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

132235 -256.00 (-0.19%)

L: 131663 H: 132350

Max Pain - GOLDM

16 Dec 2025 11:56 AM IST

Live

Expiry

Max Pain for GOLDM is 131000

Historical data for GOLDM-131000-CE

LTP (131000 CE)

2676 -157

Open Interest

1053 46

Historical data for GOLDM-131000-PE

LTP (131000 PE)

1426.5 94.5

Open Interest

1186 -104

Strike 114000 has a total call value of 0 versus a total put value of 4,313,959,000,000 Combined total value = 4,313,959,000,000

Strike 114100 has a total call value of 0 versus a total put value of 4,280,769,000,000 Combined total value = 4,280,769,000,000

Strike 114200 has a total call value of 0 versus a total put value of 4,247,579,000,000 Combined total value = 4,247,579,000,000

Strike 114300 has a total call value of 0 versus a total put value of 4,214,389,000,000 Combined total value = 4,214,389,000,000

Strike 114400 has a total call value of 0 versus a total put value of 4,181,199,000,000 Combined total value = 4,181,199,000,000

Strike 114500 has a total call value of 0 versus a total put value of 4,148,009,000,000 Combined total value = 4,148,009,000,000

Strike 114600 has a total call value of 0 versus a total put value of 4,114,819,000,000 Combined total value = 4,114,819,000,000

Strike 114700 has a total call value of 0 versus a total put value of 4,081,629,000,000 Combined total value = 4,081,629,000,000

Strike 114800 has a total call value of 0 versus a total put value of 4,048,439,000,000 Combined total value = 4,048,439,000,000

Strike 114900 has a total call value of 0 versus a total put value of 4,015,249,000,000 Combined total value = 4,015,249,000,000

Strike 115000 has a total call value of 0 versus a total put value of 3,982,059,000,000 Combined total value = 3,982,059,000,000

Strike 115100 has a total call value of 0 versus a total put value of 3,950,045,000,000 Combined total value = 3,950,045,000,000

Strike 115200 has a total call value of 0 versus a total put value of 3,918,031,000,000 Combined total value = 3,918,031,000,000

Strike 115300 has a total call value of 0 versus a total put value of 3,886,017,000,000 Combined total value = 3,886,017,000,000

Strike 115400 has a total call value of 0 versus a total put value of 3,854,003,000,000 Combined total value = 3,854,003,000,000

Strike 115500 has a total call value of 0 versus a total put value of 3,821,989,000,000 Combined total value = 3,821,989,000,000

Strike 115600 has a total call value of 0 versus a total put value of 3,789,975,000,000 Combined total value = 3,789,975,000,000

Strike 115700 has a total call value of 0 versus a total put value of 3,757,961,000,000 Combined total value = 3,757,961,000,000

Strike 115800 has a total call value of 0 versus a total put value of 3,725,947,000,000 Combined total value = 3,725,947,000,000

Strike 115900 has a total call value of 0 versus a total put value of 3,693,933,000,000 Combined total value = 3,693,933,000,000

Strike 116000 has a total call value of 0 versus a total put value of 3,661,919,000,000 Combined total value = 3,661,919,000,000

Strike 116100 has a total call value of 0 versus a total put value of 3,629,905,000,000 Combined total value = 3,629,905,000,000

Strike 116200 has a total call value of 0 versus a total put value of 3,597,891,000,000 Combined total value = 3,597,891,000,000

Strike 116300 has a total call value of 0 versus a total put value of 3,565,877,000,000 Combined total value = 3,565,877,000,000

Strike 116400 has a total call value of 0 versus a total put value of 3,533,863,000,000 Combined total value = 3,533,863,000,000

Strike 116500 has a total call value of 0 versus a total put value of 3,501,849,000,000 Combined total value = 3,501,849,000,000

Strike 116600 has a total call value of 0 versus a total put value of 3,469,835,000,000 Combined total value = 3,469,835,000,000

Strike 116700 has a total call value of 0 versus a total put value of 3,437,821,000,000 Combined total value = 3,437,821,000,000

Strike 116800 has a total call value of 0 versus a total put value of 3,405,807,000,000 Combined total value = 3,405,807,000,000

Strike 116900 has a total call value of 0 versus a total put value of 3,373,793,000,000 Combined total value = 3,373,793,000,000

Strike 117000 has a total call value of 0 versus a total put value of 3,341,779,000,000 Combined total value = 3,341,779,000,000

Strike 117100 has a total call value of 0 versus a total put value of 3,309,765,000,000 Combined total value = 3,309,765,000,000

Strike 117200 has a total call value of 0 versus a total put value of 3,277,751,000,000 Combined total value = 3,277,751,000,000

Strike 117300 has a total call value of 0 versus a total put value of 3,245,737,000,000 Combined total value = 3,245,737,000,000

Strike 117400 has a total call value of 0 versus a total put value of 3,213,723,000,000 Combined total value = 3,213,723,000,000

Strike 117500 has a total call value of 0 versus a total put value of 3,181,709,000,000 Combined total value = 3,181,709,000,000

Strike 117600 has a total call value of 0 versus a total put value of 3,149,695,000,000 Combined total value = 3,149,695,000,000

Strike 117700 has a total call value of 0 versus a total put value of 3,117,681,000,000 Combined total value = 3,117,681,000,000

Strike 117800 has a total call value of 0 versus a total put value of 3,085,667,000,000 Combined total value = 3,085,667,000,000

Strike 117900 has a total call value of 0 versus a total put value of 3,053,653,000,000 Combined total value = 3,053,653,000,000

Strike 118000 has a total call value of 0 versus a total put value of 3,021,639,000,000 Combined total value = 3,021,639,000,000

Strike 118100 has a total call value of 0 versus a total put value of 2,989,625,000,000 Combined total value = 2,989,625,000,000

Strike 118200 has a total call value of 0 versus a total put value of 2,957,611,000,000 Combined total value = 2,957,611,000,000

Strike 118300 has a total call value of 0 versus a total put value of 2,925,597,000,000 Combined total value = 2,925,597,000,000

Strike 118400 has a total call value of 0 versus a total put value of 2,893,583,000,000 Combined total value = 2,893,583,000,000

Strike 118500 has a total call value of 0 versus a total put value of 2,861,569,000,000 Combined total value = 2,861,569,000,000

Strike 118600 has a total call value of 0 versus a total put value of 2,829,555,000,000 Combined total value = 2,829,555,000,000

Strike 118700 has a total call value of 0 versus a total put value of 2,797,541,000,000 Combined total value = 2,797,541,000,000

Strike 118800 has a total call value of 0 versus a total put value of 2,765,527,000,000 Combined total value = 2,765,527,000,000

Strike 118900 has a total call value of 0 versus a total put value of 2,733,513,000,000 Combined total value = 2,733,513,000,000

Strike 119000 has a total call value of 0 versus a total put value of 2,701,499,000,000 Combined total value = 2,701,499,000,000

Strike 119100 has a total call value of 0 versus a total put value of 2,669,755,000,000 Combined total value = 2,669,755,000,000

Strike 119200 has a total call value of 0 versus a total put value of 2,638,011,000,000 Combined total value = 2,638,011,000,000

Strike 119300 has a total call value of 0 versus a total put value of 2,606,267,000,000 Combined total value = 2,606,267,000,000

Strike 119400 has a total call value of 0 versus a total put value of 2,574,523,000,000 Combined total value = 2,574,523,000,000

Strike 119500 has a total call value of 0 versus a total put value of 2,542,779,000,000 Combined total value = 2,542,779,000,000

Strike 119600 has a total call value of 0 versus a total put value of 2,511,035,000,000 Combined total value = 2,511,035,000,000

Strike 119700 has a total call value of 0 versus a total put value of 2,479,291,000,000 Combined total value = 2,479,291,000,000

Strike 119800 has a total call value of 0 versus a total put value of 2,447,547,000,000 Combined total value = 2,447,547,000,000

Strike 119900 has a total call value of 0 versus a total put value of 2,415,803,000,000 Combined total value = 2,415,803,000,000

Strike 120000 has a total call value of 0 versus a total put value of 2,384,059,000,000 Combined total value = 2,384,059,000,000

Strike 120100 has a total call value of 0 versus a total put value of 2,354,850,000,000 Combined total value = 2,354,850,000,000

Strike 120200 has a total call value of 0 versus a total put value of 2,325,641,000,000 Combined total value = 2,325,641,000,000

Strike 120300 has a total call value of 0 versus a total put value of 2,296,432,000,000 Combined total value = 2,296,432,000,000

Strike 120400 has a total call value of 0 versus a total put value of 2,267,223,000,000 Combined total value = 2,267,223,000,000

Strike 120500 has a total call value of 0 versus a total put value of 2,238,014,000,000 Combined total value = 2,238,014,000,000

Strike 120600 has a total call value of 0 versus a total put value of 2,208,805,000,000 Combined total value = 2,208,805,000,000

Strike 120700 has a total call value of 0 versus a total put value of 2,179,596,000,000 Combined total value = 2,179,596,000,000

Strike 120800 has a total call value of 0 versus a total put value of 2,150,387,000,000 Combined total value = 2,150,387,000,000

Strike 120900 has a total call value of 0 versus a total put value of 2,121,178,000,000 Combined total value = 2,121,178,000,000

Strike 121000 has a total call value of 0 versus a total put value of 2,091,969,000,000 Combined total value = 2,091,969,000,000

Strike 121100 has a total call value of 0 versus a total put value of 2,063,313,000,000 Combined total value = 2,063,313,000,000

Strike 121200 has a total call value of 0 versus a total put value of 2,034,657,000,000 Combined total value = 2,034,657,000,000

Strike 121300 has a total call value of 0 versus a total put value of 2,006,001,000,000 Combined total value = 2,006,001,000,000

Strike 121400 has a total call value of 0 versus a total put value of 1,977,345,000,000 Combined total value = 1,977,345,000,000

Strike 121500 has a total call value of 0 versus a total put value of 1,948,689,000,000 Combined total value = 1,948,689,000,000

Strike 121600 has a total call value of 0 versus a total put value of 1,920,048,000,000 Combined total value = 1,920,048,000,000

Strike 121700 has a total call value of 0 versus a total put value of 1,891,407,000,000 Combined total value = 1,891,407,000,000

Strike 121800 has a total call value of 0 versus a total put value of 1,862,766,000,000 Combined total value = 1,862,766,000,000

Strike 121900 has a total call value of 0 versus a total put value of 1,834,125,000,000 Combined total value = 1,834,125,000,000

Strike 122000 has a total call value of 0 versus a total put value of 1,805,484,000,000 Combined total value = 1,805,484,000,000

Strike 122100 has a total call value of 163,000,000 versus a total put value of 1,777,951,000,000 Combined total value = 1,778,114,000,000

Strike 122200 has a total call value of 326,000,000 versus a total put value of 1,750,418,000,000 Combined total value = 1,750,744,000,000

Strike 122300 has a total call value of 489,000,000 versus a total put value of 1,722,885,000,000 Combined total value = 1,723,374,000,000

Strike 122400 has a total call value of 652,000,000 versus a total put value of 1,695,352,000,000 Combined total value = 1,696,004,000,000

Strike 122500 has a total call value of 815,000,000 versus a total put value of 1,667,819,000,000 Combined total value = 1,668,634,000,000

Strike 122600 has a total call value of 978,000,000 versus a total put value of 1,640,286,000,000 Combined total value = 1,641,264,000,000

Strike 122700 has a total call value of 1,141,000,000 versus a total put value of 1,612,753,000,000 Combined total value = 1,613,894,000,000

Strike 122800 has a total call value of 1,304,000,000 versus a total put value of 1,585,220,000,000 Combined total value = 1,586,524,000,000

Strike 122900 has a total call value of 1,467,000,000 versus a total put value of 1,557,687,000,000 Combined total value = 1,559,154,000,000

Strike 123000 has a total call value of 1,630,000,000 versus a total put value of 1,530,154,000,000 Combined total value = 1,531,784,000,000

Strike 123100 has a total call value of 1,972,000,000 versus a total put value of 1,504,065,000,000 Combined total value = 1,506,037,000,000

Strike 123200 has a total call value of 2,314,000,000 versus a total put value of 1,477,976,000,000 Combined total value = 1,480,290,000,000

Strike 123300 has a total call value of 2,656,000,000 versus a total put value of 1,451,887,000,000 Combined total value = 1,454,543,000,000

Strike 123400 has a total call value of 2,998,000,000 versus a total put value of 1,425,798,000,000 Combined total value = 1,428,796,000,000

Strike 123500 has a total call value of 3,340,000,000 versus a total put value of 1,399,709,000,000 Combined total value = 1,403,049,000,000

Strike 123600 has a total call value of 3,682,000,000 versus a total put value of 1,373,628,000,000 Combined total value = 1,377,310,000,000

Strike 123700 has a total call value of 4,024,000,000 versus a total put value of 1,347,547,000,000 Combined total value = 1,351,571,000,000

Strike 123800 has a total call value of 4,366,000,000 versus a total put value of 1,321,466,000,000 Combined total value = 1,325,832,000,000

Strike 123900 has a total call value of 4,708,000,000 versus a total put value of 1,295,385,000,000 Combined total value = 1,300,093,000,000

Strike 124000 has a total call value of 5,050,000,000 versus a total put value of 1,269,304,000,000 Combined total value = 1,274,354,000,000

Strike 124100 has a total call value of 5,626,000,000 versus a total put value of 1,244,871,000,000 Combined total value = 1,250,497,000,000

Strike 124200 has a total call value of 6,202,000,000 versus a total put value of 1,220,438,000,000 Combined total value = 1,226,640,000,000

Strike 124300 has a total call value of 6,778,000,000 versus a total put value of 1,196,005,000,000 Combined total value = 1,202,783,000,000

Strike 124400 has a total call value of 7,354,000,000 versus a total put value of 1,171,572,000,000 Combined total value = 1,178,926,000,000

Strike 124500 has a total call value of 7,930,000,000 versus a total put value of 1,147,139,000,000 Combined total value = 1,155,069,000,000

Strike 124600 has a total call value of 8,506,000,000 versus a total put value of 1,122,706,000,000 Combined total value = 1,131,212,000,000

Strike 124700 has a total call value of 9,082,000,000 versus a total put value of 1,098,273,000,000 Combined total value = 1,107,355,000,000

Strike 124800 has a total call value of 9,658,000,000 versus a total put value of 1,073,840,000,000 Combined total value = 1,083,498,000,000

Strike 124900 has a total call value of 10,234,000,000 versus a total put value of 1,049,407,000,000 Combined total value = 1,059,641,000,000

Strike 125000 has a total call value of 10,810,000,000 versus a total put value of 1,024,974,000,000 Combined total value = 1,035,784,000,000

Strike 125100 has a total call value of 11,829,000,000 versus a total put value of 1,003,489,000,000 Combined total value = 1,015,318,000,000

Strike 125200 has a total call value of 12,848,000,000 versus a total put value of 982,004,000,000 Combined total value = 994,852,000,000

Strike 125300 has a total call value of 13,867,000,000 versus a total put value of 960,519,000,000 Combined total value = 974,386,000,000

Strike 125400 has a total call value of 14,886,000,000 versus a total put value of 939,034,000,000 Combined total value = 953,920,000,000

Strike 125500 has a total call value of 15,905,000,000 versus a total put value of 917,549,000,000 Combined total value = 933,454,000,000

Strike 125600 has a total call value of 16,924,000,000 versus a total put value of 896,149,000,000 Combined total value = 913,073,000,000

Strike 125700 has a total call value of 17,943,000,000 versus a total put value of 874,749,000,000 Combined total value = 892,692,000,000

Strike 125800 has a total call value of 18,962,000,000 versus a total put value of 853,349,000,000 Combined total value = 872,311,000,000

Strike 125900 has a total call value of 19,981,000,000 versus a total put value of 831,949,000,000 Combined total value = 851,930,000,000

Strike 126000 has a total call value of 21,000,000,000 versus a total put value of 810,549,000,000 Combined total value = 831,549,000,000

Strike 126100 has a total call value of 22,398,000,000 versus a total put value of 791,521,000,000 Combined total value = 813,919,000,000

Strike 126200 has a total call value of 23,796,000,000 versus a total put value of 772,493,000,000 Combined total value = 796,289,000,000

Strike 126300 has a total call value of 25,194,000,000 versus a total put value of 753,465,000,000 Combined total value = 778,659,000,000

Strike 126400 has a total call value of 26,592,000,000 versus a total put value of 734,437,000,000 Combined total value = 761,029,000,000

Strike 126500 has a total call value of 27,990,000,000 versus a total put value of 715,409,000,000 Combined total value = 743,399,000,000

Strike 126600 has a total call value of 29,388,000,000 versus a total put value of 696,590,000,000 Combined total value = 725,978,000,000

Strike 126700 has a total call value of 30,786,000,000 versus a total put value of 677,771,000,000 Combined total value = 708,557,000,000

Strike 126800 has a total call value of 32,184,000,000 versus a total put value of 658,952,000,000 Combined total value = 691,136,000,000

Strike 126900 has a total call value of 33,582,000,000 versus a total put value of 640,133,000,000 Combined total value = 673,715,000,000

Strike 127000 has a total call value of 34,980,000,000 versus a total put value of 621,314,000,000 Combined total value = 656,294,000,000

Strike 127100 has a total call value of 36,866,000,000 versus a total put value of 604,668,000,000 Combined total value = 641,534,000,000

Strike 127200 has a total call value of 38,752,000,000 versus a total put value of 588,022,000,000 Combined total value = 626,774,000,000

Strike 127300 has a total call value of 40,638,000,000 versus a total put value of 571,376,000,000 Combined total value = 612,014,000,000

Strike 127400 has a total call value of 42,524,000,000 versus a total put value of 554,730,000,000 Combined total value = 597,254,000,000

Strike 127500 has a total call value of 44,410,000,000 versus a total put value of 538,084,000,000 Combined total value = 582,494,000,000

Strike 127600 has a total call value of 46,296,000,000 versus a total put value of 522,269,000,000 Combined total value = 568,565,000,000

Strike 127700 has a total call value of 48,182,000,000 versus a total put value of 506,454,000,000 Combined total value = 554,636,000,000

Strike 127800 has a total call value of 50,068,000,000 versus a total put value of 490,639,000,000 Combined total value = 540,707,000,000

Strike 127900 has a total call value of 51,954,000,000 versus a total put value of 474,824,000,000 Combined total value = 526,778,000,000

Strike 128000 has a total call value of 53,840,000,000 versus a total put value of 459,009,000,000 Combined total value = 512,849,000,000

Strike 128100 has a total call value of 56,397,000,000 versus a total put value of 445,402,000,000 Combined total value = 501,799,000,000

Strike 128200 has a total call value of 58,954,000,000 versus a total put value of 431,795,000,000 Combined total value = 490,749,000,000

Strike 128300 has a total call value of 61,511,000,000 versus a total put value of 418,188,000,000 Combined total value = 479,699,000,000

Strike 128400 has a total call value of 64,068,000,000 versus a total put value of 404,581,000,000 Combined total value = 468,649,000,000

Strike 128500 has a total call value of 66,625,000,000 versus a total put value of 390,974,000,000 Combined total value = 457,599,000,000

Strike 128600 has a total call value of 69,245,000,000 versus a total put value of 377,751,000,000 Combined total value = 446,996,000,000

Strike 128700 has a total call value of 71,865,000,000 versus a total put value of 364,528,000,000 Combined total value = 436,393,000,000

Strike 128800 has a total call value of 74,485,000,000 versus a total put value of 351,305,000,000 Combined total value = 425,790,000,000

Strike 128900 has a total call value of 77,105,000,000 versus a total put value of 338,082,000,000 Combined total value = 415,187,000,000

Strike 129000 has a total call value of 79,725,000,000 versus a total put value of 324,859,000,000 Combined total value = 404,584,000,000

Strike 129100 has a total call value of 83,019,000,000 versus a total put value of 313,839,000,000 Combined total value = 396,858,000,000

Strike 129200 has a total call value of 86,313,000,000 versus a total put value of 302,819,000,000 Combined total value = 389,132,000,000

Strike 129300 has a total call value of 89,607,000,000 versus a total put value of 291,799,000,000 Combined total value = 381,406,000,000

Strike 129400 has a total call value of 92,901,000,000 versus a total put value of 280,779,000,000 Combined total value = 373,680,000,000

Strike 129500 has a total call value of 96,195,000,000 versus a total put value of 269,759,000,000 Combined total value = 365,954,000,000

Strike 129600 has a total call value of 99,597,000,000 versus a total put value of 259,004,000,000 Combined total value = 358,601,000,000

Strike 129700 has a total call value of 102,999,000,000 versus a total put value of 248,249,000,000 Combined total value = 351,248,000,000

Strike 129800 has a total call value of 106,401,000,000 versus a total put value of 237,494,000,000 Combined total value = 343,895,000,000

Strike 129900 has a total call value of 109,803,000,000 versus a total put value of 226,739,000,000 Combined total value = 336,542,000,000

Strike 130000 has a total call value of 113,205,000,000 versus a total put value of 215,984,000,000 Combined total value = 329,189,000,000

Strike 130100 has a total call value of 118,891,000,000 versus a total put value of 208,453,000,000 Combined total value = 327,344,000,000

Strike 130200 has a total call value of 124,577,000,000 versus a total put value of 200,922,000,000 Combined total value = 325,499,000,000

Strike 130300 has a total call value of 130,263,000,000 versus a total put value of 193,391,000,000 Combined total value = 323,654,000,000

Strike 130400 has a total call value of 135,949,000,000 versus a total put value of 185,860,000,000 Combined total value = 321,809,000,000

Strike 130500 has a total call value of 141,635,000,000 versus a total put value of 178,329,000,000 Combined total value = 319,964,000,000

Strike 130600 has a total call value of 147,368,000,000 versus a total put value of 170,905,000,000 Combined total value = 318,273,000,000

Strike 130700 has a total call value of 153,101,000,000 versus a total put value of 163,481,000,000 Combined total value = 316,582,000,000

Strike 130800 has a total call value of 158,834,000,000 versus a total put value of 156,057,000,000 Combined total value = 314,891,000,000

Strike 130900 has a total call value of 164,567,000,000 versus a total put value of 148,633,000,000 Combined total value = 313,200,000,000

Strike 131000 has a total call value of 170,300,000,000 versus a total put value of 141,209,000,000 Combined total value = 311,509,000,000

Strike 131100 has a total call value of 177,086,000,000 versus a total put value of 134,971,000,000 Combined total value = 312,057,000,000

Strike 131200 has a total call value of 183,872,000,000 versus a total put value of 128,733,000,000 Combined total value = 312,605,000,000

Strike 131300 has a total call value of 190,658,000,000 versus a total put value of 122,495,000,000 Combined total value = 313,153,000,000

Strike 131400 has a total call value of 197,444,000,000 versus a total put value of 116,259,000,000 Combined total value = 313,703,000,000

Strike 131500 has a total call value of 204,230,000,000 versus a total put value of 110,023,000,000 Combined total value = 314,253,000,000

Strike 131600 has a total call value of 211,203,000,000 versus a total put value of 103,935,000,000 Combined total value = 315,138,000,000

Strike 131700 has a total call value of 218,176,000,000 versus a total put value of 97,852,000,000 Combined total value = 316,028,000,000

Strike 131800 has a total call value of 225,149,000,000 versus a total put value of 91,770,000,000 Combined total value = 316,919,000,000

Strike 131900 has a total call value of 232,122,000,000 versus a total put value of 85,688,000,000 Combined total value = 317,810,000,000

Strike 132000 has a total call value of 239,096,000,000 versus a total put value of 79,606,000,000 Combined total value = 318,702,000,000

Strike 132100 has a total call value of 248,380,000,000 versus a total put value of 75,035,000,000 Combined total value = 323,415,000,000

Strike 132200 has a total call value of 257,664,000,000 versus a total put value of 70,464,000,000 Combined total value = 328,128,000,000

Strike 132300 has a total call value of 266,952,000,000 versus a total put value of 65,894,000,000 Combined total value = 332,846,000,000

Strike 132400 has a total call value of 276,241,000,000 versus a total put value of 61,324,000,000 Combined total value = 337,565,000,000

Strike 132500 has a total call value of 285,530,000,000 versus a total put value of 56,754,000,000 Combined total value = 342,284,000,000

Strike 132600 has a total call value of 295,706,000,000 versus a total put value of 52,448,000,000 Combined total value = 348,154,000,000

Strike 132700 has a total call value of 305,882,000,000 versus a total put value of 48,145,000,000 Combined total value = 354,027,000,000

Strike 132800 has a total call value of 316,058,000,000 versus a total put value of 43,842,000,000 Combined total value = 359,900,000,000

Strike 132900 has a total call value of 326,234,000,000 versus a total put value of 39,543,000,000 Combined total value = 365,777,000,000

Strike 133000 has a total call value of 336,410,000,000 versus a total put value of 35,250,000,000 Combined total value = 371,660,000,000

Strike 133100 has a total call value of 351,435,000,000 versus a total put value of 33,282,000,000 Combined total value = 384,717,000,000

Strike 133200 has a total call value of 366,460,000,000 versus a total put value of 31,314,000,000 Combined total value = 397,774,000,000

Strike 133300 has a total call value of 381,485,000,000 versus a total put value of 29,346,000,000 Combined total value = 410,831,000,000

Strike 133400 has a total call value of 396,510,000,000 versus a total put value of 27,378,000,000 Combined total value = 423,888,000,000

Strike 133500 has a total call value of 411,535,000,000 versus a total put value of 25,410,000,000 Combined total value = 436,945,000,000

Strike 133600 has a total call value of 428,393,000,000 versus a total put value of 23,474,000,000 Combined total value = 451,867,000,000

Strike 133700 has a total call value of 445,251,000,000 versus a total put value of 21,538,000,000 Combined total value = 466,789,000,000

Strike 133800 has a total call value of 462,109,000,000 versus a total put value of 19,602,000,000 Combined total value = 481,711,000,000

Strike 133900 has a total call value of 478,967,000,000 versus a total put value of 17,666,000,000 Combined total value = 496,633,000,000

Strike 134000 has a total call value of 495,825,000,000 versus a total put value of 15,730,000,000 Combined total value = 511,555,000,000

Strike 134100 has a total call value of 515,484,000,000 versus a total put value of 14,267,000,000 Combined total value = 529,751,000,000

Strike 134200 has a total call value of 535,143,000,000 versus a total put value of 12,804,000,000 Combined total value = 547,947,000,000

Strike 134300 has a total call value of 554,802,000,000 versus a total put value of 11,341,000,000 Combined total value = 566,143,000,000

Strike 134400 has a total call value of 574,461,000,000 versus a total put value of 9,878,000,000 Combined total value = 584,339,000,000

Strike 134500 has a total call value of 594,120,000,000 versus a total put value of 8,415,000,000 Combined total value = 602,535,000,000

Strike 134600 has a total call value of 615,574,000,000 versus a total put value of 6,952,000,000 Combined total value = 622,526,000,000

Strike 134700 has a total call value of 637,028,000,000 versus a total put value of 5,489,000,000 Combined total value = 642,517,000,000

Strike 134800 has a total call value of 658,482,000,000 versus a total put value of 4,026,000,000 Combined total value = 662,508,000,000

Strike 134900 has a total call value of 679,936,000,000 versus a total put value of 2,563,000,000 Combined total value = 682,499,000,000

Strike 135000 has a total call value of 701,390,000,000 versus a total put value of 1,100,000,000 Combined total value = 702,490,000,000

Strike 135100 has a total call value of 727,999,000,000 versus a total put value of 990,000,000 Combined total value = 728,989,000,000

Strike 135200 has a total call value of 754,608,000,000 versus a total put value of 880,000,000 Combined total value = 755,488,000,000

Strike 135300 has a total call value of 781,217,000,000 versus a total put value of 770,000,000 Combined total value = 781,987,000,000

Strike 135400 has a total call value of 807,826,000,000 versus a total put value of 660,000,000 Combined total value = 808,486,000,000

Strike 135500 has a total call value of 834,435,000,000 versus a total put value of 550,000,000 Combined total value = 834,985,000,000

Strike 135600 has a total call value of 861,341,000,000 versus a total put value of 440,000,000 Combined total value = 861,781,000,000

Strike 135700 has a total call value of 888,247,000,000 versus a total put value of 330,000,000 Combined total value = 888,577,000,000

Strike 135800 has a total call value of 915,153,000,000 versus a total put value of 220,000,000 Combined total value = 915,373,000,000

Strike 135900 has a total call value of 942,059,000,000 versus a total put value of 110,000,000 Combined total value = 942,169,000,000

Strike 136000 has a total call value of 968,965,000,000 versus a total put value of 0 Combined total value = 968,965,000,000

Strike 136100 has a total call value of 1,000,118,000,000 versus a total put value of 0 Combined total value = 1,000,118,000,000

Strike 136200 has a total call value of 1,031,271,000,000 versus a total put value of 0 Combined total value = 1,031,271,000,000

Strike 136300 has a total call value of 1,062,424,000,000 versus a total put value of 0 Combined total value = 1,062,424,000,000

Strike 136400 has a total call value of 1,093,577,000,000 versus a total put value of 0 Combined total value = 1,093,577,000,000

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	1140.7	1140
ABB	5269.5	5200
ABCAPITAL	350.1	350
ADANIENSOL	1001.4	990
ADANIENT	2244.2	2300
ADANIGREEN	1027.5	1040
ADANIPORTS	1501.8	1500
ALKEM	5643.5	5700
AMBER	6793.5	6800
AMBUJACEM	546.5	550
ANGELONE	2553.4	2600
APLAPOLLO	1730.5	1740
APOLLOHOSP	7120	7200
ASHOKLEY	166.96	160
ASIANPAINT	2792.1	2800
ASTRAL	1459.5	1460
AUBANK	977.55	960
AUROPHARMA	1177.1	1200
AXISBANK	1234.2	1250
BAJAJ-AUTO	8959	9000
BAJAJFINSV	2048.7	2060
BAJFINANCE	1002.3	1020
BANDHANBNK	150.7	150
BANKBARODA	280.75	290
BANKINDIA	140.1	144
BDL	1367.7	1420
BEL	385.45	400
BHARATFORG	1399.4	1400
BHARTIARTL	2093.8	2100
BHEL	278.8	280
BIOCON	386.55	390
BLUESTARCO	1817	1780
BOSCHLTD	36025	36500
BPCL	362.7	365
BRITANNIA	6101.5	6000
BSE	2599.2	2700
CAMS	753.8	780
CANBK	146.75	148
CDSL	1504.3	1560
CGPOWER	665.5	680
CHOLAFIN	1719.1	1700
CIPLA	1505	1520
COALINDIA	379	384.75
COFORGE	1853.5	1840
COLPAL	2168.9	2180
CONCOR	502.6	520
CROMPTON	253.8	265
CUMMINSIND	4495.5	4500
CYIENT	1151.1	1160
DABUR	502.25	505
DALBHARAT	2067.3	2040
DELHIVERY	401.95	415
DIVISLAB	6306.5	6400
DIXON	13597	13750
DLF	690.9	720
DMART	3896	3900
DRREDDY	1276.3	1270
EICHERMOT	7071	7100
ETERNAL	284.7	295
EXIDEIND	368.3	375
FEDERALBNK	262.55	260
FORTIS	874.85	880
GAIL	168.42	175
GLENMARK	1972.7	1940
GMRAIRPORT	103.33	102
GODREJCP	1192.2	1180
GODREJPROP	2036.4	2080
GRASIM	2805.6	2800
HAL	4271	4500
HAVELLS	1423.6	1440
HCLTECH	1651.8	1660
HDFCAMC	2567	2640
HDFCBANK	992.9	1000
HDFCLIFE	775.3	770
HEROMOTOCO	5954.5	6050
HFCL	66.12	68
HINDALCO	834.45	820
HINDPETRO	462.9	460
HINDUNILVR	2293.6	2300
HINDZINC	566	540
HUDCO	211.65	220
ICICIBANK	1364.8	1380
ICICIGI	1960.3	1980
ICICIPRULI	647.3	630
IDEA	11.32	11
IDFCFIRSTB	83.56	82
IEX	140.95	145
IIFL	565.95	560
INDHOTEL	727.95	740
INDIANB	766.6	810
INDIGO	4978	5000
INDUSINDBK	843.9	850
INDUSTOWER	408.2	410
INFY	1589	1600
INOXWIND	125.65	130
IOC	166.92	165
IRCTC	670.75	690
IREDA	134.1	140
IRFC	112.54	117
ITC	403.35	405
JINDALSTEL	1014.2	1030
JIOFIN	295	305
JSWENERGY	478.4	490
JSWSTEEL	1095.8	1140
JUBLFOOD	566.65	590
KALYANKJIL	477.75	480
KAYNES	4211	4400
KEI	4145.4	4100
KFINTECH	1037.5	1060
KOTAKBANK	2188.7	2160
KPITTECH	1183.4	1200
LAURUSLABS	998.7	1000
LICHSGFIN	529.65	550
LICI	854.8	880
LODHA	1080.9	1120
LT	4060	4040
LTF	300.75	302.5
LTIM	6226	6150
LUPIN	2096.1	2080
M&M	3620.5	3650
MANAPPURAM	282.4	280
MANKIND	2129	2200
MARICO	742.3	740
MARUTI	16393	16200
MAXHEALTH	1083.9	1100
MAZDOCK	2425.4	2600
MCX	10182	10100
MFSL	1686.5	1700
MOTHERSON	119.79	116
MPHASIS	2863.1	2900
MUTHOOTFIN	3826.5	3750
NATIONALUM	274.75	270
NAUKRI	1346.6	1360
NBCC	112.03	113
NCC	158.89	170
NESTLEIND	1244	1240
NHPC	76.2	78
NMDC	77.07	77
NTPC	321.2	325
NUVAMA	7263	7200
NYKAA	247.1	255
OBEROIRLTY	1647.6	1660
OFSS	7828	8000
OIL	402.2	415
ONGC	232.71	240
PAGEIND	36520	37500
PATANJALI	532.1	545
PAYTM	1287	1300
PERSISTENT	6235.5	6300
PETRONET	266.7	280
PFC	336.75	360
PGEL	560	560
PHOENIXLTD	1782	1740
PIDILITIND	1480.8	1480
PIIND	3245	3350
PNB	117.21	120
PNBHOUSING	917.55	910
POLICYBZR	1829.3	1860
POLYCAB	7310	7300
POWERGRID	262.15	272.5
POWERINDIA	19345	19500
PPLPHARMA	169.25	180
PRESTIGE	1624.5	1660
RBLBANK	299.3	310
RECLTD	337.2	355
RELIANCE	1543.2	1540
RVNL	310.15	315
SAIL	129	133
SAMMAANCAP	147.93	155
SBICARD	851.6	870
SBILIFE	2042.3	2020
SBIN	962.7	970
SHREECEM	26220	26500
SHRIRAMFIN	850.75	850
SIEMENS	3135	3200
SOLARINDS	11998	12500
SONACOMS	486.2	500
SRF	3017.2	2950
SUNPHARMA	1787.2	1800
SUPREMEIND	3404.4	3400
SUZLON	52.63	54
SYNGENE	654.9	650
TATACONSUM	1171.9	1170
TATAELXSI	5008	5100
TATAMOTORS	0	320
TATAPOWER	379.95	390
TATASTEEL	169.35	170
TATATECH	650.85	680
TCS	3205.1	3200
TECHM	1574.3	1540
TIINDIA	2622.6	2700
TITAGARH	791.7	800
TITAN	3913.2	3840
TMPV	346.8	360
TORNTPHARM	3766.2	3800
TORNTPOWER	1284.2	1300
TRENT	4117.8	4200
TVSMOTOR	3614.1	3600
ULTRACEMCO	11570	11700
UNIONBANK	152.53	152.5
UNITDSPR	1449.1	1440
UNOMINDA	1239.8	1280
UPL	751.85	750
VBL	481.9	470
VEDL	548.35	535
VOLTAS	1390.5	1360
WIPRO	260.3	255
YESBANK	21.49	22
ZYDUSLIFE	921.45	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