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

132280 -404.00 (-0.30%)

L: 131949 H: 132405

Max Pain - GOLDM

19 Dec 2025 11:02 AM IST

Live

Expiry

Max Pain for GOLDM is 132000

Historical data for GOLDM-132000-CE

LTP (132000 CE)

1750 -233.5

Open Interest

2776 -471

Historical data for GOLDM-132000-PE

LTP (132000 PE)

1429.5 190.5

Open Interest

3718 -1258

Strike 114000 has a total call value of 0 versus a total put value of 5,612,643,000,000 Combined total value = 5,612,643,000,000

Strike 114100 has a total call value of 0 versus a total put value of 5,572,487,000,000 Combined total value = 5,572,487,000,000

Strike 114200 has a total call value of 0 versus a total put value of 5,532,331,000,000 Combined total value = 5,532,331,000,000

Strike 114300 has a total call value of 0 versus a total put value of 5,492,175,000,000 Combined total value = 5,492,175,000,000

Strike 114400 has a total call value of 0 versus a total put value of 5,452,019,000,000 Combined total value = 5,452,019,000,000

Strike 114500 has a total call value of 0 versus a total put value of 5,411,863,000,000 Combined total value = 5,411,863,000,000

Strike 114600 has a total call value of 0 versus a total put value of 5,371,707,000,000 Combined total value = 5,371,707,000,000

Strike 114700 has a total call value of 0 versus a total put value of 5,331,551,000,000 Combined total value = 5,331,551,000,000

Strike 114800 has a total call value of 0 versus a total put value of 5,291,395,000,000 Combined total value = 5,291,395,000,000

Strike 114900 has a total call value of 0 versus a total put value of 5,251,239,000,000 Combined total value = 5,251,239,000,000

Strike 115000 has a total call value of 0 versus a total put value of 5,211,083,000,000 Combined total value = 5,211,083,000,000

Strike 115100 has a total call value of 0 versus a total put value of 5,172,058,000,000 Combined total value = 5,172,058,000,000

Strike 115200 has a total call value of 0 versus a total put value of 5,133,033,000,000 Combined total value = 5,133,033,000,000

Strike 115300 has a total call value of 0 versus a total put value of 5,094,008,000,000 Combined total value = 5,094,008,000,000

Strike 115400 has a total call value of 0 versus a total put value of 5,054,983,000,000 Combined total value = 5,054,983,000,000

Strike 115500 has a total call value of 0 versus a total put value of 5,015,958,000,000 Combined total value = 5,015,958,000,000

Strike 115600 has a total call value of 0 versus a total put value of 4,976,933,000,000 Combined total value = 4,976,933,000,000

Strike 115700 has a total call value of 0 versus a total put value of 4,937,908,000,000 Combined total value = 4,937,908,000,000

Strike 115800 has a total call value of 0 versus a total put value of 4,898,883,000,000 Combined total value = 4,898,883,000,000

Strike 115900 has a total call value of 0 versus a total put value of 4,859,858,000,000 Combined total value = 4,859,858,000,000

Strike 116000 has a total call value of 0 versus a total put value of 4,820,833,000,000 Combined total value = 4,820,833,000,000

Strike 116100 has a total call value of 0 versus a total put value of 4,781,808,000,000 Combined total value = 4,781,808,000,000

Strike 116200 has a total call value of 0 versus a total put value of 4,742,783,000,000 Combined total value = 4,742,783,000,000

Strike 116300 has a total call value of 0 versus a total put value of 4,703,758,000,000 Combined total value = 4,703,758,000,000

Strike 116400 has a total call value of 0 versus a total put value of 4,664,733,000,000 Combined total value = 4,664,733,000,000

Strike 116500 has a total call value of 0 versus a total put value of 4,625,708,000,000 Combined total value = 4,625,708,000,000

Strike 116600 has a total call value of 0 versus a total put value of 4,586,683,000,000 Combined total value = 4,586,683,000,000

Strike 116700 has a total call value of 0 versus a total put value of 4,547,658,000,000 Combined total value = 4,547,658,000,000

Strike 116800 has a total call value of 0 versus a total put value of 4,508,633,000,000 Combined total value = 4,508,633,000,000

Strike 116900 has a total call value of 0 versus a total put value of 4,469,608,000,000 Combined total value = 4,469,608,000,000

Strike 117000 has a total call value of 0 versus a total put value of 4,430,583,000,000 Combined total value = 4,430,583,000,000

Strike 117100 has a total call value of 0 versus a total put value of 4,391,558,000,000 Combined total value = 4,391,558,000,000

Strike 117200 has a total call value of 0 versus a total put value of 4,352,533,000,000 Combined total value = 4,352,533,000,000

Strike 117300 has a total call value of 0 versus a total put value of 4,313,508,000,000 Combined total value = 4,313,508,000,000

Strike 117400 has a total call value of 0 versus a total put value of 4,274,483,000,000 Combined total value = 4,274,483,000,000

Strike 117500 has a total call value of 0 versus a total put value of 4,235,458,000,000 Combined total value = 4,235,458,000,000

Strike 117600 has a total call value of 0 versus a total put value of 4,196,433,000,000 Combined total value = 4,196,433,000,000

Strike 117700 has a total call value of 0 versus a total put value of 4,157,408,000,000 Combined total value = 4,157,408,000,000

Strike 117800 has a total call value of 0 versus a total put value of 4,118,383,000,000 Combined total value = 4,118,383,000,000

Strike 117900 has a total call value of 0 versus a total put value of 4,079,358,000,000 Combined total value = 4,079,358,000,000

Strike 118000 has a total call value of 0 versus a total put value of 4,040,333,000,000 Combined total value = 4,040,333,000,000

Strike 118100 has a total call value of 0 versus a total put value of 4,001,308,000,000 Combined total value = 4,001,308,000,000

Strike 118200 has a total call value of 0 versus a total put value of 3,962,283,000,000 Combined total value = 3,962,283,000,000

Strike 118300 has a total call value of 0 versus a total put value of 3,923,258,000,000 Combined total value = 3,923,258,000,000

Strike 118400 has a total call value of 0 versus a total put value of 3,884,233,000,000 Combined total value = 3,884,233,000,000

Strike 118500 has a total call value of 0 versus a total put value of 3,845,208,000,000 Combined total value = 3,845,208,000,000

Strike 118600 has a total call value of 0 versus a total put value of 3,806,183,000,000 Combined total value = 3,806,183,000,000

Strike 118700 has a total call value of 0 versus a total put value of 3,767,158,000,000 Combined total value = 3,767,158,000,000

Strike 118800 has a total call value of 0 versus a total put value of 3,728,133,000,000 Combined total value = 3,728,133,000,000

Strike 118900 has a total call value of 0 versus a total put value of 3,689,108,000,000 Combined total value = 3,689,108,000,000

Strike 119000 has a total call value of 0 versus a total put value of 3,650,083,000,000 Combined total value = 3,650,083,000,000

Strike 119100 has a total call value of 0 versus a total put value of 3,611,226,000,000 Combined total value = 3,611,226,000,000

Strike 119200 has a total call value of 0 versus a total put value of 3,572,369,000,000 Combined total value = 3,572,369,000,000

Strike 119300 has a total call value of 0 versus a total put value of 3,533,512,000,000 Combined total value = 3,533,512,000,000

Strike 119400 has a total call value of 0 versus a total put value of 3,494,655,000,000 Combined total value = 3,494,655,000,000

Strike 119500 has a total call value of 0 versus a total put value of 3,455,798,000,000 Combined total value = 3,455,798,000,000

Strike 119600 has a total call value of 0 versus a total put value of 3,416,941,000,000 Combined total value = 3,416,941,000,000

Strike 119700 has a total call value of 0 versus a total put value of 3,378,084,000,000 Combined total value = 3,378,084,000,000

Strike 119800 has a total call value of 0 versus a total put value of 3,339,227,000,000 Combined total value = 3,339,227,000,000

Strike 119900 has a total call value of 0 versus a total put value of 3,300,370,000,000 Combined total value = 3,300,370,000,000

Strike 120000 has a total call value of 0 versus a total put value of 3,261,513,000,000 Combined total value = 3,261,513,000,000

Strike 120100 has a total call value of 192,000,000 versus a total put value of 3,224,918,000,000 Combined total value = 3,225,110,000,000

Strike 120200 has a total call value of 384,000,000 versus a total put value of 3,188,323,000,000 Combined total value = 3,188,707,000,000

Strike 120300 has a total call value of 576,000,000 versus a total put value of 3,151,728,000,000 Combined total value = 3,152,304,000,000

Strike 120400 has a total call value of 768,000,000 versus a total put value of 3,115,133,000,000 Combined total value = 3,115,901,000,000

Strike 120500 has a total call value of 960,000,000 versus a total put value of 3,078,538,000,000 Combined total value = 3,079,498,000,000

Strike 120600 has a total call value of 1,152,000,000 versus a total put value of 3,041,943,000,000 Combined total value = 3,043,095,000,000

Strike 120700 has a total call value of 1,344,000,000 versus a total put value of 3,005,348,000,000 Combined total value = 3,006,692,000,000

Strike 120800 has a total call value of 1,536,000,000 versus a total put value of 2,968,753,000,000 Combined total value = 2,970,289,000,000

Strike 120900 has a total call value of 1,728,000,000 versus a total put value of 2,932,158,000,000 Combined total value = 2,933,886,000,000

Strike 121000 has a total call value of 1,920,000,000 versus a total put value of 2,895,563,000,000 Combined total value = 2,897,483,000,000

Strike 121100 has a total call value of 2,112,000,000 versus a total put value of 2,859,517,000,000 Combined total value = 2,861,629,000,000

Strike 121200 has a total call value of 2,304,000,000 versus a total put value of 2,823,471,000,000 Combined total value = 2,825,775,000,000

Strike 121300 has a total call value of 2,496,000,000 versus a total put value of 2,787,425,000,000 Combined total value = 2,789,921,000,000

Strike 121400 has a total call value of 2,688,000,000 versus a total put value of 2,751,379,000,000 Combined total value = 2,754,067,000,000

Strike 121500 has a total call value of 2,880,000,000 versus a total put value of 2,715,333,000,000 Combined total value = 2,718,213,000,000

Strike 121600 has a total call value of 3,072,000,000 versus a total put value of 2,679,287,000,000 Combined total value = 2,682,359,000,000

Strike 121700 has a total call value of 3,264,000,000 versus a total put value of 2,643,241,000,000 Combined total value = 2,646,505,000,000

Strike 121800 has a total call value of 3,456,000,000 versus a total put value of 2,607,195,000,000 Combined total value = 2,610,651,000,000

Strike 121900 has a total call value of 3,648,000,000 versus a total put value of 2,571,149,000,000 Combined total value = 2,574,797,000,000

Strike 122000 has a total call value of 3,840,000,000 versus a total put value of 2,535,103,000,000 Combined total value = 2,538,943,000,000

Strike 122100 has a total call value of 4,032,000,000 versus a total put value of 2,500,095,000,000 Combined total value = 2,504,127,000,000

Strike 122200 has a total call value of 4,224,000,000 versus a total put value of 2,465,087,000,000 Combined total value = 2,469,311,000,000

Strike 122300 has a total call value of 4,416,000,000 versus a total put value of 2,430,079,000,000 Combined total value = 2,434,495,000,000

Strike 122400 has a total call value of 4,608,000,000 versus a total put value of 2,395,071,000,000 Combined total value = 2,399,679,000,000

Strike 122500 has a total call value of 4,800,000,000 versus a total put value of 2,360,063,000,000 Combined total value = 2,364,863,000,000

Strike 122600 has a total call value of 4,992,000,000 versus a total put value of 2,325,055,000,000 Combined total value = 2,330,047,000,000

Strike 122700 has a total call value of 5,184,000,000 versus a total put value of 2,290,047,000,000 Combined total value = 2,295,231,000,000

Strike 122800 has a total call value of 5,376,000,000 versus a total put value of 2,255,039,000,000 Combined total value = 2,260,415,000,000

Strike 122900 has a total call value of 5,568,000,000 versus a total put value of 2,220,031,000,000 Combined total value = 2,225,599,000,000

Strike 123000 has a total call value of 5,760,000,000 versus a total put value of 2,185,023,000,000 Combined total value = 2,190,783,000,000

Strike 123100 has a total call value of 5,952,000,000 versus a total put value of 2,150,907,000,000 Combined total value = 2,156,859,000,000

Strike 123200 has a total call value of 6,144,000,000 versus a total put value of 2,116,791,000,000 Combined total value = 2,122,935,000,000

Strike 123300 has a total call value of 6,336,000,000 versus a total put value of 2,082,675,000,000 Combined total value = 2,089,011,000,000

Strike 123400 has a total call value of 6,528,000,000 versus a total put value of 2,048,559,000,000 Combined total value = 2,055,087,000,000

Strike 123500 has a total call value of 6,720,000,000 versus a total put value of 2,014,443,000,000 Combined total value = 2,021,163,000,000

Strike 123600 has a total call value of 6,912,000,000 versus a total put value of 1,980,327,000,000 Combined total value = 1,987,239,000,000

Strike 123700 has a total call value of 7,104,000,000 versus a total put value of 1,946,211,000,000 Combined total value = 1,953,315,000,000

Strike 123800 has a total call value of 7,296,000,000 versus a total put value of 1,912,095,000,000 Combined total value = 1,919,391,000,000

Strike 123900 has a total call value of 7,488,000,000 versus a total put value of 1,877,979,000,000 Combined total value = 1,885,467,000,000

Strike 124000 has a total call value of 7,680,000,000 versus a total put value of 1,843,863,000,000 Combined total value = 1,851,543,000,000

Strike 124100 has a total call value of 8,091,000,000 versus a total put value of 1,811,232,000,000 Combined total value = 1,819,323,000,000

Strike 124200 has a total call value of 8,502,000,000 versus a total put value of 1,778,601,000,000 Combined total value = 1,787,103,000,000

Strike 124300 has a total call value of 8,913,000,000 versus a total put value of 1,745,970,000,000 Combined total value = 1,754,883,000,000

Strike 124400 has a total call value of 9,324,000,000 versus a total put value of 1,713,339,000,000 Combined total value = 1,722,663,000,000

Strike 124500 has a total call value of 9,735,000,000 versus a total put value of 1,680,708,000,000 Combined total value = 1,690,443,000,000

Strike 124600 has a total call value of 10,146,000,000 versus a total put value of 1,648,077,000,000 Combined total value = 1,658,223,000,000

Strike 124700 has a total call value of 10,557,000,000 versus a total put value of 1,615,446,000,000 Combined total value = 1,626,003,000,000

Strike 124800 has a total call value of 10,968,000,000 versus a total put value of 1,582,815,000,000 Combined total value = 1,593,783,000,000

Strike 124900 has a total call value of 11,379,000,000 versus a total put value of 1,550,185,000,000 Combined total value = 1,561,564,000,000

Strike 125000 has a total call value of 11,790,000,000 versus a total put value of 1,517,555,000,000 Combined total value = 1,529,345,000,000

Strike 125100 has a total call value of 12,585,000,000 versus a total put value of 1,488,865,000,000 Combined total value = 1,501,450,000,000

Strike 125200 has a total call value of 13,380,000,000 versus a total put value of 1,460,175,000,000 Combined total value = 1,473,555,000,000

Strike 125300 has a total call value of 14,175,000,000 versus a total put value of 1,431,485,000,000 Combined total value = 1,445,660,000,000

Strike 125400 has a total call value of 14,970,000,000 versus a total put value of 1,402,795,000,000 Combined total value = 1,417,765,000,000

Strike 125500 has a total call value of 15,765,000,000 versus a total put value of 1,374,105,000,000 Combined total value = 1,389,870,000,000

Strike 125600 has a total call value of 16,560,000,000 versus a total put value of 1,345,474,000,000 Combined total value = 1,362,034,000,000

Strike 125700 has a total call value of 17,355,000,000 versus a total put value of 1,316,843,000,000 Combined total value = 1,334,198,000,000

Strike 125800 has a total call value of 18,150,000,000 versus a total put value of 1,288,212,000,000 Combined total value = 1,306,362,000,000

Strike 125900 has a total call value of 18,945,000,000 versus a total put value of 1,259,581,000,000 Combined total value = 1,278,526,000,000

Strike 126000 has a total call value of 19,740,000,000 versus a total put value of 1,230,950,000,000 Combined total value = 1,250,690,000,000

Strike 126100 has a total call value of 20,884,000,000 versus a total put value of 1,204,580,000,000 Combined total value = 1,225,464,000,000

Strike 126200 has a total call value of 22,028,000,000 versus a total put value of 1,178,210,000,000 Combined total value = 1,200,238,000,000

Strike 126300 has a total call value of 23,172,000,000 versus a total put value of 1,151,840,000,000 Combined total value = 1,175,012,000,000

Strike 126400 has a total call value of 24,316,000,000 versus a total put value of 1,125,470,000,000 Combined total value = 1,149,786,000,000

Strike 126500 has a total call value of 25,460,000,000 versus a total put value of 1,099,100,000,000 Combined total value = 1,124,560,000,000

Strike 126600 has a total call value of 26,604,000,000 versus a total put value of 1,072,940,000,000 Combined total value = 1,099,544,000,000

Strike 126700 has a total call value of 27,748,000,000 versus a total put value of 1,046,780,000,000 Combined total value = 1,074,528,000,000

Strike 126800 has a total call value of 28,892,000,000 versus a total put value of 1,020,620,000,000 Combined total value = 1,049,512,000,000

Strike 126900 has a total call value of 30,036,000,000 versus a total put value of 994,460,000,000 Combined total value = 1,024,496,000,000

Strike 127000 has a total call value of 31,180,000,000 versus a total put value of 968,300,000,000 Combined total value = 999,480,000,000

Strike 127100 has a total call value of 32,733,000,000 versus a total put value of 944,113,000,000 Combined total value = 976,846,000,000

Strike 127200 has a total call value of 34,286,000,000 versus a total put value of 919,926,000,000 Combined total value = 954,212,000,000

Strike 127300 has a total call value of 35,839,000,000 versus a total put value of 895,739,000,000 Combined total value = 931,578,000,000

Strike 127400 has a total call value of 37,392,000,000 versus a total put value of 871,552,000,000 Combined total value = 908,944,000,000

Strike 127500 has a total call value of 38,945,000,000 versus a total put value of 847,365,000,000 Combined total value = 886,310,000,000

Strike 127600 has a total call value of 40,498,000,000 versus a total put value of 823,635,000,000 Combined total value = 864,133,000,000

Strike 127700 has a total call value of 42,051,000,000 versus a total put value of 799,905,000,000 Combined total value = 841,956,000,000

Strike 127800 has a total call value of 43,604,000,000 versus a total put value of 776,175,000,000 Combined total value = 819,779,000,000

Strike 127900 has a total call value of 45,157,000,000 versus a total put value of 752,445,000,000 Combined total value = 797,602,000,000

Strike 128000 has a total call value of 46,710,000,000 versus a total put value of 728,715,000,000 Combined total value = 775,425,000,000

Strike 128100 has a total call value of 48,828,000,000 versus a total put value of 707,404,000,000 Combined total value = 756,232,000,000

Strike 128200 has a total call value of 50,946,000,000 versus a total put value of 686,093,000,000 Combined total value = 737,039,000,000

Strike 128300 has a total call value of 53,064,000,000 versus a total put value of 664,782,000,000 Combined total value = 717,846,000,000

Strike 128400 has a total call value of 55,182,000,000 versus a total put value of 643,471,000,000 Combined total value = 698,653,000,000

Strike 128500 has a total call value of 57,300,000,000 versus a total put value of 622,160,000,000 Combined total value = 679,460,000,000

Strike 128600 has a total call value of 59,418,000,000 versus a total put value of 601,197,000,000 Combined total value = 660,615,000,000

Strike 128700 has a total call value of 61,536,000,000 versus a total put value of 580,234,000,000 Combined total value = 641,770,000,000

Strike 128800 has a total call value of 63,654,000,000 versus a total put value of 559,271,000,000 Combined total value = 622,925,000,000

Strike 128900 has a total call value of 65,772,000,000 versus a total put value of 538,308,000,000 Combined total value = 604,080,000,000

Strike 129000 has a total call value of 67,890,000,000 versus a total put value of 517,345,000,000 Combined total value = 585,235,000,000

Strike 129100 has a total call value of 70,529,000,000 versus a total put value of 498,591,000,000 Combined total value = 569,120,000,000

Strike 129200 has a total call value of 73,168,000,000 versus a total put value of 479,837,000,000 Combined total value = 553,005,000,000

Strike 129300 has a total call value of 75,807,000,000 versus a total put value of 461,083,000,000 Combined total value = 536,890,000,000

Strike 129400 has a total call value of 78,446,000,000 versus a total put value of 442,329,000,000 Combined total value = 520,775,000,000

Strike 129500 has a total call value of 81,085,000,000 versus a total put value of 423,575,000,000 Combined total value = 504,660,000,000

Strike 129600 has a total call value of 83,802,000,000 versus a total put value of 405,090,000,000 Combined total value = 488,892,000,000

Strike 129700 has a total call value of 86,519,000,000 versus a total put value of 386,605,000,000 Combined total value = 473,124,000,000

Strike 129800 has a total call value of 89,236,000,000 versus a total put value of 368,120,000,000 Combined total value = 457,356,000,000

Strike 129900 has a total call value of 91,953,000,000 versus a total put value of 349,635,000,000 Combined total value = 441,588,000,000

Strike 130000 has a total call value of 94,670,000,000 versus a total put value of 331,150,000,000 Combined total value = 425,820,000,000

Strike 130100 has a total call value of 98,972,000,000 versus a total put value of 316,849,000,000 Combined total value = 415,821,000,000

Strike 130200 has a total call value of 103,274,000,000 versus a total put value of 302,548,000,000 Combined total value = 405,822,000,000

Strike 130300 has a total call value of 107,576,000,000 versus a total put value of 288,247,000,000 Combined total value = 395,823,000,000

Strike 130400 has a total call value of 111,878,000,000 versus a total put value of 273,946,000,000 Combined total value = 385,824,000,000

Strike 130500 has a total call value of 116,180,000,000 versus a total put value of 259,645,000,000 Combined total value = 375,825,000,000

Strike 130600 has a total call value of 120,482,000,000 versus a total put value of 245,735,000,000 Combined total value = 366,217,000,000

Strike 130700 has a total call value of 124,784,000,000 versus a total put value of 231,825,000,000 Combined total value = 356,609,000,000

Strike 130800 has a total call value of 129,086,000,000 versus a total put value of 217,915,000,000 Combined total value = 347,001,000,000

Strike 130900 has a total call value of 133,388,000,000 versus a total put value of 204,005,000,000 Combined total value = 337,393,000,000

Strike 131000 has a total call value of 137,690,000,000 versus a total put value of 190,095,000,000 Combined total value = 327,785,000,000

Strike 131100 has a total call value of 142,984,000,000 versus a total put value of 179,695,000,000 Combined total value = 322,679,000,000

Strike 131200 has a total call value of 148,278,000,000 versus a total put value of 169,295,000,000 Combined total value = 317,573,000,000

Strike 131300 has a total call value of 153,572,000,000 versus a total put value of 158,895,000,000 Combined total value = 312,467,000,000

Strike 131400 has a total call value of 158,866,000,000 versus a total put value of 148,495,000,000 Combined total value = 307,361,000,000

Strike 131500 has a total call value of 164,160,000,000 versus a total put value of 138,095,000,000 Combined total value = 302,255,000,000

Strike 131600 has a total call value of 169,652,000,000 versus a total put value of 128,527,000,000 Combined total value = 298,179,000,000

Strike 131700 has a total call value of 175,144,000,000 versus a total put value of 118,959,000,000 Combined total value = 294,103,000,000

Strike 131800 has a total call value of 180,636,000,000 versus a total put value of 109,391,000,000 Combined total value = 290,027,000,000

Strike 131900 has a total call value of 186,128,000,000 versus a total put value of 99,823,000,000 Combined total value = 285,951,000,000

Strike 132000 has a total call value of 191,622,000,000 versus a total put value of 90,255,000,000 Combined total value = 281,877,000,000

Strike 132100 has a total call value of 199,892,000,000 versus a total put value of 84,405,000,000 Combined total value = 284,297,000,000

Strike 132200 has a total call value of 208,183,000,000 versus a total put value of 78,555,000,000 Combined total value = 286,738,000,000

Strike 132300 has a total call value of 216,486,000,000 versus a total put value of 72,705,000,000 Combined total value = 289,191,000,000

Strike 132400 has a total call value of 224,795,000,000 versus a total put value of 66,855,000,000 Combined total value = 291,650,000,000

Strike 132500 has a total call value of 233,104,000,000 versus a total put value of 61,005,000,000 Combined total value = 294,109,000,000

Strike 132600 has a total call value of 242,467,000,000 versus a total put value of 55,869,000,000 Combined total value = 298,336,000,000

Strike 132700 has a total call value of 251,830,000,000 versus a total put value of 50,733,000,000 Combined total value = 302,563,000,000

Strike 132800 has a total call value of 261,193,000,000 versus a total put value of 45,597,000,000 Combined total value = 306,790,000,000

Strike 132900 has a total call value of 270,556,000,000 versus a total put value of 40,461,000,000 Combined total value = 311,017,000,000

Strike 133000 has a total call value of 279,919,000,000 versus a total put value of 35,325,000,000 Combined total value = 315,244,000,000

Strike 133100 has a total call value of 294,792,000,000 versus a total put value of 33,099,000,000 Combined total value = 327,891,000,000

Strike 133200 has a total call value of 309,683,000,000 versus a total put value of 30,873,000,000 Combined total value = 340,556,000,000

Strike 133300 has a total call value of 324,576,000,000 versus a total put value of 28,647,000,000 Combined total value = 353,223,000,000

Strike 133400 has a total call value of 339,469,000,000 versus a total put value of 26,421,000,000 Combined total value = 365,890,000,000

Strike 133500 has a total call value of 354,365,000,000 versus a total put value of 24,195,000,000 Combined total value = 378,560,000,000

Strike 133600 has a total call value of 370,552,000,000 versus a total put value of 22,116,000,000 Combined total value = 392,668,000,000

Strike 133700 has a total call value of 386,739,000,000 versus a total put value of 20,037,000,000 Combined total value = 406,776,000,000

Strike 133800 has a total call value of 402,926,000,000 versus a total put value of 17,958,000,000 Combined total value = 420,884,000,000

Strike 133900 has a total call value of 419,113,000,000 versus a total put value of 15,879,000,000 Combined total value = 434,992,000,000

Strike 134000 has a total call value of 435,300,000,000 versus a total put value of 13,800,000,000 Combined total value = 449,100,000,000

Strike 134100 has a total call value of 454,997,000,000 versus a total put value of 12,420,000,000 Combined total value = 467,417,000,000

Strike 134200 has a total call value of 474,694,000,000 versus a total put value of 11,040,000,000 Combined total value = 485,734,000,000

Strike 134300 has a total call value of 494,391,000,000 versus a total put value of 9,660,000,000 Combined total value = 504,051,000,000

Strike 134400 has a total call value of 514,088,000,000 versus a total put value of 8,280,000,000 Combined total value = 522,368,000,000

Strike 134500 has a total call value of 533,785,000,000 versus a total put value of 6,900,000,000 Combined total value = 540,685,000,000

Strike 134600 has a total call value of 554,693,000,000 versus a total put value of 5,520,000,000 Combined total value = 560,213,000,000

Strike 134700 has a total call value of 575,601,000,000 versus a total put value of 4,140,000,000 Combined total value = 579,741,000,000

Strike 134800 has a total call value of 596,509,000,000 versus a total put value of 2,760,000,000 Combined total value = 599,269,000,000

Strike 134900 has a total call value of 617,417,000,000 versus a total put value of 1,380,000,000 Combined total value = 618,797,000,000

Strike 135000 has a total call value of 638,325,000,000 versus a total put value of 0 Combined total value = 638,325,000,000

Strike 135100 has a total call value of 665,856,000,000 versus a total put value of 0 Combined total value = 665,856,000,000

Strike 135200 has a total call value of 693,387,000,000 versus a total put value of 0 Combined total value = 693,387,000,000

Strike 135300 has a total call value of 720,918,000,000 versus a total put value of 0 Combined total value = 720,918,000,000

Strike 135400 has a total call value of 748,449,000,000 versus a total put value of 0 Combined total value = 748,449,000,000

Strike 135500 has a total call value of 775,980,000,000 versus a total put value of 0 Combined total value = 775,980,000,000

Strike 135600 has a total call value of 804,062,000,000 versus a total put value of 0 Combined total value = 804,062,000,000

Strike 135700 has a total call value of 832,144,000,000 versus a total put value of 0 Combined total value = 832,144,000,000

Strike 135800 has a total call value of 860,226,000,000 versus a total put value of 0 Combined total value = 860,226,000,000

Strike 135900 has a total call value of 888,308,000,000 versus a total put value of 0 Combined total value = 888,308,000,000

Strike 136000 has a total call value of 916,390,000,000 versus a total put value of 0 Combined total value = 916,390,000,000

Strike 136100 has a total call value of 949,252,000,000 versus a total put value of 0 Combined total value = 949,252,000,000

Strike 136200 has a total call value of 982,114,000,000 versus a total put value of 0 Combined total value = 982,114,000,000

Strike 136300 has a total call value of 1,014,976,000,000 versus a total put value of 0 Combined total value = 1,014,976,000,000

Strike 136400 has a total call value of 1,047,838,000,000 versus a total put value of 0 Combined total value = 1,047,838,000,000

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	1135.6	1140
ABB	5140	5200
ABCAPITAL	345.7	345
ADANIENSOL	975.05	980
ADANIENT	2229.2	2300
ADANIGREEN	1010.9	1020
ADANIPORTS	1496.5	1500
ALKEM	5519	5650
AMBER	6631.5	6800
AMBUJACEM	536.1	550
ANGELONE	2464.5	2550
APLAPOLLO	1806.2	1760
APOLLOHOSP	6960	7100
ASHOKLEY	173.5	164
ASIANPAINT	2786.2	2800
ASTRAL	1405.4	1440
AUBANK	978.95	960
AUROPHARMA	1220.1	1220
AXISBANK	1237.9	1240
BAJAJ-AUTO	8917.5	9000
BAJAJFINSV	2038.8	2060
BAJFINANCE	1004.7	1020
BANDHANBNK	149.13	152.5
BANKBARODA	289.35	290
BANKINDIA	142.31	143
BDL	1346.2	1400
BEL	390.4	400
BHARATFORG	1424.9	1400
BHARTIARTL	2091.4	2100
BHEL	273.9	280
BIOCON	398.3	395
BLUESTARCO	1802.3	1820
BOSCHLTD	35720	36000
BPCL	364.6	365
BRITANNIA	6070	6000
BSE	2703.7	2700
CAMS	749.6	770
CANBK	148.29	150
CDSL	1489.1	1540
CGPOWER	660.75	680
CHOLAFIN	1673.3	1700
CIPLA	1510.3	1520
COALINDIA	383.9	385
COFORGE	1854.7	1840
COLPAL	2083.2	2160
CONCOR	498.05	520
CROMPTON	251.25	260
CUMMINSIND	4364.1	4400
CYIENT	1146.8	1140
DABUR	492.15	500
DALBHARAT	2023.1	2040
DELHIVERY	402.6	410
DIVISLAB	6528	6500
DIXON	13200	13500
DLF	682.6	710
DMART	3767.8	3900
DRREDDY	1281.6	1270
EICHERMOT	7188.5	7100
ETERNAL	286.85	295
EXIDEIND	359.3	370
FEDERALBNK	267.3	260
FORTIS	887.7	890
GAIL	168.79	175
GLENMARK	1965.7	1940
GMRAIRPORT	101.24	102
GODREJCP	1181.8	1160
GODREJPROP	2008.5	2060
GRASIM	2820	2800
HAL	4267.8	4450
HAVELLS	1401.1	1440
HCLTECH	1648	1660
HDFCAMC	2644.5	2675
HDFCBANK	984.3	995
HDFCLIFE	756.5	770
HEROMOTOCO	5767	5900
HFCL	64.44	67
HINDALCO	849.05	820
HINDPETRO	466.1	460
HINDUNILVR	2272	2300
HINDZINC	585.75	560
HUDCO	207.88	217.5
ICICIBANK	1355.9	1370
ICICIGI	1939.9	1960
ICICIPRULI	649.15	630
IDEA	11.66	11
IDFCFIRSTB	83.89	82
IEX	139.28	145
IIFL	562.05	560
INDHOTEL	724.95	730
INDIANB	776.35	810
INDIGO	5114.5	5100
INDUSINDBK	832.1	850
INDUSTOWER	411.15	410
INFY	1649.7	1600
INOXWIND	124	130
IOC	161.38	161
IRCTC	668.5	690
IREDA	131.34	137.5
IRFC	111.19	115
ITC	401	405
JINDALSTEL	983.2	1020
JIOFIN	295.2	305
JSWENERGY	469.4	490
JSWSTEEL	1082	1120
JUBLFOOD	561.05	580
KALYANKJIL	475.8	480
KAYNES	4048	4300
KEI	4150.7	4100
KFINTECH	1063.1	1080
KOTAKBANK	2172.3	2160
KPITTECH	1168.4	1200
LAURUSLABS	1045.2	1010
LICHSGFIN	529	550
LICI	849.7	870
LODHA	1078.3	1100
LT	4077	4040
LTF	299.7	300
LTIM	6169.5	6100
LUPIN	2129.8	2100
M&M	3600	3650
MANAPPURAM	285.05	280
MANKIND	2146.6	2200
MARICO	735.1	730
MARUTI	16400	16300
MAXHEALTH	1072.4	1080
MAZDOCK	2373.3	2500
MCX	10280	10100
MFSL	1664.8	1700
MOTHERSON	119.61	116
MPHASIS	2892	2900
MUTHOOTFIN	3751.4	3750
NATIONALUM	278.05	272.5
NAUKRI	1327.2	1360
NBCC	110.6	111
NCC	153.06	162.5
NESTLEIND	1238.6	1240
NHPC	75.17	78
NMDC	75.88	77
NTPC	317.9	325
NUVAMA	7146.5	7300
NYKAA	244.2	250
OBEROIRLTY	1663.5	1660
OFSS	7673	7900
OIL	401.35	410
ONGC	232.86	237.5
PAGEIND	35515	36500
PATANJALI	562	550
PAYTM	1305.9	1300
PERSISTENT	6344.5	6300
PETRONET	269.95	278
PFC	337	355
PGEL	572.15	560
PHOENIXLTD	1810.4	1760
PIDILITIND	1450.2	1480
PIIND	3215.9	3350
PNB	119.1	120
PNBHOUSING	900.4	900
POLICYBZR	1842.7	1840
POLYCAB	7276.5	7300
POWERGRID	260.1	270
POWERINDIA	17975	18500
PPLPHARMA	168.25	175
PRESTIGE	1614.8	1640
RBLBANK	297.55	305
RECLTD	338.5	355
RELIANCE	1573.1	1550
RVNL	309.4	310
SAIL	125.51	130
SAMMAANCAP	144.91	155
SBICARD	850.05	870
SBILIFE	2015.6	2020
SBIN	979.4	970
SHREECEM	25470	26000
SHRIRAMFIN	860.25	850
SIEMENS	3095.8	3150
SOLARINDS	11780	12500
SONACOMS	485.75	495
SRF	3061.1	3000
SUNPHARMA	1748.2	1760
SUPREMEIND	3356.3	3400
SUZLON	51.87	54
SYNGENE	651.3	650
TATACONSUM	1170.7	1170
TATAELXSI	5246	5200
TATAMOTORS	0	320
TATAPOWER	375.15	390
TATASTEEL	168.27	170
TATATECH	647	670
TCS	3312.9	3240
TECHM	1602.8	1560
TIINDIA	2577	2700
TITAGARH	766.75	800
TITAN	3961	3880
TMPV	350.75	360
TORNTPHARM	3762.9	3750
TORNTPOWER	1250.4	1300
TRENT	4037.4	4200
TVSMOTOR	3645.5	3600
ULTRACEMCO	11492	11600
UNIONBANK	153.8	155
UNITDSPR	1397.3	1430
UNOMINDA	1235.4	1280
UPL	742.3	750
VBL	469.35	470
VEDL	573.1	555
VOLTAS	1402.3	1400
WIPRO	265.2	260
YESBANK	21.58	22
ZYDUSLIFE	916.35	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