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

129861 -101.00 (-0.08%)

L: 129861 H: 130158

Max Pain - GOLD

09 Dec 2025 09:29 AM IST

Live

Expiry

Max Pain for GOLD is 129000

Historical data for GOLD-129000-CE

LTP (129000 CE)

2700 -71

Open Interest

175 4

Historical data for GOLD-129000-PE

LTP (129000 PE)

1801.5 -12.5

Open Interest

237 -2

Strike 110000 has a total call value of 0 versus a total put value of 6,054,600,000 Combined total value = 6,054,600,000

Strike 110100 has a total call value of 0 versus a total put value of 6,011,360,000 Combined total value = 6,011,360,000

Strike 110200 has a total call value of 0 versus a total put value of 5,968,120,000 Combined total value = 5,968,120,000

Strike 110300 has a total call value of 0 versus a total put value of 5,924,880,000 Combined total value = 5,924,880,000

Strike 110400 has a total call value of 0 versus a total put value of 5,881,640,000 Combined total value = 5,881,640,000

Strike 110500 has a total call value of 0 versus a total put value of 5,838,400,000 Combined total value = 5,838,400,000

Strike 110600 has a total call value of 0 versus a total put value of 5,795,160,000 Combined total value = 5,795,160,000

Strike 110700 has a total call value of 0 versus a total put value of 5,751,920,000 Combined total value = 5,751,920,000

Strike 110800 has a total call value of 0 versus a total put value of 5,708,680,000 Combined total value = 5,708,680,000

Strike 110900 has a total call value of 0 versus a total put value of 5,665,440,000 Combined total value = 5,665,440,000

Strike 111000 has a total call value of 0 versus a total put value of 5,622,200,000 Combined total value = 5,622,200,000

Strike 111100 has a total call value of 0 versus a total put value of 5,578,960,000 Combined total value = 5,578,960,000

Strike 111200 has a total call value of 0 versus a total put value of 5,535,720,000 Combined total value = 5,535,720,000

Strike 111300 has a total call value of 0 versus a total put value of 5,492,480,000 Combined total value = 5,492,480,000

Strike 111400 has a total call value of 0 versus a total put value of 5,449,240,000 Combined total value = 5,449,240,000

Strike 111500 has a total call value of 0 versus a total put value of 5,406,000,000 Combined total value = 5,406,000,000

Strike 111600 has a total call value of 0 versus a total put value of 5,362,760,000 Combined total value = 5,362,760,000

Strike 111700 has a total call value of 0 versus a total put value of 5,319,520,000 Combined total value = 5,319,520,000

Strike 111800 has a total call value of 0 versus a total put value of 5,276,280,000 Combined total value = 5,276,280,000

Strike 111900 has a total call value of 0 versus a total put value of 5,233,040,000 Combined total value = 5,233,040,000

Strike 112000 has a total call value of 0 versus a total put value of 5,189,800,000 Combined total value = 5,189,800,000

Strike 112100 has a total call value of 0 versus a total put value of 5,146,560,000 Combined total value = 5,146,560,000

Strike 112200 has a total call value of 0 versus a total put value of 5,103,320,000 Combined total value = 5,103,320,000

Strike 112300 has a total call value of 0 versus a total put value of 5,060,080,000 Combined total value = 5,060,080,000

Strike 112400 has a total call value of 0 versus a total put value of 5,016,840,000 Combined total value = 5,016,840,000

Strike 112500 has a total call value of 0 versus a total put value of 4,973,600,000 Combined total value = 4,973,600,000

Strike 112600 has a total call value of 0 versus a total put value of 4,930,360,000 Combined total value = 4,930,360,000

Strike 112700 has a total call value of 0 versus a total put value of 4,887,120,000 Combined total value = 4,887,120,000

Strike 112800 has a total call value of 0 versus a total put value of 4,843,880,000 Combined total value = 4,843,880,000

Strike 112900 has a total call value of 0 versus a total put value of 4,800,640,000 Combined total value = 4,800,640,000

Strike 113000 has a total call value of 0 versus a total put value of 4,757,400,000 Combined total value = 4,757,400,000

Strike 113100 has a total call value of 0 versus a total put value of 4,714,160,000 Combined total value = 4,714,160,000

Strike 113200 has a total call value of 0 versus a total put value of 4,670,920,000 Combined total value = 4,670,920,000

Strike 113300 has a total call value of 0 versus a total put value of 4,627,680,000 Combined total value = 4,627,680,000

Strike 113400 has a total call value of 0 versus a total put value of 4,584,440,000 Combined total value = 4,584,440,000

Strike 113500 has a total call value of 0 versus a total put value of 4,541,200,000 Combined total value = 4,541,200,000

