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

133850 -671.00 (-0.50%)

L: 133750 H: 134082

Max Pain - GOLD

19 Dec 2025 09:16 AM IST

Live

Expiry

Max Pain for GOLD is 134000

Historical data for GOLD-134000-CE

LTP (134000 CE)

1803 -409.5

Open Interest

382 -9

Historical data for GOLD-134000-PE

LTP (134000 PE)

1984.5 276

Open Interest

387 -22

Strike 125000 has a total call value of 0 versus a total put value of 2,360,400,000 Combined total value = 2,360,400,000

Strike 125100 has a total call value of 0 versus a total put value of 2,319,890,000 Combined total value = 2,319,890,000

Strike 125200 has a total call value of 0 versus a total put value of 2,279,380,000 Combined total value = 2,279,380,000

Strike 125300 has a total call value of 0 versus a total put value of 2,238,870,000 Combined total value = 2,238,870,000

Strike 125400 has a total call value of 0 versus a total put value of 2,198,360,000 Combined total value = 2,198,360,000

Strike 125500 has a total call value of 0 versus a total put value of 2,157,850,000 Combined total value = 2,157,850,000

Strike 125600 has a total call value of 0 versus a total put value of 2,117,340,000 Combined total value = 2,117,340,000

Strike 125700 has a total call value of 0 versus a total put value of 2,076,830,000 Combined total value = 2,076,830,000

Strike 125800 has a total call value of 0 versus a total put value of 2,036,320,000 Combined total value = 2,036,320,000

Strike 125900 has a total call value of 0 versus a total put value of 1,995,810,000 Combined total value = 1,995,810,000

Strike 126000 has a total call value of 0 versus a total put value of 1,955,300,000 Combined total value = 1,955,300,000

Strike 126100 has a total call value of 0 versus a total put value of 1,917,550,000 Combined total value = 1,917,550,000

Strike 126200 has a total call value of 0 versus a total put value of 1,879,800,000 Combined total value = 1,879,800,000

Strike 126300 has a total call value of 0 versus a total put value of 1,842,050,000 Combined total value = 1,842,050,000

Strike 126400 has a total call value of 0 versus a total put value of 1,804,300,000 Combined total value = 1,804,300,000

Strike 126500 has a total call value of 0 versus a total put value of 1,766,550,000 Combined total value = 1,766,550,000

Strike 126600 has a total call value of 0 versus a total put value of 1,728,800,000 Combined total value = 1,728,800,000

Strike 126700 has a total call value of 0 versus a total put value of 1,691,050,000 Combined total value = 1,691,050,000

Strike 126800 has a total call value of 0 versus a total put value of 1,653,300,000 Combined total value = 1,653,300,000

Strike 126900 has a total call value of 0 versus a total put value of 1,615,550,000 Combined total value = 1,615,550,000

Strike 127000 has a total call value of 0 versus a total put value of 1,577,800,000 Combined total value = 1,577,800,000

Strike 127100 has a total call value of 0 versus a total put value of 1,542,360,000 Combined total value = 1,542,360,000

Strike 127200 has a total call value of 0 versus a total put value of 1,506,920,000 Combined total value = 1,506,920,000

Strike 127300 has a total call value of 0 versus a total put value of 1,471,480,000 Combined total value = 1,471,480,000

Strike 127400 has a total call value of 0 versus a total put value of 1,436,040,000 Combined total value = 1,436,040,000

Strike 127500 has a total call value of 0 versus a total put value of 1,400,600,000 Combined total value = 1,400,600,000

Strike 127600 has a total call value of 0 versus a total put value of 1,365,160,000 Combined total value = 1,365,160,000

Strike 127700 has a total call value of 0 versus a total put value of 1,329,720,000 Combined total value = 1,329,720,000

Strike 127800 has a total call value of 0 versus a total put value of 1,294,280,000 Combined total value = 1,294,280,000

Strike 127900 has a total call value of 0 versus a total put value of 1,258,840,000 Combined total value = 1,258,840,000

Strike 128000 has a total call value of 0 versus a total put value of 1,223,400,000 Combined total value = 1,223,400,000

Strike 128100 has a total call value of 0 versus a total put value of 1,192,550,000 Combined total value = 1,192,550,000

Strike 128200 has a total call value of 0 versus a total put value of 1,161,700,000 Combined total value = 1,161,700,000

Strike 128300 has a total call value of 0 versus a total put value of 1,130,850,000 Combined total value = 1,130,850,000

Strike 128400 has a total call value of 0 versus a total put value of 1,100,000,000 Combined total value = 1,100,000,000

Strike 128500 has a total call value of 0 versus a total put value of 1,069,150,000 Combined total value = 1,069,150,000

Strike 128600 has a total call value of 0 versus a total put value of 1,038,300,000 Combined total value = 1,038,300,000

Strike 128700 has a total call value of 0 versus a total put value of 1,007,450,000 Combined total value = 1,007,450,000

Strike 128800 has a total call value of 0 versus a total put value of 976,600,000 Combined total value = 976,600,000

Strike 128900 has a total call value of 0 versus a total put value of 945,750,000 Combined total value = 945,750,000

Strike 129000 has a total call value of 0 versus a total put value of 914,900,000 Combined total value = 914,900,000

Strike 129100 has a total call value of 0 versus a total put value of 887,000,000 Combined total value = 887,000,000

Strike 129200 has a total call value of 0 versus a total put value of 859,100,000 Combined total value = 859,100,000

Strike 129300 has a total call value of 0 versus a total put value of 831,200,000 Combined total value = 831,200,000

Strike 129400 has a total call value of 0 versus a total put value of 803,300,000 Combined total value = 803,300,000

Strike 129500 has a total call value of 0 versus a total put value of 775,400,000 Combined total value = 775,400,000

Strike 129600 has a total call value of 0 versus a total put value of 747,500,000 Combined total value = 747,500,000

Strike 129700 has a total call value of 0 versus a total put value of 719,600,000 Combined total value = 719,600,000

Strike 129800 has a total call value of 0 versus a total put value of 691,700,000 Combined total value = 691,700,000

Strike 129900 has a total call value of 0 versus a total put value of 663,800,000 Combined total value = 663,800,000

Strike 130000 has a total call value of 0 versus a total put value of 635,900,000 Combined total value = 635,900,000

Strike 130100 has a total call value of 0 versus a total put value of 615,700,000 Combined total value = 615,700,000

Strike 130200 has a total call value of 0 versus a total put value of 595,500,000 Combined total value = 595,500,000

Strike 130300 has a total call value of 0 versus a total put value of 575,300,000 Combined total value = 575,300,000

Strike 130400 has a total call value of 0 versus a total put value of 555,100,000 Combined total value = 555,100,000

Strike 130500 has a total call value of 0 versus a total put value of 534,900,000 Combined total value = 534,900,000

Strike 130600 has a total call value of 0 versus a total put value of 514,700,000 Combined total value = 514,700,000

Strike 130700 has a total call value of 0 versus a total put value of 494,500,000 Combined total value = 494,500,000

Strike 130800 has a total call value of 0 versus a total put value of 474,300,000 Combined total value = 474,300,000

Strike 130900 has a total call value of 0 versus a total put value of 454,100,000 Combined total value = 454,100,000

Strike 131000 has a total call value of 0 versus a total put value of 433,900,000 Combined total value = 433,900,000

Strike 131100 has a total call value of 0 versus a total put value of 417,420,000 Combined total value = 417,420,000

Strike 131200 has a total call value of 0 versus a total put value of 400,940,000 Combined total value = 400,940,000

Strike 131300 has a total call value of 0 versus a total put value of 384,460,000 Combined total value = 384,460,000

Strike 131400 has a total call value of 0 versus a total put value of 367,980,000 Combined total value = 367,980,000

Strike 131500 has a total call value of 0 versus a total put value of 351,500,000 Combined total value = 351,500,000

Strike 131600 has a total call value of 0 versus a total put value of 335,020,000 Combined total value = 335,020,000

Strike 131700 has a total call value of 0 versus a total put value of 318,540,000 Combined total value = 318,540,000

Strike 131800 has a total call value of 0 versus a total put value of 302,060,000 Combined total value = 302,060,000

Strike 131900 has a total call value of 0 versus a total put value of 285,580,000 Combined total value = 285,580,000

Strike 132000 has a total call value of 0 versus a total put value of 269,100,000 Combined total value = 269,100,000

Strike 132100 has a total call value of 2,850,000 versus a total put value of 256,870,000 Combined total value = 259,720,000

Strike 132200 has a total call value of 5,700,000 versus a total put value of 244,640,000 Combined total value = 250,340,000

Strike 132300 has a total call value of 8,550,000 versus a total put value of 232,410,000 Combined total value = 240,960,000

Strike 132400 has a total call value of 11,400,000 versus a total put value of 220,180,000 Combined total value = 231,580,000

Strike 132500 has a total call value of 14,250,000 versus a total put value of 207,950,000 Combined total value = 222,200,000

Strike 132600 has a total call value of 17,100,000 versus a total put value of 195,720,000 Combined total value = 212,820,000

Strike 132700 has a total call value of 19,950,000 versus a total put value of 183,490,000 Combined total value = 203,440,000

Strike 132800 has a total call value of 22,800,000 versus a total put value of 171,260,000 Combined total value = 194,060,000

Strike 132900 has a total call value of 25,650,000 versus a total put value of 159,030,000 Combined total value = 184,680,000

Strike 133000 has a total call value of 28,500,000 versus a total put value of 146,800,000 Combined total value = 175,300,000

Strike 133100 has a total call value of 33,140,000 versus a total put value of 137,990,000 Combined total value = 171,130,000

Strike 133200 has a total call value of 37,780,000 versus a total put value of 129,180,000 Combined total value = 166,960,000

Strike 133300 has a total call value of 42,420,000 versus a total put value of 120,370,000 Combined total value = 162,790,000

Strike 133400 has a total call value of 47,060,000 versus a total put value of 111,560,000 Combined total value = 158,620,000

Strike 133500 has a total call value of 51,700,000 versus a total put value of 102,750,000 Combined total value = 154,450,000

Strike 133600 has a total call value of 56,340,000 versus a total put value of 93,940,000 Combined total value = 150,280,000

Strike 133700 has a total call value of 60,980,000 versus a total put value of 85,130,000 Combined total value = 146,110,000

Strike 133800 has a total call value of 65,620,000 versus a total put value of 76,320,000 Combined total value = 141,940,000

Strike 133900 has a total call value of 70,260,000 versus a total put value of 67,510,000 Combined total value = 137,770,000

Strike 134000 has a total call value of 74,900,000 versus a total put value of 58,700,000 Combined total value = 133,600,000

Strike 134100 has a total call value of 83,360,000 versus a total put value of 53,760,000 Combined total value = 137,120,000

Strike 134200 has a total call value of 91,820,000 versus a total put value of 48,820,000 Combined total value = 140,640,000

Strike 134300 has a total call value of 100,280,000 versus a total put value of 43,880,000 Combined total value = 144,160,000

Strike 134400 has a total call value of 108,740,000 versus a total put value of 38,940,000 Combined total value = 147,680,000

Strike 134500 has a total call value of 117,200,000 versus a total put value of 34,000,000 Combined total value = 151,200,000

Strike 134600 has a total call value of 125,940,000 versus a total put value of 29,060,000 Combined total value = 155,000,000

Strike 134700 has a total call value of 134,680,000 versus a total put value of 24,120,000 Combined total value = 158,800,000

Strike 134800 has a total call value of 143,420,000 versus a total put value of 19,180,000 Combined total value = 162,600,000

Strike 134900 has a total call value of 152,160,000 versus a total put value of 14,240,000 Combined total value = 166,400,000

Strike 135000 has a total call value of 160,900,000 versus a total put value of 9,300,000 Combined total value = 170,200,000

Strike 135100 has a total call value of 182,000,000 versus a total put value of 8,370,000 Combined total value = 190,370,000

Strike 135200 has a total call value of 203,100,000 versus a total put value of 7,440,000 Combined total value = 210,540,000

Strike 135300 has a total call value of 224,200,000 versus a total put value of 6,510,000 Combined total value = 230,710,000

Strike 135400 has a total call value of 245,300,000 versus a total put value of 5,580,000 Combined total value = 250,880,000

Strike 135500 has a total call value of 266,400,000 versus a total put value of 4,650,000 Combined total value = 271,050,000

Strike 135600 has a total call value of 287,620,000 versus a total put value of 3,720,000 Combined total value = 291,340,000

Strike 135700 has a total call value of 308,840,000 versus a total put value of 2,790,000 Combined total value = 311,630,000

Strike 135800 has a total call value of 330,060,000 versus a total put value of 1,860,000 Combined total value = 331,920,000

Strike 135900 has a total call value of 351,280,000 versus a total put value of 930,000 Combined total value = 352,210,000

Strike 136000 has a total call value of 372,500,000 versus a total put value of 0 Combined total value = 372,500,000

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	1144.9	1140
ABB	5115.5	5200
ABCAPITAL	345.7	345
ADANIENSOL	980	980
ADANIENT	2244.7	2300
ADANIGREEN	1016.6	1020
ADANIPORTS	1499.1	1500
ALKEM	5537	5650
AMBER	6585	6800
AMBUJACEM	538.2	550
ANGELONE	2477.5	2550
APLAPOLLO	1804.8	1760
APOLLOHOSP	6935	7100
ASHOKLEY	172.17	162
ASIANPAINT	2768.2	2800
ASTRAL	1410.7	1440
AUBANK	985.05	960
AUROPHARMA	1223.4	1200
AXISBANK	1233	1240
BAJAJ-AUTO	8887.5	9000
BAJAJFINSV	2033.2	2060
BAJFINANCE	1003.1	1020
BANDHANBNK	145.69	150
BANKBARODA	290.2	290
BANKINDIA	142.78	143
BDL	1347.3	1400
BEL	385.25	400
BHARATFORG	1418.1	1400
BHARTIARTL	2112.2	2100
BHEL	276.85	280
BIOCON	394.1	395
BLUESTARCO	1848	1800
BOSCHLTD	35825	36000
BPCL	365.05	365
BRITANNIA	6003	6000
BSE	2706	2700
CAMS	753.4	770
CANBK	150.35	150
CDSL	1496.1	1540
CGPOWER	662	680
CHOLAFIN	1687.2	1700
CIPLA	1504	1520
COALINDIA	386.65	384.75
COFORGE	1866.5	1840
COLPAL	2086.5	2160
CONCOR	498.9	520
CROMPTON	254.95	265
CUMMINSIND	4390.1	4400
CYIENT	1153	1140
DABUR	492.7	500
DALBHARAT	2024.7	2040
DELHIVERY	402.05	410
DIVISLAB	6530.5	6400
DIXON	13334	13750
DLF	681.95	710
DMART	3772.3	3900
DRREDDY	1278.6	1270
EICHERMOT	7141.5	7100
ETERNAL	286.7	295
EXIDEIND	359.9	370
FEDERALBNK	266	260
FORTIS	873.95	890
GAIL	168.1	175
GLENMARK	1963.7	1940
GMRAIRPORT	101.24	102
GODREJCP	1182.3	1160
GODREJPROP	2004.1	2060
GRASIM	2814.8	2800
HAL	4260	4450
HAVELLS	1400.7	1440
HCLTECH	1671.7	1660
HDFCAMC	2729.8	2700
HDFCBANK	979.8	990
HDFCLIFE	757.7	770
HEROMOTOCO	5768.5	5900
HFCL	64.75	67
HINDALCO	859.3	820
HINDPETRO	464.75	460
HINDUNILVR	2271	2300
HINDZINC	584.7	555
HUDCO	207.56	217.5
ICICIBANK	1358	1380
ICICIGI	1952	1980
ICICIPRULI	650.85	630
IDEA	11.26	11
IDFCFIRSTB	84	82
IEX	140.34	145
IIFL	563.7	560
INDHOTEL	725.8	730
INDIANB	780.8	820
INDIGO	5130	5100
INDUSINDBK	834.75	850
INDUSTOWER	409.75	410
INFY	1647.2	1600
INOXWIND	125.11	130
IOC	160.9	162
IRCTC	666.8	690
IREDA	132.07	137.5
IRFC	111.16	115
ITC	400.7	405
JINDALSTEL	991.4	1020
JIOFIN	294.1	305
JSWENERGY	472.55	490
JSWSTEEL	1086.4	1120
JUBLFOOD	560.1	580
KALYANKJIL	469.75	480
KAYNES	4054.5	4300
KEI	4113.6	4100
KFINTECH	1079.8	1060
KOTAKBANK	2170.2	2160
KPITTECH	1165.4	1200
LAURUSLABS	1027.3	1000
LICHSGFIN	529.2	550
LICI	849.75	870
LODHA	1080.2	1100
LT	4049.6	4040
LTF	301.8	300
LTIM	6132	6200
LUPIN	2135.3	2100
M&M	3592.7	3650
MANAPPURAM	285.75	280
MANKIND	2152	2200
MARICO	737.2	740
MARUTI	16376	16200
MAXHEALTH	1068.4	1100
MAZDOCK	2371.7	2500
MCX	10235	10100
MFSL	1682.6	1700
MOTHERSON	118.1	115
MPHASIS	2905	2900
MUTHOOTFIN	3736.4	3750
NATIONALUM	279.2	270
NAUKRI	1331.4	1360
NBCC	108.65	111
NCC	152.72	165
NESTLEIND	1232.1	1240
NHPC	75.14	78
NMDC	76.28	77
NTPC	319.2	322.5
NUVAMA	7273.5	7300
NYKAA	244.45	252.5
OBEROIRLTY	1663.5	1660
OFSS	7704	8000
OIL	401	410
ONGC	232.44	237.5
PAGEIND	35750	37000
PATANJALI	548.8	550
PAYTM	1287.8	1300
PERSISTENT	6391	6300
PETRONET	269.05	278
PFC	336.45	350
PGEL	571.6	560
PHOENIXLTD	1800.8	1760
PIDILITIND	1451.8	1480
PIIND	3210.7	3350
PNB	119.52	120
PNBHOUSING	893.9	900
POLICYBZR	1839.9	1840
POLYCAB	7181.5	7200
POWERGRID	259.95	270
POWERINDIA	18095	19000
PPLPHARMA	167.2	175
PRESTIGE	1608.2	1640
RBLBANK	298.5	305
RECLTD	338.4	350
RELIANCE	1558	1540
RVNL	309.15	310
SAIL	126.32	132
SAMMAANCAP	142.11	152.5
SBICARD	852.4	870
SBILIFE	2017.6	2020
SBIN	980.2	970
SHREECEM	25450	26500
SHRIRAMFIN	865.65	850
SIEMENS	3087.3	3150
SOLARINDS	11782	12500
SONACOMS	489.6	500
SRF	3049.3	3000
SUNPHARMA	1756	1760
SUPREMEIND	3351.5	3400
SUZLON	51.96	54
SYNGENE	659.25	650
TATACONSUM	1173.5	1170
TATAELXSI	5106	5000
TATAMOTORS	0	320
TATAPOWER	375.95	390
TATASTEEL	169.05	170
TATATECH	646.5	670
TCS	3310.4	3220
TECHM	1613.1	1560
TIINDIA	2596.8	2700
TITAGARH	773.65	800
TITAN	3916.4	3860
TMPV	349.25	360
TORNTPHARM	3764.8	3750
TORNTPOWER	1261	1300
TRENT	4056	4200
TVSMOTOR	3617.1	3600
ULTRACEMCO	11487	11600
UNIONBANK	154.58	155
UNITDSPR	1393.3	1440
UNOMINDA	1228.5	1280
UPL	747.05	750
VBL	475.6	470
VEDL	579.35	555
VOLTAS	1396.1	1400
WIPRO	265.86	260
YESBANK	21.58	22
ZYDUSLIFE	919.15	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

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