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.

MIDCPNIFTY

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.

Nifty Midcap Select

13770.8 +25.65 (0.19%)

L: 13755 H: 13827.85

Max Pain - MIDCPNIFTY

19 Dec 2025 10:58 AM IST

Live

Expiry

Max Pain for MIDCPNIFTY is 13800

Historical data for MIDCPNIFTY-13800-CE

LTP (13800 CE)

133.75 8.1

Open Interest

5813 1174

Historical data for MIDCPNIFTY-13800-PE

LTP (13800 PE)

131.1 -15.85

Open Interest

3641 1370

Strike 11100 has a total call value of 0 versus a total put value of 2,251,034,450,000 Combined total value = 2,251,034,450,000

Strike 11125 has a total call value of 350,000 versus a total put value of 2,226,334,950,000 Combined total value = 2,226,335,300,000

Strike 11150 has a total call value of 700,000 versus a total put value of 2,201,635,450,000 Combined total value = 2,201,636,150,000

Strike 11175 has a total call value of 1,050,000 versus a total put value of 2,176,935,950,000 Combined total value = 2,176,937,000,000

Strike 11200 has a total call value of 1,400,000 versus a total put value of 2,152,236,450,000 Combined total value = 2,152,237,850,000

Strike 11225 has a total call value of 1,750,000 versus a total put value of 2,127,542,200,000 Combined total value = 2,127,543,950,000

Strike 11250 has a total call value of 2,100,000 versus a total put value of 2,102,847,950,000 Combined total value = 2,102,850,050,000

Strike 11275 has a total call value of 2,450,000 versus a total put value of 2,078,153,700,000 Combined total value = 2,078,156,150,000

Strike 11300 has a total call value of 2,800,000 versus a total put value of 2,053,459,450,000 Combined total value = 2,053,462,250,000

Strike 11325 has a total call value of 3,150,000 versus a total put value of 2,028,771,500,000 Combined total value = 2,028,774,650,000

Strike 11350 has a total call value of 3,500,000 versus a total put value of 2,004,083,550,000 Combined total value = 2,004,087,050,000

Strike 11375 has a total call value of 3,850,000 versus a total put value of 1,979,395,600,000 Combined total value = 1,979,399,450,000

Strike 11400 has a total call value of 4,200,000 versus a total put value of 1,954,707,650,000 Combined total value = 1,954,711,850,000

Strike 11425 has a total call value of 4,550,000 versus a total put value of 1,930,026,350,000 Combined total value = 1,930,030,900,000

Strike 11450 has a total call value of 4,900,000 versus a total put value of 1,905,345,050,000 Combined total value = 1,905,349,950,000

Strike 11475 has a total call value of 5,250,000 versus a total put value of 1,880,663,750,000 Combined total value = 1,880,669,000,000

Strike 11500 has a total call value of 5,600,000 versus a total put value of 1,855,982,450,000 Combined total value = 1,855,988,050,000

Strike 11525 has a total call value of 8,050,000 versus a total put value of 1,831,327,400,000 Combined total value = 1,831,335,450,000

Strike 11550 has a total call value of 10,500,000 versus a total put value of 1,806,672,350,000 Combined total value = 1,806,682,850,000

Strike 11575 has a total call value of 12,950,000 versus a total put value of 1,782,017,300,000 Combined total value = 1,782,030,250,000

Strike 11600 has a total call value of 15,400,000 versus a total put value of 1,757,362,250,000 Combined total value = 1,757,377,650,000

Strike 11625 has a total call value of 17,850,000 versus a total put value of 1,732,711,400,000 Combined total value = 1,732,729,250,000

Strike 11650 has a total call value of 20,300,000 versus a total put value of 1,708,060,550,000 Combined total value = 1,708,080,850,000

Strike 11675 has a total call value of 22,750,000 versus a total put value of 1,683,409,700,000 Combined total value = 1,683,432,450,000

Strike 11700 has a total call value of 25,200,000 versus a total put value of 1,658,758,850,000 Combined total value = 1,658,784,050,000

Strike 11725 has a total call value of 27,650,000 versus a total put value of 1,634,116,050,000 Combined total value = 1,634,143,700,000

Strike 11750 has a total call value of 30,100,000 versus a total put value of 1,609,473,250,000 Combined total value = 1,609,503,350,000

Strike 11775 has a total call value of 32,550,000 versus a total put value of 1,584,830,450,000 Combined total value = 1,584,863,000,000

Strike 11800 has a total call value of 35,000,000 versus a total put value of 1,560,187,650,000 Combined total value = 1,560,222,650,000

Strike 11825 has a total call value of 37,450,000 versus a total put value of 1,535,548,000,000 Combined total value = 1,535,585,450,000

Strike 11850 has a total call value of 39,900,000 versus a total put value of 1,510,908,350,000 Combined total value = 1,510,948,250,000

Strike 11875 has a total call value of 42,350,000 versus a total put value of 1,486,313,150,000 Combined total value = 1,486,355,500,000

Strike 11900 has a total call value of 44,800,000 versus a total put value of 1,461,726,350,000 Combined total value = 1,461,771,150,000

Strike 11925 has a total call value of 47,250,000 versus a total put value of 1,437,154,250,000 Combined total value = 1,437,201,500,000

Strike 11950 has a total call value of 49,700,000 versus a total put value of 1,412,595,800,000 Combined total value = 1,412,645,500,000

Strike 11975 has a total call value of 52,150,000 versus a total put value of 1,388,054,500,000 Combined total value = 1,388,106,650,000

Strike 12000 has a total call value of 54,600,000 versus a total put value of 1,363,526,150,000 Combined total value = 1,363,580,750,000

Strike 12025 has a total call value of 58,800,000 versus a total put value of 1,339,566,200,000 Combined total value = 1,339,625,000,000

Strike 12050 has a total call value of 63,000,000 versus a total put value of 1,315,611,150,000 Combined total value = 1,315,674,150,000

Strike 12075 has a total call value of 67,200,000 versus a total put value of 1,291,661,000,000 Combined total value = 1,291,728,200,000

Strike 12100 has a total call value of 71,400,000 versus a total put value of 1,267,716,100,000 Combined total value = 1,267,787,500,000

Strike 12125 has a total call value of 78,050,000 versus a total put value of 1,243,779,250,000 Combined total value = 1,243,857,300,000

Strike 12150 has a total call value of 84,700,000 versus a total put value of 1,219,847,300,000 Combined total value = 1,219,932,000,000

Strike 12175 has a total call value of 91,350,000 versus a total put value of 1,195,922,000,000 Combined total value = 1,196,013,350,000

Strike 12200 has a total call value of 98,000,000 versus a total put value of 1,172,001,600,000 Combined total value = 1,172,099,600,000

Strike 12225 has a total call value of 104,650,000 versus a total put value of 1,148,091,350,000 Combined total value = 1,148,196,000,000

Strike 12250 has a total call value of 111,300,000 versus a total put value of 1,124,184,600,000 Combined total value = 1,124,295,900,000

Strike 12275 has a total call value of 117,950,000 versus a total put value of 1,100,284,850,000 Combined total value = 1,100,402,800,000

Strike 12300 has a total call value of 124,600,000 versus a total put value of 1,076,388,950,000 Combined total value = 1,076,513,550,000

Strike 12325 has a total call value of 131,250,000 versus a total put value of 1,052,536,450,000 Combined total value = 1,052,667,700,000

Strike 12350 has a total call value of 137,900,000 versus a total put value of 1,028,686,750,000 Combined total value = 1,028,824,650,000

Strike 12375 has a total call value of 144,550,000 versus a total put value of 1,004,839,500,000 Combined total value = 1,004,984,050,000

Strike 12400 has a total call value of 151,200,000 versus a total put value of 980,996,100,000 Combined total value = 981,147,300,000

Strike 12425 has a total call value of 157,850,000 versus a total put value of 957,182,800,000 Combined total value = 957,340,650,000

Strike 12450 has a total call value of 164,500,000 versus a total put value of 933,374,400,000 Combined total value = 933,538,900,000

Strike 12475 has a total call value of 171,150,000 versus a total put value of 909,576,500,000 Combined total value = 909,747,650,000

Strike 12500 has a total call value of 177,800,000 versus a total put value of 885,792,950,000 Combined total value = 885,970,750,000

Strike 12525 has a total call value of 245,700,000 versus a total put value of 862,693,300,000 Combined total value = 862,939,000,000

Strike 12550 has a total call value of 313,600,000 versus a total put value of 839,605,900,000 Combined total value = 839,919,500,000

Strike 12575 has a total call value of 381,500,000 versus a total put value of 816,522,700,000 Combined total value = 816,904,200,000

Strike 12600 has a total call value of 449,400,000 versus a total put value of 793,444,050,000 Combined total value = 793,893,450,000

Strike 12625 has a total call value of 517,300,000 versus a total put value of 770,548,100,000 Combined total value = 771,065,400,000

Strike 12650 has a total call value of 585,200,000 versus a total put value of 747,656,700,000 Combined total value = 748,241,900,000

Strike 12675 has a total call value of 653,100,000 versus a total put value of 724,775,100,000 Combined total value = 725,428,200,000

Strike 12700 has a total call value of 721,000,000 versus a total put value of 701,896,650,000 Combined total value = 702,617,650,000

Strike 12725 has a total call value of 788,900,000 versus a total put value of 679,351,050,000 Combined total value = 680,139,950,000

Strike 12750 has a total call value of 856,800,000 versus a total put value of 656,810,000,000 Combined total value = 657,666,800,000

Strike 12775 has a total call value of 924,700,000 versus a total put value of 634,400,550,000 Combined total value = 635,325,250,000

Strike 12800 has a total call value of 992,600,000 versus a total put value of 612,010,350,000 Combined total value = 613,002,950,000

Strike 12825 has a total call value of 1,060,500,000 versus a total put value of 590,354,100,000 Combined total value = 591,414,600,000

Strike 12850 has a total call value of 1,128,400,000 versus a total put value of 568,717,450,000 Combined total value = 569,845,850,000

Strike 12875 has a total call value of 1,196,300,000 versus a total put value of 547,098,300,000 Combined total value = 548,294,600,000

Strike 12900 has a total call value of 1,264,200,000 versus a total put value of 525,484,400,000 Combined total value = 526,748,600,000

Strike 12925 has a total call value of 1,332,450,000 versus a total put value of 504,171,150,000 Combined total value = 505,503,600,000

Strike 12950 has a total call value of 1,400,700,000 versus a total put value of 482,861,750,000 Combined total value = 484,262,450,000

Strike 12975 has a total call value of 1,468,950,000 versus a total put value of 461,596,800,000 Combined total value = 463,065,750,000

Strike 13000 has a total call value of 1,537,200,000 versus a total put value of 440,344,450,000 Combined total value = 441,881,650,000

Strike 13025 has a total call value of 1,686,650,000 versus a total put value of 421,720,250,000 Combined total value = 423,406,900,000

Strike 13050 has a total call value of 1,836,100,000 versus a total put value of 403,111,800,000 Combined total value = 404,947,900,000

Strike 13075 has a total call value of 1,985,550,000 versus a total put value of 384,576,150,000 Combined total value = 386,561,700,000

Strike 13100 has a total call value of 2,135,000,000 versus a total put value of 366,050,300,000 Combined total value = 368,185,300,000

Strike 13125 has a total call value of 2,284,450,000 versus a total put value of 349,077,050,000 Combined total value = 351,361,500,000

Strike 13150 has a total call value of 2,433,900,000 versus a total put value of 332,129,000,000 Combined total value = 334,562,900,000

Strike 13175 has a total call value of 2,583,350,000 versus a total put value of 315,346,150,000 Combined total value = 317,929,500,000

Strike 13200 has a total call value of 2,733,850,000 versus a total put value of 298,604,600,000 Combined total value = 301,338,450,000