Strike 113600 has a total call value of 0 versus a total put value of 4,497,960,000 Combined total value = 4,497,960,000

Strike 113700 has a total call value of 0 versus a total put value of 4,454,720,000 Combined total value = 4,454,720,000

Strike 113800 has a total call value of 0 versus a total put value of 4,411,480,000 Combined total value = 4,411,480,000

Strike 113900 has a total call value of 0 versus a total put value of 4,368,240,000 Combined total value = 4,368,240,000

Strike 114000 has a total call value of 0 versus a total put value of 4,325,000,000 Combined total value = 4,325,000,000

Strike 114100 has a total call value of 0 versus a total put value of 4,281,760,000 Combined total value = 4,281,760,000

Strike 114200 has a total call value of 0 versus a total put value of 4,238,520,000 Combined total value = 4,238,520,000

Strike 114300 has a total call value of 0 versus a total put value of 4,195,280,000 Combined total value = 4,195,280,000

Strike 114400 has a total call value of 0 versus a total put value of 4,152,040,000 Combined total value = 4,152,040,000

Strike 114500 has a total call value of 0 versus a total put value of 4,108,800,000 Combined total value = 4,108,800,000

Strike 114600 has a total call value of 0 versus a total put value of 4,065,560,000 Combined total value = 4,065,560,000

Strike 114700 has a total call value of 0 versus a total put value of 4,022,320,000 Combined total value = 4,022,320,000

Strike 114800 has a total call value of 0 versus a total put value of 3,979,080,000 Combined total value = 3,979,080,000

Strike 114900 has a total call value of 0 versus a total put value of 3,935,840,000 Combined total value = 3,935,840,000

Strike 115000 has a total call value of 0 versus a total put value of 3,892,600,000 Combined total value = 3,892,600,000

Strike 115100 has a total call value of 0 versus a total put value of 3,852,220,000 Combined total value = 3,852,220,000

Strike 115200 has a total call value of 0 versus a total put value of 3,811,840,000 Combined total value = 3,811,840,000

Strike 115300 has a total call value of 0 versus a total put value of 3,771,460,000 Combined total value = 3,771,460,000

Strike 115400 has a total call value of 0 versus a total put value of 3,731,080,000 Combined total value = 3,731,080,000

Strike 115500 has a total call value of 0 versus a total put value of 3,690,700,000 Combined total value = 3,690,700,000

Strike 115600 has a total call value of 0 versus a total put value of 3,650,320,000 Combined total value = 3,650,320,000

Strike 115700 has a total call value of 0 versus a total put value of 3,609,940,000 Combined total value = 3,609,940,000

Strike 115800 has a total call value of 0 versus a total put value of 3,569,560,000 Combined total value = 3,569,560,000

Strike 115900 has a total call value of 0 versus a total put value of 3,529,180,000 Combined total value = 3,529,180,000

Strike 116000 has a total call value of 0 versus a total put value of 3,488,800,000 Combined total value = 3,488,800,000

Strike 116100 has a total call value of 0 versus a total put value of 3,448,420,000 Combined total value = 3,448,420,000

Strike 116200 has a total call value of 0 versus a total put value of 3,408,040,000 Combined total value = 3,408,040,000

Strike 116300 has a total call value of 0 versus a total put value of 3,367,660,000 Combined total value = 3,367,660,000

Strike 116400 has a total call value of 0 versus a total put value of 3,327,280,000 Combined total value = 3,327,280,000

Strike 116500 has a total call value of 0 versus a total put value of 3,286,900,000 Combined total value = 3,286,900,000

Strike 116600 has a total call value of 0 versus a total put value of 3,246,520,000 Combined total value = 3,246,520,000

Strike 116700 has a total call value of 0 versus a total put value of 3,206,140,000 Combined total value = 3,206,140,000

Strike 116800 has a total call value of 0 versus a total put value of 3,165,760,000 Combined total value = 3,165,760,000

Strike 116900 has a total call value of 0 versus a total put value of 3,125,380,000 Combined total value = 3,125,380,000

Strike 117000 has a total call value of 0 versus a total put value of 3,085,000,000 Combined total value = 3,085,000,000

Strike 117100 has a total call value of 0 versus a total put value of 3,044,620,000 Combined total value = 3,044,620,000

Strike 117200 has a total call value of 0 versus a total put value of 3,004,240,000 Combined total value = 3,004,240,000

Strike 117300 has a total call value of 0 versus a total put value of 2,963,860,000 Combined total value = 2,963,860,000

Strike 117400 has a total call value of 0 versus a total put value of 2,923,480,000 Combined total value = 2,923,480,000

Strike 117500 has a total call value of 0 versus a total put value of 2,883,100,000 Combined total value = 2,883,100,000

Strike 117600 has a total call value of 0 versus a total put value of 2,842,720,000 Combined total value = 2,842,720,000

Strike 117700 has a total call value of 0 versus a total put value of 2,802,340,000 Combined total value = 2,802,340,000

Strike 117800 has a total call value of 0 versus a total put value of 2,761,960,000 Combined total value = 2,761,960,000

Strike 117900 has a total call value of 0 versus a total put value of 2,721,580,000 Combined total value = 2,721,580,000

Strike 118000 has a total call value of 0 versus a total put value of 2,681,200,000 Combined total value = 2,681,200,000

Strike 118100 has a total call value of 0 versus a total put value of 2,640,820,000 Combined total value = 2,640,820,000

Strike 118200 has a total call value of 0 versus a total put value of 2,600,440,000 Combined total value = 2,600,440,000

Strike 118300 has a total call value of 0 versus a total put value of 2,560,060,000 Combined total value = 2,560,060,000

Strike 118400 has a total call value of 0 versus a total put value of 2,519,680,000 Combined total value = 2,519,680,000

Strike 118500 has a total call value of 0 versus a total put value of 2,479,300,000 Combined total value = 2,479,300,000

Strike 118600 has a total call value of 0 versus a total put value of 2,438,920,000 Combined total value = 2,438,920,000

Strike 118700 has a total call value of 0 versus a total put value of 2,398,540,000 Combined total value = 2,398,540,000

Strike 118800 has a total call value of 0 versus a total put value of 2,358,160,000 Combined total value = 2,358,160,000

Strike 118900 has a total call value of 0 versus a total put value of 2,317,780,000 Combined total value = 2,317,780,000

Strike 119000 has a total call value of 0 versus a total put value of 2,277,400,000 Combined total value = 2,277,400,000

Strike 119100 has a total call value of 0 versus a total put value of 2,237,020,000 Combined total value = 2,237,020,000

Strike 119200 has a total call value of 0 versus a total put value of 2,196,640,000 Combined total value = 2,196,640,000

Strike 119300 has a total call value of 0 versus a total put value of 2,156,260,000 Combined total value = 2,156,260,000

Strike 119400 has a total call value of 0 versus a total put value of 2,115,880,000 Combined total value = 2,115,880,000

Strike 119500 has a total call value of 0 versus a total put value of 2,075,500,000 Combined total value = 2,075,500,000

Strike 119600 has a total call value of 0 versus a total put value of 2,035,120,000 Combined total value = 2,035,120,000

Strike 119700 has a total call value of 0 versus a total put value of 1,994,740,000 Combined total value = 1,994,740,000

Strike 119800 has a total call value of 0 versus a total put value of 1,954,360,000 Combined total value = 1,954,360,000

Strike 119900 has a total call value of 0 versus a total put value of 1,913,980,000 Combined total value = 1,913,980,000

Strike 120000 has a total call value of 0 versus a total put value of 1,873,600,000 Combined total value = 1,873,600,000

Strike 120100 has a total call value of 0 versus a total put value of 1,841,230,000 Combined total value = 1,841,230,000

Strike 120200 has a total call value of 0 versus a total put value of 1,808,860,000 Combined total value = 1,808,860,000

Strike 120300 has a total call value of 0 versus a total put value of 1,776,490,000 Combined total value = 1,776,490,000

Strike 120400 has a total call value of 0 versus a total put value of 1,744,120,000 Combined total value = 1,744,120,000

Strike 120500 has a total call value of 0 versus a total put value of 1,711,750,000 Combined total value = 1,711,750,000

Strike 120600 has a total call value of 0 versus a total put value of 1,679,380,000 Combined total value = 1,679,380,000

Strike 120700 has a total call value of 0 versus a total put value of 1,647,010,000 Combined total value = 1,647,010,000

Strike 120800 has a total call value of 0 versus a total put value of 1,614,640,000 Combined total value = 1,614,640,000

Strike 120900 has a total call value of 0 versus a total put value of 1,582,270,000 Combined total value = 1,582,270,000

Strike 121000 has a total call value of 0 versus a total put value of 1,549,900,000 Combined total value = 1,549,900,000

Strike 121100 has a total call value of 0 versus a total put value of 1,517,530,000 Combined total value = 1,517,530,000

Strike 121200 has a total call value of 0 versus a total put value of 1,485,160,000 Combined total value = 1,485,160,000

Strike 121300 has a total call value of 0 versus a total put value of 1,452,790,000 Combined total value = 1,452,790,000

Strike 121400 has a total call value of 0 versus a total put value of 1,420,420,000 Combined total value = 1,420,420,000

Strike 121500 has a total call value of 0 versus a total put value of 1,388,050,000 Combined total value = 1,388,050,000

Strike 121600 has a total call value of 0 versus a total put value of 1,355,680,000 Combined total value = 1,355,680,000

Strike 121700 has a total call value of 0 versus a total put value of 1,323,310,000 Combined total value = 1,323,310,000

Strike 121800 has a total call value of 0 versus a total put value of 1,290,940,000 Combined total value = 1,290,940,000

Strike 121900 has a total call value of 0 versus a total put value of 1,258,570,000 Combined total value = 1,258,570,000

Strike 122000 has a total call value of 0 versus a total put value of 1,226,200,000 Combined total value = 1,226,200,000

Strike 122100 has a total call value of 0 versus a total put value of 1,196,750,000 Combined total value = 1,196,750,000

Strike 122200 has a total call value of 0 versus a total put value of 1,167,300,000 Combined total value = 1,167,300,000

Strike 122300 has a total call value of 0 versus a total put value of 1,137,850,000 Combined total value = 1,137,850,000

Strike 122400 has a total call value of 0 versus a total put value of 1,108,400,000 Combined total value = 1,108,400,000

Strike 122500 has a total call value of 0 versus a total put value of 1,078,950,000 Combined total value = 1,078,950,000

Strike 122600 has a total call value of 0 versus a total put value of 1,049,500,000 Combined total value = 1,049,500,000

Strike 122700 has a total call value of 0 versus a total put value of 1,020,050,000 Combined total value = 1,020,050,000

Strike 122800 has a total call value of 0 versus a total put value of 990,600,000 Combined total value = 990,600,000

Strike 122900 has a total call value of 0 versus a total put value of 961,150,000 Combined total value = 961,150,000

Strike 123000 has a total call value of 0 versus a total put value of 931,700,000 Combined total value = 931,700,000

Strike 123100 has a total call value of 0 versus a total put value of 906,510,000 Combined total value = 906,510,000

Strike 123200 has a total call value of 0 versus a total put value of 881,320,000 Combined total value = 881,320,000

Strike 123300 has a total call value of 0 versus a total put value of 856,130,000 Combined total value = 856,130,000

Strike 123400 has a total call value of 0 versus a total put value of 830,940,000 Combined total value = 830,940,000

Strike 123500 has a total call value of 0 versus a total put value of 805,750,000 Combined total value = 805,750,000

Strike 123600 has a total call value of 0 versus a total put value of 780,560,000 Combined total value = 780,560,000

Strike 123700 has a total call value of 0 versus a total put value of 755,370,000 Combined total value = 755,370,000

Strike 123800 has a total call value of 0 versus a total put value of 730,180,000 Combined total value = 730,180,000

Strike 123900 has a total call value of 0 versus a total put value of 704,990,000 Combined total value = 704,990,000

Strike 124000 has a total call value of 0 versus a total put value of 679,800,000 Combined total value = 679,800,000

Strike 124100 has a total call value of 0 versus a total put value of 658,010,000 Combined total value = 658,010,000

Strike 124200 has a total call value of 0 versus a total put value of 636,220,000 Combined total value = 636,220,000

Strike 124300 has a total call value of 0 versus a total put value of 614,430,000 Combined total value = 614,430,000

Strike 124400 has a total call value of 0 versus a total put value of 592,640,000 Combined total value = 592,640,000

Strike 124500 has a total call value of 0 versus a total put value of 570,850,000 Combined total value = 570,850,000

Strike 124600 has a total call value of 0 versus a total put value of 549,060,000 Combined total value = 549,060,000

Strike 124700 has a total call value of 0 versus a total put value of 527,270,000 Combined total value = 527,270,000

Strike 124800 has a total call value of 0 versus a total put value of 505,480,000 Combined total value = 505,480,000

Strike 124900 has a total call value of 0 versus a total put value of 483,690,000 Combined total value = 483,690,000

Strike 125000 has a total call value of 0 versus a total put value of 461,900,000 Combined total value = 461,900,000

Strike 125100 has a total call value of 0 versus a total put value of 446,850,000 Combined total value = 446,850,000

Strike 125200 has a total call value of 0 versus a total put value of 431,800,000 Combined total value = 431,800,000

Strike 125300 has a total call value of 0 versus a total put value of 416,750,000 Combined total value = 416,750,000

Strike 125400 has a total call value of 0 versus a total put value of 401,700,000 Combined total value = 401,700,000

Strike 125500 has a total call value of 0 versus a total put value of 386,650,000 Combined total value = 386,650,000

Strike 125600 has a total call value of 0 versus a total put value of 371,600,000 Combined total value = 371,600,000

Strike 125700 has a total call value of 0 versus a total put value of 356,550,000 Combined total value = 356,550,000

Strike 125800 has a total call value of 0 versus a total put value of 341,500,000 Combined total value = 341,500,000

Strike 125900 has a total call value of 0 versus a total put value of 326,450,000 Combined total value = 326,450,000

Strike 126000 has a total call value of 0 versus a total put value of 311,400,000 Combined total value = 311,400,000

Strike 126100 has a total call value of 0 versus a total put value of 300,210,000 Combined total value = 300,210,000

Strike 126200 has a total call value of 0 versus a total put value of 289,020,000 Combined total value = 289,020,000

Strike 126300 has a total call value of 0 versus a total put value of 277,830,000 Combined total value = 277,830,000

Strike 126400 has a total call value of 0 versus a total put value of 266,640,000 Combined total value = 266,640,000

Strike 126500 has a total call value of 0 versus a total put value of 255,450,000 Combined total value = 255,450,000

Strike 126600 has a total call value of 0 versus a total put value of 244,260,000 Combined total value = 244,260,000

Strike 126700 has a total call value of 0 versus a total put value of 233,070,000 Combined total value = 233,070,000

Strike 126800 has a total call value of 0 versus a total put value of 221,880,000 Combined total value = 221,880,000

Strike 126900 has a total call value of 0 versus a total put value of 210,690,000 Combined total value = 210,690,000

Strike 127000 has a total call value of 0 versus a total put value of 199,500,000 Combined total value = 199,500,000

Strike 127100 has a total call value of 0 versus a total put value of 190,470,000 Combined total value = 190,470,000

Strike 127200 has a total call value of 0 versus a total put value of 181,440,000 Combined total value = 181,440,000

Strike 127300 has a total call value of 0 versus a total put value of 172,410,000 Combined total value = 172,410,000

Strike 127400 has a total call value of 0 versus a total put value of 163,380,000 Combined total value = 163,380,000

Strike 127500 has a total call value of 0 versus a total put value of 154,350,000 Combined total value = 154,350,000

Strike 127600 has a total call value of 0 versus a total put value of 145,320,000 Combined total value = 145,320,000

Strike 127700 has a total call value of 0 versus a total put value of 136,290,000 Combined total value = 136,290,000

Strike 127800 has a total call value of 0 versus a total put value of 127,260,000 Combined total value = 127,260,000

Strike 127900 has a total call value of 0 versus a total put value of 118,230,000 Combined total value = 118,230,000

Strike 128000 has a total call value of 0 versus a total put value of 109,200,000 Combined total value = 109,200,000

Strike 128100 has a total call value of 2,850,000 versus a total put value of 103,030,000 Combined total value = 105,880,000

Strike 128200 has a total call value of 5,700,000 versus a total put value of 96,860,000 Combined total value = 102,560,000

Strike 128300 has a total call value of 8,550,000 versus a total put value of 90,690,000 Combined total value = 99,240,000

Strike 128400 has a total call value of 11,400,000 versus a total put value of 84,520,000 Combined total value = 95,920,000

Strike 128500 has a total call value of 14,250,000 versus a total put value of 78,350,000 Combined total value = 92,600,000

Strike 128600 has a total call value of 17,100,000 versus a total put value of 72,180,000 Combined total value = 89,280,000

Strike 128700 has a total call value of 19,950,000 versus a total put value of 66,010,000 Combined total value = 85,960,000

Strike 128800 has a total call value of 22,800,000 versus a total put value of 59,840,000 Combined total value = 82,640,000

Strike 128900 has a total call value of 25,650,000 versus a total put value of 53,670,000 Combined total value = 79,320,000

Strike 129000 has a total call value of 28,500,000 versus a total put value of 47,500,000 Combined total value = 76,000,000

Strike 129100 has a total call value of 33,100,000 versus a total put value of 43,700,000 Combined total value = 76,800,000

Strike 129200 has a total call value of 37,700,000 versus a total put value of 39,900,000 Combined total value = 77,600,000

Strike 129300 has a total call value of 42,300,000 versus a total put value of 36,100,000 Combined total value = 78,400,000

Strike 129400 has a total call value of 46,900,000 versus a total put value of 32,300,000 Combined total value = 79,200,000

Strike 129500 has a total call value of 51,500,000 versus a total put value of 28,500,000 Combined total value = 80,000,000

Strike 129600 has a total call value of 56,100,000 versus a total put value of 24,700,000 Combined total value = 80,800,000

Strike 129700 has a total call value of 60,700,000 versus a total put value of 20,900,000 Combined total value = 81,600,000

Strike 129800 has a total call value of 65,300,000 versus a total put value of 17,100,000 Combined total value = 82,400,000

Strike 129900 has a total call value of 69,900,000 versus a total put value of 13,300,000 Combined total value = 83,200,000

Strike 130000 has a total call value of 74,520,000 versus a total put value of 9,500,000 Combined total value = 84,020,000

Strike 130100 has a total call value of 85,790,000 versus a total put value of 8,550,000 Combined total value = 94,340,000

Strike 130200 has a total call value of 97,060,000 versus a total put value of 7,600,000 Combined total value = 104,660,000

Strike 130300 has a total call value of 108,330,000 versus a total put value of 6,650,000 Combined total value = 114,980,000

Strike 130400 has a total call value of 119,600,000 versus a total put value of 5,700,000 Combined total value = 125,300,000

Strike 130500 has a total call value of 130,870,000 versus a total put value of 4,750,000 Combined total value = 135,620,000

Strike 130600 has a total call value of 142,140,000 versus a total put value of 3,800,000 Combined total value = 145,940,000

Strike 130700 has a total call value of 153,410,000 versus a total put value of 2,850,000 Combined total value = 156,260,000

Strike 130800 has a total call value of 164,680,000 versus a total put value of 1,900,000 Combined total value = 166,580,000

Strike 130900 has a total call value of 175,950,000 versus a total put value of 950,000 Combined total value = 176,900,000

Strike 131000 has a total call value of 187,220,000 versus a total put value of 0 Combined total value = 187,220,000

Strike 131100 has a total call value of 202,570,000 versus a total put value of 0 Combined total value = 202,570,000

Strike 131200 has a total call value of 217,920,000 versus a total put value of 0 Combined total value = 217,920,000

Strike 131300 has a total call value of 233,270,000 versus a total put value of 0 Combined total value = 233,270,000

Strike 131400 has a total call value of 248,620,000 versus a total put value of 0 Combined total value = 248,620,000

Strike 131500 has a total call value of 263,970,000 versus a total put value of 0 Combined total value = 263,970,000

Strike 131600 has a total call value of 279,320,000 versus a total put value of 0 Combined total value = 279,320,000

Strike 131700 has a total call value of 294,670,000 versus a total put value of 0 Combined total value = 294,670,000

Strike 131800 has a total call value of 310,020,000 versus a total put value of 0 Combined total value = 310,020,000

Strike 131900 has a total call value of 325,370,000 versus a total put value of 0 Combined total value = 325,370,000

Strike 132000 has a total call value of 340,720,000 versus a total put value of 0 Combined total value = 340,720,000

Strike 132100 has a total call value of 359,070,000 versus a total put value of 0 Combined total value = 359,070,000

Strike 132200 has a total call value of 377,420,000 versus a total put value of 0 Combined total value = 377,420,000

Strike 132300 has a total call value of 395,770,000 versus a total put value of 0 Combined total value = 395,770,000

Strike 132400 has a total call value of 414,120,000 versus a total put value of 0 Combined total value = 414,120,000

Strike 132500 has a total call value of 432,470,000 versus a total put value of 0 Combined total value = 432,470,000

Strike 132600 has a total call value of 450,820,000 versus a total put value of 0 Combined total value = 450,820,000

Strike 132700 has a total call value of 469,170,000 versus a total put value of 0 Combined total value = 469,170,000

Strike 132800 has a total call value of 487,520,000 versus a total put value of 0 Combined total value = 487,520,000

Strike 132900 has a total call value of 505,870,000 versus a total put value of 0 Combined total value = 505,870,000

Strike 133000 has a total call value of 524,220,000 versus a total put value of 0 Combined total value = 524,220,000

Strike 133100 has a total call value of 544,820,000 versus a total put value of 0 Combined total value = 544,820,000

Strike 133200 has a total call value of 565,420,000 versus a total put value of 0 Combined total value = 565,420,000

Strike 133300 has a total call value of 586,020,000 versus a total put value of 0 Combined total value = 586,020,000

Strike 133400 has a total call value of 606,620,000 versus a total put value of 0 Combined total value = 606,620,000

Strike 133500 has a total call value of 627,220,000 versus a total put value of 0 Combined total value = 627,220,000

Strike 133600 has a total call value of 647,820,000 versus a total put value of 0 Combined total value = 647,820,000

Strike 133700 has a total call value of 668,420,000 versus a total put value of 0 Combined total value = 668,420,000

Strike 133800 has a total call value of 689,020,000 versus a total put value of 0 Combined total value = 689,020,000

Strike 133900 has a total call value of 709,620,000 versus a total put value of 0 Combined total value = 709,620,000

Strike 134000 has a total call value of 730,220,000 versus a total put value of 0 Combined total value = 730,220,000

Strike 134100 has a total call value of 752,610,000 versus a total put value of 0 Combined total value = 752,610,000

Strike 134200 has a total call value of 775,000,000 versus a total put value of 0 Combined total value = 775,000,000

Strike 134300 has a total call value of 797,390,000 versus a total put value of 0 Combined total value = 797,390,000

Strike 134400 has a total call value of 819,780,000 versus a total put value of 0 Combined total value = 819,780,000

Strike 134500 has a total call value of 842,170,000 versus a total put value of 0 Combined total value = 842,170,000

Strike 134600 has a total call value of 864,560,000 versus a total put value of 0 Combined total value = 864,560,000

Strike 134700 has a total call value of 886,950,000 versus a total put value of 0 Combined total value = 886,950,000

Strike 134800 has a total call value of 909,340,000 versus a total put value of 0 Combined total value = 909,340,000

Strike 134900 has a total call value of 931,730,000 versus a total put value of 0 Combined total value = 931,730,000

Strike 135000 has a total call value of 954,120,000 versus a total put value of 0 Combined total value = 954,120,000

Strike 135100 has a total call value of 984,690,000 versus a total put value of 0 Combined total value = 984,690,000

Strike 135200 has a total call value of 1,015,260,000 versus a total put value of 0 Combined total value = 1,015,260,000

Strike 135300 has a total call value of 1,045,830,000 versus a total put value of 0 Combined total value = 1,045,830,000

Strike 135400 has a total call value of 1,076,400,000 versus a total put value of 0 Combined total value = 1,076,400,000

Strike 135500 has a total call value of 1,106,970,000 versus a total put value of 0 Combined total value = 1,106,970,000

Strike 135600 has a total call value of 1,137,540,000 versus a total put value of 0 Combined total value = 1,137,540,000

Strike 135700 has a total call value of 1,168,110,000 versus a total put value of 0 Combined total value = 1,168,110,000

Strike 135800 has a total call value of 1,198,680,000 versus a total put value of 0 Combined total value = 1,198,680,000

Strike 135900 has a total call value of 1,229,250,000 versus a total put value of 0 Combined total value = 1,229,250,000

Strike 136000 has a total call value of 1,259,820,000 versus a total put value of 0 Combined total value = 1,259,820,000

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	1125.1	1140
ABB	5001.5	5100
ABCAPITAL	356.15	350
ADANIENSOL	954.3	960
ADANIENT	2202.4	2260
ADANIGREEN	989.6	1020
ADANIPORTS	1471.9	1500
ALKEM	5554.5	5500
AMBER	6389	6500
AMBUJACEM	525.55	540
ANGELONE	2496.9	2600
APLAPOLLO	1732.2	1740
APOLLOHOSP	7071	7300
ASHOKLEY	156.99	159
ASIANPAINT	2827.4	2900
ASTRAL	1430.2	1460
AUBANK	952.85	950
AUROPHARMA	1169.3	1220
AXISBANK	1267.6	1280
BAJAJ-AUTO	8930	9000
BAJAJFINSV	2049.5	2060
BAJFINANCE	1023.5	1030
BANDHANBNK	135.11	150
BANKBARODA	282.45	290
BANKINDIA	136.85	140
BDL	1403.9	1480
BEL	384.15	405
BHARATFORG	1354.1	1400
BHARTIARTL	2092.5	2100
BHEL	271.9	277.5
BIOCON	379.8	395
BLUESTARCO	1716.8	1700
BOSCHLTD	36410	36500
BPCL	356.3	360
BRITANNIA	5796	5800
BSE	2757.4	2800
CAMS	741.3	760
CANBK	141.43	147
CDSL	1484.6	1560
CGPOWER	638.5	670
CHOLAFIN	1710.8	1700
CIPLA	1496.9	1520
COALINDIA	374.55	380
COFORGE	1885.2	1880
COLPAL	2145.5	2200
CONCOR	495.2	510
CROMPTON	250.55	265
CUMMINSIND	4418.8	4500
CYIENT	1130.6	1140
DABUR	499.6	510
DALBHARAT	1966	2000
DELHIVERY	395.8	410
DIVISLAB	6294.5	6400
DIXON	13346	14000
DLF	682.3	710
DMART	3872.3	4000
DRREDDY	1254.8	1270
EICHERMOT	7093.5	7100
ETERNAL	282.7	300
EXIDEIND	369.05	375
FEDERALBNK	256	257.5
FORTIS	852.75	890
GAIL	165	175
GLENMARK	1896.9	1940
GMRAIRPORT	98.9	100
GODREJCP	1111.5	1140
GODREJPROP	1966.6	2000
GRASIM	2738.9	2760
HAL	4213.1	4500
HAVELLS	1393.6	1440
HCLTECH	1672.4	1660
HDFCAMC	2530.9	2600
HDFCBANK	1001.6	1000
HDFCLIFE	756.65	770
HEROMOTOCO	6067	6200
HFCL	65.57	67
HINDALCO	808.15	800
HINDPETRO	445.2	450
HINDUNILVR	2323.2	2340
HINDZINC	483.4	490
HUDCO	210.72	225
ICICIBANK	1382.3	1380
ICICIGI	1941	2000
ICICIPRULI	617.45	620
IDEA	10.17	10
IDFCFIRSTB	78.86	80
IEX	140.93	145
IIFL	547.4	560
INDHOTEL	713.65	730
INDIANB	771.3	810
INDIGO	4921	5200
INDUSINDBK	834.85	860
INDUSTOWER	399.45	410
INFY	1597.5	1600
INOXWIND	122.26	130
IOC	162.49	163
IRCTC	659	680
IREDA	129.77	135
IRFC	110.73	113
ITC	400.25	405
JINDALSTEL	984.6	1010
JIOFIN	292.15	305
JSWENERGY	447.8	470
JSWSTEEL	1115.9	1140
JUBLFOOD	579	590
KALYANKJIL	467.2	490
KAYNES	3809	4800
KEI	4021.3	4100
KFINTECH	1029.7	1080
KOTAKBANK	2124.3	2120
KPITTECH	1202.4	1220
LAURUSLABS	995.8	1000
LICHSGFIN	521.05	550
LICI	851.9	870
LODHA	1060.6	1120
LT	3972.3	4000
LTF	298.15	300
LTIM	6215	6300
LUPIN	2059.7	2080
M&M	3628	3700
MANAPPURAM	269.25	275
MANKIND	2169.2	2200
MARICO	724.2	730
MARUTI	16050	16100
MAXHEALTH	1065.5	1100
MAZDOCK	2422	2600
MCX	10126	10100
MFSL	1682.9	1700
MOTHERSON	113.82	114
MPHASIS	2876.4	2900
MUTHOOTFIN	3732.8	3700
NATIONALUM	261	265
NAUKRI	1347	1380
NBCC	106.7	112
NCC	160.76	170
NESTLEIND	1208.7	1240
NHPC	75.6	78
NMDC	73.49	76
NTPC	317.55	322.5
NUVAMA	7051.5	7200
NYKAA	247.7	260
OBEROIRLTY	1619.8	1600
OFSS	7944	8200
OIL	400.95	405
ONGC	237.2	240
PAGEIND	36840	37500
PATANJALI	542.5	550
PAYTM	1302.3	1320
PERSISTENT	6269.5	6400
PETRONET	267.6	275
PFC	338.65	360
PGEL	531.3	540
PHOENIXLTD	1704.3	1720
PIDILITIND	1444.2	1480
PIIND	3262.7	3400
PNB	115.46	120
PNBHOUSING	862.25	900
POLICYBZR	1902.2	1900
POLYCAB	6985	7200
POWERGRID	264.15	270
POWERINDIA	18890	19500
PPLPHARMA	171.79	180
PRESTIGE	1595.3	1620
RBLBANK	295.75	300
RECLTD	338.35	355
RELIANCE	1522.8	1540
RVNL	301.95	310
SAIL	127.89	132
SAMMAANCAP	139.64	155
SBICARD	861.7	860
SBILIFE	2001.3	2020
SBIN	954.45	965
SHREECEM	25925	26500
SHRIRAMFIN	825.85	830
SIEMENS	3136.1	3250
SOLARINDS	12259	13000
SONACOMS	478.95	500
SRF	2830.6	2900
SUNPHARMA	1791.4	1800
SUPREMEIND	3320	3300
SUZLON	51.24	54
SYNGENE	625.35	630
TATACONSUM	1138	1150
TATAELXSI	4992	5200
TATAMOTORS	0	320
TATAPOWER	372.25	390
TATASTEEL	161.57	170
TATATECH	643.85	660
TCS	3202.2	3200
TECHM	1575.8	1540
TIINDIA	2550	2650
TITAGARH	752.35	800
TITAN	3766.2	3840
TMPV	343.85	360
TORNTPHARM	3734.8	3750
TORNTPOWER	1238	1300
TRENT	4001	4300
TVSMOTOR	3568.9	3600
ULTRACEMCO	11426	11600
UNIONBANK	146.34	150
UNITDSPR	1417.8	1430
UNOMINDA	1241.1	1280
UPL	732.3	750
VBL	462.1	470
VEDL	505.2	520
VOLTAS	1312.2	1340
WIPRO	258.8	257.5
YESBANK	21.69	23
ZYDUSLIFE	918.2	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