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

132848 -267.00 (-0.20%)

L: 132661 H: 133167

Max Pain - GOLDM

18 Dec 2025 01:08 PM IST

Live

Expiry

Max Pain for GOLDM is 132000

Historical data for GOLDM-132000-CE

LTP (132000 CE)

2256.5 -129

Open Interest

2520 -88

Historical data for GOLDM-132000-PE

LTP (132000 PE)

1389.5 161

Open Interest

3401 -179

Strike 114000 has a total call value of 0 versus a total put value of 5,754,900,000,000 Combined total value = 5,754,900,000,000

Strike 114100 has a total call value of 0 versus a total put value of 5,712,367,000,000 Combined total value = 5,712,367,000,000

Strike 114200 has a total call value of 0 versus a total put value of 5,669,834,000,000 Combined total value = 5,669,834,000,000

Strike 114300 has a total call value of 0 versus a total put value of 5,627,301,000,000 Combined total value = 5,627,301,000,000

Strike 114400 has a total call value of 0 versus a total put value of 5,584,768,000,000 Combined total value = 5,584,768,000,000

Strike 114500 has a total call value of 0 versus a total put value of 5,542,235,000,000 Combined total value = 5,542,235,000,000

Strike 114600 has a total call value of 0 versus a total put value of 5,499,702,000,000 Combined total value = 5,499,702,000,000

Strike 114700 has a total call value of 0 versus a total put value of 5,457,169,000,000 Combined total value = 5,457,169,000,000

Strike 114800 has a total call value of 0 versus a total put value of 5,414,636,000,000 Combined total value = 5,414,636,000,000

Strike 114900 has a total call value of 0 versus a total put value of 5,372,103,000,000 Combined total value = 5,372,103,000,000

Strike 115000 has a total call value of 0 versus a total put value of 5,329,570,000,000 Combined total value = 5,329,570,000,000

Strike 115100 has a total call value of 0 versus a total put value of 5,288,185,000,000 Combined total value = 5,288,185,000,000

Strike 115200 has a total call value of 0 versus a total put value of 5,246,800,000,000 Combined total value = 5,246,800,000,000

Strike 115300 has a total call value of 0 versus a total put value of 5,205,415,000,000 Combined total value = 5,205,415,000,000

Strike 115400 has a total call value of 0 versus a total put value of 5,164,030,000,000 Combined total value = 5,164,030,000,000

Strike 115500 has a total call value of 0 versus a total put value of 5,122,645,000,000 Combined total value = 5,122,645,000,000

Strike 115600 has a total call value of 0 versus a total put value of 5,081,260,000,000 Combined total value = 5,081,260,000,000

Strike 115700 has a total call value of 0 versus a total put value of 5,039,875,000,000 Combined total value = 5,039,875,000,000

Strike 115800 has a total call value of 0 versus a total put value of 4,998,490,000,000 Combined total value = 4,998,490,000,000

Strike 115900 has a total call value of 0 versus a total put value of 4,957,105,000,000 Combined total value = 4,957,105,000,000

Strike 116000 has a total call value of 0 versus a total put value of 4,915,720,000,000 Combined total value = 4,915,720,000,000

Strike 116100 has a total call value of 0 versus a total put value of 4,874,335,000,000 Combined total value = 4,874,335,000,000

Strike 116200 has a total call value of 0 versus a total put value of 4,832,950,000,000 Combined total value = 4,832,950,000,000

Strike 116300 has a total call value of 0 versus a total put value of 4,791,565,000,000 Combined total value = 4,791,565,000,000

Strike 116400 has a total call value of 0 versus a total put value of 4,750,180,000,000 Combined total value = 4,750,180,000,000

Strike 116500 has a total call value of 0 versus a total put value of 4,708,795,000,000 Combined total value = 4,708,795,000,000

Strike 116600 has a total call value of 0 versus a total put value of 4,667,410,000,000 Combined total value = 4,667,410,000,000

Strike 116700 has a total call value of 0 versus a total put value of 4,626,025,000,000 Combined total value = 4,626,025,000,000

Strike 116800 has a total call value of 0 versus a total put value of 4,584,640,000,000 Combined total value = 4,584,640,000,000

Strike 116900 has a total call value of 0 versus a total put value of 4,543,255,000,000 Combined total value = 4,543,255,000,000

Strike 117000 has a total call value of 0 versus a total put value of 4,501,870,000,000 Combined total value = 4,501,870,000,000

Strike 117100 has a total call value of 0 versus a total put value of 4,460,762,000,000 Combined total value = 4,460,762,000,000

Strike 117200 has a total call value of 0 versus a total put value of 4,419,654,000,000 Combined total value = 4,419,654,000,000

