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MANAPPURAM

Manappuram Finance Ltd
290.3 +4.05 (1.41%)
L: 285.35 H: 290.75
Max Pain - MANAPPURAM
18 Dec 2025 01:00 PM IST
Live


Strike  220  has a total call value of 0  versus a total put value of  60,319,500,000 Combined total value = 60,319,500,000

Strike  222.5  has a total call value of 750,000  versus a total put value of  57,342,750,000 Combined total value = 57,343,500,000

Strike  225  has a total call value of 1,500,000  versus a total put value of  54,366,000,000 Combined total value = 54,367,500,000

Strike  227.5  has a total call value of 2,250,000  versus a total put value of  51,395,250,000 Combined total value = 51,397,500,000

Strike  230  has a total call value of 3,000,000  versus a total put value of  48,424,500,000 Combined total value = 48,427,500,000

Strike  232.5  has a total call value of 3,750,000  versus a total put value of  45,504,000,000 Combined total value = 45,507,750,000

Strike  235  has a total call value of 4,500,000  versus a total put value of  42,583,500,000 Combined total value = 42,588,000,000

Strike  237.5  has a total call value of 7,500,000  versus a total put value of  39,663,000,000 Combined total value = 39,670,500,000

Strike  240  has a total call value of 10,500,000  versus a total put value of  36,742,500,000 Combined total value = 36,753,000,000

Strike  242.5  has a total call value of 15,750,000  versus a total put value of  33,873,000,000 Combined total value = 33,888,750,000

Strike  245  has a total call value of 21,000,000  versus a total put value of  31,003,500,000 Combined total value = 31,024,500,000

Strike  247.5  has a total call value of 26,250,000  versus a total put value of  28,145,250,000 Combined total value = 28,171,500,000

Strike  250  has a total call value of 31,500,000  versus a total put value of  25,294,500,000 Combined total value = 25,326,000,000

Strike  252.5  has a total call value of 48,000,000  versus a total put value of  22,646,250,000 Combined total value = 22,694,250,000

Strike  255  has a total call value of 64,500,000  versus a total put value of  20,001,000,000 Combined total value = 20,065,500,000

Strike  257.5  has a total call value of 81,000,000  versus a total put value of  17,519,250,000 Combined total value = 17,600,250,000

Strike  260  has a total call value of 97,500,000  versus a total put value of  15,147,000,000 Combined total value = 15,244,500,000

Strike  262.5  has a total call value of 137,250,000  versus a total put value of  13,102,500,000 Combined total value = 13,239,750,000

Strike  265  has a total call value of 182,250,000  versus a total put value of  11,073,750,000 Combined total value = 11,256,000,000

Strike  267.5  has a total call value of 248,250,000  versus a total put value of  9,201,750,000 Combined total value = 9,450,000,000

Strike  270  has a total call value of 314,250,000  versus a total put value of  7,383,000,000 Combined total value = 7,697,250,000

Strike  272.5  has a total call value of 461,250,000  versus a total put value of  5,893,500,000 Combined total value = 6,354,750,000

Strike  275  has a total call value of 625,500,000  versus a total put value of  4,506,750,000 Combined total value = 5,132,250,000

Strike  277.5  has a total call value of 907,500,000  versus a total put value of  3,282,750,000 Combined total value = 4,190,250,000

Strike  280  has a total call value of 1,231,500,000  versus a total put value of  2,217,750,000 Combined total value = 3,449,250,000

Strike  282.5  has a total call value of 1,992,000,000  versus a total put value of  1,494,750,000 Combined total value = 3,486,750,000

Strike  285  has a total call value of 2,795,250,000  versus a total put value of  831,000,000 Combined total value = 3,626,250,000

Strike  287.5  has a total call value of 3,937,500,000  versus a total put value of  391,500,000 Combined total value = 4,329,000,000

Strike  290  has a total call value of 5,262,750,000  versus a total put value of  162,750,000 Combined total value = 5,425,500,000

Strike  292.5  has a total call value of 7,259,250,000  versus a total put value of  118,500,000 Combined total value = 7,377,750,000

Strike  295  has a total call value of 9,358,500,000  versus a total put value of  83,250,000 Combined total value = 9,441,750,000

Strike  297.5  has a total call value of 11,684,250,000  versus a total put value of  58,500,000 Combined total value = 11,742,750,000

Strike  300  has a total call value of 14,166,750,000  versus a total put value of  36,000,000 Combined total value = 14,202,750,000

Strike  302.5  has a total call value of 18,042,000,000  versus a total put value of  27,000,000 Combined total value = 18,069,000,000

Strike  305  has a total call value of 21,999,750,000  versus a total put value of  18,000,000 Combined total value = 22,017,750,000

Strike  307.5  has a total call value of 26,095,500,000  versus a total put value of  9,000,000 Combined total value = 26,104,500,000

Strike  310  has a total call value of 30,204,000,000  versus a total put value of  0 Combined total value = 30,204,000,000

Strike  312.5  has a total call value of 34,595,250,000  versus a total put value of  0 Combined total value = 34,595,250,000

Strike  315  has a total call value of 38,995,500,000  versus a total put value of  0 Combined total value = 38,995,500,000

Strike  317.5  has a total call value of 43,505,250,000  versus a total put value of  0 Combined total value = 43,505,250,000

Strike  320  has a total call value of 48,015,000,000  versus a total put value of  0 Combined total value = 48,015,000,000

Strike  322.5  has a total call value of 52,714,500,000  versus a total put value of  0 Combined total value = 52,714,500,000

Strike  325  has a total call value of 57,414,000,000  versus a total put value of  0 Combined total value = 57,414,000,000

Strike  327.5  has a total call value of 62,163,000,000  versus a total put value of  0 Combined total value = 62,163,000,000

Strike  330  has a total call value of 66,912,000,000  versus a total put value of  0 Combined total value = 66,912,000,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1139.9 1140
ABB 5135.5 5200
ABCAPITAL 348.15 350
ADANIENSOL 987.9 990
ADANIENT 2243 2300
ADANIGREEN 1019.5 1020
ADANIPORTS 1492.4 1500
ALKEM 5567 5700
AMBER 6591 6800
AMBUJACEM 539.5 550
ANGELONE 2490.9 2550
APLAPOLLO 1794.2 1760
APOLLOHOSP 6930 7100
ASHOKLEY 169.93 160
ASIANPAINT 2766.5 2800
ASTRAL 1425.2 1460
AUBANK 987.55 960
AUROPHARMA 1211 1200
AXISBANK 1236.2 1240
BAJAJ-AUTO 8833.5 9000
BAJAJFINSV 2032.8 2060
BAJFINANCE 1005.8 1020
BANDHANBNK 146.7 150
BANKBARODA 290.25 290
BANKINDIA 143.18 143
BDL 1343.2 1380
BEL 384.7 400
BHARATFORG 1406.3 1400
BHARTIARTL 2107.8 2100
BHEL 274.25 280
BIOCON 393 390
BLUESTARCO 1851.5 1800
BOSCHLTD 35720 36000
BPCL 362.5 365
BRITANNIA 6030.5 6000
BSE 2695 2700
CAMS 745.4 770
CANBK 150.6 150
CDSL 1490 1540
CGPOWER 667.2 680
CHOLAFIN 1688.4 1700
CIPLA 1501.7 1520
COALINDIA 385.5 384.75
COFORGE 1844.5 1840
COLPAL 2088.7 2160
CONCOR 498.5 520
CROMPTON 258.95 265
CUMMINSIND 4382.8 4400
CYIENT 1143.3 1140
DABUR 493.1 500
DALBHARAT 2045.2 2040
DELHIVERY 401.35 410
DIVISLAB 6389 6400
DIXON 13379 13750
DLF 685.6 710
DMART 3773.1 3900
DRREDDY 1276.2 1270
EICHERMOT 7106.5 7100
ETERNAL 284.85 290
EXIDEIND 360.45 370
FEDERALBNK 265.5 260
FORTIS 866.3 890
GAIL 168.1 175
GLENMARK 1955.5 1940
GMRAIRPORT 100.3 102
GODREJCP 1181 1160
GODREJPROP 2003.7 2060
GRASIM 2819.1 2800
HAL 4260.2 4450
HAVELLS 1407.1 1440
HCLTECH 1660.9 1660
HDFCAMC 2711 2660
HDFCBANK 982.4 995
HDFCLIFE 757.2 770
HEROMOTOCO 5753.5 5900
HFCL 65.1 67
HINDALCO 861.8 820
HINDPETRO 463.2 460
HINDUNILVR 2275 2300
HINDZINC 592.3 560
HUDCO 208.3 220
ICICIBANK 1363.8 1370
ICICIGI 1952.7 1960
ICICIPRULI 640.95 630
IDEA 11.49 11
IDFCFIRSTB 84.15 82
IEX 141.36 145
IIFL 565.75 560
INDHOTEL 720.2 730
INDIANB 781.3 820
INDIGO 5115 5050
INDUSINDBK 838.85 850
INDUSTOWER 410.2 410
INFY 1624.9 1600
INOXWIND 125.35 130
IOC 162.25 162
IRCTC 666.2 690
IREDA 132.18 140
IRFC 111.75 116
ITC 401.25 405
JINDALSTEL 994.2 1020
JIOFIN 293 305
JSWENERGY 472.6 490
JSWSTEEL 1089.6 1120
JUBLFOOD 558.95 580
KALYANKJIL 471.95 480
KAYNES 4126 4300
KEI 4077.3 4100
KFINTECH 1058.4 1060
KOTAKBANK 2171.9 2160
KPITTECH 1165 1200
LAURUSLABS 1014.9 1000
LICHSGFIN 528.1 550
LICI 842.5 870
LODHA 1074.2 1100
LT 4060.6 4040
LTF 302.9 302.5
LTIM 6230 6200
LUPIN 2122 2100
M&M 3581.8 3650
MANAPPURAM 290.3 280
MANKIND 2121 2200
MARICO 742.35 740
MARUTI 16389 16200
MAXHEALTH 1056.4 1080
MAZDOCK 2370.7 2500
MCX 10185 10000
MFSL 1679.5 1680
MOTHERSON 117.14 116
MPHASIS 2896 2900
MUTHOOTFIN 3772.2 3750
NATIONALUM 282.05 270
NAUKRI 1345.7 1360
NBCC 108.46 111
NCC 154.8 165
NESTLEIND 1243 1240
NHPC 75.09 78
NMDC 77.1 77
NTPC 318.2 325
NUVAMA 7346 7300
NYKAA 243.95 252.5
OBEROIRLTY 1666.9 1660
OFSS 7716 8000
OIL 399.1 410
ONGC 232.54 237.5
PAGEIND 35910 37000
PATANJALI 553.5 550
PAYTM 1281.5 1300
PERSISTENT 6314 6300
PETRONET 268.3 278
PFC 336.6 355
PGEL 568.65 560
PHOENIXLTD 1804.8 1760
PIDILITIND 1451.7 1480
PIIND 3212 3350
PNB 119.4 120
PNBHOUSING 903.45 900
POLICYBZR 1821 1840
POLYCAB 7119.5 7200
POWERGRID 257 270
POWERINDIA 18320 19000
PPLPHARMA 166.4 177.5
PRESTIGE 1609 1640
RBLBANK 300.7 305
RECLTD 337.75 350
RELIANCE 1549.8 1540
RVNL 306.5 310
SAIL 129.84 132
SAMMAANCAP 145.87 155
SBICARD 852.05 870
SBILIFE 2015.9 2020
SBIN 979.05 970
SHREECEM 25825 26500
SHRIRAMFIN 873.5 850
SIEMENS 3078.9 3150
SOLARINDS 11753 12500
SONACOMS 486 500
SRF 3039 3000
SUNPHARMA 1739.3 1760
SUPREMEIND 3342.3 3400
SUZLON 51.85 54
SYNGENE 654.9 650
TATACONSUM 1180 1180
TATAELXSI 5004.5 5000
TATAMOTORS 0 320
TATAPOWER 375.25 390
TATASTEEL 169.82 170
TATATECH 644.55 670
TCS 3277.2 3200
TECHM 1594 1560
TIINDIA 2592.5 2700
TITAGARH 775.35 800
TITAN 3918 3860
TMPV 345.35 360
TORNTPHARM 3733.1 3750
TORNTPOWER 1262.9 1300
TRENT 4016 4200
TVSMOTOR 3592.2 3600
ULTRACEMCO 11506 11600
UNIONBANK 155 155
UNITDSPR 1397.6 1440
UNOMINDA 1229 1280
UPL 747.45 750
VBL 471.55 470
VEDL 580.9 550
VOLTAS 1414.6 1380
WIPRO 263.13 257.5
YESBANK 21.54 22
ZYDUSLIFE 915.4 930

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.