HINDZINC
Hindustan Zinc Limited
HINDZINC
585.25
Max Pain
Strike 420 has a total call value of 0 versus a total put value of 580,804,962,500 Combined total value = 580,804,962,500
Strike 425 has a total call value of 0 versus a total put value of 566,164,375,000 Combined total value = 566,164,375,000
Strike 430 has a total call value of 0 versus a total put value of 551,523,787,500 Combined total value = 551,523,787,500
Strike 435 has a total call value of 0 versus a total put value of 536,883,200,000 Combined total value = 536,883,200,000
Strike 440 has a total call value of 0 versus a total put value of 522,242,612,500 Combined total value = 522,242,612,500
Strike 445 has a total call value of 0 versus a total put value of 507,709,212,500 Combined total value = 507,709,212,500
Strike 450 has a total call value of 0 versus a total put value of 493,175,812,500 Combined total value = 493,175,812,500
Strike 455 has a total call value of 0 versus a total put value of 478,642,412,500 Combined total value = 478,642,412,500
Strike 460 has a total call value of 0 versus a total put value of 464,109,012,500 Combined total value = 464,109,012,500
Strike 465 has a total call value of 0 versus a total put value of 449,701,787,500 Combined total value = 449,701,787,500
Strike 470 has a total call value of 0 versus a total put value of 435,294,562,500 Combined total value = 435,294,562,500
Strike 475 has a total call value of 0 versus a total put value of 420,958,387,500 Combined total value = 420,958,387,500
Strike 480 has a total call value of 0 versus a total put value of 406,622,212,500 Combined total value = 406,622,212,500
Strike 485 has a total call value of 0 versus a total put value of 392,386,487,500 Combined total value = 392,386,487,500
Strike 490 has a total call value of 0 versus a total put value of 378,150,762,500 Combined total value = 378,150,762,500
Strike 495 has a total call value of 0 versus a total put value of 363,976,287,500 Combined total value = 363,976,287,500
Strike 500 has a total call value of 0 versus a total put value of 349,801,812,500 Combined total value = 349,801,812,500
Strike 505 has a total call value of 39,200,000 versus a total put value of 336,402,150,000 Combined total value = 336,441,350,000
Strike 510 has a total call value of 78,400,000 versus a total put value of 323,002,487,500 Combined total value = 323,080,887,500
Strike 515 has a total call value of 123,725,000 versus a total put value of 309,708,787,500 Combined total value = 309,832,512,500
Strike 520 has a total call value of 169,050,000 versus a total put value of 296,438,362,500 Combined total value = 296,607,412,500
Strike 525 has a total call value of 219,887,500 versus a total put value of 283,327,187,500 Combined total value = 283,547,075,000
Strike 530 has a total call value of 271,337,500 versus a total put value of 270,265,625,000 Combined total value = 270,536,962,500
Strike 535 has a total call value of 324,625,000 versus a total put value of 257,312,475,000 Combined total value = 257,637,100,000
Strike 540 has a total call value of 377,912,500 versus a total put value of 244,388,112,500 Combined total value = 244,766,025,000
Strike 545 has a total call value of 443,450,000 versus a total put value of 231,886,375,000 Combined total value = 232,329,825,000
Strike 550 has a total call value of 514,500,000 versus a total put value of 219,469,775,000 Combined total value = 219,984,275,000
Strike 555 has a total call value of 657,825,000 versus a total put value of 207,804,712,500 Combined total value = 208,462,537,500
Strike 560 has a total call value of 822,587,500 versus a total put value of 196,263,987,500 Combined total value = 197,086,575,000
Strike 565 has a total call value of 1,073,100,000 versus a total put value of 185,092,600,000 Combined total value = 186,165,700,000
Strike 570 has a total call value of 1,530,025,000 versus a total put value of 174,016,762,500 Combined total value = 175,546,787,500
Strike 575 has a total call value of 2,186,625,000 versus a total put value of 163,537,500,000 Combined total value = 165,724,125,000
Strike 580 has a total call value of 3,035,550,000 versus a total put value of 153,298,337,500 Combined total value = 156,333,887,500
Strike 585 has a total call value of 4,506,775,000 versus a total put value of 143,740,887,500 Combined total value = 148,247,662,500
Strike 590 has a total call value of 6,272,000,000 versus a total put value of 134,368,412,500 Combined total value = 140,640,412,500
Strike 595 has a total call value of 8,606,237,500 versus a total put value of 125,287,487,500 Combined total value = 133,893,725,000
Strike 600 has a total call value of 11,228,962,500 versus a total put value of 116,371,325,000 Combined total value = 127,600,287,500
Strike 605 has a total call value of 15,730,225,000 versus a total put value of 108,720,587,500 Combined total value = 124,450,812,500
Strike 610 has a total call value of 20,600,212,500 versus a total put value of 101,170,912,500 Combined total value = 121,771,125,000
Strike 615 has a total call value of 26,007,362,500 versus a total put value of 93,933,000,000 Combined total value = 119,940,362,500
Strike 620 has a total call value of 31,642,362,500 versus a total put value of 86,802,887,500 Combined total value = 118,445,250,000
Strike 625 has a total call value of 38,027,062,500 versus a total put value of 80,118,062,500 Combined total value = 118,145,125,000
Strike 630 has a total call value of 44,691,062,500 versus a total put value of 73,558,800,000 Combined total value = 118,249,862,500
Strike 635 has a total call value of 52,329,550,000 versus a total put value of 67,398,887,500 Combined total value = 119,728,437,500
Strike 640 has a total call value of 60,163,425,000 versus a total put value of 61,335,750,000 Combined total value = 121,499,175,000
Strike 645 has a total call value of 68,685,750,000 versus a total put value of 55,596,625,000 Combined total value = 124,282,375,000
Strike 650 has a total call value of 77,353,237,500 versus a total put value of 49,973,262,500 Combined total value = 127,326,500,000
Strike 655 has a total call value of 87,649,362,500 versus a total put value of 45,200,662,500 Combined total value = 132,850,025,000
Strike 660 has a total call value of 98,108,412,500 versus a total put value of 40,559,137,500 Combined total value = 138,667,550,000
Strike 665 has a total call value of 109,230,187,500 versus a total put value of 36,218,962,500 Combined total value = 145,449,150,000
Strike 670 has a total call value of 120,576,137,500 versus a total put value of 31,965,762,500 Combined total value = 152,541,900,000
Strike 675 has a total call value of 132,463,537,500 versus a total put value of 27,886,512,500 Combined total value = 160,350,050,000
Strike 680 has a total call value of 144,598,387,500 versus a total put value of 24,000,812,500 Combined total value = 168,599,200,000
Strike 685 has a total call value of 157,430,262,500 versus a total put value of 20,576,937,500 Combined total value = 178,007,200,000
Strike 690 has a total call value of 170,426,900,000 versus a total put value of 17,248,000,000 Combined total value = 187,674,900,000
Strike 695 has a total call value of 183,985,200,000 versus a total put value of 14,112,000,000 Combined total value = 198,097,200,000
Strike 700 has a total call value of 197,748,075,000 versus a total put value of 11,141,987,500 Combined total value = 208,890,062,500
Strike 705 has a total call value of 214,360,912,500 versus a total put value of 9,014,775,000 Combined total value = 223,375,687,500
Strike 710 has a total call value of 231,130,550,000 versus a total put value of 7,092,750,000 Combined total value = 238,223,300,000
Strike 715 has a total call value of 248,659,687,500 versus a total put value of 5,364,275,000 Combined total value = 254,023,962,500
Strike 720 has a total call value of 266,561,225,000 versus a total put value of 3,922,450,000 Combined total value = 270,483,675,000
Strike 725 has a total call value of 285,930,312,500 versus a total put value of 3,107,825,000 Combined total value = 289,038,137,500
Strike 730 has a total call value of 305,643,625,000 versus a total put value of 2,429,787,500 Combined total value = 308,073,412,500
Strike 735 has a total call value of 326,071,112,500 versus a total put value of 1,890,787,500 Combined total value = 327,961,900,000
Strike 740 has a total call value of 346,809,137,500 versus a total put value of 1,416,712,500 Combined total value = 348,225,850,000
Strike 745 has a total call value of 368,102,700,000 versus a total put value of 997,762,500 Combined total value = 369,100,462,500
Strike 750 has a total call value of 389,479,562,500 versus a total put value of 592,287,500 Combined total value = 390,071,850,000
Strike 755 has a total call value of 412,559,787,500 versus a total put value of 499,800,000 Combined total value = 413,059,587,500
Strike 760 has a total call value of 435,695,137,500 versus a total put value of 411,600,000 Combined total value = 436,106,737,500
Strike 765 has a total call value of 459,130,612,500 versus a total put value of 336,875,000 Combined total value = 459,467,487,500
Strike 770 has a total call value of 482,633,462,500 versus a total put value of 263,375,000 Combined total value = 482,896,837,500
Strike 775 has a total call value of 506,580,987,500 versus a total put value of 212,537,500 Combined total value = 506,793,525,000
Strike 780 has a total call value of 530,597,725,000 versus a total put value of 161,700,000 Combined total value = 530,759,425,000
Strike 785 has a total call value of 554,842,312,500 versus a total put value of 113,312,500 Combined total value = 554,955,625,000
Strike 790 has a total call value of 579,113,237,500 versus a total put value of 64,925,000 Combined total value = 579,178,162,500
Strike 795 has a total call value of 603,550,150,000 versus a total put value of 32,462,500 Combined total value = 603,582,612,500
Strike 800 has a total call value of 628,050,150,000 versus a total put value of 0 Combined total value = 628,050,150,000
Strike 805 has a total call value of 653,922,150,000 versus a total put value of 0 Combined total value = 653,922,150,000
Strike 810 has a total call value of 679,794,150,000 versus a total put value of 0 Combined total value = 679,794,150,000
Strike 815 has a total call value of 705,860,312,500 versus a total put value of 0 Combined total value = 705,860,312,500
Strike 820 has a total call value of 731,926,475,000 versus a total put value of 0 Combined total value = 731,926,475,000
Max-Pain Table for Stocks
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.
