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 (GOLD) Max Pain Analysis | NiftyInvest

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.

Max Pain

27 May 2026 11:58 PM IST

Market Closed

Quick Help

Expiry

Max-Pain

1,60,000

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for GOLD is 160000

Historical data for GOLD-160000-CE

LTP (160000 CE)

3000 -0.5

Open Interest

266 60

Historical data for GOLD-160000-PE

LTP (160000 PE)

3350 -16

Open Interest

139 65

Strike 130000 has a total call value of 0 versus a total put value of 1,459,750,000. Combined total value = 1,459,750,000

Strike 130100 has a total call value of 60,000 versus a total put value of 1,453,950,000. Combined total value = 1,454,010,000

Strike 130200 has a total call value of 120,000 versus a total put value of 1,448,150,000. Combined total value = 1,448,270,000

Strike 130300 has a total call value of 180,000 versus a total put value of 1,442,350,000. Combined total value = 1,442,530,000

Strike 130400 has a total call value of 240,000 versus a total put value of 1,436,550,000. Combined total value = 1,436,790,000

Strike 130500 has a total call value of 300,000 versus a total put value of 1,430,750,000. Combined total value = 1,431,050,000

Strike 130600 has a total call value of 360,000 versus a total put value of 1,424,950,000. Combined total value = 1,425,310,000

Strike 130700 has a total call value of 420,000 versus a total put value of 1,419,150,000. Combined total value = 1,419,570,000

Strike 130800 has a total call value of 480,000 versus a total put value of 1,413,350,000. Combined total value = 1,413,830,000

Strike 130900 has a total call value of 540,000 versus a total put value of 1,407,550,000. Combined total value = 1,408,090,000

Strike 131000 has a total call value of 600,000 versus a total put value of 1,401,750,000. Combined total value = 1,402,350,000

Strike 131100 has a total call value of 660,000 versus a total put value of 1,395,950,000. Combined total value = 1,396,610,000

Strike 131200 has a total call value of 720,000 versus a total put value of 1,390,150,000. Combined total value = 1,390,870,000

Strike 131300 has a total call value of 780,000 versus a total put value of 1,384,350,000. Combined total value = 1,385,130,000

Strike 131400 has a total call value of 840,000 versus a total put value of 1,378,550,000. Combined total value = 1,379,390,000

Strike 131500 has a total call value of 900,000 versus a total put value of 1,372,750,000. Combined total value = 1,373,650,000

Strike 131600 has a total call value of 960,000 versus a total put value of 1,366,950,000. Combined total value = 1,367,910,000

Strike 131700 has a total call value of 1,020,000 versus a total put value of 1,361,150,000. Combined total value = 1,362,170,000

Strike 131800 has a total call value of 1,080,000 versus a total put value of 1,355,350,000. Combined total value = 1,356,430,000

Strike 131900 has a total call value of 1,140,000 versus a total put value of 1,349,550,000. Combined total value = 1,350,690,000

Strike 132000 has a total call value of 1,200,000 versus a total put value of 1,343,750,000. Combined total value = 1,344,950,000

Strike 132100 has a total call value of 1,260,000 versus a total put value of 1,337,950,000. Combined total value = 1,339,210,000

Strike 132200 has a total call value of 1,320,000 versus a total put value of 1,332,150,000. Combined total value = 1,333,470,000

Strike 132300 has a total call value of 1,380,000 versus a total put value of 1,326,350,000. Combined total value = 1,327,730,000

Strike 132400 has a total call value of 1,440,000 versus a total put value of 1,320,550,000. Combined total value = 1,321,990,000

Strike 132500 has a total call value of 1,500,000 versus a total put value of 1,314,750,000. Combined total value = 1,316,250,000

Strike 132600 has a total call value of 1,560,000 versus a total put value of 1,308,950,000. Combined total value = 1,310,510,000

Strike 132700 has a total call value of 1,620,000 versus a total put value of 1,303,150,000. Combined total value = 1,304,770,000

Strike 132800 has a total call value of 1,680,000 versus a total put value of 1,297,350,000. Combined total value = 1,299,030,000

Strike 132900 has a total call value of 1,740,000 versus a total put value of 1,291,550,000. Combined total value = 1,293,290,000

Strike 133000 has a total call value of 1,800,000 versus a total put value of 1,285,750,000. Combined total value = 1,287,550,000

Strike 133100 has a total call value of 1,860,000 versus a total put value of 1,279,950,000. Combined total value = 1,281,810,000

Strike 133200 has a total call value of 1,920,000 versus a total put value of 1,274,150,000. Combined total value = 1,276,070,000

Strike 133300 has a total call value of 1,980,000 versus a total put value of 1,268,350,000. Combined total value = 1,270,330,000

Strike 133400 has a total call value of 2,040,000 versus a total put value of 1,262,550,000. Combined total value = 1,264,590,000

Strike 133500 has a total call value of 2,100,000 versus a total put value of 1,256,750,000. Combined total value = 1,258,850,000

Strike 133600 has a total call value of 2,160,000 versus a total put value of 1,250,950,000. Combined total value = 1,253,110,000

Strike 133700 has a total call value of 2,220,000 versus a total put value of 1,245,150,000. Combined total value = 1,247,370,000

Strike 133800 has a total call value of 2,280,000 versus a total put value of 1,239,350,000. Combined total value = 1,241,630,000

Strike 133900 has a total call value of 2,340,000 versus a total put value of 1,233,550,000. Combined total value = 1,235,890,000

Strike 134000 has a total call value of 2,400,000 versus a total put value of 1,227,750,000. Combined total value = 1,230,150,000

Strike 134100 has a total call value of 2,460,000 versus a total put value of 1,221,950,000. Combined total value = 1,224,410,000

Strike 134200 has a total call value of 2,520,000 versus a total put value of 1,216,150,000. Combined total value = 1,218,670,000

Strike 134300 has a total call value of 2,580,000 versus a total put value of 1,210,350,000. Combined total value = 1,212,930,000

Strike 134400 has a total call value of 2,640,000 versus a total put value of 1,204,550,000. Combined total value = 1,207,190,000

Strike 134500 has a total call value of 2,700,000 versus a total put value of 1,198,750,000. Combined total value = 1,201,450,000

Strike 134600 has a total call value of 2,760,000 versus a total put value of 1,192,950,000. Combined total value = 1,195,710,000

Strike 134700 has a total call value of 2,820,000 versus a total put value of 1,187,150,000. Combined total value = 1,189,970,000

Strike 134800 has a total call value of 2,880,000 versus a total put value of 1,181,350,000. Combined total value = 1,184,230,000

Strike 134900 has a total call value of 2,940,000 versus a total put value of 1,175,550,000. Combined total value = 1,178,490,000

Strike 135000 has a total call value of 3,000,000 versus a total put value of 1,169,750,000. Combined total value = 1,172,750,000

Strike 135100 has a total call value of 3,060,000 versus a total put value of 1,163,950,000. Combined total value = 1,167,010,000

Strike 135200 has a total call value of 3,120,000 versus a total put value of 1,158,150,000. Combined total value = 1,161,270,000

Strike 135300 has a total call value of 3,180,000 versus a total put value of 1,152,350,000. Combined total value = 1,155,530,000

Strike 135400 has a total call value of 3,240,000 versus a total put value of 1,146,550,000. Combined total value = 1,149,790,000

Strike 135500 has a total call value of 3,300,000 versus a total put value of 1,140,750,000. Combined total value = 1,144,050,000

Strike 135600 has a total call value of 3,360,000 versus a total put value of 1,134,950,000. Combined total value = 1,138,310,000

Strike 135700 has a total call value of 3,420,000 versus a total put value of 1,129,150,000. Combined total value = 1,132,570,000

Strike 135800 has a total call value of 3,480,000 versus a total put value of 1,123,350,000. Combined total value = 1,126,830,000

Strike 135900 has a total call value of 3,540,000 versus a total put value of 1,117,550,000. Combined total value = 1,121,090,000

Strike 136000 has a total call value of 3,600,000 versus a total put value of 1,111,750,000. Combined total value = 1,115,350,000

Strike 136100 has a total call value of 3,660,000 versus a total put value of 1,105,950,000. Combined total value = 1,109,610,000

Strike 136200 has a total call value of 3,720,000 versus a total put value of 1,100,150,000. Combined total value = 1,103,870,000

Strike 136300 has a total call value of 3,780,000 versus a total put value of 1,094,350,000. Combined total value = 1,098,130,000

Strike 136400 has a total call value of 3,840,000 versus a total put value of 1,088,550,000. Combined total value = 1,092,390,000

Strike 136500 has a total call value of 3,900,000 versus a total put value of 1,082,750,000. Combined total value = 1,086,650,000

Strike 136600 has a total call value of 3,960,000 versus a total put value of 1,076,950,000. Combined total value = 1,080,910,000

Strike 136700 has a total call value of 4,020,000 versus a total put value of 1,071,150,000. Combined total value = 1,075,170,000

Strike 136800 has a total call value of 4,080,000 versus a total put value of 1,065,350,000. Combined total value = 1,069,430,000

Strike 136900 has a total call value of 4,140,000 versus a total put value of 1,059,550,000. Combined total value = 1,063,690,000

Strike 137000 has a total call value of 4,200,000 versus a total put value of 1,053,750,000. Combined total value = 1,057,950,000

Strike 137100 has a total call value of 4,260,000 versus a total put value of 1,047,950,000. Combined total value = 1,052,210,000

Strike 137200 has a total call value of 4,320,000 versus a total put value of 1,042,150,000. Combined total value = 1,046,470,000

Strike 137300 has a total call value of 4,380,000 versus a total put value of 1,036,350,000. Combined total value = 1,040,730,000

Strike 137400 has a total call value of 4,440,000 versus a total put value of 1,030,550,000. Combined total value = 1,034,990,000

Strike 137500 has a total call value of 4,500,000 versus a total put value of 1,024,750,000. Combined total value = 1,029,250,000

Strike 137600 has a total call value of 4,560,000 versus a total put value of 1,018,950,000. Combined total value = 1,023,510,000

Strike 137700 has a total call value of 4,620,000 versus a total put value of 1,013,150,000. Combined total value = 1,017,770,000

Strike 137800 has a total call value of 4,680,000 versus a total put value of 1,007,350,000. Combined total value = 1,012,030,000

Strike 137900 has a total call value of 4,740,000 versus a total put value of 1,001,550,000. Combined total value = 1,006,290,000

Strike 138000 has a total call value of 4,800,000 versus a total put value of 995,750,000. Combined total value = 1,000,550,000

Strike 138100 has a total call value of 4,860,000 versus a total put value of 989,950,000. Combined total value = 994,810,000

Strike 138200 has a total call value of 4,920,000 versus a total put value of 984,150,000. Combined total value = 989,070,000

Strike 138300 has a total call value of 4,980,000 versus a total put value of 978,350,000. Combined total value = 983,330,000

Strike 138400 has a total call value of 5,040,000 versus a total put value of 972,550,000. Combined total value = 977,590,000

Strike 138500 has a total call value of 5,100,000 versus a total put value of 966,750,000. Combined total value = 971,850,000

Strike 138600 has a total call value of 5,160,000 versus a total put value of 960,950,000. Combined total value = 966,110,000

Strike 138700 has a total call value of 5,220,000 versus a total put value of 955,150,000. Combined total value = 960,370,000

Strike 138800 has a total call value of 5,280,000 versus a total put value of 949,350,000. Combined total value = 954,630,000

Strike 138900 has a total call value of 5,340,000 versus a total put value of 943,550,000. Combined total value = 948,890,000

Strike 139000 has a total call value of 5,400,000 versus a total put value of 937,750,000. Combined total value = 943,150,000

Strike 139100 has a total call value of 5,460,000 versus a total put value of 931,950,000. Combined total value = 937,410,000

Strike 139200 has a total call value of 5,520,000 versus a total put value of 926,150,000. Combined total value = 931,670,000

Strike 139300 has a total call value of 5,580,000 versus a total put value of 920,350,000. Combined total value = 925,930,000

Strike 139400 has a total call value of 5,640,000 versus a total put value of 914,550,000. Combined total value = 920,190,000

Strike 139500 has a total call value of 5,700,000 versus a total put value of 908,750,000. Combined total value = 914,450,000

Strike 139600 has a total call value of 5,760,000 versus a total put value of 902,950,000. Combined total value = 908,710,000

Strike 139700 has a total call value of 5,820,000 versus a total put value of 897,150,000. Combined total value = 902,970,000

Strike 139800 has a total call value of 5,880,000 versus a total put value of 891,350,000. Combined total value = 897,230,000

Strike 139900 has a total call value of 5,940,000 versus a total put value of 885,550,000. Combined total value = 891,490,000

Strike 140000 has a total call value of 6,000,000 versus a total put value of 879,750,000. Combined total value = 885,750,000

Strike 140100 has a total call value of 6,060,000 versus a total put value of 874,000,000. Combined total value = 880,060,000

Strike 140200 has a total call value of 6,120,000 versus a total put value of 868,250,000. Combined total value = 874,370,000

Strike 140300 has a total call value of 6,180,000 versus a total put value of 862,500,000. Combined total value = 868,680,000

Strike 140400 has a total call value of 6,240,000 versus a total put value of 856,750,000. Combined total value = 862,990,000

Strike 140500 has a total call value of 6,300,000 versus a total put value of 851,000,000. Combined total value = 857,300,000

Strike 140600 has a total call value of 6,360,000 versus a total put value of 845,250,000. Combined total value = 851,610,000

Strike 140700 has a total call value of 6,420,000 versus a total put value of 839,500,000. Combined total value = 845,920,000

Strike 140800 has a total call value of 6,480,000 versus a total put value of 833,750,000. Combined total value = 840,230,000

Strike 140900 has a total call value of 6,540,000 versus a total put value of 828,000,000. Combined total value = 834,540,000

Strike 141000 has a total call value of 6,600,000 versus a total put value of 822,250,000. Combined total value = 828,850,000

Strike 141100 has a total call value of 6,660,000 versus a total put value of 816,500,000. Combined total value = 823,160,000

Strike 141200 has a total call value of 6,720,000 versus a total put value of 810,750,000. Combined total value = 817,470,000

Strike 141300 has a total call value of 6,780,000 versus a total put value of 805,000,000. Combined total value = 811,780,000

Strike 141400 has a total call value of 6,840,000 versus a total put value of 799,250,000. Combined total value = 806,090,000

Strike 141500 has a total call value of 6,900,000 versus a total put value of 793,500,000. Combined total value = 800,400,000

Strike 141600 has a total call value of 6,960,000 versus a total put value of 787,750,000. Combined total value = 794,710,000

Strike 141700 has a total call value of 7,020,000 versus a total put value of 782,000,000. Combined total value = 789,020,000

Strike 141800 has a total call value of 7,080,000 versus a total put value of 776,250,000. Combined total value = 783,330,000

Strike 141900 has a total call value of 7,140,000 versus a total put value of 770,500,000. Combined total value = 777,640,000

Strike 142000 has a total call value of 7,200,000 versus a total put value of 764,750,000. Combined total value = 771,950,000

Strike 142100 has a total call value of 7,260,000 versus a total put value of 759,000,000. Combined total value = 766,260,000

Strike 142200 has a total call value of 7,320,000 versus a total put value of 753,250,000. Combined total value = 760,570,000

Strike 142300 has a total call value of 7,380,000 versus a total put value of 747,500,000. Combined total value = 754,880,000

Strike 142400 has a total call value of 7,440,000 versus a total put value of 741,750,000. Combined total value = 749,190,000

Strike 142500 has a total call value of 7,500,000 versus a total put value of 736,000,000. Combined total value = 743,500,000

Strike 142600 has a total call value of 7,560,000 versus a total put value of 730,250,000. Combined total value = 737,810,000

Strike 142700 has a total call value of 7,620,000 versus a total put value of 724,500,000. Combined total value = 732,120,000

Strike 142800 has a total call value of 7,680,000 versus a total put value of 718,750,000. Combined total value = 726,430,000

Strike 142900 has a total call value of 7,740,000 versus a total put value of 713,000,000. Combined total value = 720,740,000

Strike 143000 has a total call value of 7,800,000 versus a total put value of 707,250,000. Combined total value = 715,050,000

Strike 143100 has a total call value of 7,860,000 versus a total put value of 701,500,000. Combined total value = 709,360,000

Strike 143200 has a total call value of 7,920,000 versus a total put value of 695,750,000. Combined total value = 703,670,000

Strike 143300 has a total call value of 7,980,000 versus a total put value of 690,000,000. Combined total value = 697,980,000

Strike 143400 has a total call value of 8,040,000 versus a total put value of 684,250,000. Combined total value = 692,290,000

Strike 143500 has a total call value of 8,100,000 versus a total put value of 678,500,000. Combined total value = 686,600,000

Strike 143600 has a total call value of 8,160,000 versus a total put value of 672,750,000. Combined total value = 680,910,000

Strike 143700 has a total call value of 8,220,000 versus a total put value of 667,000,000. Combined total value = 675,220,000

Strike 143800 has a total call value of 8,280,000 versus a total put value of 661,250,000. Combined total value = 669,530,000

Strike 143900 has a total call value of 8,340,000 versus a total put value of 655,500,000. Combined total value = 663,840,000

Strike 144000 has a total call value of 8,400,000 versus a total put value of 649,750,000. Combined total value = 658,150,000

Strike 144100 has a total call value of 8,460,000 versus a total put value of 644,000,000. Combined total value = 652,460,000

Strike 144200 has a total call value of 8,520,000 versus a total put value of 638,250,000. Combined total value = 646,770,000

Strike 144300 has a total call value of 8,580,000 versus a total put value of 632,500,000. Combined total value = 641,080,000

Strike 144400 has a total call value of 8,640,000 versus a total put value of 626,750,000. Combined total value = 635,390,000

Strike 144500 has a total call value of 8,700,000 versus a total put value of 621,000,000. Combined total value = 629,700,000

Strike 144600 has a total call value of 8,760,000 versus a total put value of 615,250,000. Combined total value = 624,010,000

Strike 144700 has a total call value of 8,820,000 versus a total put value of 609,500,000. Combined total value = 618,320,000

Strike 144800 has a total call value of 8,880,000 versus a total put value of 603,750,000. Combined total value = 612,630,000

Strike 144900 has a total call value of 8,940,000 versus a total put value of 598,000,000. Combined total value = 606,940,000

Strike 145000 has a total call value of 9,000,000 versus a total put value of 592,250,000. Combined total value = 601,250,000

Strike 145100 has a total call value of 9,060,000 versus a total put value of 586,560,000. Combined total value = 595,620,000

Strike 145200 has a total call value of 9,120,000 versus a total put value of 580,870,000. Combined total value = 589,990,000

Strike 145300 has a total call value of 9,180,000 versus a total put value of 575,180,000. Combined total value = 584,360,000

Strike 145400 has a total call value of 9,240,000 versus a total put value of 569,490,000. Combined total value = 578,730,000

Strike 145500 has a total call value of 9,300,000 versus a total put value of 563,800,000. Combined total value = 573,100,000

Strike 145600 has a total call value of 9,360,000 versus a total put value of 558,110,000. Combined total value = 567,470,000

Strike 145700 has a total call value of 9,420,000 versus a total put value of 552,420,000. Combined total value = 561,840,000

Strike 145800 has a total call value of 9,480,000 versus a total put value of 546,730,000. Combined total value = 556,210,000

Strike 145900 has a total call value of 9,540,000 versus a total put value of 541,040,000. Combined total value = 550,580,000

Strike 146000 has a total call value of 9,600,000 versus a total put value of 535,350,000. Combined total value = 544,950,000

Strike 146100 has a total call value of 9,660,000 versus a total put value of 529,660,000. Combined total value = 539,320,000

Strike 146200 has a total call value of 9,720,000 versus a total put value of 523,970,000. Combined total value = 533,690,000

Strike 146300 has a total call value of 9,780,000 versus a total put value of 518,280,000. Combined total value = 528,060,000

Strike 146400 has a total call value of 9,840,000 versus a total put value of 512,590,000. Combined total value = 522,430,000

Strike 146500 has a total call value of 9,900,000 versus a total put value of 506,900,000. Combined total value = 516,800,000

Strike 146600 has a total call value of 9,960,000 versus a total put value of 501,210,000. Combined total value = 511,170,000

Strike 146700 has a total call value of 10,020,000 versus a total put value of 495,520,000. Combined total value = 505,540,000

Strike 146800 has a total call value of 10,080,000 versus a total put value of 489,830,000. Combined total value = 499,910,000

Strike 146900 has a total call value of 10,140,000 versus a total put value of 484,140,000. Combined total value = 494,280,000

Strike 147000 has a total call value of 10,200,000 versus a total put value of 478,450,000. Combined total value = 488,650,000

Strike 147100 has a total call value of 10,260,000 versus a total put value of 472,760,000. Combined total value = 483,020,000

Strike 147200 has a total call value of 10,320,000 versus a total put value of 467,070,000. Combined total value = 477,390,000

Strike 147300 has a total call value of 10,380,000 versus a total put value of 461,380,000. Combined total value = 471,760,000

Strike 147400 has a total call value of 10,440,000 versus a total put value of 455,690,000. Combined total value = 466,130,000

Strike 147500 has a total call value of 10,500,000 versus a total put value of 450,000,000. Combined total value = 460,500,000

Strike 147600 has a total call value of 10,560,000 versus a total put value of 444,310,000. Combined total value = 454,870,000

Strike 147700 has a total call value of 10,620,000 versus a total put value of 438,620,000. Combined total value = 449,240,000

Strike 147800 has a total call value of 10,680,000 versus a total put value of 432,930,000. Combined total value = 443,610,000

Strike 147900 has a total call value of 10,740,000 versus a total put value of 427,240,000. Combined total value = 437,980,000

Strike 148000 has a total call value of 10,800,000 versus a total put value of 421,550,000. Combined total value = 432,350,000

Strike 148100 has a total call value of 10,860,000 versus a total put value of 415,860,000. Combined total value = 426,720,000

Strike 148200 has a total call value of 10,920,000 versus a total put value of 410,170,000. Combined total value = 421,090,000

Strike 148300 has a total call value of 10,980,000 versus a total put value of 404,480,000. Combined total value = 415,460,000

Strike 148400 has a total call value of 11,040,000 versus a total put value of 398,790,000. Combined total value = 409,830,000

Strike 148500 has a total call value of 11,100,000 versus a total put value of 393,100,000. Combined total value = 404,200,000

Strike 148600 has a total call value of 11,160,000 versus a total put value of 387,410,000. Combined total value = 398,570,000

Strike 148700 has a total call value of 11,220,000 versus a total put value of 381,720,000. Combined total value = 392,940,000

Strike 148800 has a total call value of 11,280,000 versus a total put value of 376,030,000. Combined total value = 387,310,000

Strike 148900 has a total call value of 11,340,000 versus a total put value of 370,340,000. Combined total value = 381,680,000

Strike 149000 has a total call value of 11,400,000 versus a total put value of 364,650,000. Combined total value = 376,050,000

Strike 149100 has a total call value of 11,460,000 versus a total put value of 358,960,000. Combined total value = 370,420,000

Strike 149200 has a total call value of 11,520,000 versus a total put value of 353,270,000. Combined total value = 364,790,000

Strike 149300 has a total call value of 11,580,000 versus a total put value of 347,580,000. Combined total value = 359,160,000

Strike 149400 has a total call value of 11,640,000 versus a total put value of 341,890,000. Combined total value = 353,530,000

Strike 149500 has a total call value of 11,700,000 versus a total put value of 336,200,000. Combined total value = 347,900,000

Strike 149600 has a total call value of 11,760,000 versus a total put value of 330,510,000. Combined total value = 342,270,000

Strike 149700 has a total call value of 11,820,000 versus a total put value of 324,820,000. Combined total value = 336,640,000

Strike 149800 has a total call value of 11,880,000 versus a total put value of 319,130,000. Combined total value = 331,010,000

Strike 149900 has a total call value of 11,940,000 versus a total put value of 313,440,000. Combined total value = 325,380,000

Strike 150000 has a total call value of 12,000,000 versus a total put value of 307,750,000. Combined total value = 319,750,000

Strike 150100 has a total call value of 12,060,000 versus a total put value of 303,710,000. Combined total value = 315,770,000

Strike 150200 has a total call value of 12,120,000 versus a total put value of 299,670,000. Combined total value = 311,790,000

Strike 150300 has a total call value of 12,180,000 versus a total put value of 295,630,000. Combined total value = 307,810,000

Strike 150400 has a total call value of 12,240,000 versus a total put value of 291,590,000. Combined total value = 303,830,000

Strike 150500 has a total call value of 12,300,000 versus a total put value of 287,550,000. Combined total value = 299,850,000

Strike 150600 has a total call value of 12,360,000 versus a total put value of 283,510,000. Combined total value = 295,870,000

Strike 150700 has a total call value of 12,420,000 versus a total put value of 279,470,000. Combined total value = 291,890,000

Strike 150800 has a total call value of 12,480,000 versus a total put value of 275,430,000. Combined total value = 287,910,000

Strike 150900 has a total call value of 12,540,000 versus a total put value of 271,390,000. Combined total value = 283,930,000

Strike 151000 has a total call value of 12,600,000 versus a total put value of 267,350,000. Combined total value = 279,950,000

Strike 151100 has a total call value of 12,660,000 versus a total put value of 263,310,000. Combined total value = 275,970,000

Strike 151200 has a total call value of 12,720,000 versus a total put value of 259,270,000. Combined total value = 271,990,000

Strike 151300 has a total call value of 12,780,000 versus a total put value of 255,230,000. Combined total value = 268,010,000

Strike 151400 has a total call value of 12,840,000 versus a total put value of 251,190,000. Combined total value = 264,030,000

Strike 151500 has a total call value of 12,900,000 versus a total put value of 247,150,000. Combined total value = 260,050,000

Strike 151600 has a total call value of 12,960,000 versus a total put value of 243,110,000. Combined total value = 256,070,000

Strike 151700 has a total call value of 13,020,000 versus a total put value of 239,070,000. Combined total value = 252,090,000

Strike 151800 has a total call value of 13,080,000 versus a total put value of 235,030,000. Combined total value = 248,110,000

Strike 151900 has a total call value of 13,140,000 versus a total put value of 230,990,000. Combined total value = 244,130,000

Strike 152000 has a total call value of 13,200,000 versus a total put value of 226,950,000. Combined total value = 240,150,000

Strike 152100 has a total call value of 13,260,000 versus a total put value of 222,910,000. Combined total value = 236,170,000

Strike 152200 has a total call value of 13,320,000 versus a total put value of 218,870,000. Combined total value = 232,190,000

Strike 152300 has a total call value of 13,380,000 versus a total put value of 214,830,000. Combined total value = 228,210,000

Strike 152400 has a total call value of 13,440,000 versus a total put value of 210,790,000. Combined total value = 224,230,000

Strike 152500 has a total call value of 13,500,000 versus a total put value of 206,750,000. Combined total value = 220,250,000

Strike 152600 has a total call value of 13,560,000 versus a total put value of 202,710,000. Combined total value = 216,270,000

Strike 152700 has a total call value of 13,620,000 versus a total put value of 198,670,000. Combined total value = 212,290,000

Strike 152800 has a total call value of 13,680,000 versus a total put value of 194,630,000. Combined total value = 208,310,000

Strike 152900 has a total call value of 13,740,000 versus a total put value of 190,590,000. Combined total value = 204,330,000

Strike 153000 has a total call value of 13,800,000 versus a total put value of 186,550,000. Combined total value = 200,350,000

Strike 153100 has a total call value of 13,860,000 versus a total put value of 182,510,000. Combined total value = 196,370,000

Strike 153200 has a total call value of 13,920,000 versus a total put value of 178,470,000. Combined total value = 192,390,000

Strike 153300 has a total call value of 13,980,000 versus a total put value of 174,430,000. Combined total value = 188,410,000

Strike 153400 has a total call value of 14,040,000 versus a total put value of 170,390,000. Combined total value = 184,430,000

Strike 153500 has a total call value of 14,100,000 versus a total put value of 166,350,000. Combined total value = 180,450,000

Strike 153600 has a total call value of 14,160,000 versus a total put value of 162,310,000. Combined total value = 176,470,000

Strike 153700 has a total call value of 14,220,000 versus a total put value of 158,270,000. Combined total value = 172,490,000

Strike 153800 has a total call value of 14,280,000 versus a total put value of 154,230,000. Combined total value = 168,510,000

Strike 153900 has a total call value of 14,340,000 versus a total put value of 150,190,000. Combined total value = 164,530,000

Strike 154000 has a total call value of 14,400,000 versus a total put value of 146,150,000. Combined total value = 160,550,000

Strike 154100 has a total call value of 14,460,000 versus a total put value of 142,110,000. Combined total value = 156,570,000

Strike 154200 has a total call value of 14,520,000 versus a total put value of 138,070,000. Combined total value = 152,590,000

Strike 154300 has a total call value of 14,580,000 versus a total put value of 134,030,000. Combined total value = 148,610,000

Strike 154400 has a total call value of 14,640,000 versus a total put value of 129,990,000. Combined total value = 144,630,000

Strike 154500 has a total call value of 14,700,000 versus a total put value of 125,950,000. Combined total value = 140,650,000

Strike 154600 has a total call value of 14,760,000 versus a total put value of 121,910,000. Combined total value = 136,670,000

Strike 154700 has a total call value of 14,820,000 versus a total put value of 117,870,000. Combined total value = 132,690,000

Strike 154800 has a total call value of 14,880,000 versus a total put value of 113,830,000. Combined total value = 128,710,000

Strike 154900 has a total call value of 14,940,000 versus a total put value of 109,790,000. Combined total value = 124,730,000

Strike 155000 has a total call value of 15,000,000 versus a total put value of 105,750,000. Combined total value = 120,750,000

Strike 155100 has a total call value of 15,520,000 versus a total put value of 103,870,000. Combined total value = 119,390,000

Strike 155200 has a total call value of 16,040,000 versus a total put value of 101,990,000. Combined total value = 118,030,000

Strike 155300 has a total call value of 16,560,000 versus a total put value of 100,110,000. Combined total value = 116,670,000

Strike 155400 has a total call value of 17,080,000 versus a total put value of 98,230,000. Combined total value = 115,310,000

Strike 155500 has a total call value of 17,600,000 versus a total put value of 96,350,000. Combined total value = 113,950,000

Strike 155600 has a total call value of 18,120,000 versus a total put value of 94,470,000. Combined total value = 112,590,000

Strike 155700 has a total call value of 18,640,000 versus a total put value of 92,590,000. Combined total value = 111,230,000

Strike 155800 has a total call value of 19,160,000 versus a total put value of 90,710,000. Combined total value = 109,870,000

Strike 155900 has a total call value of 19,680,000 versus a total put value of 88,830,000. Combined total value = 108,510,000

Strike 156000 has a total call value of 20,200,000 versus a total put value of 86,950,000. Combined total value = 107,150,000

Strike 156100 has a total call value of 20,720,000 versus a total put value of 85,100,000. Combined total value = 105,820,000

Strike 156200 has a total call value of 21,240,000 versus a total put value of 83,250,000. Combined total value = 104,490,000

Strike 156300 has a total call value of 21,760,000 versus a total put value of 81,400,000. Combined total value = 103,160,000

Strike 156400 has a total call value of 22,280,000 versus a total put value of 79,550,000. Combined total value = 101,830,000

Strike 156500 has a total call value of 22,800,000 versus a total put value of 77,700,000. Combined total value = 100,500,000

Strike 156600 has a total call value of 23,320,000 versus a total put value of 75,850,000. Combined total value = 99,170,000

Strike 156700 has a total call value of 23,840,000 versus a total put value of 74,000,000. Combined total value = 97,840,000

Strike 156800 has a total call value of 24,360,000 versus a total put value of 72,150,000. Combined total value = 96,510,000

Strike 156900 has a total call value of 24,880,000 versus a total put value of 70,300,000. Combined total value = 95,180,000

Strike 157000 has a total call value of 25,400,000 versus a total put value of 68,450,000. Combined total value = 93,850,000

Strike 157100 has a total call value of 25,990,000 versus a total put value of 66,610,000. Combined total value = 92,600,000

Strike 157200 has a total call value of 26,580,000 versus a total put value of 64,770,000. Combined total value = 91,350,000

Strike 157300 has a total call value of 27,170,000 versus a total put value of 62,930,000. Combined total value = 90,100,000

Strike 157400 has a total call value of 27,760,000 versus a total put value of 61,090,000. Combined total value = 88,850,000

Strike 157500 has a total call value of 28,350,000 versus a total put value of 59,250,000. Combined total value = 87,600,000

Strike 157600 has a total call value of 28,940,000 versus a total put value of 57,410,000. Combined total value = 86,350,000

Strike 157700 has a total call value of 29,530,000 versus a total put value of 55,570,000. Combined total value = 85,100,000

Strike 157800 has a total call value of 30,120,000 versus a total put value of 53,730,000. Combined total value = 83,850,000

Strike 157900 has a total call value of 30,710,000 versus a total put value of 51,890,000. Combined total value = 82,600,000

Strike 158000 has a total call value of 31,300,000 versus a total put value of 50,050,000. Combined total value = 81,350,000

Strike 158100 has a total call value of 32,030,000 versus a total put value of 48,260,000. Combined total value = 80,290,000

Strike 158200 has a total call value of 32,760,000 versus a total put value of 46,470,000. Combined total value = 79,230,000

Strike 158300 has a total call value of 33,490,000 versus a total put value of 44,680,000. Combined total value = 78,170,000

Strike 158400 has a total call value of 34,220,000 versus a total put value of 42,890,000. Combined total value = 77,110,000

Strike 158500 has a total call value of 34,950,000 versus a total put value of 41,100,000. Combined total value = 76,050,000

Strike 158600 has a total call value of 35,680,000 versus a total put value of 39,310,000. Combined total value = 74,990,000

Strike 158700 has a total call value of 36,410,000 versus a total put value of 37,520,000. Combined total value = 73,930,000

Strike 158800 has a total call value of 37,140,000 versus a total put value of 35,730,000. Combined total value = 72,870,000

Strike 158900 has a total call value of 37,870,000 versus a total put value of 33,940,000. Combined total value = 71,810,000

Strike 159000 has a total call value of 38,600,000 versus a total put value of 32,150,000. Combined total value = 70,750,000

Strike 159100 has a total call value of 39,340,000 versus a total put value of 30,380,000. Combined total value = 69,720,000

Strike 159200 has a total call value of 40,080,000 versus a total put value of 28,610,000. Combined total value = 68,690,000

Strike 159300 has a total call value of 40,820,000 versus a total put value of 26,840,000. Combined total value = 67,660,000

Strike 159400 has a total call value of 41,560,000 versus a total put value of 25,070,000. Combined total value = 66,630,000

Strike 159500 has a total call value of 42,300,000 versus a total put value of 23,300,000. Combined total value = 65,600,000

Strike 159600 has a total call value of 43,040,000 versus a total put value of 21,540,000. Combined total value = 64,580,000

Strike 159700 has a total call value of 43,780,000 versus a total put value of 19,780,000. Combined total value = 63,560,000

Strike 159800 has a total call value of 44,520,000 versus a total put value of 18,020,000. Combined total value = 62,540,000

Strike 159900 has a total call value of 45,260,000 versus a total put value of 16,260,000. Combined total value = 61,520,000

Strike 160000 has a total call value of 46,000,000 versus a total put value of 14,500,000. Combined total value = 60,500,000

Strike 160100 has a total call value of 49,400,000 versus a total put value of 14,130,000. Combined total value = 63,530,000

Strike 160200 has a total call value of 52,800,000 versus a total put value of 13,760,000. Combined total value = 66,560,000

Strike 160300 has a total call value of 56,200,000 versus a total put value of 13,390,000. Combined total value = 69,590,000

Strike 160400 has a total call value of 59,600,000 versus a total put value of 13,020,000. Combined total value = 72,620,000

Strike 160500 has a total call value of 63,000,000 versus a total put value of 12,650,000. Combined total value = 75,650,000

Strike 160600 has a total call value of 66,400,000 versus a total put value of 12,280,000. Combined total value = 78,680,000

Strike 160700 has a total call value of 69,800,000 versus a total put value of 11,910,000. Combined total value = 81,710,000

Strike 160800 has a total call value of 73,200,000 versus a total put value of 11,540,000. Combined total value = 84,740,000

Strike 160900 has a total call value of 76,600,000 versus a total put value of 11,170,000. Combined total value = 87,770,000

Strike 161000 has a total call value of 80,000,000 versus a total put value of 10,800,000. Combined total value = 90,800,000

Strike 161100 has a total call value of 83,410,000 versus a total put value of 10,530,000. Combined total value = 93,940,000

Strike 161200 has a total call value of 86,820,000 versus a total put value of 10,260,000. Combined total value = 97,080,000

Strike 161300 has a total call value of 90,230,000 versus a total put value of 9,990,000. Combined total value = 100,220,000

Strike 161400 has a total call value of 93,640,000 versus a total put value of 9,720,000. Combined total value = 103,360,000

Strike 161500 has a total call value of 97,050,000 versus a total put value of 9,450,000. Combined total value = 106,500,000

Strike 161600 has a total call value of 100,460,000 versus a total put value of 9,180,000. Combined total value = 109,640,000

Strike 161700 has a total call value of 103,870,000 versus a total put value of 8,910,000. Combined total value = 112,780,000

Strike 161800 has a total call value of 107,280,000 versus a total put value of 8,640,000. Combined total value = 115,920,000

Strike 161900 has a total call value of 110,690,000 versus a total put value of 8,370,000. Combined total value = 119,060,000

Strike 162000 has a total call value of 114,100,000 versus a total put value of 8,100,000. Combined total value = 122,200,000

Strike 162100 has a total call value of 117,730,000 versus a total put value of 7,830,000. Combined total value = 125,560,000

Strike 162200 has a total call value of 121,360,000 versus a total put value of 7,560,000. Combined total value = 128,920,000

Strike 162300 has a total call value of 124,990,000 versus a total put value of 7,290,000. Combined total value = 132,280,000

Strike 162400 has a total call value of 128,620,000 versus a total put value of 7,020,000. Combined total value = 135,640,000

Strike 162500 has a total call value of 132,250,000 versus a total put value of 6,750,000. Combined total value = 139,000,000

Strike 162600 has a total call value of 135,880,000 versus a total put value of 6,480,000. Combined total value = 142,360,000

Strike 162700 has a total call value of 139,510,000 versus a total put value of 6,210,000. Combined total value = 145,720,000

Strike 162800 has a total call value of 143,140,000 versus a total put value of 5,940,000. Combined total value = 149,080,000

Strike 162900 has a total call value of 146,770,000 versus a total put value of 5,670,000. Combined total value = 152,440,000

Strike 163000 has a total call value of 150,400,000 versus a total put value of 5,400,000. Combined total value = 155,800,000

Strike 163100 has a total call value of 154,040,000 versus a total put value of 5,130,000. Combined total value = 159,170,000

Strike 163200 has a total call value of 157,680,000 versus a total put value of 4,860,000. Combined total value = 162,540,000

Strike 163300 has a total call value of 161,320,000 versus a total put value of 4,590,000. Combined total value = 165,910,000

Strike 163400 has a total call value of 164,960,000 versus a total put value of 4,320,000. Combined total value = 169,280,000

Strike 163500 has a total call value of 168,600,000 versus a total put value of 4,050,000. Combined total value = 172,650,000

Strike 163600 has a total call value of 172,240,000 versus a total put value of 3,780,000. Combined total value = 176,020,000

Strike 163700 has a total call value of 175,880,000 versus a total put value of 3,510,000. Combined total value = 179,390,000

Strike 163800 has a total call value of 179,520,000 versus a total put value of 3,240,000. Combined total value = 182,760,000

Strike 163900 has a total call value of 183,160,000 versus a total put value of 2,970,000. Combined total value = 186,130,000

Strike 164000 has a total call value of 186,800,000 versus a total put value of 2,700,000. Combined total value = 189,500,000

Strike 164100 has a total call value of 190,480,000 versus a total put value of 2,430,000. Combined total value = 192,910,000

Strike 164200 has a total call value of 194,160,000 versus a total put value of 2,160,000. Combined total value = 196,320,000

Strike 164300 has a total call value of 197,840,000 versus a total put value of 1,890,000. Combined total value = 199,730,000

Strike 164400 has a total call value of 201,520,000 versus a total put value of 1,620,000. Combined total value = 203,140,000

Strike 164500 has a total call value of 205,200,000 versus a total put value of 1,350,000. Combined total value = 206,550,000

Strike 164600 has a total call value of 208,880,000 versus a total put value of 1,080,000. Combined total value = 209,960,000

Strike 164700 has a total call value of 212,560,000 versus a total put value of 810,000. Combined total value = 213,370,000

Strike 164800 has a total call value of 216,240,000 versus a total put value of 540,000. Combined total value = 216,780,000

Strike 164900 has a total call value of 219,920,000 versus a total put value of 270,000. Combined total value = 220,190,000

Strike 165000 has a total call value of 223,600,000 versus a total put value of 0. Combined total value = 223,600,000

Strike 165100 has a total call value of 228,660,000 versus a total put value of 0. Combined total value = 228,660,000

Strike 165200 has a total call value of 233,720,000 versus a total put value of 0. Combined total value = 233,720,000

Strike 165300 has a total call value of 238,780,000 versus a total put value of 0. Combined total value = 238,780,000

Strike 165400 has a total call value of 243,840,000 versus a total put value of 0. Combined total value = 243,840,000

Strike 165500 has a total call value of 248,900,000 versus a total put value of 0. Combined total value = 248,900,000

Strike 165600 has a total call value of 253,960,000 versus a total put value of 0. Combined total value = 253,960,000

Strike 165700 has a total call value of 259,020,000 versus a total put value of 0. Combined total value = 259,020,000

Strike 165800 has a total call value of 264,080,000 versus a total put value of 0. Combined total value = 264,080,000

Strike 165900 has a total call value of 269,140,000 versus a total put value of 0. Combined total value = 269,140,000

Strike 166000 has a total call value of 274,200,000 versus a total put value of 0. Combined total value = 274,200,000

Strike 166100 has a total call value of 279,260,000 versus a total put value of 0. Combined total value = 279,260,000

Strike 166200 has a total call value of 284,320,000 versus a total put value of 0. Combined total value = 284,320,000

Strike 166300 has a total call value of 289,380,000 versus a total put value of 0. Combined total value = 289,380,000

Strike 166400 has a total call value of 294,440,000 versus a total put value of 0. Combined total value = 294,440,000

Strike 166500 has a total call value of 299,500,000 versus a total put value of 0. Combined total value = 299,500,000

Strike 166600 has a total call value of 304,560,000 versus a total put value of 0. Combined total value = 304,560,000

Strike 166700 has a total call value of 309,620,000 versus a total put value of 0. Combined total value = 309,620,000

Strike 166800 has a total call value of 314,680,000 versus a total put value of 0. Combined total value = 314,680,000

Strike 166900 has a total call value of 319,740,000 versus a total put value of 0. Combined total value = 319,740,000

Strike 167000 has a total call value of 324,800,000 versus a total put value of 0. Combined total value = 324,800,000

Strike 167100 has a total call value of 329,860,000 versus a total put value of 0. Combined total value = 329,860,000

Strike 167200 has a total call value of 334,920,000 versus a total put value of 0. Combined total value = 334,920,000

Strike 167300 has a total call value of 339,980,000 versus a total put value of 0. Combined total value = 339,980,000

Strike 167400 has a total call value of 345,040,000 versus a total put value of 0. Combined total value = 345,040,000

Strike 167500 has a total call value of 350,100,000 versus a total put value of 0. Combined total value = 350,100,000

Strike 167600 has a total call value of 355,160,000 versus a total put value of 0. Combined total value = 355,160,000

Strike 167700 has a total call value of 360,220,000 versus a total put value of 0. Combined total value = 360,220,000

Strike 167800 has a total call value of 365,280,000 versus a total put value of 0. Combined total value = 365,280,000

Strike 167900 has a total call value of 370,340,000 versus a total put value of 0. Combined total value = 370,340,000

Strike 168000 has a total call value of 375,400,000 versus a total put value of 0. Combined total value = 375,400,000

Strike 168100 has a total call value of 380,460,000 versus a total put value of 0. Combined total value = 380,460,000

Strike 168200 has a total call value of 385,520,000 versus a total put value of 0. Combined total value = 385,520,000

Strike 168300 has a total call value of 390,580,000 versus a total put value of 0. Combined total value = 390,580,000

Strike 168400 has a total call value of 395,640,000 versus a total put value of 0. Combined total value = 395,640,000

Strike 168500 has a total call value of 400,700,000 versus a total put value of 0. Combined total value = 400,700,000

Strike 168600 has a total call value of 405,760,000 versus a total put value of 0. Combined total value = 405,760,000

Strike 168700 has a total call value of 410,820,000 versus a total put value of 0. Combined total value = 410,820,000

Strike 168800 has a total call value of 415,880,000 versus a total put value of 0. Combined total value = 415,880,000

Strike 168900 has a total call value of 420,940,000 versus a total put value of 0. Combined total value = 420,940,000

Strike 169000 has a total call value of 426,000,000 versus a total put value of 0. Combined total value = 426,000,000

Strike 169100 has a total call value of 431,060,000 versus a total put value of 0. Combined total value = 431,060,000

Strike 169200 has a total call value of 436,120,000 versus a total put value of 0. Combined total value = 436,120,000

Strike 169300 has a total call value of 441,180,000 versus a total put value of 0. Combined total value = 441,180,000

Strike 169400 has a total call value of 446,240,000 versus a total put value of 0. Combined total value = 446,240,000

Strike 169500 has a total call value of 451,300,000 versus a total put value of 0. Combined total value = 451,300,000

Strike 169600 has a total call value of 456,360,000 versus a total put value of 0. Combined total value = 456,360,000

Strike 169700 has a total call value of 461,420,000 versus a total put value of 0. Combined total value = 461,420,000

Strike 169800 has a total call value of 466,480,000 versus a total put value of 0. Combined total value = 466,480,000

Strike 169900 has a total call value of 471,540,000 versus a total put value of 0. Combined total value = 471,540,000

Strike 170000 has a total call value of 476,600,000 versus a total put value of 0. Combined total value = 476,600,000

Strike 170100 has a total call value of 483,880,000 versus a total put value of 0. Combined total value = 483,880,000

Strike 170200 has a total call value of 491,160,000 versus a total put value of 0. Combined total value = 491,160,000

Strike 170300 has a total call value of 498,440,000 versus a total put value of 0. Combined total value = 498,440,000

Strike 170400 has a total call value of 505,720,000 versus a total put value of 0. Combined total value = 505,720,000

Strike 170500 has a total call value of 513,000,000 versus a total put value of 0. Combined total value = 513,000,000

Strike 170600 has a total call value of 520,280,000 versus a total put value of 0. Combined total value = 520,280,000

Strike 170700 has a total call value of 527,560,000 versus a total put value of 0. Combined total value = 527,560,000

Strike 170800 has a total call value of 534,840,000 versus a total put value of 0. Combined total value = 534,840,000

Strike 170900 has a total call value of 542,120,000 versus a total put value of 0. Combined total value = 542,120,000

Strike 171000 has a total call value of 549,400,000 versus a total put value of 0. Combined total value = 549,400,000

Strike 171100 has a total call value of 556,680,000 versus a total put value of 0. Combined total value = 556,680,000

Strike 171200 has a total call value of 563,960,000 versus a total put value of 0. Combined total value = 563,960,000

Strike 171300 has a total call value of 571,240,000 versus a total put value of 0. Combined total value = 571,240,000

Strike 171400 has a total call value of 578,520,000 versus a total put value of 0. Combined total value = 578,520,000

Strike 171500 has a total call value of 585,800,000 versus a total put value of 0. Combined total value = 585,800,000

Strike 171600 has a total call value of 593,080,000 versus a total put value of 0. Combined total value = 593,080,000

Strike 171700 has a total call value of 600,360,000 versus a total put value of 0. Combined total value = 600,360,000

Strike 171800 has a total call value of 607,640,000 versus a total put value of 0. Combined total value = 607,640,000

Strike 171900 has a total call value of 614,920,000 versus a total put value of 0. Combined total value = 614,920,000

Strike 172000 has a total call value of 622,200,000 versus a total put value of 0. Combined total value = 622,200,000

Strike 172100 has a total call value of 629,480,000 versus a total put value of 0. Combined total value = 629,480,000

Strike 172200 has a total call value of 636,760,000 versus a total put value of 0. Combined total value = 636,760,000

Strike 172300 has a total call value of 644,040,000 versus a total put value of 0. Combined total value = 644,040,000

Strike 172400 has a total call value of 651,320,000 versus a total put value of 0. Combined total value = 651,320,000

Strike 172500 has a total call value of 658,600,000 versus a total put value of 0. Combined total value = 658,600,000

Strike 172600 has a total call value of 665,880,000 versus a total put value of 0. Combined total value = 665,880,000

Strike 172700 has a total call value of 673,160,000 versus a total put value of 0. Combined total value = 673,160,000

Strike 172800 has a total call value of 680,440,000 versus a total put value of 0. Combined total value = 680,440,000

Strike 172900 has a total call value of 687,720,000 versus a total put value of 0. Combined total value = 687,720,000

Strike 173000 has a total call value of 695,000,000 versus a total put value of 0. Combined total value = 695,000,000

Strike 173100 has a total call value of 702,280,000 versus a total put value of 0. Combined total value = 702,280,000

Strike 173200 has a total call value of 709,560,000 versus a total put value of 0. Combined total value = 709,560,000

Strike 173300 has a total call value of 716,840,000 versus a total put value of 0. Combined total value = 716,840,000

Strike 173400 has a total call value of 724,120,000 versus a total put value of 0. Combined total value = 724,120,000

Strike 173500 has a total call value of 731,400,000 versus a total put value of 0. Combined total value = 731,400,000

Strike 173600 has a total call value of 738,680,000 versus a total put value of 0. Combined total value = 738,680,000

Strike 173700 has a total call value of 745,960,000 versus a total put value of 0. Combined total value = 745,960,000

Strike 173800 has a total call value of 753,240,000 versus a total put value of 0. Combined total value = 753,240,000

Strike 173900 has a total call value of 760,520,000 versus a total put value of 0. Combined total value = 760,520,000

Strike 174000 has a total call value of 767,800,000 versus a total put value of 0. Combined total value = 767,800,000

Strike 174100 has a total call value of 775,080,000 versus a total put value of 0. Combined total value = 775,080,000

Strike 174200 has a total call value of 782,360,000 versus a total put value of 0. Combined total value = 782,360,000

Strike 174300 has a total call value of 789,640,000 versus a total put value of 0. Combined total value = 789,640,000

Strike 174400 has a total call value of 796,920,000 versus a total put value of 0. Combined total value = 796,920,000

Strike 174500 has a total call value of 804,200,000 versus a total put value of 0. Combined total value = 804,200,000

Strike 174600 has a total call value of 811,480,000 versus a total put value of 0. Combined total value = 811,480,000

Strike 174700 has a total call value of 818,760,000 versus a total put value of 0. Combined total value = 818,760,000

Strike 174800 has a total call value of 826,040,000 versus a total put value of 0. Combined total value = 826,040,000

Strike 174900 has a total call value of 833,320,000 versus a total put value of 0. Combined total value = 833,320,000

Strike 175000 has a total call value of 840,600,000 versus a total put value of 0. Combined total value = 840,600,000

Strike 175100 has a total call value of 847,940,000 versus a total put value of 0. Combined total value = 847,940,000

Strike 175200 has a total call value of 855,280,000 versus a total put value of 0. Combined total value = 855,280,000

Strike 175300 has a total call value of 862,620,000 versus a total put value of 0. Combined total value = 862,620,000

Strike 175400 has a total call value of 869,960,000 versus a total put value of 0. Combined total value = 869,960,000

Strike 175500 has a total call value of 877,300,000 versus a total put value of 0. Combined total value = 877,300,000

Strike 175600 has a total call value of 884,640,000 versus a total put value of 0. Combined total value = 884,640,000

Strike 175700 has a total call value of 891,980,000 versus a total put value of 0. Combined total value = 891,980,000

Strike 175800 has a total call value of 899,320,000 versus a total put value of 0. Combined total value = 899,320,000

Strike 175900 has a total call value of 906,660,000 versus a total put value of 0. Combined total value = 906,660,000

Strike 176000 has a total call value of 914,000,000 versus a total put value of 0. Combined total value = 914,000,000

Strike 176100 has a total call value of 921,340,000 versus a total put value of 0. Combined total value = 921,340,000

Strike 176200 has a total call value of 928,680,000 versus a total put value of 0. Combined total value = 928,680,000

Strike 176300 has a total call value of 936,020,000 versus a total put value of 0. Combined total value = 936,020,000

Strike 176400 has a total call value of 943,360,000 versus a total put value of 0. Combined total value = 943,360,000

Strike 176500 has a total call value of 950,700,000 versus a total put value of 0. Combined total value = 950,700,000

Strike 176600 has a total call value of 958,040,000 versus a total put value of 0. Combined total value = 958,040,000

Strike 176700 has a total call value of 965,380,000 versus a total put value of 0. Combined total value = 965,380,000

Strike 176800 has a total call value of 972,720,000 versus a total put value of 0. Combined total value = 972,720,000

Strike 176900 has a total call value of 980,060,000 versus a total put value of 0. Combined total value = 980,060,000

Strike 177000 has a total call value of 987,400,000 versus a total put value of 0. Combined total value = 987,400,000

Strike 177100 has a total call value of 994,740,000 versus a total put value of 0. Combined total value = 994,740,000

Strike 177200 has a total call value of 1,002,080,000 versus a total put value of 0. Combined total value = 1,002,080,000

Strike 177300 has a total call value of 1,009,420,000 versus a total put value of 0. Combined total value = 1,009,420,000

Strike 177400 has a total call value of 1,016,760,000 versus a total put value of 0. Combined total value = 1,016,760,000

Strike 177500 has a total call value of 1,024,100,000 versus a total put value of 0. Combined total value = 1,024,100,000

Strike 177600 has a total call value of 1,031,440,000 versus a total put value of 0. Combined total value = 1,031,440,000

Strike 177700 has a total call value of 1,038,780,000 versus a total put value of 0. Combined total value = 1,038,780,000

Strike 177800 has a total call value of 1,046,120,000 versus a total put value of 0. Combined total value = 1,046,120,000

Strike 177900 has a total call value of 1,053,460,000 versus a total put value of 0. Combined total value = 1,053,460,000

Strike 178000 has a total call value of 1,060,800,000 versus a total put value of 0. Combined total value = 1,060,800,000

Strike 178100 has a total call value of 1,068,140,000 versus a total put value of 0. Combined total value = 1,068,140,000

Strike 178200 has a total call value of 1,075,480,000 versus a total put value of 0. Combined total value = 1,075,480,000

Strike 178300 has a total call value of 1,082,820,000 versus a total put value of 0. Combined total value = 1,082,820,000

Strike 178400 has a total call value of 1,090,160,000 versus a total put value of 0. Combined total value = 1,090,160,000

Strike 178500 has a total call value of 1,097,500,000 versus a total put value of 0. Combined total value = 1,097,500,000

Strike 178600 has a total call value of 1,104,840,000 versus a total put value of 0. Combined total value = 1,104,840,000

Strike 178700 has a total call value of 1,112,180,000 versus a total put value of 0. Combined total value = 1,112,180,000

Strike 178800 has a total call value of 1,119,520,000 versus a total put value of 0. Combined total value = 1,119,520,000

Strike 178900 has a total call value of 1,126,860,000 versus a total put value of 0. Combined total value = 1,126,860,000

Strike 179000 has a total call value of 1,134,200,000 versus a total put value of 0. Combined total value = 1,134,200,000

Strike 179100 has a total call value of 1,141,540,000 versus a total put value of 0. Combined total value = 1,141,540,000

Strike 179200 has a total call value of 1,148,880,000 versus a total put value of 0. Combined total value = 1,148,880,000

Strike 179300 has a total call value of 1,156,220,000 versus a total put value of 0. Combined total value = 1,156,220,000

Strike 179400 has a total call value of 1,163,560,000 versus a total put value of 0. Combined total value = 1,163,560,000

Strike 179500 has a total call value of 1,170,900,000 versus a total put value of 0. Combined total value = 1,170,900,000

Strike 179600 has a total call value of 1,178,240,000 versus a total put value of 0. Combined total value = 1,178,240,000

Strike 179700 has a total call value of 1,185,580,000 versus a total put value of 0. Combined total value = 1,185,580,000

Strike 179800 has a total call value of 1,192,920,000 versus a total put value of 0. Combined total value = 1,192,920,000

Strike 179900 has a total call value of 1,200,260,000 versus a total put value of 0. Combined total value = 1,200,260,000

Strike 180000 has a total call value of 1,207,600,000 versus a total put value of 0. Combined total value = 1,207,600,000

Strike 180100 has a total call value of 1,215,250,000 versus a total put value of 0. Combined total value = 1,215,250,000

Strike 180200 has a total call value of 1,222,900,000 versus a total put value of 0. Combined total value = 1,222,900,000

Strike 180300 has a total call value of 1,230,550,000 versus a total put value of 0. Combined total value = 1,230,550,000

Strike 180400 has a total call value of 1,238,200,000 versus a total put value of 0. Combined total value = 1,238,200,000

Strike 180500 has a total call value of 1,245,850,000 versus a total put value of 0. Combined total value = 1,245,850,000

Strike 180600 has a total call value of 1,253,500,000 versus a total put value of 0. Combined total value = 1,253,500,000

Strike 180700 has a total call value of 1,261,150,000 versus a total put value of 0. Combined total value = 1,261,150,000

Strike 180800 has a total call value of 1,268,800,000 versus a total put value of 0. Combined total value = 1,268,800,000

Strike 180900 has a total call value of 1,276,450,000 versus a total put value of 0. Combined total value = 1,276,450,000

Strike 181000 has a total call value of 1,284,100,000 versus a total put value of 0. Combined total value = 1,284,100,000

Strike 181100 has a total call value of 1,291,750,000 versus a total put value of 0. Combined total value = 1,291,750,000

Strike 181200 has a total call value of 1,299,400,000 versus a total put value of 0. Combined total value = 1,299,400,000

Strike 181300 has a total call value of 1,307,050,000 versus a total put value of 0. Combined total value = 1,307,050,000

Strike 181400 has a total call value of 1,314,700,000 versus a total put value of 0. Combined total value = 1,314,700,000

Strike 181500 has a total call value of 1,322,350,000 versus a total put value of 0. Combined total value = 1,322,350,000

Strike 181600 has a total call value of 1,330,000,000 versus a total put value of 0. Combined total value = 1,330,000,000

Strike 181700 has a total call value of 1,337,650,000 versus a total put value of 0. Combined total value = 1,337,650,000

Strike 181800 has a total call value of 1,345,300,000 versus a total put value of 0. Combined total value = 1,345,300,000

Strike 181900 has a total call value of 1,352,950,000 versus a total put value of 0. Combined total value = 1,352,950,000

Strike 182000 has a total call value of 1,360,600,000 versus a total put value of 0. Combined total value = 1,360,600,000

Strike 182100 has a total call value of 1,368,250,000 versus a total put value of 0. Combined total value = 1,368,250,000

Strike 182200 has a total call value of 1,375,900,000 versus a total put value of 0. Combined total value = 1,375,900,000

Strike 182300 has a total call value of 1,383,550,000 versus a total put value of 0. Combined total value = 1,383,550,000

Strike 182400 has a total call value of 1,391,200,000 versus a total put value of 0. Combined total value = 1,391,200,000

Strike 182500 has a total call value of 1,398,850,000 versus a total put value of 0. Combined total value = 1,398,850,000

Strike 182600 has a total call value of 1,406,500,000 versus a total put value of 0. Combined total value = 1,406,500,000

Strike 182700 has a total call value of 1,414,150,000 versus a total put value of 0. Combined total value = 1,414,150,000

Strike 182800 has a total call value of 1,421,800,000 versus a total put value of 0. Combined total value = 1,421,800,000

Strike 182900 has a total call value of 1,429,450,000 versus a total put value of 0. Combined total value = 1,429,450,000

Strike 183000 has a total call value of 1,437,100,000 versus a total put value of 0. Combined total value = 1,437,100,000

Strike 183100 has a total call value of 1,444,750,000 versus a total put value of 0. Combined total value = 1,444,750,000

Strike 183200 has a total call value of 1,452,400,000 versus a total put value of 0. Combined total value = 1,452,400,000

Strike 183300 has a total call value of 1,460,050,000 versus a total put value of 0. Combined total value = 1,460,050,000

Strike 183400 has a total call value of 1,467,700,000 versus a total put value of 0. Combined total value = 1,467,700,000

Strike 183500 has a total call value of 1,475,350,000 versus a total put value of 0. Combined total value = 1,475,350,000

Strike 183600 has a total call value of 1,483,000,000 versus a total put value of 0. Combined total value = 1,483,000,000

Strike 183700 has a total call value of 1,490,650,000 versus a total put value of 0. Combined total value = 1,490,650,000

Strike 183800 has a total call value of 1,498,300,000 versus a total put value of 0. Combined total value = 1,498,300,000

Strike 183900 has a total call value of 1,505,950,000 versus a total put value of 0. Combined total value = 1,505,950,000

Strike 184000 has a total call value of 1,513,600,000 versus a total put value of 0. Combined total value = 1,513,600,000

Strike 184100 has a total call value of 1,521,250,000 versus a total put value of 0. Combined total value = 1,521,250,000

Strike 184200 has a total call value of 1,528,900,000 versus a total put value of 0. Combined total value = 1,528,900,000

Strike 184300 has a total call value of 1,536,550,000 versus a total put value of 0. Combined total value = 1,536,550,000

Strike 184400 has a total call value of 1,544,200,000 versus a total put value of 0. Combined total value = 1,544,200,000

Strike 184500 has a total call value of 1,551,850,000 versus a total put value of 0. Combined total value = 1,551,850,000

Strike 184600 has a total call value of 1,559,500,000 versus a total put value of 0. Combined total value = 1,559,500,000

Strike 184700 has a total call value of 1,567,150,000 versus a total put value of 0. Combined total value = 1,567,150,000

Strike 184800 has a total call value of 1,574,800,000 versus a total put value of 0. Combined total value = 1,574,800,000

Strike 184900 has a total call value of 1,582,450,000 versus a total put value of 0. Combined total value = 1,582,450,000

Strike 185000 has a total call value of 1,590,100,000 versus a total put value of 0. Combined total value = 1,590,100,000

Strike 185100 has a total call value of 1,597,750,000 versus a total put value of 0. Combined total value = 1,597,750,000

Strike 185200 has a total call value of 1,605,400,000 versus a total put value of 0. Combined total value = 1,605,400,000

Strike 185300 has a total call value of 1,613,050,000 versus a total put value of 0. Combined total value = 1,613,050,000

Strike 185400 has a total call value of 1,620,700,000 versus a total put value of 0. Combined total value = 1,620,700,000

Strike 185500 has a total call value of 1,628,350,000 versus a total put value of 0. Combined total value = 1,628,350,000

Strike 185600 has a total call value of 1,636,000,000 versus a total put value of 0. Combined total value = 1,636,000,000

Strike 185700 has a total call value of 1,643,650,000 versus a total put value of 0. Combined total value = 1,643,650,000

Strike 185800 has a total call value of 1,651,300,000 versus a total put value of 0. Combined total value = 1,651,300,000

Strike 185900 has a total call value of 1,658,950,000 versus a total put value of 0. Combined total value = 1,658,950,000

Strike 186000 has a total call value of 1,666,600,000 versus a total put value of 0. Combined total value = 1,666,600,000

Strike 186100 has a total call value of 1,674,250,000 versus a total put value of 0. Combined total value = 1,674,250,000

Strike 186200 has a total call value of 1,681,900,000 versus a total put value of 0. Combined total value = 1,681,900,000

Strike 186300 has a total call value of 1,689,550,000 versus a total put value of 0. Combined total value = 1,689,550,000

Strike 186400 has a total call value of 1,697,200,000 versus a total put value of 0. Combined total value = 1,697,200,000

Strike 186500 has a total call value of 1,704,850,000 versus a total put value of 0. Combined total value = 1,704,850,000

Strike 186600 has a total call value of 1,712,500,000 versus a total put value of 0. Combined total value = 1,712,500,000

Strike 186700 has a total call value of 1,720,150,000 versus a total put value of 0. Combined total value = 1,720,150,000

Strike 186800 has a total call value of 1,727,800,000 versus a total put value of 0. Combined total value = 1,727,800,000

Strike 186900 has a total call value of 1,735,450,000 versus a total put value of 0. Combined total value = 1,735,450,000

Strike 187000 has a total call value of 1,743,100,000 versus a total put value of 0. Combined total value = 1,743,100,000

Strike 187100 has a total call value of 1,750,750,000 versus a total put value of 0. Combined total value = 1,750,750,000

Strike 187200 has a total call value of 1,758,400,000 versus a total put value of 0. Combined total value = 1,758,400,000

Strike 187300 has a total call value of 1,766,050,000 versus a total put value of 0. Combined total value = 1,766,050,000

Strike 187400 has a total call value of 1,773,700,000 versus a total put value of 0. Combined total value = 1,773,700,000

Strike 187500 has a total call value of 1,781,350,000 versus a total put value of 0. Combined total value = 1,781,350,000

Strike 187600 has a total call value of 1,789,000,000 versus a total put value of 0. Combined total value = 1,789,000,000

Strike 187700 has a total call value of 1,796,650,000 versus a total put value of 0. Combined total value = 1,796,650,000

Strike 187800 has a total call value of 1,804,300,000 versus a total put value of 0. Combined total value = 1,804,300,000

Strike 187900 has a total call value of 1,811,950,000 versus a total put value of 0. Combined total value = 1,811,950,000

Strike 188000 has a total call value of 1,819,600,000 versus a total put value of 0. Combined total value = 1,819,600,000

Strike 188100 has a total call value of 1,827,250,000 versus a total put value of 0. Combined total value = 1,827,250,000

Strike 188200 has a total call value of 1,834,900,000 versus a total put value of 0. Combined total value = 1,834,900,000

Strike 188300 has a total call value of 1,842,550,000 versus a total put value of 0. Combined total value = 1,842,550,000

Strike 188400 has a total call value of 1,850,200,000 versus a total put value of 0. Combined total value = 1,850,200,000

Strike 188500 has a total call value of 1,857,850,000 versus a total put value of 0. Combined total value = 1,857,850,000

Strike 188600 has a total call value of 1,865,500,000 versus a total put value of 0. Combined total value = 1,865,500,000

Strike 188700 has a total call value of 1,873,150,000 versus a total put value of 0. Combined total value = 1,873,150,000

Strike 188800 has a total call value of 1,880,800,000 versus a total put value of 0. Combined total value = 1,880,800,000

Strike 188900 has a total call value of 1,888,450,000 versus a total put value of 0. Combined total value = 1,888,450,000

Strike 189000 has a total call value of 1,896,100,000 versus a total put value of 0. Combined total value = 1,896,100,000

Strike 189100 has a total call value of 1,903,750,000 versus a total put value of 0. Combined total value = 1,903,750,000

Strike 189200 has a total call value of 1,911,400,000 versus a total put value of 0. Combined total value = 1,911,400,000

Strike 189300 has a total call value of 1,919,050,000 versus a total put value of 0. Combined total value = 1,919,050,000

Strike 189400 has a total call value of 1,926,700,000 versus a total put value of 0. Combined total value = 1,926,700,000

Strike 189500 has a total call value of 1,934,350,000 versus a total put value of 0. Combined total value = 1,934,350,000

Strike 189600 has a total call value of 1,942,000,000 versus a total put value of 0. Combined total value = 1,942,000,000

Strike 189700 has a total call value of 1,949,650,000 versus a total put value of 0. Combined total value = 1,949,650,000

Strike 189800 has a total call value of 1,957,300,000 versus a total put value of 0. Combined total value = 1,957,300,000

Strike 189900 has a total call value of 1,964,950,000 versus a total put value of 0. Combined total value = 1,964,950,000

Strike 190000 has a total call value of 1,972,600,000 versus a total put value of 0. Combined total value = 1,972,600,000

Max-Pain Table for Commodity

Stock Max-Pain Index Max-Pain

LTP > Max Pain Bearish

LTP < Max Pain Bullish

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

Tools

Max Pain

LTP (160000 CE)

3000 -0.5

Open Interest

266 60

LTP (160000 PE)

3350 -16

Open Interest

139 65

Calculation

Max-Pain Table for Commodity

Frequently Asked Questions

What is Max Pain in Options Trading?

How is Max Pain Calculated?

How Can Traders Use Max Pain in Their Strategy?

What Does Max Pain Indicate About Stock Price Movement?

How Often Does Max Pain Change?

What's the Difference Between Max Pain and Spot Price?

Is Max Pain Always Accurate for Predicting Stock Price?

When is Max Pain Most Relevant for Options Trading?

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