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.

GOLD

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.

Gold

134510 +101.00 (0.08%)

L: 133373 H: 135249

Max Pain - GOLD

17 Dec 2025 12:19 PM IST

Live

Expiry

Max Pain for GOLD is 131000

Historical data for GOLD-131000-CE

LTP (131000 CE)

4367.5 -137.5

Open Interest

85 2

Historical data for GOLD-131000-PE

LTP (131000 PE)

836 41

Open Interest

277 -14

Strike 115000 has a total call value of 0 versus a total put value of 7,693,600,000 Combined total value = 7,693,600,000

Strike 115100 has a total call value of 0 versus a total put value of 7,630,340,000 Combined total value = 7,630,340,000

Strike 115200 has a total call value of 0 versus a total put value of 7,567,080,000 Combined total value = 7,567,080,000

Strike 115300 has a total call value of 0 versus a total put value of 7,503,820,000 Combined total value = 7,503,820,000

Strike 115400 has a total call value of 0 versus a total put value of 7,440,560,000 Combined total value = 7,440,560,000

Strike 115500 has a total call value of 0 versus a total put value of 7,377,300,000 Combined total value = 7,377,300,000

Strike 115600 has a total call value of 0 versus a total put value of 7,314,040,000 Combined total value = 7,314,040,000

Strike 115700 has a total call value of 0 versus a total put value of 7,250,780,000 Combined total value = 7,250,780,000

Strike 115800 has a total call value of 0 versus a total put value of 7,187,520,000 Combined total value = 7,187,520,000

Strike 115900 has a total call value of 0 versus a total put value of 7,124,260,000 Combined total value = 7,124,260,000

Strike 116000 has a total call value of 0 versus a total put value of 7,061,000,000 Combined total value = 7,061,000,000

Strike 116100 has a total call value of 0 versus a total put value of 6,997,740,000 Combined total value = 6,997,740,000

Strike 116200 has a total call value of 0 versus a total put value of 6,934,480,000 Combined total value = 6,934,480,000

Strike 116300 has a total call value of 0 versus a total put value of 6,871,220,000 Combined total value = 6,871,220,000

Strike 116400 has a total call value of 0 versus a total put value of 6,807,960,000 Combined total value = 6,807,960,000

Strike 116500 has a total call value of 0 versus a total put value of 6,744,700,000 Combined total value = 6,744,700,000

Strike 116600 has a total call value of 0 versus a total put value of 6,681,440,000 Combined total value = 6,681,440,000

Strike 116700 has a total call value of 0 versus a total put value of 6,618,180,000 Combined total value = 6,618,180,000

Strike 116800 has a total call value of 0 versus a total put value of 6,554,920,000 Combined total value = 6,554,920,000

Strike 116900 has a total call value of 0 versus a total put value of 6,491,660,000 Combined total value = 6,491,660,000

Strike 117000 has a total call value of 0 versus a total put value of 6,428,400,000 Combined total value = 6,428,400,000

Strike 117100 has a total call value of 0 versus a total put value of 6,365,140,000 Combined total value = 6,365,140,000

Strike 117200 has a total call value of 0 versus a total put value of 6,301,880,000 Combined total value = 6,301,880,000

Strike 117300 has a total call value of 0 versus a total put value of 6,238,620,000 Combined total value = 6,238,620,000

Strike 117400 has a total call value of 0 versus a total put value of 6,175,360,000 Combined total value = 6,175,360,000

Strike 117500 has a total call value of 0 versus a total put value of 6,112,100,000 Combined total value = 6,112,100,000

Strike 117600 has a total call value of 0 versus a total put value of 6,048,840,000 Combined total value = 6,048,840,000

Strike 117700 has a total call value of 0 versus a total put value of 5,985,580,000 Combined total value = 5,985,580,000

Strike 117800 has a total call value of 0 versus a total put value of 5,922,320,000 Combined total value = 5,922,320,000

Strike 117900 has a total call value of 0 versus a total put value of 5,859,060,000 Combined total value = 5,859,060,000

Strike 118000 has a total call value of 0 versus a total put value of 5,795,800,000 Combined total value = 5,795,800,000

Strike 118100 has a total call value of 0 versus a total put value of 5,732,670,000 Combined total value = 5,732,670,000

Strike 118200 has a total call value of 0 versus a total put value of 5,669,540,000 Combined total value = 5,669,540,000

Strike 118300 has a total call value of 0 versus a total put value of 5,606,410,000 Combined total value = 5,606,410,000

Strike 118400 has a total call value of 0 versus a total put value of 5,543,280,000 Combined total value = 5,543,280,000

Strike 118500 has a total call value of 0 versus a total put value of 5,480,150,000 Combined total value = 5,480,150,000

Strike 118600 has a total call value of 0 versus a total put value of 5,417,020,000 Combined total value = 5,417,020,000

Strike 118700 has a total call value of 0 versus a total put value of 5,353,890,000 Combined total value = 5,353,890,000

Strike 118800 has a total call value of 0 versus a total put value of 5,290,760,000 Combined total value = 5,290,760,000

Strike 118900 has a total call value of 0 versus a total put value of 5,227,630,000 Combined total value = 5,227,630,000

Strike 119000 has a total call value of 0 versus a total put value of 5,164,500,000 Combined total value = 5,164,500,000

Strike 119100 has a total call value of 0 versus a total put value of 5,101,370,000 Combined total value = 5,101,370,000

Strike 119200 has a total call value of 0 versus a total put value of 5,038,240,000 Combined total value = 5,038,240,000

Strike 119300 has a total call value of 0 versus a total put value of 4,975,110,000 Combined total value = 4,975,110,000

Strike 119400 has a total call value of 0 versus a total put value of 4,911,980,000 Combined total value = 4,911,980,000

Strike 119500 has a total call value of 0 versus a total put value of 4,848,850,000 Combined total value = 4,848,850,000

Strike 119600 has a total call value of 0 versus a total put value of 4,785,720,000 Combined total value = 4,785,720,000

Strike 119700 has a total call value of 0 versus a total put value of 4,722,590,000 Combined total value = 4,722,590,000

Strike 119800 has a total call value of 0 versus a total put value of 4,659,460,000 Combined total value = 4,659,460,000

Strike 119900 has a total call value of 0 versus a total put value of 4,596,330,000 Combined total value = 4,596,330,000

Strike 120000 has a total call value of 0 versus a total put value of 4,533,200,000 Combined total value = 4,533,200,000

Strike 120100 has a total call value of 150,000 versus a total put value of 4,476,290,000 Combined total value = 4,476,440,000

Strike 120200 has a total call value of 300,000 versus a total put value of 4,419,380,000 Combined total value = 4,419,680,000

Strike 120300 has a total call value of 450,000 versus a total put value of 4,362,470,000 Combined total value = 4,362,920,000

Strike 120400 has a total call value of 600,000 versus a total put value of 4,305,560,000 Combined total value = 4,306,160,000

Strike 120500 has a total call value of 750,000 versus a total put value of 4,248,650,000 Combined total value = 4,249,400,000

Strike 120600 has a total call value of 900,000 versus a total put value of 4,191,740,000 Combined total value = 4,192,640,000

Strike 120700 has a total call value of 1,050,000 versus a total put value of 4,134,830,000 Combined total value = 4,135,880,000

Strike 120800 has a total call value of 1,200,000 versus a total put value of 4,077,920,000 Combined total value = 4,079,120,000

Strike 120900 has a total call value of 1,350,000 versus a total put value of 4,021,010,000 Combined total value = 4,022,360,000

Strike 121000 has a total call value of 1,500,000 versus a total put value of 3,964,100,000 Combined total value = 3,965,600,000

Strike 121100 has a total call value of 1,650,000 versus a total put value of 3,908,420,000 Combined total value = 3,910,070,000

Strike 121200 has a total call value of 1,800,000 versus a total put value of 3,852,740,000 Combined total value = 3,854,540,000

Strike 121300 has a total call value of 1,950,000 versus a total put value of 3,797,060,000 Combined total value = 3,799,010,000

Strike 121400 has a total call value of 2,100,000 versus a total put value of 3,741,380,000 Combined total value = 3,743,480,000

Strike 121500 has a total call value of 2,250,000 versus a total put value of 3,685,700,000 Combined total value = 3,687,950,000

Strike 121600 has a total call value of 2,400,000 versus a total put value of 3,630,020,000 Combined total value = 3,632,420,000

Strike 121700 has a total call value of 2,550,000 versus a total put value of 3,574,340,000 Combined total value = 3,576,890,000

Strike 121800 has a total call value of 2,700,000 versus a total put value of 3,518,660,000 Combined total value = 3,521,360,000

Strike 121900 has a total call value of 2,850,000 versus a total put value of 3,462,980,000 Combined total value = 3,465,830,000

Strike 122000 has a total call value of 3,000,000 versus a total put value of 3,407,300,000 Combined total value = 3,410,300,000

Strike 122100 has a total call value of 3,150,000 versus a total put value of 3,354,000,000 Combined total value = 3,357,150,000

Strike 122200 has a total call value of 3,300,000 versus a total put value of 3,300,700,000 Combined total value = 3,304,000,000

Strike 122300 has a total call value of 3,450,000 versus a total put value of 3,247,400,000 Combined total value = 3,250,850,000

Strike 122400 has a total call value of 3,600,000 versus a total put value of 3,194,100,000 Combined total value = 3,197,700,000

Strike 122500 has a total call value of 3,750,000 versus a total put value of 3,140,800,000 Combined total value = 3,144,550,000

Strike 122600 has a total call value of 3,900,000 versus a total put value of 3,087,500,000 Combined total value = 3,091,400,000

Strike 122700 has a total call value of 4,050,000 versus a total put value of 3,034,200,000 Combined total value = 3,038,250,000

Strike 122800 has a total call value of 4,200,000 versus a total put value of 2,980,900,000 Combined total value = 2,985,100,000

Strike 122900 has a total call value of 4,350,000 versus a total put value of 2,927,600,000 Combined total value = 2,931,950,000

Strike 123000 has a total call value of 4,500,000 versus a total put value of 2,874,300,000 Combined total value = 2,878,800,000

Strike 123100 has a total call value of 4,650,000 versus a total put value of 2,824,920,000 Combined total value = 2,829,570,000

Strike 123200 has a total call value of 4,800,000 versus a total put value of 2,775,540,000 Combined total value = 2,780,340,000

Strike 123300 has a total call value of 4,950,000 versus a total put value of 2,726,160,000 Combined total value = 2,731,110,000

Strike 123400 has a total call value of 5,100,000 versus a total put value of 2,676,780,000 Combined total value = 2,681,880,000

Strike 123500 has a total call value of 5,250,000 versus a total put value of 2,627,400,000 Combined total value = 2,632,650,000

Strike 123600 has a total call value of 5,400,000 versus a total put value of 2,578,020,000 Combined total value = 2,583,420,000

Strike 123700 has a total call value of 5,550,000 versus a total put value of 2,528,640,000 Combined total value = 2,534,190,000

Strike 123800 has a total call value of 5,700,000 versus a total put value of 2,479,260,000 Combined total value = 2,484,960,000

Strike 123900 has a total call value of 5,850,000 versus a total put value of 2,429,880,000 Combined total value = 2,435,730,000

Strike 124000 has a total call value of 6,000,000 versus a total put value of 2,380,500,000 Combined total value = 2,386,500,000

Strike 124100 has a total call value of 6,200,000 versus a total put value of 2,334,210,000 Combined total value = 2,340,410,000

Strike 124200 has a total call value of 6,400,000 versus a total put value of 2,287,920,000 Combined total value = 2,294,320,000

Strike 124300 has a total call value of 6,600,000 versus a total put value of 2,241,630,000 Combined total value = 2,248,230,000

Strike 124400 has a total call value of 6,800,000 versus a total put value of 2,195,340,000 Combined total value = 2,202,140,000

Strike 124500 has a total call value of 7,000,000 versus a total put value of 2,149,050,000 Combined total value = 2,156,050,000

Strike 124600 has a total call value of 7,200,000 versus a total put value of 2,102,760,000 Combined total value = 2,109,960,000

Strike 124700 has a total call value of 7,400,000 versus a total put value of 2,056,470,000 Combined total value = 2,063,870,000

Strike 124800 has a total call value of 7,600,000 versus a total put value of 2,010,180,000 Combined total value = 2,017,780,000

Strike 124900 has a total call value of 7,800,000 versus a total put value of 1,963,890,000 Combined total value = 1,971,690,000

Strike 125000 has a total call value of 8,000,000 versus a total put value of 1,917,600,000 Combined total value = 1,925,600,000

Strike 125100 has a total call value of 9,240,000 versus a total put value of 1,880,270,000 Combined total value = 1,889,510,000

Strike 125200 has a total call value of 10,480,000 versus a total put value of 1,842,940,000 Combined total value = 1,853,420,000

Strike 125300 has a total call value of 11,720,000 versus a total put value of 1,805,610,000 Combined total value = 1,817,330,000

Strike 125400 has a total call value of 12,960,000 versus a total put value of 1,768,280,000 Combined total value = 1,781,240,000

Strike 125500 has a total call value of 14,200,000 versus a total put value of 1,730,950,000 Combined total value = 1,745,150,000

Strike 125600 has a total call value of 15,440,000 versus a total put value of 1,693,620,000 Combined total value = 1,709,060,000

Strike 125700 has a total call value of 16,680,000 versus a total put value of 1,656,290,000 Combined total value = 1,672,970,000

Strike 125800 has a total call value of 17,920,000 versus a total put value of 1,618,960,000 Combined total value = 1,636,880,000

Strike 125900 has a total call value of 19,160,000 versus a total put value of 1,581,630,000 Combined total value = 1,600,790,000

Strike 126000 has a total call value of 20,400,000 versus a total put value of 1,544,300,000 Combined total value = 1,564,700,000

Strike 126100 has a total call value of 22,200,000 versus a total put value of 1,510,210,000 Combined total value = 1,532,410,000

Strike 126200 has a total call value of 24,000,000 versus a total put value of 1,476,120,000 Combined total value = 1,500,120,000

Strike 126300 has a total call value of 25,800,000 versus a total put value of 1,442,030,000 Combined total value = 1,467,830,000

Strike 126400 has a total call value of 27,600,000 versus a total put value of 1,407,940,000 Combined total value = 1,435,540,000

Strike 126500 has a total call value of 29,400,000 versus a total put value of 1,373,850,000 Combined total value = 1,403,250,000

Strike 126600 has a total call value of 31,200,000 versus a total put value of 1,339,760,000 Combined total value = 1,370,960,000

Strike 126700 has a total call value of 33,000,000 versus a total put value of 1,305,670,000 Combined total value = 1,338,670,000

Strike 126800 has a total call value of 34,800,000 versus a total put value of 1,271,580,000 Combined total value = 1,306,380,000

Strike 126900 has a total call value of 36,600,000 versus a total put value of 1,237,490,000 Combined total value = 1,274,090,000

Strike 127000 has a total call value of 38,400,000 versus a total put value of 1,203,400,000 Combined total value = 1,241,800,000

Strike 127100 has a total call value of 41,310,000 versus a total put value of 1,172,150,000 Combined total value = 1,213,460,000

Strike 127200 has a total call value of 44,220,000 versus a total put value of 1,140,900,000 Combined total value = 1,185,120,000

Strike 127300 has a total call value of 47,130,000 versus a total put value of 1,109,650,000 Combined total value = 1,156,780,000

Strike 127400 has a total call value of 50,040,000 versus a total put value of 1,078,400,000 Combined total value = 1,128,440,000

Strike 127500 has a total call value of 52,950,000 versus a total put value of 1,047,150,000 Combined total value = 1,100,100,000

Strike 127600 has a total call value of 55,860,000 versus a total put value of 1,016,040,000 Combined total value = 1,071,900,000

Strike 127700 has a total call value of 58,770,000 versus a total put value of 984,930,000 Combined total value = 1,043,700,000

Strike 127800 has a total call value of 61,680,000 versus a total put value of 953,820,000 Combined total value = 1,015,500,000

Strike 127900 has a total call value of 64,590,000 versus a total put value of 922,710,000 Combined total value = 987,300,000

Strike 128000 has a total call value of 67,500,000 versus a total put value of 891,600,000 Combined total value = 959,100,000

Strike 128100 has a total call value of 72,620,000 versus a total put value of 866,120,000 Combined total value = 938,740,000

Strike 128200 has a total call value of 77,740,000 versus a total put value of 840,640,000 Combined total value = 918,380,000

Strike 128300 has a total call value of 82,860,000 versus a total put value of 815,160,000 Combined total value = 898,020,000

Strike 128400 has a total call value of 87,980,000 versus a total put value of 789,680,000 Combined total value = 877,660,000

Strike 128500 has a total call value of 93,100,000 versus a total put value of 764,200,000 Combined total value = 857,300,000

Strike 128600 has a total call value of 98,220,000 versus a total put value of 738,720,000 Combined total value = 836,940,000

Strike 128700 has a total call value of 103,340,000 versus a total put value of 713,240,000 Combined total value = 816,580,000

Strike 128800 has a total call value of 108,460,000 versus a total put value of 687,760,000 Combined total value = 796,220,000

Strike 128900 has a total call value of 113,580,000 versus a total put value of 662,280,000 Combined total value = 775,860,000

Strike 129000 has a total call value of 118,700,000 versus a total put value of 636,800,000 Combined total value = 755,500,000

Strike 129100 has a total call value of 124,470,000 versus a total put value of 614,970,000 Combined total value = 739,440,000

Strike 129200 has a total call value of 130,240,000 versus a total put value of 593,140,000 Combined total value = 723,380,000

Strike 129300 has a total call value of 136,010,000 versus a total put value of 571,310,000 Combined total value = 707,320,000

Strike 129400 has a total call value of 141,780,000 versus a total put value of 549,480,000 Combined total value = 691,260,000

Strike 129500 has a total call value of 147,550,000 versus a total put value of 527,650,000 Combined total value = 675,200,000

Strike 129600 has a total call value of 153,320,000 versus a total put value of 505,820,000 Combined total value = 659,140,000

Strike 129700 has a total call value of 159,090,000 versus a total put value of 483,990,000 Combined total value = 643,080,000

Strike 129800 has a total call value of 164,860,000 versus a total put value of 462,160,000 Combined total value = 627,020,000

Strike 129900 has a total call value of 170,630,000 versus a total put value of 440,330,000 Combined total value = 610,960,000

Strike 130000 has a total call value of 176,400,000 versus a total put value of 418,500,000 Combined total value = 594,900,000

Strike 130100 has a total call value of 187,010,000 versus a total put value of 404,440,000 Combined total value = 591,450,000

Strike 130200 has a total call value of 197,620,000 versus a total put value of 390,380,000 Combined total value = 588,000,000

Strike 130300 has a total call value of 208,230,000 versus a total put value of 376,320,000 Combined total value = 584,550,000

Strike 130400 has a total call value of 218,840,000 versus a total put value of 362,260,000 Combined total value = 581,100,000

Strike 130500 has a total call value of 229,450,000 versus a total put value of 348,200,000 Combined total value = 577,650,000

Strike 130600 has a total call value of 240,060,000 versus a total put value of 334,140,000 Combined total value = 574,200,000

Strike 130700 has a total call value of 250,670,000 versus a total put value of 320,080,000 Combined total value = 570,750,000

Strike 130800 has a total call value of 261,280,000 versus a total put value of 306,020,000 Combined total value = 567,300,000

Strike 130900 has a total call value of 271,890,000 versus a total put value of 291,960,000 Combined total value = 563,850,000

Strike 131000 has a total call value of 282,500,000 versus a total put value of 277,900,000 Combined total value = 560,400,000

Strike 131100 has a total call value of 293,960,000 versus a total put value of 266,610,000 Combined total value = 560,570,000

Strike 131200 has a total call value of 305,420,000 versus a total put value of 255,320,000 Combined total value = 560,740,000

Strike 131300 has a total call value of 316,880,000 versus a total put value of 244,030,000 Combined total value = 560,910,000

Strike 131400 has a total call value of 328,340,000 versus a total put value of 232,740,000 Combined total value = 561,080,000

Strike 131500 has a total call value of 339,800,000 versus a total put value of 221,450,000 Combined total value = 561,250,000

Strike 131600 has a total call value of 351,260,000 versus a total put value of 210,160,000 Combined total value = 561,420,000

Strike 131700 has a total call value of 362,720,000 versus a total put value of 198,870,000 Combined total value = 561,590,000

Strike 131800 has a total call value of 374,180,000 versus a total put value of 187,580,000 Combined total value = 561,760,000

Strike 131900 has a total call value of 385,640,000 versus a total put value of 176,290,000 Combined total value = 561,930,000

Strike 132000 has a total call value of 397,100,000 versus a total put value of 165,000,000 Combined total value = 562,100,000

Strike 132100 has a total call value of 411,380,000 versus a total put value of 156,860,000 Combined total value = 568,240,000

Strike 132200 has a total call value of 425,660,000 versus a total put value of 148,720,000 Combined total value = 574,380,000

Strike 132300 has a total call value of 439,940,000 versus a total put value of 140,580,000 Combined total value = 580,520,000

Strike 132400 has a total call value of 454,220,000 versus a total put value of 132,440,000 Combined total value = 586,660,000

Strike 132500 has a total call value of 468,500,000 versus a total put value of 124,300,000 Combined total value = 592,800,000

Strike 132600 has a total call value of 482,780,000 versus a total put value of 116,220,000 Combined total value = 599,000,000

Strike 132700 has a total call value of 497,060,000 versus a total put value of 108,140,000 Combined total value = 605,200,000

Strike 132800 has a total call value of 511,340,000 versus a total put value of 100,060,000 Combined total value = 611,400,000

Strike 132900 has a total call value of 525,620,000 versus a total put value of 91,980,000 Combined total value = 617,600,000

Strike 133000 has a total call value of 539,900,000 versus a total put value of 83,900,000 Combined total value = 623,800,000

Strike 133100 has a total call value of 556,630,000 versus a total put value of 78,640,000 Combined total value = 635,270,000

Strike 133200 has a total call value of 573,360,000 versus a total put value of 73,380,000 Combined total value = 646,740,000

Strike 133300 has a total call value of 590,090,000 versus a total put value of 68,120,000 Combined total value = 658,210,000

Strike 133400 has a total call value of 606,820,000 versus a total put value of 62,860,000 Combined total value = 669,680,000

Strike 133500 has a total call value of 623,550,000 versus a total put value of 57,600,000 Combined total value = 681,150,000

Strike 133600 has a total call value of 640,280,000 versus a total put value of 52,340,000 Combined total value = 692,620,000

Strike 133700 has a total call value of 657,010,000 versus a total put value of 47,080,000 Combined total value = 704,090,000

Strike 133800 has a total call value of 673,740,000 versus a total put value of 41,820,000 Combined total value = 715,560,000

Strike 133900 has a total call value of 690,470,000 versus a total put value of 36,560,000 Combined total value = 727,030,000

Strike 134000 has a total call value of 707,200,000 versus a total put value of 31,300,000 Combined total value = 738,500,000

Strike 134100 has a total call value of 727,200,000 versus a total put value of 28,350,000 Combined total value = 755,550,000

Strike 134200 has a total call value of 747,200,000 versus a total put value of 25,400,000 Combined total value = 772,600,000

Strike 134300 has a total call value of 767,200,000 versus a total put value of 22,450,000 Combined total value = 789,650,000

Strike 134400 has a total call value of 787,200,000 versus a total put value of 19,500,000 Combined total value = 806,700,000

Strike 134500 has a total call value of 807,200,000 versus a total put value of 16,550,000 Combined total value = 823,750,000

Strike 134600 has a total call value of 827,320,000 versus a total put value of 13,680,000 Combined total value = 841,000,000

Strike 134700 has a total call value of 847,440,000 versus a total put value of 10,810,000 Combined total value = 858,250,000

Strike 134800 has a total call value of 867,560,000 versus a total put value of 7,940,000 Combined total value = 875,500,000

Strike 134900 has a total call value of 887,680,000 versus a total put value of 5,070,000 Combined total value = 892,750,000

Strike 135000 has a total call value of 907,800,000 versus a total put value of 2,200,000 Combined total value = 910,000,000

Strike 135100 has a total call value of 940,760,000 versus a total put value of 1,980,000 Combined total value = 942,740,000

Strike 135200 has a total call value of 973,720,000 versus a total put value of 1,760,000 Combined total value = 975,480,000

Strike 135300 has a total call value of 1,006,680,000 versus a total put value of 1,540,000 Combined total value = 1,008,220,000

Strike 135400 has a total call value of 1,039,640,000 versus a total put value of 1,320,000 Combined total value = 1,040,960,000

Strike 135500 has a total call value of 1,072,600,000 versus a total put value of 1,100,000 Combined total value = 1,073,700,000

Strike 135600 has a total call value of 1,105,560,000 versus a total put value of 880,000 Combined total value = 1,106,440,000

Strike 135700 has a total call value of 1,138,520,000 versus a total put value of 660,000 Combined total value = 1,139,180,000

Strike 135800 has a total call value of 1,171,480,000 versus a total put value of 440,000 Combined total value = 1,171,920,000

Strike 135900 has a total call value of 1,204,440,000 versus a total put value of 220,000 Combined total value = 1,204,660,000

Strike 136000 has a total call value of 1,237,400,000 versus a total put value of 0 Combined total value = 1,237,400,000

Strike 136100 has a total call value of 1,277,730,000 versus a total put value of 0 Combined total value = 1,277,730,000

Strike 136200 has a total call value of 1,318,060,000 versus a total put value of 0 Combined total value = 1,318,060,000

Strike 136300 has a total call value of 1,358,390,000 versus a total put value of 0 Combined total value = 1,358,390,000

Strike 136400 has a total call value of 1,398,720,000 versus a total put value of 0 Combined total value = 1,398,720,000

Strike 136500 has a total call value of 1,439,050,000 versus a total put value of 0 Combined total value = 1,439,050,000

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	1135.6	1140
ABB	5208.5	5200
ABCAPITAL	349.35	350
ADANIENSOL	989.2	990
ADANIENT	2240.7	2300
ADANIGREEN	1028.7	1020
ADANIPORTS	1486.7	1500
ALKEM	5636.5	5700
AMBER	6648.5	6800
AMBUJACEM	543.6	555
ANGELONE	2507.9	2600
APLAPOLLO	1744.6	1740
APOLLOHOSP	6974	7150
ASHOKLEY	165.53	160
ASIANPAINT	2778.5	2800
ASTRAL	1435.2	1460
AUBANK	995.65	960
AUROPHARMA	1189.3	1200
AXISBANK	1229.8	1240
BAJAJ-AUTO	8928	9000
BAJAJFINSV	2022.7	2060
BAJFINANCE	1000	1020
BANDHANBNK	148.88	150
BANKBARODA	287	290
BANKINDIA	142.4	143
BDL	1333.4	1400
BEL	385.75	400
BHARATFORG	1409.9	1400
BHARTIARTL	2101.9	2100
BHEL	276.7	280
BIOCON	388.2	390
BLUESTARCO	1820.5	1780
BOSCHLTD	36020	36500
BPCL	366.95	365
BRITANNIA	6089.5	6000
BSE	2656	2700
CAMS	745.1	780
CANBK	150.33	150
CDSL	1483.5	1560
CGPOWER	678.65	680
CHOLAFIN	1686.5	1700
CIPLA	1494.2	1520
COALINDIA	384.1	384.75
COFORGE	1852.1	1840
COLPAL	2112.4	2180
CONCOR	497.65	520
CROMPTON	251.1	265
CUMMINSIND	4513	4500
CYIENT	1139.5	1160
DABUR	494.8	500
DALBHARAT	2062.2	2040
DELHIVERY	401.2	410
DIVISLAB	6316.5	6400
DIXON	13301	13750
DLF	681.8	710
DMART	3818.1	3900
DRREDDY	1277.9	1270
EICHERMOT	7155	7150
ETERNAL	285.1	295
EXIDEIND	362.4	375
FEDERALBNK	264.35	260
FORTIS	874.9	890
GAIL	169.22	175
GLENMARK	1953.7	1940
GMRAIRPORT	101.88	102
GODREJCP	1175.6	1160
GODREJPROP	2024	2080
GRASIM	2801.8	2800
HAL	4242	4500
HAVELLS	1399.8	1440
HCLTECH	1650.6	1660
HDFCAMC	2558	2620
HDFCBANK	983.5	1000
HDFCLIFE	751.35	770
HEROMOTOCO	5806	6000
HFCL	64.86	68
HINDALCO	847.25	820
HINDPETRO	468.5	460
HINDUNILVR	2270.1	2300
HINDZINC	582.35	550
HUDCO	208.97	220
ICICIBANK	1351	1370
ICICIGI	1937	1980
ICICIPRULI	632.3	630
IDEA	11.3	11
IDFCFIRSTB	83.85	82
IEX	141.23	145
IIFL	568	560
INDHOTEL	718.95	730
INDIANB	777.05	820
INDIGO	4974	5000
INDUSINDBK	835.7	850
INDUSTOWER	408.05	410
INFY	1600.1	1600
INOXWIND	126.55	130
IOC	168.32	166
IRCTC	668.55	690
IREDA	132.4	140
IRFC	111.51	116
ITC	400	405
JINDALSTEL	1006.4	1030
JIOFIN	293.6	305
JSWENERGY	481.75	490
JSWSTEEL	1085.3	1130
JUBLFOOD	553.05	580
KALYANKJIL	474.5	480
KAYNES	4185	4400
KEI	4096.3	4100
KFINTECH	1034.6	1060
KOTAKBANK	2168.9	2160
KPITTECH	1171.1	1200
LAURUSLABS	1010	1000
LICHSGFIN	526.4	550
LICI	847.1	870
LODHA	1068.5	1100
LT	4058.6	4040
LTF	302.6	302.5
LTIM	6245	6150
LUPIN	2116.7	2080
M&M	3605	3650
MANAPPURAM	284.8	280
MANKIND	2097.6	2200
MARICO	739.35	740
MARUTI	16410	16300
MAXHEALTH	1040.7	1100
MAZDOCK	2382.1	2500
MCX	10104	10100
MFSL	1648.8	1680
MOTHERSON	119.92	116
MPHASIS	2866.2	2900
MUTHOOTFIN	3801	3750
NATIONALUM	279.55	270
NAUKRI	1347.6	1360
NBCC	110.57	112
NCC	156.62	165
NESTLEIND	1229.6	1240
NHPC	75.71	78
NMDC	77.45	77
NTPC	320.6	325
NUVAMA	7248.5	7200
NYKAA	244.9	255
OBEROIRLTY	1625.2	1640
OFSS	7771	8000
OIL	402	410
ONGC	232.4	237.5
PAGEIND	36195	37000
PATANJALI	531.25	540
PAYTM	1270.2	1300
PERSISTENT	6286	6300
PETRONET	268.8	278
PFC	336.2	355
PGEL	566.3	560
PHOENIXLTD	1787.6	1740
PIDILITIND	1449.6	1480
PIIND	3210.8	3350
PNB	119.24	120
PNBHOUSING	905.35	910
POLICYBZR	1793.9	1840
POLYCAB	7098	7200
POWERGRID	262.55	270
POWERINDIA	19265	19500
PPLPHARMA	169.87	180
PRESTIGE	1612.4	1660
RBLBANK	297.5	310
RECLTD	334.05	350
RELIANCE	1541.7	1540
RVNL	308.1	315
SAIL	129.61	132
SAMMAANCAP	152.25	155
SBICARD	832.6	870
SBILIFE	2001.4	2020
SBIN	976	970
SHREECEM	26015	26500
SHRIRAMFIN	865	850
SIEMENS	3146.4	3200
SOLARINDS	11904	12500
SONACOMS	489.8	500
SRF	3016	2950
SUNPHARMA	1783.4	1800
SUPREMEIND	3332	3400
SUZLON	52.17	54
SYNGENE	652.45	650
TATACONSUM	1181.9	1170
TATAELXSI	4990	5100
TATAMOTORS	0	320
TATAPOWER	380.1	390
TATASTEEL	169.98	170
TATATECH	645.9	670
TCS	3217.4	3200
TECHM	1578	1540
TIINDIA	2625.6	2700
TITAGARH	781.45	800
TITAN	3905.7	3880
TMPV	347.2	360
TORNTPHARM	3742.2	3750
TORNTPOWER	1288	1300
TRENT	4062.8	4200
TVSMOTOR	3643	3600
ULTRACEMCO	11526	11700
UNIONBANK	153.39	155
UNITDSPR	1442.5	1440
UNOMINDA	1246.8	1280
UPL	746	750
VBL	478.6	470
VEDL	573.2	550
VOLTAS	1384	1380
WIPRO	260.75	255
YESBANK	21.59	22
ZYDUSLIFE	919.85	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.

Related Pages for GOLD

GOLD

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD