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

132714 -401.00 (-0.30%)

L: 132582 H: 133167

Max Pain - GOLDM

18 Dec 2025 02:28 PM IST

Live

Expiry

Max Pain for GOLDM is 132000

Historical data for GOLDM-132000-CE

LTP (132000 CE)

2131.5 -254

Open Interest

2584 -24

Historical data for GOLDM-132000-PE

LTP (132000 PE)

1391 162.5

Open Interest

3886 306

Strike 114000 has a total call value of 0 versus a total put value of 5,827,680,000,000 Combined total value = 5,827,680,000,000

Strike 114100 has a total call value of 0 versus a total put value of 5,784,628,000,000 Combined total value = 5,784,628,000,000

Strike 114200 has a total call value of 0 versus a total put value of 5,741,576,000,000 Combined total value = 5,741,576,000,000

Strike 114300 has a total call value of 0 versus a total put value of 5,698,524,000,000 Combined total value = 5,698,524,000,000

Strike 114400 has a total call value of 0 versus a total put value of 5,655,472,000,000 Combined total value = 5,655,472,000,000

Strike 114500 has a total call value of 0 versus a total put value of 5,612,420,000,000 Combined total value = 5,612,420,000,000

Strike 114600 has a total call value of 0 versus a total put value of 5,569,368,000,000 Combined total value = 5,569,368,000,000

Strike 114700 has a total call value of 0 versus a total put value of 5,526,316,000,000 Combined total value = 5,526,316,000,000

Strike 114800 has a total call value of 0 versus a total put value of 5,483,264,000,000 Combined total value = 5,483,264,000,000

Strike 114900 has a total call value of 0 versus a total put value of 5,440,212,000,000 Combined total value = 5,440,212,000,000

Strike 115000 has a total call value of 0 versus a total put value of 5,397,160,000,000 Combined total value = 5,397,160,000,000

Strike 115100 has a total call value of 0 versus a total put value of 5,355,255,000,000 Combined total value = 5,355,255,000,000

Strike 115200 has a total call value of 0 versus a total put value of 5,313,350,000,000 Combined total value = 5,313,350,000,000

Strike 115300 has a total call value of 0 versus a total put value of 5,271,445,000,000 Combined total value = 5,271,445,000,000

Strike 115400 has a total call value of 0 versus a total put value of 5,229,540,000,000 Combined total value = 5,229,540,000,000

Strike 115500 has a total call value of 0 versus a total put value of 5,187,635,000,000 Combined total value = 5,187,635,000,000

Strike 115600 has a total call value of 0 versus a total put value of 5,145,730,000,000 Combined total value = 5,145,730,000,000

Strike 115700 has a total call value of 0 versus a total put value of 5,103,825,000,000 Combined total value = 5,103,825,000,000

Strike 115800 has a total call value of 0 versus a total put value of 5,061,920,000,000 Combined total value = 5,061,920,000,000

Strike 115900 has a total call value of 0 versus a total put value of 5,020,015,000,000 Combined total value = 5,020,015,000,000

Strike 116000 has a total call value of 0 versus a total put value of 4,978,110,000,000 Combined total value = 4,978,110,000,000

Strike 116100 has a total call value of 0 versus a total put value of 4,936,432,000,000 Combined total value = 4,936,432,000,000

Strike 116200 has a total call value of 0 versus a total put value of 4,894,754,000,000 Combined total value = 4,894,754,000,000

Strike 116300 has a total call value of 0 versus a total put value of 4,853,076,000,000 Combined total value = 4,853,076,000,000

Strike 116400 has a total call value of 0 versus a total put value of 4,811,398,000,000 Combined total value = 4,811,398,000,000

Strike 116500 has a total call value of 0 versus a total put value of 4,769,720,000,000 Combined total value = 4,769,720,000,000

Strike 116600 has a total call value of 0 versus a total put value of 4,728,042,000,000 Combined total value = 4,728,042,000,000

Strike 116700 has a total call value of 0 versus a total put value of 4,686,364,000,000 Combined total value = 4,686,364,000,000

Strike 116800 has a total call value of 0 versus a total put value of 4,644,686,000,000 Combined total value = 4,644,686,000,000

Strike 116900 has a total call value of 0 versus a total put value of 4,603,008,000,000 Combined total value = 4,603,008,000,000

Strike 117000 has a total call value of 0 versus a total put value of 4,561,330,000,000 Combined total value = 4,561,330,000,000

Strike 117100 has a total call value of 0 versus a total put value of 4,519,929,000,000 Combined total value = 4,519,929,000,000

Strike 117200 has a total call value of 0 versus a total put value of 4,478,528,000,000 Combined total value = 4,478,528,000,000

Strike 117300 has a total call value of 0 versus a total put value of 4,437,127,000,000 Combined total value = 4,437,127,000,000

Strike 117400 has a total call value of 0 versus a total put value of 4,395,726,000,000 Combined total value = 4,395,726,000,000

Strike 117500 has a total call value of 0 versus a total put value of 4,354,325,000,000 Combined total value = 4,354,325,000,000

Strike 117600 has a total call value of 0 versus a total put value of 4,312,924,000,000 Combined total value = 4,312,924,000,000

Strike 117700 has a total call value of 0 versus a total put value of 4,271,523,000,000 Combined total value = 4,271,523,000,000

Strike 117800 has a total call value of 0 versus a total put value of 4,230,122,000,000 Combined total value = 4,230,122,000,000

Strike 117900 has a total call value of 0 versus a total put value of 4,188,721,000,000 Combined total value = 4,188,721,000,000

Strike 118000 has a total call value of 0 versus a total put value of 4,147,320,000,000 Combined total value = 4,147,320,000,000

Strike 118100 has a total call value of 0 versus a total put value of 4,106,688,000,000 Combined total value = 4,106,688,000,000

Strike 118200 has a total call value of 0 versus a total put value of 4,066,056,000,000 Combined total value = 4,066,056,000,000

Strike 118300 has a total call value of 0 versus a total put value of 4,025,424,000,000 Combined total value = 4,025,424,000,000

Strike 118400 has a total call value of 0 versus a total put value of 3,984,792,000,000 Combined total value = 3,984,792,000,000

Strike 118500 has a total call value of 0 versus a total put value of 3,944,160,000,000 Combined total value = 3,944,160,000,000

Strike 118600 has a total call value of 0 versus a total put value of 3,903,528,000,000 Combined total value = 3,903,528,000,000

Strike 118700 has a total call value of 0 versus a total put value of 3,862,896,000,000 Combined total value = 3,862,896,000,000

Strike 118800 has a total call value of 0 versus a total put value of 3,822,264,000,000 Combined total value = 3,822,264,000,000

Strike 118900 has a total call value of 0 versus a total put value of 3,781,632,000,000 Combined total value = 3,781,632,000,000

Strike 119000 has a total call value of 0 versus a total put value of 3,741,000,000,000 Combined total value = 3,741,000,000,000

Strike 119100 has a total call value of 0 versus a total put value of 3,700,588,000,000 Combined total value = 3,700,588,000,000

Strike 119200 has a total call value of 0 versus a total put value of 3,660,176,000,000 Combined total value = 3,660,176,000,000

Strike 119300 has a total call value of 0 versus a total put value of 3,619,764,000,000 Combined total value = 3,619,764,000,000

Strike 119400 has a total call value of 0 versus a total put value of 3,579,352,000,000 Combined total value = 3,579,352,000,000

Strike 119500 has a total call value of 0 versus a total put value of 3,538,940,000,000 Combined total value = 3,538,940,000,000

Strike 119600 has a total call value of 0 versus a total put value of 3,498,528,000,000 Combined total value = 3,498,528,000,000

Strike 119700 has a total call value of 0 versus a total put value of 3,458,116,000,000 Combined total value = 3,458,116,000,000

Strike 119800 has a total call value of 0 versus a total put value of 3,417,704,000,000 Combined total value = 3,417,704,000,000

Strike 119900 has a total call value of 0 versus a total put value of 3,377,292,000,000 Combined total value = 3,377,292,000,000

Strike 120000 has a total call value of 0 versus a total put value of 3,336,880,000,000 Combined total value = 3,336,880,000,000

Strike 120100 has a total call value of 195,000,000 versus a total put value of 3,299,018,000,000 Combined total value = 3,299,213,000,000

Strike 120200 has a total call value of 390,000,000 versus a total put value of 3,261,156,000,000 Combined total value = 3,261,546,000,000

Strike 120300 has a total call value of 585,000,000 versus a total put value of 3,223,294,000,000 Combined total value = 3,223,879,000,000

Strike 120400 has a total call value of 780,000,000 versus a total put value of 3,185,432,000,000 Combined total value = 3,186,212,000,000

Strike 120500 has a total call value of 975,000,000 versus a total put value of 3,147,570,000,000 Combined total value = 3,148,545,000,000

Strike 120600 has a total call value of 1,170,000,000 versus a total put value of 3,109,708,000,000 Combined total value = 3,110,878,000,000

Strike 120700 has a total call value of 1,365,000,000 versus a total put value of 3,071,846,000,000 Combined total value = 3,073,211,000,000

Strike 120800 has a total call value of 1,560,000,000 versus a total put value of 3,033,984,000,000 Combined total value = 3,035,544,000,000

Strike 120900 has a total call value of 1,755,000,000 versus a total put value of 2,996,122,000,000 Combined total value = 2,997,877,000,000

Strike 121000 has a total call value of 1,950,000,000 versus a total put value of 2,958,260,000,000 Combined total value = 2,960,210,000,000

Strike 121100 has a total call value of 2,145,000,000 versus a total put value of 2,920,916,000,000 Combined total value = 2,923,061,000,000

Strike 121200 has a total call value of 2,340,000,000 versus a total put value of 2,883,572,000,000 Combined total value = 2,885,912,000,000

Strike 121300 has a total call value of 2,535,000,000 versus a total put value of 2,846,228,000,000 Combined total value = 2,848,763,000,000

Strike 121400 has a total call value of 2,730,000,000 versus a total put value of 2,808,884,000,000 Combined total value = 2,811,614,000,000

Strike 121500 has a total call value of 2,925,000,000 versus a total put value of 2,771,540,000,000 Combined total value = 2,774,465,000,000

Strike 121600 has a total call value of 3,120,000,000 versus a total put value of 2,734,196,000,000 Combined total value = 2,737,316,000,000

Strike 121700 has a total call value of 3,315,000,000 versus a total put value of 2,696,852,000,000 Combined total value = 2,700,167,000,000

Strike 121800 has a total call value of 3,510,000,000 versus a total put value of 2,659,508,000,000 Combined total value = 2,663,018,000,000

Strike 121900 has a total call value of 3,705,000,000 versus a total put value of 2,622,164,000,000 Combined total value = 2,625,869,000,000

Strike 122000 has a total call value of 3,900,000,000 versus a total put value of 2,584,820,000,000 Combined total value = 2,588,720,000,000

Strike 122100 has a total call value of 4,095,000,000 versus a total put value of 2,548,468,000,000 Combined total value = 2,552,563,000,000

Strike 122200 has a total call value of 4,290,000,000 versus a total put value of 2,512,116,000,000 Combined total value = 2,516,406,000,000

Strike 122300 has a total call value of 4,485,000,000 versus a total put value of 2,475,764,000,000 Combined total value = 2,480,249,000,000

Strike 122400 has a total call value of 4,680,000,000 versus a total put value of 2,439,412,000,000 Combined total value = 2,444,092,000,000

Strike 122500 has a total call value of 4,875,000,000 versus a total put value of 2,403,060,000,000 Combined total value = 2,407,935,000,000

Strike 122600 has a total call value of 5,070,000,000 versus a total put value of 2,366,708,000,000 Combined total value = 2,371,778,000,000

Strike 122700 has a total call value of 5,265,000,000 versus a total put value of 2,330,356,000,000 Combined total value = 2,335,621,000,000

Strike 122800 has a total call value of 5,460,000,000 versus a total put value of 2,294,004,000,000 Combined total value = 2,299,464,000,000

Strike 122900 has a total call value of 5,655,000,000 versus a total put value of 2,257,652,000,000 Combined total value = 2,263,307,000,000

Strike 123000 has a total call value of 5,850,000,000 versus a total put value of 2,221,300,000,000 Combined total value = 2,227,150,000,000

Strike 123100 has a total call value of 6,225,000,000 versus a total put value of 2,186,080,000,000 Combined total value = 2,192,305,000,000

Strike 123200 has a total call value of 6,600,000,000 versus a total put value of 2,150,860,000,000 Combined total value = 2,157,460,000,000

Strike 123300 has a total call value of 6,975,000,000 versus a total put value of 2,115,640,000,000 Combined total value = 2,122,615,000,000

Strike 123400 has a total call value of 7,350,000,000 versus a total put value of 2,080,420,000,000 Combined total value = 2,087,770,000,000

Strike 123500 has a total call value of 7,725,000,000 versus a total put value of 2,045,200,000,000 Combined total value = 2,052,925,000,000

Strike 123600 has a total call value of 8,100,000,000 versus a total put value of 2,009,980,000,000 Combined total value = 2,018,080,000,000

Strike 123700 has a total call value of 8,475,000,000 versus a total put value of 1,974,760,000,000 Combined total value = 1,983,235,000,000

Strike 123800 has a total call value of 8,850,000,000 versus a total put value of 1,939,540,000,000 Combined total value = 1,948,390,000,000

Strike 123900 has a total call value of 9,225,000,000 versus a total put value of 1,904,320,000,000 Combined total value = 1,913,545,000,000

Strike 124000 has a total call value of 9,600,000,000 versus a total put value of 1,869,100,000,000 Combined total value = 1,878,700,000,000

Strike 124100 has a total call value of 10,203,000,000 versus a total put value of 1,835,404,000,000 Combined total value = 1,845,607,000,000

Strike 124200 has a total call value of 10,806,000,000 versus a total put value of 1,801,708,000,000 Combined total value = 1,812,514,000,000

Strike 124300 has a total call value of 11,409,000,000 versus a total put value of 1,768,012,000,000 Combined total value = 1,779,421,000,000

Strike 124400 has a total call value of 12,012,000,000 versus a total put value of 1,734,316,000,000 Combined total value = 1,746,328,000,000

Strike 124500 has a total call value of 12,615,000,000 versus a total put value of 1,700,620,000,000 Combined total value = 1,713,235,000,000

Strike 124600 has a total call value of 13,218,000,000 versus a total put value of 1,666,924,000,000 Combined total value = 1,680,142,000,000

Strike 124700 has a total call value of 13,821,000,000 versus a total put value of 1,633,228,000,000 Combined total value = 1,647,049,000,000

Strike 124800 has a total call value of 14,424,000,000 versus a total put value of 1,599,532,000,000 Combined total value = 1,613,956,000,000

Strike 124900 has a total call value of 15,027,000,000 versus a total put value of 1,565,836,000,000 Combined total value = 1,580,863,000,000

Strike 125000 has a total call value of 15,630,000,000 versus a total put value of 1,532,140,000,000 Combined total value = 1,547,770,000,000

Strike 125100 has a total call value of 16,636,000,000 versus a total put value of 1,503,034,000,000 Combined total value = 1,519,670,000,000

Strike 125200 has a total call value of 17,642,000,000 versus a total put value of 1,473,928,000,000 Combined total value = 1,491,570,000,000

Strike 125300 has a total call value of 18,648,000,000 versus a total put value of 1,444,822,000,000 Combined total value = 1,463,470,000,000

Strike 125400 has a total call value of 19,654,000,000 versus a total put value of 1,415,716,000,000 Combined total value = 1,435,370,000,000

Strike 125500 has a total call value of 20,660,000,000 versus a total put value of 1,386,610,000,000 Combined total value = 1,407,270,000,000

Strike 125600 has a total call value of 21,666,000,000 versus a total put value of 1,357,504,000,000 Combined total value = 1,379,170,000,000

Strike 125700 has a total call value of 22,672,000,000 versus a total put value of 1,328,398,000,000 Combined total value = 1,351,070,000,000

Strike 125800 has a total call value of 23,678,000,000 versus a total put value of 1,299,292,000,000 Combined total value = 1,322,970,000,000

Strike 125900 has a total call value of 24,684,000,000 versus a total put value of 1,270,186,000,000 Combined total value = 1,294,870,000,000

Strike 126000 has a total call value of 25,690,000,000 versus a total put value of 1,241,080,000,000 Combined total value = 1,266,770,000,000

Strike 126100 has a total call value of 27,047,000,000 versus a total put value of 1,214,227,000,000 Combined total value = 1,241,274,000,000

Strike 126200 has a total call value of 28,404,000,000 versus a total put value of 1,187,374,000,000 Combined total value = 1,215,778,000,000

Strike 126300 has a total call value of 29,761,000,000 versus a total put value of 1,160,521,000,000 Combined total value = 1,190,282,000,000

Strike 126400 has a total call value of 31,118,000,000 versus a total put value of 1,133,668,000,000 Combined total value = 1,164,786,000,000

Strike 126500 has a total call value of 32,475,000,000 versus a total put value of 1,106,815,000,000 Combined total value = 1,139,290,000,000

Strike 126600 has a total call value of 33,832,000,000 versus a total put value of 1,080,160,000,000 Combined total value = 1,113,992,000,000

Strike 126700 has a total call value of 35,189,000,000 versus a total put value of 1,053,505,000,000 Combined total value = 1,088,694,000,000

Strike 126800 has a total call value of 36,546,000,000 versus a total put value of 1,026,850,000,000 Combined total value = 1,063,396,000,000

Strike 126900 has a total call value of 37,903,000,000 versus a total put value of 1,000,195,000,000 Combined total value = 1,038,098,000,000

Strike 127000 has a total call value of 39,260,000,000 versus a total put value of 973,540,000,000 Combined total value = 1,012,800,000,000

Strike 127100 has a total call value of 41,031,000,000 versus a total put value of 949,111,000,000 Combined total value = 990,142,000,000

Strike 127200 has a total call value of 42,802,000,000 versus a total put value of 924,682,000,000 Combined total value = 967,484,000,000

Strike 127300 has a total call value of 44,573,000,000 versus a total put value of 900,253,000,000 Combined total value = 944,826,000,000

Strike 127400 has a total call value of 46,344,000,000 versus a total put value of 875,824,000,000 Combined total value = 922,168,000,000

Strike 127500 has a total call value of 48,115,000,000 versus a total put value of 851,395,000,000 Combined total value = 899,510,000,000

