How is Max Pain Calculated?

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. For each strike price: Calculate the difference between the current stock price and the strike price. Multiply this difference by the open interest (number of contracts) at that strike for both call and put options. Sum the values: Add together the dollar value for put options and call options at each strike price. Repeat for all strikes: Perform this calculation for every available strike price in the option chain. Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price. This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

How Can Traders Use Max Pain in Their Strategy?

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

What Does Max Pain Indicate About Stock Price Movement?

Max Pain provides insights into potential stock price behavior, especially near option expiration: Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions. Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost. Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears. Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities. Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

How Often Does Max Pain Change?

Max Pain is a dynamic value that changes continuously based on several factors: Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation. Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations. Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements. New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest. For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

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

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading: Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately. Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading. The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

Is Max Pain Always Accurate for Predicting Stock Price?

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why: Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions. Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts. Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum. Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level. Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target. Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

When is Max Pain Most Relevant for Options Trading?

Max Pain becomes increasingly relevant as option expiration approaches: Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur. Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations. High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure. Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement. Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement. While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

GOLD

Q: What is Max Pain in Options Trading?

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation. The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Gold

135200 +1578.00 (1.18%)

L: 134204 H: 135496

Max Pain - GOLD

15 Dec 2025 01:57 PM IST

Live

Expiry

Max Pain for GOLD is 130000

Historical data for GOLD-130000-CE

LTP (130000 CE)

5911 1338

Open Interest

497 -43

Historical data for GOLD-130000-PE

LTP (130000 PE)

716.5 -256

Open Interest

513 41

Strike 95000 has a total call value of 0 versus a total put value of 19,820,500,000 Combined total value = 19,820,500,000

Strike 95100 has a total call value of 10,000 versus a total put value of 19,754,640,000 Combined total value = 19,754,650,000

Strike 95200 has a total call value of 20,000 versus a total put value of 19,688,780,000 Combined total value = 19,688,800,000

Strike 95300 has a total call value of 30,000 versus a total put value of 19,622,920,000 Combined total value = 19,622,950,000

Strike 95400 has a total call value of 40,000 versus a total put value of 19,557,060,000 Combined total value = 19,557,100,000

Strike 95500 has a total call value of 50,000 versus a total put value of 19,491,200,000 Combined total value = 19,491,250,000

Strike 95600 has a total call value of 60,000 versus a total put value of 19,425,340,000 Combined total value = 19,425,400,000

Strike 95700 has a total call value of 70,000 versus a total put value of 19,359,480,000 Combined total value = 19,359,550,000

Strike 95800 has a total call value of 80,000 versus a total put value of 19,293,620,000 Combined total value = 19,293,700,000

Strike 95900 has a total call value of 90,000 versus a total put value of 19,227,760,000 Combined total value = 19,227,850,000

Strike 96000 has a total call value of 100,000 versus a total put value of 19,161,900,000 Combined total value = 19,162,000,000

Strike 96100 has a total call value of 110,000 versus a total put value of 19,096,040,000 Combined total value = 19,096,150,000

Strike 96200 has a total call value of 120,000 versus a total put value of 19,030,180,000 Combined total value = 19,030,300,000

Strike 96300 has a total call value of 130,000 versus a total put value of 18,964,320,000 Combined total value = 18,964,450,000

Strike 96400 has a total call value of 140,000 versus a total put value of 18,898,460,000 Combined total value = 18,898,600,000

Strike 96500 has a total call value of 150,000 versus a total put value of 18,832,600,000 Combined total value = 18,832,750,000

Strike 96600 has a total call value of 160,000 versus a total put value of 18,766,740,000 Combined total value = 18,766,900,000

Strike 96700 has a total call value of 170,000 versus a total put value of 18,700,880,000 Combined total value = 18,701,050,000

Strike 96800 has a total call value of 180,000 versus a total put value of 18,635,020,000 Combined total value = 18,635,200,000

Strike 96900 has a total call value of 190,000 versus a total put value of 18,569,160,000 Combined total value = 18,569,350,000

Strike 97000 has a total call value of 200,000 versus a total put value of 18,503,300,000 Combined total value = 18,503,500,000

Strike 97100 has a total call value of 210,000 versus a total put value of 18,437,440,000 Combined total value = 18,437,650,000

Strike 97200 has a total call value of 220,000 versus a total put value of 18,371,580,000 Combined total value = 18,371,800,000

Strike 97300 has a total call value of 230,000 versus a total put value of 18,305,720,000 Combined total value = 18,305,950,000

Strike 97400 has a total call value of 240,000 versus a total put value of 18,239,860,000 Combined total value = 18,240,100,000

Strike 97500 has a total call value of 250,000 versus a total put value of 18,174,000,000 Combined total value = 18,174,250,000

Strike 97600 has a total call value of 260,000 versus a total put value of 18,108,140,000 Combined total value = 18,108,400,000

Strike 97700 has a total call value of 270,000 versus a total put value of 18,042,280,000 Combined total value = 18,042,550,000

Strike 97800 has a total call value of 280,000 versus a total put value of 17,976,420,000 Combined total value = 17,976,700,000

Strike 97900 has a total call value of 290,000 versus a total put value of 17,910,560,000 Combined total value = 17,910,850,000

Strike 98000 has a total call value of 300,000 versus a total put value of 17,844,700,000 Combined total value = 17,845,000,000

Strike 98100 has a total call value of 310,000 versus a total put value of 17,778,840,000 Combined total value = 17,779,150,000

Strike 98200 has a total call value of 320,000 versus a total put value of 17,712,980,000 Combined total value = 17,713,300,000

Strike 98300 has a total call value of 330,000 versus a total put value of 17,647,120,000 Combined total value = 17,647,450,000

Strike 98400 has a total call value of 340,000 versus a total put value of 17,581,260,000 Combined total value = 17,581,600,000

Strike 98500 has a total call value of 350,000 versus a total put value of 17,515,400,000 Combined total value = 17,515,750,000

Strike 98600 has a total call value of 360,000 versus a total put value of 17,449,540,000 Combined total value = 17,449,900,000

Strike 98700 has a total call value of 370,000 versus a total put value of 17,383,680,000 Combined total value = 17,384,050,000

Strike 98800 has a total call value of 380,000 versus a total put value of 17,317,820,000 Combined total value = 17,318,200,000

Strike 98900 has a total call value of 390,000 versus a total put value of 17,251,960,000 Combined total value = 17,252,350,000

Strike 99000 has a total call value of 400,000 versus a total put value of 17,186,100,000 Combined total value = 17,186,500,000

Strike 99100 has a total call value of 410,000 versus a total put value of 17,120,240,000 Combined total value = 17,120,650,000

Strike 99200 has a total call value of 420,000 versus a total put value of 17,054,380,000 Combined total value = 17,054,800,000

Strike 99300 has a total call value of 430,000 versus a total put value of 16,988,520,000 Combined total value = 16,988,950,000

Strike 99400 has a total call value of 440,000 versus a total put value of 16,922,660,000 Combined total value = 16,923,100,000

Strike 99500 has a total call value of 450,000 versus a total put value of 16,856,800,000 Combined total value = 16,857,250,000

Strike 99600 has a total call value of 460,000 versus a total put value of 16,790,940,000 Combined total value = 16,791,400,000

Strike 99700 has a total call value of 470,000 versus a total put value of 16,725,080,000 Combined total value = 16,725,550,000

Strike 99800 has a total call value of 480,000 versus a total put value of 16,659,220,000 Combined total value = 16,659,700,000

Strike 99900 has a total call value of 490,000 versus a total put value of 16,593,360,000 Combined total value = 16,593,850,000

Strike 100000 has a total call value of 500,000 versus a total put value of 16,527,500,000 Combined total value = 16,528,000,000

Strike 100100 has a total call value of 620,000 versus a total put value of 16,461,800,000 Combined total value = 16,462,420,000

Strike 100200 has a total call value of 740,000 versus a total put value of 16,396,100,000 Combined total value = 16,396,840,000

Strike 100300 has a total call value of 860,000 versus a total put value of 16,330,400,000 Combined total value = 16,331,260,000

Strike 100400 has a total call value of 980,000 versus a total put value of 16,264,700,000 Combined total value = 16,265,680,000

Strike 100500 has a total call value of 1,100,000 versus a total put value of 16,199,000,000 Combined total value = 16,200,100,000

Strike 100600 has a total call value of 1,220,000 versus a total put value of 16,133,300,000 Combined total value = 16,134,520,000

Strike 100700 has a total call value of 1,340,000 versus a total put value of 16,067,600,000 Combined total value = 16,068,940,000

Strike 100800 has a total call value of 1,460,000 versus a total put value of 16,001,900,000 Combined total value = 16,003,360,000

Strike 100900 has a total call value of 1,580,000 versus a total put value of 15,936,200,000 Combined total value = 15,937,780,000

Strike 101000 has a total call value of 1,700,000 versus a total put value of 15,870,500,000 Combined total value = 15,872,200,000

Strike 101100 has a total call value of 1,820,000 versus a total put value of 15,804,800,000 Combined total value = 15,806,620,000

Strike 101200 has a total call value of 1,940,000 versus a total put value of 15,739,100,000 Combined total value = 15,741,040,000

Strike 101300 has a total call value of 2,060,000 versus a total put value of 15,673,400,000 Combined total value = 15,675,460,000

Strike 101400 has a total call value of 2,180,000 versus a total put value of 15,607,700,000 Combined total value = 15,609,880,000

Strike 101500 has a total call value of 2,300,000 versus a total put value of 15,542,000,000 Combined total value = 15,544,300,000

Strike 101600 has a total call value of 2,420,000 versus a total put value of 15,476,300,000 Combined total value = 15,478,720,000

Strike 101700 has a total call value of 2,540,000 versus a total put value of 15,410,600,000 Combined total value = 15,413,140,000

Strike 101800 has a total call value of 2,660,000 versus a total put value of 15,344,900,000 Combined total value = 15,347,560,000

Strike 101900 has a total call value of 2,780,000 versus a total put value of 15,279,200,000 Combined total value = 15,281,980,000

Strike 102000 has a total call value of 2,900,000 versus a total put value of 15,213,500,000 Combined total value = 15,216,400,000

Strike 102100 has a total call value of 3,020,000 versus a total put value of 15,147,800,000 Combined total value = 15,150,820,000

Strike 102200 has a total call value of 3,140,000 versus a total put value of 15,082,100,000 Combined total value = 15,085,240,000

Strike 102300 has a total call value of 3,260,000 versus a total put value of 15,016,400,000 Combined total value = 15,019,660,000

Strike 102400 has a total call value of 3,380,000 versus a total put value of 14,950,700,000 Combined total value = 14,954,080,000

Strike 102500 has a total call value of 3,500,000 versus a total put value of 14,885,000,000 Combined total value = 14,888,500,000

Strike 102600 has a total call value of 3,620,000 versus a total put value of 14,819,300,000 Combined total value = 14,822,920,000

Strike 102700 has a total call value of 3,740,000 versus a total put value of 14,753,600,000 Combined total value = 14,757,340,000

Strike 102800 has a total call value of 3,860,000 versus a total put value of 14,687,900,000 Combined total value = 14,691,760,000

Strike 102900 has a total call value of 3,980,000 versus a total put value of 14,622,200,000 Combined total value = 14,626,180,000

Strike 103000 has a total call value of 4,100,000 versus a total put value of 14,556,500,000 Combined total value = 14,560,600,000

Strike 103100 has a total call value of 4,220,000 versus a total put value of 14,490,800,000 Combined total value = 14,495,020,000

Strike 103200 has a total call value of 4,340,000 versus a total put value of 14,425,100,000 Combined total value = 14,429,440,000

Strike 103300 has a total call value of 4,460,000 versus a total put value of 14,359,400,000 Combined total value = 14,363,860,000

Strike 103400 has a total call value of 4,580,000 versus a total put value of 14,293,700,000 Combined total value = 14,298,280,000

Strike 103500 has a total call value of 4,700,000 versus a total put value of 14,228,000,000 Combined total value = 14,232,700,000

Strike 103600 has a total call value of 4,820,000 versus a total put value of 14,162,300,000 Combined total value = 14,167,120,000

Strike 103700 has a total call value of 4,940,000 versus a total put value of 14,096,600,000 Combined total value = 14,101,540,000

Strike 103800 has a total call value of 5,060,000 versus a total put value of 14,030,900,000 Combined total value = 14,035,960,000

Strike 103900 has a total call value of 5,180,000 versus a total put value of 13,965,200,000 Combined total value = 13,970,380,000

Strike 104000 has a total call value of 5,300,000 versus a total put value of 13,899,500,000 Combined total value = 13,904,800,000

Strike 104100 has a total call value of 5,420,000 versus a total put value of 13,833,800,000 Combined total value = 13,839,220,000

Strike 104200 has a total call value of 5,540,000 versus a total put value of 13,768,100,000 Combined total value = 13,773,640,000

Strike 104300 has a total call value of 5,660,000 versus a total put value of 13,702,400,000 Combined total value = 13,708,060,000

Strike 104400 has a total call value of 5,780,000 versus a total put value of 13,636,700,000 Combined total value = 13,642,480,000

Strike 104500 has a total call value of 5,900,000 versus a total put value of 13,571,000,000 Combined total value = 13,576,900,000

Strike 104600 has a total call value of 6,020,000 versus a total put value of 13,505,300,000 Combined total value = 13,511,320,000

Strike 104700 has a total call value of 6,140,000 versus a total put value of 13,439,600,000 Combined total value = 13,445,740,000

Strike 104800 has a total call value of 6,260,000 versus a total put value of 13,373,900,000 Combined total value = 13,380,160,000

Strike 104900 has a total call value of 6,380,000 versus a total put value of 13,308,200,000 Combined total value = 13,314,580,000

Strike 105000 has a total call value of 6,500,000 versus a total put value of 13,242,500,000 Combined total value = 13,249,000,000

Strike 105100 has a total call value of 6,810,000 versus a total put value of 13,176,820,000 Combined total value = 13,183,630,000

Strike 105200 has a total call value of 7,120,000 versus a total put value of 13,111,140,000 Combined total value = 13,118,260,000

Strike 105300 has a total call value of 7,430,000 versus a total put value of 13,045,460,000 Combined total value = 13,052,890,000

Strike 105400 has a total call value of 7,740,000 versus a total put value of 12,979,780,000 Combined total value = 12,987,520,000

Strike 105500 has a total call value of 8,050,000 versus a total put value of 12,914,100,000 Combined total value = 12,922,150,000

Strike 105600 has a total call value of 8,360,000 versus a total put value of 12,848,420,000 Combined total value = 12,856,780,000

Strike 105700 has a total call value of 8,670,000 versus a total put value of 12,782,740,000 Combined total value = 12,791,410,000

Strike 105800 has a total call value of 8,980,000 versus a total put value of 12,717,060,000 Combined total value = 12,726,040,000

Strike 105900 has a total call value of 9,290,000 versus a total put value of 12,651,380,000 Combined total value = 12,660,670,000

Strike 106000 has a total call value of 9,600,000 versus a total put value of 12,585,700,000 Combined total value = 12,595,300,000

Strike 106100 has a total call value of 9,910,000 versus a total put value of 12,520,020,000 Combined total value = 12,529,930,000

Strike 106200 has a total call value of 10,220,000 versus a total put value of 12,454,340,000 Combined total value = 12,464,560,000

Strike 106300 has a total call value of 10,530,000 versus a total put value of 12,388,660,000 Combined total value = 12,399,190,000

Strike 106400 has a total call value of 10,840,000 versus a total put value of 12,322,980,000 Combined total value = 12,333,820,000

Strike 106500 has a total call value of 11,150,000 versus a total put value of 12,257,300,000 Combined total value = 12,268,450,000

Strike 106600 has a total call value of 11,460,000 versus a total put value of 12,191,620,000 Combined total value = 12,203,080,000

Strike 106700 has a total call value of 11,770,000 versus a total put value of 12,125,940,000 Combined total value = 12,137,710,000

Strike 106800 has a total call value of 12,080,000 versus a total put value of 12,060,260,000 Combined total value = 12,072,340,000

Strike 106900 has a total call value of 12,390,000 versus a total put value of 11,994,580,000 Combined total value = 12,006,970,000

Strike 107000 has a total call value of 12,700,000 versus a total put value of 11,928,900,000 Combined total value = 11,941,600,000

Strike 107100 has a total call value of 13,010,000 versus a total put value of 11,863,220,000 Combined total value = 11,876,230,000

Strike 107200 has a total call value of 13,320,000 versus a total put value of 11,797,540,000 Combined total value = 11,810,860,000

Strike 107300 has a total call value of 13,630,000 versus a total put value of 11,731,860,000 Combined total value = 11,745,490,000

Strike 107400 has a total call value of 13,940,000 versus a total put value of 11,666,180,000 Combined total value = 11,680,120,000

Strike 107500 has a total call value of 14,250,000 versus a total put value of 11,600,500,000 Combined total value = 11,614,750,000

Strike 107600 has a total call value of 14,560,000 versus a total put value of 11,534,820,000 Combined total value = 11,549,380,000

Strike 107700 has a total call value of 14,870,000 versus a total put value of 11,469,140,000 Combined total value = 11,484,010,000

Strike 107800 has a total call value of 15,180,000 versus a total put value of 11,403,460,000 Combined total value = 11,418,640,000

Strike 107900 has a total call value of 15,490,000 versus a total put value of 11,337,780,000 Combined total value = 11,353,270,000

Strike 108000 has a total call value of 15,800,000 versus a total put value of 11,272,100,000 Combined total value = 11,287,900,000

Strike 108100 has a total call value of 16,110,000 versus a total put value of 11,206,420,000 Combined total value = 11,222,530,000

Strike 108200 has a total call value of 16,420,000 versus a total put value of 11,140,740,000 Combined total value = 11,157,160,000

Strike 108300 has a total call value of 16,730,000 versus a total put value of 11,075,060,000 Combined total value = 11,091,790,000

Strike 108400 has a total call value of 17,040,000 versus a total put value of 11,009,380,000 Combined total value = 11,026,420,000

Strike 108500 has a total call value of 17,350,000 versus a total put value of 10,943,700,000 Combined total value = 10,961,050,000

Strike 108600 has a total call value of 17,660,000 versus a total put value of 10,878,020,000 Combined total value = 10,895,680,000

Strike 108700 has a total call value of 17,970,000 versus a total put value of 10,812,340,000 Combined total value = 10,830,310,000

Strike 108800 has a total call value of 18,280,000 versus a total put value of 10,746,660,000 Combined total value = 10,764,940,000

Strike 108900 has a total call value of 18,590,000 versus a total put value of 10,680,980,000 Combined total value = 10,699,570,000

Strike 109000 has a total call value of 18,900,000 versus a total put value of 10,615,300,000 Combined total value = 10,634,200,000

Strike 109100 has a total call value of 19,210,000 versus a total put value of 10,549,620,000 Combined total value = 10,568,830,000

Strike 109200 has a total call value of 19,520,000 versus a total put value of 10,483,940,000 Combined total value = 10,503,460,000

Strike 109300 has a total call value of 19,830,000 versus a total put value of 10,418,260,000 Combined total value = 10,438,090,000

Strike 109400 has a total call value of 20,140,000 versus a total put value of 10,352,580,000 Combined total value = 10,372,720,000

Strike 109500 has a total call value of 20,450,000 versus a total put value of 10,286,900,000 Combined total value = 10,307,350,000

Strike 109600 has a total call value of 20,760,000 versus a total put value of 10,221,220,000 Combined total value = 10,241,980,000

Strike 109700 has a total call value of 21,070,000 versus a total put value of 10,155,540,000 Combined total value = 10,176,610,000

Strike 109800 has a total call value of 21,380,000 versus a total put value of 10,089,860,000 Combined total value = 10,111,240,000

Strike 109900 has a total call value of 21,690,000 versus a total put value of 10,024,180,000 Combined total value = 10,045,870,000

Strike 110000 has a total call value of 22,000,000 versus a total put value of 9,958,500,000 Combined total value = 9,980,500,000

Strike 110100 has a total call value of 22,940,000 versus a total put value of 9,897,280,000 Combined total value = 9,920,220,000

Strike 110200 has a total call value of 23,880,000 versus a total put value of 9,836,060,000 Combined total value = 9,859,940,000

Strike 110300 has a total call value of 24,820,000 versus a total put value of 9,774,840,000 Combined total value = 9,799,660,000

Strike 110400 has a total call value of 25,760,000 versus a total put value of 9,713,620,000 Combined total value = 9,739,380,000

Strike 110500 has a total call value of 26,700,000 versus a total put value of 9,652,400,000 Combined total value = 9,679,100,000

Strike 110600 has a total call value of 27,640,000 versus a total put value of 9,591,180,000 Combined total value = 9,618,820,000

Strike 110700 has a total call value of 28,580,000 versus a total put value of 9,529,960,000 Combined total value = 9,558,540,000

Strike 110800 has a total call value of 29,520,000 versus a total put value of 9,468,740,000 Combined total value = 9,498,260,000

Strike 110900 has a total call value of 30,460,000 versus a total put value of 9,407,520,000 Combined total value = 9,437,980,000

Strike 111000 has a total call value of 31,400,000 versus a total put value of 9,346,300,000 Combined total value = 9,377,700,000

Strike 111100 has a total call value of 32,340,000 versus a total put value of 9,285,080,000 Combined total value = 9,317,420,000

Strike 111200 has a total call value of 33,280,000 versus a total put value of 9,223,860,000 Combined total value = 9,257,140,000

Strike 111300 has a total call value of 34,220,000 versus a total put value of 9,162,640,000 Combined total value = 9,196,860,000

Strike 111400 has a total call value of 35,160,000 versus a total put value of 9,101,420,000 Combined total value = 9,136,580,000

Strike 111500 has a total call value of 36,100,000 versus a total put value of 9,040,200,000 Combined total value = 9,076,300,000

Strike 111600 has a total call value of 37,040,000 versus a total put value of 8,978,980,000 Combined total value = 9,016,020,000

Strike 111700 has a total call value of 37,980,000 versus a total put value of 8,917,760,000 Combined total value = 8,955,740,000

Strike 111800 has a total call value of 38,920,000 versus a total put value of 8,856,540,000 Combined total value = 8,895,460,000

Strike 111900 has a total call value of 39,860,000 versus a total put value of 8,795,320,000 Combined total value = 8,835,180,000

Strike 112000 has a total call value of 40,800,000 versus a total put value of 8,734,100,000 Combined total value = 8,774,900,000

Strike 112100 has a total call value of 41,780,000 versus a total put value of 8,672,900,000 Combined total value = 8,714,680,000

Strike 112200 has a total call value of 42,760,000 versus a total put value of 8,611,700,000 Combined total value = 8,654,460,000

Strike 112300 has a total call value of 43,740,000 versus a total put value of 8,550,500,000 Combined total value = 8,594,240,000

Strike 112400 has a total call value of 44,720,000 versus a total put value of 8,489,300,000 Combined total value = 8,534,020,000

Strike 112500 has a total call value of 45,700,000 versus a total put value of 8,428,100,000 Combined total value = 8,473,800,000

Strike 112600 has a total call value of 46,680,000 versus a total put value of 8,366,900,000 Combined total value = 8,413,580,000

Strike 112700 has a total call value of 47,660,000 versus a total put value of 8,305,700,000 Combined total value = 8,353,360,000

Strike 112800 has a total call value of 48,640,000 versus a total put value of 8,244,500,000 Combined total value = 8,293,140,000

Strike 112900 has a total call value of 49,620,000 versus a total put value of 8,183,300,000 Combined total value = 8,232,920,000

Strike 113000 has a total call value of 50,600,000 versus a total put value of 8,122,100,000 Combined total value = 8,172,700,000

Strike 113100 has a total call value of 51,580,000 versus a total put value of 8,060,900,000 Combined total value = 8,112,480,000

Strike 113200 has a total call value of 52,560,000 versus a total put value of 7,999,700,000 Combined total value = 8,052,260,000

Strike 113300 has a total call value of 53,540,000 versus a total put value of 7,938,500,000 Combined total value = 7,992,040,000

Strike 113400 has a total call value of 54,520,000 versus a total put value of 7,877,300,000 Combined total value = 7,931,820,000

Strike 113500 has a total call value of 55,500,000 versus a total put value of 7,816,100,000 Combined total value = 7,871,600,000

Strike 113600 has a total call value of 56,480,000 versus a total put value of 7,754,900,000 Combined total value = 7,811,380,000

Strike 113700 has a total call value of 57,460,000 versus a total put value of 7,693,700,000 Combined total value = 7,751,160,000

Strike 113800 has a total call value of 58,440,000 versus a total put value of 7,632,500,000 Combined total value = 7,690,940,000

Strike 113900 has a total call value of 59,420,000 versus a total put value of 7,571,300,000 Combined total value = 7,630,720,000

Strike 114000 has a total call value of 60,400,000 versus a total put value of 7,510,100,000 Combined total value = 7,570,500,000

Strike 114100 has a total call value of 61,380,000 versus a total put value of 7,448,910,000 Combined total value = 7,510,290,000

Strike 114200 has a total call value of 62,360,000 versus a total put value of 7,387,720,000 Combined total value = 7,450,080,000

Strike 114300 has a total call value of 63,340,000 versus a total put value of 7,326,530,000 Combined total value = 7,389,870,000

Strike 114400 has a total call value of 64,320,000 versus a total put value of 7,265,340,000 Combined total value = 7,329,660,000

Strike 114500 has a total call value of 65,300,000 versus a total put value of 7,204,150,000 Combined total value = 7,269,450,000

Strike 114600 has a total call value of 66,280,000 versus a total put value of 7,142,960,000 Combined total value = 7,209,240,000

Strike 114700 has a total call value of 67,260,000 versus a total put value of 7,081,770,000 Combined total value = 7,149,030,000

Strike 114800 has a total call value of 68,240,000 versus a total put value of 7,020,580,000 Combined total value = 7,088,820,000

Strike 114900 has a total call value of 69,220,000 versus a total put value of 6,959,390,000 Combined total value = 7,028,610,000

Strike 115000 has a total call value of 70,200,000 versus a total put value of 6,898,200,000 Combined total value = 6,968,400,000

Strike 115100 has a total call value of 71,400,000 versus a total put value of 6,839,560,000 Combined total value = 6,910,960,000

Strike 115200 has a total call value of 72,600,000 versus a total put value of 6,780,920,000 Combined total value = 6,853,520,000

Strike 115300 has a total call value of 73,800,000 versus a total put value of 6,722,280,000 Combined total value = 6,796,080,000

Strike 115400 has a total call value of 75,000,000 versus a total put value of 6,663,640,000 Combined total value = 6,738,640,000

Strike 115500 has a total call value of 76,200,000 versus a total put value of 6,605,000,000 Combined total value = 6,681,200,000

Strike 115600 has a total call value of 77,400,000 versus a total put value of 6,546,360,000 Combined total value = 6,623,760,000

Strike 115700 has a total call value of 78,600,000 versus a total put value of 6,487,720,000 Combined total value = 6,566,320,000

Strike 115800 has a total call value of 79,800,000 versus a total put value of 6,429,080,000 Combined total value = 6,508,880,000

Strike 115900 has a total call value of 81,000,000 versus a total put value of 6,370,440,000 Combined total value = 6,451,440,000

Strike 116000 has a total call value of 82,200,000 versus a total put value of 6,311,800,000 Combined total value = 6,394,000,000

Strike 116100 has a total call value of 83,420,000 versus a total put value of 6,253,200,000 Combined total value = 6,336,620,000

Strike 116200 has a total call value of 84,640,000 versus a total put value of 6,194,600,000 Combined total value = 6,279,240,000

Strike 116300 has a total call value of 85,860,000 versus a total put value of 6,136,000,000 Combined total value = 6,221,860,000

Strike 116400 has a total call value of 87,080,000 versus a total put value of 6,077,400,000 Combined total value = 6,164,480,000

Strike 116500 has a total call value of 88,300,000 versus a total put value of 6,018,800,000 Combined total value = 6,107,100,000

Strike 116600 has a total call value of 89,520,000 versus a total put value of 5,960,200,000 Combined total value = 6,049,720,000

Strike 116700 has a total call value of 90,740,000 versus a total put value of 5,901,600,000 Combined total value = 5,992,340,000

Strike 116800 has a total call value of 91,960,000 versus a total put value of 5,843,000,000 Combined total value = 5,934,960,000

Strike 116900 has a total call value of 93,180,000 versus a total put value of 5,784,400,000 Combined total value = 5,877,580,000

Strike 117000 has a total call value of 94,400,000 versus a total put value of 5,725,800,000 Combined total value = 5,820,200,000

Strike 117100 has a total call value of 95,620,000 versus a total put value of 5,667,210,000 Combined total value = 5,762,830,000

Strike 117200 has a total call value of 96,840,000 versus a total put value of 5,608,620,000 Combined total value = 5,705,460,000

Strike 117300 has a total call value of 98,060,000 versus a total put value of 5,550,030,000 Combined total value = 5,648,090,000

Strike 117400 has a total call value of 99,280,000 versus a total put value of 5,491,440,000 Combined total value = 5,590,720,000

Strike 117500 has a total call value of 100,500,000 versus a total put value of 5,432,850,000 Combined total value = 5,533,350,000

Strike 117600 has a total call value of 101,720,000 versus a total put value of 5,374,260,000 Combined total value = 5,475,980,000

Strike 117700 has a total call value of 102,940,000 versus a total put value of 5,315,670,000 Combined total value = 5,418,610,000

Strike 117800 has a total call value of 104,160,000 versus a total put value of 5,257,080,000 Combined total value = 5,361,240,000

Strike 117900 has a total call value of 105,380,000 versus a total put value of 5,198,490,000 Combined total value = 5,303,870,000

Strike 118000 has a total call value of 106,600,000 versus a total put value of 5,139,900,000 Combined total value = 5,246,500,000

Strike 118100 has a total call value of 107,820,000 versus a total put value of 5,081,480,000 Combined total value = 5,189,300,000

Strike 118200 has a total call value of 109,040,000 versus a total put value of 5,023,060,000 Combined total value = 5,132,100,000

Strike 118300 has a total call value of 110,260,000 versus a total put value of 4,964,640,000 Combined total value = 5,074,900,000

Strike 118400 has a total call value of 111,480,000 versus a total put value of 4,906,220,000 Combined total value = 5,017,700,000

Strike 118500 has a total call value of 112,700,000 versus a total put value of 4,847,800,000 Combined total value = 4,960,500,000

Strike 118600 has a total call value of 113,920,000 versus a total put value of 4,789,380,000 Combined total value = 4,903,300,000

Strike 118700 has a total call value of 115,140,000 versus a total put value of 4,730,960,000 Combined total value = 4,846,100,000

Strike 118800 has a total call value of 116,360,000 versus a total put value of 4,672,540,000 Combined total value = 4,788,900,000

Strike 118900 has a total call value of 117,580,000 versus a total put value of 4,614,120,000 Combined total value = 4,731,700,000

Strike 119000 has a total call value of 118,800,000 versus a total put value of 4,555,700,000 Combined total value = 4,674,500,000

Strike 119100 has a total call value of 120,020,000 versus a total put value of 4,497,540,000 Combined total value = 4,617,560,000

Strike 119200 has a total call value of 121,240,000 versus a total put value of 4,439,380,000 Combined total value = 4,560,620,000

Strike 119300 has a total call value of 122,460,000 versus a total put value of 4,381,220,000 Combined total value = 4,503,680,000

Strike 119400 has a total call value of 123,680,000 versus a total put value of 4,323,060,000 Combined total value = 4,446,740,000

Strike 119500 has a total call value of 124,900,000 versus a total put value of 4,264,900,000 Combined total value = 4,389,800,000

Strike 119600 has a total call value of 126,120,000 versus a total put value of 4,206,740,000 Combined total value = 4,332,860,000

Strike 119700 has a total call value of 127,340,000 versus a total put value of 4,148,580,000 Combined total value = 4,275,920,000

Strike 119800 has a total call value of 128,560,000 versus a total put value of 4,090,420,000 Combined total value = 4,218,980,000

Strike 119900 has a total call value of 129,780,000 versus a total put value of 4,032,260,000 Combined total value = 4,162,040,000

Strike 120000 has a total call value of 131,000,000 versus a total put value of 3,974,110,000 Combined total value = 4,105,110,000

Strike 120100 has a total call value of 132,390,000 versus a total put value of 3,922,280,000 Combined total value = 4,054,670,000

Strike 120200 has a total call value of 133,780,000 versus a total put value of 3,870,450,000 Combined total value = 4,004,230,000

Strike 120300 has a total call value of 135,170,000 versus a total put value of 3,818,620,000 Combined total value = 3,953,790,000

Strike 120400 has a total call value of 136,560,000 versus a total put value of 3,766,790,000 Combined total value = 3,903,350,000

Strike 120500 has a total call value of 137,950,000 versus a total put value of 3,714,960,000 Combined total value = 3,852,910,000

Strike 120600 has a total call value of 139,340,000 versus a total put value of 3,663,130,000 Combined total value = 3,802,470,000

Strike 120700 has a total call value of 140,730,000 versus a total put value of 3,611,300,000 Combined total value = 3,752,030,000

Strike 120800 has a total call value of 142,120,000 versus a total put value of 3,559,470,000 Combined total value = 3,701,590,000

Strike 120900 has a total call value of 143,510,000 versus a total put value of 3,507,640,000 Combined total value = 3,651,150,000

Strike 121000 has a total call value of 144,900,000 versus a total put value of 3,455,810,000 Combined total value = 3,600,710,000

Strike 121100 has a total call value of 146,380,000 versus a total put value of 3,405,760,000 Combined total value = 3,552,140,000

Strike 121200 has a total call value of 147,860,000 versus a total put value of 3,355,710,000 Combined total value = 3,503,570,000

Strike 121300 has a total call value of 149,340,000 versus a total put value of 3,305,660,000 Combined total value = 3,455,000,000

Strike 121400 has a total call value of 150,820,000 versus a total put value of 3,255,610,000 Combined total value = 3,406,430,000

Strike 121500 has a total call value of 152,300,000 versus a total put value of 3,205,560,000 Combined total value = 3,357,860,000

Strike 121600 has a total call value of 153,780,000 versus a total put value of 3,155,510,000 Combined total value = 3,309,290,000

Strike 121700 has a total call value of 155,260,000 versus a total put value of 3,105,460,000 Combined total value = 3,260,720,000

Strike 121800 has a total call value of 156,740,000 versus a total put value of 3,055,410,000 Combined total value = 3,212,150,000

Strike 121900 has a total call value of 158,220,000 versus a total put value of 3,005,360,000 Combined total value = 3,163,580,000

Strike 122000 has a total call value of 159,700,000 versus a total put value of 2,955,310,000 Combined total value = 3,115,010,000

Strike 122100 has a total call value of 161,290,000 versus a total put value of 2,908,030,000 Combined total value = 3,069,320,000

Strike 122200 has a total call value of 162,880,000 versus a total put value of 2,860,750,000 Combined total value = 3,023,630,000

Strike 122300 has a total call value of 164,470,000 versus a total put value of 2,813,470,000 Combined total value = 2,977,940,000

Strike 122400 has a total call value of 166,060,000 versus a total put value of 2,766,190,000 Combined total value = 2,932,250,000

Strike 122500 has a total call value of 167,650,000 versus a total put value of 2,718,910,000 Combined total value = 2,886,560,000

Strike 122600 has a total call value of 169,240,000 versus a total put value of 2,671,690,000 Combined total value = 2,840,930,000

Strike 122700 has a total call value of 170,830,000 versus a total put value of 2,624,470,000 Combined total value = 2,795,300,000

Strike 122800 has a total call value of 172,420,000 versus a total put value of 2,577,250,000 Combined total value = 2,749,670,000

Strike 122900 has a total call value of 174,010,000 versus a total put value of 2,530,030,000 Combined total value = 2,704,040,000

Strike 123000 has a total call value of 175,600,000 versus a total put value of 2,482,810,000 Combined total value = 2,658,410,000

Strike 123100 has a total call value of 177,250,000 versus a total put value of 2,439,610,000 Combined total value = 2,616,860,000

Strike 123200 has a total call value of 178,900,000 versus a total put value of 2,396,410,000 Combined total value = 2,575,310,000

Strike 123300 has a total call value of 180,550,000 versus a total put value of 2,353,210,000 Combined total value = 2,533,760,000

Strike 123400 has a total call value of 182,200,000 versus a total put value of 2,310,010,000 Combined total value = 2,492,210,000

Strike 123500 has a total call value of 183,850,000 versus a total put value of 2,266,810,000 Combined total value = 2,450,660,000

Strike 123600 has a total call value of 185,510,000 versus a total put value of 2,223,630,000 Combined total value = 2,409,140,000

Strike 123700 has a total call value of 187,170,000 versus a total put value of 2,180,450,000 Combined total value = 2,367,620,000

Strike 123800 has a total call value of 188,830,000 versus a total put value of 2,137,290,000 Combined total value = 2,326,120,000

Strike 123900 has a total call value of 190,490,000 versus a total put value of 2,094,130,000 Combined total value = 2,284,620,000

Strike 124000 has a total call value of 192,150,000 versus a total put value of 2,050,970,000 Combined total value = 2,243,120,000

Strike 124100 has a total call value of 193,870,000 versus a total put value of 2,010,900,000 Combined total value = 2,204,770,000

Strike 124200 has a total call value of 195,590,000 versus a total put value of 1,970,830,000 Combined total value = 2,166,420,000

Strike 124300 has a total call value of 197,310,000 versus a total put value of 1,930,760,000 Combined total value = 2,128,070,000

Strike 124400 has a total call value of 199,030,000 versus a total put value of 1,890,690,000 Combined total value = 2,089,720,000

Strike 124500 has a total call value of 200,750,000 versus a total put value of 1,850,620,000 Combined total value = 2,051,370,000

Strike 124600 has a total call value of 202,470,000 versus a total put value of 1,810,680,000 Combined total value = 2,013,150,000

Strike 124700 has a total call value of 204,190,000 versus a total put value of 1,770,740,000 Combined total value = 1,974,930,000

Strike 124800 has a total call value of 205,910,000 versus a total put value of 1,730,800,000 Combined total value = 1,936,710,000

Strike 124900 has a total call value of 207,640,000 versus a total put value of 1,690,860,000 Combined total value = 1,898,500,000

Strike 125000 has a total call value of 209,370,000 versus a total put value of 1,650,940,000 Combined total value = 1,860,310,000

Strike 125100 has a total call value of 212,370,000 versus a total put value of 1,618,930,000 Combined total value = 1,831,300,000

Strike 125200 has a total call value of 215,370,000 versus a total put value of 1,586,920,000 Combined total value = 1,802,290,000

Strike 125300 has a total call value of 218,370,000 versus a total put value of 1,554,910,000 Combined total value = 1,773,280,000

Strike 125400 has a total call value of 221,370,000 versus a total put value of 1,522,900,000 Combined total value = 1,744,270,000

Strike 125500 has a total call value of 224,370,000 versus a total put value of 1,490,890,000 Combined total value = 1,715,260,000

Strike 125600 has a total call value of 227,380,000 versus a total put value of 1,458,910,000 Combined total value = 1,686,290,000

Strike 125700 has a total call value of 230,400,000 versus a total put value of 1,426,930,000 Combined total value = 1,657,330,000

Strike 125800 has a total call value of 233,420,000 versus a total put value of 1,394,950,000 Combined total value = 1,628,370,000

Strike 125900 has a total call value of 236,440,000 versus a total put value of 1,362,970,000 Combined total value = 1,599,410,000

Strike 126000 has a total call value of 239,460,000 versus a total put value of 1,331,000,000 Combined total value = 1,570,460,000

Strike 126100 has a total call value of 243,070,000 versus a total put value of 1,301,850,000 Combined total value = 1,544,920,000

Strike 126200 has a total call value of 246,680,000 versus a total put value of 1,272,700,000 Combined total value = 1,519,380,000

Strike 126300 has a total call value of 250,290,000 versus a total put value of 1,243,550,000 Combined total value = 1,493,840,000

Strike 126400 has a total call value of 253,900,000 versus a total put value of 1,214,400,000 Combined total value = 1,468,300,000

Strike 126500 has a total call value of 257,510,000 versus a total put value of 1,185,250,000 Combined total value = 1,442,760,000

Strike 126600 has a total call value of 261,160,000 versus a total put value of 1,156,120,000 Combined total value = 1,417,280,000

Strike 126700 has a total call value of 264,810,000 versus a total put value of 1,126,990,000 Combined total value = 1,391,800,000

Strike 126800 has a total call value of 268,460,000 versus a total put value of 1,097,860,000 Combined total value = 1,366,320,000

Strike 126900 has a total call value of 272,110,000 versus a total put value of 1,068,730,000 Combined total value = 1,340,840,000

Strike 127000 has a total call value of 275,760,000 versus a total put value of 1,039,600,000 Combined total value = 1,315,360,000

Strike 127100 has a total call value of 280,470,000 versus a total put value of 1,013,670,000 Combined total value = 1,294,140,000

Strike 127200 has a total call value of 285,180,000 versus a total put value of 987,740,000 Combined total value = 1,272,920,000

Strike 127300 has a total call value of 289,890,000 versus a total put value of 961,810,000 Combined total value = 1,251,700,000

Strike 127400 has a total call value of 294,600,000 versus a total put value of 935,880,000 Combined total value = 1,230,480,000

Strike 127500 has a total call value of 299,310,000 versus a total put value of 909,950,000 Combined total value = 1,209,260,000

Strike 127600 has a total call value of 304,020,000 versus a total put value of 884,170,000 Combined total value = 1,188,190,000

Strike 127700 has a total call value of 308,730,000 versus a total put value of 858,390,000 Combined total value = 1,167,120,000

Strike 127800 has a total call value of 313,440,000 versus a total put value of 832,610,000 Combined total value = 1,146,050,000

Strike 127900 has a total call value of 318,150,000 versus a total put value of 806,830,000 Combined total value = 1,124,980,000

Strike 128000 has a total call value of 322,860,000 versus a total put value of 781,050,000 Combined total value = 1,103,910,000

Strike 128100 has a total call value of 329,830,000 versus a total put value of 759,660,000 Combined total value = 1,089,490,000

Strike 128200 has a total call value of 336,800,000 versus a total put value of 738,270,000 Combined total value = 1,075,070,000

Strike 128300 has a total call value of 343,770,000 versus a total put value of 716,880,000 Combined total value = 1,060,650,000

Strike 128400 has a total call value of 350,740,000 versus a total put value of 695,490,000 Combined total value = 1,046,230,000

Strike 128500 has a total call value of 357,710,000 versus a total put value of 674,100,000 Combined total value = 1,031,810,000

Strike 128600 has a total call value of 364,790,000 versus a total put value of 652,770,000 Combined total value = 1,017,560,000

Strike 128700 has a total call value of 371,870,000 versus a total put value of 631,440,000 Combined total value = 1,003,310,000

Strike 128800 has a total call value of 378,950,000 versus a total put value of 610,110,000 Combined total value = 989,060,000

Strike 128900 has a total call value of 386,030,000 versus a total put value of 588,780,000 Combined total value = 974,810,000

Strike 129000 has a total call value of 393,110,000 versus a total put value of 567,450,000 Combined total value = 960,560,000

Strike 129100 has a total call value of 401,330,000 versus a total put value of 549,190,000 Combined total value = 950,520,000

Strike 129200 has a total call value of 409,550,000 versus a total put value of 530,930,000 Combined total value = 940,480,000

Strike 129300 has a total call value of 417,770,000 versus a total put value of 512,670,000 Combined total value = 930,440,000

Strike 129400 has a total call value of 425,990,000 versus a total put value of 494,410,000 Combined total value = 920,400,000

Strike 129500 has a total call value of 434,210,000 versus a total put value of 476,150,000 Combined total value = 910,360,000

Strike 129600 has a total call value of 442,500,000 versus a total put value of 458,020,000 Combined total value = 900,520,000

Strike 129700 has a total call value of 450,790,000 versus a total put value of 439,890,000 Combined total value = 890,680,000

Strike 129800 has a total call value of 459,090,000 versus a total put value of 421,760,000 Combined total value = 880,850,000

Strike 129900 has a total call value of 467,390,000 versus a total put value of 403,630,000 Combined total value = 871,020,000

Strike 130000 has a total call value of 475,700,000 versus a total put value of 385,500,000 Combined total value = 861,200,000

Strike 130100 has a total call value of 488,980,000 versus a total put value of 372,500,000 Combined total value = 861,480,000

Strike 130200 has a total call value of 502,260,000 versus a total put value of 359,500,000 Combined total value = 861,760,000

Strike 130300 has a total call value of 515,550,000 versus a total put value of 346,500,000 Combined total value = 862,050,000

Strike 130400 has a total call value of 528,840,000 versus a total put value of 333,500,000 Combined total value = 862,340,000

Strike 130500 has a total call value of 542,140,000 versus a total put value of 320,500,000 Combined total value = 862,640,000

Strike 130600 has a total call value of 555,510,000 versus a total put value of 307,580,000 Combined total value = 863,090,000

Strike 130700 has a total call value of 568,880,000 versus a total put value of 294,660,000 Combined total value = 863,540,000

Strike 130800 has a total call value of 582,250,000 versus a total put value of 281,740,000 Combined total value = 863,990,000

Strike 130900 has a total call value of 595,620,000 versus a total put value of 268,820,000 Combined total value = 864,440,000

Strike 131000 has a total call value of 608,990,000 versus a total put value of 255,900,000 Combined total value = 864,890,000

Strike 131100 has a total call value of 623,300,000 versus a total put value of 245,620,000 Combined total value = 868,920,000

Strike 131200 has a total call value of 637,610,000 versus a total put value of 235,340,000 Combined total value = 872,950,000

Strike 131300 has a total call value of 651,920,000 versus a total put value of 225,060,000 Combined total value = 876,980,000

Strike 131400 has a total call value of 666,230,000 versus a total put value of 214,780,000 Combined total value = 881,010,000

Strike 131500 has a total call value of 680,540,000 versus a total put value of 204,500,000 Combined total value = 885,040,000

Strike 131600 has a total call value of 694,940,000 versus a total put value of 194,220,000 Combined total value = 889,160,000

Strike 131700 has a total call value of 709,340,000 versus a total put value of 183,940,000 Combined total value = 893,280,000

Strike 131800 has a total call value of 723,740,000 versus a total put value of 173,660,000 Combined total value = 897,400,000

Strike 131900 has a total call value of 738,140,000 versus a total put value of 163,380,000 Combined total value = 901,520,000

Strike 132000 has a total call value of 752,540,000 versus a total put value of 153,100,000 Combined total value = 905,640,000

Strike 132100 has a total call value of 768,930,000 versus a total put value of 145,870,000 Combined total value = 914,800,000

Strike 132200 has a total call value of 785,320,000 versus a total put value of 138,640,000 Combined total value = 923,960,000

Strike 132300 has a total call value of 801,710,000 versus a total put value of 131,410,000 Combined total value = 933,120,000

Strike 132400 has a total call value of 818,100,000 versus a total put value of 124,180,000 Combined total value = 942,280,000

Strike 132500 has a total call value of 834,490,000 versus a total put value of 116,950,000 Combined total value = 951,440,000

Strike 132600 has a total call value of 850,930,000 versus a total put value of 109,720,000 Combined total value = 960,650,000

Strike 132700 has a total call value of 867,370,000 versus a total put value of 102,490,000 Combined total value = 969,860,000

Strike 132800 has a total call value of 883,820,000 versus a total put value of 95,260,000 Combined total value = 979,080,000

Strike 132900 has a total call value of 900,270,000 versus a total put value of 88,030,000 Combined total value = 988,300,000

Strike 133000 has a total call value of 916,720,000 versus a total put value of 80,800,000 Combined total value = 997,520,000

Strike 133100 has a total call value of 935,330,000 versus a total put value of 76,170,000 Combined total value = 1,011,500,000

Strike 133200 has a total call value of 953,940,000 versus a total put value of 71,540,000 Combined total value = 1,025,480,000

Strike 133300 has a total call value of 972,550,000 versus a total put value of 66,910,000 Combined total value = 1,039,460,000

Strike 133400 has a total call value of 991,160,000 versus a total put value of 62,280,000 Combined total value = 1,053,440,000

Strike 133500 has a total call value of 1,009,770,000 versus a total put value of 57,650,000 Combined total value = 1,067,420,000

Strike 133600 has a total call value of 1,028,470,000 versus a total put value of 53,020,000 Combined total value = 1,081,490,000

Strike 133700 has a total call value of 1,047,170,000 versus a total put value of 48,390,000 Combined total value = 1,095,560,000

Strike 133800 has a total call value of 1,065,870,000 versus a total put value of 43,760,000 Combined total value = 1,109,630,000

Strike 133900 has a total call value of 1,084,570,000 versus a total put value of 39,130,000 Combined total value = 1,123,700,000

Strike 134000 has a total call value of 1,103,270,000 versus a total put value of 34,500,000 Combined total value = 1,137,770,000

Strike 134100 has a total call value of 1,124,820,000 versus a total put value of 31,600,000 Combined total value = 1,156,420,000

Strike 134200 has a total call value of 1,146,370,000 versus a total put value of 28,700,000 Combined total value = 1,175,070,000

Strike 134300 has a total call value of 1,167,920,000 versus a total put value of 25,800,000 Combined total value = 1,193,720,000

Strike 134400 has a total call value of 1,189,470,000 versus a total put value of 22,900,000 Combined total value = 1,212,370,000

Strike 134500 has a total call value of 1,211,020,000 versus a total put value of 20,000,000 Combined total value = 1,231,020,000

Strike 134600 has a total call value of 1,232,610,000 versus a total put value of 17,100,000 Combined total value = 1,249,710,000

Strike 134700 has a total call value of 1,254,200,000 versus a total put value of 14,200,000 Combined total value = 1,268,400,000

Strike 134800 has a total call value of 1,275,790,000 versus a total put value of 11,300,000 Combined total value = 1,287,090,000

Strike 134900 has a total call value of 1,297,400,000 versus a total put value of 8,400,000 Combined total value = 1,305,800,000

Strike 135000 has a total call value of 1,319,010,000 versus a total put value of 5,500,000 Combined total value = 1,324,510,000

Strike 135100 has a total call value of 1,352,290,000 versus a total put value of 4,950,000 Combined total value = 1,357,240,000

Strike 135200 has a total call value of 1,385,570,000 versus a total put value of 4,400,000 Combined total value = 1,389,970,000

Strike 135300 has a total call value of 1,418,850,000 versus a total put value of 3,850,000 Combined total value = 1,422,700,000

Strike 135400 has a total call value of 1,452,130,000 versus a total put value of 3,300,000 Combined total value = 1,455,430,000

Strike 135500 has a total call value of 1,485,410,000 versus a total put value of 2,750,000 Combined total value = 1,488,160,000

Strike 135600 has a total call value of 1,518,760,000 versus a total put value of 2,200,000 Combined total value = 1,520,960,000

Strike 135700 has a total call value of 1,552,110,000 versus a total put value of 1,650,000 Combined total value = 1,553,760,000

Strike 135800 has a total call value of 1,585,460,000 versus a total put value of 1,100,000 Combined total value = 1,586,560,000

Strike 135900 has a total call value of 1,618,810,000 versus a total put value of 550,000 Combined total value = 1,619,360,000

Strike 136000 has a total call value of 1,652,160,000 versus a total put value of 0 Combined total value = 1,652,160,000

Strike 136100 has a total call value of 1,692,020,000 versus a total put value of 0 Combined total value = 1,692,020,000

Strike 136200 has a total call value of 1,731,880,000 versus a total put value of 0 Combined total value = 1,731,880,000

Strike 136300 has a total call value of 1,771,740,000 versus a total put value of 0 Combined total value = 1,771,740,000

Strike 136400 has a total call value of 1,811,600,000 versus a total put value of 0 Combined total value = 1,811,600,000

Strike 136500 has a total call value of 1,851,460,000 versus a total put value of 0 Combined total value = 1,851,460,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1136.9	1140
ABB	5280	5200
ABCAPITAL	353.2	350
ADANIENSOL	1015	990
ADANIENT	2282.8	2300
ADANIGREEN	1049.2	1040
ADANIPORTS	1513.8	1500
ALKEM	5617	5700
AMBER	6841	6800
AMBUJACEM	554.7	550
ANGELONE	2573.6	2600
APLAPOLLO	1735.8	1740
APOLLOHOSP	7078	7200
ASHOKLEY	166.92	160
ASIANPAINT	2780	2800
ASTRAL	1427.5	1440
AUBANK	978.75	960
AUROPHARMA	1189.1	1200
AXISBANK	1283	1280
BAJAJ-AUTO	8973	9000
BAJAJFINSV	2070.9	2060
BAJFINANCE	1011.3	1020
BANDHANBNK	150.01	150
BANKBARODA	285.5	290
BANKINDIA	141.77	142
BDL	1401.4	1440
BEL	390.3	400
BHARATFORG	1408.2	1400
BHARTIARTL	2077.3	2100
BHEL	282.7	282.5
BIOCON	384.95	390
BLUESTARCO	1809	1780
BOSCHLTD	36410	36500
BPCL	365.6	365
BRITANNIA	6053	5950
BSE	2662	2750
CAMS	757.3	770
CANBK	148.45	148
CDSL	1514.5	1560
CGPOWER	668.85	680
CHOLAFIN	1732.9	1700
CIPLA	1506.8	1520
COALINDIA	384.05	382.25
COFORGE	1862.2	1840
COLPAL	2166.9	2180
CONCOR	503.4	510
CROMPTON	253	265
CUMMINSIND	4547.7	4500
CYIENT	1154.6	1160
DABUR	497.15	500
DALBHARAT	2100	2040
DELHIVERY	409	415
DIVISLAB	6378	6400
DIXON	13740	13750
DLF	697	710
DMART	3826	3900
DRREDDY	1279.9	1270
EICHERMOT	7119	7150
ETERNAL	298.2	300
EXIDEIND	371.2	375
FEDERALBNK	265.3	260
FORTIS	867.75	880
GAIL	170	175
GLENMARK	1976	1940
GMRAIRPORT	104.84	102
GODREJCP	1161.9	1140
GODREJPROP	2073.1	2040
GRASIM	2827.5	2800
HAL	4330.3	4500
HAVELLS	1414	1420
HCLTECH	1683.4	1660
HDFCAMC	2612.2	2650
HDFCBANK	996.4	1000
HDFCLIFE	770.7	770
HEROMOTOCO	5963.5	6050
HFCL	66.36	68
HINDALCO	847.7	820
HINDPETRO	466.35	460
HINDUNILVR	2297	2300
HINDZINC	565.95	540
HUDCO	215.51	220
ICICIBANK	1365.2	1380
ICICIGI	1939.5	1960
ICICIPRULI	646.85	630
IDEA	11.43	11
IDFCFIRSTB	84.13	81
IEX	143.04	145
IIFL	578	560
INDHOTEL	733.15	730
INDIANB	784.45	800
INDIGO	4975.5	5000
INDUSINDBK	851	850
INDUSTOWER	408.95	410
INFY	1608.8	1600
INOXWIND	125.2	130
IOC	167.25	165
IRCTC	673.05	680
IREDA	135.49	140
IRFC	113.38	115
ITC	403	405
JINDALSTEL	1033	1020
JIOFIN	299.4	300
JSWENERGY	485.45	490
JSWSTEEL	1117.8	1140
JUBLFOOD	576.25	590
KALYANKJIL	480.15	480
KAYNES	4239	4400
KEI	4169.2	4100
KFINTECH	1048.9	1060
KOTAKBANK	2176.4	2160
KPITTECH	1214.8	1220
LAURUSLABS	1006.2	1000
LICHSGFIN	531	550
LICI	858.45	880
LODHA	1099.5	1100
LT	4080	4040
LTF	305.25	305
LTIM	6288	6200
LUPIN	2091.8	2080
M&M	3615.4	3650
MANAPPURAM	286.05	282.5
MANKIND	2149.9	2200
MARICO	738.05	730
MARUTI	16420	16300
MAXHEALTH	1080.7	1100
MAZDOCK	2450.8	2600
MCX	10190	10100
MFSL	1698.2	1700
MOTHERSON	120.39	116
MPHASIS	2890.5	2900
MUTHOOTFIN	3858.3	3800
NATIONALUM	279.3	270
NAUKRI	1360	1360
NBCC	115.79	114
NCC	161.7	167.5
NESTLEIND	1240	1240
NHPC	77.08	77
NMDC	77.92	77
NTPC	324.05	325
NUVAMA	7272.5	7200
NYKAA	250.75	255
OBEROIRLTY	1651.8	1640
OFSS	7959	8000
OIL	402.9	410
ONGC	233.83	240
PAGEIND	36725	37000
PATANJALI	532.1	540
PAYTM	1300.2	1300
PERSISTENT	6306	6300
PETRONET	268.6	275
PFC	339.85	360
PGEL	568.8	560
PHOENIXLTD	1781.7	1740
PIDILITIND	1480.6	1480
PIIND	3249.5	3350
PNB	118.57	120
PNBHOUSING	921.4	910
POLICYBZR	1913.1	1900
POLYCAB	7330	7300
POWERGRID	262.1	270
POWERINDIA	19450	19500
PPLPHARMA	171.83	177.5
PRESTIGE	1637.1	1660
RBLBANK	304.6	310
RECLTD	341.2	355
RELIANCE	1555	1540
RVNL	313.5	315
SAIL	132.04	132
SAMMAANCAP	148.9	155
SBICARD	869.7	880
SBILIFE	2030.4	2020
SBIN	967.15	965
SHREECEM	26410	26500
SHRIRAMFIN	864.55	850
SIEMENS	3147.7	3200
SOLARINDS	12181	12750
SONACOMS	489.4	490
SRF	2992.9	2950
SUNPHARMA	1798	1800
SUPREMEIND	3281.4	3400
SUZLON	53.2	54
SYNGENE	658	650
TATACONSUM	1159.4	1170
TATAELXSI	5060.5	5000
TATAMOTORS	0	320
TATAPOWER	380.85	390
TATASTEEL	172.74	170
TATATECH	657.3	670
TCS	3221.8	3200
TECHM	1577	1560
TIINDIA	2631.4	2700
TITAGARH	792	800
TITAN	3863.8	3840
TMPV	346	360
TORNTPHARM	3782.8	3750
TORNTPOWER	1287.8	1300
TRENT	4080.6	4200
TVSMOTOR	3642.2	3600
ULTRACEMCO	11704	11700
UNIONBANK	152.6	152.5
UNITDSPR	1443	1440
UNOMINDA	1236.3	1280
UPL	767.75	750
VBL	475	475
VEDL	549.6	530
VOLTAS	1386.3	1360
WIPRO	260.48	257.5
YESBANK	21.8	22
ZYDUSLIFE	922.45	930

Note:

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

Related Pages for GOLD

GOLD

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD