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

27610.5 -62.10 (-0.22%)

L: 27499.15 H: 27648.05

Max Pain - FINNIFTY

15 Dec 2025 02:01 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27700

Historical data for FINNIFTY-27700-CE

LTP (27700 CE)

250.55 -46.4

Open Interest

473 85

Historical data for FINNIFTY-27700-PE

LTP (27700 PE)

227.8 32.2

Open Interest

485 33

Strike 23000 has a total call value of 0 versus a total put value of 206,401,975,000 Combined total value = 206,401,975,000

Strike 23100 has a total call value of 0 versus a total put value of 201,679,075,000 Combined total value = 201,679,075,000

Strike 23200 has a total call value of 0 versus a total put value of 196,956,175,000 Combined total value = 196,956,175,000

Strike 23300 has a total call value of 0 versus a total put value of 192,233,275,000 Combined total value = 192,233,275,000

Strike 23400 has a total call value of 0 versus a total put value of 187,510,375,000 Combined total value = 187,510,375,000

Strike 23500 has a total call value of 0 versus a total put value of 182,787,475,000 Combined total value = 182,787,475,000

Strike 23600 has a total call value of 0 versus a total put value of 178,064,575,000 Combined total value = 178,064,575,000

Strike 23650 has a total call value of 0 versus a total put value of 175,703,125,000 Combined total value = 175,703,125,000

Strike 23700 has a total call value of 0 versus a total put value of 173,341,675,000 Combined total value = 173,341,675,000

Strike 23750 has a total call value of 0 versus a total put value of 170,980,225,000 Combined total value = 170,980,225,000

Strike 23800 has a total call value of 0 versus a total put value of 168,618,775,000 Combined total value = 168,618,775,000

Strike 23850 has a total call value of 0 versus a total put value of 166,257,325,000 Combined total value = 166,257,325,000

Strike 23900 has a total call value of 0 versus a total put value of 163,895,875,000 Combined total value = 163,895,875,000

Strike 23950 has a total call value of 0 versus a total put value of 161,534,425,000 Combined total value = 161,534,425,000

Strike 24000 has a total call value of 0 versus a total put value of 159,172,975,000 Combined total value = 159,172,975,000

Strike 24050 has a total call value of 0 versus a total put value of 156,811,525,000 Combined total value = 156,811,525,000

Strike 24100 has a total call value of 0 versus a total put value of 154,450,075,000 Combined total value = 154,450,075,000

Strike 24150 has a total call value of 0 versus a total put value of 152,088,625,000 Combined total value = 152,088,625,000

Strike 24200 has a total call value of 0 versus a total put value of 149,727,175,000 Combined total value = 149,727,175,000

Strike 24250 has a total call value of 0 versus a total put value of 147,365,725,000 Combined total value = 147,365,725,000

Strike 24300 has a total call value of 0 versus a total put value of 145,004,275,000 Combined total value = 145,004,275,000

Strike 24350 has a total call value of 0 versus a total put value of 142,642,825,000 Combined total value = 142,642,825,000

Strike 24400 has a total call value of 0 versus a total put value of 140,281,375,000 Combined total value = 140,281,375,000

Strike 24450 has a total call value of 0 versus a total put value of 137,919,925,000 Combined total value = 137,919,925,000

Strike 24500 has a total call value of 0 versus a total put value of 135,558,475,000 Combined total value = 135,558,475,000

Strike 24550 has a total call value of 0 versus a total put value of 133,197,025,000 Combined total value = 133,197,025,000

Strike 24600 has a total call value of 0 versus a total put value of 130,835,575,000 Combined total value = 130,835,575,000

Strike 24650 has a total call value of 0 versus a total put value of 128,474,125,000 Combined total value = 128,474,125,000

Strike 24700 has a total call value of 0 versus a total put value of 126,112,675,000 Combined total value = 126,112,675,000

Strike 24750 has a total call value of 0 versus a total put value of 123,751,225,000 Combined total value = 123,751,225,000

Strike 24800 has a total call value of 0 versus a total put value of 121,389,775,000 Combined total value = 121,389,775,000

Strike 24850 has a total call value of 0 versus a total put value of 119,028,325,000 Combined total value = 119,028,325,000

Strike 24900 has a total call value of 0 versus a total put value of 116,666,875,000 Combined total value = 116,666,875,000

Strike 24950 has a total call value of 0 versus a total put value of 114,305,425,000 Combined total value = 114,305,425,000

Strike 25000 has a total call value of 0 versus a total put value of 111,943,975,000 Combined total value = 111,943,975,000

Strike 25050 has a total call value of 0 versus a total put value of 109,602,025,000 Combined total value = 109,602,025,000

Strike 25100 has a total call value of 0 versus a total put value of 107,260,075,000 Combined total value = 107,260,075,000

Strike 25150 has a total call value of 0 versus a total put value of 104,918,125,000 Combined total value = 104,918,125,000

Strike 25200 has a total call value of 0 versus a total put value of 102,576,175,000 Combined total value = 102,576,175,000

Strike 25250 has a total call value of 0 versus a total put value of 100,234,225,000 Combined total value = 100,234,225,000

Strike 25300 has a total call value of 0 versus a total put value of 97,892,275,000 Combined total value = 97,892,275,000

Strike 25350 has a total call value of 0 versus a total put value of 95,550,325,000 Combined total value = 95,550,325,000

Strike 25400 has a total call value of 0 versus a total put value of 93,208,375,000 Combined total value = 93,208,375,000

Strike 25450 has a total call value of 0 versus a total put value of 90,866,425,000 Combined total value = 90,866,425,000

Strike 25500 has a total call value of 0 versus a total put value of 88,524,475,000 Combined total value = 88,524,475,000

Strike 25550 has a total call value of 0 versus a total put value of 86,195,525,000 Combined total value = 86,195,525,000

Strike 25600 has a total call value of 0 versus a total put value of 83,866,575,000 Combined total value = 83,866,575,000

Strike 25650 has a total call value of 0 versus a total put value of 81,547,375,000 Combined total value = 81,547,375,000

Strike 25700 has a total call value of 0 versus a total put value of 79,228,175,000 Combined total value = 79,228,175,000

Strike 25750 has a total call value of 0 versus a total put value of 76,926,850,000 Combined total value = 76,926,850,000

Strike 25800 has a total call value of 0 versus a total put value of 74,625,525,000 Combined total value = 74,625,525,000

Strike 25850 has a total call value of 0 versus a total put value of 72,353,775,000 Combined total value = 72,353,775,000

Strike 25900 has a total call value of 0 versus a total put value of 70,082,025,000 Combined total value = 70,082,025,000

Strike 25950 has a total call value of 0 versus a total put value of 67,823,600,000 Combined total value = 67,823,600,000

Strike 26000 has a total call value of 0 versus a total put value of 65,565,175,000 Combined total value = 65,565,175,000

Strike 26050 has a total call value of 0 versus a total put value of 63,363,625,000 Combined total value = 63,363,625,000

Strike 26100 has a total call value of 0 versus a total put value of 61,162,075,000 Combined total value = 61,162,075,000

Strike 26150 has a total call value of 0 versus a total put value of 59,015,450,000 Combined total value = 59,015,450,000

Strike 26200 has a total call value of 0 versus a total put value of 56,868,825,000 Combined total value = 56,868,825,000

Strike 26250 has a total call value of 0 versus a total put value of 54,745,600,000 Combined total value = 54,745,600,000

Strike 26300 has a total call value of 0 versus a total put value of 52,622,375,000 Combined total value = 52,622,375,000

Strike 26350 has a total call value of 0 versus a total put value of 50,499,150,000 Combined total value = 50,499,150,000

Strike 26400 has a total call value of 0 versus a total put value of 48,375,925,000 Combined total value = 48,375,925,000

Strike 26450 has a total call value of 0 versus a total put value of 46,252,700,000 Combined total value = 46,252,700,000

Strike 26500 has a total call value of 0 versus a total put value of 44,129,475,000 Combined total value = 44,129,475,000

Strike 26550 has a total call value of 0 versus a total put value of 42,082,950,000 Combined total value = 42,082,950,000

Strike 26600 has a total call value of 0 versus a total put value of 40,036,425,000 Combined total value = 40,036,425,000

Strike 26650 has a total call value of 0 versus a total put value of 37,989,900,000 Combined total value = 37,989,900,000

Strike 26700 has a total call value of 0 versus a total put value of 35,943,375,000 Combined total value = 35,943,375,000

Strike 26750 has a total call value of 0 versus a total put value of 33,948,850,000 Combined total value = 33,948,850,000

Strike 26800 has a total call value of 0 versus a total put value of 31,963,100,000 Combined total value = 31,963,100,000

Strike 26850 has a total call value of 0 versus a total put value of 30,001,075,000 Combined total value = 30,001,075,000

Strike 26900 has a total call value of 0 versus a total put value of 28,039,050,000 Combined total value = 28,039,050,000

Strike 26950 has a total call value of 0 versus a total put value of 26,096,200,000 Combined total value = 26,096,200,000

Strike 27000 has a total call value of 0 versus a total put value of 24,153,350,000 Combined total value = 24,153,350,000

Strike 27050 has a total call value of 0 versus a total put value of 22,322,950,000 Combined total value = 22,322,950,000

Strike 27100 has a total call value of 0 versus a total put value of 20,492,550,000 Combined total value = 20,492,550,000

Strike 27150 has a total call value of 0 versus a total put value of 18,752,825,000 Combined total value = 18,752,825,000

Strike 27200 has a total call value of 0 versus a total put value of 17,013,100,000 Combined total value = 17,013,100,000

Strike 27250 has a total call value of 0 versus a total put value of 15,273,375,000 Combined total value = 15,273,375,000

Strike 27300 has a total call value of 0 versus a total put value of 13,551,850,000 Combined total value = 13,551,850,000

Strike 27350 has a total call value of 5,200,000 versus a total put value of 11,904,750,000 Combined total value = 11,909,950,000

Strike 27400 has a total call value of 10,400,000 versus a total put value of 10,274,550,000 Combined total value = 10,284,950,000

Strike 27450 has a total call value of 39,325,000 versus a total put value of 8,729,825,000 Combined total value = 8,769,150,000

Strike 27500 has a total call value of 78,325,000 versus a total put value of 7,198,425,000 Combined total value = 7,276,750,000

Strike 27550 has a total call value of 381,225,000 versus a total put value of 6,031,350,000 Combined total value = 6,412,575,000

Strike 27600 has a total call value of 718,250,000 versus a total put value of 4,908,150,000 Combined total value = 5,626,400,000

Strike 27650 has a total call value of 1,473,550,000 versus a total put value of 3,990,025,000 Combined total value = 5,463,575,000

Strike 27700 has a total call value of 2,262,000,000 versus a total put value of 3,122,600,000 Combined total value = 5,384,600,000

Strike 27750 has a total call value of 3,204,175,000 versus a total put value of 2,412,800,000 Combined total value = 5,616,975,000

Strike 27800 has a total call value of 4,173,975,000 versus a total put value of 1,735,175,000 Combined total value = 5,909,150,000

Strike 27850 has a total call value of 5,349,175,000 versus a total put value of 1,370,200,000 Combined total value = 6,719,375,000

Strike 27900 has a total call value of 6,616,350,000 versus a total put value of 1,005,225,000 Combined total value = 7,621,575,000

Strike 27950 has a total call value of 8,006,050,000 versus a total put value of 714,350,000 Combined total value = 8,720,400,000

Strike 28000 has a total call value of 9,431,825,000 versus a total put value of 423,475,000 Combined total value = 9,855,300,000

Strike 28050 has a total call value of 11,225,825,000 versus a total put value of 297,050,000 Combined total value = 11,522,875,000

Strike 28100 has a total call value of 13,069,550,000 versus a total put value of 170,625,000 Combined total value = 13,240,175,000

Strike 28150 has a total call value of 15,052,375,000 versus a total put value of 82,225,000 Combined total value = 15,134,600,000

Strike 28200 has a total call value of 17,066,725,000 versus a total put value of 0 Combined total value = 17,066,725,000

Strike 28250 has a total call value of 19,651,775,000 versus a total put value of 0 Combined total value = 19,651,775,000

Strike 28300 has a total call value of 22,295,650,000 versus a total put value of 0 Combined total value = 22,295,650,000

Strike 28350 has a total call value of 25,050,675,000 versus a total put value of 0 Combined total value = 25,050,675,000

Strike 28400 has a total call value of 27,805,700,000 versus a total put value of 0 Combined total value = 27,805,700,000

Strike 28450 has a total call value of 30,617,275,000 versus a total put value of 0 Combined total value = 30,617,275,000

Strike 28500 has a total call value of 33,454,525,000 versus a total put value of 0 Combined total value = 33,454,525,000

Strike 28550 has a total call value of 36,452,000,000 versus a total put value of 0 Combined total value = 36,452,000,000

Strike 28600 has a total call value of 39,449,475,000 versus a total put value of 0 Combined total value = 39,449,475,000

Strike 28650 has a total call value of 42,573,375,000 versus a total put value of 0 Combined total value = 42,573,375,000

Strike 28700 has a total call value of 45,726,525,000 versus a total put value of 0 Combined total value = 45,726,525,000

Strike 28750 has a total call value of 48,879,675,000 versus a total put value of 0 Combined total value = 48,879,675,000

Strike 28800 has a total call value of 52,048,750,000 versus a total put value of 0 Combined total value = 52,048,750,000

Strike 28850 has a total call value of 55,272,425,000 versus a total put value of 0 Combined total value = 55,272,425,000

Strike 28900 has a total call value of 58,499,350,000 versus a total put value of 0 Combined total value = 58,499,350,000

Strike 28950 has a total call value of 61,761,375,000 versus a total put value of 0 Combined total value = 61,761,375,000

Strike 29000 has a total call value of 65,023,400,000 versus a total put value of 0 Combined total value = 65,023,400,000

Strike 29050 has a total call value of 68,419,325,000 versus a total put value of 0 Combined total value = 68,419,325,000

Strike 29100 has a total call value of 71,846,125,000 versus a total put value of 0 Combined total value = 71,846,125,000

Strike 29150 has a total call value of 75,272,925,000 versus a total put value of 0 Combined total value = 75,272,925,000

Strike 29200 has a total call value of 78,699,725,000 versus a total put value of 0 Combined total value = 78,699,725,000

Strike 29250 has a total call value of 82,159,025,000 versus a total put value of 0 Combined total value = 82,159,025,000

Strike 29300 has a total call value of 85,618,325,000 versus a total put value of 0 Combined total value = 85,618,325,000

Strike 29350 has a total call value of 89,077,625,000 versus a total put value of 0 Combined total value = 89,077,625,000

Strike 29400 has a total call value of 92,536,925,000 versus a total put value of 0 Combined total value = 92,536,925,000

Strike 29450 has a total call value of 95,996,225,000 versus a total put value of 0 Combined total value = 95,996,225,000

Strike 29500 has a total call value of 99,455,525,000 versus a total put value of 0 Combined total value = 99,455,525,000

Strike 29550 has a total call value of 102,999,975,000 versus a total put value of 0 Combined total value = 102,999,975,000

Strike 29600 has a total call value of 106,544,425,000 versus a total put value of 0 Combined total value = 106,544,425,000

Strike 29650 has a total call value of 110,174,675,000 versus a total put value of 0 Combined total value = 110,174,675,000

Strike 29700 has a total call value of 113,804,925,000 versus a total put value of 0 Combined total value = 113,804,925,000

Strike 29750 has a total call value of 117,435,175,000 versus a total put value of 0 Combined total value = 117,435,175,000

Strike 29800 has a total call value of 121,065,425,000 versus a total put value of 0 Combined total value = 121,065,425,000

Strike 29850 has a total call value of 124,699,250,000 versus a total put value of 0 Combined total value = 124,699,250,000

Strike 29900 has a total call value of 128,333,075,000 versus a total put value of 0 Combined total value = 128,333,075,000

Strike 29950 has a total call value of 131,970,150,000 versus a total put value of 0 Combined total value = 131,970,150,000

Strike 30000 has a total call value of 135,607,225,000 versus a total put value of 0 Combined total value = 135,607,225,000

Strike 30050 has a total call value of 139,259,575,000 versus a total put value of 0 Combined total value = 139,259,575,000

Strike 30100 has a total call value of 142,911,925,000 versus a total put value of 0 Combined total value = 142,911,925,000

Strike 30150 has a total call value of 146,564,275,000 versus a total put value of 0 Combined total value = 146,564,275,000

Strike 30200 has a total call value of 150,216,625,000 versus a total put value of 0 Combined total value = 150,216,625,000

Strike 30250 has a total call value of 153,868,975,000 versus a total put value of 0 Combined total value = 153,868,975,000

Strike 30300 has a total call value of 157,521,325,000 versus a total put value of 0 Combined total value = 157,521,325,000

Strike 30350 has a total call value of 161,173,675,000 versus a total put value of 0 Combined total value = 161,173,675,000

Strike 30400 has a total call value of 164,826,025,000 versus a total put value of 0 Combined total value = 164,826,025,000

Strike 30450 has a total call value of 168,478,375,000 versus a total put value of 0 Combined total value = 168,478,375,000

Strike 30500 has a total call value of 172,130,725,000 versus a total put value of 0 Combined total value = 172,130,725,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1136.9	1140
ABB	5284	5200
ABCAPITAL	353.45	350
ADANIENSOL	1015.3	990
ADANIENT	2283.4	2300
ADANIGREEN	1049.1	1040
ADANIPORTS	1514.9	1500
ALKEM	5616	5700
AMBER	6851	6800
AMBUJACEM	554.55	550
ANGELONE	2574	2600
APLAPOLLO	1735.1	1740
APOLLOHOSP	7088	7200
ASHOKLEY	166.92	160
ASIANPAINT	2784.4	2800
ASTRAL	1427.7	1440
AUBANK	981.25	960
AUROPHARMA	1188.6	1200
AXISBANK	1284.5	1280
BAJAJ-AUTO	8968.5	9000
BAJAJFINSV	2073	2060
BAJFINANCE	1011.1	1020
BANDHANBNK	150.26	150
BANKBARODA	285.55	290
BANKINDIA	141.93	142
BDL	1401.5	1440
BEL	390.2	400
BHARATFORG	1406.6	1400
BHARTIARTL	2078	2100
BHEL	282.9	282.5
BIOCON	385.85	390
BLUESTARCO	1809.5	1780
BOSCHLTD	36405	36500
BPCL	365.2	365
BRITANNIA	6050	5950
BSE	2660	2750
CAMS	756.6	770
CANBK	148.49	148
CDSL	1515.3	1560
CGPOWER	669.3	680
CHOLAFIN	1733.5	1700
CIPLA	1506.4	1520
COALINDIA	384.15	382.25
COFORGE	1860.7	1840
COLPAL	2165.4	2180
CONCOR	503.25	510
CROMPTON	253	265
CUMMINSIND	4547.1	4500
CYIENT	1154.5	1160
DABUR	497.05	500
DALBHARAT	2103.4	2040
DELHIVERY	408.45	415
DIVISLAB	6371.5	6400
DIXON	13748	13750
DLF	696.8	710
DMART	3823.7	3900
DRREDDY	1279.1	1270
EICHERMOT	7110	7150
ETERNAL	298.2	300
EXIDEIND	371	375
FEDERALBNK	265.55	260
FORTIS	867.7	880
GAIL	170.13	175
GLENMARK	1974.7	1940
GMRAIRPORT	104.91	102
GODREJCP	1161.5	1140
GODREJPROP	2074	2040
GRASIM	2827.9	2800
HAL	4331.5	4500
HAVELLS	1414.6	1420
HCLTECH	1684	1660
HDFCAMC	2612.8	2650
HDFCBANK	996.4	1000
HDFCLIFE	771.15	770
HEROMOTOCO	5958	6050
HFCL	66.45	68
HINDALCO	848	820
HINDPETRO	466.5	460
HINDUNILVR	2298.5	2300
HINDZINC	566.5	540
HUDCO	215.3	220
ICICIBANK	1367.3	1380
ICICIGI	1943.7	1960
ICICIPRULI	646	630
IDEA	11.44	11
IDFCFIRSTB	84.11	81
IEX	142.91	145
IIFL	578.4	560
INDHOTEL	733.8	730
INDIANB	784.95	800
INDIGO	4978.5	5000
INDUSINDBK	851.4	850
INDUSTOWER	409.5	410
INFY	1610	1600
INOXWIND	125.3	130
IOC	167.27	165
IRCTC	673.05	680
IREDA	135.46	140
IRFC	113.32	115
ITC	403.15	405
JINDALSTEL	1033.5	1020
JIOFIN	299.3	300
JSWENERGY	486	490
JSWSTEEL	1118	1140
JUBLFOOD	575.75	590
KALYANKJIL	480.25	480
KAYNES	4240	4400
KEI	4170	4100
KFINTECH	1048.7	1060
KOTAKBANK	2175.1	2160
KPITTECH	1213.7	1220
LAURUSLABS	1005.6	1000
LICHSGFIN	531	550
LICI	858.2	880
LODHA	1099.7	1100
LT	4080	4040
LTF	305.35	305
LTIM	6286	6200
LUPIN	2091.5	2080
M&M	3612.1	3650
MANAPPURAM	286.1	282.5
MANKIND	2150	2200
MARICO	737.5	730
MARUTI	16424	16300
MAXHEALTH	1080.5	1100
MAZDOCK	2450.1	2550
MCX	10191	10100
MFSL	1697	1700
MOTHERSON	120.38	116
MPHASIS	2890.9	2900
MUTHOOTFIN	3860.5	3800
NATIONALUM	279.15	270
NAUKRI	1360.2	1360
NBCC	115.82	114
NCC	161.66	167.5
NESTLEIND	1239.7	1240
NHPC	77.06	77
NMDC	77.94	77
NTPC	324.05	325
NUVAMA	7272.5	7200
NYKAA	250	255
OBEROIRLTY	1652	1640
OFSS	7949.5	8000
OIL	402.55	410
ONGC	233.92	240
PAGEIND	36725	37000
PATANJALI	532.4	540
PAYTM	1300.5	1300
PERSISTENT	6304	6300
PETRONET	268.5	275
PFC	339.75	360
PGEL	569.3	560
PHOENIXLTD	1786.5	1760
PIDILITIND	1480.6	1480
PIIND	3249.5	3350
PNB	118.53	120
PNBHOUSING	921.75	910
POLICYBZR	1912.7	1900
POLYCAB	7330	7300
POWERGRID	262.2	270
POWERINDIA	19445	19500
PPLPHARMA	171.8	177.5
PRESTIGE	1637.1	1660
RBLBANK	304.8	310
RECLTD	341.15	355
RELIANCE	1554.9	1540
RVNL	313.35	315
SAIL	131.98	132
SAMMAANCAP	148.87	155
SBICARD	870.5	880
SBILIFE	2030.2	2020
SBIN	967.2	965
SHREECEM	26410	26500
SHRIRAMFIN	864.2	850
SIEMENS	3150	3200
SOLARINDS	12196	12750
SONACOMS	488.6	490
SRF	2998.5	2950
SUNPHARMA	1795.9	1800
SUPREMEIND	3284.3	3400
SUZLON	53.18	54
SYNGENE	660	650
TATACONSUM	1161	1170
TATAELXSI	5051.5	5000
TATAMOTORS	0	320
TATAPOWER	380.85	390
TATASTEEL	172.79	170
TATATECH	657.15	670
TCS	3221.9	3200
TECHM	1575.8	1560
TIINDIA	2632.1	2700
TITAGARH	791.9	800
TITAN	3863.1	3840
TMPV	346.05	360
TORNTPHARM	3782.3	3750
TORNTPOWER	1287.9	1300
TRENT	4081.5	4200
TVSMOTOR	3638.5	3600
ULTRACEMCO	11713	11700
UNIONBANK	152.65	152.5
UNITDSPR	1444	1440
UNOMINDA	1236.6	1280
UPL	768	750
VBL	475	475
VEDL	549.25	530
VOLTAS	1385.9	1360
WIPRO	260.44	257.5
YESBANK	21.8	22
ZYDUSLIFE	922.15	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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