Strike 117300 has a total call value of 0 versus a total put value of 4,378,546,000,000 Combined total value = 4,378,546,000,000

Strike 117400 has a total call value of 0 versus a total put value of 4,337,438,000,000 Combined total value = 4,337,438,000,000

Strike 117500 has a total call value of 0 versus a total put value of 4,296,330,000,000 Combined total value = 4,296,330,000,000

Strike 117600 has a total call value of 0 versus a total put value of 4,255,222,000,000 Combined total value = 4,255,222,000,000

Strike 117700 has a total call value of 0 versus a total put value of 4,214,114,000,000 Combined total value = 4,214,114,000,000

Strike 117800 has a total call value of 0 versus a total put value of 4,173,006,000,000 Combined total value = 4,173,006,000,000

Strike 117900 has a total call value of 0 versus a total put value of 4,131,898,000,000 Combined total value = 4,131,898,000,000

Strike 118000 has a total call value of 0 versus a total put value of 4,090,790,000,000 Combined total value = 4,090,790,000,000

Strike 118100 has a total call value of 0 versus a total put value of 4,050,451,000,000 Combined total value = 4,050,451,000,000

Strike 118200 has a total call value of 0 versus a total put value of 4,010,112,000,000 Combined total value = 4,010,112,000,000

Strike 118300 has a total call value of 0 versus a total put value of 3,969,773,000,000 Combined total value = 3,969,773,000,000

Strike 118400 has a total call value of 0 versus a total put value of 3,929,434,000,000 Combined total value = 3,929,434,000,000

Strike 118500 has a total call value of 0 versus a total put value of 3,889,095,000,000 Combined total value = 3,889,095,000,000

Strike 118600 has a total call value of 0 versus a total put value of 3,848,756,000,000 Combined total value = 3,848,756,000,000

Strike 118700 has a total call value of 0 versus a total put value of 3,808,417,000,000 Combined total value = 3,808,417,000,000

Strike 118800 has a total call value of 0 versus a total put value of 3,768,078,000,000 Combined total value = 3,768,078,000,000

Strike 118900 has a total call value of 0 versus a total put value of 3,727,739,000,000 Combined total value = 3,727,739,000,000

Strike 119000 has a total call value of 0 versus a total put value of 3,687,400,000,000 Combined total value = 3,687,400,000,000

Strike 119100 has a total call value of 0 versus a total put value of 3,647,281,000,000 Combined total value = 3,647,281,000,000

Strike 119200 has a total call value of 0 versus a total put value of 3,607,162,000,000 Combined total value = 3,607,162,000,000

Strike 119300 has a total call value of 0 versus a total put value of 3,567,043,000,000 Combined total value = 3,567,043,000,000

Strike 119400 has a total call value of 0 versus a total put value of 3,526,924,000,000 Combined total value = 3,526,924,000,000

Strike 119500 has a total call value of 0 versus a total put value of 3,486,805,000,000 Combined total value = 3,486,805,000,000

Strike 119600 has a total call value of 0 versus a total put value of 3,446,686,000,000 Combined total value = 3,446,686,000,000

Strike 119700 has a total call value of 0 versus a total put value of 3,406,567,000,000 Combined total value = 3,406,567,000,000

Strike 119800 has a total call value of 0 versus a total put value of 3,366,448,000,000 Combined total value = 3,366,448,000,000

Strike 119900 has a total call value of 0 versus a total put value of 3,326,329,000,000 Combined total value = 3,326,329,000,000

Strike 120000 has a total call value of 0 versus a total put value of 3,286,210,000,000 Combined total value = 3,286,210,000,000

Strike 120100 has a total call value of 196,000,000 versus a total put value of 3,248,613,000,000 Combined total value = 3,248,809,000,000

Strike 120200 has a total call value of 392,000,000 versus a total put value of 3,211,016,000,000 Combined total value = 3,211,408,000,000

Strike 120300 has a total call value of 588,000,000 versus a total put value of 3,173,419,000,000 Combined total value = 3,174,007,000,000

Strike 120400 has a total call value of 784,000,000 versus a total put value of 3,135,822,000,000 Combined total value = 3,136,606,000,000

Strike 120500 has a total call value of 980,000,000 versus a total put value of 3,098,225,000,000 Combined total value = 3,099,205,000,000

Strike 120600 has a total call value of 1,176,000,000 versus a total put value of 3,060,628,000,000 Combined total value = 3,061,804,000,000

Strike 120700 has a total call value of 1,372,000,000 versus a total put value of 3,023,031,000,000 Combined total value = 3,024,403,000,000

Strike 120800 has a total call value of 1,568,000,000 versus a total put value of 2,985,434,000,000 Combined total value = 2,987,002,000,000

Strike 120900 has a total call value of 1,764,000,000 versus a total put value of 2,947,837,000,000 Combined total value = 2,949,601,000,000

