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

27302.8 +50.85 (0.19%)

L: 27153.25 H: 27400.45

Max Pain - FINNIFTY

18 Dec 2025 02:33 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27500

Historical data for FINNIFTY-27500-CE

LTP (27500 CE)

141.05 -10.25

Open Interest

2032 -83

Historical data for FINNIFTY-27500-PE

LTP (27500 PE)

252.9 -27.2

Open Interest

1469 133

Strike 23000 has a total call value of 0 versus a total put value of 251,116,775,000 Combined total value = 251,116,775,000

Strike 23100 has a total call value of 0 versus a total put value of 245,258,975,000 Combined total value = 245,258,975,000

Strike 23200 has a total call value of 0 versus a total put value of 239,401,175,000 Combined total value = 239,401,175,000

Strike 23300 has a total call value of 0 versus a total put value of 233,543,375,000 Combined total value = 233,543,375,000

Strike 23400 has a total call value of 0 versus a total put value of 227,685,575,000 Combined total value = 227,685,575,000

Strike 23500 has a total call value of 0 versus a total put value of 221,827,775,000 Combined total value = 221,827,775,000

Strike 23550 has a total call value of 0 versus a total put value of 218,906,350,000 Combined total value = 218,906,350,000

Strike 23600 has a total call value of 0 versus a total put value of 215,984,925,000 Combined total value = 215,984,925,000

Strike 23650 has a total call value of 0 versus a total put value of 213,063,500,000 Combined total value = 213,063,500,000

Strike 23700 has a total call value of 0 versus a total put value of 210,142,075,000 Combined total value = 210,142,075,000

Strike 23750 has a total call value of 0 versus a total put value of 207,220,650,000 Combined total value = 207,220,650,000

Strike 23800 has a total call value of 0 versus a total put value of 204,299,225,000 Combined total value = 204,299,225,000

Strike 23850 has a total call value of 0 versus a total put value of 201,377,800,000 Combined total value = 201,377,800,000

Strike 23900 has a total call value of 0 versus a total put value of 198,456,375,000 Combined total value = 198,456,375,000

Strike 23950 has a total call value of 0 versus a total put value of 195,534,950,000 Combined total value = 195,534,950,000

Strike 24000 has a total call value of 0 versus a total put value of 192,613,525,000 Combined total value = 192,613,525,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 189,697,300,000 Combined total value = 189,705,100,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 186,781,075,000 Combined total value = 186,796,675,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 183,867,125,000 Combined total value = 183,890,525,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 180,953,175,000 Combined total value = 180,984,375,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 178,039,875,000 Combined total value = 178,079,525,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 175,126,575,000 Combined total value = 175,174,675,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 172,213,925,000 Combined total value = 172,270,475,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 169,301,275,000 Combined total value = 169,366,275,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 166,389,600,000 Combined total value = 166,463,050,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 163,477,925,000 Combined total value = 163,559,825,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 160,567,225,000 Combined total value = 160,657,575,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 157,656,525,000 Combined total value = 157,755,325,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 154,745,825,000 Combined total value = 154,853,075,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 151,835,125,000 Combined total value = 151,950,825,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 148,927,675,000 Combined total value = 149,051,825,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 146,020,225,000 Combined total value = 146,152,825,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 143,112,775,000 Combined total value = 143,253,825,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 140,205,325,000 Combined total value = 140,354,825,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 137,297,875,000 Combined total value = 137,455,825,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 134,390,425,000 Combined total value = 134,556,825,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 131,501,175,000 Combined total value = 131,678,625,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 128,611,925,000 Combined total value = 128,800,425,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 125,722,675,000 Combined total value = 125,922,225,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 122,833,425,000 Combined total value = 123,044,025,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 119,944,175,000 Combined total value = 120,165,825,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 117,054,925,000 Combined total value = 117,287,625,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 114,165,675,000 Combined total value = 114,409,425,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 111,276,425,000 Combined total value = 111,531,225,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 108,387,825,000 Combined total value = 108,653,675,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 105,499,225,000 Combined total value = 105,776,125,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 102,624,925,000 Combined total value = 102,912,875,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 99,750,625,000 Combined total value = 100,049,625,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 96,887,700,000 Combined total value = 97,197,750,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 94,024,775,000 Combined total value = 94,345,875,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 91,193,050,000 Combined total value = 91,525,200,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 88,361,325,000 Combined total value = 88,704,525,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 85,545,200,000 Combined total value = 85,899,450,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 82,729,075,000 Combined total value = 83,094,375,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 79,929,525,000 Combined total value = 80,305,875,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 77,129,975,000 Combined total value = 77,517,375,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 74,396,400,000 Combined total value = 74,796,475,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 71,665,425,000 Combined total value = 72,078,175,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 68,951,350,000 Combined total value = 69,376,775,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 66,237,600,000 Combined total value = 66,675,700,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 63,539,775,000 Combined total value = 63,990,550,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 60,841,950,000 Combined total value = 61,305,400,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 58,144,125,000 Combined total value = 58,620,250,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 55,446,300,000 Combined total value = 55,935,425,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 52,748,475,000 Combined total value = 53,250,600,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 50,050,650,000 Combined total value = 50,565,775,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 47,450,000,000 Combined total value = 47,981,050,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 44,849,350,000 Combined total value = 45,396,325,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 42,248,700,000 Combined total value = 42,811,600,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 39,648,050,000 Combined total value = 40,226,875,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 37,079,250,000 Combined total value = 37,674,000,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 34,519,875,000 Combined total value = 35,130,550,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 31,986,500,000 Combined total value = 32,613,100,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 29,453,125,000 Combined total value = 30,095,650,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 26,977,275,000 Combined total value = 27,635,725,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 24,514,750,000 Combined total value = 25,189,125,000

Strike 27050 has a total call value of 704,925,000 versus a total put value of 22,286,225,000 Combined total value = 22,991,150,000

Strike 27100 has a total call value of 735,475,000 versus a total put value of 20,058,025,000 Combined total value = 20,793,500,000

Strike 27150 has a total call value of 766,025,000 versus a total put value of 17,994,925,000 Combined total value = 18,760,950,000

Strike 27200 has a total call value of 801,125,000 versus a total put value of 15,951,325,000 Combined total value = 16,752,450,000

Strike 27250 has a total call value of 897,650,000 versus a total put value of 14,059,175,000 Combined total value = 14,956,825,000

Strike 27300 has a total call value of 1,020,825,000 versus a total put value of 12,220,325,000 Combined total value = 13,241,150,000

Strike 27350 has a total call value of 1,254,825,000 versus a total put value of 10,607,025,000 Combined total value = 11,861,850,000

Strike 27400 has a total call value of 1,517,100,000 versus a total put value of 9,027,525,000 Combined total value = 10,544,625,000

Strike 27450 has a total call value of 1,940,900,000 versus a total put value of 7,608,250,000 Combined total value = 9,549,150,000

Strike 27500 has a total call value of 2,425,800,000 versus a total put value of 6,206,525,000 Combined total value = 8,632,325,000

Strike 27550 has a total call value of 3,571,100,000 versus a total put value of 5,282,225,000 Combined total value = 8,853,325,000

Strike 27600 has a total call value of 4,757,350,000 versus a total put value of 4,395,300,000 Combined total value = 9,152,650,000

Strike 27650 has a total call value of 6,527,625,000 versus a total put value of 3,697,200,000 Combined total value = 10,224,825,000

Strike 27700 has a total call value of 8,359,650,000 versus a total put value of 3,035,500,000 Combined total value = 11,395,150,000

Strike 27750 has a total call value of 10,463,050,000 versus a total put value of 2,474,225,000 Combined total value = 12,937,275,000

Strike 27800 has a total call value of 12,633,075,000 versus a total put value of 1,942,200,000 Combined total value = 14,575,275,000

Strike 27850 has a total call value of 15,008,500,000 versus a total put value of 1,511,575,000 Combined total value = 16,520,075,000

Strike 27900 has a total call value of 17,444,050,000 versus a total put value of 1,127,750,000 Combined total value = 18,571,800,000

Strike 27950 has a total call value of 20,046,650,000 versus a total put value of 819,000,000 Combined total value = 20,865,650,000

Strike 28000 has a total call value of 22,707,425,000 versus a total put value of 524,550,000 Combined total value = 23,231,975,000

Strike 28050 has a total call value of 25,796,225,000 versus a total put value of 380,575,000 Combined total value = 26,176,800,000

Strike 28100 has a total call value of 28,934,750,000 versus a total put value of 246,025,000 Combined total value = 29,180,775,000

Strike 28150 has a total call value of 32,200,675,000 versus a total put value of 147,875,000 Combined total value = 32,348,550,000

Strike 28200 has a total call value of 35,499,750,000 versus a total put value of 55,575,000 Combined total value = 35,555,325,000

Strike 28250 has a total call value of 39,144,950,000 versus a total put value of 42,250,000 Combined total value = 39,187,200,000

Strike 28300 has a total call value of 42,841,825,000 versus a total put value of 33,800,000 Combined total value = 42,875,625,000

Strike 28350 has a total call value of 46,644,000,000 versus a total put value of 25,350,000 Combined total value = 46,669,350,000

Strike 28400 has a total call value of 50,449,425,000 versus a total put value of 16,900,000 Combined total value = 50,466,325,000

Strike 28450 has a total call value of 54,291,575,000 versus a total put value of 8,450,000 Combined total value = 54,300,025,000

Strike 28500 has a total call value of 58,161,350,000 versus a total put value of 0 Combined total value = 58,161,350,000

Strike 28550 has a total call value of 62,304,775,000 versus a total put value of 0 Combined total value = 62,304,775,000

Strike 28600 has a total call value of 66,451,775,000 versus a total put value of 0 Combined total value = 66,451,775,000

Strike 28650 has a total call value of 70,688,800,000 versus a total put value of 0 Combined total value = 70,688,800,000

Strike 28700 has a total call value of 74,952,475,000 versus a total put value of 0 Combined total value = 74,952,475,000

Strike 28750 has a total call value of 79,226,550,000 versus a total put value of 0 Combined total value = 79,226,550,000

Strike 28800 has a total call value of 83,513,300,000 versus a total put value of 0 Combined total value = 83,513,300,000

Strike 28850 has a total call value of 87,844,900,000 versus a total put value of 0 Combined total value = 87,844,900,000

Strike 28900 has a total call value of 92,178,125,000 versus a total put value of 0 Combined total value = 92,178,125,000

Strike 28950 has a total call value of 96,528,575,000 versus a total put value of 0 Combined total value = 96,528,575,000

Strike 29000 has a total call value of 100,883,900,000 versus a total put value of 0 Combined total value = 100,883,900,000

Strike 29050 has a total call value of 105,535,950,000 versus a total put value of 0 Combined total value = 105,535,950,000

Strike 29100 has a total call value of 110,195,475,000 versus a total put value of 0 Combined total value = 110,195,475,000

Strike 29150 has a total call value of 114,855,000,000 versus a total put value of 0 Combined total value = 114,855,000,000

Strike 29200 has a total call value of 119,514,525,000 versus a total put value of 0 Combined total value = 119,514,525,000

Strike 29250 has a total call value of 124,207,850,000 versus a total put value of 0 Combined total value = 124,207,850,000

Strike 29300 has a total call value of 128,901,175,000 versus a total put value of 0 Combined total value = 128,901,175,000

Strike 29350 has a total call value of 133,594,500,000 versus a total put value of 0 Combined total value = 133,594,500,000

Strike 29400 has a total call value of 138,287,825,000 versus a total put value of 0 Combined total value = 138,287,825,000

Strike 29450 has a total call value of 142,987,325,000 versus a total put value of 0 Combined total value = 142,987,325,000

Strike 29500 has a total call value of 147,686,825,000 versus a total put value of 0 Combined total value = 147,686,825,000

Strike 29550 has a total call value of 152,469,850,000 versus a total put value of 0 Combined total value = 152,469,850,000

Strike 29600 has a total call value of 157,252,875,000 versus a total put value of 0 Combined total value = 157,252,875,000

Strike 29650 has a total call value of 162,117,475,000 versus a total put value of 0 Combined total value = 162,117,475,000

Strike 29700 has a total call value of 166,982,075,000 versus a total put value of 0 Combined total value = 166,982,075,000

Strike 29750 has a total call value of 171,847,650,000 versus a total put value of 0 Combined total value = 171,847,650,000

Strike 29800 has a total call value of 176,713,225,000 versus a total put value of 0 Combined total value = 176,713,225,000

Strike 29850 has a total call value of 181,582,700,000 versus a total put value of 0 Combined total value = 181,582,700,000

Strike 29900 has a total call value of 186,452,175,000 versus a total put value of 0 Combined total value = 186,452,175,000

Strike 29950 has a total call value of 191,328,150,000 versus a total put value of 0 Combined total value = 191,328,150,000

Strike 30000 has a total call value of 196,204,125,000 versus a total put value of 0 Combined total value = 196,204,125,000

Strike 30050 has a total call value of 201,089,850,000 versus a total put value of 0 Combined total value = 201,089,850,000

Strike 30100 has a total call value of 205,975,575,000 versus a total put value of 0 Combined total value = 205,975,575,000

Strike 30150 has a total call value of 210,861,300,000 versus a total put value of 0 Combined total value = 210,861,300,000

Strike 30200 has a total call value of 215,747,025,000 versus a total put value of 0 Combined total value = 215,747,025,000

Strike 30250 has a total call value of 220,632,750,000 versus a total put value of 0 Combined total value = 220,632,750,000

Strike 30300 has a total call value of 225,518,475,000 versus a total put value of 0 Combined total value = 225,518,475,000

Strike 30350 has a total call value of 230,404,200,000 versus a total put value of 0 Combined total value = 230,404,200,000

Strike 30400 has a total call value of 235,289,925,000 versus a total put value of 0 Combined total value = 235,289,925,000

Strike 30450 has a total call value of 240,175,975,000 versus a total put value of 0 Combined total value = 240,175,975,000

Strike 30500 has a total call value of 245,062,025,000 versus a total put value of 0 Combined total value = 245,062,025,000

Strike 30550 has a total call value of 249,972,125,000 versus a total put value of 0 Combined total value = 249,972,125,000

Strike 30600 has a total call value of 254,882,225,000 versus a total put value of 0 Combined total value = 254,882,225,000

Strike 30650 has a total call value of 259,792,325,000 versus a total put value of 0 Combined total value = 259,792,325,000

Strike 30700 has a total call value of 264,702,425,000 versus a total put value of 0 Combined total value = 264,702,425,000

Strike 30750 has a total call value of 269,612,525,000 versus a total put value of 0 Combined total value = 269,612,525,000

Strike 30800 has a total call value of 274,522,625,000 versus a total put value of 0 Combined total value = 274,522,625,000

Strike 30850 has a total call value of 279,432,725,000 versus a total put value of 0 Combined total value = 279,432,725,000

Strike 30900 has a total call value of 284,342,825,000 versus a total put value of 0 Combined total value = 284,342,825,000

Strike 30950 has a total call value of 289,252,925,000 versus a total put value of 0 Combined total value = 289,252,925,000

Strike 31000 has a total call value of 294,163,025,000 versus a total put value of 0 Combined total value = 294,163,025,000

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	1146.9	1140
ABB	5088.5	5200
ABCAPITAL	345	350
ADANIENSOL	978.2	990
ADANIENT	2229.8	2300
ADANIGREEN	1012	1020
ADANIPORTS	1489.3	1500
ALKEM	5538.5	5650
AMBER	6584.5	6800
AMBUJACEM	537.1	550
ANGELONE	2483	2550
APLAPOLLO	1789.5	1760
APOLLOHOSP	6908	7100
ASHOKLEY	171.92	162
ASIANPAINT	2763.7	2800
ASTRAL	1409	1440
AUBANK	988.9	960
AUROPHARMA	1206.7	1200
AXISBANK	1229.7	1240
BAJAJ-AUTO	8801	9000
BAJAJFINSV	2024.3	2060
BAJFINANCE	1001.7	1020
BANDHANBNK	145.93	150
BANKBARODA	288.5	290
BANKINDIA	142.2	143
BDL	1341.8	1380
BEL	383.05	400
BHARATFORG	1403.1	1400
BHARTIARTL	2096.2	2100
BHEL	274	280
BIOCON	391.75	390
BLUESTARCO	1855.6	1800
BOSCHLTD	35670	36000
BPCL	362.9	365
BRITANNIA	6026	6000
BSE	2682.3	2700
CAMS	748	770
CANBK	149.65	150
CDSL	1483.5	1540
CGPOWER	661	680
CHOLAFIN	1675.7	1700
CIPLA	1500	1520
COALINDIA	385.75	384.75
COFORGE	1848.4	1840
COLPAL	2088.5	2160
CONCOR	497.9	520
CROMPTON	255.85	265
CUMMINSIND	4376.6	4400
CYIENT	1135.3	1140
DABUR	491.6	500
DALBHARAT	2028.8	2040
DELHIVERY	401.65	410
DIVISLAB	6377	6400
DIXON	13276	13750
DLF	682.3	710
DMART	3758.2	3900
DRREDDY	1277.9	1270
EICHERMOT	7084.5	7100
ETERNAL	284.25	295
EXIDEIND	358.4	370
FEDERALBNK	265.1	260
FORTIS	867.2	890
GAIL	167.64	175
GLENMARK	1951.1	1940
GMRAIRPORT	100.29	102
GODREJCP	1182.8	1160
GODREJPROP	2000.4	2060
GRASIM	2810.4	2800
HAL	4243.9	4450
HAVELLS	1402.2	1440
HCLTECH	1660.7	1660
HDFCAMC	2720.9	2680
HDFCBANK	982.4	990
HDFCLIFE	756.5	770
HEROMOTOCO	5738.5	5900
HFCL	64.38	67
HINDALCO	856.45	820
HINDPETRO	463.9	460
HINDUNILVR	2263.9	2300
HINDZINC	591	560
HUDCO	206.6	220
ICICIBANK	1360.1	1370
ICICIGI	1951.5	1960
ICICIPRULI	644.9	630
IDEA	11.3	11
IDFCFIRSTB	83.75	82
IEX	140	145
IIFL	559.35	560
INDHOTEL	719.85	730
INDIANB	775.7	820
INDIGO	5113.5	5100
INDUSINDBK	833.1	850
INDUSTOWER	408.85	410
INFY	1626.3	1600
INOXWIND	124.75	130
IOC	161.74	162
IRCTC	663.5	685
IREDA	131.3	137.5
IRFC	110.92	115
ITC	400.6	405
JINDALSTEL	982.8	1020
JIOFIN	291.95	305
JSWENERGY	470.65	490
JSWSTEEL	1082.4	1120
JUBLFOOD	556.65	580
KALYANKJIL	471.4	480
KAYNES	4066.5	4300
KEI	4083.3	4100
KFINTECH	1063.6	1060
KOTAKBANK	2166.4	2160
KPITTECH	1154.9	1200
LAURUSLABS	1013.8	1000
LICHSGFIN	527.15	550
LICI	843.3	870
LODHA	1071	1100
LT	4042.1	4020
LTF	299.95	302.5
LTIM	6209	6200
LUPIN	2115.3	2100
M&M	3571.5	3650
MANAPPURAM	288.25	280
MANKIND	2132	2200
MARICO	741.5	740
MARUTI	16364	16200
MAXHEALTH	1051.3	1100
MAZDOCK	2354.5	2500
MCX	10171	10100
MFSL	1681.4	1700
MOTHERSON	117.39	115
MPHASIS	2880.8	2900
MUTHOOTFIN	3748.1	3750
NATIONALUM	280.2	270
NAUKRI	1338.6	1360
NBCC	108.31	111
NCC	153.67	165
NESTLEIND	1240	1240
NHPC	74.85	78
NMDC	76.66	77
NTPC	318.5	325
NUVAMA	7280.5	7300
NYKAA	243.9	252.5
OBEROIRLTY	1659	1660
OFSS	7624.5	8000
OIL	399.65	410
ONGC	232.15	237.5
PAGEIND	35690	37000
PATANJALI	553.1	550
PAYTM	1287.3	1300
PERSISTENT	6305	6300
PETRONET	268.65	278
PFC	334.6	355
PGEL	566.45	560
PHOENIXLTD	1791	1760
PIDILITIND	1449.2	1480
PIIND	3211.2	3350
PNB	118.75	120
PNBHOUSING	896.25	900
POLICYBZR	1835.7	1840
POLYCAB	7089.5	7200
POWERGRID	257.2	270
POWERINDIA	18300	19000
PPLPHARMA	166.5	175
PRESTIGE	1599	1640
RBLBANK	298.85	305
RECLTD	337.4	350
RELIANCE	1547.3	1540
RVNL	305.25	310
SAIL	127.63	132
SAMMAANCAP	145.75	155
SBICARD	847.4	870
SBILIFE	2016.5	2020
SBIN	976.95	970
SHREECEM	25705	26500
SHRIRAMFIN	868.1	850
SIEMENS	3068.8	3150
SOLARINDS	11757	12500
SONACOMS	486.95	500
SRF	3051.3	3000
SUNPHARMA	1744.5	1760
SUPREMEIND	3347.3	3400
SUZLON	51.65	54
SYNGENE	654.35	650
TATACONSUM	1175	1180
TATAELXSI	4977.5	5000
TATAMOTORS	0	320
TATAPOWER	374.4	390
TATASTEEL	168.56	170
TATATECH	641.7	670
TCS	3273.8	3220
TECHM	1601	1560
TIINDIA	2575.8	2700
TITAGARH	771.5	800
TITAN	3906.2	3860
TMPV	345.35	360
TORNTPHARM	3742.2	3750
TORNTPOWER	1252.8	1300
TRENT	4017.8	4200
TVSMOTOR	3583.6	3600
ULTRACEMCO	11445	11600
UNIONBANK	154.27	155
UNITDSPR	1392.3	1440
UNOMINDA	1224.2	1280
UPL	744.1	750
VBL	471.9	470
VEDL	579.15	555
VOLTAS	1403.9	1400
WIPRO	262.45	257.5
YESBANK	21.45	22
ZYDUSLIFE	912.85	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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