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

132226 -265.00 (-0.20%)

L: 131663 H: 132420

Max Pain - GOLDM

16 Dec 2025 02:25 PM IST

Live

Expiry

Max Pain for GOLDM is 131000

Historical data for GOLDM-131000-CE

LTP (131000 CE)

2579.5 -253.5

Open Interest

1036 29

Historical data for GOLDM-131000-PE

LTP (131000 PE)

1376.5 44.5

Open Interest

1410 120

Strike 114000 has a total call value of 0 versus a total put value of 4,407,774,000,000 Combined total value = 4,407,774,000,000

Strike 114100 has a total call value of 0 versus a total put value of 4,373,368,000,000 Combined total value = 4,373,368,000,000

Strike 114200 has a total call value of 0 versus a total put value of 4,338,962,000,000 Combined total value = 4,338,962,000,000

Strike 114300 has a total call value of 0 versus a total put value of 4,304,556,000,000 Combined total value = 4,304,556,000,000

Strike 114400 has a total call value of 0 versus a total put value of 4,270,150,000,000 Combined total value = 4,270,150,000,000

Strike 114500 has a total call value of 0 versus a total put value of 4,235,744,000,000 Combined total value = 4,235,744,000,000

Strike 114600 has a total call value of 0 versus a total put value of 4,201,338,000,000 Combined total value = 4,201,338,000,000

Strike 114700 has a total call value of 0 versus a total put value of 4,166,932,000,000 Combined total value = 4,166,932,000,000

Strike 114800 has a total call value of 0 versus a total put value of 4,132,526,000,000 Combined total value = 4,132,526,000,000

Strike 114900 has a total call value of 0 versus a total put value of 4,098,120,000,000 Combined total value = 4,098,120,000,000

Strike 115000 has a total call value of 0 versus a total put value of 4,063,714,000,000 Combined total value = 4,063,714,000,000

Strike 115100 has a total call value of 0 versus a total put value of 4,030,483,000,000 Combined total value = 4,030,483,000,000

Strike 115200 has a total call value of 0 versus a total put value of 3,997,252,000,000 Combined total value = 3,997,252,000,000

Strike 115300 has a total call value of 0 versus a total put value of 3,964,021,000,000 Combined total value = 3,964,021,000,000

Strike 115400 has a total call value of 0 versus a total put value of 3,930,790,000,000 Combined total value = 3,930,790,000,000

Strike 115500 has a total call value of 0 versus a total put value of 3,897,559,000,000 Combined total value = 3,897,559,000,000

Strike 115600 has a total call value of 0 versus a total put value of 3,864,328,000,000 Combined total value = 3,864,328,000,000

Strike 115700 has a total call value of 0 versus a total put value of 3,831,097,000,000 Combined total value = 3,831,097,000,000

Strike 115800 has a total call value of 0 versus a total put value of 3,797,866,000,000 Combined total value = 3,797,866,000,000

Strike 115900 has a total call value of 0 versus a total put value of 3,764,635,000,000 Combined total value = 3,764,635,000,000

Strike 116000 has a total call value of 0 versus a total put value of 3,731,404,000,000 Combined total value = 3,731,404,000,000

Strike 116100 has a total call value of 0 versus a total put value of 3,698,173,000,000 Combined total value = 3,698,173,000,000

Strike 116200 has a total call value of 0 versus a total put value of 3,664,942,000,000 Combined total value = 3,664,942,000,000

Strike 116300 has a total call value of 0 versus a total put value of 3,631,711,000,000 Combined total value = 3,631,711,000,000

Strike 116400 has a total call value of 0 versus a total put value of 3,598,480,000,000 Combined total value = 3,598,480,000,000

Strike 116500 has a total call value of 0 versus a total put value of 3,565,249,000,000 Combined total value = 3,565,249,000,000

Strike 116600 has a total call value of 0 versus a total put value of 3,532,018,000,000 Combined total value = 3,532,018,000,000

Strike 116700 has a total call value of 0 versus a total put value of 3,498,787,000,000 Combined total value = 3,498,787,000,000

Strike 116800 has a total call value of 0 versus a total put value of 3,465,556,000,000 Combined total value = 3,465,556,000,000

Strike 116900 has a total call value of 0 versus a total put value of 3,432,325,000,000 Combined total value = 3,432,325,000,000

Strike 117000 has a total call value of 0 versus a total put value of 3,399,094,000,000 Combined total value = 3,399,094,000,000

Strike 117100 has a total call value of 0 versus a total put value of 3,365,863,000,000 Combined total value = 3,365,863,000,000

Strike 117200 has a total call value of 0 versus a total put value of 3,332,632,000,000 Combined total value = 3,332,632,000,000

Strike 117300 has a total call value of 0 versus a total put value of 3,299,401,000,000 Combined total value = 3,299,401,000,000

Strike 117400 has a total call value of 0 versus a total put value of 3,266,170,000,000 Combined total value = 3,266,170,000,000

Strike 117500 has a total call value of 0 versus a total put value of 3,232,939,000,000 Combined total value = 3,232,939,000,000

Strike 117600 has a total call value of 0 versus a total put value of 3,199,708,000,000 Combined total value = 3,199,708,000,000

Strike 117700 has a total call value of 0 versus a total put value of 3,166,477,000,000 Combined total value = 3,166,477,000,000

Strike 117800 has a total call value of 0 versus a total put value of 3,133,246,000,000 Combined total value = 3,133,246,000,000

Strike 117900 has a total call value of 0 versus a total put value of 3,100,015,000,000 Combined total value = 3,100,015,000,000

Strike 118000 has a total call value of 0 versus a total put value of 3,066,784,000,000 Combined total value = 3,066,784,000,000

Strike 118100 has a total call value of 0 versus a total put value of 3,034,311,000,000 Combined total value = 3,034,311,000,000

Strike 118200 has a total call value of 0 versus a total put value of 3,001,838,000,000 Combined total value = 3,001,838,000,000

Strike 118300 has a total call value of 0 versus a total put value of 2,969,365,000,000 Combined total value = 2,969,365,000,000

Strike 118400 has a total call value of 0 versus a total put value of 2,936,892,000,000 Combined total value = 2,936,892,000,000

Strike 118500 has a total call value of 0 versus a total put value of 2,904,419,000,000 Combined total value = 2,904,419,000,000

Strike 118600 has a total call value of 0 versus a total put value of 2,871,946,000,000 Combined total value = 2,871,946,000,000

Strike 118700 has a total call value of 0 versus a total put value of 2,839,473,000,000 Combined total value = 2,839,473,000,000

Strike 118800 has a total call value of 0 versus a total put value of 2,807,000,000,000 Combined total value = 2,807,000,000,000

Strike 118900 has a total call value of 0 versus a total put value of 2,774,527,000,000 Combined total value = 2,774,527,000,000

Strike 119000 has a total call value of 0 versus a total put value of 2,742,054,000,000 Combined total value = 2,742,054,000,000

Strike 119100 has a total call value of 0 versus a total put value of 2,709,859,000,000 Combined total value = 2,709,859,000,000

Strike 119200 has a total call value of 0 versus a total put value of 2,677,664,000,000 Combined total value = 2,677,664,000,000

Strike 119300 has a total call value of 0 versus a total put value of 2,645,469,000,000 Combined total value = 2,645,469,000,000

Strike 119400 has a total call value of 0 versus a total put value of 2,613,274,000,000 Combined total value = 2,613,274,000,000

Strike 119500 has a total call value of 0 versus a total put value of 2,581,079,000,000 Combined total value = 2,581,079,000,000

Strike 119600 has a total call value of 0 versus a total put value of 2,548,884,000,000 Combined total value = 2,548,884,000,000

Strike 119700 has a total call value of 0 versus a total put value of 2,516,689,000,000 Combined total value = 2,516,689,000,000

Strike 119800 has a total call value of 0 versus a total put value of 2,484,494,000,000 Combined total value = 2,484,494,000,000

Strike 119900 has a total call value of 0 versus a total put value of 2,452,299,000,000 Combined total value = 2,452,299,000,000

Strike 120000 has a total call value of 0 versus a total put value of 2,420,104,000,000 Combined total value = 2,420,104,000,000

Strike 120100 has a total call value of 0 versus a total put value of 2,390,444,000,000 Combined total value = 2,390,444,000,000

Strike 120200 has a total call value of 0 versus a total put value of 2,360,784,000,000 Combined total value = 2,360,784,000,000

Strike 120300 has a total call value of 0 versus a total put value of 2,331,124,000,000 Combined total value = 2,331,124,000,000

Strike 120400 has a total call value of 0 versus a total put value of 2,301,464,000,000 Combined total value = 2,301,464,000,000

Strike 120500 has a total call value of 0 versus a total put value of 2,271,804,000,000 Combined total value = 2,271,804,000,000

Strike 120600 has a total call value of 0 versus a total put value of 2,242,144,000,000 Combined total value = 2,242,144,000,000

Strike 120700 has a total call value of 0 versus a total put value of 2,212,484,000,000 Combined total value = 2,212,484,000,000

Strike 120800 has a total call value of 0 versus a total put value of 2,182,824,000,000 Combined total value = 2,182,824,000,000

Strike 120900 has a total call value of 0 versus a total put value of 2,153,164,000,000 Combined total value = 2,153,164,000,000

Strike 121000 has a total call value of 0 versus a total put value of 2,123,504,000,000 Combined total value = 2,123,504,000,000

Strike 121100 has a total call value of 0 versus a total put value of 2,094,390,000,000 Combined total value = 2,094,390,000,000

Strike 121200 has a total call value of 0 versus a total put value of 2,065,276,000,000 Combined total value = 2,065,276,000,000

Strike 121300 has a total call value of 0 versus a total put value of 2,036,162,000,000 Combined total value = 2,036,162,000,000

Strike 121400 has a total call value of 0 versus a total put value of 2,007,048,000,000 Combined total value = 2,007,048,000,000

Strike 121500 has a total call value of 0 versus a total put value of 1,977,934,000,000 Combined total value = 1,977,934,000,000

Strike 121600 has a total call value of 0 versus a total put value of 1,948,835,000,000 Combined total value = 1,948,835,000,000

Strike 121700 has a total call value of 0 versus a total put value of 1,919,736,000,000 Combined total value = 1,919,736,000,000

Strike 121800 has a total call value of 0 versus a total put value of 1,890,637,000,000 Combined total value = 1,890,637,000,000

Strike 121900 has a total call value of 0 versus a total put value of 1,861,538,000,000 Combined total value = 1,861,538,000,000

Strike 122000 has a total call value of 0 versus a total put value of 1,832,439,000,000 Combined total value = 1,832,439,000,000

Strike 122100 has a total call value of 163,000,000 versus a total put value of 1,804,455,000,000 Combined total value = 1,804,618,000,000

Strike 122200 has a total call value of 326,000,000 versus a total put value of 1,776,471,000,000 Combined total value = 1,776,797,000,000

Strike 122300 has a total call value of 489,000,000 versus a total put value of 1,748,487,000,000 Combined total value = 1,748,976,000,000

Strike 122400 has a total call value of 652,000,000 versus a total put value of 1,720,503,000,000 Combined total value = 1,721,155,000,000

Strike 122500 has a total call value of 815,000,000 versus a total put value of 1,692,519,000,000 Combined total value = 1,693,334,000,000

Strike 122600 has a total call value of 978,000,000 versus a total put value of 1,664,535,000,000 Combined total value = 1,665,513,000,000

Strike 122700 has a total call value of 1,141,000,000 versus a total put value of 1,636,551,000,000 Combined total value = 1,637,692,000,000

Strike 122800 has a total call value of 1,304,000,000 versus a total put value of 1,608,567,000,000 Combined total value = 1,609,871,000,000

Strike 122900 has a total call value of 1,467,000,000 versus a total put value of 1,580,583,000,000 Combined total value = 1,582,050,000,000

Strike 123000 has a total call value of 1,630,000,000 versus a total put value of 1,552,599,000,000 Combined total value = 1,554,229,000,000

Strike 123100 has a total call value of 1,971,000,000 versus a total put value of 1,526,172,000,000 Combined total value = 1,528,143,000,000

Strike 123200 has a total call value of 2,312,000,000 versus a total put value of 1,499,745,000,000 Combined total value = 1,502,057,000,000

Strike 123300 has a total call value of 2,653,000,000 versus a total put value of 1,473,318,000,000 Combined total value = 1,475,971,000,000

Strike 123400 has a total call value of 2,994,000,000 versus a total put value of 1,446,891,000,000 Combined total value = 1,449,885,000,000

Strike 123500 has a total call value of 3,335,000,000 versus a total put value of 1,420,464,000,000 Combined total value = 1,423,799,000,000

Strike 123600 has a total call value of 3,676,000,000 versus a total put value of 1,394,045,000,000 Combined total value = 1,397,721,000,000

Strike 123700 has a total call value of 4,017,000,000 versus a total put value of 1,367,626,000,000 Combined total value = 1,371,643,000,000

Strike 123800 has a total call value of 4,358,000,000 versus a total put value of 1,341,207,000,000 Combined total value = 1,345,565,000,000

Strike 123900 has a total call value of 4,699,000,000 versus a total put value of 1,314,788,000,000 Combined total value = 1,319,487,000,000

Strike 124000 has a total call value of 5,040,000,000 versus a total put value of 1,288,369,000,000 Combined total value = 1,293,409,000,000

Strike 124100 has a total call value of 5,614,000,000 versus a total put value of 1,263,669,000,000 Combined total value = 1,269,283,000,000

Strike 124200 has a total call value of 6,188,000,000 versus a total put value of 1,238,969,000,000 Combined total value = 1,245,157,000,000

Strike 124300 has a total call value of 6,762,000,000 versus a total put value of 1,214,269,000,000 Combined total value = 1,221,031,000,000

Strike 124400 has a total call value of 7,336,000,000 versus a total put value of 1,189,569,000,000 Combined total value = 1,196,905,000,000

Strike 124500 has a total call value of 7,910,000,000 versus a total put value of 1,164,869,000,000 Combined total value = 1,172,779,000,000

Strike 124600 has a total call value of 8,484,000,000 versus a total put value of 1,140,169,000,000 Combined total value = 1,148,653,000,000

Strike 124700 has a total call value of 9,058,000,000 versus a total put value of 1,115,469,000,000 Combined total value = 1,124,527,000,000

Strike 124800 has a total call value of 9,632,000,000 versus a total put value of 1,090,769,000,000 Combined total value = 1,100,401,000,000

Strike 124900 has a total call value of 10,206,000,000 versus a total put value of 1,066,069,000,000 Combined total value = 1,076,275,000,000

Strike 125000 has a total call value of 10,780,000,000 versus a total put value of 1,041,369,000,000 Combined total value = 1,052,149,000,000

Strike 125100 has a total call value of 11,771,000,000 versus a total put value of 1,019,615,000,000 Combined total value = 1,031,386,000,000

Strike 125200 has a total call value of 12,762,000,000 versus a total put value of 997,861,000,000 Combined total value = 1,010,623,000,000

Strike 125300 has a total call value of 13,753,000,000 versus a total put value of 976,107,000,000 Combined total value = 989,860,000,000

Strike 125400 has a total call value of 14,744,000,000 versus a total put value of 954,353,000,000 Combined total value = 969,097,000,000

Strike 125500 has a total call value of 15,735,000,000 versus a total put value of 932,599,000,000 Combined total value = 948,334,000,000

Strike 125600 has a total call value of 16,726,000,000 versus a total put value of 910,930,000,000 Combined total value = 927,656,000,000

Strike 125700 has a total call value of 17,717,000,000 versus a total put value of 889,261,000,000 Combined total value = 906,978,000,000

Strike 125800 has a total call value of 18,708,000,000 versus a total put value of 867,592,000,000 Combined total value = 886,300,000,000

Strike 125900 has a total call value of 19,699,000,000 versus a total put value of 845,924,000,000 Combined total value = 865,623,000,000

Strike 126000 has a total call value of 20,690,000,000 versus a total put value of 824,256,000,000 Combined total value = 844,946,000,000

Strike 126100 has a total call value of 22,061,000,000 versus a total put value of 804,959,000,000 Combined total value = 827,020,000,000

Strike 126200 has a total call value of 23,432,000,000 versus a total put value of 785,662,000,000 Combined total value = 809,094,000,000

Strike 126300 has a total call value of 24,803,000,000 versus a total put value of 766,365,000,000 Combined total value = 791,168,000,000

Strike 126400 has a total call value of 26,174,000,000 versus a total put value of 747,068,000,000 Combined total value = 773,242,000,000

Strike 126500 has a total call value of 27,545,000,000 versus a total put value of 727,771,000,000 Combined total value = 755,316,000,000

Strike 126600 has a total call value of 28,916,000,000 versus a total put value of 708,674,000,000 Combined total value = 737,590,000,000

Strike 126700 has a total call value of 30,287,000,000 versus a total put value of 689,577,000,000 Combined total value = 719,864,000,000

Strike 126800 has a total call value of 31,658,000,000 versus a total put value of 670,480,000,000 Combined total value = 702,138,000,000

Strike 126900 has a total call value of 33,029,000,000 versus a total put value of 651,383,000,000 Combined total value = 684,412,000,000

Strike 127000 has a total call value of 34,400,000,000 versus a total put value of 632,286,000,000 Combined total value = 666,686,000,000

Strike 127100 has a total call value of 36,258,000,000 versus a total put value of 615,417,000,000 Combined total value = 651,675,000,000

Strike 127200 has a total call value of 38,116,000,000 versus a total put value of 598,548,000,000 Combined total value = 636,664,000,000

Strike 127300 has a total call value of 39,974,000,000 versus a total put value of 581,679,000,000 Combined total value = 621,653,000,000

Strike 127400 has a total call value of 41,832,000,000 versus a total put value of 564,810,000,000 Combined total value = 606,642,000,000

Strike 127500 has a total call value of 43,690,000,000 versus a total put value of 547,941,000,000 Combined total value = 591,631,000,000

Strike 127600 has a total call value of 45,548,000,000 versus a total put value of 531,893,000,000 Combined total value = 577,441,000,000

Strike 127700 has a total call value of 47,406,000,000 versus a total put value of 515,845,000,000 Combined total value = 563,251,000,000

Strike 127800 has a total call value of 49,264,000,000 versus a total put value of 499,797,000,000 Combined total value = 549,061,000,000

Strike 127900 has a total call value of 51,122,000,000 versus a total put value of 483,749,000,000 Combined total value = 534,871,000,000

Strike 128000 has a total call value of 52,980,000,000 versus a total put value of 467,701,000,000 Combined total value = 520,681,000,000

Strike 128100 has a total call value of 55,502,000,000 versus a total put value of 453,865,000,000 Combined total value = 509,367,000,000

Strike 128200 has a total call value of 58,024,000,000 versus a total put value of 440,029,000,000 Combined total value = 498,053,000,000

Strike 128300 has a total call value of 60,546,000,000 versus a total put value of 426,193,000,000 Combined total value = 486,739,000,000

Strike 128400 has a total call value of 63,068,000,000 versus a total put value of 412,357,000,000 Combined total value = 475,425,000,000

Strike 128500 has a total call value of 65,590,000,000 versus a total put value of 398,521,000,000 Combined total value = 464,111,000,000

Strike 128600 has a total call value of 68,174,000,000 versus a total put value of 385,053,000,000 Combined total value = 453,227,000,000

Strike 128700 has a total call value of 70,758,000,000 versus a total put value of 371,585,000,000 Combined total value = 442,343,000,000

Strike 128800 has a total call value of 73,342,000,000 versus a total put value of 358,117,000,000 Combined total value = 431,459,000,000

Strike 128900 has a total call value of 75,926,000,000 versus a total put value of 344,649,000,000 Combined total value = 420,575,000,000

Strike 129000 has a total call value of 78,510,000,000 versus a total put value of 331,181,000,000 Combined total value = 409,691,000,000

Strike 129100 has a total call value of 81,761,000,000 versus a total put value of 319,843,000,000 Combined total value = 401,604,000,000

Strike 129200 has a total call value of 85,012,000,000 versus a total put value of 308,505,000,000 Combined total value = 393,517,000,000

Strike 129300 has a total call value of 88,263,000,000 versus a total put value of 297,167,000,000 Combined total value = 385,430,000,000

Strike 129400 has a total call value of 91,514,000,000 versus a total put value of 285,829,000,000 Combined total value = 377,343,000,000

Strike 129500 has a total call value of 94,765,000,000 versus a total put value of 274,491,000,000 Combined total value = 369,256,000,000

Strike 129600 has a total call value of 98,124,000,000 versus a total put value of 263,430,000,000 Combined total value = 361,554,000,000

Strike 129700 has a total call value of 101,483,000,000 versus a total put value of 252,369,000,000 Combined total value = 353,852,000,000

Strike 129800 has a total call value of 104,842,000,000 versus a total put value of 241,308,000,000 Combined total value = 346,150,000,000

Strike 129900 has a total call value of 108,201,000,000 versus a total put value of 230,247,000,000 Combined total value = 338,448,000,000

Strike 130000 has a total call value of 111,560,000,000 versus a total put value of 219,186,000,000 Combined total value = 330,746,000,000

Strike 130100 has a total call value of 117,232,000,000 versus a total put value of 211,388,000,000 Combined total value = 328,620,000,000

Strike 130200 has a total call value of 122,904,000,000 versus a total put value of 203,590,000,000 Combined total value = 326,494,000,000

Strike 130300 has a total call value of 128,576,000,000 versus a total put value of 195,792,000,000 Combined total value = 324,368,000,000

Strike 130400 has a total call value of 134,248,000,000 versus a total put value of 187,994,000,000 Combined total value = 322,242,000,000

Strike 130500 has a total call value of 139,920,000,000 versus a total put value of 180,196,000,000 Combined total value = 320,116,000,000

Strike 130600 has a total call value of 145,639,000,000 versus a total put value of 172,499,000,000 Combined total value = 318,138,000,000

Strike 130700 has a total call value of 151,358,000,000 versus a total put value of 164,802,000,000 Combined total value = 316,160,000,000

Strike 130800 has a total call value of 157,077,000,000 versus a total put value of 157,105,000,000 Combined total value = 314,182,000,000

Strike 130900 has a total call value of 162,796,000,000 versus a total put value of 149,408,000,000 Combined total value = 312,204,000,000

Strike 131000 has a total call value of 168,515,000,000 versus a total put value of 141,711,000,000 Combined total value = 310,226,000,000

Strike 131100 has a total call value of 175,270,000,000 versus a total put value of 135,424,000,000 Combined total value = 310,694,000,000

Strike 131200 has a total call value of 182,025,000,000 versus a total put value of 129,137,000,000 Combined total value = 311,162,000,000

Strike 131300 has a total call value of 188,780,000,000 versus a total put value of 122,850,000,000 Combined total value = 311,630,000,000

Strike 131400 has a total call value of 195,535,000,000 versus a total put value of 116,566,000,000 Combined total value = 312,101,000,000

Strike 131500 has a total call value of 202,290,000,000 versus a total put value of 110,282,000,000 Combined total value = 312,572,000,000

Strike 131600 has a total call value of 209,243,000,000 versus a total put value of 104,140,000,000 Combined total value = 313,383,000,000

Strike 131700 has a total call value of 216,196,000,000 versus a total put value of 98,003,000,000 Combined total value = 314,199,000,000

Strike 131800 has a total call value of 223,149,000,000 versus a total put value of 91,867,000,000 Combined total value = 315,016,000,000

Strike 131900 has a total call value of 230,102,000,000 versus a total put value of 85,731,000,000 Combined total value = 315,833,000,000

Strike 132000 has a total call value of 237,056,000,000 versus a total put value of 79,595,000,000 Combined total value = 316,651,000,000

Strike 132100 has a total call value of 246,401,000,000 versus a total put value of 75,013,000,000 Combined total value = 321,414,000,000

Strike 132200 has a total call value of 255,746,000,000 versus a total put value of 70,431,000,000 Combined total value = 326,177,000,000

Strike 132300 has a total call value of 265,099,000,000 versus a total put value of 65,850,000,000 Combined total value = 330,949,000,000

Strike 132400 has a total call value of 274,453,000,000 versus a total put value of 61,269,000,000 Combined total value = 335,722,000,000

Strike 132500 has a total call value of 283,807,000,000 versus a total put value of 56,691,000,000 Combined total value = 340,498,000,000

Strike 132600 has a total call value of 294,094,000,000 versus a total put value of 52,391,000,000 Combined total value = 346,485,000,000

Strike 132700 has a total call value of 304,381,000,000 versus a total put value of 48,094,000,000 Combined total value = 352,475,000,000

Strike 132800 has a total call value of 314,668,000,000 versus a total put value of 43,797,000,000 Combined total value = 358,465,000,000

Strike 132900 has a total call value of 324,955,000,000 versus a total put value of 39,503,000,000 Combined total value = 364,458,000,000

Strike 133000 has a total call value of 335,242,000,000 versus a total put value of 35,215,000,000 Combined total value = 370,457,000,000

Strike 133100 has a total call value of 350,629,000,000 versus a total put value of 33,246,000,000 Combined total value = 383,875,000,000

Strike 133200 has a total call value of 366,016,000,000 versus a total put value of 31,277,000,000 Combined total value = 397,293,000,000

Strike 133300 has a total call value of 381,403,000,000 versus a total put value of 29,308,000,000 Combined total value = 410,711,000,000

Strike 133400 has a total call value of 396,790,000,000 versus a total put value of 27,339,000,000 Combined total value = 424,129,000,000

Strike 133500 has a total call value of 412,177,000,000 versus a total put value of 25,370,000,000 Combined total value = 437,547,000,000

Strike 133600 has a total call value of 429,649,000,000 versus a total put value of 23,436,000,000 Combined total value = 453,085,000,000

Strike 133700 has a total call value of 447,121,000,000 versus a total put value of 21,502,000,000 Combined total value = 468,623,000,000

Strike 133800 has a total call value of 464,593,000,000 versus a total put value of 19,568,000,000 Combined total value = 484,161,000,000

Strike 133900 has a total call value of 482,067,000,000 versus a total put value of 17,634,000,000 Combined total value = 499,701,000,000

Strike 134000 has a total call value of 499,541,000,000 versus a total put value of 15,700,000,000 Combined total value = 515,241,000,000

Strike 134100 has a total call value of 519,807,000,000 versus a total put value of 14,240,000,000 Combined total value = 534,047,000,000

Strike 134200 has a total call value of 540,073,000,000 versus a total put value of 12,780,000,000 Combined total value = 552,853,000,000

Strike 134300 has a total call value of 560,339,000,000 versus a total put value of 11,320,000,000 Combined total value = 571,659,000,000

Strike 134400 has a total call value of 580,605,000,000 versus a total put value of 9,860,000,000 Combined total value = 590,465,000,000

Strike 134500 has a total call value of 600,871,000,000 versus a total put value of 8,400,000,000 Combined total value = 609,271,000,000

Strike 134600 has a total call value of 622,922,000,000 versus a total put value of 6,940,000,000 Combined total value = 629,862,000,000

Strike 134700 has a total call value of 644,973,000,000 versus a total put value of 5,480,000,000 Combined total value = 650,453,000,000

Strike 134800 has a total call value of 667,024,000,000 versus a total put value of 4,020,000,000 Combined total value = 671,044,000,000

Strike 134900 has a total call value of 689,075,000,000 versus a total put value of 2,560,000,000 Combined total value = 691,635,000,000

Strike 135000 has a total call value of 711,126,000,000 versus a total put value of 1,100,000,000 Combined total value = 712,226,000,000

Strike 135100 has a total call value of 738,530,000,000 versus a total put value of 990,000,000 Combined total value = 739,520,000,000

Strike 135200 has a total call value of 765,934,000,000 versus a total put value of 880,000,000 Combined total value = 766,814,000,000

Strike 135300 has a total call value of 793,338,000,000 versus a total put value of 770,000,000 Combined total value = 794,108,000,000

Strike 135400 has a total call value of 820,742,000,000 versus a total put value of 660,000,000 Combined total value = 821,402,000,000

Strike 135500 has a total call value of 848,146,000,000 versus a total put value of 550,000,000 Combined total value = 848,696,000,000

Strike 135600 has a total call value of 875,843,000,000 versus a total put value of 440,000,000 Combined total value = 876,283,000,000

Strike 135700 has a total call value of 903,540,000,000 versus a total put value of 330,000,000 Combined total value = 903,870,000,000

Strike 135800 has a total call value of 931,237,000,000 versus a total put value of 220,000,000 Combined total value = 931,457,000,000

Strike 135900 has a total call value of 958,934,000,000 versus a total put value of 110,000,000 Combined total value = 959,044,000,000

Strike 136000 has a total call value of 986,631,000,000 versus a total put value of 0 Combined total value = 986,631,000,000

Strike 136100 has a total call value of 1,018,730,000,000 versus a total put value of 0 Combined total value = 1,018,730,000,000

Strike 136200 has a total call value of 1,050,829,000,000 versus a total put value of 0 Combined total value = 1,050,829,000,000

Strike 136300 has a total call value of 1,082,928,000,000 versus a total put value of 0 Combined total value = 1,082,928,000,000

Strike 136400 has a total call value of 1,115,027,000,000 versus a total put value of 0 Combined total value = 1,115,027,000,000

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	1130.8	1140
ABB	5251.5	5200
ABCAPITAL	348.3	350
ADANIENSOL	996.6	990
ADANIENT	2241.2	2300
ADANIGREEN	1025.5	1020
ADANIPORTS	1500.7	1500
ALKEM	5664.5	5700
AMBER	6765.5	6800
AMBUJACEM	547.8	550
ANGELONE	2533.9	2600
APLAPOLLO	1729.2	1740
APOLLOHOSP	7042.5	7200
ASHOKLEY	167.7	160
ASIANPAINT	2784.8	2800
ASTRAL	1460.7	1460
AUBANK	980.85	960
AUROPHARMA	1181	1200
AXISBANK	1226.4	1240
BAJAJ-AUTO	8986	9000
BAJAJFINSV	2035.6	2060
BAJFINANCE	998.6	1020
BANDHANBNK	149.19	150
BANKBARODA	282.35	290
BANKINDIA	139.47	143
BDL	1352.7	1400
BEL	386.35	400
BHARATFORG	1415	1400
BHARTIARTL	2099.5	2100
BHEL	278.25	280
BIOCON	384.5	390
BLUESTARCO	1807.3	1780
BOSCHLTD	36155	36500
BPCL	365.2	362.5
BRITANNIA	6063.5	6000
BSE	2599	2700
CAMS	751	780
CANBK	147.23	148
CDSL	1500.5	1560
CGPOWER	669.8	680
CHOLAFIN	1715.2	1700
CIPLA	1498.4	1520
COALINDIA	380.65	384.75
COFORGE	1850.3	1840
COLPAL	2161	2180
CONCOR	499	520
CROMPTON	252.85	265
CUMMINSIND	4489.7	4500
CYIENT	1150.6	1160
DABUR	497.7	505
DALBHARAT	2066.4	2040
DELHIVERY	400.05	410
DIVISLAB	6290.5	6400
DIXON	13626	13750
DLF	690.2	720
DMART	3846.7	3900
DRREDDY	1279.9	1270
EICHERMOT	7075	7100
ETERNAL	287.45	295
EXIDEIND	366.1	375
FEDERALBNK	262.9	260
FORTIS	877.65	890
GAIL	167.73	175
GLENMARK	1967.4	1940
GMRAIRPORT	102.7	102
GODREJCP	1179.5	1160
GODREJPROP	2020.7	2080
GRASIM	2799.8	2800
HAL	4250	4500
HAVELLS	1411	1440
HCLTECH	1647.2	1660
HDFCAMC	2583.5	2625
HDFCBANK	994.5	1000
HDFCLIFE	767.35	770
HEROMOTOCO	5943	6050
HFCL	65.74	68
HINDALCO	832.7	820
HINDPETRO	462.85	460
HINDUNILVR	2281.8	2300
HINDZINC	567.6	540
HUDCO	210.8	220
ICICIBANK	1360.5	1380
ICICIGI	1949.3	1980
ICICIPRULI	639	630
IDEA	11.25	11
IDFCFIRSTB	83.3	81
IEX	140.39	145
IIFL	566.15	560
INDHOTEL	724.4	740
INDIANB	770.8	820
INDIGO	4965	5000
INDUSINDBK	843.75	850
INDUSTOWER	407.5	410
INFY	1590.1	1600
INOXWIND	125.86	130
IOC	166.99	165
IRCTC	669.5	690
IREDA	133.62	140
IRFC	112.12	117
ITC	402.15	405
JINDALSTEL	1008.7	1030
JIOFIN	295.45	305
JSWENERGY	477.15	490
JSWSTEEL	1085.5	1130
JUBLFOOD	561.6	580
KALYANKJIL	477.2	480
KAYNES	4189	4400
KEI	4150.6	4100
KFINTECH	1034.9	1060
KOTAKBANK	2183.7	2160
KPITTECH	1178.2	1200
LAURUSLABS	995.7	1000
LICHSGFIN	526.8	550
LICI	853.35	880
LODHA	1075.7	1120
LT	4057.6	4040
LTF	300.25	302.5
LTIM	6210	6150
LUPIN	2089.9	2080
M&M	3622.6	3650
MANAPPURAM	283.4	280
MANKIND	2110.1	2200
MARICO	738.15	730
MARUTI	16395	16300
MAXHEALTH	1079.1	1100
MAZDOCK	2412.6	2600
MCX	10144	10100
MFSL	1675.8	1700
MOTHERSON	119.75	116
MPHASIS	2853.3	2900
MUTHOOTFIN	3833.4	3750
NATIONALUM	275.1	270
NAUKRI	1346.8	1360
NBCC	111.62	113
NCC	158.2	167.5
NESTLEIND	1241.7	1240
NHPC	75.82	78
NMDC	76.86	77
NTPC	319.85	325
NUVAMA	7225.5	7200
NYKAA	245	255
OBEROIRLTY	1632.1	1660
OFSS	7855	8000
OIL	401.05	410
ONGC	230.99	240
PAGEIND	36290	37500
PATANJALI	533.65	545
PAYTM	1285	1300
PERSISTENT	6217.5	6200
PETRONET	264.4	277.5
PFC	335.7	355
PGEL	567.6	560
PHOENIXLTD	1779.3	1740
PIDILITIND	1471.5	1480
PIIND	3227.2	3350
PNB	116.93	120
PNBHOUSING	911.7	910
POLICYBZR	1822.4	1860
POLYCAB	7278.5	7300
POWERGRID	260.8	270
POWERINDIA	19215	19500
PPLPHARMA	169.25	180
PRESTIGE	1616.1	1660
RBLBANK	299	310
RECLTD	335.35	355
RELIANCE	1543.4	1540
RVNL	308.8	315
SAIL	128.63	132
SAMMAANCAP	146.56	155
SBICARD	848.6	870
SBILIFE	2042	2020
SBIN	963.05	965
SHREECEM	25970	26500
SHRIRAMFIN	850	850
SIEMENS	3151.7	3200
SOLARINDS	11923	12500
SONACOMS	485.2	500
SRF	3014.1	2950
SUNPHARMA	1785.4	1800
SUPREMEIND	3396.2	3400
SUZLON	52.5	54
SYNGENE	650.3	650
TATACONSUM	1168.9	1170
TATAELXSI	5004.5	5100
TATAMOTORS	0	320
TATAPOWER	378.8	390
TATASTEEL	169.47	170
TATATECH	650.1	680
TCS	3199.1	3200
TECHM	1572.7	1540
TIINDIA	2623.3	2700
TITAGARH	788.6	800
TITAN	3907	3860
TMPV	344.75	360
TORNTPHARM	3777.2	3800
TORNTPOWER	1293.1	1300
TRENT	4107	4200
TVSMOTOR	3619	3600
ULTRACEMCO	11572	11700
UNIONBANK	152.72	152.5
UNITDSPR	1447.5	1440
UNOMINDA	1257.3	1280
UPL	748.55	750
VBL	477.2	470
VEDL	548.45	535
VOLTAS	1391.8	1360
WIPRO	259.15	255
YESBANK	21.43	22
ZYDUSLIFE	917.05	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