FINNIFTY

Nifty Financial Services

27881.9 +270.45 (0.98%)

L: 27519.4 H: 27901.45

Max Pain - FINNIFTY

05 Dec 2025 04:12 PM IST Market Closed

Expiry

Max Pain for FINNIFTY is 27800

Historical data for FINNIFTY-27800-CE

LTP (27800 CE)

430 105.65

Open Interest

562 156

Historical data for FINNIFTY-27800-PE

LTP (27800 PE)

205.6 -131.9

Open Interest

596 370

Strike 23000 has a total call value of 0 versus a total put value of 186,470,050,000 Combined total value = 186,470,050,000

Strike 23100 has a total call value of 0 versus a total put value of 182,124,800,000 Combined total value = 182,124,800,000

Strike 23200 has a total call value of 0 versus a total put value of 177,779,550,000 Combined total value = 177,779,550,000

Strike 23300 has a total call value of 0 versus a total put value of 173,434,300,000 Combined total value = 173,434,300,000

Strike 23400 has a total call value of 0 versus a total put value of 169,089,050,000 Combined total value = 169,089,050,000

Strike 23500 has a total call value of 0 versus a total put value of 164,743,800,000 Combined total value = 164,743,800,000

Strike 23600 has a total call value of 0 versus a total put value of 160,415,450,000 Combined total value = 160,415,450,000

Strike 23650 has a total call value of 0 versus a total put value of 158,251,275,000 Combined total value = 158,251,275,000

Strike 23700 has a total call value of 0 versus a total put value of 156,087,100,000 Combined total value = 156,087,100,000

Strike 23750 has a total call value of 0 versus a total put value of 153,922,925,000 Combined total value = 153,922,925,000

Strike 23800 has a total call value of 0 versus a total put value of 151,758,750,000 Combined total value = 151,758,750,000

Strike 23850 has a total call value of 0 versus a total put value of 149,594,575,000 Combined total value = 149,594,575,000

Strike 23900 has a total call value of 0 versus a total put value of 147,430,400,000 Combined total value = 147,430,400,000

Strike 23950 has a total call value of 0 versus a total put value of 145,266,225,000 Combined total value = 145,266,225,000

Strike 24000 has a total call value of 0 versus a total put value of 143,102,050,000 Combined total value = 143,102,050,000

Strike 24050 has a total call value of 0 versus a total put value of 140,941,125,000 Combined total value = 140,941,125,000

Strike 24100 has a total call value of 0 versus a total put value of 138,780,200,000 Combined total value = 138,780,200,000

Strike 24150 has a total call value of 0 versus a total put value of 136,619,275,000 Combined total value = 136,619,275,000

Strike 24200 has a total call value of 0 versus a total put value of 134,458,350,000 Combined total value = 134,458,350,000

Strike 24250 has a total call value of 0 versus a total put value of 132,297,425,000 Combined total value = 132,297,425,000

Strike 24300 has a total call value of 0 versus a total put value of 130,136,500,000 Combined total value = 130,136,500,000

Strike 24350 has a total call value of 0 versus a total put value of 127,975,575,000 Combined total value = 127,975,575,000

Strike 24400 has a total call value of 0 versus a total put value of 125,814,650,000 Combined total value = 125,814,650,000

Strike 24450 has a total call value of 0 versus a total put value of 123,653,725,000 Combined total value = 123,653,725,000

Strike 24500 has a total call value of 0 versus a total put value of 121,492,800,000 Combined total value = 121,492,800,000

Strike 24550 has a total call value of 0 versus a total put value of 119,331,875,000 Combined total value = 119,331,875,000

Strike 24600 has a total call value of 0 versus a total put value of 117,170,950,000 Combined total value = 117,170,950,000

Strike 24650 has a total call value of 0 versus a total put value of 115,010,025,000 Combined total value = 115,010,025,000

Strike 24700 has a total call value of 0 versus a total put value of 112,849,100,000 Combined total value = 112,849,100,000

Strike 24750 has a total call value of 0 versus a total put value of 110,688,175,000 Combined total value = 110,688,175,000

Strike 24800 has a total call value of 0 versus a total put value of 108,527,250,000 Combined total value = 108,527,250,000

Strike 24850 has a total call value of 0 versus a total put value of 106,366,325,000 Combined total value = 106,366,325,000

Strike 24900 has a total call value of 0 versus a total put value of 104,205,400,000 Combined total value = 104,205,400,000

Strike 24950 has a total call value of 0 versus a total put value of 102,044,475,000 Combined total value = 102,044,475,000

Strike 25000 has a total call value of 0 versus a total put value of 99,883,550,000 Combined total value = 99,883,550,000

Strike 25050 has a total call value of 0 versus a total put value of 97,745,050,000 Combined total value = 97,745,050,000

Strike 25100 has a total call value of 0 versus a total put value of 95,606,550,000 Combined total value = 95,606,550,000

Strike 25150 has a total call value of 0 versus a total put value of 93,468,050,000 Combined total value = 93,468,050,000

Strike 25200 has a total call value of 0 versus a total put value of 91,329,550,000 Combined total value = 91,329,550,000

Strike 25250 has a total call value of 0 versus a total put value of 89,191,050,000 Combined total value = 89,191,050,000

Strike 25300 has a total call value of 0 versus a total put value of 87,052,550,000 Combined total value = 87,052,550,000

Strike 25350 has a total call value of 0 versus a total put value of 84,914,050,000 Combined total value = 84,914,050,000

Strike 25400 has a total call value of 0 versus a total put value of 82,775,550,000 Combined total value = 82,775,550,000

Strike 25450 has a total call value of 0 versus a total put value of 80,637,050,000 Combined total value = 80,637,050,000

Strike 25500 has a total call value of 0 versus a total put value of 78,498,550,000 Combined total value = 78,498,550,000

Strike 25550 has a total call value of 0 versus a total put value of 76,366,875,000 Combined total value = 76,366,875,000

Strike 25600 has a total call value of 0 versus a total put value of 74,235,200,000 Combined total value = 74,235,200,000

Strike 25650 has a total call value of 0 versus a total put value of 72,113,275,000 Combined total value = 72,113,275,000

Strike 25700 has a total call value of 0 versus a total put value of 69,991,350,000 Combined total value = 69,991,350,000

Strike 25750 has a total call value of 0 versus a total put value of 67,869,425,000 Combined total value = 67,869,425,000

Strike 25800 has a total call value of 0 versus a total put value of 65,747,500,000 Combined total value = 65,747,500,000

Strike 25850 has a total call value of 0 versus a total put value of 63,632,400,000 Combined total value = 63,632,400,000

Strike 25900 has a total call value of 0 versus a total put value of 61,517,300,000 Combined total value = 61,517,300,000

Strike 25950 has a total call value of 0 versus a total put value of 59,415,200,000 Combined total value = 59,415,200,000

Strike 26000 has a total call value of 0 versus a total put value of 57,313,100,000 Combined total value = 57,313,100,000

Strike 26050 has a total call value of 0 versus a total put value of 55,347,500,000 Combined total value = 55,347,500,000

Strike 26100 has a total call value of 0 versus a total put value of 53,381,900,000 Combined total value = 53,381,900,000

Strike 26150 has a total call value of 0 versus a total put value of 51,478,375,000 Combined total value = 51,478,375,000

Strike 26200 has a total call value of 0 versus a total put value of 49,574,850,000 Combined total value = 49,574,850,000

Strike 26250 has a total call value of 0 versus a total put value of 47,764,925,000 Combined total value = 47,764,925,000

Strike 26300 has a total call value of 0 versus a total put value of 45,955,000,000 Combined total value = 45,955,000,000

Strike 26350 has a total call value of 0 versus a total put value of 44,145,075,000 Combined total value = 44,145,075,000

Strike 26400 has a total call value of 325,000 versus a total put value of 42,335,150,000 Combined total value = 42,335,475,000

Strike 26450 has a total call value of 650,000 versus a total put value of 40,525,225,000 Combined total value = 40,525,875,000

Strike 26500 has a total call value of 975,000 versus a total put value of 38,715,300,000 Combined total value = 38,716,275,000

Strike 26550 has a total call value of 1,300,000 versus a total put value of 37,004,500,000 Combined total value = 37,005,800,000

Strike 26600 has a total call value of 1,625,000 versus a total put value of 35,293,700,000 Combined total value = 35,295,325,000

Strike 26650 has a total call value of 1,950,000 versus a total put value of 33,582,900,000 Combined total value = 33,584,850,000

Strike 26700 has a total call value of 2,275,000 versus a total put value of 31,872,100,000 Combined total value = 31,874,375,000

Strike 26750 has a total call value of 2,600,000 versus a total put value of 30,212,650,000 Combined total value = 30,215,250,000

Strike 26800 has a total call value of 2,925,000 versus a total put value of 28,561,650,000 Combined total value = 28,564,575,000

Strike 26850 has a total call value of 3,250,000 versus a total put value of 26,936,650,000 Combined total value = 26,939,900,000

Strike 26900 has a total call value of 3,575,000 versus a total put value of 25,311,650,000 Combined total value = 25,315,225,000

Strike 26950 has a total call value of 3,900,000 versus a total put value of 23,699,000,000 Combined total value = 23,702,900,000

Strike 27000 has a total call value of 4,225,000 versus a total put value of 22,086,350,000 Combined total value = 22,090,575,000

Strike 27050 has a total call value of 7,800,000 versus a total put value of 20,565,675,000 Combined total value = 20,573,475,000

Strike 27100 has a total call value of 11,375,000 versus a total put value of 19,045,000,000 Combined total value = 19,056,375,000

Strike 27150 has a total call value of 14,950,000 versus a total put value of 17,568,850,000 Combined total value = 17,583,800,000

Strike 27200 has a total call value of 18,525,000 versus a total put value of 16,092,700,000 Combined total value = 16,111,225,000

Strike 27250 has a total call value of 22,100,000 versus a total put value of 14,616,550,000 Combined total value = 14,638,650,000

Strike 27300 has a total call value of 25,675,000 versus a total put value of 13,140,400,000 Combined total value = 13,166,075,000

Strike 27350 has a total call value of 29,250,000 versus a total put value of 11,697,075,000 Combined total value = 11,726,325,000

Strike 27400 has a total call value of 32,825,000 versus a total put value of 10,257,650,000 Combined total value = 10,290,475,000

Strike 27450 has a total call value of 47,775,000 versus a total put value of 8,895,900,000 Combined total value = 8,943,675,000

Strike 27500 has a total call value of 62,725,000 versus a total put value of 7,540,975,000 Combined total value = 7,603,700,000

Strike 27550 has a total call value of 255,125,000 versus a total put value of 6,517,225,000 Combined total value = 6,772,350,000

Strike 27600 has a total call value of 457,600,000 versus a total put value of 5,513,300,000 Combined total value = 5,970,900,000

Strike 27650 has a total call value of 796,250,000 versus a total put value of 4,599,075,000 Combined total value = 5,395,325,000

Strike 27700 has a total call value of 1,145,950,000 versus a total put value of 3,725,475,000 Combined total value = 4,871,425,000

Strike 27750 has a total call value of 1,564,550,000 versus a total put value of 2,986,100,000 Combined total value = 4,550,650,000

Strike 27800 has a total call value of 1,989,975,000 versus a total put value of 2,275,650,000 Combined total value = 4,265,625,000

Strike 27850 has a total call value of 2,598,050,000 versus a total put value of 1,758,900,000 Combined total value = 4,356,950,000

Strike 27900 has a total call value of 3,227,250,000 versus a total put value of 1,302,600,000 Combined total value = 4,529,850,000

Strike 27950 has a total call value of 3,916,575,000 versus a total put value of 910,975,000 Combined total value = 4,827,550,000

Strike 28000 has a total call value of 4,635,475,000 versus a total put value of 534,950,000 Combined total value = 5,170,425,000

Strike 28050 has a total call value of 5,658,900,000 versus a total put value of 392,275,000 Combined total value = 6,051,175,000

Strike 28100 has a total call value of 6,713,525,000 versus a total put value of 249,600,000 Combined total value = 6,963,125,000

Strike 28150 has a total call value of 7,878,325,000 versus a total put value of 154,700,000 Combined total value = 8,033,025,000

Strike 28200 has a total call value of 9,056,450,000 versus a total put value of 59,800,000 Combined total value = 9,116,250,000

Strike 28250 has a total call value of 10,748,725,000 versus a total put value of 45,500,000 Combined total value = 10,794,225,000

Strike 28300 has a total call value of 12,518,675,000 versus a total put value of 36,400,000 Combined total value = 12,555,075,000

Strike 28350 has a total call value of 14,348,425,000 versus a total put value of 27,300,000 Combined total value = 14,375,725,000

Strike 28400 has a total call value of 16,178,175,000 versus a total put value of 18,200,000 Combined total value = 16,196,375,000

Strike 28450 has a total call value of 18,018,975,000 versus a total put value of 9,100,000 Combined total value = 18,028,075,000

Strike 28500 has a total call value of 19,876,675,000 versus a total put value of 0 Combined total value = 19,876,675,000

Strike 28550 has a total call value of 21,859,500,000 versus a total put value of 0 Combined total value = 21,859,500,000

Strike 28600 has a total call value of 23,842,325,000 versus a total put value of 0 Combined total value = 23,842,325,000

Strike 28650 has a total call value of 25,923,625,000 versus a total put value of 0 Combined total value = 25,923,625,000

Strike 28700 has a total call value of 28,004,925,000 versus a total put value of 0 Combined total value = 28,004,925,000

Strike 28750 has a total call value of 30,086,225,000 versus a total put value of 0 Combined total value = 30,086,225,000

Strike 28800 has a total call value of 32,186,700,000 versus a total put value of 0 Combined total value = 32,186,700,000

Strike 28850 has a total call value of 34,362,900,000 versus a total put value of 0 Combined total value = 34,362,900,000

Strike 28900 has a total call value of 36,539,100,000 versus a total put value of 0 Combined total value = 36,539,100,000

Strike 28950 has a total call value of 38,837,500,000 versus a total put value of 0 Combined total value = 38,837,500,000

Strike 29000 has a total call value of 41,135,900,000 versus a total put value of 0 Combined total value = 41,135,900,000

Strike 29050 has a total call value of 43,628,325,000 versus a total put value of 0 Combined total value = 43,628,325,000

Strike 29100 has a total call value of 46,257,900,000 versus a total put value of 0 Combined total value = 46,257,900,000

Strike 29150 has a total call value of 48,887,475,000 versus a total put value of 0 Combined total value = 48,887,475,000

Strike 29200 has a total call value of 51,517,050,000 versus a total put value of 0 Combined total value = 51,517,050,000

Strike 29250 has a total call value of 54,169,700,000 versus a total put value of 0 Combined total value = 54,169,700,000

Strike 29300 has a total call value of 56,822,350,000 versus a total put value of 0 Combined total value = 56,822,350,000

Strike 29350 has a total call value of 59,475,000,000 versus a total put value of 0 Combined total value = 59,475,000,000

Strike 29400 has a total call value of 62,127,650,000 versus a total put value of 0 Combined total value = 62,127,650,000

Strike 29450 has a total call value of 64,780,300,000 versus a total put value of 0 Combined total value = 64,780,300,000

Strike 29500 has a total call value of 67,432,950,000 versus a total put value of 0 Combined total value = 67,432,950,000

Strike 29550 has a total call value of 70,168,150,000 versus a total put value of 0 Combined total value = 70,168,150,000

Strike 29600 has a total call value of 72,903,350,000 versus a total put value of 0 Combined total value = 72,903,350,000

Strike 29650 has a total call value of 75,761,725,000 versus a total put value of 0 Combined total value = 75,761,725,000

Strike 29700 has a total call value of 78,620,100,000 versus a total put value of 0 Combined total value = 78,620,100,000

Strike 29750 has a total call value of 81,478,475,000 versus a total put value of 0 Combined total value = 81,478,475,000

Strike 29800 has a total call value of 84,336,850,000 versus a total put value of 0 Combined total value = 84,336,850,000

Strike 29850 has a total call value of 87,198,800,000 versus a total put value of 0 Combined total value = 87,198,800,000

Strike 29900 has a total call value of 90,060,750,000 versus a total put value of 0 Combined total value = 90,060,750,000

Strike 29950 has a total call value of 92,922,700,000 versus a total put value of 0 Combined total value = 92,922,700,000

Strike 30000 has a total call value of 95,784,650,000 versus a total put value of 0 Combined total value = 95,784,650,000

Strike 30050 has a total call value of 98,666,750,000 versus a total put value of 0 Combined total value = 98,666,750,000

Strike 30100 has a total call value of 101,548,850,000 versus a total put value of 0 Combined total value = 101,548,850,000

Strike 30150 has a total call value of 104,430,950,000 versus a total put value of 0 Combined total value = 104,430,950,000

Strike 30200 has a total call value of 107,313,050,000 versus a total put value of 0 Combined total value = 107,313,050,000

Strike 30250 has a total call value of 110,195,150,000 versus a total put value of 0 Combined total value = 110,195,150,000

Strike 30300 has a total call value of 113,077,250,000 versus a total put value of 0 Combined total value = 113,077,250,000

Strike 30350 has a total call value of 115,959,350,000 versus a total put value of 0 Combined total value = 115,959,350,000

Strike 30400 has a total call value of 118,841,450,000 versus a total put value of 0 Combined total value = 118,841,450,000

Strike 30450 has a total call value of 121,723,550,000 versus a total put value of 0 Combined total value = 121,723,550,000

Strike 30500 has a total call value of 124,605,650,000 versus a total put value of 0 Combined total value = 124,605,650,000

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	1146.7	1140
ABB	5173.5	5150
ABCAPITAL	358.75	350
ADANIENSOL	978.85	980
ADANIENT	2265.4	2300
ADANIGREEN	1017.7	1020
ADANIPORTS	1509.4	1500
ALKEM	5675.5	5700
AMBER	6562.5	6600
AMBUJACEM	533.8	550
ANGELONE	2641.7	2650
APLAPOLLO	1771	1760
APOLLOHOSP	7189.5	7350
ASHOKLEY	160.86	157
ASIANPAINT	2968.5	2920
ASTRAL	1459.5	1460
AUBANK	960.7	940
AUROPHARMA	1217.6	1220
AXISBANK	1282.5	1280
BAJAJ-AUTO	9109	9100
BAJAJFINSV	2096.5	2080
BAJFINANCE	1048	1030
BANDHANBNK	140.08	150
BANKBARODA	292.6	292.5
BANKINDIA	143.11	145
BDL	1512.5	1520
BEL	406.9	410
BHARATFORG	1406	1400
BHARTIARTL	2108.8	2100
BHEL	277.75	285
BIOCON	392.65	400
BLUESTARCO	1734.4	1760
BOSCHLTD	36920	36500
BPCL	360.3	362.5
BRITANNIA	5961	5900
BSE	2815.9	2800
CAMS	775.7	780
CANBK	148.64	150
CDSL	1550.6	1600
CGPOWER	661.35	680
CHOLAFIN	1730.4	1700
CIPLA	1520.8	1530
COALINDIA	379.95	380
COFORGE	1977.9	1860
COLPAL	2164.4	2200
CONCOR	511.05	520
CROMPTON	260.1	270
CUMMINSIND	4468.9	4500
CYIENT	1169.2	1160
DABUR	510.1	515
DALBHARAT	1989	2000
DELHIVERY	404.6	420
DIVISLAB	6473.5	6450
DIXON	13749	14500
DLF	719.75	730
DMART	3952.1	4000
DRREDDY	1275.2	1270
EICHERMOT	7208	7100
ETERNAL	292.4	305
EXIDEIND	380.15	380
FEDERALBNK	259.2	255
FORTIS	888.55	910
GAIL	169.98	175
GLENMARK	1968.2	1940
GMRAIRPORT	103.51	102
GODREJCP	1136	1140
GODREJPROP	2082.4	2100
GRASIM	2747	2760
HAL	4443	4500
HAVELLS	1436.5	1440
HCLTECH	1683	1640
HDFCAMC	2577.5	2650
HDFCBANK	1003.3	1000
HDFCLIFE	768.3	770
HEROMOTOCO	6350.5	6200
HFCL	69.03	70
HINDALCO	823.25	800
HINDPETRO	450.35	455
HINDUNILVR	2338.6	2360
HINDZINC	498.1	490
HUDCO	225.22	230
ICICIBANK	1392.5	1380
ICICIGI	1974.4	2000
ICICIPRULI	626.05	620
IDEA	10.8	10
IDFCFIRSTB	80.87	80
IEX	145.31	145
IIFL	569.35	560
INDHOTEL	730.9	740
INDIANB	808.95	830
INDIGO	5370.5	5500
INDUSINDBK	870.1	860
INDUSTOWER	415.7	410
INFY	1616.2	1600
INOXWIND	130.24	137.5
IOC	163.66	164
IRCTC	675.2	690
IREDA	133.4	140
IRFC	114.6	118
ITC	404.95	405
JINDALSTEL	1006.8	1030
JIOFIN	303.75	310
JSWENERGY	461.95	490
JSWSTEEL	1162.2	1150
JUBLFOOD	593.2	600
KALYANKJIL	492.5	490
KAYNES	4353.5	4900
KEI	4163.5	4150
KFINTECH	1066.4	1080
KOTAKBANK	2154.9	2120
KPITTECH	1267	1240
LAURUSLABS	1026.1	1000
LICHSGFIN	541.8	555
LICI	869.9	900
LODHA	1111.6	1160
LT	4038.2	4020
LTF	309.6	305
LTIM	6292	6150
LUPIN	2098.8	2080
M&M	3717.1	3700
MANAPPURAM	279.7	280
MANKIND	2205.5	2250
MARICO	736.65	730
MARUTI	16282	16200
MAXHEALTH	1097.4	1120
MAZDOCK	2616.3	2700
MCX	10343	10100
MFSL	1690.2	1700
MOTHERSON	117.05	115
MPHASIS	2953.6	2900
MUTHOOTFIN	3800.1	3700
NATIONALUM	273.15	265
NAUKRI	1388.7	1380
NBCC	112.06	115
NCC	168.16	172.5
NESTLEIND	1246.9	1260
NHPC	77.07	78
NMDC	76.46	76
NTPC	323.3	325
NUVAMA	7172.5	7200
NYKAA	254.8	260
OBEROIRLTY	1657.7	1660
OFSS	8219	8200
OIL	411.95	415
ONGC	241.23	244
PAGEIND	37455	38000
PATANJALI	550.8	550
PAYTM	1344.6	1320
PERSISTENT	6520.5	6400
PETRONET	274.8	280
PFC	352.65	365
PGEL	553.9	570
PHOENIXLTD	1725.1	1740
PIDILITIND	1475.1	1480
PIIND	3396.1	3450
PNB	121.71	123
PNBHOUSING	903.85	900
POLICYBZR	1893.8	1860
POLYCAB	7257	7400
POWERGRID	269.8	275
POWERINDIA	19305	20500
PPLPHARMA	179.85	185
PRESTIGE	1689.7	1680
RBLBANK	305.8	310
RECLTD	353.3	360
RELIANCE	1540.6	1540
RVNL	310.85	315
SAIL	132.54	135
SAMMAANCAP	148.32	155
SBICARD	885.15	880
SBILIFE	2023.7	2020
SBIN	971.5	975
SHREECEM	26075	26500
SHRIRAMFIN	854.9	840
SIEMENS	3325.9	3300
SOLARINDS	12819	13250
SONACOMS	492.85	500
SRF	2885.4	2900
SUNPHARMA	1805.3	1800
SUPREMEIND	3371.1	3450
SUZLON	51.74	55
SYNGENE	639.8	640
TATACONSUM	1162.9	1170
TATAELXSI	5217.5	5300
TATAMOTORS	0	320
TATAPOWER	384.5	390
TATASTEEL	167.11	170
TATATECH	666.45	680
TCS	3238.2	3200
TECHM	1570.8	1520
TIINDIA	2666.7	2850
TITAGARH	789.05	820
TITAN	3813.3	3860
TMPV	353.6	360
TORNTPHARM	3785.9	3750
TORNTPOWER	1289.9	1300
TRENT	4183.1	4300
TVSMOTOR	3665.4	3600
ULTRACEMCO	11597	11700
UNIONBANK	153.3	155
UNITDSPR	1455.6	1450
UNOMINDA	1272.4	1300
UPL	759.1	760
VBL	479.95	470
VEDL	524.5	520
VOLTAS	1327	1360
WIPRO	259.91	255
YESBANK	22.6	23
ZYDUSLIFE	931.45	940

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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