Strike 127600 has a total call value of 49,886,000,000 versus a total put value of 827,390,000,000 Combined total value = 877,276,000,000

Strike 127700 has a total call value of 51,657,000,000 versus a total put value of 803,385,000,000 Combined total value = 855,042,000,000

Strike 127800 has a total call value of 53,428,000,000 versus a total put value of 779,380,000,000 Combined total value = 832,808,000,000

Strike 127900 has a total call value of 55,199,000,000 versus a total put value of 755,375,000,000 Combined total value = 810,574,000,000

Strike 128000 has a total call value of 56,970,000,000 versus a total put value of 731,370,000,000 Combined total value = 788,340,000,000

Strike 128100 has a total call value of 59,306,000,000 versus a total put value of 709,983,000,000 Combined total value = 769,289,000,000

Strike 128200 has a total call value of 61,642,000,000 versus a total put value of 688,596,000,000 Combined total value = 750,238,000,000

Strike 128300 has a total call value of 63,978,000,000 versus a total put value of 667,209,000,000 Combined total value = 731,187,000,000

Strike 128400 has a total call value of 66,314,000,000 versus a total put value of 645,822,000,000 Combined total value = 712,136,000,000

Strike 128500 has a total call value of 68,650,000,000 versus a total put value of 624,435,000,000 Combined total value = 693,085,000,000

Strike 128600 has a total call value of 71,046,000,000 versus a total put value of 603,353,000,000 Combined total value = 674,399,000,000

Strike 128700 has a total call value of 73,442,000,000 versus a total put value of 582,271,000,000 Combined total value = 655,713,000,000

Strike 128800 has a total call value of 75,838,000,000 versus a total put value of 561,189,000,000 Combined total value = 637,027,000,000

Strike 128900 has a total call value of 78,234,000,000 versus a total put value of 540,107,000,000 Combined total value = 618,341,000,000

Strike 129000 has a total call value of 80,630,000,000 versus a total put value of 519,025,000,000 Combined total value = 599,655,000,000

Strike 129100 has a total call value of 83,540,000,000 versus a total put value of 500,200,000,000 Combined total value = 583,740,000,000

Strike 129200 has a total call value of 86,450,000,000 versus a total put value of 481,375,000,000 Combined total value = 567,825,000,000

Strike 129300 has a total call value of 89,360,000,000 versus a total put value of 462,550,000,000 Combined total value = 551,910,000,000

Strike 129400 has a total call value of 92,270,000,000 versus a total put value of 443,725,000,000 Combined total value = 535,995,000,000

Strike 129500 has a total call value of 95,180,000,000 versus a total put value of 424,900,000,000 Combined total value = 520,080,000,000

Strike 129600 has a total call value of 98,090,000,000 versus a total put value of 406,365,000,000 Combined total value = 504,455,000,000

Strike 129700 has a total call value of 101,000,000,000 versus a total put value of 387,830,000,000 Combined total value = 488,830,000,000

Strike 129800 has a total call value of 103,910,000,000 versus a total put value of 369,295,000,000 Combined total value = 473,205,000,000

Strike 129900 has a total call value of 106,820,000,000 versus a total put value of 350,760,000,000 Combined total value = 457,580,000,000

Strike 130000 has a total call value of 109,730,000,000 versus a total put value of 332,225,000,000 Combined total value = 441,955,000,000

Strike 130100 has a total call value of 114,259,000,000 versus a total put value of 317,383,000,000 Combined total value = 431,642,000,000

Strike 130200 has a total call value of 118,788,000,000 versus a total put value of 302,541,000,000 Combined total value = 421,329,000,000

Strike 130300 has a total call value of 123,317,000,000 versus a total put value of 287,699,000,000 Combined total value = 411,016,000,000

Strike 130400 has a total call value of 127,846,000,000 versus a total put value of 272,857,000,000 Combined total value = 400,703,000,000

Strike 130500 has a total call value of 132,375,000,000 versus a total put value of 258,015,000,000 Combined total value = 390,390,000,000

Strike 130600 has a total call value of 136,935,000,000 versus a total put value of 243,406,000,000 Combined total value = 380,341,000,000

Strike 130700 has a total call value of 141,495,000,000 versus a total put value of 228,797,000,000 Combined total value = 370,292,000,000

Strike 130800 has a total call value of 146,055,000,000 versus a total put value of 214,188,000,000 Combined total value = 360,243,000,000

Strike 130900 has a total call value of 150,615,000,000 versus a total put value of 199,579,000,000 Combined total value = 350,194,000,000

Strike 131000 has a total call value of 155,175,000,000 versus a total put value of 184,970,000,000 Combined total value = 340,145,000,000

Strike 131100 has a total call value of 160,786,000,000 versus a total put value of 174,529,000,000 Combined total value = 335,315,000,000

Strike 131200 has a total call value of 166,397,000,000 versus a total put value of 164,088,000,000 Combined total value = 330,485,000,000

Strike 131300 has a total call value of 172,008,000,000 versus a total put value of 153,647,000,000 Combined total value = 325,655,000,000

Strike 131400 has a total call value of 177,619,000,000 versus a total put value of 143,206,000,000 Combined total value = 320,825,000,000

Strike 131500 has a total call value of 183,230,000,000 versus a total put value of 132,765,000,000 Combined total value = 315,995,000,000

Strike 131600 has a total call value of 189,065,000,000 versus a total put value of 123,216,000,000 Combined total value = 312,281,000,000

Strike 131700 has a total call value of 194,900,000,000 versus a total put value of 113,667,000,000 Combined total value = 308,567,000,000

Strike 131800 has a total call value of 200,735,000,000 versus a total put value of 104,118,000,000 Combined total value = 304,853,000,000

Strike 131900 has a total call value of 206,570,000,000 versus a total put value of 94,569,000,000 Combined total value = 301,139,000,000

Strike 132000 has a total call value of 212,405,000,000 versus a total put value of 85,020,000,000 Combined total value = 297,425,000,000

Strike 132100 has a total call value of 220,824,000,000 versus a total put value of 79,357,000,000 Combined total value = 300,181,000,000

Strike 132200 has a total call value of 229,260,000,000 versus a total put value of 73,694,000,000 Combined total value = 302,954,000,000

Strike 132300 has a total call value of 237,696,000,000 versus a total put value of 68,031,000,000 Combined total value = 305,727,000,000

Strike 132400 has a total call value of 246,132,000,000 versus a total put value of 62,368,000,000 Combined total value = 308,500,000,000

Strike 132500 has a total call value of 254,568,000,000 versus a total put value of 56,705,000,000 Combined total value = 311,273,000,000

Strike 132600 has a total call value of 263,874,000,000 versus a total put value of 51,818,000,000 Combined total value = 315,692,000,000

Strike 132700 has a total call value of 273,195,000,000 versus a total put value of 46,931,000,000 Combined total value = 320,126,000,000

Strike 132800 has a total call value of 282,520,000,000 versus a total put value of 42,044,000,000 Combined total value = 324,564,000,000

Strike 132900 has a total call value of 291,845,000,000 versus a total put value of 37,157,000,000 Combined total value = 329,002,000,000

Strike 133000 has a total call value of 301,170,000,000 versus a total put value of 32,270,000,000 Combined total value = 333,440,000,000

Strike 133100 has a total call value of 315,992,000,000 versus a total put value of 30,333,000,000 Combined total value = 346,325,000,000

Strike 133200 has a total call value of 330,833,000,000 versus a total put value of 28,396,000,000 Combined total value = 359,229,000,000

Strike 133300 has a total call value of 345,677,000,000 versus a total put value of 26,459,000,000 Combined total value = 372,136,000,000

Strike 133400 has a total call value of 360,521,000,000 versus a total put value of 24,522,000,000 Combined total value = 385,043,000,000

Strike 133500 has a total call value of 375,365,000,000 versus a total put value of 22,585,000,000 Combined total value = 397,950,000,000

Strike 133600 has a total call value of 391,285,000,000 versus a total put value of 20,788,000,000 Combined total value = 412,073,000,000

Strike 133700 has a total call value of 407,205,000,000 versus a total put value of 18,991,000,000 Combined total value = 426,196,000,000

Strike 133800 has a total call value of 423,125,000,000 versus a total put value of 17,194,000,000 Combined total value = 440,319,000,000

Strike 133900 has a total call value of 439,045,000,000 versus a total put value of 15,397,000,000 Combined total value = 454,442,000,000

Strike 134000 has a total call value of 454,966,000,000 versus a total put value of 13,600,000,000 Combined total value = 468,566,000,000

Strike 134100 has a total call value of 475,115,000,000 versus a total put value of 12,315,000,000 Combined total value = 487,430,000,000

Strike 134200 has a total call value of 495,264,000,000 versus a total put value of 11,030,000,000 Combined total value = 506,294,000,000

Strike 134300 has a total call value of 515,413,000,000 versus a total put value of 9,745,000,000 Combined total value = 525,158,000,000

Strike 134400 has a total call value of 535,562,000,000 versus a total put value of 8,460,000,000 Combined total value = 544,022,000,000

Strike 134500 has a total call value of 555,711,000,000 versus a total put value of 7,175,000,000 Combined total value = 562,886,000,000

Strike 134600 has a total call value of 576,735,000,000 versus a total put value of 5,890,000,000 Combined total value = 582,625,000,000

Strike 134700 has a total call value of 597,759,000,000 versus a total put value of 4,605,000,000 Combined total value = 602,364,000,000

Strike 134800 has a total call value of 618,783,000,000 versus a total put value of 3,320,000,000 Combined total value = 622,103,000,000

Strike 134900 has a total call value of 639,807,000,000 versus a total put value of 2,035,000,000 Combined total value = 641,842,000,000

Strike 135000 has a total call value of 660,831,000,000 versus a total put value of 750,000,000 Combined total value = 661,581,000,000

Strike 135100 has a total call value of 688,690,000,000 versus a total put value of 675,000,000 Combined total value = 689,365,000,000

Strike 135200 has a total call value of 716,549,000,000 versus a total put value of 600,000,000 Combined total value = 717,149,000,000

Strike 135300 has a total call value of 744,408,000,000 versus a total put value of 525,000,000 Combined total value = 744,933,000,000

Strike 135400 has a total call value of 772,267,000,000 versus a total put value of 450,000,000 Combined total value = 772,717,000,000

Strike 135500 has a total call value of 800,126,000,000 versus a total put value of 375,000,000 Combined total value = 800,501,000,000

Strike 135600 has a total call value of 828,584,000,000 versus a total put value of 300,000,000 Combined total value = 828,884,000,000

Strike 135700 has a total call value of 857,042,000,000 versus a total put value of 225,000,000 Combined total value = 857,267,000,000

Strike 135800 has a total call value of 885,500,000,000 versus a total put value of 150,000,000 Combined total value = 885,650,000,000

Strike 135900 has a total call value of 913,958,000,000 versus a total put value of 75,000,000 Combined total value = 914,033,000,000

Strike 136000 has a total call value of 942,416,000,000 versus a total put value of 0 Combined total value = 942,416,000,000

Strike 136100 has a total call value of 975,131,000,000 versus a total put value of 0 Combined total value = 975,131,000,000

Strike 136200 has a total call value of 1,007,846,000,000 versus a total put value of 0 Combined total value = 1,007,846,000,000

Strike 136300 has a total call value of 1,040,561,000,000 versus a total put value of 0 Combined total value = 1,040,561,000,000

Strike 136400 has a total call value of 1,073,276,000,000 versus a total put value of 0 Combined total value = 1,073,276,000,000

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	1142.5	1140
ABB	5080.5	5200
ABCAPITAL	344.25	350
ADANIENSOL	974.55	990
ADANIENT	2223.8	2300
ADANIGREEN	1007.5	1020
ADANIPORTS	1485.7	1500
ALKEM	5531.5	5650
AMBER	6558	6800
AMBUJACEM	534.95	550
ANGELONE	2472.9	2550
APLAPOLLO	1787.6	1760
APOLLOHOSP	6890	7100
ASHOKLEY	171.21	162
ASIANPAINT	2760.1	2800
ASTRAL	1406.5	1440
AUBANK	987.5	960
AUROPHARMA	1203.7	1200
AXISBANK	1229.4	1240
BAJAJ-AUTO	8785	9000
BAJAJFINSV	2021.2	2060
BAJFINANCE	999.4	1020
BANDHANBNK	145.56	150
BANKBARODA	288	290
BANKINDIA	141.76	143
BDL	1336.3	1380
BEL	382	400
BHARATFORG	1398.6	1400
BHARTIARTL	2093.2	2100
BHEL	272.65	280
BIOCON	390.8	390
BLUESTARCO	1855.7	1800
BOSCHLTD	35560	36000
BPCL	361.8	365
BRITANNIA	6016	6000
BSE	2672.9	2700
CAMS	745.3	770
CANBK	149.3	150
CDSL	1478.4	1540
CGPOWER	658.9	680
CHOLAFIN	1672	1700
CIPLA	1496.5	1520
COALINDIA	385.1	384.75
COFORGE	1842.1	1840
COLPAL	2087	2160
CONCOR	496.85	520
CROMPTON	255.6	265
CUMMINSIND	4367.5	4400
CYIENT	1134.8	1140
DABUR	490.8	500
DALBHARAT	2022.9	2040
DELHIVERY	399.9	410
DIVISLAB	6371	6400
DIXON	13220	13750
DLF	680.25	710
DMART	3750.8	3900
DRREDDY	1275.4	1270
EICHERMOT	7076	7100
ETERNAL	283.75	295
EXIDEIND	357.6	370
FEDERALBNK	264.65	260
FORTIS	866.5	890
GAIL	167.35	175
GLENMARK	1947.4	1940
GMRAIRPORT	99.85	102
GODREJCP	1179.6	1160
GODREJPROP	1997	2060
GRASIM	2805.5	2800
HAL	4235.9	4450
HAVELLS	1397.9	1440
HCLTECH	1655.3	1660
HDFCAMC	2712.7	2680
HDFCBANK	981.7	990
HDFCLIFE	754.2	770
HEROMOTOCO	5730.5	5900
HFCL	64.03	67
HINDALCO	854.8	820
HINDPETRO	462.8	460
HINDUNILVR	2259.2	2300
HINDZINC	589.75	560
HUDCO	205.85	220
ICICIBANK	1359.2	1370
ICICIGI	1946.7	1960
ICICIPRULI	644.1	630
IDEA	11.27	11
IDFCFIRSTB	83.52	82
IEX	139.65	145
IIFL	556.35	560
INDHOTEL	718.2	730
INDIANB	773.95	820
INDIGO	5100	5100
INDUSINDBK	831.65	850
INDUSTOWER	407.7	410
INFY	1622.2	1600
INOXWIND	124.38	130
IOC	161.63	162
IRCTC	662.25	685
IREDA	130.81	137.5
IRFC	110.55	115
ITC	400.25	405
JINDALSTEL	980.4	1020
JIOFIN	291.05	305
JSWENERGY	468.2	490
JSWSTEEL	1080	1120
JUBLFOOD	555.45	580
KALYANKJIL	469.55	480
KAYNES	4050	4300
KEI	4075.3	4100
KFINTECH	1062	1060
KOTAKBANK	2163.9	2160
KPITTECH	1151.4	1200
LAURUSLABS	1010.5	1000
LICHSGFIN	526.75	550
LICI	841.85	870
LODHA	1068.3	1100
LT	4031.3	4040
LTF	299.1	302.5
LTIM	6185.5	6200
LUPIN	2110.4	2100
M&M	3567	3650
MANAPPURAM	287.6	280
MANKIND	2125.9	2200
MARICO	740.3	740
MARUTI	16345	16200
MAXHEALTH	1050.5	1100
MAZDOCK	2345.1	2500
MCX	10140	10100
MFSL	1676.6	1700
MOTHERSON	117.08	115
MPHASIS	2872.2	2900
MUTHOOTFIN	3740.1	3750
NATIONALUM	279.2	270
NAUKRI	1336.1	1360
NBCC	107.84	111
NCC	153.4	165
NESTLEIND	1238	1240
NHPC	74.75	78
NMDC	76.43	77
NTPC	317.15	325
NUVAMA	7259	7300
NYKAA	242.6	252.5
OBEROIRLTY	1651.9	1660
OFSS	7605	8000
OIL	399	410
ONGC	231.7	237.5
PAGEIND	35635	37000
PATANJALI	552	550
PAYTM	1281.9	1300
PERSISTENT	6284	6300
PETRONET	267.8	278
PFC	333.45	355
PGEL	564.65	560
PHOENIXLTD	1790	1760
PIDILITIND	1445.8	1480
PIIND	3202.3	3350
PNB	118.59	120
PNBHOUSING	894.1	900
POLICYBZR	1829.9	1840
POLYCAB	7075	7200
POWERGRID	256.7	270
POWERINDIA	18235	19000
PPLPHARMA	165.91	175
PRESTIGE	1594.7	1640
RBLBANK	298	305
RECLTD	336.7	350
RELIANCE	1543.8	1540
RVNL	304.35	310
SAIL	127.14	132
SAMMAANCAP	145.28	155
SBICARD	845.7	870
SBILIFE	2012.3	2020
SBIN	976.05	970
SHREECEM	25630	26500
SHRIRAMFIN	864.4	850
SIEMENS	3063.5	3150
SOLARINDS	11728	12500
SONACOMS	485.5	500
SRF	3042.7	3000
SUNPHARMA	1744.1	1760
SUPREMEIND	3344.4	3400
SUZLON	51.48	54
SYNGENE	653.25	650
TATACONSUM	1172	1180
TATAELXSI	4961	5000
TATAMOTORS	0	320
TATAPOWER	373.25	390
TATASTEEL	168.1	170
TATATECH	639.75	670
TCS	3268	3220
TECHM	1595.1	1560
TIINDIA	2572	2700
TITAGARH	768.6	800
TITAN	3898.6	3860
TMPV	344	360
TORNTPHARM	3735	3750
TORNTPOWER	1249.1	1300
TRENT	4008.5	4200
TVSMOTOR	3584.5	3600
ULTRACEMCO	11419	11600
UNIONBANK	153.89	155
UNITDSPR	1391.5	1440
UNOMINDA	1219.7	1280
UPL	742.25	750
VBL	470.9	470
VEDL	577.75	555
VOLTAS	1401.3	1400
WIPRO	261.87	257.5
YESBANK	21.39	22
ZYDUSLIFE	911.8	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