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.

ITC

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.

Itc Ltd

313.35 +3.20 (1.03%)

L: 311.35 H: 314.75

Max Pain - ITC

04 Feb 2026 09:32 AM IST

Live

Expiry

Max-Pain

319

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for ITC is 318.5

Historical data for ITC-318.5-CE

LTP (318.5 CE)

Open Interest

Historical data for ITC-318.5-PE

LTP (318.5 PE)

Open Interest

Strike 243.5 has a total call value of 0 versus a total put value of 547,590,000,000 Combined total value = 547,590,000,000

Strike 246 has a total call value of 0 versus a total put value of 528,366,800,000 Combined total value = 528,366,800,000

Strike 248.5 has a total call value of 0 versus a total put value of 509,143,600,000 Combined total value = 509,143,600,000

Strike 251 has a total call value of 0 versus a total put value of 489,935,200,000 Combined total value = 489,935,200,000

Strike 253.5 has a total call value of 0 versus a total put value of 470,726,800,000 Combined total value = 470,726,800,000

Strike 256 has a total call value of 4,000,000 versus a total put value of 452,061,600,000 Combined total value = 452,065,600,000

Strike 258.5 has a total call value of 8,000,000 versus a total put value of 433,396,400,000 Combined total value = 433,404,400,000

Strike 261 has a total call value of 12,000,000 versus a total put value of 414,995,200,000 Combined total value = 415,007,200,000

Strike 263.5 has a total call value of 16,000,000 versus a total put value of 396,594,000,000 Combined total value = 396,610,000,000

Strike 266 has a total call value of 20,800,000 versus a total put value of 378,591,600,000 Combined total value = 378,612,400,000

Strike 268.5 has a total call value of 25,600,000 versus a total put value of 360,589,200,000 Combined total value = 360,614,800,000

Strike 271 has a total call value of 30,400,000 versus a total put value of 342,798,800,000 Combined total value = 342,829,200,000

Strike 273.5 has a total call value of 35,200,000 versus a total put value of 325,008,400,000 Combined total value = 325,043,600,000

Strike 276 has a total call value of 104,400,000 versus a total put value of 307,721,200,000 Combined total value = 307,825,600,000

Strike 278.5 has a total call value of 173,600,000 versus a total put value of 290,458,800,000 Combined total value = 290,632,400,000

Strike 281 has a total call value of 245,600,000 versus a total put value of 273,386,800,000 Combined total value = 273,632,400,000

Strike 283.5 has a total call value of 317,600,000 versus a total put value of 256,378,800,000 Combined total value = 256,696,400,000

Strike 286 has a total call value of 442,800,000 versus a total put value of 240,048,000,000 Combined total value = 240,490,800,000

Strike 288.5 has a total call value of 572,800,000 versus a total put value of 223,890,400,000 Combined total value = 224,463,200,000

Strike 291 has a total call value of 726,000,000 versus a total put value of 208,216,400,000 Combined total value = 208,942,400,000

Strike 293.5 has a total call value of 901,600,000 versus a total put value of 192,759,200,000 Combined total value = 193,660,800,000

Strike 296 has a total call value of 1,618,800,000 versus a total put value of 179,301,200,000 Combined total value = 180,920,000,000

Strike 298.5 has a total call value of 2,444,800,000 versus a total put value of 166,419,200,000 Combined total value = 168,864,000,000

Strike 301 has a total call value of 3,477,600,000 versus a total put value of 154,155,200,000 Combined total value = 157,632,800,000

Strike 303.5 has a total call value of 4,615,200,000 versus a total put value of 142,104,400,000 Combined total value = 146,719,600,000

Strike 306 has a total call value of 6,322,400,000 versus a total put value of 131,317,200,000 Combined total value = 137,639,600,000

Strike 308.5 has a total call value of 8,184,400,000 versus a total put value of 120,864,000,000 Combined total value = 129,048,400,000

Strike 311 has a total call value of 11,422,800,000 versus a total put value of 111,137,600,000 Combined total value = 122,560,400,000

Strike 313.5 has a total call value of 14,996,400,000 versus a total put value of 101,728,800,000 Combined total value = 116,725,200,000

Strike 316 has a total call value of 21,508,400,000 versus a total put value of 93,747,600,000 Combined total value = 115,256,000,000

Strike 318.5 has a total call value of 28,854,000,000 versus a total put value of 86,339,600,000 Combined total value = 115,193,600,000

Strike 321 has a total call value of 39,265,200,000 versus a total put value of 80,251,200,000 Combined total value = 119,516,400,000

Strike 323.5 has a total call value of 50,232,000,000 versus a total put value of 74,433,600,000 Combined total value = 124,665,600,000

Strike 326 has a total call value of 65,646,000,000 versus a total put value of 69,640,000,000 Combined total value = 135,286,000,000

Strike 328.5 has a total call value of 81,594,000,000 versus a total put value of 64,882,400,000 Combined total value = 146,476,400,000

Strike 331 has a total call value of 99,053,200,000 versus a total put value of 60,367,600,000 Combined total value = 159,420,800,000

Strike 333.5 has a total call value of 116,690,400,000 versus a total put value of 55,881,600,000 Combined total value = 172,572,000,000

Strike 336 has a total call value of 137,659,200,000 versus a total put value of 52,036,800,000 Combined total value = 189,696,000,000

Strike 338.5 has a total call value of 158,755,200,000 versus a total put value of 48,213,600,000 Combined total value = 206,968,800,000

Strike 341 has a total call value of 180,413,600,000 versus a total put value of 44,560,400,000 Combined total value = 224,974,000,000

Strike 343.5 has a total call value of 202,250,000,000 versus a total put value of 40,914,000,000 Combined total value = 243,164,000,000

Strike 346 has a total call value of 228,346,800,000 versus a total put value of 38,230,400,000 Combined total value = 266,577,200,000

Strike 348.5 has a total call value of 254,709,600,000 versus a total put value of 35,585,200,000 Combined total value = 290,294,800,000

Strike 351 has a total call value of 281,400,800,000 versus a total put value of 33,019,600,000 Combined total value = 314,420,400,000

Strike 353.5 has a total call value of 308,221,200,000 versus a total put value of 30,455,600,000 Combined total value = 338,676,800,000

Strike 356 has a total call value of 337,205,200,000 versus a total put value of 28,245,600,000 Combined total value = 365,450,800,000

Strike 358.5 has a total call value of 366,233,600,000 versus a total put value of 26,035,600,000 Combined total value = 392,269,200,000

Strike 361 has a total call value of 395,568,400,000 versus a total put value of 23,882,400,000 Combined total value = 419,450,800,000

Strike 363.5 has a total call value of 424,948,400,000 versus a total put value of 21,729,200,000 Combined total value = 446,677,600,000

Strike 366 has a total call value of 455,314,400,000 versus a total put value of 19,960,800,000 Combined total value = 475,275,200,000

Strike 368.5 has a total call value of 485,718,000,000 versus a total put value of 18,192,400,000 Combined total value = 503,910,400,000

Strike 371 has a total call value of 516,526,400,000 versus a total put value of 16,492,800,000 Combined total value = 533,019,200,000

Strike 373.5 has a total call value of 547,363,600,000 versus a total put value of 14,793,200,000 Combined total value = 562,156,800,000

Strike 376 has a total call value of 579,219,200,000 versus a total put value of 13,432,400,000 Combined total value = 592,651,600,000

Strike 378.5 has a total call value of 611,133,200,000 versus a total put value of 12,072,000,000 Combined total value = 623,205,200,000

Strike 381 has a total call value of 643,143,200,000 versus a total put value of 10,732,400,000 Combined total value = 653,875,600,000

Strike 383.5 has a total call value of 675,184,000,000 versus a total put value of 9,392,800,000 Combined total value = 684,576,800,000

Strike 386 has a total call value of 707,530,800,000 versus a total put value of 8,230,400,000 Combined total value = 715,761,200,000

Strike 388.5 has a total call value of 739,914,800,000 versus a total put value of 7,068,400,000 Combined total value = 746,983,200,000

Strike 391 has a total call value of 772,325,600,000 versus a total put value of 5,914,400,000 Combined total value = 778,240,000,000

Strike 393.5 has a total call value of 804,756,000,000 versus a total put value of 4,760,800,000 Combined total value = 809,516,800,000

Strike 396 has a total call value of 839,238,000,000 versus a total put value of 4,368,800,000 Combined total value = 843,606,800,000

Strike 398.5 has a total call value of 873,720,000,000 versus a total put value of 3,979,600,000 Combined total value = 877,699,600,000

Strike 401 has a total call value of 908,286,000,000 versus a total put value of 3,597,200,000 Combined total value = 911,883,200,000

Strike 403.5 has a total call value of 942,852,000,000 versus a total put value of 3,217,600,000 Combined total value = 946,069,600,000

Strike 406 has a total call value of 977,659,200,000 versus a total put value of 2,927,200,000 Combined total value = 980,586,400,000

Strike 408.5 has a total call value of 1,012,466,400,000 versus a total put value of 2,642,400,000 Combined total value = 1,015,108,800,000

Strike 412.5 has a total call value of 1,068,162,400,000 versus a total put value of 2,196,320,000 Combined total value = 1,070,358,720,000

Strike 413.5 has a total call value of 1,082,086,400,000 versus a total put value of 2,084,800,000 Combined total value = 1,084,171,200,000

Strike 417.5 has a total call value of 1,137,966,720,000 versus a total put value of 1,765,440,000 Combined total value = 1,139,732,160,000

Strike 418.5 has a total call value of 1,151,936,800,000 versus a total put value of 1,685,600,000 Combined total value = 1,153,622,400,000

Strike 422.5 has a total call value of 1,207,819,680,000 versus a total put value of 1,371,360,000 Combined total value = 1,209,191,040,000

Strike 423.5 has a total call value of 1,221,790,400,000 versus a total put value of 1,292,800,000 Combined total value = 1,223,083,200,000

Strike 427.5 has a total call value of 1,277,753,280,000 versus a total put value of 1,020,160,000 Combined total value = 1,278,773,440,000

Strike 428.5 has a total call value of 1,291,744,000,000 versus a total put value of 952,000,000 Combined total value = 1,292,696,000,000

Strike 432.5 has a total call value of 1,347,710,720,000 versus a total put value of 690,240,000 Combined total value = 1,348,400,960,000

Strike 433.5 has a total call value of 1,361,702,400,000 versus a total put value of 624,800,000 Combined total value = 1,362,327,200,000

Strike 437.5 has a total call value of 1,417,700,480,000 versus a total put value of 402,080,000 Combined total value = 1,418,102,560,000

Strike 438.5 has a total call value of 1,431,700,000,000 versus a total put value of 346,400,000 Combined total value = 1,432,046,400,000

Strike 442.5 has a total call value of 1,487,698,080,000 versus a total put value of 124,960,000 Combined total value = 1,487,823,040,000

Strike 443.5 has a total call value of 1,501,697,600,000 versus a total put value of 69,600,000 Combined total value = 1,501,767,200,000

Strike 447.5 has a total call value of 1,557,915,200,000 versus a total put value of 43,360,000 Combined total value = 1,557,958,560,000

Strike 448.5 has a total call value of 1,571,969,600,000 versus a total put value of 36,800,000 Combined total value = 1,572,006,400,000

Strike 452.5 has a total call value of 1,628,187,200,000 versus a total put value of 10,560,000 Combined total value = 1,628,197,760,000

Strike 453.5 has a total call value of 1,642,241,600,000 versus a total put value of 4,000,000 Combined total value = 1,642,245,600,000

Strike 457.5 has a total call value of 1,698,475,200,000 versus a total put value of 1,440,000 Combined total value = 1,698,476,640,000

Strike 458.5 has a total call value of 1,712,533,600,000 versus a total put value of 800,000 Combined total value = 1,712,534,400,000

Strike 462.5 has a total call value of 1,768,767,200,000 versus a total put value of 160,000 Combined total value = 1,768,767,360,000

Strike 463.5 has a total call value of 1,782,825,600,000 versus a total put value of 0 Combined total value = 1,782,825,600,000

Max-Pain Table for Stocks

Commodity Max-Pain Index Max-Pain

Expiry

LTP > Max Pain Bearish

LTP < Max Pain Bullish

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.

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