Strike 13225 has a total call value of 2,891,350,000 versus a total put value of 283,137,400,000 Combined total value = 286,028,750,000

Strike 13250 has a total call value of 3,052,350,000 versus a total put value of 267,712,550,000 Combined total value = 270,764,900,000

Strike 13275 has a total call value of 3,216,850,000 versus a total put value of 252,549,500,000 Combined total value = 255,766,350,000

Strike 13300 has a total call value of 3,382,050,000 versus a total put value of 237,444,900,000 Combined total value = 240,826,950,000

Strike 13325 has a total call value of 3,559,150,000 versus a total put value of 223,267,800,000 Combined total value = 226,826,950,000

Strike 13350 has a total call value of 3,737,300,000 versus a total put value of 209,130,600,000 Combined total value = 212,867,900,000

Strike 13375 has a total call value of 3,916,150,000 versus a total put value of 195,109,250,000 Combined total value = 199,025,400,000

Strike 13400 has a total call value of 4,095,000,000 versus a total put value of 181,142,150,000 Combined total value = 185,237,150,000

Strike 13425 has a total call value of 4,299,050,000 versus a total put value of 168,501,900,000 Combined total value = 172,800,950,000

Strike 13450 has a total call value of 4,504,500,000 versus a total put value of 155,893,150,000 Combined total value = 160,397,650,000

Strike 13475 has a total call value of 4,713,800,000 versus a total put value of 143,408,650,000 Combined total value = 148,122,450,000

Strike 13500 has a total call value of 4,923,450,000 versus a total put value of 130,969,650,000 Combined total value = 135,893,100,000

Strike 13525 has a total call value of 5,586,000,000 versus a total put value of 121,170,000,000 Combined total value = 126,756,000,000

Strike 13550 has a total call value of 6,258,700,000 versus a total put value of 111,418,300,000 Combined total value = 117,677,000,000

Strike 13575 has a total call value of 6,979,700,000 versus a total put value of 101,876,950,000 Combined total value = 108,856,650,000

Strike 13600 has a total call value of 7,722,750,000 versus a total put value of 92,405,600,000 Combined total value = 100,128,350,000

Strike 13625 has a total call value of 8,935,500,000 versus a total put value of 84,634,200,000 Combined total value = 93,569,700,000

Strike 13650 has a total call value of 10,178,350,000 versus a total put value of 76,975,150,000 Combined total value = 87,153,500,000

Strike 13675 has a total call value of 11,648,000,000 versus a total put value of 69,689,900,000 Combined total value = 81,337,900,000

Strike 13700 has a total call value of 13,199,550,000 versus a total put value of 62,488,300,000 Combined total value = 75,687,850,000

Strike 13725 has a total call value of 15,757,000,000 versus a total put value of 56,707,000,000 Combined total value = 72,464,000,000

Strike 13750 has a total call value of 18,386,900,000 versus a total put value of 51,034,900,000 Combined total value = 69,421,800,000

Strike 13775 has a total call value of 21,323,400,000 versus a total put value of 45,721,900,000 Combined total value = 67,045,300,000

Strike 13800 has a total call value of 24,419,850,000 versus a total put value of 40,525,100,000 Combined total value = 64,944,950,000

Strike 13825 has a total call value of 29,550,850,000 versus a total put value of 36,602,650,000 Combined total value = 66,153,500,000

Strike 13850 has a total call value of 34,881,700,000 versus a total put value of 32,768,050,000 Combined total value = 67,649,750,000

Strike 13875 has a total call value of 40,492,900,000 versus a total put value of 29,068,200,000 Combined total value = 69,561,100,000

Strike 13900 has a total call value of 46,227,650,000 versus a total put value of 25,418,400,000 Combined total value = 71,646,050,000

Strike 13925 has a total call value of 53,273,150,000 versus a total put value of 22,397,200,000 Combined total value = 75,670,350,000

Strike 13950 has a total call value of 60,455,850,000 versus a total put value of 19,410,300,000 Combined total value = 79,866,150,000

Strike 13975 has a total call value of 67,879,700,000 versus a total put value of 16,509,150,000 Combined total value = 84,388,850,000

Strike 14000 has a total call value of 75,399,100,000 versus a total put value of 13,644,750,000 Combined total value = 89,043,850,000

Strike 14025 has a total call value of 85,790,600,000 versus a total put value of 12,082,700,000 Combined total value = 97,873,300,000

Strike 14050 has a total call value of 96,281,500,000 versus a total put value of 10,557,400,000 Combined total value = 106,838,900,000

Strike 14075 has a total call value of 107,121,350,000 versus a total put value of 9,101,400,000 Combined total value = 116,222,750,000

Strike 14100 has a total call value of 118,076,350,000 versus a total put value of 7,681,800,000 Combined total value = 125,758,150,000

Strike 14125 has a total call value of 130,606,700,000 versus a total put value of 7,062,650,000 Combined total value = 137,669,350,000

Strike 14150 has a total call value of 143,223,500,000 versus a total put value of 6,476,400,000 Combined total value = 149,699,900,000

Strike 14175 has a total call value of 156,051,350,000 versus a total put value of 5,954,550,000 Combined total value = 162,005,900,000

Strike 14200 has a total call value of 168,948,150,000 versus a total put value of 5,451,950,000 Combined total value = 174,400,100,000

Strike 14225 has a total call value of 183,789,900,000 versus a total put value of 5,078,500,000 Combined total value = 188,868,400,000

Strike 14250 has a total call value of 198,661,750,000 versus a total put value of 4,711,000,000 Combined total value = 203,372,750,000

Strike 14275 has a total call value of 213,970,400,000 versus a total put value of 4,372,550,000 Combined total value = 218,342,950,000

Strike 14300 has a total call value of 229,320,000,000 versus a total put value of 4,046,700,000 Combined total value = 233,366,700,000

Strike 14325 has a total call value of 246,401,050,000 versus a total put value of 3,837,050,000 Combined total value = 250,238,100,000

Strike 14350 has a total call value of 263,509,050,000 versus a total put value of 3,627,400,000 Combined total value = 267,136,450,000

Strike 14375 has a total call value of 280,752,150,000 versus a total put value of 3,417,750,000 Combined total value = 284,169,900,000

Strike 14400 has a total call value of 298,019,400,000 versus a total put value of 3,208,100,000 Combined total value = 301,227,500,000

Strike 14425 has a total call value of 316,557,500,000 versus a total put value of 3,026,450,000 Combined total value = 319,583,950,000

Strike 14450 has a total call value of 335,118,350,000 versus a total put value of 2,844,800,000 Combined total value = 337,963,150,000

Strike 14475 has a total call value of 353,785,250,000 versus a total put value of 2,663,500,000 Combined total value = 356,448,750,000

Strike 14500 has a total call value of 372,465,450,000 versus a total put value of 2,482,200,000 Combined total value = 374,947,650,000

Strike 14525 has a total call value of 393,744,400,000 versus a total put value of 2,361,800,000 Combined total value = 396,106,200,000

Strike 14550 has a total call value of 415,026,850,000 versus a total put value of 2,241,400,000 Combined total value = 417,268,250,000

Strike 14575 has a total call value of 436,356,550,000 versus a total put value of 2,121,000,000 Combined total value = 438,477,550,000

Strike 14600 has a total call value of 457,698,150,000 versus a total put value of 2,000,600,000 Combined total value = 459,698,750,000

Strike 14625 has a total call value of 479,756,900,000 versus a total put value of 1,880,200,000 Combined total value = 481,637,100,000

Strike 14650 has a total call value of 501,818,800,000 versus a total put value of 1,759,800,000 Combined total value = 503,578,600,000

Strike 14675 has a total call value of 523,958,400,000 versus a total put value of 1,639,400,000 Combined total value = 525,597,800,000

Strike 14700 has a total call value of 546,109,900,000 versus a total put value of 1,519,000,000 Combined total value = 547,628,900,000

Strike 14725 has a total call value of 569,043,300,000 versus a total put value of 1,398,600,000 Combined total value = 570,441,900,000

Strike 14750 has a total call value of 591,984,750,000 versus a total put value of 1,278,200,000 Combined total value = 593,262,950,000

Strike 14775 has a total call value of 614,934,600,000 versus a total put value of 1,157,800,000 Combined total value = 616,092,400,000

Strike 14800 has a total call value of 637,884,450,000 versus a total put value of 1,037,400,000 Combined total value = 638,921,850,000

Strike 14825 has a total call value of 661,755,150,000 versus a total put value of 917,350,000 Combined total value = 662,672,500,000

Strike 14850 has a total call value of 685,626,200,000 versus a total put value of 797,300,000 Combined total value = 686,423,500,000

Strike 14875 has a total call value of 709,497,250,000 versus a total put value of 677,250,000 Combined total value = 710,174,500,000

Strike 14900 has a total call value of 733,368,300,000 versus a total put value of 557,200,000 Combined total value = 733,925,500,000

Strike 14925 has a total call value of 757,468,600,000 versus a total put value of 437,150,000 Combined total value = 757,905,750,000

Strike 14950 has a total call value of 781,568,900,000 versus a total put value of 317,100,000 Combined total value = 781,886,000,000

Strike 14975 has a total call value of 805,669,200,000 versus a total put value of 197,050,000 Combined total value = 805,866,250,000

Strike 15000 has a total call value of 829,769,500,000 versus a total put value of 77,000,000 Combined total value = 829,846,500,000

Strike 15025 has a total call value of 855,621,900,000 versus a total put value of 73,150,000 Combined total value = 855,695,050,000

Strike 15050 has a total call value of 881,474,300,000 versus a total put value of 69,300,000 Combined total value = 881,543,600,000

Strike 15075 has a total call value of 907,326,700,000 versus a total put value of 65,450,000 Combined total value = 907,392,150,000

Strike 15100 has a total call value of 933,179,100,000 versus a total put value of 61,600,000 Combined total value = 933,240,700,000

Strike 15125 has a total call value of 959,075,600,000 versus a total put value of 57,750,000 Combined total value = 959,133,350,000

Strike 15150 has a total call value of 984,972,100,000 versus a total put value of 53,900,000 Combined total value = 985,026,000,000

Strike 15175 has a total call value of 1,010,868,600,000 versus a total put value of 50,050,000 Combined total value = 1,010,918,650,000

Strike 15200 has a total call value of 1,036,765,100,000 versus a total put value of 46,200,000 Combined total value = 1,036,811,300,000

Strike 15225 has a total call value of 1,062,673,850,000 versus a total put value of 42,350,000 Combined total value = 1,062,716,200,000

Strike 15250 has a total call value of 1,088,582,600,000 versus a total put value of 38,500,000 Combined total value = 1,088,621,100,000

Strike 15275 has a total call value of 1,114,491,350,000 versus a total put value of 34,650,000 Combined total value = 1,114,526,000,000

Strike 15300 has a total call value of 1,140,400,100,000 versus a total put value of 30,800,000 Combined total value = 1,140,430,900,000

Strike 15325 has a total call value of 1,166,358,900,000 versus a total put value of 26,950,000 Combined total value = 1,166,385,850,000

Strike 15350 has a total call value of 1,192,317,700,000 versus a total put value of 23,100,000 Combined total value = 1,192,340,800,000

Strike 15375 has a total call value of 1,218,276,500,000 versus a total put value of 19,250,000 Combined total value = 1,218,295,750,000

Strike 15400 has a total call value of 1,244,235,300,000 versus a total put value of 15,400,000 Combined total value = 1,244,250,700,000

Strike 15425 has a total call value of 1,270,207,050,000 versus a total put value of 11,550,000 Combined total value = 1,270,218,600,000

Strike 15450 has a total call value of 1,296,178,800,000 versus a total put value of 7,700,000 Combined total value = 1,296,186,500,000

Strike 15475 has a total call value of 1,322,150,550,000 versus a total put value of 3,850,000 Combined total value = 1,322,154,400,000

Strike 15500 has a total call value of 1,348,122,300,000 versus a total put value of 0 Combined total value = 1,348,122,300,000

Strike 15525 has a total call value of 1,374,413,950,000 versus a total put value of 0 Combined total value = 1,374,413,950,000

Strike 15550 has a total call value of 1,400,705,600,000 versus a total put value of 0 Combined total value = 1,400,705,600,000

Strike 15575 has a total call value of 1,426,997,250,000 versus a total put value of 0 Combined total value = 1,426,997,250,000

Strike 15600 has a total call value of 1,453,288,900,000 versus a total put value of 0 Combined total value = 1,453,288,900,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1135	1140
ABB	5145	5200
ABCAPITAL	345.85	345
ADANIENSOL	974.8	980
ADANIENT	2227.6	2300
ADANIGREEN	1011.1	1020
ADANIPORTS	1496	1500
ALKEM	5513	5650
AMBER	6630	6800
AMBUJACEM	536	550
ANGELONE	2468.4	2550
APLAPOLLO	1806.6	1760
APOLLOHOSP	6961	7100
ASHOKLEY	173.11	164
ASIANPAINT	2788.9	2800
ASTRAL	1410.1	1440
AUBANK	979.65	960
AUROPHARMA	1220	1220
AXISBANK	1237.8	1240
BAJAJ-AUTO	8915	9000
BAJAJFINSV	2039.2	2060
BAJFINANCE	1005.1	1020
BANDHANBNK	149.26	150
BANKBARODA	288.65	290
BANKINDIA	142.17	143
BDL	1346.1	1400
BEL	390.2	400
BHARATFORG	1425.5	1400
BHARTIARTL	2093.3	2100
BHEL	274	280
BIOCON	398.1	395
BLUESTARCO	1810	1820
BOSCHLTD	35730	36000
BPCL	364.55	365
BRITANNIA	6069.5	6000
BSE	2711.4	2700
CAMS	749.9	770
CANBK	148.42	150
CDSL	1489.1	1540
CGPOWER	662.3	680
CHOLAFIN	1672.8	1700
CIPLA	1509	1520
COALINDIA	384.4	385
COFORGE	1853.9	1840
COLPAL	2083.3	2160
CONCOR	497.9	520
CROMPTON	251.6	260
CUMMINSIND	4362.6	4400
CYIENT	1146.1	1140
DABUR	492.5	500
DALBHARAT	2022.2	2040
DELHIVERY	403.15	410
DIVISLAB	6533	6500
DIXON	13216	13500
DLF	683.1	710
DMART	3769	3900
DRREDDY	1281.5	1270
EICHERMOT	7190	7100
ETERNAL	286.75	295
EXIDEIND	358.95	370
FEDERALBNK	267.15	260
FORTIS	886.3	890
GAIL	168.85	175
GLENMARK	1965.1	1940
GMRAIRPORT	101.32	102
GODREJCP	1181.5	1160
GODREJPROP	2009.8	2060
GRASIM	2819.9	2800
HAL	4265.9	4450
HAVELLS	1402.2	1440
HCLTECH	1647.2	1660
HDFCAMC	2640.6	2675
HDFCBANK	987.1	990
HDFCLIFE	755.95	770
HEROMOTOCO	5766.5	5900
HFCL	64.44	67
HINDALCO	851.15	820
HINDPETRO	466.3	460
HINDUNILVR	2271.1	2300
HINDZINC	585.55	560
HUDCO	207.88	217.5
ICICIBANK	1356.3	1370
ICICIGI	1940.2	1960
ICICIPRULI	649.55	630
IDEA	11.69	11
IDFCFIRSTB	83.8	82
IEX	139.3	145
IIFL	562.5	560
INDHOTEL	724.9	730
INDIANB	776.95	810
INDIGO	5119	5100
INDUSINDBK	832.1	850
INDUSTOWER	411.45	410
INFY	1649.7	1600
INOXWIND	124.14	130
IOC	161.32	161
IRCTC	668.65	690
IREDA	131.36	137.5
IRFC	111.15	115
ITC	401	405
JINDALSTEL	983.1	1020
JIOFIN	295.2	305
JSWENERGY	469.55	490
JSWSTEEL	1080.3	1120
JUBLFOOD	560.6	580
KALYANKJIL	475.5	480
KAYNES	4049.5	4300
KEI	4152	4100
KFINTECH	1063.1	1080
KOTAKBANK	2170.7	2160
KPITTECH	1168.5	1200
LAURUSLABS	1043.5	1010
LICHSGFIN	529	550
LICI	849.6	870
LODHA	1078.9	1100
LT	4075.6	4040
LTF	299.55	300
LTIM	6166	6100
LUPIN	2129.4	2100
M&M	3601.2	3650
MANAPPURAM	285.1	280
MANKIND	2147.4	2200
MARICO	735.3	730
MARUTI	16401	16300
MAXHEALTH	1073.5	1080
MAZDOCK	2371.2	2500
MCX	10307	10100
MFSL	1665.6	1700
MOTHERSON	119.9	116
MPHASIS	2893.8	2900
MUTHOOTFIN	3750.3	3750
NATIONALUM	278	272.5
NAUKRI	1329.2	1360
NBCC	110.47	111
NCC	153	162.5
NESTLEIND	1239.1	1240
NHPC	75.25	78
NMDC	75.87	77
NTPC	317.85	325
NUVAMA	7162	7300
NYKAA	244.35	250
OBEROIRLTY	1667	1660
OFSS	7670	7900
OIL	401.55	410
ONGC	232.89	237.5
PAGEIND	35510	36500
PATANJALI	562.05	550
PAYTM	1303	1300
PERSISTENT	6343.5	6300
PETRONET	270.15	278
PFC	337.35	355
PGEL	571.45	560
PHOENIXLTD	1811.8	1760
PIDILITIND	1450.1	1480
PIIND	3215	3350
PNB	119.06	120
PNBHOUSING	900.5	900
POLICYBZR	1838.2	1840
POLYCAB	7265.5	7300
POWERGRID	260.1	270
POWERINDIA	18065	18500
PPLPHARMA	168.23	175
PRESTIGE	1615.5	1640
RBLBANK	298	305
RECLTD	338.65	355
RELIANCE	1572.9	1550
RVNL	309.35	310
SAIL	125.3	130
SAMMAANCAP	145.11	155
SBICARD	850	870
SBILIFE	2018.7	2020
SBIN	978.5	970
SHREECEM	25480	26000
SHRIRAMFIN	860	850
SIEMENS	3094.4	3150
SOLARINDS	11782	12500
SONACOMS	486.65	495
SRF	3059.1	3000
SUNPHARMA	1748.7	1760
SUPREMEIND	3363.8	3400
SUZLON	51.86	54
SYNGENE	651.6	650
TATACONSUM	1170.6	1170
TATAELXSI	5240	5200
TATAMOTORS	0	320
TATAPOWER	375	390
TATASTEEL	168.23	170
TATATECH	646.35	670
TCS	3311.5	3240
TECHM	1601.9	1560
TIINDIA	2577.3	2700
TITAGARH	767.1	800
TITAN	3958	3880
TMPV	351.4	360
TORNTPHARM	3755.1	3750
TORNTPOWER	1250.9	1300
TRENT	4043.1	4200
TVSMOTOR	3635	3600
ULTRACEMCO	11484	11600
UNIONBANK	154.07	155
UNITDSPR	1397	1430
UNOMINDA	1236.8	1280
UPL	743.2	750
VBL	470.8	470
VEDL	572.05	555
VOLTAS	1401.6	1400
WIPRO	265.18	260
YESBANK	21.57	22
ZYDUSLIFE	916.5	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:

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.

Related Pages for MIDCPNIFTY

MIDCPNIFTY

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD