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

27368.15 +101.05 (0.37%)

L: 27291.55 H: 27385.05

Max Pain - FINNIFTY

19 Dec 2025 09:57 AM IST

Live

Expiry

Max Pain for FINNIFTY is 27500

Historical data for FINNIFTY-27500-CE

LTP (27500 CE)

181 45.75

Open Interest

2049 34

Historical data for FINNIFTY-27500-PE

LTP (27500 PE)

207.3 -58.05

Open Interest

1442 72

Strike 23000 has a total call value of 0 versus a total put value of 247,722,150,000 Combined total value = 247,722,150,000

Strike 23100 has a total call value of 0 versus a total put value of 241,881,900,000 Combined total value = 241,881,900,000

Strike 23200 has a total call value of 0 versus a total put value of 236,041,650,000 Combined total value = 236,041,650,000

Strike 23300 has a total call value of 0 versus a total put value of 230,201,400,000 Combined total value = 230,201,400,000

Strike 23400 has a total call value of 0 versus a total put value of 224,361,150,000 Combined total value = 224,361,150,000

Strike 23500 has a total call value of 0 versus a total put value of 218,520,900,000 Combined total value = 218,520,900,000

Strike 23550 has a total call value of 0 versus a total put value of 215,608,250,000 Combined total value = 215,608,250,000

Strike 23600 has a total call value of 0 versus a total put value of 212,695,600,000 Combined total value = 212,695,600,000

Strike 23650 has a total call value of 0 versus a total put value of 209,782,950,000 Combined total value = 209,782,950,000

Strike 23700 has a total call value of 0 versus a total put value of 206,870,300,000 Combined total value = 206,870,300,000

Strike 23750 has a total call value of 0 versus a total put value of 203,957,650,000 Combined total value = 203,957,650,000

Strike 23800 has a total call value of 0 versus a total put value of 201,045,000,000 Combined total value = 201,045,000,000

Strike 23850 has a total call value of 0 versus a total put value of 198,132,350,000 Combined total value = 198,132,350,000

Strike 23900 has a total call value of 0 versus a total put value of 195,219,700,000 Combined total value = 195,219,700,000

Strike 23950 has a total call value of 0 versus a total put value of 192,307,050,000 Combined total value = 192,307,050,000

Strike 24000 has a total call value of 0 versus a total put value of 189,394,400,000 Combined total value = 189,394,400,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 186,486,950,000 Combined total value = 186,494,750,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 183,579,500,000 Combined total value = 183,595,100,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 180,674,325,000 Combined total value = 180,697,725,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 177,769,150,000 Combined total value = 177,800,350,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 174,864,625,000 Combined total value = 174,904,275,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 171,960,100,000 Combined total value = 172,008,200,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 169,056,225,000 Combined total value = 169,112,775,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 166,152,350,000 Combined total value = 166,217,350,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 163,249,450,000 Combined total value = 163,322,900,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 160,346,550,000 Combined total value = 160,428,450,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 157,444,625,000 Combined total value = 157,534,975,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 154,542,700,000 Combined total value = 154,641,500,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 151,640,775,000 Combined total value = 151,748,025,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 148,738,850,000 Combined total value = 148,854,550,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 145,840,175,000 Combined total value = 145,964,325,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 142,941,500,000 Combined total value = 143,074,100,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 140,042,825,000 Combined total value = 140,183,875,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 137,144,150,000 Combined total value = 137,293,650,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 134,245,475,000 Combined total value = 134,403,425,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 131,346,800,000 Combined total value = 131,513,200,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 128,466,325,000 Combined total value = 128,643,775,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 125,585,850,000 Combined total value = 125,774,350,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 122,705,375,000 Combined total value = 122,904,925,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 119,824,900,000 Combined total value = 120,035,500,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 116,944,425,000 Combined total value = 117,166,075,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 114,063,950,000 Combined total value = 114,296,650,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 111,183,475,000 Combined total value = 111,427,225,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 108,303,000,000 Combined total value = 108,557,800,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 105,423,175,000 Combined total value = 105,689,025,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 102,543,350,000 Combined total value = 102,820,250,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 99,677,175,000 Combined total value = 99,965,125,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 96,811,000,000 Combined total value = 97,110,000,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 93,958,150,000 Combined total value = 94,268,200,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 91,105,300,000 Combined total value = 91,426,400,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 88,283,325,000 Combined total value = 88,615,475,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 85,461,350,000 Combined total value = 85,804,550,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 82,654,975,000 Combined total value = 83,009,225,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 79,848,600,000 Combined total value = 80,213,900,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 77,057,825,000 Combined total value = 77,434,175,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 74,267,050,000 Combined total value = 74,654,450,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 71,565,975,000 Combined total value = 71,966,050,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 68,866,850,000 Combined total value = 69,279,600,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 66,190,475,000 Combined total value = 66,615,900,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 63,520,600,000 Combined total value = 63,958,700,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 60,953,425,000 Combined total value = 61,404,200,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 58,386,250,000 Combined total value = 58,849,700,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 55,819,075,000 Combined total value = 56,295,200,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 53,251,900,000 Combined total value = 53,741,025,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 50,684,725,000 Combined total value = 51,186,850,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 48,117,550,000 Combined total value = 48,632,675,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 45,699,875,000 Combined total value = 46,230,925,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 43,282,200,000 Combined total value = 43,829,175,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 40,864,525,000 Combined total value = 41,427,425,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 38,446,850,000 Combined total value = 39,025,675,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 36,056,800,000 Combined total value = 36,651,550,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 33,674,550,000 Combined total value = 34,285,225,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 31,317,650,000 Combined total value = 31,944,250,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 28,960,750,000 Combined total value = 29,603,275,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 26,662,350,000 Combined total value = 27,320,800,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 24,374,025,000 Combined total value = 25,048,400,000

Strike 27050 has a total call value of 705,575,000 versus a total put value of 22,234,875,000 Combined total value = 22,940,450,000

Strike 27100 has a total call value of 736,775,000 versus a total put value of 20,096,050,000 Combined total value = 20,832,825,000

Strike 27150 has a total call value of 768,950,000 versus a total put value of 18,021,900,000 Combined total value = 18,790,850,000

Strike 27200 has a total call value of 806,000,000 versus a total put value of 15,960,750,000 Combined total value = 16,766,750,000

Strike 27250 has a total call value of 904,800,000 versus a total put value of 14,018,225,000 Combined total value = 14,923,025,000

Strike 27300 has a total call value of 1,030,900,000 versus a total put value of 12,112,425,000 Combined total value = 13,143,325,000

Strike 27350 has a total call value of 1,265,550,000 versus a total put value of 10,497,500,000 Combined total value = 11,763,050,000

Strike 27400 has a total call value of 1,537,250,000 versus a total put value of 8,936,850,000 Combined total value = 10,474,100,000

Strike 27450 has a total call value of 1,997,125,000 versus a total put value of 7,541,625,000 Combined total value = 9,538,750,000

Strike 27500 has a total call value of 2,509,000,000 versus a total put value of 6,163,950,000 Combined total value = 8,672,950,000

Strike 27550 has a total call value of 3,686,800,000 versus a total put value of 5,254,925,000 Combined total value = 8,941,725,000

Strike 27600 has a total call value of 4,904,900,000 versus a total put value of 4,382,950,000 Combined total value = 9,287,850,000

Strike 27650 has a total call value of 6,604,325,000 versus a total put value of 3,678,350,000 Combined total value = 10,282,675,000

Strike 27700 has a total call value of 8,357,700,000 versus a total put value of 3,011,450,000 Combined total value = 11,369,150,000

Strike 27750 has a total call value of 10,379,200,000 versus a total put value of 2,450,500,000 Combined total value = 12,829,700,000

Strike 27800 has a total call value of 12,471,550,000 versus a total put value of 1,918,150,000 Combined total value = 14,389,700,000

Strike 27850 has a total call value of 14,794,650,000 versus a total put value of 1,493,375,000 Combined total value = 16,288,025,000

Strike 27900 has a total call value of 17,193,475,000 versus a total put value of 1,115,075,000 Combined total value = 18,308,550,000

Strike 27950 has a total call value of 19,760,650,000 versus a total put value of 811,525,000 Combined total value = 20,572,175,000

Strike 28000 has a total call value of 22,389,900,000 versus a total put value of 522,275,000 Combined total value = 22,912,175,000

Strike 28050 has a total call value of 25,456,275,000 versus a total put value of 378,950,000 Combined total value = 25,835,225,000

Strike 28100 has a total call value of 28,571,400,000 versus a total put value of 245,050,000 Combined total value = 28,816,450,000

Strike 28150 has a total call value of 31,822,700,000 versus a total put value of 147,225,000 Combined total value = 31,969,925,000

Strike 28200 has a total call value of 35,107,150,000 versus a total put value of 55,250,000 Combined total value = 35,162,400,000

Strike 28250 has a total call value of 38,726,350,000 versus a total put value of 42,250,000 Combined total value = 38,768,600,000

Strike 28300 has a total call value of 42,396,575,000 versus a total put value of 33,800,000 Combined total value = 42,430,375,000

Strike 28350 has a total call value of 46,177,950,000 versus a total put value of 25,350,000 Combined total value = 46,203,300,000

Strike 28400 has a total call value of 49,963,550,000 versus a total put value of 16,900,000 Combined total value = 49,980,450,000

Strike 28450 has a total call value of 53,786,850,000 versus a total put value of 8,450,000 Combined total value = 53,795,300,000

Strike 28500 has a total call value of 57,636,150,000 versus a total put value of 0 Combined total value = 57,636,150,000

Strike 28550 has a total call value of 61,720,425,000 versus a total put value of 0 Combined total value = 61,720,425,000

Strike 28600 has a total call value of 65,809,250,000 versus a total put value of 0 Combined total value = 65,809,250,000

Strike 28650 has a total call value of 69,990,700,000 versus a total put value of 0 Combined total value = 69,990,700,000

Strike 28700 has a total call value of 74,198,800,000 versus a total put value of 0 Combined total value = 74,198,800,000

Strike 28750 has a total call value of 78,414,050,000 versus a total put value of 0 Combined total value = 78,414,050,000

Strike 28800 has a total call value of 82,642,300,000 versus a total put value of 0 Combined total value = 82,642,300,000

Strike 28850 has a total call value of 86,913,125,000 versus a total put value of 0 Combined total value = 86,913,125,000

Strike 28900 has a total call value of 91,185,575,000 versus a total put value of 0 Combined total value = 91,185,575,000

Strike 28950 has a total call value of 95,472,325,000 versus a total put value of 0 Combined total value = 95,472,325,000

Strike 29000 has a total call value of 99,761,675,000 versus a total put value of 0 Combined total value = 99,761,675,000

Strike 29050 has a total call value of 104,323,375,000 versus a total put value of 0 Combined total value = 104,323,375,000

Strike 29100 has a total call value of 108,892,225,000 versus a total put value of 0 Combined total value = 108,892,225,000

Strike 29150 has a total call value of 113,461,075,000 versus a total put value of 0 Combined total value = 113,461,075,000

Strike 29200 has a total call value of 118,029,925,000 versus a total put value of 0 Combined total value = 118,029,925,000

Strike 29250 has a total call value of 122,631,925,000 versus a total put value of 0 Combined total value = 122,631,925,000

Strike 29300 has a total call value of 127,233,925,000 versus a total put value of 0 Combined total value = 127,233,925,000

Strike 29350 has a total call value of 131,835,925,000 versus a total put value of 0 Combined total value = 131,835,925,000

Strike 29400 has a total call value of 136,437,925,000 versus a total put value of 0 Combined total value = 136,437,925,000

Strike 29450 has a total call value of 141,046,100,000 versus a total put value of 0 Combined total value = 141,046,100,000

Strike 29500 has a total call value of 145,654,275,000 versus a total put value of 0 Combined total value = 145,654,275,000

Strike 29550 has a total call value of 150,339,150,000 versus a total put value of 0 Combined total value = 150,339,150,000

Strike 29600 has a total call value of 155,024,025,000 versus a total put value of 0 Combined total value = 155,024,025,000

Strike 29650 has a total call value of 159,788,525,000 versus a total put value of 0 Combined total value = 159,788,525,000

Strike 29700 has a total call value of 164,553,025,000 versus a total put value of 0 Combined total value = 164,553,025,000

Strike 29750 has a total call value of 169,318,500,000 versus a total put value of 0 Combined total value = 169,318,500,000

Strike 29800 has a total call value of 174,083,975,000 versus a total put value of 0 Combined total value = 174,083,975,000

Strike 29850 has a total call value of 178,853,350,000 versus a total put value of 0 Combined total value = 178,853,350,000

Strike 29900 has a total call value of 183,622,725,000 versus a total put value of 0 Combined total value = 183,622,725,000

Strike 29950 has a total call value of 188,399,250,000 versus a total put value of 0 Combined total value = 188,399,250,000

Strike 30000 has a total call value of 193,175,775,000 versus a total put value of 0 Combined total value = 193,175,775,000

Strike 30050 has a total call value of 197,961,725,000 versus a total put value of 0 Combined total value = 197,961,725,000

Strike 30100 has a total call value of 202,747,675,000 versus a total put value of 0 Combined total value = 202,747,675,000

Strike 30150 has a total call value of 207,533,625,000 versus a total put value of 0 Combined total value = 207,533,625,000

Strike 30200 has a total call value of 212,319,575,000 versus a total put value of 0 Combined total value = 212,319,575,000

Strike 30250 has a total call value of 217,105,525,000 versus a total put value of 0 Combined total value = 217,105,525,000

Strike 30300 has a total call value of 221,891,475,000 versus a total put value of 0 Combined total value = 221,891,475,000

Strike 30350 has a total call value of 226,677,425,000 versus a total put value of 0 Combined total value = 226,677,425,000

Strike 30400 has a total call value of 231,463,375,000 versus a total put value of 0 Combined total value = 231,463,375,000

Strike 30450 has a total call value of 236,249,650,000 versus a total put value of 0 Combined total value = 236,249,650,000

Strike 30500 has a total call value of 241,035,925,000 versus a total put value of 0 Combined total value = 241,035,925,000

Strike 30550 has a total call value of 245,845,925,000 versus a total put value of 0 Combined total value = 245,845,925,000

Strike 30600 has a total call value of 250,655,925,000 versus a total put value of 0 Combined total value = 250,655,925,000

Strike 30650 has a total call value of 255,465,925,000 versus a total put value of 0 Combined total value = 255,465,925,000

Strike 30700 has a total call value of 260,275,925,000 versus a total put value of 0 Combined total value = 260,275,925,000

Strike 30750 has a total call value of 265,085,925,000 versus a total put value of 0 Combined total value = 265,085,925,000

Strike 30800 has a total call value of 269,895,925,000 versus a total put value of 0 Combined total value = 269,895,925,000

Strike 30850 has a total call value of 274,705,925,000 versus a total put value of 0 Combined total value = 274,705,925,000

Strike 30900 has a total call value of 279,515,925,000 versus a total put value of 0 Combined total value = 279,515,925,000

Strike 30950 has a total call value of 284,325,925,000 versus a total put value of 0 Combined total value = 284,325,925,000

Strike 31000 has a total call value of 289,135,925,000 versus a total put value of 0 Combined total value = 289,135,925,000

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	1134.4	1140
ABB	5148	5200
ABCAPITAL	345.6	345
ADANIENSOL	976.35	980
ADANIENT	2235	2300
ADANIGREEN	1014.5	1020
ADANIPORTS	1500.6	1500
ALKEM	5546.5	5650
AMBER	6656.5	6800
AMBUJACEM	537	550
ANGELONE	2474.5	2550
APLAPOLLO	1809.6	1760
APOLLOHOSP	6958.5	7100
ASHOKLEY	172.17	162
ASIANPAINT	2773.7	2800
ASTRAL	1414	1440
AUBANK	984.75	960
AUROPHARMA	1229.6	1220
AXISBANK	1236.6	1240
BAJAJ-AUTO	8881	9000
BAJAJFINSV	2054.2	2060
BAJFINANCE	1012	1020
BANDHANBNK	149.45	152.5
BANKBARODA	289.2	290
BANKINDIA	142.47	143
BDL	1352.2	1400
BEL	390.4	400
BHARATFORG	1420.9	1400
BHARTIARTL	2097.1	2100
BHEL	275.3	280
BIOCON	399.25	395
BLUESTARCO	1847.9	1800
BOSCHLTD	35720	36000
BPCL	366.05	365
BRITANNIA	6010	6000
BSE	2726.2	2700
CAMS	757.5	770
CANBK	149.29	150
CDSL	1496.6	1540
CGPOWER	666.6	680
CHOLAFIN	1681.9	1700
CIPLA	1508.7	1520
COALINDIA	385.6	385
COFORGE	1845.9	1840
COLPAL	2084.4	2160
CONCOR	499.5	520
CROMPTON	253.4	265
CUMMINSIND	4393.5	4450
CYIENT	1144.6	1140
DABUR	493.25	500
DALBHARAT	2025.1	2040
DELHIVERY	399.8	410
DIVISLAB	6584.5	6500
DIXON	13283	13500
DLF	685.4	710
DMART	3768	3900
DRREDDY	1286	1270
EICHERMOT	7186	7100
ETERNAL	287.95	295
EXIDEIND	360.8	370
FEDERALBNK	266.65	260
FORTIS	878.9	890
GAIL	168.44	175
GLENMARK	1986	1940
GMRAIRPORT	101.66	102
GODREJCP	1185	1160
GODREJPROP	2018.3	2060
GRASIM	2818.7	2800
HAL	4290.5	4500
HAVELLS	1409	1440
HCLTECH	1653.2	1660
HDFCAMC	2683.7	2700
HDFCBANK	984.4	990
HDFCLIFE	755.95	770
HEROMOTOCO	5735.5	5900
HFCL	64.62	67
HINDALCO	860.15	820
HINDPETRO	464	460
HINDUNILVR	2273.5	2300
HINDZINC	580.35	555
HUDCO	207.97	217.5
ICICIBANK	1356.5	1370
ICICIGI	1949.4	1960
ICICIPRULI	649.4	630
IDEA	11.6	11
IDFCFIRSTB	83.73	82
IEX	139.81	145
IIFL	564.35	560
INDHOTEL	729	730
INDIANB	778.2	820
INDIGO	5122	5100
INDUSINDBK	834	850
INDUSTOWER	412	410
INFY	1646.9	1600
INOXWIND	124.4	130
IOC	161.37	161
IRCTC	669.15	690
IREDA	131.55	137.5
IRFC	111.28	115
ITC	401.45	405
JINDALSTEL	991.9	1020
JIOFIN	295.95	305
JSWENERGY	472.2	490
JSWSTEEL	1084.4	1120
JUBLFOOD	558.85	580
KALYANKJIL	474.4	480
KAYNES	4062	4300
KEI	4159.7	4100
KFINTECH	1070.5	1080
KOTAKBANK	2164.9	2160
KPITTECH	1166.1	1200
LAURUSLABS	1044.2	1000
LICHSGFIN	529.2	550
LICI	848	870
LODHA	1082.1	1100
LT	4066	4040
LTF	300.45	300
LTIM	6056.5	6100
LUPIN	2134.8	2100
M&M	3581	3650
MANAPPURAM	285.2	280
MANKIND	2157.9	2200
MARICO	735.05	730
MARUTI	16380	16300
MAXHEALTH	1070.2	1080
MAZDOCK	2392.1	2500
MCX	10341	10100
MFSL	1678.6	1700
MOTHERSON	119.81	116
MPHASIS	2876.7	2900
MUTHOOTFIN	3728.3	3750
NATIONALUM	280.3	270
NAUKRI	1329.7	1360
NBCC	109.63	111
NCC	153.41	165
NESTLEIND	1237.2	1240
NHPC	75.13	78
NMDC	76.18	77
NTPC	318.75	325
NUVAMA	7178	7300
NYKAA	244.45	250
OBEROIRLTY	1671.2	1660
OFSS	7669.5	8000
OIL	401.35	410
ONGC	232.55	237.5
PAGEIND	35735	37000
PATANJALI	556.9	550
PAYTM	1310.3	1300
PERSISTENT	6303	6300
PETRONET	269.35	278
PFC	338.2	355
PGEL	571.05	560
PHOENIXLTD	1807.4	1760
PIDILITIND	1453.3	1480
PIIND	3214	3350
PNB	119.1	120
PNBHOUSING	903.2	900
POLICYBZR	1828.2	1840
POLYCAB	7295.5	7200
POWERGRID	260.15	270
POWERINDIA	18320	19000
PPLPHARMA	168.76	175
PRESTIGE	1617.8	1640
RBLBANK	299.4	305
RECLTD	339.85	355
RELIANCE	1564	1550
RVNL	310	310
SAIL	125.46	131
SAMMAANCAP	145.29	152.5
SBICARD	852.45	870
SBILIFE	2019.7	2020
SBIN	980.4	970
SHREECEM	25550	26250
SHRIRAMFIN	859.3	850
SIEMENS	3100	3150
SOLARINDS	11760	12500
SONACOMS	490.2	500
SRF	3051.6	3000
SUNPHARMA	1749.6	1760
SUPREMEIND	3355.9	3400
SUZLON	51.8	54
SYNGENE	659.4	650
TATACONSUM	1174.4	1170
TATAELXSI	5159	5100
TATAMOTORS	0	320
TATAPOWER	376.05	390
TATASTEEL	168.97	170
TATATECH	646.15	670
TCS	3304.9	3220
TECHM	1600.7	1560
TIINDIA	2600	2700
TITAGARH	772.7	800
TITAN	3931.5	3880
TMPV	352	360
TORNTPHARM	3770	3750
TORNTPOWER	1262.6	1300
TRENT	4044.9	4200
TVSMOTOR	3615	3600
ULTRACEMCO	11487	11600
UNIONBANK	154.06	155
UNITDSPR	1397.8	1430
UNOMINDA	1237.4	1280
UPL	745.7	750
VBL	474.3	470
VEDL	574.2	555
VOLTAS	1409.8	1400
WIPRO	264.91	260
YESBANK	21.57	22
ZYDUSLIFE	922.45	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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