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LUPIN

Lupin Limited
2120.5 +1.40 (0.07%)
L: 2111.1 H: 2146.9
Max Pain - LUPIN
19 Dec 2025 02:26 PM IST
Live


Strike  1720  has a total call value of 0  versus a total put value of  69,309,850,000 Combined total value = 69,309,850,000

Strike  1740  has a total call value of 0  versus a total put value of  64,575,350,000 Combined total value = 64,575,350,000

Strike  1760  has a total call value of 0  versus a total put value of  59,840,850,000 Combined total value = 59,840,850,000

Strike  1780  has a total call value of 2,550,000  versus a total put value of  55,106,350,000 Combined total value = 55,108,900,000

Strike  1800  has a total call value of 5,100,000  versus a total put value of  50,391,400,000 Combined total value = 50,396,500,000

Strike  1820  has a total call value of 9,350,000  versus a total put value of  45,920,400,000 Combined total value = 45,929,750,000

Strike  1840  has a total call value of 13,600,000  versus a total put value of  41,483,400,000 Combined total value = 41,497,000,000

Strike  1860  has a total call value of 20,400,000  versus a total put value of  37,198,550,000 Combined total value = 37,218,950,000

Strike  1880  has a total call value of 27,200,000  versus a total put value of  32,970,650,000 Combined total value = 32,997,850,000

Strike  1900  has a total call value of 34,850,000  versus a total put value of  28,794,600,000 Combined total value = 28,829,450,000

Strike  1920  has a total call value of 65,450,000  versus a total put value of  24,838,700,000 Combined total value = 24,904,150,000

Strike  1940  has a total call value of 96,050,000  versus a total put value of  20,982,250,000 Combined total value = 21,078,300,000

Strike  1960  has a total call value of 128,350,000  versus a total put value of  17,224,400,000 Combined total value = 17,352,750,000

Strike  1980  has a total call value of 181,900,000  versus a total put value of  13,643,350,000 Combined total value = 13,825,250,000

Strike  2000  has a total call value of 293,250,000  versus a total put value of  10,271,400,000 Combined total value = 10,564,650,000

Strike  2020  has a total call value of 648,550,000  versus a total put value of  7,941,550,000 Combined total value = 8,590,100,000

Strike  2040  has a total call value of 1,054,000,000  versus a total put value of  5,921,100,000 Combined total value = 6,975,100,000

Strike  2060  has a total call value of 1,645,600,000  versus a total put value of  4,258,500,000 Combined total value = 5,904,100,000

Strike  2080  has a total call value of 2,417,400,000  versus a total put value of  2,871,300,000 Combined total value = 5,288,700,000

Strike  2100  has a total call value of 3,318,400,000  versus a total put value of  1,674,500,000 Combined total value = 4,992,900,000

Strike  2120  has a total call value of 4,964,850,000  versus a total put value of  1,003,000,000 Combined total value = 5,967,850,000

Strike  2140  has a total call value of 7,114,500,000  versus a total put value of  684,250,000 Combined total value = 7,798,750,000

Strike  2160  has a total call value of 10,162,600,000  versus a total put value of  477,700,000 Combined total value = 10,640,300,000

Strike  2180  has a total call value of 13,712,200,000  versus a total put value of  345,100,000 Combined total value = 14,057,300,000

Strike  2200  has a total call value of 17,449,650,000  versus a total put value of  238,000,000 Combined total value = 17,687,650,000

Strike  2220  has a total call value of 22,070,250,000  versus a total put value of  191,250,000 Combined total value = 22,261,500,000

Strike  2240  has a total call value of 27,012,150,000  versus a total put value of  147,900,000 Combined total value = 27,160,050,000

Strike  2260  has a total call value of 32,164,850,000  versus a total put value of  104,550,000 Combined total value = 32,269,400,000

Strike  2280  has a total call value of 37,434,000,000  versus a total put value of  62,900,000 Combined total value = 37,496,900,000

Strike  2300  has a total call value of 42,901,200,000  versus a total put value of  35,700,000 Combined total value = 42,936,900,000

Strike  2320  has a total call value of 48,467,000,000  versus a total put value of  8,500,000 Combined total value = 48,475,500,000

Strike  2340  has a total call value of 54,207,050,000  versus a total put value of  4,250,000 Combined total value = 54,211,300,000

Strike  2360  has a total call value of 59,947,100,000  versus a total put value of  0 Combined total value = 59,947,100,000

Strike  2380  has a total call value of 65,941,300,000  versus a total put value of  0 Combined total value = 65,941,300,000

Strike  2400  has a total call value of 71,935,500,000  versus a total put value of  0 Combined total value = 71,935,500,000

Strike  2420  has a total call value of 77,929,700,000  versus a total put value of  0 Combined total value = 77,929,700,000

Strike  2440  has a total call value of 83,923,900,000  versus a total put value of  0 Combined total value = 83,923,900,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1131.4 1140
ABB 5147 5200
ABCAPITAL 348 345
ADANIENSOL 982.4 980
ADANIENT 2226.7 2300
ADANIGREEN 1017.4 1020
ADANIPORTS 1493.4 1500
ALKEM 5535 5650
AMBER 6648.5 6800
AMBUJACEM 539.05 550
ANGELONE 2503.2 2550
APLAPOLLO 1809.7 1760
APOLLOHOSP 6992.5 7100
ASHOKLEY 173.06 164
ASIANPAINT 2789.7 2800
ASTRAL 1418.1 1440
AUBANK 982.7 960
AUROPHARMA 1220 1220
AXISBANK 1232.7 1240
BAJAJ-AUTO 8978 9000
BAJAJFINSV 2039.8 2060
BAJFINANCE 1005.6 1020
BANDHANBNK 149.6 150
BANKBARODA 290.85 290
BANKINDIA 142.64 143
BDL 1360 1400
BEL 391.7 400
BHARATFORG 1431.6 1400
BHARTIARTL 2092.7 2100
BHEL 274.3 280
BIOCON 395.9 395
BLUESTARCO 1768.6 1780
BOSCHLTD 35675 36000
BPCL 362.95 365
BRITANNIA 6091 6000
BSE 2693.9 2700
CAMS 753.9 770
CANBK 147.65 150
CDSL 1492.6 1540
CGPOWER 670.25 680
CHOLAFIN 1637.4 1700
CIPLA 1510.1 1520
COALINDIA 385 385
COFORGE 1843.5 1840
COLPAL 2100.7 2160
CONCOR 498.65 520
CROMPTON 253 260
CUMMINSIND 4370 4400
CYIENT 1154.2 1140
DABUR 492.8 500
DALBHARAT 2017.4 2020
DELHIVERY 404.65 410
DIVISLAB 6442 6500
DIXON 13149 13500
DLF 686.1 710
DMART 3812.2 3900
DRREDDY 1272.2 1270
EICHERMOT 7221 7150
ETERNAL 286.85 295
EXIDEIND 361.2 370
FEDERALBNK 267.25 260
FORTIS 888.45 890
GAIL 168.87 175
GLENMARK 1979.7 1940
GMRAIRPORT 101.1 102
GODREJCP 1183.3 1160
GODREJPROP 2030.6 2060
GRASIM 2813.4 2800
HAL 4295 4500
HAVELLS 1410.7 1440
HCLTECH 1642.7 1660
HDFCAMC 2668 2660
HDFCBANK 987.3 990
HDFCLIFE 762.8 770
HEROMOTOCO 5736 5850
HFCL 63.9 67
HINDALCO 851.2 820
HINDPETRO 466.5 460
HINDUNILVR 2281.4 2300
HINDZINC 587.8 560
HUDCO 209.14 217.5
ICICIBANK 1355.1 1370
ICICIGI 1945.8 1960
ICICIPRULI 649 630
IDEA 11.64 11
IDFCFIRSTB 84.5 82
IEX 141 145
IIFL 559.4 560
INDHOTEL 728.95 730
INDIANB 776.75 810
INDIGO 5145 5100
INDUSINDBK 842.75 850
INDUSTOWER 411.4 410
INFY 1632.2 1600
INOXWIND 125.24 130
IOC 161.38 161
IRCTC 671.3 690
IREDA 132.15 140
IRFC 112.38 116
ITC 401.75 405
JINDALSTEL 986.9 1020
JIOFIN 297.1 305
JSWENERGY 476.65 490
JSWSTEEL 1079.2 1120
JUBLFOOD 563.1 580
KALYANKJIL 477.6 480
KAYNES 4143.5 4300
KEI 4228 4100
KFINTECH 1075.7 1080
KOTAKBANK 2163.1 2160
KPITTECH 1217.8 1200
LAURUSLABS 1038 1010
LICHSGFIN 530.05 550
LICI 848.25 870
LODHA 1081.3 1120
LT 4080.3 4040
LTF 298.7 300
LTIM 6185 6100
LUPIN 2120.5 2100
M&M 3602.9 3650
MANAPPURAM 289.7 282.5
MANKIND 2157.7 2200
MARICO 741.15 740
MARUTI 16448 16300
MAXHEALTH 1079 1100
MAZDOCK 2392.4 2500
MCX 10300 10100
MFSL 1678.9 1680
MOTHERSON 119.65 116
MPHASIS 2886.2 2900
MUTHOOTFIN 3763.8 3750
NATIONALUM 277.55 272.5
NAUKRI 1337 1360
NBCC 112.72 111
NCC 154.49 165
NESTLEIND 1241.4 1240
NHPC 76.1 78
NMDC 75.98 77
NTPC 319.2 325
NUVAMA 7097.5 7200
NYKAA 248.65 252.5
OBEROIRLTY 1662.7 1660
OFSS 7736 8000
OIL 406 410
ONGC 232.49 237.5
PAGEIND 35775 36500
PATANJALI 558.35 550
PAYTM 1324.6 1300
PERSISTENT 6350 6300
PETRONET 273 280
PFC 336.7 355
PGEL 580.05 560
PHOENIXLTD 1826.3 1760
PIDILITIND 1450.6 1480
PIIND 3230.4 3350
PNB 119.19 120
PNBHOUSING 913.3 900
POLICYBZR 1883.6 1860
POLYCAB 7394 7300
POWERGRID 262.9 270
POWERINDIA 18315 18500
PPLPHARMA 170.18 175
PRESTIGE 1615.3 1640
RBLBANK 299.5 305
RECLTD 338.15 350
RELIANCE 1568.5 1550
RVNL 314.65 315
SAIL 125.28 130
SAMMAANCAP 144.35 155
SBICARD 862.45 870
SBILIFE 2027.8 2020
SBIN 979.45 970
SHREECEM 25585 26000
SHRIRAMFIN 901.55 880
SIEMENS 3100.5 3150
SOLARINDS 11850 12500
SONACOMS 498.2 500
SRF 3072.4 3000
SUNPHARMA 1746.8 1760
SUPREMEIND 3369.7 3400
SUZLON 52.15 54
SYNGENE 650.05 650
TATACONSUM 1184.3 1180
TATAELXSI 5425 5300
TATAMOTORS 0 320
TATAPOWER 378.45 390
TATASTEEL 168.61 170
TATATECH 651.35 670
TCS 3296 3240
TECHM 1611.5 1560
TIINDIA 2613.3 2700
TITAGARH 777.35 800
TITAN 3942.1 3880
TMPV 351.6 360
TORNTPHARM 3766.3 3750
TORNTPOWER 1276.5 1300
TRENT 4065.3 4200
TVSMOTOR 3661.9 3600
ULTRACEMCO 11513 11600
UNIONBANK 153.27 155
UNITDSPR 1405.9 1430
UNOMINDA 1258 1280
UPL 746.2 750
VBL 468.95 470
VEDL 576.45 555
VOLTAS 1369.2 1380
WIPRO 264.62 260
YESBANK 21.57 22
ZYDUSLIFE 914.65 930

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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.