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

129439 +233.00 (0.18%)

L: 128900 H: 129542

Max Pain - GOLDM

08 Dec 2025 12:23 PM IST

Live

Expiry

Max Pain for GOLDM is 128000

Historical data for GOLDM-128000-CE

LTP (128000 CE)

3120 118

Open Interest

1330 -33

Historical data for GOLDM-128000-PE

LTP (128000 PE)

1663.5 -123.5

Open Interest

1581 -1

Strike 114000 has a total call value of 0 versus a total put value of 2,722,161,000,000 Combined total value = 2,722,161,000,000

Strike 114100 has a total call value of 0 versus a total put value of 2,695,594,000,000 Combined total value = 2,695,594,000,000

Strike 114200 has a total call value of 0 versus a total put value of 2,669,027,000,000 Combined total value = 2,669,027,000,000

Strike 114300 has a total call value of 0 versus a total put value of 2,642,460,000,000 Combined total value = 2,642,460,000,000

Strike 114400 has a total call value of 0 versus a total put value of 2,615,893,000,000 Combined total value = 2,615,893,000,000

Strike 114500 has a total call value of 0 versus a total put value of 2,589,326,000,000 Combined total value = 2,589,326,000,000

Strike 114600 has a total call value of 0 versus a total put value of 2,562,759,000,000 Combined total value = 2,562,759,000,000

Strike 114700 has a total call value of 0 versus a total put value of 2,536,192,000,000 Combined total value = 2,536,192,000,000

Strike 114800 has a total call value of 0 versus a total put value of 2,509,625,000,000 Combined total value = 2,509,625,000,000

Strike 114900 has a total call value of 0 versus a total put value of 2,483,058,000,000 Combined total value = 2,483,058,000,000

Strike 115000 has a total call value of 0 versus a total put value of 2,456,491,000,000 Combined total value = 2,456,491,000,000

Strike 115100 has a total call value of 0 versus a total put value of 2,431,284,000,000 Combined total value = 2,431,284,000,000

Strike 115200 has a total call value of 0 versus a total put value of 2,406,077,000,000 Combined total value = 2,406,077,000,000

Strike 115300 has a total call value of 0 versus a total put value of 2,380,870,000,000 Combined total value = 2,380,870,000,000

Strike 115400 has a total call value of 0 versus a total put value of 2,355,663,000,000 Combined total value = 2,355,663,000,000

Strike 115500 has a total call value of 0 versus a total put value of 2,330,456,000,000 Combined total value = 2,330,456,000,000

Strike 115600 has a total call value of 0 versus a total put value of 2,305,249,000,000 Combined total value = 2,305,249,000,000

Strike 115700 has a total call value of 0 versus a total put value of 2,280,042,000,000 Combined total value = 2,280,042,000,000

Strike 115800 has a total call value of 0 versus a total put value of 2,254,835,000,000 Combined total value = 2,254,835,000,000

Strike 115900 has a total call value of 0 versus a total put value of 2,229,628,000,000 Combined total value = 2,229,628,000,000

Strike 116000 has a total call value of 0 versus a total put value of 2,204,421,000,000 Combined total value = 2,204,421,000,000

Strike 116100 has a total call value of 0 versus a total put value of 2,179,449,000,000 Combined total value = 2,179,449,000,000

Strike 116200 has a total call value of 0 versus a total put value of 2,154,477,000,000 Combined total value = 2,154,477,000,000

Strike 116300 has a total call value of 0 versus a total put value of 2,129,505,000,000 Combined total value = 2,129,505,000,000

Strike 116400 has a total call value of 0 versus a total put value of 2,104,533,000,000 Combined total value = 2,104,533,000,000

Strike 116500 has a total call value of 0 versus a total put value of 2,079,561,000,000 Combined total value = 2,079,561,000,000

Strike 116600 has a total call value of 0 versus a total put value of 2,054,589,000,000 Combined total value = 2,054,589,000,000

Strike 116700 has a total call value of 0 versus a total put value of 2,029,617,000,000 Combined total value = 2,029,617,000,000

Strike 116800 has a total call value of 0 versus a total put value of 2,004,645,000,000 Combined total value = 2,004,645,000,000

Strike 116900 has a total call value of 0 versus a total put value of 1,979,673,000,000 Combined total value = 1,979,673,000,000

Strike 117000 has a total call value of 0 versus a total put value of 1,954,701,000,000 Combined total value = 1,954,701,000,000

Strike 117100 has a total call value of 0 versus a total put value of 1,930,100,000,000 Combined total value = 1,930,100,000,000

Strike 117200 has a total call value of 0 versus a total put value of 1,905,499,000,000 Combined total value = 1,905,499,000,000

Strike 117300 has a total call value of 0 versus a total put value of 1,880,898,000,000 Combined total value = 1,880,898,000,000

Strike 117400 has a total call value of 0 versus a total put value of 1,856,297,000,000 Combined total value = 1,856,297,000,000

Strike 117500 has a total call value of 0 versus a total put value of 1,831,696,000,000 Combined total value = 1,831,696,000,000

Strike 117600 has a total call value of 0 versus a total put value of 1,807,095,000,000 Combined total value = 1,807,095,000,000

Strike 117700 has a total call value of 0 versus a total put value of 1,782,494,000,000 Combined total value = 1,782,494,000,000

Strike 117800 has a total call value of 0 versus a total put value of 1,757,893,000,000 Combined total value = 1,757,893,000,000

Strike 117900 has a total call value of 0 versus a total put value of 1,733,292,000,000 Combined total value = 1,733,292,000,000

Strike 118000 has a total call value of 0 versus a total put value of 1,708,691,000,000 Combined total value = 1,708,691,000,000

Strike 118100 has a total call value of 0 versus a total put value of 1,684,786,000,000 Combined total value = 1,684,786,000,000

Strike 118200 has a total call value of 0 versus a total put value of 1,660,881,000,000 Combined total value = 1,660,881,000,000

Strike 118300 has a total call value of 0 versus a total put value of 1,636,976,000,000 Combined total value = 1,636,976,000,000

Strike 118400 has a total call value of 0 versus a total put value of 1,613,071,000,000 Combined total value = 1,613,071,000,000

Strike 118500 has a total call value of 0 versus a total put value of 1,589,166,000,000 Combined total value = 1,589,166,000,000

Strike 118600 has a total call value of 0 versus a total put value of 1,565,261,000,000 Combined total value = 1,565,261,000,000

Strike 118700 has a total call value of 0 versus a total put value of 1,541,356,000,000 Combined total value = 1,541,356,000,000

Strike 118800 has a total call value of 0 versus a total put value of 1,517,451,000,000 Combined total value = 1,517,451,000,000

Strike 118900 has a total call value of 0 versus a total put value of 1,493,546,000,000 Combined total value = 1,493,546,000,000

Strike 119000 has a total call value of 0 versus a total put value of 1,469,641,000,000 Combined total value = 1,469,641,000,000

Strike 119100 has a total call value of 0 versus a total put value of 1,446,045,000,000 Combined total value = 1,446,045,000,000

Strike 119200 has a total call value of 0 versus a total put value of 1,422,449,000,000 Combined total value = 1,422,449,000,000

Strike 119300 has a total call value of 0 versus a total put value of 1,398,853,000,000 Combined total value = 1,398,853,000,000

Strike 119400 has a total call value of 0 versus a total put value of 1,375,257,000,000 Combined total value = 1,375,257,000,000

Strike 119500 has a total call value of 0 versus a total put value of 1,351,661,000,000 Combined total value = 1,351,661,000,000

Strike 119600 has a total call value of 0 versus a total put value of 1,328,065,000,000 Combined total value = 1,328,065,000,000

Strike 119700 has a total call value of 0 versus a total put value of 1,304,469,000,000 Combined total value = 1,304,469,000,000

Strike 119800 has a total call value of 0 versus a total put value of 1,280,873,000,000 Combined total value = 1,280,873,000,000

Strike 119900 has a total call value of 0 versus a total put value of 1,257,277,000,000 Combined total value = 1,257,277,000,000

Strike 120000 has a total call value of 0 versus a total put value of 1,233,681,000,000 Combined total value = 1,233,681,000,000

Strike 120100 has a total call value of 250,000,000 versus a total put value of 1,213,475,000,000 Combined total value = 1,213,725,000,000

Strike 120200 has a total call value of 500,000,000 versus a total put value of 1,193,269,000,000 Combined total value = 1,193,769,000,000

Strike 120300 has a total call value of 750,000,000 versus a total put value of 1,173,063,000,000 Combined total value = 1,173,813,000,000

Strike 120400 has a total call value of 1,000,000,000 versus a total put value of 1,152,857,000,000 Combined total value = 1,153,857,000,000

Strike 120500 has a total call value of 1,250,000,000 versus a total put value of 1,132,651,000,000 Combined total value = 1,133,901,000,000

Strike 120600 has a total call value of 1,500,000,000 versus a total put value of 1,112,445,000,000 Combined total value = 1,113,945,000,000

Strike 120700 has a total call value of 1,750,000,000 versus a total put value of 1,092,239,000,000 Combined total value = 1,093,989,000,000

Strike 120800 has a total call value of 2,000,000,000 versus a total put value of 1,072,033,000,000 Combined total value = 1,074,033,000,000

Strike 120900 has a total call value of 2,250,000,000 versus a total put value of 1,051,827,000,000 Combined total value = 1,054,077,000,000

Strike 121000 has a total call value of 2,500,000,000 versus a total put value of 1,031,621,000,000 Combined total value = 1,034,121,000,000

Strike 121100 has a total call value of 2,750,000,000 versus a total put value of 1,012,166,000,000 Combined total value = 1,014,916,000,000

Strike 121200 has a total call value of 3,000,000,000 versus a total put value of 992,711,000,000 Combined total value = 995,711,000,000

Strike 121300 has a total call value of 3,250,000,000 versus a total put value of 973,256,000,000 Combined total value = 976,506,000,000

Strike 121400 has a total call value of 3,500,000,000 versus a total put value of 953,801,000,000 Combined total value = 957,301,000,000

Strike 121500 has a total call value of 3,750,000,000 versus a total put value of 934,346,000,000 Combined total value = 938,096,000,000

Strike 121600 has a total call value of 4,000,000,000 versus a total put value of 914,891,000,000 Combined total value = 918,891,000,000

Strike 121700 has a total call value of 4,250,000,000 versus a total put value of 895,436,000,000 Combined total value = 899,686,000,000

Strike 121800 has a total call value of 4,500,000,000 versus a total put value of 875,981,000,000 Combined total value = 880,481,000,000

Strike 121900 has a total call value of 4,750,000,000 versus a total put value of 856,526,000,000 Combined total value = 861,276,000,000

Strike 122000 has a total call value of 5,000,000,000 versus a total put value of 837,071,000,000 Combined total value = 842,071,000,000

Strike 122100 has a total call value of 5,250,000,000 versus a total put value of 819,114,000,000 Combined total value = 824,364,000,000

Strike 122200 has a total call value of 5,500,000,000 versus a total put value of 801,157,000,000 Combined total value = 806,657,000,000

Strike 122300 has a total call value of 5,750,000,000 versus a total put value of 783,200,000,000 Combined total value = 788,950,000,000

Strike 122400 has a total call value of 6,000,000,000 versus a total put value of 765,243,000,000 Combined total value = 771,243,000,000

Strike 122500 has a total call value of 6,250,000,000 versus a total put value of 747,286,000,000 Combined total value = 753,536,000,000

Strike 122600 has a total call value of 6,500,000,000 versus a total put value of 729,329,000,000 Combined total value = 735,829,000,000

Strike 122700 has a total call value of 6,750,000,000 versus a total put value of 711,372,000,000 Combined total value = 718,122,000,000

Strike 122800 has a total call value of 7,000,000,000 versus a total put value of 693,415,000,000 Combined total value = 700,415,000,000

Strike 122900 has a total call value of 7,250,000,000 versus a total put value of 675,458,000,000 Combined total value = 682,708,000,000

Strike 123000 has a total call value of 7,500,000,000 versus a total put value of 657,501,000,000 Combined total value = 665,001,000,000

Strike 123100 has a total call value of 7,750,000,000 versus a total put value of 641,754,000,000 Combined total value = 649,504,000,000

Strike 123200 has a total call value of 8,000,000,000 versus a total put value of 626,007,000,000 Combined total value = 634,007,000,000

Strike 123300 has a total call value of 8,250,000,000 versus a total put value of 610,260,000,000 Combined total value = 618,510,000,000

Strike 123400 has a total call value of 8,500,000,000 versus a total put value of 594,513,000,000 Combined total value = 603,013,000,000

Strike 123500 has a total call value of 8,750,000,000 versus a total put value of 578,766,000,000 Combined total value = 587,516,000,000

Strike 123600 has a total call value of 9,000,000,000 versus a total put value of 563,019,000,000 Combined total value = 572,019,000,000

Strike 123700 has a total call value of 9,250,000,000 versus a total put value of 547,272,000,000 Combined total value = 556,522,000,000

Strike 123800 has a total call value of 9,500,000,000 versus a total put value of 531,525,000,000 Combined total value = 541,025,000,000

Strike 123900 has a total call value of 9,750,000,000 versus a total put value of 515,778,000,000 Combined total value = 525,528,000,000

Strike 124000 has a total call value of 10,000,000,000 versus a total put value of 500,031,000,000 Combined total value = 510,031,000,000

Strike 124100 has a total call value of 10,573,000,000 versus a total put value of 485,965,000,000 Combined total value = 496,538,000,000

Strike 124200 has a total call value of 11,146,000,000 versus a total put value of 471,899,000,000 Combined total value = 483,045,000,000

Strike 124300 has a total call value of 11,719,000,000 versus a total put value of 457,833,000,000 Combined total value = 469,552,000,000

Strike 124400 has a total call value of 12,292,000,000 versus a total put value of 443,767,000,000 Combined total value = 456,059,000,000

Strike 124500 has a total call value of 12,865,000,000 versus a total put value of 429,701,000,000 Combined total value = 442,566,000,000

Strike 124600 has a total call value of 13,438,000,000 versus a total put value of 415,635,000,000 Combined total value = 429,073,000,000

Strike 124700 has a total call value of 14,011,000,000 versus a total put value of 401,569,000,000 Combined total value = 415,580,000,000

Strike 124800 has a total call value of 14,584,000,000 versus a total put value of 387,503,000,000 Combined total value = 402,087,000,000

Strike 124900 has a total call value of 15,157,000,000 versus a total put value of 373,437,000,000 Combined total value = 388,594,000,000

Strike 125000 has a total call value of 15,730,000,000 versus a total put value of 359,371,000,000 Combined total value = 375,101,000,000

Strike 125100 has a total call value of 17,510,000,000 versus a total put value of 348,416,000,000 Combined total value = 365,926,000,000

Strike 125200 has a total call value of 19,290,000,000 versus a total put value of 337,461,000,000 Combined total value = 356,751,000,000

Strike 125300 has a total call value of 21,070,000,000 versus a total put value of 326,506,000,000 Combined total value = 347,576,000,000

Strike 125400 has a total call value of 22,850,000,000 versus a total put value of 315,551,000,000 Combined total value = 338,401,000,000

Strike 125500 has a total call value of 24,630,000,000 versus a total put value of 304,596,000,000 Combined total value = 329,226,000,000

Strike 125600 has a total call value of 26,410,000,000 versus a total put value of 293,641,000,000 Combined total value = 320,051,000,000

Strike 125700 has a total call value of 28,190,000,000 versus a total put value of 282,686,000,000 Combined total value = 310,876,000,000

Strike 125800 has a total call value of 29,970,000,000 versus a total put value of 271,731,000,000 Combined total value = 301,701,000,000

Strike 125900 has a total call value of 31,750,000,000 versus a total put value of 260,776,000,000 Combined total value = 292,526,000,000

Strike 126000 has a total call value of 33,530,000,000 versus a total put value of 249,821,000,000 Combined total value = 283,351,000,000

Strike 126100 has a total call value of 35,840,000,000 versus a total put value of 240,316,000,000 Combined total value = 276,156,000,000

Strike 126200 has a total call value of 38,150,000,000 versus a total put value of 230,811,000,000 Combined total value = 268,961,000,000

Strike 126300 has a total call value of 40,460,000,000 versus a total put value of 221,306,000,000 Combined total value = 261,766,000,000

Strike 126400 has a total call value of 42,770,000,000 versus a total put value of 211,801,000,000 Combined total value = 254,571,000,000

Strike 126500 has a total call value of 45,080,000,000 versus a total put value of 202,296,000,000 Combined total value = 247,376,000,000

Strike 126600 has a total call value of 47,390,000,000 versus a total put value of 193,238,000,000 Combined total value = 240,628,000,000

Strike 126700 has a total call value of 49,700,000,000 versus a total put value of 184,180,000,000 Combined total value = 233,880,000,000

Strike 126800 has a total call value of 52,010,000,000 versus a total put value of 175,122,000,000 Combined total value = 227,132,000,000

Strike 126900 has a total call value of 54,320,000,000 versus a total put value of 166,064,000,000 Combined total value = 220,384,000,000

Strike 127000 has a total call value of 56,630,000,000 versus a total put value of 157,006,000,000 Combined total value = 213,636,000,000

Strike 127100 has a total call value of 59,760,000,000 versus a total put value of 150,702,000,000 Combined total value = 210,462,000,000

Strike 127200 has a total call value of 62,890,000,000 versus a total put value of 144,398,000,000 Combined total value = 207,288,000,000

Strike 127300 has a total call value of 66,020,000,000 versus a total put value of 138,094,000,000 Combined total value = 204,114,000,000

Strike 127400 has a total call value of 69,150,000,000 versus a total put value of 131,790,000,000 Combined total value = 200,940,000,000

Strike 127500 has a total call value of 72,280,000,000 versus a total put value of 125,486,000,000 Combined total value = 197,766,000,000

Strike 127600 has a total call value of 75,438,000,000 versus a total put value of 119,514,000,000 Combined total value = 194,952,000,000

Strike 127700 has a total call value of 78,596,000,000 versus a total put value of 113,545,000,000 Combined total value = 192,141,000,000

Strike 127800 has a total call value of 81,754,000,000 versus a total put value of 107,576,000,000 Combined total value = 189,330,000,000

Strike 127900 has a total call value of 84,912,000,000 versus a total put value of 101,607,000,000 Combined total value = 186,519,000,000

Strike 128000 has a total call value of 88,070,000,000 versus a total put value of 95,638,000,000 Combined total value = 183,708,000,000

Strike 128100 has a total call value of 92,558,000,000 versus a total put value of 91,250,000,000 Combined total value = 183,808,000,000

Strike 128200 has a total call value of 97,046,000,000 versus a total put value of 86,862,000,000 Combined total value = 183,908,000,000

Strike 128300 has a total call value of 101,534,000,000 versus a total put value of 82,474,000,000 Combined total value = 184,008,000,000

Strike 128400 has a total call value of 106,022,000,000 versus a total put value of 78,086,000,000 Combined total value = 184,108,000,000

Strike 128500 has a total call value of 110,510,000,000 versus a total put value of 73,698,000,000 Combined total value = 184,208,000,000

Strike 128600 has a total call value of 115,307,000,000 versus a total put value of 69,516,000,000 Combined total value = 184,823,000,000

Strike 128700 has a total call value of 120,104,000,000 versus a total put value of 65,334,000,000 Combined total value = 185,438,000,000

Strike 128800 has a total call value of 124,901,000,000 versus a total put value of 61,152,000,000 Combined total value = 186,053,000,000

Strike 128900 has a total call value of 129,698,000,000 versus a total put value of 56,971,000,000 Combined total value = 186,669,000,000

Strike 129000 has a total call value of 134,495,000,000 versus a total put value of 52,790,000,000 Combined total value = 187,285,000,000

Strike 129100 has a total call value of 141,309,000,000 versus a total put value of 50,100,000,000 Combined total value = 191,409,000,000

Strike 129200 has a total call value of 148,123,000,000 versus a total put value of 47,410,000,000 Combined total value = 195,533,000,000

Strike 129300 has a total call value of 154,942,000,000 versus a total put value of 44,720,000,000 Combined total value = 199,662,000,000

Strike 129400 has a total call value of 161,761,000,000 versus a total put value of 42,030,000,000 Combined total value = 203,791,000,000

Strike 129500 has a total call value of 168,586,000,000 versus a total put value of 39,340,000,000 Combined total value = 207,926,000,000

Strike 129600 has a total call value of 176,007,000,000 versus a total put value of 36,793,000,000 Combined total value = 212,800,000,000

Strike 129700 has a total call value of 183,428,000,000 versus a total put value of 34,246,000,000 Combined total value = 217,674,000,000

Strike 129800 has a total call value of 190,849,000,000 versus a total put value of 31,699,000,000 Combined total value = 222,548,000,000

Strike 129900 has a total call value of 198,270,000,000 versus a total put value of 29,152,000,000 Combined total value = 227,422,000,000

Strike 130000 has a total call value of 205,691,000,000 versus a total put value of 26,605,000,000 Combined total value = 232,296,000,000

Strike 130100 has a total call value of 219,077,000,000 versus a total put value of 25,814,000,000 Combined total value = 244,891,000,000

Strike 130200 has a total call value of 232,463,000,000 versus a total put value of 25,023,000,000 Combined total value = 257,486,000,000

Strike 130300 has a total call value of 245,851,000,000 versus a total put value of 24,232,000,000 Combined total value = 270,083,000,000

Strike 130400 has a total call value of 259,239,000,000 versus a total put value of 23,441,000,000 Combined total value = 282,680,000,000

Strike 130500 has a total call value of 272,627,000,000 versus a total put value of 22,650,000,000 Combined total value = 295,277,000,000

Strike 130600 has a total call value of 286,253,000,000 versus a total put value of 21,864,000,000 Combined total value = 308,117,000,000

Strike 130700 has a total call value of 299,879,000,000 versus a total put value of 21,078,000,000 Combined total value = 320,957,000,000

Strike 130800 has a total call value of 313,505,000,000 versus a total put value of 20,292,000,000 Combined total value = 333,797,000,000

Strike 130900 has a total call value of 327,131,000,000 versus a total put value of 19,506,000,000 Combined total value = 346,637,000,000

Strike 131000 has a total call value of 340,757,000,000 versus a total put value of 18,720,000,000 Combined total value = 359,477,000,000

Strike 131100 has a total call value of 356,907,000,000 versus a total put value of 18,150,000,000 Combined total value = 375,057,000,000

Strike 131200 has a total call value of 373,057,000,000 versus a total put value of 17,580,000,000 Combined total value = 390,637,000,000

Strike 131300 has a total call value of 389,207,000,000 versus a total put value of 17,010,000,000 Combined total value = 406,217,000,000

Strike 131400 has a total call value of 405,357,000,000 versus a total put value of 16,440,000,000 Combined total value = 421,797,000,000

Strike 131500 has a total call value of 421,507,000,000 versus a total put value of 15,870,000,000 Combined total value = 437,377,000,000

Strike 131600 has a total call value of 437,657,000,000 versus a total put value of 15,300,000,000 Combined total value = 452,957,000,000

Strike 131700 has a total call value of 453,807,000,000 versus a total put value of 14,730,000,000 Combined total value = 468,537,000,000

Strike 131800 has a total call value of 469,957,000,000 versus a total put value of 14,160,000,000 Combined total value = 484,117,000,000

Strike 131900 has a total call value of 486,107,000,000 versus a total put value of 13,590,000,000 Combined total value = 499,697,000,000

Strike 132000 has a total call value of 502,257,000,000 versus a total put value of 13,020,000,000 Combined total value = 515,277,000,000

Strike 132100 has a total call value of 520,084,000,000 versus a total put value of 12,584,000,000 Combined total value = 532,668,000,000

Strike 132200 has a total call value of 537,911,000,000 versus a total put value of 12,148,000,000 Combined total value = 550,059,000,000

Strike 132300 has a total call value of 555,738,000,000 versus a total put value of 11,712,000,000 Combined total value = 567,450,000,000

Strike 132400 has a total call value of 573,565,000,000 versus a total put value of 11,276,000,000 Combined total value = 584,841,000,000

Strike 132500 has a total call value of 591,392,000,000 versus a total put value of 10,840,000,000 Combined total value = 602,232,000,000

Strike 132600 has a total call value of 609,418,000,000 versus a total put value of 10,404,000,000 Combined total value = 619,822,000,000

Strike 132700 has a total call value of 627,444,000,000 versus a total put value of 9,968,000,000 Combined total value = 637,412,000,000

Strike 132800 has a total call value of 645,470,000,000 versus a total put value of 9,532,000,000 Combined total value = 655,002,000,000

Strike 132900 has a total call value of 663,496,000,000 versus a total put value of 9,096,000,000 Combined total value = 672,592,000,000

Strike 133000 has a total call value of 681,522,000,000 versus a total put value of 8,660,000,000 Combined total value = 690,182,000,000

Strike 133100 has a total call value of 700,789,000,000 versus a total put value of 8,224,000,000 Combined total value = 709,013,000,000

Strike 133200 has a total call value of 720,056,000,000 versus a total put value of 7,788,000,000 Combined total value = 727,844,000,000

Strike 133300 has a total call value of 739,323,000,000 versus a total put value of 7,352,000,000 Combined total value = 746,675,000,000

Strike 133400 has a total call value of 758,590,000,000 versus a total put value of 6,916,000,000 Combined total value = 765,506,000,000

Strike 133500 has a total call value of 777,857,000,000 versus a total put value of 6,480,000,000 Combined total value = 784,337,000,000

Strike 133600 has a total call value of 797,124,000,000 versus a total put value of 6,044,000,000 Combined total value = 803,168,000,000

Strike 133700 has a total call value of 816,391,000,000 versus a total put value of 5,608,000,000 Combined total value = 821,999,000,000

Strike 133800 has a total call value of 835,658,000,000 versus a total put value of 5,172,000,000 Combined total value = 840,830,000,000

Strike 133900 has a total call value of 854,925,000,000 versus a total put value of 4,736,000,000 Combined total value = 859,661,000,000

Strike 134000 has a total call value of 874,192,000,000 versus a total put value of 4,300,000,000 Combined total value = 878,492,000,000

Strike 134100 has a total call value of 894,352,000,000 versus a total put value of 3,870,000,000 Combined total value = 898,222,000,000

Strike 134200 has a total call value of 914,512,000,000 versus a total put value of 3,440,000,000 Combined total value = 917,952,000,000

Strike 134300 has a total call value of 934,672,000,000 versus a total put value of 3,010,000,000 Combined total value = 937,682,000,000

Strike 134400 has a total call value of 954,832,000,000 versus a total put value of 2,580,000,000 Combined total value = 957,412,000,000

Strike 134500 has a total call value of 974,992,000,000 versus a total put value of 2,150,000,000 Combined total value = 977,142,000,000

Strike 134600 has a total call value of 995,152,000,000 versus a total put value of 1,720,000,000 Combined total value = 996,872,000,000

Strike 134700 has a total call value of 1,015,312,000,000 versus a total put value of 1,290,000,000 Combined total value = 1,016,602,000,000

Strike 134800 has a total call value of 1,035,472,000,000 versus a total put value of 860,000,000 Combined total value = 1,036,332,000,000

Strike 134900 has a total call value of 1,055,632,000,000 versus a total put value of 430,000,000 Combined total value = 1,056,062,000,000

Strike 135000 has a total call value of 1,075,792,000,000 versus a total put value of 0 Combined total value = 1,075,792,000,000

Strike 135100 has a total call value of 1,099,825,000,000 versus a total put value of 0 Combined total value = 1,099,825,000,000

Strike 135200 has a total call value of 1,123,858,000,000 versus a total put value of 0 Combined total value = 1,123,858,000,000

Strike 135300 has a total call value of 1,147,891,000,000 versus a total put value of 0 Combined total value = 1,147,891,000,000

Strike 135400 has a total call value of 1,171,924,000,000 versus a total put value of 0 Combined total value = 1,171,924,000,000

Strike 135500 has a total call value of 1,195,957,000,000 versus a total put value of 0 Combined total value = 1,195,957,000,000

Strike 135600 has a total call value of 1,220,031,000,000 versus a total put value of 0 Combined total value = 1,220,031,000,000

Strike 135700 has a total call value of 1,244,105,000,000 versus a total put value of 0 Combined total value = 1,244,105,000,000

Strike 135800 has a total call value of 1,268,179,000,000 versus a total put value of 0 Combined total value = 1,268,179,000,000

Strike 135900 has a total call value of 1,292,253,000,000 versus a total put value of 0 Combined total value = 1,292,253,000,000

Strike 136000 has a total call value of 1,316,327,000,000 versus a total put value of 0 Combined total value = 1,316,327,000,000

Strike 136100 has a total call value of 1,343,974,000,000 versus a total put value of 0 Combined total value = 1,343,974,000,000

Strike 136200 has a total call value of 1,371,621,000,000 versus a total put value of 0 Combined total value = 1,371,621,000,000

Strike 136300 has a total call value of 1,399,268,000,000 versus a total put value of 0 Combined total value = 1,399,268,000,000

Strike 136400 has a total call value of 1,426,915,000,000 versus a total put value of 0 Combined total value = 1,426,915,000,000

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	1142.2	1140
ABB	5125	5200
ABCAPITAL	355.2	345
ADANIENSOL	964.35	980
ADANIENT	2232.9	2300
ADANIGREEN	1003.2	1040
ADANIPORTS	1490.9	1500
ALKEM	5688	5700
AMBER	6496	6600
AMBUJACEM	533.65	550
ANGELONE	2549.6	2650
APLAPOLLO	1733	1760
APOLLOHOSP	7119	7300
ASHOKLEY	159.46	157
ASIANPAINT	2941	2920
ASTRAL	1426.9	1460
AUBANK	953.8	940
AUROPHARMA	1193.1	1220
AXISBANK	1270.1	1280
BAJAJ-AUTO	9015.5	9100
BAJAJFINSV	2070.5	2080
BAJFINANCE	1029.3	1030
BANDHANBNK	138.52	150
BANKBARODA	285.3	290
BANKINDIA	138.72	145
BDL	1451.1	1500
BEL	391.85	410
BHARATFORG	1377.3	1400
BHARTIARTL	2089.2	2100
BHEL	271.55	285
BIOCON	387.1	400
BLUESTARCO	1711	1760
BOSCHLTD	36650	36500
BPCL	359.95	360
BRITANNIA	5861.5	5900
BSE	2838.8	2800
CAMS	752	780
CANBK	143.85	150
CDSL	1531.3	1600
CGPOWER	652.45	680
CHOLAFIN	1728.9	1700
CIPLA	1511	1520
COALINDIA	377.15	380
COFORGE	1943.6	1860
COLPAL	2152.4	2200
CONCOR	508	520
CROMPTON	254.5	270
CUMMINSIND	4464.9	4450
CYIENT	1147.1	1160
DABUR	503.85	515
DALBHARAT	1993.9	2000
DELHIVERY	400.25	420
DIVISLAB	6379.5	6450
DIXON	13703	14250
DLF	691.7	730
DMART	3891.3	4000
DRREDDY	1269.3	1270
EICHERMOT	7195	7100
ETERNAL	285.7	300
EXIDEIND	374	380
FEDERALBNK	256.5	255
FORTIS	860.95	900
GAIL	166.86	175
GLENMARK	1946	1940
GMRAIRPORT	100.3	102
GODREJCP	1123.8	1140
GODREJPROP	1983.7	2080
GRASIM	2746	2760
HAL	4372.6	4500
HAVELLS	1415	1440
HCLTECH	1690.5	1660
HDFCAMC	2572.6	2650
HDFCBANK	1005	1000
HDFCLIFE	773.25	770
HEROMOTOCO	6200	6200
HFCL	67.64	70
HINDALCO	823.85	800
HINDPETRO	447.35	455
HINDUNILVR	2335	2340
HINDZINC	494	490
HUDCO	216.2	230
ICICIBANK	1391.4	1390
ICICIGI	1961.7	2000
ICICIPRULI	627.8	620
IDEA	10.4	10
IDFCFIRSTB	79.71	80
IEX	142.75	145
IIFL	554.9	560
INDHOTEL	726.6	740
INDIANB	785.6	830
INDIGO	4956	5300
INDUSINDBK	846.7	860
INDUSTOWER	404.6	410
INFY	1619.1	1600
INOXWIND	126.27	137.5
IOC	162.8	165
IRCTC	670	690
IREDA	131.29	140
IRFC	112.09	118
ITC	404.85	405
JINDALSTEL	997.6	1030
JIOFIN	297.65	310
JSWENERGY	460.1	480
JSWSTEEL	1138.8	1150
JUBLFOOD	584.95	600
KALYANKJIL	481.25	490
KAYNES	4088	5000
KEI	4111	4100
KFINTECH	1053.7	1080
KOTAKBANK	2142.8	2120
KPITTECH	1232.1	1240
LAURUSLABS	1013.6	1000
LICHSGFIN	531.85	550
LICI	862.6	900
LODHA	1083	1140
LT	4001.6	4020
LTF	301.35	302.5
LTIM	6285	6150
LUPIN	2080.2	2080
M&M	3689.6	3700
MANAPPURAM	272.35	280
MANKIND	2189.7	2250
MARICO	731.6	730
MARUTI	16169	16100
MAXHEALTH	1082.4	1120
MAZDOCK	2519.8	2650
MCX	10275	10100
MFSL	1691.8	1700
MOTHERSON	116.04	115
MPHASIS	2884	2900
MUTHOOTFIN	3761.6	3700
NATIONALUM	271.4	265
NAUKRI	1365.6	1380
NBCC	109.25	115
NCC	163.97	175
NESTLEIND	1228.3	1260
NHPC	76.67	78
NMDC	75.16	76
NTPC	320.7	325
NUVAMA	7222	7200
NYKAA	252.1	260
OBEROIRLTY	1620.4	1660
OFSS	8046	8200
OIL	408.2	420
ONGC	240.86	244
PAGEIND	37140	38000
PATANJALI	545.5	550
PAYTM	1338.9	1320
PERSISTENT	6362	6400
PETRONET	272.45	280
PFC	345.15	365
PGEL	532.05	560
PHOENIXLTD	1715.3	1740
PIDILITIND	1461.7	1480
PIIND	3327.1	3450
PNB	117.54	122
PNBHOUSING	883.05	900
POLICYBZR	1916.7	1880
POLYCAB	7102.5	7300
POWERGRID	265.65	275
POWERINDIA	18660	20000
PPLPHARMA	174.78	185
PRESTIGE	1625	1680
RBLBANK	300.7	310
RECLTD	344.7	360
RELIANCE	1542.3	1540
RVNL	305.2	315
SAIL	130.3	135
SAMMAANCAP	143.02	160
SBICARD	879.45	880
SBILIFE	2029.9	2020
SBIN	958.1	970
SHREECEM	26205	26500
SHRIRAMFIN	842.5	840
SIEMENS	3255	3300
SOLARINDS	12603	13250
SONACOMS	487.5	500
SRF	2834	2900
SUNPHARMA	1800.1	1800
SUPREMEIND	3321.3	3500
SUZLON	52.18	55
SYNGENE	630.8	650
TATACONSUM	1155	1170
TATAELXSI	5133.5	5300
TATAMOTORS	0	320
TATAPOWER	377.25	390
TATASTEEL	165.48	170
TATATECH	656.25	680
TCS	3246.5	3200
TECHM	1582.3	1520
TIINDIA	2601.8	2800
TITAGARH	768.4	820
TITAN	3805.5	3860
TMPV	351.1	360
TORNTPHARM	3761.4	3750
TORNTPOWER	1259.2	1300
TRENT	4145.5	4300
TVSMOTOR	3602.9	3600
ULTRACEMCO	11595	11700
UNIONBANK	148.62	152.5
UNITDSPR	1435.8	1450
UNOMINDA	1269.8	1300
UPL	744.95	750
VBL	469.7	470
VEDL	517.6	520
VOLTAS	1318.2	1360
WIPRO	260.65	255
YESBANK	22.1	23
ZYDUSLIFE	930.25	940

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