[--[65.84.65.76]--]

MCX

Multi Commodity Exchange
10310 +138.00 (1.36%)
L: 10181 H: 10365
Max Pain - MCX
19 Dec 2025 02:50 PM IST
Live


Strike  7800  has a total call value of 0  versus a total put value of  384,488,750,000 Combined total value = 384,488,750,000

Strike  7900  has a total call value of 0  versus a total put value of  364,451,250,000 Combined total value = 364,451,250,000

Strike  8000  has a total call value of 0  versus a total put value of  344,413,750,000 Combined total value = 344,413,750,000

Strike  8100  has a total call value of 12,500,000  versus a total put value of  324,520,000,000 Combined total value = 324,532,500,000

Strike  8200  has a total call value of 25,000,000  versus a total put value of  304,626,250,000 Combined total value = 304,651,250,000

Strike  8300  has a total call value of 61,250,000  versus a total put value of  284,773,750,000 Combined total value = 284,835,000,000

Strike  8400  has a total call value of 105,000,000  versus a total put value of  264,921,250,000 Combined total value = 265,026,250,000

Strike  8500  has a total call value of 156,250,000  versus a total put value of  245,266,250,000 Combined total value = 245,422,500,000

Strike  8600  has a total call value of 211,250,000  versus a total put value of  225,946,250,000 Combined total value = 226,157,500,000

Strike  8700  has a total call value of 268,750,000  versus a total put value of  206,628,750,000 Combined total value = 206,897,500,000

Strike  8800  has a total call value of 328,750,000  versus a total put value of  187,317,500,000 Combined total value = 187,646,250,000

Strike  8900  has a total call value of 400,000,000  versus a total put value of  168,563,750,000 Combined total value = 168,963,750,000

Strike  9000  has a total call value of 476,250,000  versus a total put value of  149,833,750,000 Combined total value = 150,310,000,000

Strike  9100  has a total call value of 710,000,000  versus a total put value of  133,116,250,000 Combined total value = 133,826,250,000

Strike  9200  has a total call value of 950,000,000  versus a total put value of  116,595,000,000 Combined total value = 117,545,000,000

Strike  9300  has a total call value of 1,212,500,000  versus a total put value of  100,747,500,000 Combined total value = 101,960,000,000

Strike  9400  has a total call value of 1,520,000,000  versus a total put value of  85,567,500,000 Combined total value = 87,087,500,000

Strike  9500  has a total call value of 2,083,750,000  versus a total put value of  71,085,000,000 Combined total value = 73,168,750,000

Strike  9600  has a total call value of 2,953,750,000  versus a total put value of  58,382,500,000 Combined total value = 61,336,250,000

Strike  9700  has a total call value of 3,896,250,000  versus a total put value of  46,413,750,000 Combined total value = 50,310,000,000

Strike  9800  has a total call value of 4,988,750,000  versus a total put value of  35,607,500,000 Combined total value = 40,596,250,000

Strike  9900  has a total call value of 6,681,250,000  versus a total put value of  26,001,250,000 Combined total value = 32,682,500,000

Strike  10000  has a total call value of 8,825,000,000  versus a total put value of  17,527,500,000 Combined total value = 26,352,500,000

Strike  10100  has a total call value of 12,657,500,000  versus a total put value of  11,965,000,000 Combined total value = 24,622,500,000

Strike  10200  has a total call value of 17,946,250,000  versus a total put value of  7,625,000,000 Combined total value = 25,571,250,000

Strike  10300  has a total call value of 24,691,250,000  versus a total put value of  4,561,250,000 Combined total value = 29,252,500,000

Strike  10400  has a total call value of 33,875,000,000  versus a total put value of  2,713,750,000 Combined total value = 36,588,750,000

Strike  10500  has a total call value of 45,622,500,000  versus a total put value of  1,373,750,000 Combined total value = 46,996,250,000

Strike  10600  has a total call value of 60,722,500,000  versus a total put value of  956,250,000 Combined total value = 61,678,750,000

Strike  10700  has a total call value of 77,415,000,000  versus a total put value of  665,000,000 Combined total value = 78,080,000,000

Strike  10800  has a total call value of 95,475,000,000  versus a total put value of  425,000,000 Combined total value = 95,900,000,000

Strike  10900  has a total call value of 114,987,500,000  versus a total put value of  266,250,000 Combined total value = 115,253,750,000

Strike  11000  has a total call value of 135,460,000,000  versus a total put value of  122,500,000 Combined total value = 135,582,500,000

Strike  11100  has a total call value of 159,365,000,000  versus a total put value of  98,750,000 Combined total value = 159,463,750,000

Strike  11200  has a total call value of 183,436,250,000  versus a total put value of  75,000,000 Combined total value = 183,511,250,000

Strike  11300  has a total call value of 208,783,750,000  versus a total put value of  51,250,000 Combined total value = 208,835,000,000

Strike  11400  has a total call value of 234,131,250,000  versus a total put value of  27,500,000 Combined total value = 234,158,750,000

Strike  11500  has a total call value of 260,346,250,000  versus a total put value of  13,750,000 Combined total value = 260,360,000,000

Strike  11600  has a total call value of 286,561,250,000  versus a total put value of  0 Combined total value = 286,561,250,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1138.6 1140
ABB 5154 5200
ABCAPITAL 348.25 345
ADANIENSOL 987.15 980
ADANIENT 2234.2 2300
ADANIGREEN 1023.2 1020
ADANIPORTS 1495.4 1500
ALKEM 5565 5650
AMBER 6661.5 6700
AMBUJACEM 539.9 550
ANGELONE 2518.4 2550
APLAPOLLO 1817.5 1780
APOLLOHOSP 6993 7100
ASHOKLEY 173.76 164
ASIANPAINT 2787 2800
ASTRAL 1420.4 1440
AUBANK 984.5 960
AUROPHARMA 1222 1220
AXISBANK 1231.4 1240
BAJAJ-AUTO 8982.5 9000
BAJAJFINSV 2040.2 2060
BAJFINANCE 1005.5 1020
BANDHANBNK 149.78 150
BANKBARODA 291.8 290
BANKINDIA 142.86 143
BDL 1364.8 1400
BEL 391.95 400
BHARATFORG 1436.6 1400
BHARTIARTL 2094 2100
BHEL 276.35 280
BIOCON 397.75 395
BLUESTARCO 1776.9 1780
BOSCHLTD 35690 36000
BPCL 363.7 365
BRITANNIA 6106.5 6000
BSE 2690.5 2700
CAMS 757.2 780
CANBK 148.23 150
CDSL 1497.9 1560
CGPOWER 672.1 680
CHOLAFIN 1640.7 1700
CIPLA 1511.9 1520
COALINDIA 385.25 385
COFORGE 1846.6 1840
COLPAL 2105.9 2160
CONCOR 499.95 520
CROMPTON 255 265
CUMMINSIND 4378.1 4400
CYIENT 1158.4 1140
DABUR 494.4 500
DALBHARAT 2017.2 2020
DELHIVERY 406.4 410
DIVISLAB 6454.5 6450
DIXON 13181 13500
DLF 687.85 710
DMART 3817.1 3900
DRREDDY 1275 1270
EICHERMOT 7205 7150
ETERNAL 286.7 295
EXIDEIND 362.65 370
FEDERALBNK 267.75 260
FORTIS 892.3 890
GAIL 169.28 175
GLENMARK 1986.4 1940
GMRAIRPORT 101.17 102
GODREJCP 1185.4 1160
GODREJPROP 2037.1 2080
GRASIM 2813 2800
HAL 4303 4500
HAVELLS 1414.4 1440
HCLTECH 1643.1 1660
HDFCAMC 2672.4 2660
HDFCBANK 987.2 995
HDFCLIFE 763.1 770
HEROMOTOCO 5758 5850
HFCL 63.92 67
HINDALCO 851.85 820
HINDPETRO 468 460
HINDUNILVR 2280.1 2300
HINDZINC 588.15 560
HUDCO 209.91 220
ICICIBANK 1354.7 1370
ICICIGI 1949.6 1960
ICICIPRULI 649.95 630
IDEA 11.96 11
IDFCFIRSTB 84.73 82
IEX 141.5 145
IIFL 560.8 560
INDHOTEL 732 730
INDIANB 780.5 810
INDIGO 5149 5100
INDUSINDBK 844.3 850
INDUSTOWER 414.25 410
INFY 1632.7 1600
INOXWIND 125.95 130
IOC 161.81 161
IRCTC 671.5 690
IREDA 132.77 140
IRFC 112.75 116
ITC 401.6 405
JINDALSTEL 987 1020
JIOFIN 297.05 305
JSWENERGY 477.45 490
JSWSTEEL 1078.6 1120
JUBLFOOD 564.25 580
KALYANKJIL 480.65 480
KAYNES 4165 4300
KEI 4248.5 4100
KFINTECH 1073.1 1080
KOTAKBANK 2161.7 2160
KPITTECH 1225.2 1220
LAURUSLABS 1043.1 1010
LICHSGFIN 531.95 550
LICI 848 870
LODHA 1086.8 1120
LT 4075.5 4040
LTF 299.7 300
LTIM 6194.5 6100
LUPIN 2125.8 2100
M&M 3606.9 3650
MANAPPURAM 290.5 282.5
MANKIND 2165.9 2200
MARICO 742.4 740
MARUTI 16446 16300
MAXHEALTH 1079 1100
MAZDOCK 2409 2500
MCX 10310 10100
MFSL 1692.2 1680
MOTHERSON 120.6 117
MPHASIS 2888.2 2900
MUTHOOTFIN 3768 3750
NATIONALUM 277.75 272.5
NAUKRI 1342 1360
NBCC 112.78 112
NCC 155.2 165
NESTLEIND 1241.9 1240
NHPC 76.43 78
NMDC 76.09 77
NTPC 318.8 325
NUVAMA 7153 7200
NYKAA 248.7 252.5
OBEROIRLTY 1670.7 1660
OFSS 7780.5 8000
OIL 406.95 410
ONGC 232.45 237.5
PAGEIND 35820 37000
PATANJALI 558.9 550
PAYTM 1323.5 1300
PERSISTENT 6356.5 6300
PETRONET 273.65 280
PFC 337.55 355
PGEL 581.4 560
PHOENIXLTD 1830.7 1760
PIDILITIND 1455 1480
PIIND 3231.8 3350
PNB 119.65 120
PNBHOUSING 918.15 900
POLICYBZR 1887.7 1860
POLYCAB 7421 7300
POWERGRID 262.95 270
POWERINDIA 18430 18500
PPLPHARMA 170.78 175
PRESTIGE 1618 1640
RBLBANK 300.6 305
RECLTD 338.3 350
RELIANCE 1565.6 1550
RVNL 314.85 315
SAIL 125.3 130
SAMMAANCAP 144.87 155
SBICARD 865.85 870
SBILIFE 2029.4 2020
SBIN 978.9 970
SHREECEM 25640 26000
SHRIRAMFIN 900.85 880
SIEMENS 3105 3150
SOLARINDS 11884 12500
SONACOMS 497.9 500
SRF 3085.5 3000
SUNPHARMA 1746.3 1760
SUPREMEIND 3372 3400
SUZLON 52.26 54
SYNGENE 652.65 650
TATACONSUM 1183.4 1180
TATAELXSI 5427 5300
TATAMOTORS 0 320
TATAPOWER 379.7 390
TATASTEEL 168.41 170
TATATECH 653.55 670
TCS 3295.4 3240
TECHM 1612.6 1560
TIINDIA 2630 2700
TITAGARH 781.6 800
TITAN 3933.2 3880
TMPV 351.65 360
TORNTPHARM 3792.9 3750
TORNTPOWER 1279.6 1300
TRENT 4056.9 4200
TVSMOTOR 3666.4 3600
ULTRACEMCO 11507 11600
UNIONBANK 153.86 155
UNITDSPR 1410.6 1430
UNOMINDA 1260.3 1280
UPL 748.95 750
VBL 469.75 470
VEDL 578.35 555
VOLTAS 1377.2 1380
WIPRO 264.42 260
YESBANK 21.66 22
ZYDUSLIFE 918.25 930

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.