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

133854 -555.00 (-0.41%)

L: 133373 H: 135249

Max Pain - GOLD

17 Dec 2025 09:27 AM IST

Live

Expiry

Max Pain for GOLD is 132000

Historical data for GOLD-132000-CE

LTP (132000 CE)

3237 -310.5

Open Interest

242 77

Historical data for GOLD-132000-PE

LTP (132000 PE)

1319 214.5

Open Interest

322 11

Strike 115000 has a total call value of 0 versus a total put value of 7,179,000,000 Combined total value = 7,179,000,000

Strike 115100 has a total call value of 0 versus a total put value of 7,119,840,000 Combined total value = 7,119,840,000

Strike 115200 has a total call value of 0 versus a total put value of 7,060,680,000 Combined total value = 7,060,680,000

Strike 115300 has a total call value of 0 versus a total put value of 7,001,520,000 Combined total value = 7,001,520,000

Strike 115400 has a total call value of 0 versus a total put value of 6,942,360,000 Combined total value = 6,942,360,000

Strike 115500 has a total call value of 0 versus a total put value of 6,883,200,000 Combined total value = 6,883,200,000

Strike 115600 has a total call value of 0 versus a total put value of 6,824,040,000 Combined total value = 6,824,040,000

Strike 115700 has a total call value of 0 versus a total put value of 6,764,880,000 Combined total value = 6,764,880,000

Strike 115800 has a total call value of 0 versus a total put value of 6,705,720,000 Combined total value = 6,705,720,000

Strike 115900 has a total call value of 0 versus a total put value of 6,646,560,000 Combined total value = 6,646,560,000

Strike 116000 has a total call value of 0 versus a total put value of 6,587,400,000 Combined total value = 6,587,400,000

Strike 116100 has a total call value of 0 versus a total put value of 6,528,240,000 Combined total value = 6,528,240,000

Strike 116200 has a total call value of 0 versus a total put value of 6,469,080,000 Combined total value = 6,469,080,000

Strike 116300 has a total call value of 0 versus a total put value of 6,409,920,000 Combined total value = 6,409,920,000

Strike 116400 has a total call value of 0 versus a total put value of 6,350,760,000 Combined total value = 6,350,760,000

Strike 116500 has a total call value of 0 versus a total put value of 6,291,600,000 Combined total value = 6,291,600,000

Strike 116600 has a total call value of 0 versus a total put value of 6,232,440,000 Combined total value = 6,232,440,000

Strike 116700 has a total call value of 0 versus a total put value of 6,173,280,000 Combined total value = 6,173,280,000

Strike 116800 has a total call value of 0 versus a total put value of 6,114,120,000 Combined total value = 6,114,120,000

Strike 116900 has a total call value of 0 versus a total put value of 6,054,960,000 Combined total value = 6,054,960,000

Strike 117000 has a total call value of 0 versus a total put value of 5,995,800,000 Combined total value = 5,995,800,000

Strike 117100 has a total call value of 0 versus a total put value of 5,936,640,000 Combined total value = 5,936,640,000

Strike 117200 has a total call value of 0 versus a total put value of 5,877,480,000 Combined total value = 5,877,480,000

Strike 117300 has a total call value of 0 versus a total put value of 5,818,320,000 Combined total value = 5,818,320,000

Strike 117400 has a total call value of 0 versus a total put value of 5,759,160,000 Combined total value = 5,759,160,000

Strike 117500 has a total call value of 0 versus a total put value of 5,700,000,000 Combined total value = 5,700,000,000

Strike 117600 has a total call value of 0 versus a total put value of 5,640,840,000 Combined total value = 5,640,840,000

Strike 117700 has a total call value of 0 versus a total put value of 5,581,680,000 Combined total value = 5,581,680,000

Strike 117800 has a total call value of 0 versus a total put value of 5,522,520,000 Combined total value = 5,522,520,000

Strike 117900 has a total call value of 0 versus a total put value of 5,463,360,000 Combined total value = 5,463,360,000

Strike 118000 has a total call value of 0 versus a total put value of 5,404,200,000 Combined total value = 5,404,200,000

Strike 118100 has a total call value of 0 versus a total put value of 5,345,040,000 Combined total value = 5,345,040,000

Strike 118200 has a total call value of 0 versus a total put value of 5,285,880,000 Combined total value = 5,285,880,000

Strike 118300 has a total call value of 0 versus a total put value of 5,226,720,000 Combined total value = 5,226,720,000

Strike 118400 has a total call value of 0 versus a total put value of 5,167,560,000 Combined total value = 5,167,560,000

Strike 118500 has a total call value of 0 versus a total put value of 5,108,400,000 Combined total value = 5,108,400,000

Strike 118600 has a total call value of 0 versus a total put value of 5,049,240,000 Combined total value = 5,049,240,000

Strike 118700 has a total call value of 0 versus a total put value of 4,990,080,000 Combined total value = 4,990,080,000

Strike 118800 has a total call value of 0 versus a total put value of 4,930,920,000 Combined total value = 4,930,920,000

Strike 118900 has a total call value of 0 versus a total put value of 4,871,760,000 Combined total value = 4,871,760,000

Strike 119000 has a total call value of 0 versus a total put value of 4,812,600,000 Combined total value = 4,812,600,000

Strike 119100 has a total call value of 0 versus a total put value of 4,753,440,000 Combined total value = 4,753,440,000

Strike 119200 has a total call value of 0 versus a total put value of 4,694,280,000 Combined total value = 4,694,280,000

Strike 119300 has a total call value of 0 versus a total put value of 4,635,120,000 Combined total value = 4,635,120,000

Strike 119400 has a total call value of 0 versus a total put value of 4,575,960,000 Combined total value = 4,575,960,000

Strike 119500 has a total call value of 0 versus a total put value of 4,516,800,000 Combined total value = 4,516,800,000

Strike 119600 has a total call value of 0 versus a total put value of 4,457,640,000 Combined total value = 4,457,640,000

Strike 119700 has a total call value of 0 versus a total put value of 4,398,480,000 Combined total value = 4,398,480,000

Strike 119800 has a total call value of 0 versus a total put value of 4,339,320,000 Combined total value = 4,339,320,000

Strike 119900 has a total call value of 0 versus a total put value of 4,280,160,000 Combined total value = 4,280,160,000

Strike 120000 has a total call value of 0 versus a total put value of 4,221,000,000 Combined total value = 4,221,000,000

Strike 120100 has a total call value of 0 versus a total put value of 4,167,900,000 Combined total value = 4,167,900,000

Strike 120200 has a total call value of 0 versus a total put value of 4,114,800,000 Combined total value = 4,114,800,000

Strike 120300 has a total call value of 0 versus a total put value of 4,061,700,000 Combined total value = 4,061,700,000

Strike 120400 has a total call value of 0 versus a total put value of 4,008,600,000 Combined total value = 4,008,600,000

Strike 120500 has a total call value of 0 versus a total put value of 3,955,500,000 Combined total value = 3,955,500,000

Strike 120600 has a total call value of 0 versus a total put value of 3,902,400,000 Combined total value = 3,902,400,000

Strike 120700 has a total call value of 0 versus a total put value of 3,849,300,000 Combined total value = 3,849,300,000

Strike 120800 has a total call value of 0 versus a total put value of 3,796,200,000 Combined total value = 3,796,200,000

Strike 120900 has a total call value of 0 versus a total put value of 3,743,100,000 Combined total value = 3,743,100,000

Strike 121000 has a total call value of 0 versus a total put value of 3,690,000,000 Combined total value = 3,690,000,000

Strike 121100 has a total call value of 0 versus a total put value of 3,636,900,000 Combined total value = 3,636,900,000

Strike 121200 has a total call value of 0 versus a total put value of 3,583,800,000 Combined total value = 3,583,800,000

Strike 121300 has a total call value of 0 versus a total put value of 3,530,700,000 Combined total value = 3,530,700,000

Strike 121400 has a total call value of 0 versus a total put value of 3,477,600,000 Combined total value = 3,477,600,000

Strike 121500 has a total call value of 0 versus a total put value of 3,424,500,000 Combined total value = 3,424,500,000

Strike 121600 has a total call value of 0 versus a total put value of 3,371,400,000 Combined total value = 3,371,400,000

Strike 121700 has a total call value of 0 versus a total put value of 3,318,300,000 Combined total value = 3,318,300,000

Strike 121800 has a total call value of 0 versus a total put value of 3,265,200,000 Combined total value = 3,265,200,000

Strike 121900 has a total call value of 0 versus a total put value of 3,212,100,000 Combined total value = 3,212,100,000

Strike 122000 has a total call value of 0 versus a total put value of 3,159,000,000 Combined total value = 3,159,000,000

Strike 122100 has a total call value of 0 versus a total put value of 3,108,270,000 Combined total value = 3,108,270,000

Strike 122200 has a total call value of 0 versus a total put value of 3,057,540,000 Combined total value = 3,057,540,000

Strike 122300 has a total call value of 0 versus a total put value of 3,006,810,000 Combined total value = 3,006,810,000

Strike 122400 has a total call value of 0 versus a total put value of 2,956,080,000 Combined total value = 2,956,080,000

Strike 122500 has a total call value of 0 versus a total put value of 2,905,350,000 Combined total value = 2,905,350,000

Strike 122600 has a total call value of 0 versus a total put value of 2,854,620,000 Combined total value = 2,854,620,000

Strike 122700 has a total call value of 0 versus a total put value of 2,803,890,000 Combined total value = 2,803,890,000

Strike 122800 has a total call value of 0 versus a total put value of 2,753,160,000 Combined total value = 2,753,160,000

Strike 122900 has a total call value of 0 versus a total put value of 2,702,430,000 Combined total value = 2,702,430,000

Strike 123000 has a total call value of 0 versus a total put value of 2,651,700,000 Combined total value = 2,651,700,000

Strike 123100 has a total call value of 0 versus a total put value of 2,605,660,000 Combined total value = 2,605,660,000

Strike 123200 has a total call value of 0 versus a total put value of 2,559,620,000 Combined total value = 2,559,620,000

Strike 123300 has a total call value of 0 versus a total put value of 2,513,580,000 Combined total value = 2,513,580,000

Strike 123400 has a total call value of 0 versus a total put value of 2,467,540,000 Combined total value = 2,467,540,000

Strike 123500 has a total call value of 0 versus a total put value of 2,421,500,000 Combined total value = 2,421,500,000

Strike 123600 has a total call value of 0 versus a total put value of 2,375,460,000 Combined total value = 2,375,460,000

Strike 123700 has a total call value of 0 versus a total put value of 2,329,420,000 Combined total value = 2,329,420,000

Strike 123800 has a total call value of 0 versus a total put value of 2,283,380,000 Combined total value = 2,283,380,000

Strike 123900 has a total call value of 0 versus a total put value of 2,237,340,000 Combined total value = 2,237,340,000

Strike 124000 has a total call value of 0 versus a total put value of 2,191,300,000 Combined total value = 2,191,300,000

Strike 124100 has a total call value of 50,000 versus a total put value of 2,148,480,000 Combined total value = 2,148,530,000

Strike 124200 has a total call value of 100,000 versus a total put value of 2,105,660,000 Combined total value = 2,105,760,000

Strike 124300 has a total call value of 150,000 versus a total put value of 2,062,840,000 Combined total value = 2,062,990,000

Strike 124400 has a total call value of 200,000 versus a total put value of 2,020,020,000 Combined total value = 2,020,220,000

Strike 124500 has a total call value of 250,000 versus a total put value of 1,977,200,000 Combined total value = 1,977,450,000

Strike 124600 has a total call value of 300,000 versus a total put value of 1,934,380,000 Combined total value = 1,934,680,000

Strike 124700 has a total call value of 350,000 versus a total put value of 1,891,560,000 Combined total value = 1,891,910,000

Strike 124800 has a total call value of 400,000 versus a total put value of 1,848,740,000 Combined total value = 1,849,140,000

Strike 124900 has a total call value of 450,000 versus a total put value of 1,805,920,000 Combined total value = 1,806,370,000

Strike 125000 has a total call value of 500,000 versus a total put value of 1,763,100,000 Combined total value = 1,763,600,000

Strike 125100 has a total call value of 1,590,000 versus a total put value of 1,729,500,000 Combined total value = 1,731,090,000

Strike 125200 has a total call value of 2,680,000 versus a total put value of 1,695,900,000 Combined total value = 1,698,580,000

Strike 125300 has a total call value of 3,770,000 versus a total put value of 1,662,300,000 Combined total value = 1,666,070,000

Strike 125400 has a total call value of 4,860,000 versus a total put value of 1,628,700,000 Combined total value = 1,633,560,000

Strike 125500 has a total call value of 5,950,000 versus a total put value of 1,595,100,000 Combined total value = 1,601,050,000

Strike 125600 has a total call value of 7,040,000 versus a total put value of 1,561,500,000 Combined total value = 1,568,540,000

Strike 125700 has a total call value of 8,130,000 versus a total put value of 1,527,900,000 Combined total value = 1,536,030,000

Strike 125800 has a total call value of 9,220,000 versus a total put value of 1,494,300,000 Combined total value = 1,503,520,000

Strike 125900 has a total call value of 10,310,000 versus a total put value of 1,460,700,000 Combined total value = 1,471,010,000

Strike 126000 has a total call value of 11,400,000 versus a total put value of 1,427,100,000 Combined total value = 1,438,500,000

Strike 126100 has a total call value of 12,490,000 versus a total put value of 1,396,490,000 Combined total value = 1,408,980,000

Strike 126200 has a total call value of 13,580,000 versus a total put value of 1,365,880,000 Combined total value = 1,379,460,000

Strike 126300 has a total call value of 14,670,000 versus a total put value of 1,335,270,000 Combined total value = 1,349,940,000

Strike 126400 has a total call value of 15,760,000 versus a total put value of 1,304,660,000 Combined total value = 1,320,420,000

Strike 126500 has a total call value of 16,850,000 versus a total put value of 1,274,050,000 Combined total value = 1,290,900,000

Strike 126600 has a total call value of 17,940,000 versus a total put value of 1,243,440,000 Combined total value = 1,261,380,000

Strike 126700 has a total call value of 19,030,000 versus a total put value of 1,212,830,000 Combined total value = 1,231,860,000

Strike 126800 has a total call value of 20,120,000 versus a total put value of 1,182,220,000 Combined total value = 1,202,340,000

Strike 126900 has a total call value of 21,210,000 versus a total put value of 1,151,610,000 Combined total value = 1,172,820,000

Strike 127000 has a total call value of 22,300,000 versus a total put value of 1,121,000,000 Combined total value = 1,143,300,000

Strike 127100 has a total call value of 24,520,000 versus a total put value of 1,093,110,000 Combined total value = 1,117,630,000

Strike 127200 has a total call value of 26,740,000 versus a total put value of 1,065,220,000 Combined total value = 1,091,960,000

Strike 127300 has a total call value of 28,960,000 versus a total put value of 1,037,330,000 Combined total value = 1,066,290,000

Strike 127400 has a total call value of 31,180,000 versus a total put value of 1,009,440,000 Combined total value = 1,040,620,000

Strike 127500 has a total call value of 33,400,000 versus a total put value of 981,550,000 Combined total value = 1,014,950,000

Strike 127600 has a total call value of 35,620,000 versus a total put value of 953,660,000 Combined total value = 989,280,000

Strike 127700 has a total call value of 37,840,000 versus a total put value of 925,770,000 Combined total value = 963,610,000

Strike 127800 has a total call value of 40,060,000 versus a total put value of 897,880,000 Combined total value = 937,940,000

Strike 127900 has a total call value of 42,280,000 versus a total put value of 869,990,000 Combined total value = 912,270,000

Strike 128000 has a total call value of 44,500,000 versus a total put value of 842,100,000 Combined total value = 886,600,000

Strike 128100 has a total call value of 48,940,000 versus a total put value of 818,660,000 Combined total value = 867,600,000

Strike 128200 has a total call value of 53,380,000 versus a total put value of 795,220,000 Combined total value = 848,600,000

Strike 128300 has a total call value of 57,820,000 versus a total put value of 771,780,000 Combined total value = 829,600,000

Strike 128400 has a total call value of 62,260,000 versus a total put value of 748,340,000 Combined total value = 810,600,000

Strike 128500 has a total call value of 66,700,000 versus a total put value of 724,900,000 Combined total value = 791,600,000

Strike 128600 has a total call value of 71,140,000 versus a total put value of 701,460,000 Combined total value = 772,600,000

Strike 128700 has a total call value of 75,580,000 versus a total put value of 678,020,000 Combined total value = 753,600,000

Strike 128800 has a total call value of 80,020,000 versus a total put value of 654,580,000 Combined total value = 734,600,000

Strike 128900 has a total call value of 84,460,000 versus a total put value of 631,140,000 Combined total value = 715,600,000

Strike 129000 has a total call value of 88,900,000 versus a total put value of 607,700,000 Combined total value = 696,600,000

Strike 129100 has a total call value of 93,340,000 versus a total put value of 587,260,000 Combined total value = 680,600,000

Strike 129200 has a total call value of 97,780,000 versus a total put value of 566,820,000 Combined total value = 664,600,000

Strike 129300 has a total call value of 102,220,000 versus a total put value of 546,380,000 Combined total value = 648,600,000

Strike 129400 has a total call value of 106,660,000 versus a total put value of 525,940,000 Combined total value = 632,600,000

Strike 129500 has a total call value of 111,100,000 versus a total put value of 505,500,000 Combined total value = 616,600,000

Strike 129600 has a total call value of 115,540,000 versus a total put value of 485,060,000 Combined total value = 600,600,000

Strike 129700 has a total call value of 119,980,000 versus a total put value of 464,620,000 Combined total value = 584,600,000

Strike 129800 has a total call value of 124,420,000 versus a total put value of 444,180,000 Combined total value = 568,600,000

Strike 129900 has a total call value of 128,860,000 versus a total put value of 423,740,000 Combined total value = 552,600,000

Strike 130000 has a total call value of 133,300,000 versus a total put value of 403,300,000 Combined total value = 536,600,000

Strike 130100 has a total call value of 142,630,000 versus a total put value of 389,750,000 Combined total value = 532,380,000

Strike 130200 has a total call value of 151,960,000 versus a total put value of 376,200,000 Combined total value = 528,160,000

Strike 130300 has a total call value of 161,290,000 versus a total put value of 362,650,000 Combined total value = 523,940,000

Strike 130400 has a total call value of 170,620,000 versus a total put value of 349,100,000 Combined total value = 519,720,000

Strike 130500 has a total call value of 179,950,000 versus a total put value of 335,550,000 Combined total value = 515,500,000

Strike 130600 has a total call value of 189,280,000 versus a total put value of 322,000,000 Combined total value = 511,280,000

Strike 130700 has a total call value of 198,610,000 versus a total put value of 308,450,000 Combined total value = 507,060,000

Strike 130800 has a total call value of 207,940,000 versus a total put value of 294,900,000 Combined total value = 502,840,000

Strike 130900 has a total call value of 217,270,000 versus a total put value of 281,350,000 Combined total value = 498,620,000

Strike 131000 has a total call value of 226,600,000 versus a total put value of 267,800,000 Combined total value = 494,400,000

Strike 131100 has a total call value of 236,750,000 versus a total put value of 256,890,000 Combined total value = 493,640,000

Strike 131200 has a total call value of 246,900,000 versus a total put value of 245,980,000 Combined total value = 492,880,000

Strike 131300 has a total call value of 257,050,000 versus a total put value of 235,070,000 Combined total value = 492,120,000

Strike 131400 has a total call value of 267,200,000 versus a total put value of 224,160,000 Combined total value = 491,360,000

Strike 131500 has a total call value of 277,350,000 versus a total put value of 213,250,000 Combined total value = 490,600,000

Strike 131600 has a total call value of 287,500,000 versus a total put value of 202,340,000 Combined total value = 489,840,000

Strike 131700 has a total call value of 297,650,000 versus a total put value of 191,430,000 Combined total value = 489,080,000

Strike 131800 has a total call value of 307,800,000 versus a total put value of 180,520,000 Combined total value = 488,320,000

Strike 131900 has a total call value of 317,950,000 versus a total put value of 169,610,000 Combined total value = 487,560,000

Strike 132000 has a total call value of 328,100,000 versus a total put value of 158,700,000 Combined total value = 486,800,000

Strike 132100 has a total call value of 340,670,000 versus a total put value of 151,010,000 Combined total value = 491,680,000

Strike 132200 has a total call value of 353,240,000 versus a total put value of 143,320,000 Combined total value = 496,560,000

Strike 132300 has a total call value of 365,810,000 versus a total put value of 135,630,000 Combined total value = 501,440,000

Strike 132400 has a total call value of 378,380,000 versus a total put value of 127,940,000 Combined total value = 506,320,000

Strike 132500 has a total call value of 390,950,000 versus a total put value of 120,250,000 Combined total value = 511,200,000

Strike 132600 has a total call value of 403,520,000 versus a total put value of 112,620,000 Combined total value = 516,140,000

Strike 132700 has a total call value of 416,090,000 versus a total put value of 104,990,000 Combined total value = 521,080,000

Strike 132800 has a total call value of 428,660,000 versus a total put value of 97,360,000 Combined total value = 526,020,000

Strike 132900 has a total call value of 441,230,000 versus a total put value of 89,730,000 Combined total value = 530,960,000

Strike 133000 has a total call value of 453,800,000 versus a total put value of 82,100,000 Combined total value = 535,900,000

Strike 133100 has a total call value of 468,690,000 versus a total put value of 77,040,000 Combined total value = 545,730,000

Strike 133200 has a total call value of 483,580,000 versus a total put value of 71,980,000 Combined total value = 555,560,000

Strike 133300 has a total call value of 498,470,000 versus a total put value of 66,920,000 Combined total value = 565,390,000

Strike 133400 has a total call value of 513,360,000 versus a total put value of 61,860,000 Combined total value = 575,220,000

Strike 133500 has a total call value of 528,250,000 versus a total put value of 56,800,000 Combined total value = 585,050,000

Strike 133600 has a total call value of 543,140,000 versus a total put value of 51,740,000 Combined total value = 594,880,000

Strike 133700 has a total call value of 558,030,000 versus a total put value of 46,680,000 Combined total value = 604,710,000

Strike 133800 has a total call value of 572,920,000 versus a total put value of 41,620,000 Combined total value = 614,540,000

Strike 133900 has a total call value of 587,810,000 versus a total put value of 36,560,000 Combined total value = 624,370,000

Strike 134000 has a total call value of 602,700,000 versus a total put value of 31,500,000 Combined total value = 634,200,000

Strike 134100 has a total call value of 620,720,000 versus a total put value of 28,580,000 Combined total value = 649,300,000

Strike 134200 has a total call value of 638,740,000 versus a total put value of 25,660,000 Combined total value = 664,400,000

Strike 134300 has a total call value of 656,760,000 versus a total put value of 22,740,000 Combined total value = 679,500,000

Strike 134400 has a total call value of 674,780,000 versus a total put value of 19,820,000 Combined total value = 694,600,000

Strike 134500 has a total call value of 692,800,000 versus a total put value of 16,900,000 Combined total value = 709,700,000

Strike 134600 has a total call value of 710,820,000 versus a total put value of 14,060,000 Combined total value = 724,880,000

Strike 134700 has a total call value of 728,840,000 versus a total put value of 11,220,000 Combined total value = 740,060,000

Strike 134800 has a total call value of 746,860,000 versus a total put value of 8,380,000 Combined total value = 755,240,000

Strike 134900 has a total call value of 764,880,000 versus a total put value of 5,540,000 Combined total value = 770,420,000

Strike 135000 has a total call value of 782,900,000 versus a total put value of 2,700,000 Combined total value = 785,600,000

Strike 135100 has a total call value of 813,080,000 versus a total put value of 2,430,000 Combined total value = 815,510,000

Strike 135200 has a total call value of 843,260,000 versus a total put value of 2,160,000 Combined total value = 845,420,000

Strike 135300 has a total call value of 873,440,000 versus a total put value of 1,890,000 Combined total value = 875,330,000

Strike 135400 has a total call value of 903,620,000 versus a total put value of 1,620,000 Combined total value = 905,240,000

Strike 135500 has a total call value of 933,800,000 versus a total put value of 1,350,000 Combined total value = 935,150,000

Strike 135600 has a total call value of 963,980,000 versus a total put value of 1,080,000 Combined total value = 965,060,000

Strike 135700 has a total call value of 994,160,000 versus a total put value of 810,000 Combined total value = 994,970,000

Strike 135800 has a total call value of 1,024,340,000 versus a total put value of 540,000 Combined total value = 1,024,880,000

Strike 135900 has a total call value of 1,054,520,000 versus a total put value of 270,000 Combined total value = 1,054,790,000

Strike 136000 has a total call value of 1,084,700,000 versus a total put value of 0 Combined total value = 1,084,700,000

Strike 136100 has a total call value of 1,121,850,000 versus a total put value of 0 Combined total value = 1,121,850,000

Strike 136200 has a total call value of 1,159,000,000 versus a total put value of 0 Combined total value = 1,159,000,000

Strike 136300 has a total call value of 1,196,150,000 versus a total put value of 0 Combined total value = 1,196,150,000

Strike 136400 has a total call value of 1,233,300,000 versus a total put value of 0 Combined total value = 1,233,300,000

Strike 136500 has a total call value of 1,270,450,000 versus a total put value of 0 Combined total value = 1,270,450,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1141.9	1140
ABB	5236	5200
ABCAPITAL	352.5	350
ADANIENSOL	991.85	990
ADANIENT	2252.7	2300
ADANIGREEN	1025.4	1020
ADANIPORTS	1499.8	1500
ALKEM	5690	5700
AMBER	6776.5	6800
AMBUJACEM	549.7	555
ANGELONE	2539	2600
APLAPOLLO	1733.9	1740
APOLLOHOSP	7082	7200
ASHOKLEY	166.5	160
ASIANPAINT	2795.4	2800
ASTRAL	1457.3	1460
AUBANK	991.7	960
AUROPHARMA	1177	1200
AXISBANK	1234.8	1240
BAJAJ-AUTO	8995	9000
BAJAJFINSV	2041.7	2060
BAJFINANCE	1010.3	1020
BANDHANBNK	149.69	150
BANKBARODA	284.6	290
BANKINDIA	141.63	143
BDL	1350.9	1400
BEL	387.6	400
BHARATFORG	1412.5	1400
BHARTIARTL	2112.4	2100
BHEL	279.5	280
BIOCON	387.45	390
BLUESTARCO	1815	1780
BOSCHLTD	36290	36500
BPCL	371.1	362.5
BRITANNIA	6081	6000
BSE	2637.7	2700
CAMS	752.2	780
CANBK	149.39	148
CDSL	1498.4	1560
CGPOWER	686.7	680
CHOLAFIN	1729.9	1700
CIPLA	1498.1	1520
COALINDIA	382.15	384.75
COFORGE	1881	1840
COLPAL	2134.9	2180
CONCOR	501	520
CROMPTON	252.7	265
CUMMINSIND	4501	4500
CYIENT	1144.7	1160
DABUR	497.4	505
DALBHARAT	2068.6	2040
DELHIVERY	401.25	410
DIVISLAB	6360.5	6400
DIXON	13523	13750
DLF	688.25	720
DMART	3841	3900
DRREDDY	1274	1270
EICHERMOT	7158	7100
ETERNAL	288.4	295
EXIDEIND	364.5	375
FEDERALBNK	262.7	260
FORTIS	877.45	890
GAIL	170.42	175
GLENMARK	1955.9	1940
GMRAIRPORT	103.87	102
GODREJCP	1176.2	1160
GODREJPROP	2033	2080
GRASIM	2794	2800
HAL	4268.3	4500
HAVELLS	1404.2	1440
HCLTECH	1660.1	1660
HDFCAMC	2595.9	2620
HDFCBANK	991	1000
HDFCLIFE	762.3	770
HEROMOTOCO	5940	6050
HFCL	65.53	68
HINDALCO	847.75	820
HINDPETRO	470.15	460
HINDUNILVR	2283	2300
HINDZINC	581.65	545
HUDCO	210.99	220
ICICIBANK	1354.1	1370
ICICIGI	1955.5	1980
ICICIPRULI	638.75	630
IDEA	11.3	11
IDFCFIRSTB	83.81	81
IEX	140.49	145
IIFL	572.55	560
INDHOTEL	725.75	740
INDIANB	777.1	820
INDIGO	4963	5000
INDUSINDBK	843.4	850
INDUSTOWER	408.55	410
INFY	1598.2	1600
INOXWIND	126.35	130
IOC	168.62	166
IRCTC	670.55	690
IREDA	133.79	140
IRFC	112.02	116
ITC	402.35	405
JINDALSTEL	1009.4	1020
JIOFIN	295.45	305
JSWENERGY	479.1	490
JSWSTEEL	1093	1130
JUBLFOOD	561.3	580
KALYANKJIL	480.45	480
KAYNES	4225	4400
KEI	4075.2	4100
KFINTECH	1035.4	1060
KOTAKBANK	2183.1	2160
KPITTECH	1172.9	1200
LAURUSLABS	1016.9	1000
LICHSGFIN	529.75	550
LICI	856.3	880
LODHA	1084.2	1100
LT	4071.2	4040
LTF	305.8	302.5
LTIM	6263	6150
LUPIN	2120.5	2080
M&M	3633.4	3650
MANAPPURAM	286.5	280
MANKIND	2108.4	2200
MARICO	735.95	740
MARUTI	16466	16300
MAXHEALTH	1068.7	1100
MAZDOCK	2412	2550
MCX	10200	10100
MFSL	1677	1700
MOTHERSON	119.87	116
MPHASIS	2889.7	2900
MUTHOOTFIN	3839.3	3750
NATIONALUM	279.35	270
NAUKRI	1358	1360
NBCC	111.38	112
NCC	157.26	167.5
NESTLEIND	1235.2	1240
NHPC	75.48	78
NMDC	77.26	77
NTPC	321.5	325
NUVAMA	7259.5	7200
NYKAA	247.95	255
OBEROIRLTY	1638.3	1640
OFSS	7830.5	8000
OIL	400.6	410
ONGC	232.54	240
PAGEIND	36290	37500
PATANJALI	534.85	545
PAYTM	1287.1	1300
PERSISTENT	6298	6300
PETRONET	267.7	277.5
PFC	337.05	355
PGEL	566.3	560
PHOENIXLTD	1787.3	1740
PIDILITIND	1464.6	1480
PIIND	3234.3	3350
PNB	118.07	120
PNBHOUSING	913	910
POLICYBZR	1807	1840
POLYCAB	7078	7300
POWERGRID	260.6	270
POWERINDIA	19500	19500
PPLPHARMA	168.88	180
PRESTIGE	1618.7	1660
RBLBANK	300.6	310
RECLTD	336.1	350
RELIANCE	1548.4	1540
RVNL	309.6	315
SAIL	130.39	133
SAMMAANCAP	147.09	155
SBICARD	849.8	870
SBILIFE	2044.2	2020
SBIN	972.95	970
SHREECEM	26095	26500
SHRIRAMFIN	869.2	850
SIEMENS	3155.7	3200
SOLARINDS	11949	12500
SONACOMS	485.85	500
SRF	3003	2950
SUNPHARMA	1778.7	1800
SUPREMEIND	3392.1	3400
SUZLON	52.49	54
SYNGENE	645.35	650
TATACONSUM	1173.2	1170
TATAELXSI	5009	5100
TATAMOTORS	0	320
TATAPOWER	380.75	390
TATASTEEL	171.16	170
TATATECH	650.45	670
TCS	3227.1	3200
TECHM	1579.8	1540
TIINDIA	2631	2700
TITAGARH	784.75	800
TITAN	3925.8	3880
TMPV	347.4	360
TORNTPHARM	3738.5	3800
TORNTPOWER	1285.9	1300
TRENT	4097.4	4200
TVSMOTOR	3651.7	3600
ULTRACEMCO	11576	11700
UNIONBANK	153.89	152.5
UNITDSPR	1447.1	1440
UNOMINDA	1265.8	1280
UPL	751.7	750
VBL	473.85	470
VEDL	575	550
VOLTAS	1389	1380
WIPRO	260.13	255
YESBANK	21.61	22
ZYDUSLIFE	919.65	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