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.

GOLDM

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 Mini

132166 -325.00 (-0.25%)

L: 131663 H: 132420

Max Pain - GOLDM

16 Dec 2025 02:54 PM IST

Live

Expiry

Max Pain for GOLDM is 131000

Historical data for GOLDM-131000-CE

LTP (131000 CE)

2564 -269

Open Interest

1052 45

Historical data for GOLDM-131000-PE

LTP (131000 PE)

1369.5 37.5

Open Interest

1394 104

Strike 113900 has a total call value of 0 versus a total put value of 4,463,692,000,000 Combined total value = 4,463,692,000,000

Strike 114000 has a total call value of 0 versus a total put value of 4,428,929,000,000 Combined total value = 4,428,929,000,000

Strike 114100 has a total call value of 0 versus a total put value of 4,394,378,000,000 Combined total value = 4,394,378,000,000

Strike 114200 has a total call value of 0 versus a total put value of 4,359,827,000,000 Combined total value = 4,359,827,000,000

Strike 114300 has a total call value of 0 versus a total put value of 4,325,276,000,000 Combined total value = 4,325,276,000,000

Strike 114400 has a total call value of 0 versus a total put value of 4,290,725,000,000 Combined total value = 4,290,725,000,000

Strike 114500 has a total call value of 0 versus a total put value of 4,256,174,000,000 Combined total value = 4,256,174,000,000

Strike 114600 has a total call value of 0 versus a total put value of 4,221,623,000,000 Combined total value = 4,221,623,000,000

Strike 114700 has a total call value of 0 versus a total put value of 4,187,072,000,000 Combined total value = 4,187,072,000,000

Strike 114800 has a total call value of 0 versus a total put value of 4,152,521,000,000 Combined total value = 4,152,521,000,000

Strike 114900 has a total call value of 0 versus a total put value of 4,117,970,000,000 Combined total value = 4,117,970,000,000

Strike 115000 has a total call value of 0 versus a total put value of 4,083,419,000,000 Combined total value = 4,083,419,000,000

Strike 115100 has a total call value of 0 versus a total put value of 4,050,044,000,000 Combined total value = 4,050,044,000,000

Strike 115200 has a total call value of 0 versus a total put value of 4,016,669,000,000 Combined total value = 4,016,669,000,000

Strike 115300 has a total call value of 0 versus a total put value of 3,983,294,000,000 Combined total value = 3,983,294,000,000

Strike 115400 has a total call value of 0 versus a total put value of 3,949,919,000,000 Combined total value = 3,949,919,000,000

Strike 115500 has a total call value of 0 versus a total put value of 3,916,544,000,000 Combined total value = 3,916,544,000,000

Strike 115600 has a total call value of 0 versus a total put value of 3,883,169,000,000 Combined total value = 3,883,169,000,000

Strike 115700 has a total call value of 0 versus a total put value of 3,849,794,000,000 Combined total value = 3,849,794,000,000

Strike 115800 has a total call value of 0 versus a total put value of 3,816,419,000,000 Combined total value = 3,816,419,000,000

Strike 115900 has a total call value of 0 versus a total put value of 3,783,044,000,000 Combined total value = 3,783,044,000,000

Strike 116000 has a total call value of 0 versus a total put value of 3,749,669,000,000 Combined total value = 3,749,669,000,000

Strike 116100 has a total call value of 0 versus a total put value of 3,716,294,000,000 Combined total value = 3,716,294,000,000

Strike 116200 has a total call value of 0 versus a total put value of 3,682,919,000,000 Combined total value = 3,682,919,000,000

Strike 116300 has a total call value of 0 versus a total put value of 3,649,544,000,000 Combined total value = 3,649,544,000,000

Strike 116400 has a total call value of 0 versus a total put value of 3,616,169,000,000 Combined total value = 3,616,169,000,000

Strike 116500 has a total call value of 0 versus a total put value of 3,582,794,000,000 Combined total value = 3,582,794,000,000

Strike 116600 has a total call value of 0 versus a total put value of 3,549,419,000,000 Combined total value = 3,549,419,000,000

Strike 116700 has a total call value of 0 versus a total put value of 3,516,044,000,000 Combined total value = 3,516,044,000,000

Strike 116800 has a total call value of 0 versus a total put value of 3,482,669,000,000 Combined total value = 3,482,669,000,000

Strike 116900 has a total call value of 0 versus a total put value of 3,449,294,000,000 Combined total value = 3,449,294,000,000

Strike 117000 has a total call value of 0 versus a total put value of 3,415,919,000,000 Combined total value = 3,415,919,000,000

Strike 117100 has a total call value of 0 versus a total put value of 3,382,544,000,000 Combined total value = 3,382,544,000,000

Strike 117200 has a total call value of 0 versus a total put value of 3,349,169,000,000 Combined total value = 3,349,169,000,000

Strike 117300 has a total call value of 0 versus a total put value of 3,315,794,000,000 Combined total value = 3,315,794,000,000

Strike 117400 has a total call value of 0 versus a total put value of 3,282,419,000,000 Combined total value = 3,282,419,000,000

Strike 117500 has a total call value of 0 versus a total put value of 3,249,044,000,000 Combined total value = 3,249,044,000,000

Strike 117600 has a total call value of 0 versus a total put value of 3,215,669,000,000 Combined total value = 3,215,669,000,000

Strike 117700 has a total call value of 0 versus a total put value of 3,182,294,000,000 Combined total value = 3,182,294,000,000

Strike 117800 has a total call value of 0 versus a total put value of 3,148,919,000,000 Combined total value = 3,148,919,000,000

Strike 117900 has a total call value of 0 versus a total put value of 3,115,544,000,000 Combined total value = 3,115,544,000,000

Strike 118000 has a total call value of 0 versus a total put value of 3,082,169,000,000 Combined total value = 3,082,169,000,000

Strike 118100 has a total call value of 0 versus a total put value of 3,049,552,000,000 Combined total value = 3,049,552,000,000

Strike 118200 has a total call value of 0 versus a total put value of 3,016,935,000,000 Combined total value = 3,016,935,000,000

Strike 118300 has a total call value of 0 versus a total put value of 2,984,318,000,000 Combined total value = 2,984,318,000,000

Strike 118400 has a total call value of 0 versus a total put value of 2,951,701,000,000 Combined total value = 2,951,701,000,000

Strike 118500 has a total call value of 0 versus a total put value of 2,919,084,000,000 Combined total value = 2,919,084,000,000

Strike 118600 has a total call value of 0 versus a total put value of 2,886,467,000,000 Combined total value = 2,886,467,000,000

Strike 118700 has a total call value of 0 versus a total put value of 2,853,850,000,000 Combined total value = 2,853,850,000,000

Strike 118800 has a total call value of 0 versus a total put value of 2,821,233,000,000 Combined total value = 2,821,233,000,000

Strike 118900 has a total call value of 0 versus a total put value of 2,788,616,000,000 Combined total value = 2,788,616,000,000

Strike 119000 has a total call value of 0 versus a total put value of 2,755,999,000,000 Combined total value = 2,755,999,000,000

Strike 119100 has a total call value of 0 versus a total put value of 2,723,663,000,000 Combined total value = 2,723,663,000,000

Strike 119200 has a total call value of 0 versus a total put value of 2,691,327,000,000 Combined total value = 2,691,327,000,000

Strike 119300 has a total call value of 0 versus a total put value of 2,658,991,000,000 Combined total value = 2,658,991,000,000

Strike 119400 has a total call value of 0 versus a total put value of 2,626,655,000,000 Combined total value = 2,626,655,000,000

Strike 119500 has a total call value of 0 versus a total put value of 2,594,319,000,000 Combined total value = 2,594,319,000,000

Strike 119600 has a total call value of 0 versus a total put value of 2,561,983,000,000 Combined total value = 2,561,983,000,000

Strike 119700 has a total call value of 0 versus a total put value of 2,529,647,000,000 Combined total value = 2,529,647,000,000

Strike 119800 has a total call value of 0 versus a total put value of 2,497,311,000,000 Combined total value = 2,497,311,000,000

Strike 119900 has a total call value of 0 versus a total put value of 2,464,975,000,000 Combined total value = 2,464,975,000,000

Strike 120000 has a total call value of 0 versus a total put value of 2,432,639,000,000 Combined total value = 2,432,639,000,000

Strike 120100 has a total call value of 0 versus a total put value of 2,402,835,000,000 Combined total value = 2,402,835,000,000

Strike 120200 has a total call value of 0 versus a total put value of 2,373,031,000,000 Combined total value = 2,373,031,000,000

Strike 120300 has a total call value of 0 versus a total put value of 2,343,227,000,000 Combined total value = 2,343,227,000,000

Strike 120400 has a total call value of 0 versus a total put value of 2,313,423,000,000 Combined total value = 2,313,423,000,000

Strike 120500 has a total call value of 0 versus a total put value of 2,283,619,000,000 Combined total value = 2,283,619,000,000

Strike 120600 has a total call value of 0 versus a total put value of 2,253,815,000,000 Combined total value = 2,253,815,000,000

Strike 120700 has a total call value of 0 versus a total put value of 2,224,011,000,000 Combined total value = 2,224,011,000,000

Strike 120800 has a total call value of 0 versus a total put value of 2,194,207,000,000 Combined total value = 2,194,207,000,000

Strike 120900 has a total call value of 0 versus a total put value of 2,164,403,000,000 Combined total value = 2,164,403,000,000

Strike 121000 has a total call value of 0 versus a total put value of 2,134,599,000,000 Combined total value = 2,134,599,000,000

Strike 121100 has a total call value of 0 versus a total put value of 2,105,342,000,000 Combined total value = 2,105,342,000,000

Strike 121200 has a total call value of 0 versus a total put value of 2,076,085,000,000 Combined total value = 2,076,085,000,000

Strike 121300 has a total call value of 0 versus a total put value of 2,046,828,000,000 Combined total value = 2,046,828,000,000

Strike 121400 has a total call value of 0 versus a total put value of 2,017,571,000,000 Combined total value = 2,017,571,000,000

Strike 121500 has a total call value of 0 versus a total put value of 1,988,314,000,000 Combined total value = 1,988,314,000,000

Strike 121600 has a total call value of 0 versus a total put value of 1,959,072,000,000 Combined total value = 1,959,072,000,000

Strike 121700 has a total call value of 0 versus a total put value of 1,929,830,000,000 Combined total value = 1,929,830,000,000

Strike 121800 has a total call value of 0 versus a total put value of 1,900,588,000,000 Combined total value = 1,900,588,000,000

Strike 121900 has a total call value of 0 versus a total put value of 1,871,346,000,000 Combined total value = 1,871,346,000,000

Strike 122000 has a total call value of 0 versus a total put value of 1,842,104,000,000 Combined total value = 1,842,104,000,000

Strike 122100 has a total call value of 163,000,000 versus a total put value of 1,813,976,000,000 Combined total value = 1,814,139,000,000

Strike 122200 has a total call value of 326,000,000 versus a total put value of 1,785,848,000,000 Combined total value = 1,786,174,000,000

Strike 122300 has a total call value of 489,000,000 versus a total put value of 1,757,720,000,000 Combined total value = 1,758,209,000,000

Strike 122400 has a total call value of 652,000,000 versus a total put value of 1,729,592,000,000 Combined total value = 1,730,244,000,000

Strike 122500 has a total call value of 815,000,000 versus a total put value of 1,701,464,000,000 Combined total value = 1,702,279,000,000

Strike 122600 has a total call value of 978,000,000 versus a total put value of 1,673,336,000,000 Combined total value = 1,674,314,000,000

Strike 122700 has a total call value of 1,141,000,000 versus a total put value of 1,645,208,000,000 Combined total value = 1,646,349,000,000

Strike 122800 has a total call value of 1,304,000,000 versus a total put value of 1,617,080,000,000 Combined total value = 1,618,384,000,000

Strike 122900 has a total call value of 1,467,000,000 versus a total put value of 1,588,952,000,000 Combined total value = 1,590,419,000,000

Strike 123000 has a total call value of 1,630,000,000 versus a total put value of 1,560,824,000,000 Combined total value = 1,562,454,000,000

Strike 123100 has a total call value of 1,971,000,000 versus a total put value of 1,534,254,000,000 Combined total value = 1,536,225,000,000

Strike 123200 has a total call value of 2,312,000,000 versus a total put value of 1,507,684,000,000 Combined total value = 1,509,996,000,000

Strike 123300 has a total call value of 2,653,000,000 versus a total put value of 1,481,114,000,000 Combined total value = 1,483,767,000,000

Strike 123400 has a total call value of 2,994,000,000 versus a total put value of 1,454,544,000,000 Combined total value = 1,457,538,000,000

Strike 123500 has a total call value of 3,335,000,000 versus a total put value of 1,427,974,000,000 Combined total value = 1,431,309,000,000

Strike 123600 has a total call value of 3,676,000,000 versus a total put value of 1,401,412,000,000 Combined total value = 1,405,088,000,000

Strike 123700 has a total call value of 4,017,000,000 versus a total put value of 1,374,850,000,000 Combined total value = 1,378,867,000,000

Strike 123800 has a total call value of 4,358,000,000 versus a total put value of 1,348,288,000,000 Combined total value = 1,352,646,000,000

Strike 123900 has a total call value of 4,699,000,000 versus a total put value of 1,321,726,000,000 Combined total value = 1,326,425,000,000

Strike 124000 has a total call value of 5,040,000,000 versus a total put value of 1,295,164,000,000 Combined total value = 1,300,204,000,000

Strike 124100 has a total call value of 5,614,000,000 versus a total put value of 1,270,328,000,000 Combined total value = 1,275,942,000,000

Strike 124200 has a total call value of 6,188,000,000 versus a total put value of 1,245,492,000,000 Combined total value = 1,251,680,000,000

Strike 124300 has a total call value of 6,762,000,000 versus a total put value of 1,220,656,000,000 Combined total value = 1,227,418,000,000

Strike 124400 has a total call value of 7,336,000,000 versus a total put value of 1,195,820,000,000 Combined total value = 1,203,156,000,000

Strike 124500 has a total call value of 7,910,000,000 versus a total put value of 1,170,984,000,000 Combined total value = 1,178,894,000,000

Strike 124600 has a total call value of 8,484,000,000 versus a total put value of 1,146,148,000,000 Combined total value = 1,154,632,000,000

Strike 124700 has a total call value of 9,058,000,000 versus a total put value of 1,121,312,000,000 Combined total value = 1,130,370,000,000

Strike 124800 has a total call value of 9,632,000,000 versus a total put value of 1,096,476,000,000 Combined total value = 1,106,108,000,000

Strike 124900 has a total call value of 10,206,000,000 versus a total put value of 1,071,640,000,000 Combined total value = 1,081,846,000,000

Strike 125000 has a total call value of 10,780,000,000 versus a total put value of 1,046,804,000,000 Combined total value = 1,057,584,000,000

Strike 125100 has a total call value of 11,770,000,000 versus a total put value of 1,024,912,000,000 Combined total value = 1,036,682,000,000

Strike 125200 has a total call value of 12,760,000,000 versus a total put value of 1,003,020,000,000 Combined total value = 1,015,780,000,000

Strike 125300 has a total call value of 13,750,000,000 versus a total put value of 981,128,000,000 Combined total value = 994,878,000,000

Strike 125400 has a total call value of 14,740,000,000 versus a total put value of 959,236,000,000 Combined total value = 973,976,000,000

Strike 125500 has a total call value of 15,730,000,000 versus a total put value of 937,344,000,000 Combined total value = 953,074,000,000

Strike 125600 has a total call value of 16,720,000,000 versus a total put value of 915,537,000,000 Combined total value = 932,257,000,000

Strike 125700 has a total call value of 17,710,000,000 versus a total put value of 893,730,000,000 Combined total value = 911,440,000,000

Strike 125800 has a total call value of 18,700,000,000 versus a total put value of 871,923,000,000 Combined total value = 890,623,000,000

Strike 125900 has a total call value of 19,690,000,000 versus a total put value of 850,117,000,000 Combined total value = 869,807,000,000

Strike 126000 has a total call value of 20,680,000,000 versus a total put value of 828,311,000,000 Combined total value = 848,991,000,000

Strike 126100 has a total call value of 22,050,000,000 versus a total put value of 808,881,000,000 Combined total value = 830,931,000,000

Strike 126200 has a total call value of 23,420,000,000 versus a total put value of 789,451,000,000 Combined total value = 812,871,000,000

Strike 126300 has a total call value of 24,790,000,000 versus a total put value of 770,021,000,000 Combined total value = 794,811,000,000

Strike 126400 has a total call value of 26,160,000,000 versus a total put value of 750,591,000,000 Combined total value = 776,751,000,000

Strike 126500 has a total call value of 27,530,000,000 versus a total put value of 731,161,000,000 Combined total value = 758,691,000,000

Strike 126600 has a total call value of 28,900,000,000 versus a total put value of 711,931,000,000 Combined total value = 740,831,000,000

Strike 126700 has a total call value of 30,270,000,000 versus a total put value of 692,701,000,000 Combined total value = 722,971,000,000

Strike 126800 has a total call value of 31,640,000,000 versus a total put value of 673,471,000,000 Combined total value = 705,111,000,000

Strike 126900 has a total call value of 33,010,000,000 versus a total put value of 654,241,000,000 Combined total value = 687,251,000,000

Strike 127000 has a total call value of 34,380,000,000 versus a total put value of 635,011,000,000 Combined total value = 669,391,000,000

Strike 127100 has a total call value of 36,237,000,000 versus a total put value of 618,008,000,000 Combined total value = 654,245,000,000

Strike 127200 has a total call value of 38,094,000,000 versus a total put value of 601,005,000,000 Combined total value = 639,099,000,000

Strike 127300 has a total call value of 39,951,000,000 versus a total put value of 584,002,000,000 Combined total value = 623,953,000,000

Strike 127400 has a total call value of 41,808,000,000 versus a total put value of 566,999,000,000 Combined total value = 608,807,000,000

Strike 127500 has a total call value of 43,665,000,000 versus a total put value of 549,996,000,000 Combined total value = 593,661,000,000

Strike 127600 has a total call value of 45,522,000,000 versus a total put value of 533,814,000,000 Combined total value = 579,336,000,000

Strike 127700 has a total call value of 47,379,000,000 versus a total put value of 517,632,000,000 Combined total value = 565,011,000,000

Strike 127800 has a total call value of 49,236,000,000 versus a total put value of 501,450,000,000 Combined total value = 550,686,000,000

Strike 127900 has a total call value of 51,093,000,000 versus a total put value of 485,268,000,000 Combined total value = 536,361,000,000

Strike 128000 has a total call value of 52,950,000,000 versus a total put value of 469,086,000,000 Combined total value = 522,036,000,000

Strike 128100 has a total call value of 55,471,000,000 versus a total put value of 455,150,000,000 Combined total value = 510,621,000,000

Strike 128200 has a total call value of 57,992,000,000 versus a total put value of 441,214,000,000 Combined total value = 499,206,000,000

Strike 128300 has a total call value of 60,513,000,000 versus a total put value of 427,278,000,000 Combined total value = 487,791,000,000

Strike 128400 has a total call value of 63,034,000,000 versus a total put value of 413,342,000,000 Combined total value = 476,376,000,000

Strike 128500 has a total call value of 65,555,000,000 versus a total put value of 399,406,000,000 Combined total value = 464,961,000,000

Strike 128600 has a total call value of 68,138,000,000 versus a total put value of 385,830,000,000 Combined total value = 453,968,000,000

Strike 128700 has a total call value of 70,721,000,000 versus a total put value of 372,254,000,000 Combined total value = 442,975,000,000

Strike 128800 has a total call value of 73,304,000,000 versus a total put value of 358,678,000,000 Combined total value = 431,982,000,000

Strike 128900 has a total call value of 75,887,000,000 versus a total put value of 345,102,000,000 Combined total value = 420,989,000,000

Strike 129000 has a total call value of 78,470,000,000 versus a total put value of 331,526,000,000 Combined total value = 409,996,000,000

Strike 129100 has a total call value of 81,720,000,000 versus a total put value of 320,081,000,000 Combined total value = 401,801,000,000

Strike 129200 has a total call value of 84,970,000,000 versus a total put value of 308,636,000,000 Combined total value = 393,606,000,000

Strike 129300 has a total call value of 88,220,000,000 versus a total put value of 297,191,000,000 Combined total value = 385,411,000,000

Strike 129400 has a total call value of 91,470,000,000 versus a total put value of 285,746,000,000 Combined total value = 377,216,000,000

Strike 129500 has a total call value of 94,720,000,000 versus a total put value of 274,301,000,000 Combined total value = 369,021,000,000

Strike 129600 has a total call value of 98,078,000,000 versus a total put value of 263,134,000,000 Combined total value = 361,212,000,000

Strike 129700 has a total call value of 101,436,000,000 versus a total put value of 251,967,000,000 Combined total value = 353,403,000,000

Strike 129800 has a total call value of 104,794,000,000 versus a total put value of 240,800,000,000 Combined total value = 345,594,000,000

Strike 129900 has a total call value of 108,152,000,000 versus a total put value of 229,633,000,000 Combined total value = 337,785,000,000

Strike 130000 has a total call value of 111,510,000,000 versus a total put value of 218,466,000,000 Combined total value = 329,976,000,000

Strike 130100 has a total call value of 117,166,000,000 versus a total put value of 210,681,000,000 Combined total value = 327,847,000,000

Strike 130200 has a total call value of 122,822,000,000 versus a total put value of 202,896,000,000 Combined total value = 325,718,000,000

Strike 130300 has a total call value of 128,478,000,000 versus a total put value of 195,111,000,000 Combined total value = 323,589,000,000

Strike 130400 has a total call value of 134,134,000,000 versus a total put value of 187,326,000,000 Combined total value = 321,460,000,000

Strike 130500 has a total call value of 139,790,000,000 versus a total put value of 179,541,000,000 Combined total value = 319,331,000,000

Strike 130600 has a total call value of 145,493,000,000 versus a total put value of 171,855,000,000 Combined total value = 317,348,000,000

Strike 130700 has a total call value of 151,196,000,000 versus a total put value of 164,169,000,000 Combined total value = 315,365,000,000

Strike 130800 has a total call value of 156,899,000,000 versus a total put value of 156,483,000,000 Combined total value = 313,382,000,000

Strike 130900 has a total call value of 162,602,000,000 versus a total put value of 148,797,000,000 Combined total value = 311,399,000,000

Strike 131000 has a total call value of 168,305,000,000 versus a total put value of 141,111,000,000 Combined total value = 309,416,000,000

Strike 131100 has a total call value of 175,060,000,000 versus a total put value of 134,819,000,000 Combined total value = 309,879,000,000

Strike 131200 has a total call value of 181,815,000,000 versus a total put value of 128,527,000,000 Combined total value = 310,342,000,000

Strike 131300 has a total call value of 188,570,000,000 versus a total put value of 122,235,000,000 Combined total value = 310,805,000,000

Strike 131400 has a total call value of 195,325,000,000 versus a total put value of 115,946,000,000 Combined total value = 311,271,000,000

Strike 131500 has a total call value of 202,080,000,000 versus a total put value of 109,657,000,000 Combined total value = 311,737,000,000

Strike 131600 has a total call value of 209,045,000,000 versus a total put value of 103,525,000,000 Combined total value = 312,570,000,000

Strike 131700 has a total call value of 216,010,000,000 versus a total put value of 97,398,000,000 Combined total value = 313,408,000,000

Strike 131800 has a total call value of 222,975,000,000 versus a total put value of 91,272,000,000 Combined total value = 314,247,000,000

Strike 131900 has a total call value of 229,940,000,000 versus a total put value of 85,146,000,000 Combined total value = 315,086,000,000

Strike 132000 has a total call value of 236,906,000,000 versus a total put value of 79,020,000,000 Combined total value = 315,926,000,000

Strike 132100 has a total call value of 246,248,000,000 versus a total put value of 74,474,000,000 Combined total value = 320,722,000,000

Strike 132200 has a total call value of 255,590,000,000 versus a total put value of 69,928,000,000 Combined total value = 325,518,000,000

Strike 132300 has a total call value of 264,940,000,000 versus a total put value of 65,383,000,000 Combined total value = 330,323,000,000

Strike 132400 has a total call value of 274,291,000,000 versus a total put value of 60,838,000,000 Combined total value = 335,129,000,000

Strike 132500 has a total call value of 283,642,000,000 versus a total put value of 56,296,000,000 Combined total value = 339,938,000,000

Strike 132600 has a total call value of 293,952,000,000 versus a total put value of 52,030,000,000 Combined total value = 345,982,000,000

Strike 132700 has a total call value of 304,262,000,000 versus a total put value of 47,767,000,000 Combined total value = 352,029,000,000

Strike 132800 has a total call value of 314,572,000,000 versus a total put value of 43,504,000,000 Combined total value = 358,076,000,000

Strike 132900 has a total call value of 324,882,000,000 versus a total put value of 39,244,000,000 Combined total value = 364,126,000,000

Strike 133000 has a total call value of 335,192,000,000 versus a total put value of 34,990,000,000 Combined total value = 370,182,000,000

Strike 133100 has a total call value of 350,806,000,000 versus a total put value of 33,031,000,000 Combined total value = 383,837,000,000

Strike 133200 has a total call value of 366,420,000,000 versus a total put value of 31,072,000,000 Combined total value = 397,492,000,000

Strike 133300 has a total call value of 382,034,000,000 versus a total put value of 29,113,000,000 Combined total value = 411,147,000,000

Strike 133400 has a total call value of 397,648,000,000 versus a total put value of 27,154,000,000 Combined total value = 424,802,000,000

Strike 133500 has a total call value of 413,262,000,000 versus a total put value of 25,195,000,000 Combined total value = 438,457,000,000

Strike 133600 has a total call value of 430,960,000,000 versus a total put value of 23,272,000,000 Combined total value = 454,232,000,000

Strike 133700 has a total call value of 448,658,000,000 versus a total put value of 21,349,000,000 Combined total value = 470,007,000,000

Strike 133800 has a total call value of 466,356,000,000 versus a total put value of 19,426,000,000 Combined total value = 485,782,000,000

Strike 133900 has a total call value of 484,056,000,000 versus a total put value of 17,503,000,000 Combined total value = 501,559,000,000

Strike 134000 has a total call value of 501,756,000,000 versus a total put value of 15,580,000,000 Combined total value = 517,336,000,000

Strike 134100 has a total call value of 522,239,000,000 versus a total put value of 14,127,000,000 Combined total value = 536,366,000,000

Strike 134200 has a total call value of 542,722,000,000 versus a total put value of 12,674,000,000 Combined total value = 555,396,000,000

Strike 134300 has a total call value of 563,205,000,000 versus a total put value of 11,221,000,000 Combined total value = 574,426,000,000

Strike 134400 has a total call value of 583,688,000,000 versus a total put value of 9,768,000,000 Combined total value = 593,456,000,000

Strike 134500 has a total call value of 604,171,000,000 versus a total put value of 8,315,000,000 Combined total value = 612,486,000,000

Strike 134600 has a total call value of 626,438,000,000 versus a total put value of 6,862,000,000 Combined total value = 633,300,000,000

Strike 134700 has a total call value of 648,705,000,000 versus a total put value of 5,409,000,000 Combined total value = 654,114,000,000

Strike 134800 has a total call value of 670,972,000,000 versus a total put value of 3,956,000,000 Combined total value = 674,928,000,000

Strike 134900 has a total call value of 693,239,000,000 versus a total put value of 2,503,000,000 Combined total value = 695,742,000,000

Strike 135000 has a total call value of 715,506,000,000 versus a total put value of 1,050,000,000 Combined total value = 716,556,000,000

Strike 135100 has a total call value of 743,201,000,000 versus a total put value of 945,000,000 Combined total value = 744,146,000,000

Strike 135200 has a total call value of 770,896,000,000 versus a total put value of 840,000,000 Combined total value = 771,736,000,000

Strike 135300 has a total call value of 798,591,000,000 versus a total put value of 735,000,000 Combined total value = 799,326,000,000

Strike 135400 has a total call value of 826,286,000,000 versus a total put value of 630,000,000 Combined total value = 826,916,000,000

Strike 135500 has a total call value of 853,981,000,000 versus a total put value of 525,000,000 Combined total value = 854,506,000,000

Strike 135600 has a total call value of 881,963,000,000 versus a total put value of 420,000,000 Combined total value = 882,383,000,000

Strike 135700 has a total call value of 909,945,000,000 versus a total put value of 315,000,000 Combined total value = 910,260,000,000

Strike 135800 has a total call value of 937,927,000,000 versus a total put value of 210,000,000 Combined total value = 938,137,000,000

Strike 135900 has a total call value of 965,909,000,000 versus a total put value of 105,000,000 Combined total value = 966,014,000,000

Strike 136000 has a total call value of 993,891,000,000 versus a total put value of 0 Combined total value = 993,891,000,000

Strike 136100 has a total call value of 1,026,272,000,000 versus a total put value of 0 Combined total value = 1,026,272,000,000

Strike 136200 has a total call value of 1,058,653,000,000 versus a total put value of 0 Combined total value = 1,058,653,000,000

Strike 136300 has a total call value of 1,091,034,000,000 versus a total put value of 0 Combined total value = 1,091,034,000,000

Strike 136400 has a total call value of 1,123,415,000,000 versus a total put value of 0 Combined total value = 1,123,415,000,000

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	1129.5	1140
ABB	5246	5200
ABCAPITAL	348.1	350
ADANIENSOL	995.9	990
ADANIENT	2249.9	2300
ADANIGREEN	1027.8	1020
ADANIPORTS	1503.6	1500
ALKEM	5657	5700
AMBER	6778	6800
AMBUJACEM	549.6	550
ANGELONE	2535	2600
APLAPOLLO	1731.5	1740
APOLLOHOSP	7042.5	7200
ASHOKLEY	167.82	160
ASIANPAINT	2790.9	2800
ASTRAL	1463	1460
AUBANK	980.5	960
AUROPHARMA	1179.6	1200
AXISBANK	1222.4	1240
BAJAJ-AUTO	9019.5	9000
BAJAJFINSV	2039.2	2060
BAJFINANCE	999.2	1020
BANDHANBNK	149.43	150
BANKBARODA	282.5	290
BANKINDIA	139.86	143
BDL	1356.6	1400
BEL	388.1	400
BHARATFORG	1418.6	1400
BHARTIARTL	2102	2100
BHEL	279.5	280
BIOCON	384.9	390
BLUESTARCO	1813.4	1780
BOSCHLTD	36200	36500
BPCL	366.9	362.5
BRITANNIA	6070.5	6000
BSE	2600.5	2700
CAMS	754.8	780
CANBK	147.37	148
CDSL	1504.7	1560
CGPOWER	673	680
CHOLAFIN	1717.1	1700
CIPLA	1498.8	1520
COALINDIA	381.55	384.75
COFORGE	1856.7	1840
COLPAL	2162	2180
CONCOR	500.35	520
CROMPTON	253.05	265
CUMMINSIND	4489	4500
CYIENT	1151.7	1160
DABUR	497.7	505
DALBHARAT	2062.8	2040
DELHIVERY	401.8	410
DIVISLAB	6306.5	6400
DIXON	13640	13750
DLF	691.45	720
DMART	3845	3900
DRREDDY	1280.3	1270
EICHERMOT	7086.5	7100
ETERNAL	285.4	295
EXIDEIND	366.1	375
FEDERALBNK	262.55	260
FORTIS	877.05	890
GAIL	168.18	175
GLENMARK	1967	1940
GMRAIRPORT	103.26	102
GODREJCP	1185.2	1160
GODREJPROP	2026.2	2080
GRASIM	2802.7	2800
HAL	4261	4500
HAVELLS	1415.7	1440
HCLTECH	1650.7	1660
HDFCAMC	2582.6	2625
HDFCBANK	995.2	1000
HDFCLIFE	766.8	770
HEROMOTOCO	5948	6050
HFCL	65.69	68
HINDALCO	837.65	820
HINDPETRO	463.95	460
HINDUNILVR	2286.5	2300
HINDZINC	566.95	540
HUDCO	211.31	220
ICICIBANK	1365.9	1380
ICICIGI	1947.7	1980
ICICIPRULI	641	630
IDEA	11.28	11
IDFCFIRSTB	83.48	81
IEX	140.5	145
IIFL	567.85	560
INDHOTEL	724.8	740
INDIANB	774.25	820
INDIGO	4978	5000
INDUSINDBK	844.5	850
INDUSTOWER	407.65	410
INFY	1593.6	1600
INOXWIND	126.12	130
IOC	167.56	165
IRCTC	671	690
IREDA	133.9	140
IRFC	112.28	116
ITC	402.4	405
JINDALSTEL	1015.2	1030
JIOFIN	295.9	305
JSWENERGY	477.15	490
JSWSTEEL	1084.9	1130
JUBLFOOD	561.2	580
KALYANKJIL	479	480
KAYNES	4180	4400
KEI	4154.8	4100
KFINTECH	1034.7	1060
KOTAKBANK	2183.1	2160
KPITTECH	1171.2	1200
LAURUSLABS	999.5	1000
LICHSGFIN	526.5	550
LICI	854.95	880
LODHA	1075.7	1120
LT	4063.3	4040
LTF	300.4	302.5
LTIM	6213	6150
LUPIN	2088.9	2080
M&M	3629.9	3650
MANAPPURAM	283.7	280
MANKIND	2109.5	2200
MARICO	739.45	740
MARUTI	16388	16300
MAXHEALTH	1075	1100
MAZDOCK	2410	2600
MCX	10159	10100
MFSL	1674.1	1700
MOTHERSON	119.82	116
MPHASIS	2855.7	2900
MUTHOOTFIN	3836.1	3750
NATIONALUM	276.3	270
NAUKRI	1346.5	1360
NBCC	111.77	113
NCC	158.32	167.5
NESTLEIND	1243.9	1240
NHPC	75.94	78
NMDC	77.1	77
NTPC	321.15	325
NUVAMA	7217	7200
NYKAA	246.85	255
OBEROIRLTY	1633.6	1660
OFSS	7870.5	8000
OIL	401.9	410
ONGC	232.54	240
PAGEIND	36360	37500
PATANJALI	536.5	545
PAYTM	1277.7	1300
PERSISTENT	6201	6200
PETRONET	264.75	277.5
PFC	335.5	355
PGEL	571.5	560
PHOENIXLTD	1779.1	1740
PIDILITIND	1471.6	1480
PIIND	3254.2	3350
PNB	117.03	120
PNBHOUSING	913.1	910
POLICYBZR	1823	1860
POLYCAB	7333	7300
POWERGRID	261.5	270
POWERINDIA	19300	19500
PPLPHARMA	169.18	180
PRESTIGE	1630.5	1660
RBLBANK	299.45	310
RECLTD	335.6	355
RELIANCE	1544.1	1540
RVNL	309.6	315
SAIL	128.79	132
SAMMAANCAP	146.76	155
SBICARD	849.75	870
SBILIFE	2041.8	2020
SBIN	964.9	970
SHREECEM	26000	26500
SHRIRAMFIN	852.9	850
SIEMENS	3159	3200
SOLARINDS	11934	12500
SONACOMS	484.9	500
SRF	3016.5	2950
SUNPHARMA	1784.4	1800
SUPREMEIND	3411.2	3400
SUZLON	52.4	54
SYNGENE	647.75	650
TATACONSUM	1171	1170
TATAELXSI	5000.5	5100
TATAMOTORS	0	320
TATAPOWER	379.5	390
TATASTEEL	169.92	170
TATATECH	650.7	680
TCS	3208.7	3200
TECHM	1576	1540
TIINDIA	2623.3	2700
TITAGARH	790.7	800
TITAN	3920.7	3860
TMPV	345.9	360
TORNTPHARM	3769.6	3800
TORNTPOWER	1282.8	1300
TRENT	4102.1	4200
TVSMOTOR	3616	3600
ULTRACEMCO	11553	11700
UNIONBANK	152.89	152.5
UNITDSPR	1448.4	1440
UNOMINDA	1260.5	1280
UPL	749.9	750
VBL	477.8	470
VEDL	563.7	540
VOLTAS	1397.1	1380
WIPRO	259.32	255
YESBANK	21.46	22
ZYDUSLIFE	916.9	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 GOLDM

GOLDM

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