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

26 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)

3900 -79.5

Open Interest

206 16

Historical data for GOLD-160000-PE

LTP (160000 PE)

3123 32

Open Interest

74 38

Strike 130000 has a total call value of 0 versus a total put value of 717,000,000. Combined total value = 717,000,000

Strike 130100 has a total call value of 0 versus a total put value of 714,200,000. Combined total value = 714,200,000

Strike 130200 has a total call value of 0 versus a total put value of 711,400,000. Combined total value = 711,400,000

Strike 130300 has a total call value of 0 versus a total put value of 708,600,000. Combined total value = 708,600,000

Strike 130400 has a total call value of 0 versus a total put value of 705,800,000. Combined total value = 705,800,000

Strike 130500 has a total call value of 0 versus a total put value of 703,000,000. Combined total value = 703,000,000

Strike 130600 has a total call value of 0 versus a total put value of 700,200,000. Combined total value = 700,200,000

Strike 130700 has a total call value of 0 versus a total put value of 697,400,000. Combined total value = 697,400,000

Strike 130800 has a total call value of 0 versus a total put value of 694,600,000. Combined total value = 694,600,000

Strike 130900 has a total call value of 0 versus a total put value of 691,800,000. Combined total value = 691,800,000

Strike 131000 has a total call value of 0 versus a total put value of 689,000,000. Combined total value = 689,000,000

Strike 131100 has a total call value of 0 versus a total put value of 686,200,000. Combined total value = 686,200,000

Strike 131200 has a total call value of 0 versus a total put value of 683,400,000. Combined total value = 683,400,000

Strike 131300 has a total call value of 0 versus a total put value of 680,600,000. Combined total value = 680,600,000

Strike 131400 has a total call value of 0 versus a total put value of 677,800,000. Combined total value = 677,800,000

Strike 131500 has a total call value of 0 versus a total put value of 675,000,000. Combined total value = 675,000,000

Strike 131600 has a total call value of 0 versus a total put value of 672,200,000. Combined total value = 672,200,000

Strike 131700 has a total call value of 0 versus a total put value of 669,400,000. Combined total value = 669,400,000

Strike 131800 has a total call value of 0 versus a total put value of 666,600,000. Combined total value = 666,600,000

Strike 131900 has a total call value of 0 versus a total put value of 663,800,000. Combined total value = 663,800,000

Strike 132000 has a total call value of 0 versus a total put value of 661,000,000. Combined total value = 661,000,000

Strike 132100 has a total call value of 0 versus a total put value of 658,200,000. Combined total value = 658,200,000

Strike 132200 has a total call value of 0 versus a total put value of 655,400,000. Combined total value = 655,400,000

Strike 132300 has a total call value of 0 versus a total put value of 652,600,000. Combined total value = 652,600,000

Strike 132400 has a total call value of 0 versus a total put value of 649,800,000. Combined total value = 649,800,000

Strike 132500 has a total call value of 0 versus a total put value of 647,000,000. Combined total value = 647,000,000

Strike 132600 has a total call value of 0 versus a total put value of 644,200,000. Combined total value = 644,200,000

Strike 132700 has a total call value of 0 versus a total put value of 641,400,000. Combined total value = 641,400,000

Strike 132800 has a total call value of 0 versus a total put value of 638,600,000. Combined total value = 638,600,000

Strike 132900 has a total call value of 0 versus a total put value of 635,800,000. Combined total value = 635,800,000

Strike 133000 has a total call value of 0 versus a total put value of 633,000,000. Combined total value = 633,000,000

Strike 133100 has a total call value of 0 versus a total put value of 630,200,000. Combined total value = 630,200,000

Strike 133200 has a total call value of 0 versus a total put value of 627,400,000. Combined total value = 627,400,000

Strike 133300 has a total call value of 0 versus a total put value of 624,600,000. Combined total value = 624,600,000

Strike 133400 has a total call value of 0 versus a total put value of 621,800,000. Combined total value = 621,800,000

Strike 133500 has a total call value of 0 versus a total put value of 619,000,000. Combined total value = 619,000,000

Strike 133600 has a total call value of 0 versus a total put value of 616,200,000. Combined total value = 616,200,000

Strike 133700 has a total call value of 0 versus a total put value of 613,400,000. Combined total value = 613,400,000

Strike 133800 has a total call value of 0 versus a total put value of 610,600,000. Combined total value = 610,600,000

Strike 133900 has a total call value of 0 versus a total put value of 607,800,000. Combined total value = 607,800,000

Strike 134000 has a total call value of 0 versus a total put value of 605,000,000. Combined total value = 605,000,000

Strike 134100 has a total call value of 0 versus a total put value of 602,200,000. Combined total value = 602,200,000

Strike 134200 has a total call value of 0 versus a total put value of 599,400,000. Combined total value = 599,400,000

Strike 134300 has a total call value of 0 versus a total put value of 596,600,000. Combined total value = 596,600,000

Strike 134400 has a total call value of 0 versus a total put value of 593,800,000. Combined total value = 593,800,000

Strike 134500 has a total call value of 0 versus a total put value of 591,000,000. Combined total value = 591,000,000

Strike 134600 has a total call value of 0 versus a total put value of 588,200,000. Combined total value = 588,200,000

Strike 134700 has a total call value of 0 versus a total put value of 585,400,000. Combined total value = 585,400,000

Strike 134800 has a total call value of 0 versus a total put value of 582,600,000. Combined total value = 582,600,000

Strike 134900 has a total call value of 0 versus a total put value of 579,800,000. Combined total value = 579,800,000

Strike 135000 has a total call value of 0 versus a total put value of 577,000,000. Combined total value = 577,000,000

Strike 135100 has a total call value of 0 versus a total put value of 574,200,000. Combined total value = 574,200,000

Strike 135200 has a total call value of 0 versus a total put value of 571,400,000. Combined total value = 571,400,000

Strike 135300 has a total call value of 0 versus a total put value of 568,600,000. Combined total value = 568,600,000

Strike 135400 has a total call value of 0 versus a total put value of 565,800,000. Combined total value = 565,800,000

Strike 135500 has a total call value of 0 versus a total put value of 563,000,000. Combined total value = 563,000,000

Strike 135600 has a total call value of 0 versus a total put value of 560,200,000. Combined total value = 560,200,000

Strike 135700 has a total call value of 0 versus a total put value of 557,400,000. Combined total value = 557,400,000

Strike 135800 has a total call value of 0 versus a total put value of 554,600,000. Combined total value = 554,600,000

Strike 135900 has a total call value of 0 versus a total put value of 551,800,000. Combined total value = 551,800,000

Strike 136000 has a total call value of 0 versus a total put value of 549,000,000. Combined total value = 549,000,000

Strike 136100 has a total call value of 0 versus a total put value of 546,200,000. Combined total value = 546,200,000

Strike 136200 has a total call value of 0 versus a total put value of 543,400,000. Combined total value = 543,400,000

Strike 136300 has a total call value of 0 versus a total put value of 540,600,000. Combined total value = 540,600,000

Strike 136400 has a total call value of 0 versus a total put value of 537,800,000. Combined total value = 537,800,000

Strike 136500 has a total call value of 0 versus a total put value of 535,000,000. Combined total value = 535,000,000

Strike 136600 has a total call value of 0 versus a total put value of 532,200,000. Combined total value = 532,200,000

Strike 136700 has a total call value of 0 versus a total put value of 529,400,000. Combined total value = 529,400,000

Strike 136800 has a total call value of 0 versus a total put value of 526,600,000. Combined total value = 526,600,000

Strike 136900 has a total call value of 0 versus a total put value of 523,800,000. Combined total value = 523,800,000

Strike 137000 has a total call value of 0 versus a total put value of 521,000,000. Combined total value = 521,000,000

Strike 137100 has a total call value of 0 versus a total put value of 518,200,000. Combined total value = 518,200,000

Strike 137200 has a total call value of 0 versus a total put value of 515,400,000. Combined total value = 515,400,000

Strike 137300 has a total call value of 0 versus a total put value of 512,600,000. Combined total value = 512,600,000

Strike 137400 has a total call value of 0 versus a total put value of 509,800,000. Combined total value = 509,800,000

Strike 137500 has a total call value of 0 versus a total put value of 507,000,000. Combined total value = 507,000,000

Strike 137600 has a total call value of 0 versus a total put value of 504,200,000. Combined total value = 504,200,000

Strike 137700 has a total call value of 0 versus a total put value of 501,400,000. Combined total value = 501,400,000

Strike 137800 has a total call value of 0 versus a total put value of 498,600,000. Combined total value = 498,600,000

Strike 137900 has a total call value of 0 versus a total put value of 495,800,000. Combined total value = 495,800,000

Strike 138000 has a total call value of 0 versus a total put value of 493,000,000. Combined total value = 493,000,000

Strike 138100 has a total call value of 0 versus a total put value of 490,200,000. Combined total value = 490,200,000

Strike 138200 has a total call value of 0 versus a total put value of 487,400,000. Combined total value = 487,400,000

Strike 138300 has a total call value of 0 versus a total put value of 484,600,000. Combined total value = 484,600,000

Strike 138400 has a total call value of 0 versus a total put value of 481,800,000. Combined total value = 481,800,000

Strike 138500 has a total call value of 0 versus a total put value of 479,000,000. Combined total value = 479,000,000

Strike 138600 has a total call value of 0 versus a total put value of 476,200,000. Combined total value = 476,200,000

Strike 138700 has a total call value of 0 versus a total put value of 473,400,000. Combined total value = 473,400,000

Strike 138800 has a total call value of 0 versus a total put value of 470,600,000. Combined total value = 470,600,000

Strike 138900 has a total call value of 0 versus a total put value of 467,800,000. Combined total value = 467,800,000

Strike 139000 has a total call value of 0 versus a total put value of 465,000,000. Combined total value = 465,000,000

Strike 139100 has a total call value of 0 versus a total put value of 462,200,000. Combined total value = 462,200,000

Strike 139200 has a total call value of 0 versus a total put value of 459,400,000. Combined total value = 459,400,000

Strike 139300 has a total call value of 0 versus a total put value of 456,600,000. Combined total value = 456,600,000

Strike 139400 has a total call value of 0 versus a total put value of 453,800,000. Combined total value = 453,800,000

Strike 139500 has a total call value of 0 versus a total put value of 451,000,000. Combined total value = 451,000,000

Strike 139600 has a total call value of 0 versus a total put value of 448,200,000. Combined total value = 448,200,000

Strike 139700 has a total call value of 0 versus a total put value of 445,400,000. Combined total value = 445,400,000

Strike 139800 has a total call value of 0 versus a total put value of 442,600,000. Combined total value = 442,600,000

Strike 139900 has a total call value of 0 versus a total put value of 439,800,000. Combined total value = 439,800,000

Strike 140000 has a total call value of 0 versus a total put value of 437,000,000. Combined total value = 437,000,000

Strike 140100 has a total call value of 0 versus a total put value of 434,200,000. Combined total value = 434,200,000

Strike 140200 has a total call value of 0 versus a total put value of 431,400,000. Combined total value = 431,400,000

Strike 140300 has a total call value of 0 versus a total put value of 428,600,000. Combined total value = 428,600,000

Strike 140400 has a total call value of 0 versus a total put value of 425,800,000. Combined total value = 425,800,000

Strike 140500 has a total call value of 0 versus a total put value of 423,000,000. Combined total value = 423,000,000

Strike 140600 has a total call value of 0 versus a total put value of 420,200,000. Combined total value = 420,200,000

Strike 140700 has a total call value of 0 versus a total put value of 417,400,000. Combined total value = 417,400,000

Strike 140800 has a total call value of 0 versus a total put value of 414,600,000. Combined total value = 414,600,000

Strike 140900 has a total call value of 0 versus a total put value of 411,800,000. Combined total value = 411,800,000

Strike 141000 has a total call value of 0 versus a total put value of 409,000,000. Combined total value = 409,000,000

Strike 141100 has a total call value of 0 versus a total put value of 406,200,000. Combined total value = 406,200,000

Strike 141200 has a total call value of 0 versus a total put value of 403,400,000. Combined total value = 403,400,000

Strike 141300 has a total call value of 0 versus a total put value of 400,600,000. Combined total value = 400,600,000

Strike 141400 has a total call value of 0 versus a total put value of 397,800,000. Combined total value = 397,800,000

Strike 141500 has a total call value of 0 versus a total put value of 395,000,000. Combined total value = 395,000,000

Strike 141600 has a total call value of 0 versus a total put value of 392,200,000. Combined total value = 392,200,000

Strike 141700 has a total call value of 0 versus a total put value of 389,400,000. Combined total value = 389,400,000

Strike 141800 has a total call value of 0 versus a total put value of 386,600,000. Combined total value = 386,600,000

Strike 141900 has a total call value of 0 versus a total put value of 383,800,000. Combined total value = 383,800,000

Strike 142000 has a total call value of 0 versus a total put value of 381,000,000. Combined total value = 381,000,000

Strike 142100 has a total call value of 0 versus a total put value of 378,200,000. Combined total value = 378,200,000

Strike 142200 has a total call value of 0 versus a total put value of 375,400,000. Combined total value = 375,400,000

Strike 142300 has a total call value of 0 versus a total put value of 372,600,000. Combined total value = 372,600,000

Strike 142400 has a total call value of 0 versus a total put value of 369,800,000. Combined total value = 369,800,000

Strike 142500 has a total call value of 0 versus a total put value of 367,000,000. Combined total value = 367,000,000

Strike 142600 has a total call value of 0 versus a total put value of 364,200,000. Combined total value = 364,200,000

Strike 142700 has a total call value of 0 versus a total put value of 361,400,000. Combined total value = 361,400,000

Strike 142800 has a total call value of 0 versus a total put value of 358,600,000. Combined total value = 358,600,000

Strike 142900 has a total call value of 0 versus a total put value of 355,800,000. Combined total value = 355,800,000

Strike 143000 has a total call value of 0 versus a total put value of 353,000,000. Combined total value = 353,000,000

Strike 143100 has a total call value of 0 versus a total put value of 350,200,000. Combined total value = 350,200,000

Strike 143200 has a total call value of 0 versus a total put value of 347,400,000. Combined total value = 347,400,000

Strike 143300 has a total call value of 0 versus a total put value of 344,600,000. Combined total value = 344,600,000

Strike 143400 has a total call value of 0 versus a total put value of 341,800,000. Combined total value = 341,800,000

Strike 143500 has a total call value of 0 versus a total put value of 339,000,000. Combined total value = 339,000,000

Strike 143600 has a total call value of 0 versus a total put value of 336,200,000. Combined total value = 336,200,000

Strike 143700 has a total call value of 0 versus a total put value of 333,400,000. Combined total value = 333,400,000

Strike 143800 has a total call value of 0 versus a total put value of 330,600,000. Combined total value = 330,600,000

Strike 143900 has a total call value of 0 versus a total put value of 327,800,000. Combined total value = 327,800,000

Strike 144000 has a total call value of 0 versus a total put value of 325,000,000. Combined total value = 325,000,000

Strike 144100 has a total call value of 0 versus a total put value of 322,200,000. Combined total value = 322,200,000

Strike 144200 has a total call value of 0 versus a total put value of 319,400,000. Combined total value = 319,400,000

Strike 144300 has a total call value of 0 versus a total put value of 316,600,000. Combined total value = 316,600,000

Strike 144400 has a total call value of 0 versus a total put value of 313,800,000. Combined total value = 313,800,000

Strike 144500 has a total call value of 0 versus a total put value of 311,000,000. Combined total value = 311,000,000

Strike 144600 has a total call value of 0 versus a total put value of 308,200,000. Combined total value = 308,200,000

Strike 144700 has a total call value of 0 versus a total put value of 305,400,000. Combined total value = 305,400,000

Strike 144800 has a total call value of 0 versus a total put value of 302,600,000. Combined total value = 302,600,000

Strike 144900 has a total call value of 0 versus a total put value of 299,800,000. Combined total value = 299,800,000

Strike 145000 has a total call value of 0 versus a total put value of 297,000,000. Combined total value = 297,000,000

Strike 145100 has a total call value of 20,000 versus a total put value of 294,200,000. Combined total value = 294,220,000

Strike 145200 has a total call value of 40,000 versus a total put value of 291,400,000. Combined total value = 291,440,000

Strike 145300 has a total call value of 60,000 versus a total put value of 288,600,000. Combined total value = 288,660,000

Strike 145400 has a total call value of 80,000 versus a total put value of 285,800,000. Combined total value = 285,880,000

Strike 145500 has a total call value of 100,000 versus a total put value of 283,000,000. Combined total value = 283,100,000

Strike 145600 has a total call value of 120,000 versus a total put value of 280,200,000. Combined total value = 280,320,000

Strike 145700 has a total call value of 140,000 versus a total put value of 277,400,000. Combined total value = 277,540,000

Strike 145800 has a total call value of 160,000 versus a total put value of 274,600,000. Combined total value = 274,760,000

Strike 145900 has a total call value of 180,000 versus a total put value of 271,800,000. Combined total value = 271,980,000

Strike 146000 has a total call value of 200,000 versus a total put value of 269,000,000. Combined total value = 269,200,000

Strike 146100 has a total call value of 220,000 versus a total put value of 266,200,000. Combined total value = 266,420,000

Strike 146200 has a total call value of 240,000 versus a total put value of 263,400,000. Combined total value = 263,640,000

Strike 146300 has a total call value of 260,000 versus a total put value of 260,600,000. Combined total value = 260,860,000

Strike 146400 has a total call value of 280,000 versus a total put value of 257,800,000. Combined total value = 258,080,000

Strike 146500 has a total call value of 300,000 versus a total put value of 255,000,000. Combined total value = 255,300,000

Strike 146600 has a total call value of 320,000 versus a total put value of 252,200,000. Combined total value = 252,520,000

Strike 146700 has a total call value of 340,000 versus a total put value of 249,400,000. Combined total value = 249,740,000

Strike 146800 has a total call value of 360,000 versus a total put value of 246,600,000. Combined total value = 246,960,000

Strike 146900 has a total call value of 380,000 versus a total put value of 243,800,000. Combined total value = 244,180,000

Strike 147000 has a total call value of 400,000 versus a total put value of 241,000,000. Combined total value = 241,400,000

Strike 147100 has a total call value of 420,000 versus a total put value of 238,200,000. Combined total value = 238,620,000

Strike 147200 has a total call value of 440,000 versus a total put value of 235,400,000. Combined total value = 235,840,000

Strike 147300 has a total call value of 460,000 versus a total put value of 232,600,000. Combined total value = 233,060,000

Strike 147400 has a total call value of 480,000 versus a total put value of 229,800,000. Combined total value = 230,280,000

Strike 147500 has a total call value of 500,000 versus a total put value of 227,000,000. Combined total value = 227,500,000

Strike 147600 has a total call value of 520,000 versus a total put value of 224,200,000. Combined total value = 224,720,000

Strike 147700 has a total call value of 540,000 versus a total put value of 221,400,000. Combined total value = 221,940,000

Strike 147800 has a total call value of 560,000 versus a total put value of 218,600,000. Combined total value = 219,160,000

Strike 147900 has a total call value of 580,000 versus a total put value of 215,800,000. Combined total value = 216,380,000

Strike 148000 has a total call value of 600,000 versus a total put value of 213,000,000. Combined total value = 213,600,000

Strike 148100 has a total call value of 620,000 versus a total put value of 210,200,000. Combined total value = 210,820,000

Strike 148200 has a total call value of 640,000 versus a total put value of 207,400,000. Combined total value = 208,040,000

Strike 148300 has a total call value of 660,000 versus a total put value of 204,600,000. Combined total value = 205,260,000

Strike 148400 has a total call value of 680,000 versus a total put value of 201,800,000. Combined total value = 202,480,000

Strike 148500 has a total call value of 700,000 versus a total put value of 199,000,000. Combined total value = 199,700,000

Strike 148600 has a total call value of 720,000 versus a total put value of 196,200,000. Combined total value = 196,920,000

Strike 148700 has a total call value of 740,000 versus a total put value of 193,400,000. Combined total value = 194,140,000

Strike 148800 has a total call value of 760,000 versus a total put value of 190,600,000. Combined total value = 191,360,000

Strike 148900 has a total call value of 780,000 versus a total put value of 187,800,000. Combined total value = 188,580,000

Strike 149000 has a total call value of 800,000 versus a total put value of 185,000,000. Combined total value = 185,800,000

Strike 149100 has a total call value of 820,000 versus a total put value of 182,200,000. Combined total value = 183,020,000

Strike 149200 has a total call value of 840,000 versus a total put value of 179,400,000. Combined total value = 180,240,000

Strike 149300 has a total call value of 860,000 versus a total put value of 176,600,000. Combined total value = 177,460,000

Strike 149400 has a total call value of 880,000 versus a total put value of 173,800,000. Combined total value = 174,680,000

Strike 149500 has a total call value of 900,000 versus a total put value of 171,000,000. Combined total value = 171,900,000

Strike 149600 has a total call value of 920,000 versus a total put value of 168,200,000. Combined total value = 169,120,000

Strike 149700 has a total call value of 940,000 versus a total put value of 165,400,000. Combined total value = 166,340,000

Strike 149800 has a total call value of 960,000 versus a total put value of 162,600,000. Combined total value = 163,560,000

Strike 149900 has a total call value of 980,000 versus a total put value of 159,800,000. Combined total value = 160,780,000

Strike 150000 has a total call value of 1,000,000 versus a total put value of 157,000,000. Combined total value = 158,000,000

Strike 150100 has a total call value of 1,090,000 versus a total put value of 154,920,000. Combined total value = 156,010,000

Strike 150200 has a total call value of 1,180,000 versus a total put value of 152,840,000. Combined total value = 154,020,000

Strike 150300 has a total call value of 1,270,000 versus a total put value of 150,760,000. Combined total value = 152,030,000

Strike 150400 has a total call value of 1,360,000 versus a total put value of 148,680,000. Combined total value = 150,040,000

Strike 150500 has a total call value of 1,450,000 versus a total put value of 146,600,000. Combined total value = 148,050,000

Strike 150600 has a total call value of 1,540,000 versus a total put value of 144,520,000. Combined total value = 146,060,000

Strike 150700 has a total call value of 1,630,000 versus a total put value of 142,440,000. Combined total value = 144,070,000

Strike 150800 has a total call value of 1,720,000 versus a total put value of 140,360,000. Combined total value = 142,080,000

Strike 150900 has a total call value of 1,810,000 versus a total put value of 138,280,000. Combined total value = 140,090,000

Strike 151000 has a total call value of 1,900,000 versus a total put value of 136,200,000. Combined total value = 138,100,000

Strike 151100 has a total call value of 1,990,000 versus a total put value of 134,120,000. Combined total value = 136,110,000

Strike 151200 has a total call value of 2,080,000 versus a total put value of 132,040,000. Combined total value = 134,120,000

Strike 151300 has a total call value of 2,170,000 versus a total put value of 129,960,000. Combined total value = 132,130,000

Strike 151400 has a total call value of 2,260,000 versus a total put value of 127,880,000. Combined total value = 130,140,000

Strike 151500 has a total call value of 2,350,000 versus a total put value of 125,800,000. Combined total value = 128,150,000

Strike 151600 has a total call value of 2,440,000 versus a total put value of 123,720,000. Combined total value = 126,160,000

Strike 151700 has a total call value of 2,530,000 versus a total put value of 121,640,000. Combined total value = 124,170,000

Strike 151800 has a total call value of 2,620,000 versus a total put value of 119,560,000. Combined total value = 122,180,000

Strike 151900 has a total call value of 2,710,000 versus a total put value of 117,480,000. Combined total value = 120,190,000

Strike 152000 has a total call value of 2,800,000 versus a total put value of 115,400,000. Combined total value = 118,200,000

Strike 152100 has a total call value of 2,890,000 versus a total put value of 113,320,000. Combined total value = 116,210,000

Strike 152200 has a total call value of 2,980,000 versus a total put value of 111,240,000. Combined total value = 114,220,000

Strike 152300 has a total call value of 3,070,000 versus a total put value of 109,160,000. Combined total value = 112,230,000

Strike 152400 has a total call value of 3,160,000 versus a total put value of 107,080,000. Combined total value = 110,240,000

Strike 152500 has a total call value of 3,250,000 versus a total put value of 105,000,000. Combined total value = 108,250,000

Strike 152600 has a total call value of 3,340,000 versus a total put value of 102,920,000. Combined total value = 106,260,000

Strike 152700 has a total call value of 3,430,000 versus a total put value of 100,840,000. Combined total value = 104,270,000

Strike 152800 has a total call value of 3,520,000 versus a total put value of 98,760,000. Combined total value = 102,280,000

Strike 152900 has a total call value of 3,610,000 versus a total put value of 96,680,000. Combined total value = 100,290,000

Strike 153000 has a total call value of 3,700,000 versus a total put value of 94,600,000. Combined total value = 98,300,000

Strike 153100 has a total call value of 3,790,000 versus a total put value of 92,520,000. Combined total value = 96,310,000

Strike 153200 has a total call value of 3,880,000 versus a total put value of 90,440,000. Combined total value = 94,320,000

Strike 153300 has a total call value of 3,970,000 versus a total put value of 88,360,000. Combined total value = 92,330,000

Strike 153400 has a total call value of 4,060,000 versus a total put value of 86,280,000. Combined total value = 90,340,000

Strike 153500 has a total call value of 4,150,000 versus a total put value of 84,200,000. Combined total value = 88,350,000

Strike 153600 has a total call value of 4,240,000 versus a total put value of 82,120,000. Combined total value = 86,360,000

Strike 153700 has a total call value of 4,330,000 versus a total put value of 80,040,000. Combined total value = 84,370,000

Strike 153800 has a total call value of 4,420,000 versus a total put value of 77,960,000. Combined total value = 82,380,000

Strike 153900 has a total call value of 4,510,000 versus a total put value of 75,880,000. Combined total value = 80,390,000

Strike 154000 has a total call value of 4,600,000 versus a total put value of 73,800,000. Combined total value = 78,400,000

Strike 154100 has a total call value of 4,690,000 versus a total put value of 71,720,000. Combined total value = 76,410,000

Strike 154200 has a total call value of 4,780,000 versus a total put value of 69,640,000. Combined total value = 74,420,000

Strike 154300 has a total call value of 4,870,000 versus a total put value of 67,560,000. Combined total value = 72,430,000

Strike 154400 has a total call value of 4,960,000 versus a total put value of 65,480,000. Combined total value = 70,440,000

Strike 154500 has a total call value of 5,050,000 versus a total put value of 63,400,000. Combined total value = 68,450,000

Strike 154600 has a total call value of 5,140,000 versus a total put value of 61,320,000. Combined total value = 66,460,000

Strike 154700 has a total call value of 5,230,000 versus a total put value of 59,240,000. Combined total value = 64,470,000

Strike 154800 has a total call value of 5,320,000 versus a total put value of 57,160,000. Combined total value = 62,480,000

Strike 154900 has a total call value of 5,410,000 versus a total put value of 55,080,000. Combined total value = 60,490,000

Strike 155000 has a total call value of 5,500,000 versus a total put value of 53,000,000. Combined total value = 58,500,000

Strike 155100 has a total call value of 5,870,000 versus a total put value of 52,100,000. Combined total value = 57,970,000

Strike 155200 has a total call value of 6,240,000 versus a total put value of 51,200,000. Combined total value = 57,440,000

Strike 155300 has a total call value of 6,610,000 versus a total put value of 50,300,000. Combined total value = 56,910,000

Strike 155400 has a total call value of 6,980,000 versus a total put value of 49,400,000. Combined total value = 56,380,000

Strike 155500 has a total call value of 7,350,000 versus a total put value of 48,500,000. Combined total value = 55,850,000

Strike 155600 has a total call value of 7,720,000 versus a total put value of 47,600,000. Combined total value = 55,320,000

Strike 155700 has a total call value of 8,090,000 versus a total put value of 46,700,000. Combined total value = 54,790,000

Strike 155800 has a total call value of 8,460,000 versus a total put value of 45,800,000. Combined total value = 54,260,000

Strike 155900 has a total call value of 8,830,000 versus a total put value of 44,900,000. Combined total value = 53,730,000

Strike 156000 has a total call value of 9,200,000 versus a total put value of 44,000,000. Combined total value = 53,200,000

Strike 156100 has a total call value of 9,570,000 versus a total put value of 43,100,000. Combined total value = 52,670,000

Strike 156200 has a total call value of 9,940,000 versus a total put value of 42,200,000. Combined total value = 52,140,000

Strike 156300 has a total call value of 10,310,000 versus a total put value of 41,300,000. Combined total value = 51,610,000

Strike 156400 has a total call value of 10,680,000 versus a total put value of 40,400,000. Combined total value = 51,080,000

Strike 156500 has a total call value of 11,050,000 versus a total put value of 39,500,000. Combined total value = 50,550,000

Strike 156600 has a total call value of 11,420,000 versus a total put value of 38,600,000. Combined total value = 50,020,000

Strike 156700 has a total call value of 11,790,000 versus a total put value of 37,700,000. Combined total value = 49,490,000

Strike 156800 has a total call value of 12,160,000 versus a total put value of 36,800,000. Combined total value = 48,960,000

Strike 156900 has a total call value of 12,530,000 versus a total put value of 35,900,000. Combined total value = 48,430,000

Strike 157000 has a total call value of 12,900,000 versus a total put value of 35,000,000. Combined total value = 47,900,000

Strike 157100 has a total call value of 13,270,000 versus a total put value of 34,100,000. Combined total value = 47,370,000

Strike 157200 has a total call value of 13,640,000 versus a total put value of 33,200,000. Combined total value = 46,840,000

Strike 157300 has a total call value of 14,010,000 versus a total put value of 32,300,000. Combined total value = 46,310,000

Strike 157400 has a total call value of 14,380,000 versus a total put value of 31,400,000. Combined total value = 45,780,000

Strike 157500 has a total call value of 14,750,000 versus a total put value of 30,500,000. Combined total value = 45,250,000

Strike 157600 has a total call value of 15,120,000 versus a total put value of 29,600,000. Combined total value = 44,720,000

Strike 157700 has a total call value of 15,490,000 versus a total put value of 28,700,000. Combined total value = 44,190,000

Strike 157800 has a total call value of 15,860,000 versus a total put value of 27,800,000. Combined total value = 43,660,000

Strike 157900 has a total call value of 16,230,000 versus a total put value of 26,900,000. Combined total value = 43,130,000

Strike 158000 has a total call value of 16,600,000 versus a total put value of 26,000,000. Combined total value = 42,600,000

Strike 158100 has a total call value of 16,980,000 versus a total put value of 25,100,000. Combined total value = 42,080,000

Strike 158200 has a total call value of 17,360,000 versus a total put value of 24,200,000. Combined total value = 41,560,000

Strike 158300 has a total call value of 17,740,000 versus a total put value of 23,300,000. Combined total value = 41,040,000

Strike 158400 has a total call value of 18,120,000 versus a total put value of 22,400,000. Combined total value = 40,520,000

Strike 158500 has a total call value of 18,500,000 versus a total put value of 21,500,000. Combined total value = 40,000,000

Strike 158600 has a total call value of 18,880,000 versus a total put value of 20,600,000. Combined total value = 39,480,000

Strike 158700 has a total call value of 19,260,000 versus a total put value of 19,700,000. Combined total value = 38,960,000

Strike 158800 has a total call value of 19,640,000 versus a total put value of 18,800,000. Combined total value = 38,440,000

Strike 158900 has a total call value of 20,020,000 versus a total put value of 17,900,000. Combined total value = 37,920,000

Strike 159000 has a total call value of 20,400,000 versus a total put value of 17,000,000. Combined total value = 37,400,000

Strike 159100 has a total call value of 20,780,000 versus a total put value of 16,100,000. Combined total value = 36,880,000

Strike 159200 has a total call value of 21,160,000 versus a total put value of 15,200,000. Combined total value = 36,360,000

Strike 159300 has a total call value of 21,540,000 versus a total put value of 14,300,000. Combined total value = 35,840,000

Strike 159400 has a total call value of 21,920,000 versus a total put value of 13,400,000. Combined total value = 35,320,000

Strike 159500 has a total call value of 22,300,000 versus a total put value of 12,500,000. Combined total value = 34,800,000

Strike 159600 has a total call value of 22,680,000 versus a total put value of 11,600,000. Combined total value = 34,280,000

Strike 159700 has a total call value of 23,060,000 versus a total put value of 10,700,000. Combined total value = 33,760,000

Strike 159800 has a total call value of 23,440,000 versus a total put value of 9,800,000. Combined total value = 33,240,000

Strike 159900 has a total call value of 23,820,000 versus a total put value of 8,900,000. Combined total value = 32,720,000

Strike 160000 has a total call value of 24,200,000 versus a total put value of 8,000,000. Combined total value = 32,200,000

Strike 160100 has a total call value of 26,640,000 versus a total put value of 7,840,000. Combined total value = 34,480,000

Strike 160200 has a total call value of 29,080,000 versus a total put value of 7,680,000. Combined total value = 36,760,000

Strike 160300 has a total call value of 31,520,000 versus a total put value of 7,520,000. Combined total value = 39,040,000

Strike 160400 has a total call value of 33,960,000 versus a total put value of 7,360,000. Combined total value = 41,320,000

Strike 160500 has a total call value of 36,400,000 versus a total put value of 7,200,000. Combined total value = 43,600,000

Strike 160600 has a total call value of 38,840,000 versus a total put value of 7,040,000. Combined total value = 45,880,000

Strike 160700 has a total call value of 41,280,000 versus a total put value of 6,880,000. Combined total value = 48,160,000

Strike 160800 has a total call value of 43,720,000 versus a total put value of 6,720,000. Combined total value = 50,440,000

Strike 160900 has a total call value of 46,160,000 versus a total put value of 6,560,000. Combined total value = 52,720,000

Strike 161000 has a total call value of 48,600,000 versus a total put value of 6,400,000. Combined total value = 55,000,000

Strike 161100 has a total call value of 51,040,000 versus a total put value of 6,240,000. Combined total value = 57,280,000

Strike 161200 has a total call value of 53,480,000 versus a total put value of 6,080,000. Combined total value = 59,560,000

Strike 161300 has a total call value of 55,920,000 versus a total put value of 5,920,000. Combined total value = 61,840,000

Strike 161400 has a total call value of 58,360,000 versus a total put value of 5,760,000. Combined total value = 64,120,000

Strike 161500 has a total call value of 60,800,000 versus a total put value of 5,600,000. Combined total value = 66,400,000

Strike 161600 has a total call value of 63,240,000 versus a total put value of 5,440,000. Combined total value = 68,680,000

Strike 161700 has a total call value of 65,680,000 versus a total put value of 5,280,000. Combined total value = 70,960,000

Strike 161800 has a total call value of 68,120,000 versus a total put value of 5,120,000. Combined total value = 73,240,000

Strike 161900 has a total call value of 70,560,000 versus a total put value of 4,960,000. Combined total value = 75,520,000

Strike 162000 has a total call value of 73,000,000 versus a total put value of 4,800,000. Combined total value = 77,800,000

Strike 162100 has a total call value of 75,440,000 versus a total put value of 4,640,000. Combined total value = 80,080,000

Strike 162200 has a total call value of 77,880,000 versus a total put value of 4,480,000. Combined total value = 82,360,000

Strike 162300 has a total call value of 80,320,000 versus a total put value of 4,320,000. Combined total value = 84,640,000

Strike 162400 has a total call value of 82,760,000 versus a total put value of 4,160,000. Combined total value = 86,920,000

Strike 162500 has a total call value of 85,200,000 versus a total put value of 4,000,000. Combined total value = 89,200,000

Strike 162600 has a total call value of 87,640,000 versus a total put value of 3,840,000. Combined total value = 91,480,000

Strike 162700 has a total call value of 90,080,000 versus a total put value of 3,680,000. Combined total value = 93,760,000

Strike 162800 has a total call value of 92,520,000 versus a total put value of 3,520,000. Combined total value = 96,040,000

Strike 162900 has a total call value of 94,960,000 versus a total put value of 3,360,000. Combined total value = 98,320,000

Strike 163000 has a total call value of 97,400,000 versus a total put value of 3,200,000. Combined total value = 100,600,000

Strike 163100 has a total call value of 99,840,000 versus a total put value of 3,040,000. Combined total value = 102,880,000

Strike 163200 has a total call value of 102,280,000 versus a total put value of 2,880,000. Combined total value = 105,160,000

Strike 163300 has a total call value of 104,720,000 versus a total put value of 2,720,000. Combined total value = 107,440,000

Strike 163400 has a total call value of 107,160,000 versus a total put value of 2,560,000. Combined total value = 109,720,000

Strike 163500 has a total call value of 109,600,000 versus a total put value of 2,400,000. Combined total value = 112,000,000

Strike 163600 has a total call value of 112,040,000 versus a total put value of 2,240,000. Combined total value = 114,280,000

Strike 163700 has a total call value of 114,480,000 versus a total put value of 2,080,000. Combined total value = 116,560,000

Strike 163800 has a total call value of 116,920,000 versus a total put value of 1,920,000. Combined total value = 118,840,000

Strike 163900 has a total call value of 119,360,000 versus a total put value of 1,760,000. Combined total value = 121,120,000

Strike 164000 has a total call value of 121,800,000 versus a total put value of 1,600,000. Combined total value = 123,400,000

Strike 164100 has a total call value of 124,240,000 versus a total put value of 1,440,000. Combined total value = 125,680,000

Strike 164200 has a total call value of 126,680,000 versus a total put value of 1,280,000. Combined total value = 127,960,000

Strike 164300 has a total call value of 129,120,000 versus a total put value of 1,120,000. Combined total value = 130,240,000

Strike 164400 has a total call value of 131,560,000 versus a total put value of 960,000. Combined total value = 132,520,000

Strike 164500 has a total call value of 134,000,000 versus a total put value of 800,000. Combined total value = 134,800,000

Strike 164600 has a total call value of 136,440,000 versus a total put value of 640,000. Combined total value = 137,080,000

Strike 164700 has a total call value of 138,880,000 versus a total put value of 480,000. Combined total value = 139,360,000

Strike 164800 has a total call value of 141,320,000 versus a total put value of 320,000. Combined total value = 141,640,000

Strike 164900 has a total call value of 143,760,000 versus a total put value of 160,000. Combined total value = 143,920,000

Strike 165000 has a total call value of 146,200,000 versus a total put value of 0. Combined total value = 146,200,000

Strike 165100 has a total call value of 149,560,000 versus a total put value of 0. Combined total value = 149,560,000

Strike 165200 has a total call value of 152,920,000 versus a total put value of 0. Combined total value = 152,920,000

Strike 165300 has a total call value of 156,280,000 versus a total put value of 0. Combined total value = 156,280,000

Strike 165400 has a total call value of 159,640,000 versus a total put value of 0. Combined total value = 159,640,000

Strike 165500 has a total call value of 163,000,000 versus a total put value of 0. Combined total value = 163,000,000

Strike 165600 has a total call value of 166,360,000 versus a total put value of 0. Combined total value = 166,360,000

Strike 165700 has a total call value of 169,720,000 versus a total put value of 0. Combined total value = 169,720,000

Strike 165800 has a total call value of 173,080,000 versus a total put value of 0. Combined total value = 173,080,000

Strike 165900 has a total call value of 176,440,000 versus a total put value of 0. Combined total value = 176,440,000

Strike 166000 has a total call value of 179,800,000 versus a total put value of 0. Combined total value = 179,800,000

Strike 166100 has a total call value of 183,160,000 versus a total put value of 0. Combined total value = 183,160,000

Strike 166200 has a total call value of 186,520,000 versus a total put value of 0. Combined total value = 186,520,000

Strike 166300 has a total call value of 189,880,000 versus a total put value of 0. Combined total value = 189,880,000

Strike 166400 has a total call value of 193,240,000 versus a total put value of 0. Combined total value = 193,240,000

Strike 166500 has a total call value of 196,600,000 versus a total put value of 0. Combined total value = 196,600,000

Strike 166600 has a total call value of 199,960,000 versus a total put value of 0. Combined total value = 199,960,000

Strike 166700 has a total call value of 203,320,000 versus a total put value of 0. Combined total value = 203,320,000

Strike 166800 has a total call value of 206,680,000 versus a total put value of 0. Combined total value = 206,680,000

Strike 166900 has a total call value of 210,040,000 versus a total put value of 0. Combined total value = 210,040,000

Strike 167000 has a total call value of 213,400,000 versus a total put value of 0. Combined total value = 213,400,000

Strike 167100 has a total call value of 216,760,000 versus a total put value of 0. Combined total value = 216,760,000

Strike 167200 has a total call value of 220,120,000 versus a total put value of 0. Combined total value = 220,120,000

Strike 167300 has a total call value of 223,480,000 versus a total put value of 0. Combined total value = 223,480,000

Strike 167400 has a total call value of 226,840,000 versus a total put value of 0. Combined total value = 226,840,000

Strike 167500 has a total call value of 230,200,000 versus a total put value of 0. Combined total value = 230,200,000

Strike 167600 has a total call value of 233,560,000 versus a total put value of 0. Combined total value = 233,560,000

Strike 167700 has a total call value of 236,920,000 versus a total put value of 0. Combined total value = 236,920,000

Strike 167800 has a total call value of 240,280,000 versus a total put value of 0. Combined total value = 240,280,000

Strike 167900 has a total call value of 243,640,000 versus a total put value of 0. Combined total value = 243,640,000

Strike 168000 has a total call value of 247,000,000 versus a total put value of 0. Combined total value = 247,000,000

Strike 168100 has a total call value of 250,360,000 versus a total put value of 0. Combined total value = 250,360,000

Strike 168200 has a total call value of 253,720,000 versus a total put value of 0. Combined total value = 253,720,000

Strike 168300 has a total call value of 257,080,000 versus a total put value of 0. Combined total value = 257,080,000

Strike 168400 has a total call value of 260,440,000 versus a total put value of 0. Combined total value = 260,440,000

Strike 168500 has a total call value of 263,800,000 versus a total put value of 0. Combined total value = 263,800,000

Strike 168600 has a total call value of 267,160,000 versus a total put value of 0. Combined total value = 267,160,000

Strike 168700 has a total call value of 270,520,000 versus a total put value of 0. Combined total value = 270,520,000

Strike 168800 has a total call value of 273,880,000 versus a total put value of 0. Combined total value = 273,880,000

Strike 168900 has a total call value of 277,240,000 versus a total put value of 0. Combined total value = 277,240,000

Strike 169000 has a total call value of 280,600,000 versus a total put value of 0. Combined total value = 280,600,000

Strike 169100 has a total call value of 283,960,000 versus a total put value of 0. Combined total value = 283,960,000

Strike 169200 has a total call value of 287,320,000 versus a total put value of 0. Combined total value = 287,320,000

Strike 169300 has a total call value of 290,680,000 versus a total put value of 0. Combined total value = 290,680,000

Strike 169400 has a total call value of 294,040,000 versus a total put value of 0. Combined total value = 294,040,000

Strike 169500 has a total call value of 297,400,000 versus a total put value of 0. Combined total value = 297,400,000

Strike 169600 has a total call value of 300,760,000 versus a total put value of 0. Combined total value = 300,760,000

Strike 169700 has a total call value of 304,120,000 versus a total put value of 0. Combined total value = 304,120,000

Strike 169800 has a total call value of 307,480,000 versus a total put value of 0. Combined total value = 307,480,000

Strike 169900 has a total call value of 310,840,000 versus a total put value of 0. Combined total value = 310,840,000

Strike 170000 has a total call value of 314,200,000 versus a total put value of 0. Combined total value = 314,200,000

Strike 170100 has a total call value of 318,900,000 versus a total put value of 0. Combined total value = 318,900,000

Strike 170200 has a total call value of 323,600,000 versus a total put value of 0. Combined total value = 323,600,000

Strike 170300 has a total call value of 328,300,000 versus a total put value of 0. Combined total value = 328,300,000

Strike 170400 has a total call value of 333,000,000 versus a total put value of 0. Combined total value = 333,000,000

Strike 170500 has a total call value of 337,700,000 versus a total put value of 0. Combined total value = 337,700,000

Strike 170600 has a total call value of 342,400,000 versus a total put value of 0. Combined total value = 342,400,000

Strike 170700 has a total call value of 347,100,000 versus a total put value of 0. Combined total value = 347,100,000

Strike 170800 has a total call value of 351,800,000 versus a total put value of 0. Combined total value = 351,800,000

Strike 170900 has a total call value of 356,500,000 versus a total put value of 0. Combined total value = 356,500,000

Strike 171000 has a total call value of 361,200,000 versus a total put value of 0. Combined total value = 361,200,000

Strike 171100 has a total call value of 365,900,000 versus a total put value of 0. Combined total value = 365,900,000

Strike 171200 has a total call value of 370,600,000 versus a total put value of 0. Combined total value = 370,600,000

Strike 171300 has a total call value of 375,300,000 versus a total put value of 0. Combined total value = 375,300,000

Strike 171400 has a total call value of 380,000,000 versus a total put value of 0. Combined total value = 380,000,000

Strike 171500 has a total call value of 384,700,000 versus a total put value of 0. Combined total value = 384,700,000

Strike 171600 has a total call value of 389,400,000 versus a total put value of 0. Combined total value = 389,400,000

Strike 171700 has a total call value of 394,100,000 versus a total put value of 0. Combined total value = 394,100,000

Strike 171800 has a total call value of 398,800,000 versus a total put value of 0. Combined total value = 398,800,000

Strike 171900 has a total call value of 403,500,000 versus a total put value of 0. Combined total value = 403,500,000

Strike 172000 has a total call value of 408,200,000 versus a total put value of 0. Combined total value = 408,200,000

Strike 172100 has a total call value of 412,900,000 versus a total put value of 0. Combined total value = 412,900,000

Strike 172200 has a total call value of 417,600,000 versus a total put value of 0. Combined total value = 417,600,000

Strike 172300 has a total call value of 422,300,000 versus a total put value of 0. Combined total value = 422,300,000

Strike 172400 has a total call value of 427,000,000 versus a total put value of 0. Combined total value = 427,000,000

Strike 172500 has a total call value of 431,700,000 versus a total put value of 0. Combined total value = 431,700,000

Strike 172600 has a total call value of 436,400,000 versus a total put value of 0. Combined total value = 436,400,000

Strike 172700 has a total call value of 441,100,000 versus a total put value of 0. Combined total value = 441,100,000

Strike 172800 has a total call value of 445,800,000 versus a total put value of 0. Combined total value = 445,800,000

Strike 172900 has a total call value of 450,500,000 versus a total put value of 0. Combined total value = 450,500,000

Strike 173000 has a total call value of 455,200,000 versus a total put value of 0. Combined total value = 455,200,000

Strike 173100 has a total call value of 459,900,000 versus a total put value of 0. Combined total value = 459,900,000

Strike 173200 has a total call value of 464,600,000 versus a total put value of 0. Combined total value = 464,600,000

Strike 173300 has a total call value of 469,300,000 versus a total put value of 0. Combined total value = 469,300,000

Strike 173400 has a total call value of 474,000,000 versus a total put value of 0. Combined total value = 474,000,000

Strike 173500 has a total call value of 478,700,000 versus a total put value of 0. Combined total value = 478,700,000

Strike 173600 has a total call value of 483,400,000 versus a total put value of 0. Combined total value = 483,400,000

Strike 173700 has a total call value of 488,100,000 versus a total put value of 0. Combined total value = 488,100,000

Strike 173800 has a total call value of 492,800,000 versus a total put value of 0. Combined total value = 492,800,000

Strike 173900 has a total call value of 497,500,000 versus a total put value of 0. Combined total value = 497,500,000

Strike 174000 has a total call value of 502,200,000 versus a total put value of 0. Combined total value = 502,200,000

Strike 174100 has a total call value of 506,900,000 versus a total put value of 0. Combined total value = 506,900,000

Strike 174200 has a total call value of 511,600,000 versus a total put value of 0. Combined total value = 511,600,000

Strike 174300 has a total call value of 516,300,000 versus a total put value of 0. Combined total value = 516,300,000

Strike 174400 has a total call value of 521,000,000 versus a total put value of 0. Combined total value = 521,000,000

Strike 174500 has a total call value of 525,700,000 versus a total put value of 0. Combined total value = 525,700,000

Strike 174600 has a total call value of 530,400,000 versus a total put value of 0. Combined total value = 530,400,000

Strike 174700 has a total call value of 535,100,000 versus a total put value of 0. Combined total value = 535,100,000

Strike 174800 has a total call value of 539,800,000 versus a total put value of 0. Combined total value = 539,800,000

Strike 174900 has a total call value of 544,500,000 versus a total put value of 0. Combined total value = 544,500,000

Strike 175000 has a total call value of 549,200,000 versus a total put value of 0. Combined total value = 549,200,000

Strike 175100 has a total call value of 553,970,000 versus a total put value of 0. Combined total value = 553,970,000

Strike 175200 has a total call value of 558,740,000 versus a total put value of 0. Combined total value = 558,740,000

Strike 175300 has a total call value of 563,510,000 versus a total put value of 0. Combined total value = 563,510,000

Strike 175400 has a total call value of 568,280,000 versus a total put value of 0. Combined total value = 568,280,000

Strike 175500 has a total call value of 573,050,000 versus a total put value of 0. Combined total value = 573,050,000

Strike 175600 has a total call value of 577,820,000 versus a total put value of 0. Combined total value = 577,820,000

Strike 175700 has a total call value of 582,590,000 versus a total put value of 0. Combined total value = 582,590,000

Strike 175800 has a total call value of 587,360,000 versus a total put value of 0. Combined total value = 587,360,000

Strike 175900 has a total call value of 592,130,000 versus a total put value of 0. Combined total value = 592,130,000

Strike 176000 has a total call value of 596,900,000 versus a total put value of 0. Combined total value = 596,900,000

Strike 176100 has a total call value of 601,670,000 versus a total put value of 0. Combined total value = 601,670,000

Strike 176200 has a total call value of 606,440,000 versus a total put value of 0. Combined total value = 606,440,000

Strike 176300 has a total call value of 611,210,000 versus a total put value of 0. Combined total value = 611,210,000

Strike 176400 has a total call value of 615,980,000 versus a total put value of 0. Combined total value = 615,980,000

Strike 176500 has a total call value of 620,750,000 versus a total put value of 0. Combined total value = 620,750,000

Strike 176600 has a total call value of 625,520,000 versus a total put value of 0. Combined total value = 625,520,000

Strike 176700 has a total call value of 630,290,000 versus a total put value of 0. Combined total value = 630,290,000

Strike 176800 has a total call value of 635,060,000 versus a total put value of 0. Combined total value = 635,060,000

Strike 176900 has a total call value of 639,830,000 versus a total put value of 0. Combined total value = 639,830,000

Strike 177000 has a total call value of 644,600,000 versus a total put value of 0. Combined total value = 644,600,000

Strike 177100 has a total call value of 649,370,000 versus a total put value of 0. Combined total value = 649,370,000

Strike 177200 has a total call value of 654,140,000 versus a total put value of 0. Combined total value = 654,140,000

Strike 177300 has a total call value of 658,910,000 versus a total put value of 0. Combined total value = 658,910,000

Strike 177400 has a total call value of 663,680,000 versus a total put value of 0. Combined total value = 663,680,000

Strike 177500 has a total call value of 668,450,000 versus a total put value of 0. Combined total value = 668,450,000

Strike 177600 has a total call value of 673,220,000 versus a total put value of 0. Combined total value = 673,220,000

Strike 177700 has a total call value of 677,990,000 versus a total put value of 0. Combined total value = 677,990,000

Strike 177800 has a total call value of 682,760,000 versus a total put value of 0. Combined total value = 682,760,000

Strike 177900 has a total call value of 687,530,000 versus a total put value of 0. Combined total value = 687,530,000

Strike 178000 has a total call value of 692,300,000 versus a total put value of 0. Combined total value = 692,300,000

Strike 178100 has a total call value of 697,070,000 versus a total put value of 0. Combined total value = 697,070,000

Strike 178200 has a total call value of 701,840,000 versus a total put value of 0. Combined total value = 701,840,000

Strike 178300 has a total call value of 706,610,000 versus a total put value of 0. Combined total value = 706,610,000

Strike 178400 has a total call value of 711,380,000 versus a total put value of 0. Combined total value = 711,380,000

Strike 178500 has a total call value of 716,150,000 versus a total put value of 0. Combined total value = 716,150,000

Strike 178600 has a total call value of 720,920,000 versus a total put value of 0. Combined total value = 720,920,000

Strike 178700 has a total call value of 725,690,000 versus a total put value of 0. Combined total value = 725,690,000

Strike 178800 has a total call value of 730,460,000 versus a total put value of 0. Combined total value = 730,460,000

Strike 178900 has a total call value of 735,230,000 versus a total put value of 0. Combined total value = 735,230,000

Strike 179000 has a total call value of 740,000,000 versus a total put value of 0. Combined total value = 740,000,000

Strike 179100 has a total call value of 744,770,000 versus a total put value of 0. Combined total value = 744,770,000

Strike 179200 has a total call value of 749,540,000 versus a total put value of 0. Combined total value = 749,540,000

Strike 179300 has a total call value of 754,310,000 versus a total put value of 0. Combined total value = 754,310,000

Strike 179400 has a total call value of 759,080,000 versus a total put value of 0. Combined total value = 759,080,000

Strike 179500 has a total call value of 763,850,000 versus a total put value of 0. Combined total value = 763,850,000

Strike 179600 has a total call value of 768,620,000 versus a total put value of 0. Combined total value = 768,620,000

Strike 179700 has a total call value of 773,390,000 versus a total put value of 0. Combined total value = 773,390,000

Strike 179800 has a total call value of 778,160,000 versus a total put value of 0. Combined total value = 778,160,000

Strike 179900 has a total call value of 782,930,000 versus a total put value of 0. Combined total value = 782,930,000

Strike 180000 has a total call value of 787,700,000 versus a total put value of 0. Combined total value = 787,700,000

Strike 180100 has a total call value of 792,660,000 versus a total put value of 0. Combined total value = 792,660,000

Strike 180200 has a total call value of 797,620,000 versus a total put value of 0. Combined total value = 797,620,000

Strike 180300 has a total call value of 802,580,000 versus a total put value of 0. Combined total value = 802,580,000

Strike 180400 has a total call value of 807,540,000 versus a total put value of 0. Combined total value = 807,540,000

Strike 180500 has a total call value of 812,500,000 versus a total put value of 0. Combined total value = 812,500,000

Strike 180600 has a total call value of 817,460,000 versus a total put value of 0. Combined total value = 817,460,000

Strike 180700 has a total call value of 822,420,000 versus a total put value of 0. Combined total value = 822,420,000

Strike 180800 has a total call value of 827,380,000 versus a total put value of 0. Combined total value = 827,380,000

Strike 180900 has a total call value of 832,340,000 versus a total put value of 0. Combined total value = 832,340,000

Strike 181000 has a total call value of 837,300,000 versus a total put value of 0. Combined total value = 837,300,000

Strike 181100 has a total call value of 842,260,000 versus a total put value of 0. Combined total value = 842,260,000

Strike 181200 has a total call value of 847,220,000 versus a total put value of 0. Combined total value = 847,220,000

Strike 181300 has a total call value of 852,180,000 versus a total put value of 0. Combined total value = 852,180,000

Strike 181400 has a total call value of 857,140,000 versus a total put value of 0. Combined total value = 857,140,000

Strike 181500 has a total call value of 862,100,000 versus a total put value of 0. Combined total value = 862,100,000

Strike 181600 has a total call value of 867,060,000 versus a total put value of 0. Combined total value = 867,060,000

Strike 181700 has a total call value of 872,020,000 versus a total put value of 0. Combined total value = 872,020,000

Strike 181800 has a total call value of 876,980,000 versus a total put value of 0. Combined total value = 876,980,000

Strike 181900 has a total call value of 881,940,000 versus a total put value of 0. Combined total value = 881,940,000

Strike 182000 has a total call value of 886,900,000 versus a total put value of 0. Combined total value = 886,900,000

Strike 182100 has a total call value of 891,860,000 versus a total put value of 0. Combined total value = 891,860,000

Strike 182200 has a total call value of 896,820,000 versus a total put value of 0. Combined total value = 896,820,000

Strike 182300 has a total call value of 901,780,000 versus a total put value of 0. Combined total value = 901,780,000

Strike 182400 has a total call value of 906,740,000 versus a total put value of 0. Combined total value = 906,740,000

Strike 182500 has a total call value of 911,700,000 versus a total put value of 0. Combined total value = 911,700,000

Strike 182600 has a total call value of 916,660,000 versus a total put value of 0. Combined total value = 916,660,000

Strike 182700 has a total call value of 921,620,000 versus a total put value of 0. Combined total value = 921,620,000

Strike 182800 has a total call value of 926,580,000 versus a total put value of 0. Combined total value = 926,580,000

Strike 182900 has a total call value of 931,540,000 versus a total put value of 0. Combined total value = 931,540,000

Strike 183000 has a total call value of 936,500,000 versus a total put value of 0. Combined total value = 936,500,000

Strike 183100 has a total call value of 941,460,000 versus a total put value of 0. Combined total value = 941,460,000

Strike 183200 has a total call value of 946,420,000 versus a total put value of 0. Combined total value = 946,420,000

Strike 183300 has a total call value of 951,380,000 versus a total put value of 0. Combined total value = 951,380,000

Strike 183400 has a total call value of 956,340,000 versus a total put value of 0. Combined total value = 956,340,000

Strike 183500 has a total call value of 961,300,000 versus a total put value of 0. Combined total value = 961,300,000

Strike 183600 has a total call value of 966,260,000 versus a total put value of 0. Combined total value = 966,260,000

Strike 183700 has a total call value of 971,220,000 versus a total put value of 0. Combined total value = 971,220,000

Strike 183800 has a total call value of 976,180,000 versus a total put value of 0. Combined total value = 976,180,000

Strike 183900 has a total call value of 981,140,000 versus a total put value of 0. Combined total value = 981,140,000

Strike 184000 has a total call value of 986,100,000 versus a total put value of 0. Combined total value = 986,100,000

Strike 184100 has a total call value of 991,060,000 versus a total put value of 0. Combined total value = 991,060,000

Strike 184200 has a total call value of 996,020,000 versus a total put value of 0. Combined total value = 996,020,000

Strike 184300 has a total call value of 1,000,980,000 versus a total put value of 0. Combined total value = 1,000,980,000

Strike 184400 has a total call value of 1,005,940,000 versus a total put value of 0. Combined total value = 1,005,940,000

Strike 184500 has a total call value of 1,010,900,000 versus a total put value of 0. Combined total value = 1,010,900,000

Strike 184600 has a total call value of 1,015,860,000 versus a total put value of 0. Combined total value = 1,015,860,000

Strike 184700 has a total call value of 1,020,820,000 versus a total put value of 0. Combined total value = 1,020,820,000

Strike 184800 has a total call value of 1,025,780,000 versus a total put value of 0. Combined total value = 1,025,780,000

Strike 184900 has a total call value of 1,030,740,000 versus a total put value of 0. Combined total value = 1,030,740,000

Strike 185000 has a total call value of 1,035,700,000 versus a total put value of 0. Combined total value = 1,035,700,000

Strike 185100 has a total call value of 1,040,660,000 versus a total put value of 0. Combined total value = 1,040,660,000

Strike 185200 has a total call value of 1,045,620,000 versus a total put value of 0. Combined total value = 1,045,620,000

Strike 185300 has a total call value of 1,050,580,000 versus a total put value of 0. Combined total value = 1,050,580,000

Strike 185400 has a total call value of 1,055,540,000 versus a total put value of 0. Combined total value = 1,055,540,000

Strike 185500 has a total call value of 1,060,500,000 versus a total put value of 0. Combined total value = 1,060,500,000

Strike 185600 has a total call value of 1,065,460,000 versus a total put value of 0. Combined total value = 1,065,460,000

Strike 185700 has a total call value of 1,070,420,000 versus a total put value of 0. Combined total value = 1,070,420,000

Strike 185800 has a total call value of 1,075,380,000 versus a total put value of 0. Combined total value = 1,075,380,000

Strike 185900 has a total call value of 1,080,340,000 versus a total put value of 0. Combined total value = 1,080,340,000

Strike 186000 has a total call value of 1,085,300,000 versus a total put value of 0. Combined total value = 1,085,300,000

Strike 186100 has a total call value of 1,090,260,000 versus a total put value of 0. Combined total value = 1,090,260,000

Strike 186200 has a total call value of 1,095,220,000 versus a total put value of 0. Combined total value = 1,095,220,000

Strike 186300 has a total call value of 1,100,180,000 versus a total put value of 0. Combined total value = 1,100,180,000

Strike 186400 has a total call value of 1,105,140,000 versus a total put value of 0. Combined total value = 1,105,140,000

Strike 186500 has a total call value of 1,110,100,000 versus a total put value of 0. Combined total value = 1,110,100,000

Strike 186600 has a total call value of 1,115,060,000 versus a total put value of 0. Combined total value = 1,115,060,000

Strike 186700 has a total call value of 1,120,020,000 versus a total put value of 0. Combined total value = 1,120,020,000

Strike 186800 has a total call value of 1,124,980,000 versus a total put value of 0. Combined total value = 1,124,980,000

Strike 186900 has a total call value of 1,129,940,000 versus a total put value of 0. Combined total value = 1,129,940,000

Strike 187000 has a total call value of 1,134,900,000 versus a total put value of 0. Combined total value = 1,134,900,000

Strike 187100 has a total call value of 1,139,860,000 versus a total put value of 0. Combined total value = 1,139,860,000

Strike 187200 has a total call value of 1,144,820,000 versus a total put value of 0. Combined total value = 1,144,820,000

Strike 187300 has a total call value of 1,149,780,000 versus a total put value of 0. Combined total value = 1,149,780,000

Strike 187400 has a total call value of 1,154,740,000 versus a total put value of 0. Combined total value = 1,154,740,000

Strike 187500 has a total call value of 1,159,700,000 versus a total put value of 0. Combined total value = 1,159,700,000

Strike 187600 has a total call value of 1,164,660,000 versus a total put value of 0. Combined total value = 1,164,660,000

Strike 187700 has a total call value of 1,169,620,000 versus a total put value of 0. Combined total value = 1,169,620,000

Strike 187800 has a total call value of 1,174,580,000 versus a total put value of 0. Combined total value = 1,174,580,000

Strike 187900 has a total call value of 1,179,540,000 versus a total put value of 0. Combined total value = 1,179,540,000

Strike 188000 has a total call value of 1,184,500,000 versus a total put value of 0. Combined total value = 1,184,500,000

Strike 188100 has a total call value of 1,189,460,000 versus a total put value of 0. Combined total value = 1,189,460,000

Strike 188200 has a total call value of 1,194,420,000 versus a total put value of 0. Combined total value = 1,194,420,000

Strike 188300 has a total call value of 1,199,380,000 versus a total put value of 0. Combined total value = 1,199,380,000

Strike 188400 has a total call value of 1,204,340,000 versus a total put value of 0. Combined total value = 1,204,340,000

Strike 188500 has a total call value of 1,209,300,000 versus a total put value of 0. Combined total value = 1,209,300,000

Strike 188600 has a total call value of 1,214,260,000 versus a total put value of 0. Combined total value = 1,214,260,000

Strike 188700 has a total call value of 1,219,220,000 versus a total put value of 0. Combined total value = 1,219,220,000

Strike 188800 has a total call value of 1,224,180,000 versus a total put value of 0. Combined total value = 1,224,180,000

Strike 188900 has a total call value of 1,229,140,000 versus a total put value of 0. Combined total value = 1,229,140,000

Strike 189000 has a total call value of 1,234,100,000 versus a total put value of 0. Combined total value = 1,234,100,000

Strike 189100 has a total call value of 1,239,060,000 versus a total put value of 0. Combined total value = 1,239,060,000

Strike 189200 has a total call value of 1,244,020,000 versus a total put value of 0. Combined total value = 1,244,020,000

Strike 189300 has a total call value of 1,248,980,000 versus a total put value of 0. Combined total value = 1,248,980,000

Strike 189400 has a total call value of 1,253,940,000 versus a total put value of 0. Combined total value = 1,253,940,000

Strike 189500 has a total call value of 1,258,900,000 versus a total put value of 0. Combined total value = 1,258,900,000

Strike 189600 has a total call value of 1,263,860,000 versus a total put value of 0. Combined total value = 1,263,860,000

Strike 189700 has a total call value of 1,268,820,000 versus a total put value of 0. Combined total value = 1,268,820,000

Strike 189800 has a total call value of 1,273,780,000 versus a total put value of 0. Combined total value = 1,273,780,000

Strike 189900 has a total call value of 1,278,740,000 versus a total put value of 0. Combined total value = 1,278,740,000

Strike 190000 has a total call value of 1,283,700,000 versus a total put value of 0. Combined total value = 1,283,700,000

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)

3900 -79.5

Open Interest

206 16

LTP (160000 PE)

3123 32

Open Interest

74 38

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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