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

134040 -481.00 (-0.36%)

L: 133555 H: 134360

Max Pain - GOLD

19 Dec 2025 10:11 PM IST

Live

Expiry

Max Pain for GOLD is 134000

Historical data for GOLD-134000-CE

LTP (134000 CE)

1722 -490.5

Open Interest

470 79

Historical data for GOLD-134000-PE

LTP (134000 PE)

1658.5 -50

Open Interest

414 5

Strike 120000 has a total call value of 0 versus a total put value of 4,995,700,000 Combined total value = 4,995,700,000

Strike 120100 has a total call value of 0 versus a total put value of 4,942,220,000 Combined total value = 4,942,220,000

Strike 120200 has a total call value of 0 versus a total put value of 4,888,740,000 Combined total value = 4,888,740,000

Strike 120300 has a total call value of 0 versus a total put value of 4,835,260,000 Combined total value = 4,835,260,000

Strike 120400 has a total call value of 0 versus a total put value of 4,781,780,000 Combined total value = 4,781,780,000

Strike 120500 has a total call value of 0 versus a total put value of 4,728,300,000 Combined total value = 4,728,300,000

Strike 120600 has a total call value of 0 versus a total put value of 4,674,820,000 Combined total value = 4,674,820,000

Strike 120700 has a total call value of 0 versus a total put value of 4,621,340,000 Combined total value = 4,621,340,000

Strike 120800 has a total call value of 0 versus a total put value of 4,567,860,000 Combined total value = 4,567,860,000

Strike 120900 has a total call value of 0 versus a total put value of 4,514,380,000 Combined total value = 4,514,380,000

Strike 121000 has a total call value of 0 versus a total put value of 4,460,900,000 Combined total value = 4,460,900,000

Strike 121100 has a total call value of 0 versus a total put value of 4,407,420,000 Combined total value = 4,407,420,000

Strike 121200 has a total call value of 0 versus a total put value of 4,353,940,000 Combined total value = 4,353,940,000

Strike 121300 has a total call value of 0 versus a total put value of 4,300,460,000 Combined total value = 4,300,460,000

Strike 121400 has a total call value of 0 versus a total put value of 4,246,980,000 Combined total value = 4,246,980,000

Strike 121500 has a total call value of 0 versus a total put value of 4,193,500,000 Combined total value = 4,193,500,000

Strike 121600 has a total call value of 0 versus a total put value of 4,140,020,000 Combined total value = 4,140,020,000

Strike 121700 has a total call value of 0 versus a total put value of 4,086,540,000 Combined total value = 4,086,540,000

Strike 121800 has a total call value of 0 versus a total put value of 4,033,060,000 Combined total value = 4,033,060,000

Strike 121900 has a total call value of 0 versus a total put value of 3,979,580,000 Combined total value = 3,979,580,000

Strike 122000 has a total call value of 0 versus a total put value of 3,926,100,000 Combined total value = 3,926,100,000

Strike 122100 has a total call value of 0 versus a total put value of 3,874,430,000 Combined total value = 3,874,430,000

Strike 122200 has a total call value of 0 versus a total put value of 3,822,760,000 Combined total value = 3,822,760,000

Strike 122300 has a total call value of 0 versus a total put value of 3,771,090,000 Combined total value = 3,771,090,000

Strike 122400 has a total call value of 0 versus a total put value of 3,719,420,000 Combined total value = 3,719,420,000

Strike 122500 has a total call value of 0 versus a total put value of 3,667,750,000 Combined total value = 3,667,750,000

Strike 122600 has a total call value of 0 versus a total put value of 3,616,080,000 Combined total value = 3,616,080,000

Strike 122700 has a total call value of 0 versus a total put value of 3,564,410,000 Combined total value = 3,564,410,000

Strike 122800 has a total call value of 0 versus a total put value of 3,512,740,000 Combined total value = 3,512,740,000

Strike 122900 has a total call value of 0 versus a total put value of 3,461,070,000 Combined total value = 3,461,070,000

Strike 123000 has a total call value of 0 versus a total put value of 3,409,400,000 Combined total value = 3,409,400,000

Strike 123100 has a total call value of 0 versus a total put value of 3,357,730,000 Combined total value = 3,357,730,000

Strike 123200 has a total call value of 0 versus a total put value of 3,306,060,000 Combined total value = 3,306,060,000

Strike 123300 has a total call value of 0 versus a total put value of 3,254,390,000 Combined total value = 3,254,390,000

Strike 123400 has a total call value of 0 versus a total put value of 3,202,720,000 Combined total value = 3,202,720,000

Strike 123500 has a total call value of 0 versus a total put value of 3,151,050,000 Combined total value = 3,151,050,000

Strike 123600 has a total call value of 0 versus a total put value of 3,099,380,000 Combined total value = 3,099,380,000

Strike 123700 has a total call value of 0 versus a total put value of 3,047,710,000 Combined total value = 3,047,710,000

Strike 123800 has a total call value of 0 versus a total put value of 2,996,040,000 Combined total value = 2,996,040,000

Strike 123900 has a total call value of 0 versus a total put value of 2,944,370,000 Combined total value = 2,944,370,000

Strike 124000 has a total call value of 0 versus a total put value of 2,892,700,000 Combined total value = 2,892,700,000

Strike 124100 has a total call value of 0 versus a total put value of 2,843,440,000 Combined total value = 2,843,440,000

Strike 124200 has a total call value of 0 versus a total put value of 2,794,180,000 Combined total value = 2,794,180,000

Strike 124300 has a total call value of 0 versus a total put value of 2,744,920,000 Combined total value = 2,744,920,000

Strike 124400 has a total call value of 0 versus a total put value of 2,695,660,000 Combined total value = 2,695,660,000

Strike 124500 has a total call value of 0 versus a total put value of 2,646,400,000 Combined total value = 2,646,400,000

Strike 124600 has a total call value of 0 versus a total put value of 2,597,140,000 Combined total value = 2,597,140,000

Strike 124700 has a total call value of 0 versus a total put value of 2,547,880,000 Combined total value = 2,547,880,000

Strike 124800 has a total call value of 0 versus a total put value of 2,498,620,000 Combined total value = 2,498,620,000

Strike 124900 has a total call value of 0 versus a total put value of 2,449,360,000 Combined total value = 2,449,360,000

Strike 125000 has a total call value of 0 versus a total put value of 2,400,100,000 Combined total value = 2,400,100,000

Strike 125100 has a total call value of 1,030,000 versus a total put value of 2,357,670,000 Combined total value = 2,358,700,000

Strike 125200 has a total call value of 2,060,000 versus a total put value of 2,315,240,000 Combined total value = 2,317,300,000

Strike 125300 has a total call value of 3,090,000 versus a total put value of 2,272,810,000 Combined total value = 2,275,900,000

Strike 125400 has a total call value of 4,120,000 versus a total put value of 2,230,380,000 Combined total value = 2,234,500,000

Strike 125500 has a total call value of 5,150,000 versus a total put value of 2,187,950,000 Combined total value = 2,193,100,000

Strike 125600 has a total call value of 6,180,000 versus a total put value of 2,145,520,000 Combined total value = 2,151,700,000

Strike 125700 has a total call value of 7,210,000 versus a total put value of 2,103,090,000 Combined total value = 2,110,300,000

Strike 125800 has a total call value of 8,240,000 versus a total put value of 2,060,660,000 Combined total value = 2,068,900,000

Strike 125900 has a total call value of 9,270,000 versus a total put value of 2,018,230,000 Combined total value = 2,027,500,000

Strike 126000 has a total call value of 10,300,000 versus a total put value of 1,975,800,000 Combined total value = 1,986,100,000

Strike 126100 has a total call value of 11,330,000 versus a total put value of 1,936,260,000 Combined total value = 1,947,590,000

Strike 126200 has a total call value of 12,360,000 versus a total put value of 1,896,720,000 Combined total value = 1,909,080,000

Strike 126300 has a total call value of 13,390,000 versus a total put value of 1,857,180,000 Combined total value = 1,870,570,000

Strike 126400 has a total call value of 14,420,000 versus a total put value of 1,817,640,000 Combined total value = 1,832,060,000

Strike 126500 has a total call value of 15,450,000 versus a total put value of 1,778,100,000 Combined total value = 1,793,550,000

Strike 126600 has a total call value of 16,480,000 versus a total put value of 1,738,560,000 Combined total value = 1,755,040,000

Strike 126700 has a total call value of 17,510,000 versus a total put value of 1,699,020,000 Combined total value = 1,716,530,000

Strike 126800 has a total call value of 18,540,000 versus a total put value of 1,659,480,000 Combined total value = 1,678,020,000

Strike 126900 has a total call value of 19,570,000 versus a total put value of 1,619,940,000 Combined total value = 1,639,510,000

Strike 127000 has a total call value of 20,600,000 versus a total put value of 1,580,400,000 Combined total value = 1,601,000,000

Strike 127100 has a total call value of 21,630,000 versus a total put value of 1,543,490,000 Combined total value = 1,565,120,000

Strike 127200 has a total call value of 22,660,000 versus a total put value of 1,506,580,000 Combined total value = 1,529,240,000

Strike 127300 has a total call value of 23,690,000 versus a total put value of 1,469,670,000 Combined total value = 1,493,360,000

Strike 127400 has a total call value of 24,720,000 versus a total put value of 1,432,760,000 Combined total value = 1,457,480,000

Strike 127500 has a total call value of 25,750,000 versus a total put value of 1,395,850,000 Combined total value = 1,421,600,000

Strike 127600 has a total call value of 26,780,000 versus a total put value of 1,358,940,000 Combined total value = 1,385,720,000

Strike 127700 has a total call value of 27,810,000 versus a total put value of 1,322,030,000 Combined total value = 1,349,840,000

Strike 127800 has a total call value of 28,840,000 versus a total put value of 1,285,120,000 Combined total value = 1,313,960,000

Strike 127900 has a total call value of 29,870,000 versus a total put value of 1,248,210,000 Combined total value = 1,278,080,000

Strike 128000 has a total call value of 30,900,000 versus a total put value of 1,211,300,000 Combined total value = 1,242,200,000

Strike 128100 has a total call value of 31,930,000 versus a total put value of 1,179,120,000 Combined total value = 1,211,050,000

Strike 128200 has a total call value of 32,960,000 versus a total put value of 1,146,940,000 Combined total value = 1,179,900,000

Strike 128300 has a total call value of 33,990,000 versus a total put value of 1,114,760,000 Combined total value = 1,148,750,000

Strike 128400 has a total call value of 35,020,000 versus a total put value of 1,082,580,000 Combined total value = 1,117,600,000

Strike 128500 has a total call value of 36,050,000 versus a total put value of 1,050,400,000 Combined total value = 1,086,450,000

Strike 128600 has a total call value of 37,080,000 versus a total put value of 1,018,220,000 Combined total value = 1,055,300,000

Strike 128700 has a total call value of 38,110,000 versus a total put value of 986,040,000 Combined total value = 1,024,150,000

Strike 128800 has a total call value of 39,140,000 versus a total put value of 953,860,000 Combined total value = 993,000,000

Strike 128900 has a total call value of 40,170,000 versus a total put value of 921,680,000 Combined total value = 961,850,000

Strike 129000 has a total call value of 41,200,000 versus a total put value of 889,500,000 Combined total value = 930,700,000

Strike 129100 has a total call value of 42,230,000 versus a total put value of 860,800,000 Combined total value = 903,030,000

Strike 129200 has a total call value of 43,260,000 versus a total put value of 832,100,000 Combined total value = 875,360,000

Strike 129300 has a total call value of 44,290,000 versus a total put value of 803,400,000 Combined total value = 847,690,000

Strike 129400 has a total call value of 45,320,000 versus a total put value of 774,700,000 Combined total value = 820,020,000

Strike 129500 has a total call value of 46,350,000 versus a total put value of 746,000,000 Combined total value = 792,350,000

Strike 129600 has a total call value of 47,380,000 versus a total put value of 717,300,000 Combined total value = 764,680,000

Strike 129700 has a total call value of 48,410,000 versus a total put value of 688,600,000 Combined total value = 737,010,000

Strike 129800 has a total call value of 49,440,000 versus a total put value of 659,900,000 Combined total value = 709,340,000

Strike 129900 has a total call value of 50,470,000 versus a total put value of 631,200,000 Combined total value = 681,670,000

Strike 130000 has a total call value of 51,500,000 versus a total put value of 602,500,000 Combined total value = 654,000,000

Strike 130100 has a total call value of 52,530,000 versus a total put value of 582,740,000 Combined total value = 635,270,000

Strike 130200 has a total call value of 53,560,000 versus a total put value of 562,980,000 Combined total value = 616,540,000

