GAIL
GAIL (INDIA) LTD
Max pain for GAIL
26 Jul 2024 04:11 PM IST
Max Pain for GAIL is 230
Strike 180 has a total call value of 0 versus a total put value of 71,573,587,500 Combined total value = 71,573,587,500
Strike 185 has a total call value of 0 versus a total put value of 62,094,187,500 Combined total value = 62,094,187,500
Strike 190 has a total call value of 0 versus a total put value of 52,614,787,500 Combined total value = 52,614,787,500
Strike 195 has a total call value of 0 versus a total put value of 43,668,375,000 Combined total value = 43,668,375,000
Strike 200 has a total call value of 6,862,500 versus a total put value of 34,749,412,500 Combined total value = 34,756,275,000
Strike 205 has a total call value of 125,812,500 versus a total put value of 27,324,187,500 Combined total value = 27,450,000,000
Strike 210 has a total call value of 269,925,000 versus a total put value of 20,271,825,000 Combined total value = 20,541,750,000
Strike 215 has a total call value of 581,025,000 versus a total put value of 14,635,425,000 Combined total value = 15,216,450,000
Strike 220 has a total call value of 1,086,562,500 versus a total put value of 9,639,525,000 Combined total value = 10,726,087,500
Strike 225 has a total call value of 2,209,725,000 versus a total put value of 6,148,800,000 Combined total value = 8,358,525,000
Strike 230 has a total call value of 3,973,387,500 versus a total put value of 3,289,425,000 Combined total value = 7,262,812,500
Strike 235 has a total call value of 9,133,987,500 versus a total put value of 1,894,050,000 Combined total value = 11,028,037,500
Strike 240 has a total call value of 15,598,462,500 versus a total put value of 896,700,000 Combined total value = 16,495,162,500
Strike 245 has a total call value of 24,869,700,000 versus a total put value of 487,237,500 Combined total value = 25,356,937,500
Strike 250 has a total call value of 34,996,462,500 versus a total put value of 203,587,500 Combined total value = 35,200,050,000
Strike 255 has a total call value of 47,788,162,500 versus a total put value of 77,775,000 Combined total value = 47,865,937,500
Strike 260 has a total call value of 60,973,312,500 versus a total put value of 0 Combined total value = 60,973,312,500
Strike 265 has a total call value of 75,910,687,500 versus a total put value of 0 Combined total value = 75,910,687,500
Strike 270 has a total call value of 90,848,062,500 versus a total put value of 0 Combined total value = 90,848,062,500
What is Max Pain?
Max pain, or the max pain price, is the strike price with the most open contract puts and calls - and the price at which the stock would cause financial losses for the largest number of option holders at expiration.
Calculating Max Pain
Max pain is a simple but time consuming calculation. Essentially, it is the sum of the outstanding put and call dollar value of each in-the-money strike price. For each in-the-money strike price for both puts and calls:
- Find the difference between stock price and strike price
- Multiply the result by open interest at that strike
- Add together the dollar value for the put and call at that strike
- Repeat for each strike price
- Find the highest value strike price. This price is equivalent to max pain price.
How can a trader benefit?
As the option expiration approaches, option writers will try to buy or sell shares of stock to drive the price toward a closing price that is profitable for them, or at least to hedge their payouts to option holders. Call writers sell shares to drive share price down and Put holders buy shares to drive share price up. The max pain strike price exists somewhere in the middle.