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

27376.5 -226.65 (-0.82%)

L: 27371.85 H: 27538

Max Pain - FINNIFTY

16 Dec 2025 03:17 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27600

Historical data for FINNIFTY-27600-CE

LTP (27600 CE)

187.35 -117.6

Open Interest

1296 186

Historical data for FINNIFTY-27600-PE

LTP (27600 PE)

271.25 88.3

Open Interest

668 -78

Strike 23000 has a total call value of 0 versus a total put value of 229,862,425,000 Combined total value = 229,862,425,000

Strike 23100 has a total call value of 0 versus a total put value of 224,614,325,000 Combined total value = 224,614,325,000

Strike 23200 has a total call value of 0 versus a total put value of 219,366,225,000 Combined total value = 219,366,225,000

Strike 23300 has a total call value of 0 versus a total put value of 214,118,125,000 Combined total value = 214,118,125,000

Strike 23400 has a total call value of 0 versus a total put value of 208,870,025,000 Combined total value = 208,870,025,000

Strike 23500 has a total call value of 0 versus a total put value of 203,621,925,000 Combined total value = 203,621,925,000

Strike 23600 has a total call value of 0 versus a total put value of 198,388,775,000 Combined total value = 198,388,775,000

Strike 23650 has a total call value of 0 versus a total put value of 195,772,200,000 Combined total value = 195,772,200,000

Strike 23700 has a total call value of 0 versus a total put value of 193,155,625,000 Combined total value = 193,155,625,000

Strike 23750 has a total call value of 0 versus a total put value of 190,539,050,000 Combined total value = 190,539,050,000

Strike 23800 has a total call value of 0 versus a total put value of 187,922,475,000 Combined total value = 187,922,475,000

Strike 23850 has a total call value of 0 versus a total put value of 185,305,900,000 Combined total value = 185,305,900,000

Strike 23900 has a total call value of 0 versus a total put value of 182,689,325,000 Combined total value = 182,689,325,000

Strike 23950 has a total call value of 0 versus a total put value of 180,072,750,000 Combined total value = 180,072,750,000

Strike 24000 has a total call value of 0 versus a total put value of 177,456,175,000 Combined total value = 177,456,175,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 174,844,475,000 Combined total value = 174,852,275,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 172,232,775,000 Combined total value = 172,248,375,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 169,623,350,000 Combined total value = 169,646,750,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 167,013,925,000 Combined total value = 167,045,125,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 164,405,150,000 Combined total value = 164,444,800,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 161,796,375,000 Combined total value = 161,844,475,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 159,188,250,000 Combined total value = 159,244,800,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 156,580,125,000 Combined total value = 156,645,125,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 153,973,300,000 Combined total value = 154,046,750,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 151,366,475,000 Combined total value = 151,448,375,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 148,760,625,000 Combined total value = 148,850,975,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 146,154,775,000 Combined total value = 146,253,575,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 143,548,925,000 Combined total value = 143,656,175,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 140,943,075,000 Combined total value = 141,058,775,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 138,340,475,000 Combined total value = 138,464,625,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 135,737,875,000 Combined total value = 135,870,475,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 133,135,275,000 Combined total value = 133,276,325,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 130,532,675,000 Combined total value = 130,682,175,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 127,930,075,000 Combined total value = 128,088,025,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 125,327,475,000 Combined total value = 125,493,875,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 122,744,375,000 Combined total value = 122,921,825,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 120,161,275,000 Combined total value = 120,349,775,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 117,578,175,000 Combined total value = 117,777,725,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 114,995,075,000 Combined total value = 115,205,675,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 112,411,975,000 Combined total value = 112,633,625,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 109,828,875,000 Combined total value = 110,061,575,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 107,245,775,000 Combined total value = 107,489,525,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 104,662,675,000 Combined total value = 104,917,475,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 102,079,900,000 Combined total value = 102,345,750,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 99,497,125,000 Combined total value = 99,774,025,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 96,927,675,000 Combined total value = 97,215,625,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 94,358,225,000 Combined total value = 94,657,225,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 91,798,850,000 Combined total value = 92,108,900,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 89,239,475,000 Combined total value = 89,560,575,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 86,702,200,000 Combined total value = 87,034,350,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 84,164,925,000 Combined total value = 84,508,125,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 81,640,325,000 Combined total value = 81,994,575,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 79,115,725,000 Combined total value = 79,481,025,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 76,606,075,000 Combined total value = 76,982,425,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 74,096,425,000 Combined total value = 74,483,825,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 71,651,125,000 Combined total value = 72,051,200,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 69,205,825,000 Combined total value = 69,618,575,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 66,788,800,000 Combined total value = 67,214,225,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 64,372,100,000 Combined total value = 64,810,200,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 61,975,875,000 Combined total value = 62,426,650,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 59,579,650,000 Combined total value = 60,043,100,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 57,183,425,000 Combined total value = 57,659,550,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 54,787,200,000 Combined total value = 55,276,325,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 52,390,975,000 Combined total value = 52,893,100,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 49,994,750,000 Combined total value = 50,509,875,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 47,685,950,000 Combined total value = 48,217,000,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 45,377,150,000 Combined total value = 45,924,125,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 43,068,350,000 Combined total value = 43,631,250,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 40,759,550,000 Combined total value = 41,338,375,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 38,508,600,000 Combined total value = 39,103,350,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 36,266,100,000 Combined total value = 36,876,775,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 34,044,725,000 Combined total value = 34,671,325,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 31,823,350,000 Combined total value = 32,465,875,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 29,623,100,000 Combined total value = 30,281,550,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 27,422,850,000 Combined total value = 28,097,225,000

Strike 27050 has a total call value of 694,850,000 versus a total put value of 25,331,800,000 Combined total value = 26,026,650,000

Strike 27100 has a total call value of 715,325,000 versus a total put value of 23,241,075,000 Combined total value = 23,956,400,000

Strike 27150 has a total call value of 735,800,000 versus a total put value of 21,216,000,000 Combined total value = 21,951,800,000

Strike 27200 has a total call value of 756,275,000 versus a total put value of 19,190,925,000 Combined total value = 19,947,200,000

Strike 27250 has a total call value of 776,750,000 versus a total put value of 17,171,050,000 Combined total value = 17,947,800,000

Strike 27300 has a total call value of 797,225,000 versus a total put value of 15,177,500,000 Combined total value = 15,974,725,000

Strike 27350 has a total call value of 829,075,000 versus a total put value of 13,330,525,000 Combined total value = 14,159,600,000

Strike 27400 has a total call value of 866,125,000 versus a total put value of 11,503,700,000 Combined total value = 12,369,825,000

Strike 27450 has a total call value of 954,525,000 versus a total put value of 9,777,950,000 Combined total value = 10,732,475,000

Strike 27500 has a total call value of 1,063,075,000 versus a total put value of 8,071,375,000 Combined total value = 9,134,450,000

Strike 27550 has a total call value of 1,793,675,000 versus a total put value of 6,817,525,000 Combined total value = 8,611,200,000

Strike 27600 has a total call value of 2,563,275,000 versus a total put value of 5,606,250,000 Combined total value = 8,169,525,000

Strike 27650 has a total call value of 3,754,075,000 versus a total put value of 4,612,075,000 Combined total value = 8,366,150,000

Strike 27700 has a total call value of 5,000,450,000 versus a total put value of 3,657,875,000 Combined total value = 8,658,325,000

Strike 27750 has a total call value of 6,420,050,000 versus a total put value of 2,863,575,000 Combined total value = 9,283,625,000

Strike 27800 has a total call value of 7,883,850,000 versus a total put value of 2,098,200,000 Combined total value = 9,982,050,000

Strike 27850 has a total call value of 9,630,075,000 versus a total put value of 1,639,950,000 Combined total value = 11,270,025,000

Strike 27900 has a total call value of 11,429,600,000 versus a total put value of 1,229,475,000 Combined total value = 12,659,075,000

Strike 27950 has a total call value of 13,346,450,000 versus a total put value of 895,700,000 Combined total value = 14,242,150,000

Strike 28000 has a total call value of 15,299,050,000 versus a total put value of 576,225,000 Combined total value = 15,875,275,000

Strike 28050 has a total call value of 17,649,775,000 versus a total put value of 419,575,000 Combined total value = 18,069,350,000

Strike 28100 has a total call value of 20,048,925,000 versus a total put value of 273,650,000 Combined total value = 20,322,575,000

Strike 28150 has a total call value of 22,582,950,000 versus a total put value of 166,725,000 Combined total value = 22,749,675,000

Strike 28200 has a total call value of 25,152,725,000 versus a total put value of 66,950,000 Combined total value = 25,219,675,000

Strike 28250 has a total call value of 28,088,450,000 versus a total put value of 50,375,000 Combined total value = 28,138,825,000

Strike 28300 has a total call value of 31,086,250,000 versus a total put value of 40,300,000 Combined total value = 31,126,550,000

Strike 28350 has a total call value of 34,180,900,000 versus a total put value of 30,225,000 Combined total value = 34,211,125,000

Strike 28400 has a total call value of 37,275,550,000 versus a total put value of 20,150,000 Combined total value = 37,295,700,000

Strike 28450 has a total call value of 40,416,025,000 versus a total put value of 10,075,000 Combined total value = 40,426,100,000

Strike 28500 has a total call value of 43,581,200,000 versus a total put value of 0 Combined total value = 43,581,200,000

Strike 28550 has a total call value of 47,009,950,000 versus a total put value of 0 Combined total value = 47,009,950,000

Strike 28600 has a total call value of 50,438,700,000 versus a total put value of 0 Combined total value = 50,438,700,000

Strike 28650 has a total call value of 53,983,800,000 versus a total put value of 0 Combined total value = 53,983,800,000

Strike 28700 has a total call value of 57,557,175,000 versus a total put value of 0 Combined total value = 57,557,175,000

Strike 28750 has a total call value of 61,135,100,000 versus a total put value of 0 Combined total value = 61,135,100,000

Strike 28800 has a total call value of 64,725,375,000 versus a total put value of 0 Combined total value = 64,725,375,000

Strike 28850 has a total call value of 68,363,100,000 versus a total put value of 0 Combined total value = 68,363,100,000

Strike 28900 has a total call value of 72,002,450,000 versus a total put value of 0 Combined total value = 72,002,450,000

Strike 28950 has a total call value of 75,659,025,000 versus a total put value of 0 Combined total value = 75,659,025,000

Strike 29000 has a total call value of 79,320,800,000 versus a total put value of 0 Combined total value = 79,320,800,000

Strike 29050 has a total call value of 83,236,400,000 versus a total put value of 0 Combined total value = 83,236,400,000

Strike 29100 has a total call value of 87,172,150,000 versus a total put value of 0 Combined total value = 87,172,150,000

Strike 29150 has a total call value of 91,107,900,000 versus a total put value of 0 Combined total value = 91,107,900,000

Strike 29200 has a total call value of 95,043,650,000 versus a total put value of 0 Combined total value = 95,043,650,000

Strike 29250 has a total call value of 99,011,575,000 versus a total put value of 0 Combined total value = 99,011,575,000

Strike 29300 has a total call value of 102,979,500,000 versus a total put value of 0 Combined total value = 102,979,500,000

Strike 29350 has a total call value of 106,947,425,000 versus a total put value of 0 Combined total value = 106,947,425,000

Strike 29400 has a total call value of 110,915,350,000 versus a total put value of 0 Combined total value = 110,915,350,000

Strike 29450 has a total call value of 114,889,125,000 versus a total put value of 0 Combined total value = 114,889,125,000

Strike 29500 has a total call value of 118,862,900,000 versus a total put value of 0 Combined total value = 118,862,900,000

Strike 29550 has a total call value of 122,917,275,000 versus a total put value of 0 Combined total value = 122,917,275,000

Strike 29600 has a total call value of 126,971,650,000 versus a total put value of 0 Combined total value = 126,971,650,000

Strike 29650 has a total call value of 131,108,575,000 versus a total put value of 0 Combined total value = 131,108,575,000

Strike 29700 has a total call value of 135,245,500,000 versus a total put value of 0 Combined total value = 135,245,500,000

Strike 29750 has a total call value of 139,383,075,000 versus a total put value of 0 Combined total value = 139,383,075,000

Strike 29800 has a total call value of 143,520,650,000 versus a total put value of 0 Combined total value = 143,520,650,000

Strike 29850 has a total call value of 147,662,125,000 versus a total put value of 0 Combined total value = 147,662,125,000

Strike 29900 has a total call value of 151,803,600,000 versus a total put value of 0 Combined total value = 151,803,600,000

Strike 29950 has a total call value of 155,949,950,000 versus a total put value of 0 Combined total value = 155,949,950,000

Strike 30000 has a total call value of 160,096,300,000 versus a total put value of 0 Combined total value = 160,096,300,000

Strike 30050 has a total call value of 164,256,950,000 versus a total put value of 0 Combined total value = 164,256,950,000

Strike 30100 has a total call value of 168,417,600,000 versus a total put value of 0 Combined total value = 168,417,600,000

Strike 30150 has a total call value of 172,578,250,000 versus a total put value of 0 Combined total value = 172,578,250,000

Strike 30200 has a total call value of 176,738,900,000 versus a total put value of 0 Combined total value = 176,738,900,000

Strike 30250 has a total call value of 180,899,550,000 versus a total put value of 0 Combined total value = 180,899,550,000

Strike 30300 has a total call value of 185,060,200,000 versus a total put value of 0 Combined total value = 185,060,200,000

Strike 30350 has a total call value of 189,220,850,000 versus a total put value of 0 Combined total value = 189,220,850,000

Strike 30400 has a total call value of 193,381,500,000 versus a total put value of 0 Combined total value = 193,381,500,000

Strike 30450 has a total call value of 197,542,475,000 versus a total put value of 0 Combined total value = 197,542,475,000

Strike 30500 has a total call value of 201,703,450,000 versus a total put value of 0 Combined total value = 201,703,450,000

Strike 30550 has a total call value of 205,894,650,000 versus a total put value of 0 Combined total value = 205,894,650,000

Strike 30600 has a total call value of 210,085,850,000 versus a total put value of 0 Combined total value = 210,085,850,000

Strike 30650 has a total call value of 214,277,050,000 versus a total put value of 0 Combined total value = 214,277,050,000

Strike 30700 has a total call value of 218,468,250,000 versus a total put value of 0 Combined total value = 218,468,250,000

Strike 30750 has a total call value of 222,659,450,000 versus a total put value of 0 Combined total value = 222,659,450,000

Strike 30800 has a total call value of 226,850,650,000 versus a total put value of 0 Combined total value = 226,850,650,000

Strike 30850 has a total call value of 231,041,850,000 versus a total put value of 0 Combined total value = 231,041,850,000

Strike 30900 has a total call value of 235,233,050,000 versus a total put value of 0 Combined total value = 235,233,050,000

Strike 30950 has a total call value of 239,424,250,000 versus a total put value of 0 Combined total value = 239,424,250,000

Strike 31000 has a total call value of 243,615,450,000 versus a total put value of 0 Combined total value = 243,615,450,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1135.7	1140
ABB	5250.5	5200
ABCAPITAL	348.25	350
ADANIENSOL	995.05	990
ADANIENT	2248.9	2300
ADANIGREEN	1029.8	1020
ADANIPORTS	1499.2	1500
ALKEM	5666.5	5700
AMBER	6779	6800
AMBUJACEM	548.45	555
ANGELONE	2534.8	2600
APLAPOLLO	1733	1740
APOLLOHOSP	7053	7200
ASHOKLEY	167.85	160
ASIANPAINT	2789	2800
ASTRAL	1461.8	1460
AUBANK	981.2	960
AUROPHARMA	1179.2	1200
AXISBANK	1218.9	1240
BAJAJ-AUTO	8994.5	9000
BAJAJFINSV	2034.2	2060
BAJFINANCE	998.2	1020
BANDHANBNK	149.34	150
BANKBARODA	283	290
BANKINDIA	139.71	143
BDL	1356.9	1400
BEL	387.75	400
BHARATFORG	1416.5	1400
BHARTIARTL	2102.6	2100
BHEL	279.75	280
BIOCON	385.05	390
BLUESTARCO	1815.5	1780
BOSCHLTD	36255	36500
BPCL	368.5	362.5
BRITANNIA	6071	6000
BSE	2614	2700
CAMS	754.9	780
CANBK	147.03	148
CDSL	1503.3	1560
CGPOWER	673.8	680
CHOLAFIN	1717.7	1700
CIPLA	1500	1520
COALINDIA	381.35	384.75
COFORGE	1865.7	1840
COLPAL	2161	2180
CONCOR	499.4	520
CROMPTON	252.85	265
CUMMINSIND	4494.3	4500
CYIENT	1150.8	1160
DABUR	497.1	505
DALBHARAT	2066	2040
DELHIVERY	402.2	410
DIVISLAB	6340.5	6400
DIXON	13631	13750
DLF	692.2	720
DMART	3862.2	3900
DRREDDY	1275.5	1270
EICHERMOT	7057	7100
ETERNAL	284.3	295
EXIDEIND	366.8	375
FEDERALBNK	262.45	260
FORTIS	875.15	890
GAIL	168.38	175
GLENMARK	1967.1	1940
GMRAIRPORT	103.65	102
GODREJCP	1182.8	1160
GODREJPROP	2022.4	2080
GRASIM	2798.4	2800
HAL	4263.1	4500
HAVELLS	1413.8	1440
HCLTECH	1652	1660
HDFCAMC	2582.9	2625
HDFCBANK	993.8	1000
HDFCLIFE	765	770
HEROMOTOCO	5945	6050
HFCL	65.49	68
HINDALCO	837.5	820
HINDPETRO	465.8	460
HINDUNILVR	2281.1	2300
HINDZINC	567.75	540
HUDCO	211.71	220
ICICIBANK	1365	1380
ICICIGI	1952.7	1980
ICICIPRULI	638.3	630
IDEA	11.26	11
IDFCFIRSTB	83.52	82
IEX	140.4	145
IIFL	568	560
INDHOTEL	725.85	740
INDIANB	773.8	820
INDIGO	4973.5	5000
INDUSINDBK	844.5	850
INDUSTOWER	408.3	410
INFY	1591.7	1600
INOXWIND	127.01	130
IOC	167.97	166
IRCTC	672.05	690
IREDA	133.94	140
IRFC	112.12	116
ITC	401.75	405
JINDALSTEL	1012.8	1030
JIOFIN	295.2	305
JSWENERGY	478.9	490
JSWSTEEL	1082.4	1130
JUBLFOOD	559.5	580
KALYANKJIL	479.55	480
KAYNES	4184	4400
KEI	4160.9	4100
KFINTECH	1036	1060
KOTAKBANK	2182	2160
KPITTECH	1177.6	1200
LAURUSLABS	1002.7	1000
LICHSGFIN	526.5	550
LICI	855.35	880
LODHA	1075.9	1120
LT	4064.3	4040
LTF	300.75	302.5
LTIM	6212.5	6150
LUPIN	2092.2	2080
M&M	3620.1	3650
MANAPPURAM	284.75	280
MANKIND	2104.9	2200
MARICO	739	740
MARUTI	16350	16200
MAXHEALTH	1070.8	1100
MAZDOCK	2412.7	2600
MCX	10176	10100
MFSL	1671	1700
MOTHERSON	119.64	116
MPHASIS	2860	2900
MUTHOOTFIN	3851.7	3750
NATIONALUM	277.45	270
NAUKRI	1348	1360
NBCC	111.73	113
NCC	158.06	167.5
NESTLEIND	1240	1240
NHPC	76.04	78
NMDC	77.2	77
NTPC	320.8	325
NUVAMA	7192	7200
NYKAA	247.65	255
OBEROIRLTY	1626	1660
OFSS	7840	8000
OIL	402.45	410
ONGC	232.07	240
PAGEIND	36375	37500
PATANJALI	537.05	545
PAYTM	1282.7	1300
PERSISTENT	6268	6200
PETRONET	264.4	277.5
PFC	336.35	355
PGEL	572.15	560
PHOENIXLTD	1783.2	1740
PIDILITIND	1472.5	1480
PIIND	3260.6	3350
PNB	116.98	120
PNBHOUSING	913.95	910
POLICYBZR	1822.4	1860
POLYCAB	7331.5	7300
POWERGRID	260.55	270
POWERINDIA	19315	19500
PPLPHARMA	168.78	180
PRESTIGE	1624.8	1660
RBLBANK	301.4	310
RECLTD	335.35	355
RELIANCE	1540.7	1540
RVNL	309.25	315
SAIL	129.85	133
SAMMAANCAP	146.79	155
SBICARD	848.15	870
SBILIFE	2034.3	2020
SBIN	960.8	965
SHREECEM	25995	26500
SHRIRAMFIN	847.4	850
SIEMENS	3160.7	3200
SOLARINDS	11936	12500
SONACOMS	485.35	500
SRF	3017.3	2950
SUNPHARMA	1781.8	1800
SUPREMEIND	3408	3400
SUZLON	52.67	54
SYNGENE	647.5	650
TATACONSUM	1169.4	1170
TATAELXSI	5004	5100
TATAMOTORS	0	320
TATAPOWER	380.3	390
TATASTEEL	169.72	170
TATATECH	651.4	680
TCS	3206.1	3200
TECHM	1580	1540
TIINDIA	2622.5	2700
TITAGARH	791.1	800
TITAN	3932.3	3860
TMPV	345.25	360
TORNTPHARM	3768.1	3800
TORNTPOWER	1284.2	1300
TRENT	4108.2	4200
TVSMOTOR	3621	3600
ULTRACEMCO	11520	11700
UNIONBANK	153.47	152.5
UNITDSPR	1453.2	1440
UNOMINDA	1259.5	1280
UPL	750.9	750
VBL	477.15	470
VEDL	571.65	540
VOLTAS	1391.6	1380
WIPRO	259.21	255
YESBANK	21.52	22
ZYDUSLIFE	914.7	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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