,495,825,000 Combined total value = 151,603,075,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 148,735,925,000 Combined total value = 148,851,625,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 145,979,275,000 Combined total value = 146,103,425,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 143,222,625,000 Combined total value = 143,355,225,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 140,465,975,000 Combined total value = 140,607,025,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 137,709,325,000 Combined total value = 137,858,825,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 134,952,675,000 Combined total value = 135,110,625,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 132,196,025,000 Combined total value = 132,362,425,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 129,458,875,000 Combined total value = 129,636,325,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 126,721,725,000 Combined total value = 126,910,225,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 123,984,575,000 Combined total value = 124,184,125,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 121,247,425,000 Combined total value = 121,458,025,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 118,510,275,000 Combined total value = 118,731,925,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 115,773,125,000 Combined total value = 116,005,825,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 113,035,975,000 Combined total value = 113,279,725,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 110,298,825,000 Combined total value = 110,553,625,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 107,562,000,000 Combined total value = 107,827,850,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 104,825,175,000 Combined total value = 105,102,075,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 102,100,375,000 Combined total value = 102,388,325,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 99,375,575,000 Combined total value = 99,674,575,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 96,660,850,000 Combined total value = 96,970,900,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 93,946,125,000 Combined total value = 94,267,225,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 91,260,650,000 Combined total value = 91,592,800,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 88,575,175,000 Combined total value = 88,918,375,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 85,904,000,000 Combined total value = 86,258,250,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 83,232,825,000 Combined total value = 83,598,125,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 80,577,575,000 Combined total value = 80,953,925,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 77,922,325,000 Combined total value = 78,309,725,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 75,326,875,000 Combined total value = 75,726,950,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 72,731,425,000 Combined total value = 73,144,175,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 70,154,500,000 Combined total value = 70,579,925,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 67,577,900,000 Combined total value = 68,016,000,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 65,013,975,000 Combined total value = 65,464,750,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 62,450,050,000 Combined total value = 62,913,500,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 59,886,125,000 Combined total value = 60,362,250,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 57,322,200,000 Combined total value = 57,811,325,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 54,758,275,000 Combined total value = 55,260,400,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 52,194,350,000 Combined total value = 52,709,475,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 49,712,325,000 Combined total value = 50,243,375,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 47,230,300,000 Combined total value = 47,777,275,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 44,748,275,000 Combined total value = 45,311,175,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 42,266,250,000 Combined total value = 42,845,075,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 39,845,325,000 Combined total value = 40,440,075,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 37,432,200,000 Combined total value = 38,042,875,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 35,045,725,000 Combined total value = 35,672,325,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 32,659,250,000 Combined total value = 33,301,775,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 30,335,500,000 Combined total value = 30,993,950,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 28,011,750,000 Combined total value = 28,686,125,000

Strike 27050 has a total call value of 698,750,000 versus a total put value of 25,800,125,000 Combined total value = 26,498,875,000

Strike 27100 has a total call value of 723,125,000 versus a total put value of 23,588,825,000 Combined total value = 24,311,950,000

Strike 27150 has a total call value of 747,500,000 versus a total put value of 21,440,900,000 Combined total value = 22,188,400,000

Strike 27200 has a total call value of 771,875,000 versus a total put value of 19,292,975,000 Combined total value = 20,064,850,000

Strike 27250 has a total call value of 811,525,000 versus a total put value of 17,202,250,000 Combined total value = 18,013,775,000

Strike 27300 has a total call value of 869,050,000 versus a total put value of 15,142,400,000 Combined total value = 16,011,450,000

Strike 27350 has a total call value of 975,325,000 versus a total put value of 13,221,000,000 Combined total value = 14,196,325,000

Strike 27400 has a total call value of 1,109,550,000 versus a total put value of 11,335,350,000 Combined total value = 12,444,900,000

Strike 27450 has a total call value of 1,372,150,000 versus a total put value of 9,633,650,000 Combined total value = 11,005,800,000

Strike 27500 has a total call value of 1,668,225,000 versus a total put value of 7,954,050,000 Combined total value = 9,622,275,000

Strike 27550 has a total call value of 2,651,025,000 versus a total put value of 6,725,550,000 Combined total value = 9,376,575,000

Strike 27600 has a total call value of 3,677,375,000 versus a total put value of 5,541,900,000 Combined total value = 9,219,275,000

Strike 27650 has a total call value of 5,200,975,000 versus a total put value of 4,565,600,000 Combined total value = 9,766,575,000

Strike 27700 has a total call value of 6,775,925,000 versus a total put value of 3,628,625,000 Combined total value = 10,404,550,000

Strike 27750 has a total call value of 8,827,000,000 versus a total put value of 2,840,175,000 Combined total value = 11,667,175,000

Strike 27800 has a total call value of 10,934,300,000 versus a total put value of 2,080,650,000 Combined total value = 13,014,950,000

Strike 27850 has a total call value of 13,230,425,000 versus a total put value of 1,626,300,000 Combined total value = 14,856,725,000

Strike 27900 has a total call value of 15,568,150,000 versus a total put value of 1,219,725,000 Combined total value = 16,787,875,000

Strike 27950 has a total call value of 18,021,900,000 versus a total put value of 889,525,000 Combined total value = 18,911,425,000

Strike 28000 has a total call value of 20,515,300,000 versus a total put value of 573,625,000 Combined total value = 21,088,925,000

Strike 28050 has a total call value of 23,462,075,000 versus a total put value of 417,950,000 Combined total value = 23,880,025,000

Strike 28100 has a total call value of 26,455,975,000 versus a total put value of 273,000,000 Combined total value = 26,728,975,000

Strike 28150 has a total call value of 29,596,450,000 versus a total put value of 166,400,000 Combined total value = 29,762,850,000

Strike 28200 has a total call value of 32,775,275,000 versus a total put value of 66,950,000 Combined total value = 32,842,225,000

Strike 28250 has a total call value of 36,327,525,000 versus a total put value of 50,375,000 Combined total value = 36,377,900,000

Strike 28300 has a total call value of 39,936,000,000 versus a total put value of 40,300,000 Combined total value = 39,976,300,000

Strike 28350 has a total call value of 43,639,050,000 versus a total put value of 30,225,000 Combined total value = 43,669,275,000

Strike 28400 has a total call value of 47,342,100,000 versus a total put value of 20,150,000 Combined total value = 47,362,250,000

Strike 28450 has a total call value of 51,080,575,000 versus a total put value of 10,075,000 Combined total value = 51,090,650,000

Strike 28500 has a total call value of 54,836,275,000 versus a total put value of 0 Combined total value = 54,836,275,000

Strike 28550 has a total call value of 58,852,950,000 versus a total put value of 0 Combined total value = 58,852,950,000

Strike 28600 has a total call value of 62,869,625,000 versus a total put value of 0 Combined total value = 62,869,625,000

Strike 28650 has a total call value of 67,001,675,000 versus a total put value of 0 Combined total value = 67,001,675,000

Strike 28700 has a total call value of 71,160,375,000 versus a total put value of 0 Combined total value = 71,160,375,000

Strike 28750 has a total call value of 75,325,575,000 versus a total put value of 0 Combined total value = 75,325,575,000

Strike 28800 has a total call value of 79,503,125,000 versus a total put value of 0 Combined total value = 79,503,125,000

Strike 28850 has a total call value of 83,725,200,000 versus a total put value of 0 Combined total value = 83,725,200,000

Strike 28900 has a total call value of 87,948,900,000 versus a total put value of 0 Combined total value = 87,948,900,000

Strike 28950 has a total call value of 92,185,925,000 versus a total put value of 0 Combined total value = 92,185,925,000

Strike 29000 has a total call value of 96,426,200,000 versus a total put value of 0 Combined total value = 96,426,200,000

Strike 29050 has a total call value of 100,931,025,000 versus a total put value of 0 Combined total value = 100,931,025,000

Strike 29100 has a total call value of 105,443,325,000 versus a total put value of 0 Combined total value = 105,443,325,000

Strike 29150 has a total call value of 109,955,625,000 versus a total put value of 0 Combined total value = 109,955,625,000

Strike 29200 has a total call value of 114,467,925,000 versus a total put value of 0 Combined total value = 114,467,925,000

Strike 29250 has a total call value of 119,015,325,000 versus a total put value of 0 Combined total value = 119,015,325,000

Strike 29300 has a total call value of 123,562,725,000 versus a total put value of 0 Combined total value = 123,562,725,000

Strike 29350 has a total call value of 128,110,125,000 versus a total put value of 0 Combined total value = 128,110,125,000

Strike 29400 has a total call value of 132,657,525,000 versus a total put value of 0 Combined total value = 132,657,525,000

Strike 29450 has a total call value of 137,211,100,000 versus a total put value of 0 Combined total value = 137,211,100,000

Strike 29500 has a total call value of 141,764,675,000 versus a total put value of 0 Combined total value = 141,764,675,000

Strike 29550 has a total call value of 146,385,850,000 versus a total put value of 0 Combined total value = 146,385,850,000

Strike 29600 has a total call value of 151,007,025,000 versus a total put value of 0 Combined total value = 151,007,025,000

Strike 29650 has a total call value of 155,710,750,000 versus a total put value of 0 Combined total value = 155,710,750,000

Strike 29700 has a total call value of 160,414,475,000 versus a total put value of 0 Combined total value = 160,414,475,000

Strike 29750 has a total call value of 165,118,850,000 versus a total put value of 0 Combined total value = 165,118,850,000

Strike 29800 has a total call value of 169,823,225,000 versus a total put value of 0 Combined total value = 169,823,225,000

Strike 29850 has a total call value of 174,531,500,000 versus a total put value of 0 Combined total value = 174,531,500,000

Strike 29900 has a total call value of 179,239,775,000 versus a total put value of 0 Combined total value = 179,239,775,000

Strike 29950 has a total call value of 183,954,550,000 versus a total put value of 0 Combined total value = 183,954,550,000

Strike 30000 has a total call value of 188,669,325,000 versus a total put value of 0 Combined total value = 188,669,325,000

Strike 30050 has a total call value of 193,399,050,000 versus a total put value of 0 Combined total value = 193,399,050,000

Strike 30100 has a total call value of 198,128,775,000 versus a total put value of 0 Combined total value = 198,128,775,000

Strike 30150 has a total call value of 202,858,500,000 versus a total put value of 0 Combined total value = 202,858,500,000

Strike 30200 has a total call value of 207,588,225,000 versus a total put value of 0 Combined total value = 207,588,225,000

Strike 30250 has a total call value of 212,317,950,000 versus a total put value of 0 Combined total value = 212,317,950,000

Strike 30300 has a total call value of 217,047,675,000 versus a total put value of 0 Combined total value = 217,047,675,000

Strike 30350 has a total call value of 221,777,400,000 versus a total put value of 0 Combined total value = 221,777,400,000

Strike 30400 has a total call value of 226,507,125,000 versus a total put value of 0 Combined total value = 226,507,125,000

Strike 30450 has a total call value of 231,237,175,000 versus a total put value of 0 Combined total value = 231,237,175,000

Strike 30500 has a total call value of 235,967,225,000 versus a total put value of 0 Combined total value = 235,967,225,000

Strike 30550 has a total call value of 240,721,325,000 versus a total put value of 0 Combined total value = 240,721,325,000

Strike 30600 has a total call value of 245,475,425,000 versus a total put value of 0 Combined total value = 245,475,425,000

Strike 30650 has a total call value of 250,229,525,000 versus a total put value of 0 Combined total value = 250,229,525,000

Strike 30700 has a total call value of 254,983,625,000 versus a total put value of 0 Combined total value = 254,983,625,000

Strike 30750 has a total call value of 259,737,725,000 versus a total put value of 0 Combined total value = 259,737,725,000

Strike 30800 has a total call value of 264,491,825,000 versus a total put value of 0 Combined total value = 264,491,825,000

Strike 30850 has a total call value of 269,245,925,000 versus a total put value of 0 Combined total value = 269,245,925,000

Strike 30900 has a total call value of 274,000,025,000 versus a total put value of 0 Combined total value = 274,000,025,000

Strike 30950 has a total call value of 278,754,125,000 versus a total put value of 0 Combined total value = 278,754,125,000

Strike 31000 has a total call value of 283,508,225,000 versus a total put value of 0 Combined total value = 283,508,225,000

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	1135.6	1140
ABB	5208.5	5200
ABCAPITAL	349.35	350
ADANIENSOL	989.2	990
ADANIENT	2240.7	2300
ADANIGREEN	1028.7	1020
ADANIPORTS	1486.7	1500
ALKEM	5636.5	5700
AMBER	6648.5	6800
AMBUJACEM	543.6	555
ANGELONE	2507.9	2600
APLAPOLLO	1744.6	1740
APOLLOHOSP	6974	7150
ASHOKLEY	165.53	160
ASIANPAINT	2778.5	2800
ASTRAL	1435.2	1460
AUBANK	995.65	960
AUROPHARMA	1189.3	1200
AXISBANK	1229.8	1240
BAJAJ-AUTO	8928	9000
BAJAJFINSV	2022.7	2060
BAJFINANCE	1000	1020
BANDHANBNK	148.88	150
BANKBARODA	287	290
BANKINDIA	142.4	143
BDL	1333.4	1400
BEL	385.75	400
BHARATFORG	1409.9	1400
BHARTIARTL	2101.9	2100
BHEL	276.7	280
BIOCON	388.2	390
BLUESTARCO	1820.5	1780
BOSCHLTD	36020	36500
BPCL	366.95	365
BRITANNIA	6089.5	6000
BSE	2656	2700
CAMS	745.1	780
CANBK	150.33	150
CDSL	1483.5	1560
CGPOWER	678.65	680
CHOLAFIN	1686.5	1700
CIPLA	1494.2	1520
COALINDIA	384.1	384.75
COFORGE	1852.1	1840
COLPAL	2112.4	2180
CONCOR	497.65	520
CROMPTON	251.1	265
CUMMINSIND	4513	4500
CYIENT	1139.5	1160
DABUR	494.8	500
DALBHARAT	2062.2	2040
DELHIVERY	401.2	410
DIVISLAB	6316.5	6400
DIXON	13301	13750
DLF	681.8	710
DMART	3818.1	3900
DRREDDY	1277.9	1270
EICHERMOT	7155	7150
ETERNAL	285.1	295
EXIDEIND	362.4	375
FEDERALBNK	264.35	260
FORTIS	874.9	890
GAIL	169.22	175
GLENMARK	1953.7	1940
GMRAIRPORT	101.88	102
GODREJCP	1175.6	1160
GODREJPROP	2024	2080
GRASIM	2801.8	2800
HAL	4242	4500
HAVELLS	1399.8	1440
HCLTECH	1650.6	1660
HDFCAMC	2558	2620
HDFCBANK	983.5	1000
HDFCLIFE	751.35	770
HEROMOTOCO	5806	6000
HFCL	64.86	68
HINDALCO	847.25	820
HINDPETRO	468.5	460
HINDUNILVR	2270.1	2300
HINDZINC	582.35	550
HUDCO	208.97	220
ICICIBANK	1351	1370
ICICIGI	1937	1980
ICICIPRULI	632.3	630
IDEA	11.3	11
IDFCFIRSTB	83.85	82
IEX	141.23	145
IIFL	568	560
INDHOTEL	718.95	730
INDIANB	777.05	820
INDIGO	4974	5000
INDUSINDBK	835.7	850
INDUSTOWER	408.05	410
INFY	1600.1	1600
INOXWIND	126.55	130
IOC	168.32	166
IRCTC	668.55	690
IREDA	132.4	140
IRFC	111.51	116
ITC	400	405
JINDALSTEL	1006.4	1030
JIOFIN	293.6	305
JSWENERGY	481.75	490
JSWSTEEL	1085.3	1130
JUBLFOOD	553.05	580
KALYANKJIL	474.5	480
KAYNES	4185	4400
KEI	4096.3	4100
KFINTECH	1034.6	1060
KOTAKBANK	2168.9	2160
KPITTECH	1171.1	1200
LAURUSLABS	1010	1000
LICHSGFIN	526.4	550
LICI	847.1	870
LODHA	1068.5	1100
LT	4058.6	4040
LTF	302.6	302.5
LTIM	6245	6150
LUPIN	2116.7	2080
M&M	3605	3650
MANAPPURAM	284.8	280
MANKIND	2097.6	2200
MARICO	739.35	740
MARUTI	16410	16300
MAXHEALTH	1040.7	1100
MAZDOCK	2382.1	2500
MCX	10104	10100
MFSL	1648.8	1680
MOTHERSON	119.92	116
MPHASIS	2866.2	2900
MUTHOOTFIN	3801	3750
NATIONALUM	279.55	270
NAUKRI	1347.6	1360
NBCC	110.57	112
NCC	156.62	165
NESTLEIND	1229.6	1240
NHPC	75.71	78
NMDC	77.45	77
NTPC	320.6	325
NUVAMA	7248.5	7200
NYKAA	244.9	255
OBEROIRLTY	1625.2	1640
OFSS	7771	8000
OIL	402	410
ONGC	232.4	237.5
PAGEIND	36195	37000
PATANJALI	531.25	540
PAYTM	1270.2	1300
PERSISTENT	6286	6300
PETRONET	268.8	278
PFC	336.2	355
PGEL	566.3	560
PHOENIXLTD	1787.6	1740
PIDILITIND	1449.6	1480
PIIND	3210.8	3350
PNB	119.24	120
PNBHOUSING	905.35	910
POLICYBZR	1793.9	1840
POLYCAB	7098	7200
POWERGRID	262.55	270
POWERINDIA	19265	19500
PPLPHARMA	169.87	180
PRESTIGE	1612.4	1660
RBLBANK	297.5	310
RECLTD	334.05	350
RELIANCE	1541.7	1540
RVNL	308.1	315
SAIL	129.61	132
SAMMAANCAP	152.25	155
SBICARD	832.6	870
SBILIFE	2001.4	2020
SBIN	976	970
SHREECEM	26015	26500
SHRIRAMFIN	865	850
SIEMENS	3146.4	3200
SOLARINDS	11904	12500
SONACOMS	489.8	500
SRF	3016	2950
SUNPHARMA	1783.4	1800
SUPREMEIND	3332	3400
SUZLON	52.17	54
SYNGENE	652.45	650
TATACONSUM	1181.9	1170
TATAELXSI	4990	5100
TATAMOTORS	0	320
TATAPOWER	380.1	390
TATASTEEL	169.98	170
TATATECH	645.9	670
TCS	3217.4	3200
TECHM	1578	1540
TIINDIA	2625.6	2700
TITAGARH	781.45	800
TITAN	3905.7	3880
TMPV	347.2	360
TORNTPHARM	3742.2	3750
TORNTPOWER	1288	1300
TRENT	4062.8	4200
TVSMOTOR	3643	3600
ULTRACEMCO	11526	11700
UNIONBANK	153.39	155
UNITDSPR	1442.5	1440
UNOMINDA	1246.8	1280
UPL	746	750
VBL	478.6	470
VEDL	573.2	550
VOLTAS	1384	1380
WIPRO	260.75	255
YESBANK	21.59	22
ZYDUSLIFE	919.85	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

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