Strike 130300 has a total call value of 54,590,000 versus a total put value of 543,220,000 Combined total value = 597,810,000

Strike 130400 has a total call value of 55,620,000 versus a total put value of 523,460,000 Combined total value = 579,080,000

Strike 130500 has a total call value of 56,650,000 versus a total put value of 503,700,000 Combined total value = 560,350,000

Strike 130600 has a total call value of 57,680,000 versus a total put value of 483,940,000 Combined total value = 541,620,000

Strike 130700 has a total call value of 58,710,000 versus a total put value of 464,180,000 Combined total value = 522,890,000

Strike 130800 has a total call value of 59,740,000 versus a total put value of 444,420,000 Combined total value = 504,160,000

Strike 130900 has a total call value of 60,770,000 versus a total put value of 424,660,000 Combined total value = 485,430,000

Strike 131000 has a total call value of 61,800,000 versus a total put value of 404,900,000 Combined total value = 466,700,000

Strike 131100 has a total call value of 63,450,000 versus a total put value of 388,580,000 Combined total value = 452,030,000

Strike 131200 has a total call value of 65,100,000 versus a total put value of 372,260,000 Combined total value = 437,360,000

Strike 131300 has a total call value of 66,750,000 versus a total put value of 355,940,000 Combined total value = 422,690,000

Strike 131400 has a total call value of 68,400,000 versus a total put value of 339,620,000 Combined total value = 408,020,000

Strike 131500 has a total call value of 70,050,000 versus a total put value of 323,300,000 Combined total value = 393,350,000

Strike 131600 has a total call value of 71,700,000 versus a total put value of 306,980,000 Combined total value = 378,680,000

Strike 131700 has a total call value of 73,350,000 versus a total put value of 290,660,000 Combined total value = 364,010,000

Strike 131800 has a total call value of 75,000,000 versus a total put value of 274,340,000 Combined total value = 349,340,000

Strike 131900 has a total call value of 76,650,000 versus a total put value of 258,020,000 Combined total value = 334,670,000

Strike 132000 has a total call value of 78,300,000 versus a total put value of 241,700,000 Combined total value = 320,000,000

Strike 132100 has a total call value of 83,360,000 versus a total put value of 229,470,000 Combined total value = 312,830,000

Strike 132200 has a total call value of 88,420,000 versus a total put value of 217,240,000 Combined total value = 305,660,000

Strike 132300 has a total call value of 93,480,000 versus a total put value of 205,010,000 Combined total value = 298,490,000

Strike 132400 has a total call value of 98,540,000 versus a total put value of 192,780,000 Combined total value = 291,320,000

Strike 132500 has a total call value of 103,600,000 versus a total put value of 180,550,000 Combined total value = 284,150,000

Strike 132600 has a total call value of 108,660,000 versus a total put value of 168,320,000 Combined total value = 276,980,000

Strike 132700 has a total call value of 113,720,000 versus a total put value of 156,090,000 Combined total value = 269,810,000

Strike 132800 has a total call value of 118,780,000 versus a total put value of 143,860,000 Combined total value = 262,640,000

Strike 132900 has a total call value of 123,840,000 versus a total put value of 131,630,000 Combined total value = 255,470,000

Strike 133000 has a total call value of 128,900,000 versus a total put value of 119,400,000 Combined total value = 248,300,000

Strike 133100 has a total call value of 136,240,000 versus a total put value of 111,360,000 Combined total value = 247,600,000

Strike 133200 has a total call value of 143,580,000 versus a total put value of 103,320,000 Combined total value = 246,900,000

Strike 133300 has a total call value of 150,920,000 versus a total put value of 95,280,000 Combined total value = 246,200,000

Strike 133400 has a total call value of 158,260,000 versus a total put value of 87,240,000 Combined total value = 245,500,000

Strike 133500 has a total call value of 165,600,000 versus a total put value of 79,200,000 Combined total value = 244,800,000

Strike 133600 has a total call value of 173,110,000 versus a total put value of 71,160,000 Combined total value = 244,270,000

Strike 133700 has a total call value of 180,620,000 versus a total put value of 63,120,000 Combined total value = 243,740,000

Strike 133800 has a total call value of 188,130,000 versus a total put value of 55,080,000 Combined total value = 243,210,000

Strike 133900 has a total call value of 195,640,000 versus a total put value of 47,040,000 Combined total value = 242,680,000

Strike 134000 has a total call value of 203,150,000 versus a total put value of 39,000,000 Combined total value = 242,150,000

Strike 134100 has a total call value of 215,360,000 versus a total put value of 35,100,000 Combined total value = 250,460,000

Strike 134200 has a total call value of 227,570,000 versus a total put value of 31,200,000 Combined total value = 258,770,000

Strike 134300 has a total call value of 239,780,000 versus a total put value of 27,300,000 Combined total value = 267,080,000

Strike 134400 has a total call value of 251,990,000 versus a total put value of 23,400,000 Combined total value = 275,390,000

Strike 134500 has a total call value of 264,200,000 versus a total put value of 19,500,000 Combined total value = 283,700,000

Strike 134600 has a total call value of 276,740,000 versus a total put value of 15,600,000 Combined total value = 292,340,000

Strike 134700 has a total call value of 289,280,000 versus a total put value of 11,700,000 Combined total value = 300,980,000

Strike 134800 has a total call value of 301,820,000 versus a total put value of 7,800,000 Combined total value = 309,620,000

Strike 134900 has a total call value of 314,360,000 versus a total put value of 3,900,000 Combined total value = 318,260,000

Strike 135000 has a total call value of 326,900,000 versus a total put value of 0 Combined total value = 326,900,000

Strike 135100 has a total call value of 353,220,000 versus a total put value of 0 Combined total value = 353,220,000

Strike 135200 has a total call value of 379,540,000 versus a total put value of 0 Combined total value = 379,540,000

Strike 135300 has a total call value of 405,860,000 versus a total put value of 0 Combined total value = 405,860,000

Strike 135400 has a total call value of 432,180,000 versus a total put value of 0 Combined total value = 432,180,000

Strike 135500 has a total call value of 458,500,000 versus a total put value of 0 Combined total value = 458,500,000

Strike 135600 has a total call value of 485,010,000 versus a total put value of 0 Combined total value = 485,010,000

Strike 135700 has a total call value of 511,520,000 versus a total put value of 0 Combined total value = 511,520,000

Strike 135800 has a total call value of 538,030,000 versus a total put value of 0 Combined total value = 538,030,000

Strike 135900 has a total call value of 564,540,000 versus a total put value of 0 Combined total value = 564,540,000

Strike 136000 has a total call value of 591,050,000 versus a total put value of 0 Combined total value = 591,050,000

Strike 136100 has a total call value of 625,110,000 versus a total put value of 0 Combined total value = 625,110,000

Strike 136200 has a total call value of 659,170,000 versus a total put value of 0 Combined total value = 659,170,000

Strike 136300 has a total call value of 693,230,000 versus a total put value of 0 Combined total value = 693,230,000

Strike 136400 has a total call value of 727,290,000 versus a total put value of 0 Combined total value = 727,290,000

Strike 136500 has a total call value of 761,350,000 versus a total put value of 0 Combined total value = 761,350,000

Strike 136600 has a total call value of 795,410,000 versus a total put value of 0 Combined total value = 795,410,000

Strike 136700 has a total call value of 829,470,000 versus a total put value of 0 Combined total value = 829,470,000

Strike 136800 has a total call value of 863,530,000 versus a total put value of 0 Combined total value = 863,530,000

Strike 136900 has a total call value of 897,590,000 versus a total put value of 0 Combined total value = 897,590,000

Strike 137000 has a total call value of 931,650,000 versus a total put value of 0 Combined total value = 931,650,000

Strike 137100 has a total call value of 970,660,000 versus a total put value of 0 Combined total value = 970,660,000

Strike 137200 has a total call value of 1,009,670,000 versus a total put value of 0 Combined total value = 1,009,670,000

Strike 137300 has a total call value of 1,048,680,000 versus a total put value of 0 Combined total value = 1,048,680,000

Strike 137400 has a total call value of 1,087,690,000 versus a total put value of 0 Combined total value = 1,087,690,000

Strike 137500 has a total call value of 1,126,700,000 versus a total put value of 0 Combined total value = 1,126,700,000

Strike 137600 has a total call value of 1,165,710,000 versus a total put value of 0 Combined total value = 1,165,710,000

Strike 137700 has a total call value of 1,204,720,000 versus a total put value of 0 Combined total value = 1,204,720,000

Strike 137800 has a total call value of 1,243,730,000 versus a total put value of 0 Combined total value = 1,243,730,000

Strike 137900 has a total call value of 1,282,740,000 versus a total put value of 0 Combined total value = 1,282,740,000

Strike 138000 has a total call value of 1,321,750,000 versus a total put value of 0 Combined total value = 1,321,750,000

Strike 138100 has a total call value of 1,366,930,000 versus a total put value of 0 Combined total value = 1,366,930,000

Strike 138200 has a total call value of 1,412,110,000 versus a total put value of 0 Combined total value = 1,412,110,000

Strike 138300 has a total call value of 1,457,290,000 versus a total put value of 0 Combined total value = 1,457,290,000

Strike 138400 has a total call value of 1,502,470,000 versus a total put value of 0 Combined total value = 1,502,470,000

Strike 138500 has a total call value of 1,547,650,000 versus a total put value of 0 Combined total value = 1,547,650,000

Strike 138600 has a total call value of 1,592,830,000 versus a total put value of 0 Combined total value = 1,592,830,000

Strike 138700 has a total call value of 1,638,010,000 versus a total put value of 0 Combined total value = 1,638,010,000

Strike 138800 has a total call value of 1,683,190,000 versus a total put value of 0 Combined total value = 1,683,190,000

Strike 138900 has a total call value of 1,728,370,000 versus a total put value of 0 Combined total value = 1,728,370,000

Strike 139000 has a total call value of 1,773,550,000 versus a total put value of 0 Combined total value = 1,773,550,000

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	1138.9	1140
ABB	5177	5200
ABCAPITAL	348.7	345
ADANIENSOL	988.25	980
ADANIENT	2239	2300
ADANIGREEN	1020.9	1040
ADANIPORTS	1496.4	1500
ALKEM	5555.5	5650
AMBER	6681	6800
AMBUJACEM	539.65	550
ANGELONE	2518.1	2550
APLAPOLLO	1820.1	1780
APOLLOHOSP	7012.5	7100
ASHOKLEY	173.56	165
ASIANPAINT	2799.9	2800
ASTRAL	1423.6	1440
AUBANK	985.15	960
AUROPHARMA	1225.1	1220
AXISBANK	1230.6	1240
BAJAJ-AUTO	9002	9000
BAJAJFINSV	2043.8	2060
BAJFINANCE	1008.3	1020
BANDHANBNK	150.09	150
BANKBARODA	292.05	290
BANKINDIA	143.21	143
BDL	1373.1	1400
BEL	392.85	400
BHARATFORG	1439.9	1400
BHARTIARTL	2097.7	2100
BHEL	275.75	280
BIOCON	398.55	395
BLUESTARCO	1781.4	1780
BOSCHLTD	35940	36000
BPCL	365.95	365
BRITANNIA	6103	6000
BSE	2684.8	2700
CAMS	758.1	780
CANBK	148.58	150
CDSL	1499.6	1560
CGPOWER	671.6	680
CHOLAFIN	1648.1	1700
CIPLA	1517.1	1520
COALINDIA	385.6	385
COFORGE	1845.4	1840
COLPAL	2111.1	2180
CONCOR	501.35	520
CROMPTON	255.6	265
CUMMINSIND	4410.4	4400
CYIENT	1157.6	1140
DABUR	493.95	500
DALBHARAT	2015.3	2020
DELHIVERY	405.95	410
DIVISLAB	6478.5	6450
DIXON	13268	13500
DLF	691.2	710
DMART	3819.5	3900
DRREDDY	1278.2	1270
EICHERMOT	7217	7150
ETERNAL	286.05	295
EXIDEIND	363.25	370
FEDERALBNK	267.85	260
FORTIS	890.9	900
GAIL	169.76	175
GLENMARK	1992.1	1940
GMRAIRPORT	101.53	102
GODREJCP	1186.2	1160
GODREJPROP	2044.8	2080
GRASIM	2812.5	2800
HAL	4305.3	4500
HAVELLS	1416.9	1440
HCLTECH	1642.4	1660
HDFCAMC	2672.2	2660
HDFCBANK	985.5	995
HDFCLIFE	766.45	770
HEROMOTOCO	5781	5900
HFCL	64.12	67
HINDALCO	852	820
HINDPETRO	469.75	460
HINDUNILVR	2280	2300
HINDZINC	588.75	560
HUDCO	211.27	217.5
ICICIBANK	1354.1	1370
ICICIGI	1954.3	1960
ICICIPRULI	650.4	630
IDEA	11.96	11
IDFCFIRSTB	84.68	82
IEX	141.4	145
IIFL	564.6	560
INDHOTEL	731.2	730
INDIANB	781.4	820
INDIGO	5153.5	5100
INDUSINDBK	844.7	850
INDUSTOWER	414.05	410
INFY	1638.7	1600
INOXWIND	126.87	130
IOC	162.6	162
IRCTC	674	690
IREDA	133.19	140
IRFC	113.98	116
ITC	401.05	405
JINDALSTEL	992.6	1020
JIOFIN	296.95	305
JSWENERGY	478.25	490
JSWSTEEL	1079.6	1120
JUBLFOOD	563.7	580
KALYANKJIL	484.85	480
KAYNES	4185	4400
KEI	4284.4	4150
KFINTECH	1078.1	1080
KOTAKBANK	2159.5	2160
KPITTECH	1224.6	1220
LAURUSLABS	1045.2	1010
LICHSGFIN	532.45	550
LICI	852	870
LODHA	1090.2	1120
LT	4073.5	4040
LTF	300.3	300
LTIM	6197.5	6100
LUPIN	2125.8	2100
M&M	3603.6	3650
MANAPPURAM	292.65	285
MANKIND	2172.1	2200
MARICO	741.2	740
MARUTI	16414	16300
MAXHEALTH	1075.8	1100
MAZDOCK	2408.2	2500
MCX	10307	10100
MFSL	1689.9	1700
MOTHERSON	120.98	117
MPHASIS	2890.2	2900
MUTHOOTFIN	3781.2	3750
NATIONALUM	278.5	270
NAUKRI	1340.8	1360
NBCC	113.7	112
NCC	155.9	165
NESTLEIND	1244.4	1240
NHPC	76.61	78
NMDC	76.3	77
NTPC	319.9	325
NUVAMA	7169	7200
NYKAA	249.05	252.5
OBEROIRLTY	1675.3	1660
OFSS	7823.5	8000
OIL	405.05	410
ONGC	232.89	237.5
PAGEIND	35745	37000
PATANJALI	559.4	550
PAYTM	1336	1300
PERSISTENT	6358	6300
PETRONET	273.85	280
PFC	338.7	355
PGEL	582	570
PHOENIXLTD	1831.3	1780
PIDILITIND	1458.3	1480
PIIND	3249.6	3350
PNB	119.82	120
PNBHOUSING	927.8	910
POLICYBZR	1888.9	1860
POLYCAB	7439	7300
POWERGRID	263.45	270
POWERINDIA	18555	18750
PPLPHARMA	171.28	177.5
PRESTIGE	1624.1	1660
RBLBANK	300.25	305
RECLTD	339.2	355
RELIANCE	1565.1	1550
RVNL	319.15	315
SAIL	125.91	130
SAMMAANCAP	145.05	155
SBICARD	870.3	870
SBILIFE	2028.4	2020
SBIN	980.3	970
SHREECEM	25600	26000
SHRIRAMFIN	901.7	880
SIEMENS	3111.6	3200
SOLARINDS	11911	12500
SONACOMS	496.8	500
SRF	3090.3	3000
SUNPHARMA	1744.9	1760
SUPREMEIND	3368.1	3400
SUZLON	52.59	54
SYNGENE	654.15	650
TATACONSUM	1184	1180
TATAELXSI	5413.5	5300
TATAMOTORS	0	320
TATAPOWER	380.55	390
TATASTEEL	168.69	170
TATATECH	654.2	670
TCS	3282	3240
TECHM	1612.5	1580
TIINDIA	2634.9	2700
TITAGARH	785	800
TITAN	3930.1	3880
TMPV	352.65	360
TORNTPHARM	3800.3	3750
TORNTPOWER	1279.1	1300
TRENT	4062.2	4200
TVSMOTOR	3666	3600
ULTRACEMCO	11496	11600
UNIONBANK	154.03	155
UNITDSPR	1406.7	1430
UNOMINDA	1267.8	1280
UPL	751.55	750
VBL	469.4	470
VEDL	581.6	555
VOLTAS	1375.5	1380
WIPRO	264.45	260
YESBANK	21.7	22
ZYDUSLIFE	919.6	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