Strike 121000 has a total call value of 1,960,000,000 versus a total put value of 2,910,240,000,000 Combined total value = 2,912,200,000,000

Strike 121100 has a total call value of 2,156,000,000 versus a total put value of 2,873,160,000,000 Combined total value = 2,875,316,000,000

Strike 121200 has a total call value of 2,352,000,000 versus a total put value of 2,836,080,000,000 Combined total value = 2,838,432,000,000

Strike 121300 has a total call value of 2,548,000,000 versus a total put value of 2,799,000,000,000 Combined total value = 2,801,548,000,000

Strike 121400 has a total call value of 2,744,000,000 versus a total put value of 2,761,920,000,000 Combined total value = 2,764,664,000,000

Strike 121500 has a total call value of 2,940,000,000 versus a total put value of 2,724,840,000,000 Combined total value = 2,727,780,000,000

Strike 121600 has a total call value of 3,136,000,000 versus a total put value of 2,687,760,000,000 Combined total value = 2,690,896,000,000

Strike 121700 has a total call value of 3,332,000,000 versus a total put value of 2,650,680,000,000 Combined total value = 2,654,012,000,000

Strike 121800 has a total call value of 3,528,000,000 versus a total put value of 2,613,600,000,000 Combined total value = 2,617,128,000,000

Strike 121900 has a total call value of 3,724,000,000 versus a total put value of 2,576,520,000,000 Combined total value = 2,580,244,000,000

Strike 122000 has a total call value of 3,920,000,000 versus a total put value of 2,539,440,000,000 Combined total value = 2,543,360,000,000

Strike 122100 has a total call value of 4,116,000,000 versus a total put value of 2,503,358,000,000 Combined total value = 2,507,474,000,000

Strike 122200 has a total call value of 4,312,000,000 versus a total put value of 2,467,276,000,000 Combined total value = 2,471,588,000,000

Strike 122300 has a total call value of 4,508,000,000 versus a total put value of 2,431,194,000,000 Combined total value = 2,435,702,000,000

Strike 122400 has a total call value of 4,704,000,000 versus a total put value of 2,395,112,000,000 Combined total value = 2,399,816,000,000

Strike 122500 has a total call value of 4,900,000,000 versus a total put value of 2,359,030,000,000 Combined total value = 2,363,930,000,000

Strike 122600 has a total call value of 5,096,000,000 versus a total put value of 2,322,948,000,000 Combined total value = 2,328,044,000,000

Strike 122700 has a total call value of 5,292,000,000 versus a total put value of 2,286,866,000,000 Combined total value = 2,292,158,000,000

Strike 122800 has a total call value of 5,488,000,000 versus a total put value of 2,250,784,000,000 Combined total value = 2,256,272,000,000

Strike 122900 has a total call value of 5,684,000,000 versus a total put value of 2,214,702,000,000 Combined total value = 2,220,386,000,000

Strike 123000 has a total call value of 5,880,000,000 versus a total put value of 2,178,620,000,000 Combined total value = 2,184,500,000,000

Strike 123100 has a total call value of 6,256,000,000 versus a total put value of 2,143,667,000,000 Combined total value = 2,149,923,000,000

Strike 123200 has a total call value of 6,632,000,000 versus a total put value of 2,108,714,000,000 Combined total value = 2,115,346,000,000

Strike 123300 has a total call value of 7,008,000,000 versus a total put value of 2,073,761,000,000 Combined total value = 2,080,769,000,000

Strike 123400 has a total call value of 7,384,000,000 versus a total put value of 2,038,808,000,000 Combined total value = 2,046,192,000,000

Strike 123500 has a total call value of 7,760,000,000 versus a total put value of 2,003,855,000,000 Combined total value = 2,011,615,000,000

Strike 123600 has a total call value of 8,136,000,000 versus a total put value of 1,968,902,000,000 Combined total value = 1,977,038,000,000

Strike 123700 has a total call value of 8,512,000,000 versus a total put value of 1,933,949,000,000 Combined total value = 1,942,461,000,000

Strike 123800 has a total call value of 8,888,000,000 versus a total put value of 1,898,996,000,000 Combined total value = 1,907,884,000,000

Strike 123900 has a total call value of 9,264,000,000 versus a total put value of 1,864,043,000,000 Combined total value = 1,873,307,000,000

Strike 124000 has a total call value of 9,640,000,000 versus a total put value of 1,829,090,000,000 Combined total value = 1,838,730,000,000

Strike 124100 has a total call value of 10,244,000,000 versus a total put value of 1,795,662,000,000 Combined total value = 1,805,906,000,000

Strike 124200 has a total call value of 10,848,000,000 versus a total put value of 1,762,234,000,000 Combined total value = 1,773,082,000,000

Strike 124300 has a total call value of 11,452,000,000 versus a total put value of 1,728,806,000,000 Combined total value = 1,740,258,000,000

Strike 124400 has a total call value of 12,056,000,000 versus a total put value of 1,695,378,000,000 Combined total value = 1,707,434,000,000

Strike 124500 has a total call value of 12,660,000,000 versus a total put value of 1,661,950,000,000 Combined total value = 1,674,610,000,000

Strike 124600 has a total call value of 13,264,000,000 versus a total put value of 1,628,522,000,000 Combined total value = 1,641,786,000,000

Strike 124700 has a total call value of 13,868,000,000 versus a total put value of 1,595,094,000,000 Combined total value = 1,608,962,000,000

Strike 124800 has a total call value of 14,472,000,000 versus a total put value of 1,561,666,000,000 Combined total value = 1,576,138,000,000

Strike 124900 has a total call value of 15,076,000,000 versus a total put value of 1,528,238,000,000 Combined total value = 1,543,314,000,000

Strike 125000 has a total call value of 15,680,000,000 versus a total put value of 1,494,810,000,000 Combined total value = 1,510,490,000,000

Strike 125100 has a total call value of 16,687,000,000 versus a total put value of 1,466,127,000,000 Combined total value = 1,482,814,000,000

Strike 125200 has a total call value of 17,694,000,000 versus a total put value of 1,437,444,000,000 Combined total value = 1,455,138,000,000

Strike 125300 has a total call value of 18,701,000,000 versus a total put value of 1,408,761,000,000 Combined total value = 1,427,462,000,000

Strike 125400 has a total call value of 19,708,000,000 versus a total put value of 1,380,078,000,000 Combined total value = 1,399,786,000,000

Strike 125500 has a total call value of 20,715,000,000 versus a total put value of 1,351,395,000,000 Combined total value = 1,372,110,000,000

Strike 125600 has a total call value of 21,722,000,000 versus a total put value of 1,322,712,000,000 Combined total value = 1,344,434,000,000

Strike 125700 has a total call value of 22,729,000,000 versus a total put value of 1,294,029,000,000 Combined total value = 1,316,758,000,000

Strike 125800 has a total call value of 23,736,000,000 versus a total put value of 1,265,346,000,000 Combined total value = 1,289,082,000,000

Strike 125900 has a total call value of 24,743,000,000 versus a total put value of 1,236,663,000,000 Combined total value = 1,261,406,000,000

Strike 126000 has a total call value of 25,750,000,000 versus a total put value of 1,207,980,000,000 Combined total value = 1,233,730,000,000

Strike 126100 has a total call value of 27,103,000,000 versus a total put value of 1,181,551,000,000 Combined total value = 1,208,654,000,000

Strike 126200 has a total call value of 28,456,000,000 versus a total put value of 1,155,122,000,000 Combined total value = 1,183,578,000,000

Strike 126300 has a total call value of 29,809,000,000 versus a total put value of 1,128,693,000,000 Combined total value = 1,158,502,000,000

Strike 126400 has a total call value of 31,162,000,000 versus a total put value of 1,102,264,000,000 Combined total value = 1,133,426,000,000

Strike 126500 has a total call value of 32,515,000,000 versus a total put value of 1,075,835,000,000 Combined total value = 1,108,350,000,000

Strike 126600 has a total call value of 33,868,000,000 versus a total put value of 1,049,641,000,000 Combined total value = 1,083,509,000,000

Strike 126700 has a total call value of 35,221,000,000 versus a total put value of 1,023,447,000,000 Combined total value = 1,058,668,000,000

Strike 126800 has a total call value of 36,574,000,000 versus a total put value of 997,253,000,000 Combined total value = 1,033,827,000,000

Strike 126900 has a total call value of 37,927,000,000 versus a total put value of 971,059,000,000 Combined total value = 1,008,986,000,000

Strike 127000 has a total call value of 39,280,000,000 versus a total put value of 944,865,000,000 Combined total value = 984,145,000,000

Strike 127100 has a total call value of 41,047,000,000 versus a total put value of 920,909,000,000 Combined total value = 961,956,000,000

Strike 127200 has a total call value of 42,814,000,000 versus a total put value of 896,953,000,000 Combined total value = 939,767,000,000

Strike 127300 has a total call value of 44,581,000,000 versus a total put value of 872,997,000,000 Combined total value = 917,578,000,000

Strike 127400 has a total call value of 46,348,000,000 versus a total put value of 849,041,000,000 Combined total value = 895,389,000,000

Strike 127500 has a total call value of 48,115,000,000 versus a total put value of 825,085,000,000 Combined total value = 873,200,000,000

Strike 127600 has a total call value of 49,882,000,000 versus a total put value of 801,560,000,000 Combined total value = 851,442,000,000

Strike 127700 has a total call value of 51,649,000,000 versus a total put value of 778,035,000,000 Combined total value = 829,684,000,000

Strike 127800 has a total call value of 53,416,000,000 versus a total put value of 754,510,000,000 Combined total value = 807,926,000,000

Strike 127900 has a total call value of 55,183,000,000 versus a total put value of 730,985,000,000 Combined total value = 786,168,000,000

Strike 128000 has a total call value of 56,950,000,000 versus a total put value of 707,460,000,000 Combined total value = 764,410,000,000

Strike 128100 has a total call value of 59,285,000,000 versus a total put value of 686,616,000,000 Combined total value = 745,901,000,000

Strike 128200 has a total call value of 61,620,000,000 versus a total put value of 665,772,000,000 Combined total value = 727,392,000,000

Strike 128300 has a total call value of 63,955,000,000 versus a total put value of 644,928,000,000 Combined total value = 708,883,000,000

Strike 128400 has a total call value of 66,290,000,000 versus a total put value of 624,084,000,000 Combined total value = 690,374,000,000

Strike 128500 has a total call value of 68,625,000,000 versus a total put value of 603,240,000,000 Combined total value = 671,865,000,000

Strike 128600 has a total call value of 70,960,000,000 versus a total put value of 582,699,000,000 Combined total value = 653,659,000,000

Strike 128700 has a total call value of 73,295,000,000 versus a total put value of 562,158,000,000 Combined total value = 635,453,000,000

Strike 128800 has a total call value of 75,630,000,000 versus a total put value of 541,617,000,000 Combined total value = 617,247,000,000

Strike 128900 has a total call value of 77,965,000,000 versus a total put value of 521,076,000,000 Combined total value = 599,041,000,000

Strike 129000 has a total call value of 80,300,000,000 versus a total put value of 500,535,000,000 Combined total value = 580,835,000,000

Strike 129100 has a total call value of 83,155,000,000 versus a total put value of 482,280,000,000 Combined total value = 565,435,000,000

Strike 129200 has a total call value of 86,010,000,000 versus a total put value of 464,025,000,000 Combined total value = 550,035,000,000

Strike 129300 has a total call value of 88,865,000,000 versus a total put value of 445,770,000,000 Combined total value = 534,635,000,000

Strike 129400 has a total call value of 91,720,000,000 versus a total put value of 427,515,000,000 Combined total value = 519,235,000,000

Strike 129500 has a total call value of 94,575,000,000 versus a total put value of 409,260,000,000 Combined total value = 503,835,000,000

Strike 129600 has a total call value of 97,430,000,000 versus a total put value of 391,292,000,000 Combined total value = 488,722,000,000

Strike 129700 has a total call value of 100,285,000,000 versus a total put value of 373,324,000,000 Combined total value = 473,609,000,000

Strike 129800 has a total call value of 103,140,000,000 versus a total put value of 355,356,000,000 Combined total value = 458,496,000,000

Strike 129900 has a total call value of 105,995,000,000 versus a total put value of 337,388,000,000 Combined total value = 443,383,000,000

Strike 130000 has a total call value of 108,850,000,000 versus a total put value of 319,420,000,000 Combined total value = 428,270,000,000

Strike 130100 has a total call value of 113,295,000,000 versus a total put value of 305,159,000,000 Combined total value = 418,454,000,000

Strike 130200 has a total call value of 117,740,000,000 versus a total put value of 290,898,000,000 Combined total value = 408,638,000,000

Strike 130300 has a total call value of 122,185,000,000 versus a total put value of 276,637,000,000 Combined total value = 398,822,000,000

Strike 130400 has a total call value of 126,630,000,000 versus a total put value of 262,376,000,000 Combined total value = 389,006,000,000

Strike 130500 has a total call value of 131,075,000,000 versus a total put value of 248,115,000,000 Combined total value = 379,190,000,000

Strike 130600 has a total call value of 135,551,000,000 versus a total put value of 234,110,000,000 Combined total value = 369,661,000,000

Strike 130700 has a total call value of 140,027,000,000 versus a total put value of 220,105,000,000 Combined total value = 360,132,000,000

Strike 130800 has a total call value of 144,503,000,000 versus a total put value of 206,100,000,000 Combined total value = 350,603,000,000

Strike 130900 has a total call value of 148,979,000,000 versus a total put value of 192,095,000,000 Combined total value = 341,074,000,000

Strike 131000 has a total call value of 153,455,000,000 versus a total put value of 178,090,000,000 Combined total value = 331,545,000,000

Strike 131100 has a total call value of 158,949,000,000 versus a total put value of 168,217,000,000 Combined total value = 327,166,000,000

Strike 131200 has a total call value of 164,443,000,000 versus a total put value of 158,344,000,000 Combined total value = 322,787,000,000

Strike 131300 has a total call value of 169,937,000,000 versus a total put value of 148,471,000,000 Combined total value = 318,408,000,000

Strike 131400 has a total call value of 175,431,000,000 versus a total put value of 138,598,000,000 Combined total value = 314,029,000,000

Strike 131500 has a total call value of 180,925,000,000 versus a total put value of 128,725,000,000 Combined total value = 309,650,000,000

Strike 131600 has a total call value of 186,644,000,000 versus a total put value of 119,742,000,000 Combined total value = 306,386,000,000

Strike 131700 has a total call value of 192,363,000,000 versus a total put value of 110,759,000,000 Combined total value = 303,122,000,000

Strike 131800 has a total call value of 198,082,000,000 versus a total put value of 101,776,000,000 Combined total value = 299,858,000,000

Strike 131900 has a total call value of 203,801,000,000 versus a total put value of 92,793,000,000 Combined total value = 296,594,000,000

Strike 132000 has a total call value of 209,520,000,000 versus a total put value of 83,810,000,000 Combined total value = 293,330,000,000

Strike 132100 has a total call value of 217,759,000,000 versus a total put value of 78,228,000,000 Combined total value = 295,987,000,000

Strike 132200 has a total call value of 226,015,000,000 versus a total put value of 72,646,000,000 Combined total value = 298,661,000,000

Strike 132300 has a total call value of 234,271,000,000 versus a total put value of 67,064,000,000 Combined total value = 301,335,000,000

Strike 132400 has a total call value of 242,527,000,000 versus a total put value of 61,482,000,000 Combined total value = 304,009,000,000

Strike 132500 has a total call value of 250,783,000,000 versus a total put value of 55,900,000,000 Combined total value = 306,683,000,000

Strike 132600 has a total call value of 259,831,000,000 versus a total put value of 51,062,000,000 Combined total value = 310,893,000,000

Strike 132700 has a total call value of 268,894,000,000 versus a total put value of 46,224,000,000 Combined total value = 315,118,000,000

Strike 132800 has a total call value of 277,957,000,000 versus a total put value of 41,386,000,000 Combined total value = 319,343,000,000

Strike 132900 has a total call value of 287,020,000,000 versus a total put value of 36,548,000,000 Combined total value = 323,568,000,000

Strike 133000 has a total call value of 296,083,000,000 versus a total put value of 31,710,000,000 Combined total value = 327,793,000,000

Strike 133100 has a total call value of 310,391,000,000 versus a total put value of 29,814,000,000 Combined total value = 340,205,000,000

Strike 133200 has a total call value of 324,718,000,000 versus a total put value of 27,918,000,000 Combined total value = 352,636,000,000

Strike 133300 has a total call value of 339,048,000,000 versus a total put value of 26,022,000,000 Combined total value = 365,070,000,000

Strike 133400 has a total call value of 353,378,000,000 versus a total put value of 24,126,000,000 Combined total value = 377,504,000,000

Strike 133500 has a total call value of 367,708,000,000 versus a total put value of 22,230,000,000 Combined total value = 389,938,000,000

Strike 133600 has a total call value of 383,077,000,000 versus a total put value of 20,472,000,000 Combined total value = 403,549,000,000

Strike 133700 has a total call value of 398,446,000,000 versus a total put value of 18,714,000,000 Combined total value = 417,160,000,000

Strike 133800 has a total call value of 413,815,000,000 versus a total put value of 16,956,000,000 Combined total value = 430,771,000,000

Strike 133900 has a total call value of 429,184,000,000 versus a total put value of 15,198,000,000 Combined total value = 444,382,000,000

Strike 134000 has a total call value of 444,554,000,000 versus a total put value of 13,440,000,000 Combined total value = 457,994,000,000

Strike 134100 has a total call value of 463,330,000,000 versus a total put value of 12,169,000,000 Combined total value = 475,499,000,000

Strike 134200 has a total call value of 482,106,000,000 versus a total put value of 10,898,000,000 Combined total value = 493,004,000,000

Strike 134300 has a total call value of 500,882,000,000 versus a total put value of 9,627,000,000 Combined total value = 510,509,000,000

Strike 134400 has a total call value of 519,658,000,000 versus a total put value of 8,356,000,000 Combined total value = 528,014,000,000

Strike 134500 has a total call value of 538,434,000,000 versus a total put value of 7,085,000,000 Combined total value = 545,519,000,000

Strike 134600 has a total call value of 558,066,000,000 versus a total put value of 5,814,000,000 Combined total value = 563,880,000,000

Strike 134700 has a total call value of 577,698,000,000 versus a total put value of 4,543,000,000 Combined total value = 582,241,000,000

Strike 134800 has a total call value of 597,330,000,000 versus a total put value of 3,272,000,000 Combined total value = 600,602,000,000

Strike 134900 has a total call value of 616,962,000,000 versus a total put value of 2,001,000,000 Combined total value = 618,963,000,000

Strike 135000 has a total call value of 636,594,000,000 versus a total put value of 730,000,000 Combined total value = 637,324,000,000

Strike 135100 has a total call value of 661,969,000,000 versus a total put value of 657,000,000 Combined total value = 662,626,000,000

Strike 135200 has a total call value of 687,344,000,000 versus a total put value of 584,000,000 Combined total value = 687,928,000,000

Strike 135300 has a total call value of 712,719,000,000 versus a total put value of 511,000,000 Combined total value = 713,230,000,000

Strike 135400 has a total call value of 738,094,000,000 versus a total put value of 438,000,000 Combined total value = 738,532,000,000

Strike 135500 has a total call value of 763,469,000,000 versus a total put value of 365,000,000 Combined total value = 763,834,000,000

Strike 135600 has a total call value of 789,444,000,000 versus a total put value of 292,000,000 Combined total value = 789,736,000,000

Strike 135700 has a total call value of 815,419,000,000 versus a total put value of 219,000,000 Combined total value = 815,638,000,000

Strike 135800 has a total call value of 841,394,000,000 versus a total put value of 146,000,000 Combined total value = 841,540,000,000

Strike 135900 has a total call value of 867,369,000,000 versus a total put value of 73,000,000 Combined total value = 867,442,000,000

Strike 136000 has a total call value of 893,344,000,000 versus a total put value of 0 Combined total value = 893,344,000,000

Strike 136100 has a total call value of 923,329,000,000 versus a total put value of 0 Combined total value = 923,329,000,000

Strike 136200 has a total call value of 953,314,000,000 versus a total put value of 0 Combined total value = 953,314,000,000

Strike 136300 has a total call value of 983,299,000,000 versus a total put value of 0 Combined total value = 983,299,000,000

Strike 136400 has a total call value of 1,013,284,000,000 versus a total put value of 0 Combined total value = 1,013,284,000,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1142.2	1140
ABB	5134.5	5200
ABCAPITAL	348.35	350
ADANIENSOL	987	990
ADANIENT	2240.9	2300
ADANIGREEN	1018	1020
ADANIPORTS	1491.3	1500
ALKEM	5559.5	5700
AMBER	6605	6800
AMBUJACEM	539.9	550
ANGELONE	2491.5	2550
APLAPOLLO	1793	1760
APOLLOHOSP	6929.5	7100
ASHOKLEY	169.66	160
ASIANPAINT	2767.1	2800
ASTRAL	1426.5	1460
AUBANK	987.95	960
AUROPHARMA	1210.8	1200
AXISBANK	1235.2	1240
BAJAJ-AUTO	8830	9000
BAJAJFINSV	2033.1	2060
BAJFINANCE	1006.3	1020
BANDHANBNK	146.63	150
BANKBARODA	290.4	290
BANKINDIA	143.2	143
BDL	1344	1380
BEL	384.5	400
BHARATFORG	1406.6	1400
BHARTIARTL	2108.2	2100
BHEL	274	280
BIOCON	393.15	390
BLUESTARCO	1852.9	1800
BOSCHLTD	35720	36000
BPCL	362.5	365
BRITANNIA	6035	6000
BSE	2693.8	2700
CAMS	745.1	770
CANBK	150.64	150
CDSL	1490.8	1540
CGPOWER	666.25	680
CHOLAFIN	1688.5	1700
CIPLA	1501.8	1520
COALINDIA	385.5	384.75
COFORGE	1843.8	1840
COLPAL	2089	2160
CONCOR	498.4	520
CROMPTON	259.1	265
CUMMINSIND	4381.8	4400
CYIENT	1144	1140
DABUR	493	500
DALBHARAT	2042.8	2040
DELHIVERY	404.15	410
DIVISLAB	6386.5	6400
DIXON	13398	13750
DLF	685.15	710
DMART	3771	3900
DRREDDY	1275.6	1270
EICHERMOT	7107.5	7100
ETERNAL	284.85	290
EXIDEIND	360.25	370
FEDERALBNK	266	260
FORTIS	866.55	890
GAIL	168.12	175
GLENMARK	1957.6	1940
GMRAIRPORT	100.32	102
GODREJCP	1180.5	1160
GODREJPROP	1999.7	2060
GRASIM	2818.8	2800
HAL	4258.4	4450
HAVELLS	1407.8	1440
HCLTECH	1660.3	1660
HDFCAMC	2717.2	2675
HDFCBANK	982.5	995
HDFCLIFE	757	770
HEROMOTOCO	5740	5900
HFCL	65.09	67
HINDALCO	860.3	820
HINDPETRO	464.25	460
HINDUNILVR	2274.4	2300
HINDZINC	592.75	560
HUDCO	208.17	220
ICICIBANK	1362.6	1370
ICICIGI	1953.5	1960
ICICIPRULI	641.4	630
IDEA	11.5	11
IDFCFIRSTB	84.2	82
IEX	141.39	145
IIFL	566.7	560
INDHOTEL	720.2	730
INDIANB	782	820
INDIGO	5130	5050
INDUSINDBK	839.2	850
INDUSTOWER	411.35	410
INFY	1626	1600
INOXWIND	125.33	130
IOC	162.3	162
IRCTC	665.7	690
IREDA	132.15	140
IRFC	111.65	116
ITC	401.15	405
JINDALSTEL	993.8	1020
JIOFIN	292.9	305
JSWENERGY	472.8	490
JSWSTEEL	1088.7	1120
JUBLFOOD	559.7	580
KALYANKJIL	471.7	480
KAYNES	4109	4300
KEI	4076.9	4100
KFINTECH	1059.5	1060
KOTAKBANK	2172.9	2160
KPITTECH	1164.9	1200
LAURUSLABS	1018	1000
LICHSGFIN	527.7	550
LICI	842.1	870
LODHA	1074.9	1100
LT	4061	4040
LTF	303.35	302.5
LTIM	6226.5	6200
LUPIN	2121.5	2100
M&M	3582.4	3650
MANAPPURAM	290.35	280
MANKIND	2114	2200
MARICO	741.9	740
MARUTI	16388	16200
MAXHEALTH	1056.7	1080
MAZDOCK	2370.7	2500
MCX	10196	10000
MFSL	1682.6	1680
MOTHERSON	117.05	115
MPHASIS	2894.3	2900
MUTHOOTFIN	3772.6	3750
NATIONALUM	282.1	270
NAUKRI	1347	1360
NBCC	108.48	111
NCC	154.79	165
NESTLEIND	1243.4	1240
NHPC	75.12	78
NMDC	77.06	77
NTPC	318.1	325
NUVAMA	7346	7300
NYKAA	244.05	252.5
OBEROIRLTY	1667.7	1660
OFSS	7708	8000
OIL	399.35	410
ONGC	232.66	237.5
PAGEIND	35900	37000
PATANJALI	553.05	550
PAYTM	1282.8	1300
PERSISTENT	6313.5	6300
PETRONET	268.5	278
PFC	336.85	355
PGEL	568.7	560
PHOENIXLTD	1804	1760
PIDILITIND	1450.1	1480
PIIND	3212.3	3350
PNB	119.61	120
PNBHOUSING	904.35	900
POLICYBZR	1822.5	1840
POLYCAB	7114.5	7200
POWERGRID	256.9	270
POWERINDIA	18365	19000
PPLPHARMA	166.32	177.5
PRESTIGE	1607.6	1640
RBLBANK	300.65	305
RECLTD	337.9	350
RELIANCE	1548.2	1540
RVNL	306.35	310
SAIL	129.6	132
SAMMAANCAP	146.1	155
SBICARD	849.7	870
SBILIFE	2016.5	2020
SBIN	979.6	970
SHREECEM	25845	26500
SHRIRAMFIN	873.3	850
SIEMENS	3079	3150
SOLARINDS	11751	12500
SONACOMS	485.95	500
SRF	3043.1	3000
SUNPHARMA	1741.9	1760
SUPREMEIND	3350.4	3400
SUZLON	51.82	54
SYNGENE	655.25	650
TATACONSUM	1179.6	1180
TATAELXSI	5004.5	5000
TATAMOTORS	0	320
TATAPOWER	375.2	390
TATASTEEL	169.71	170
TATATECH	644.95	670
TCS	3276.4	3200
TECHM	1595	1560
TIINDIA	2594.1	2700
TITAGARH	774.8	800
TITAN	3918.5	3860
TMPV	346.2	360
TORNTPHARM	3736.6	3750
TORNTPOWER	1262.5	1300
TRENT	4011	4200
TVSMOTOR	3593.8	3600
ULTRACEMCO	11511	11600
UNIONBANK	154.96	155
UNITDSPR	1397.8	1440
UNOMINDA	1229.3	1280
UPL	747.25	750
VBL	471.65	470
VEDL	580.75	550
VOLTAS	1414.1	1380
WIPRO	263.19	257.5
YESBANK	21.55	22
ZYDUSLIFE	915.35	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

Related Pages for GOLDM

GOLDM

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD