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

13689.4 +37.10 (0.27%)

L: 13574.05 H: 13760.35

Max Pain - MIDCPNIFTY

18 Dec 2025 02:23 PM IST

Live

Expiry

Max Pain for MIDCPNIFTY is 13800

Historical data for MIDCPNIFTY-13800-CE

LTP (13800 CE)

100.7 -0.85

Open Interest

4767 320

Historical data for MIDCPNIFTY-13800-PE

LTP (13800 PE)

175.25 -38.85

Open Interest

2801 -901

Strike 11100 has a total call value of 0 versus a total put value of 2,134,441,400,000 Combined total value = 2,134,441,400,000

Strike 11125 has a total call value of 350,000 versus a total put value of 2,110,826,550,000 Combined total value = 2,110,826,900,000

Strike 11150 has a total call value of 700,000 versus a total put value of 2,087,211,700,000 Combined total value = 2,087,212,400,000

Strike 11175 has a total call value of 1,050,000 versus a total put value of 2,063,596,850,000 Combined total value = 2,063,597,900,000

Strike 11200 has a total call value of 1,400,000 versus a total put value of 2,039,982,000,000 Combined total value = 2,039,983,400,000

Strike 11225 has a total call value of 1,750,000 versus a total put value of 2,016,372,400,000 Combined total value = 2,016,374,150,000

Strike 11250 has a total call value of 2,100,000 versus a total put value of 1,992,762,800,000 Combined total value = 1,992,764,900,000

Strike 11275 has a total call value of 2,450,000 versus a total put value of 1,969,153,200,000 Combined total value = 1,969,155,650,000

Strike 11300 has a total call value of 2,800,000 versus a total put value of 1,945,543,600,000 Combined total value = 1,945,546,400,000

Strike 11325 has a total call value of 3,150,000 versus a total put value of 1,921,940,300,000 Combined total value = 1,921,943,450,000

Strike 11350 has a total call value of 3,500,000 versus a total put value of 1,898,337,000,000 Combined total value = 1,898,340,500,000

Strike 11375 has a total call value of 3,850,000 versus a total put value of 1,874,733,700,000 Combined total value = 1,874,737,550,000

Strike 11400 has a total call value of 4,200,000 versus a total put value of 1,851,130,400,000 Combined total value = 1,851,134,600,000

Strike 11425 has a total call value of 4,550,000 versus a total put value of 1,827,533,750,000 Combined total value = 1,827,538,300,000

Strike 11450 has a total call value of 4,900,000 versus a total put value of 1,803,937,100,000 Combined total value = 1,803,942,000,000

Strike 11475 has a total call value of 5,250,000 versus a total put value of 1,780,340,450,000 Combined total value = 1,780,345,700,000

Strike 11500 has a total call value of 5,600,000 versus a total put value of 1,756,743,800,000 Combined total value = 1,756,749,400,000

Strike 11525 has a total call value of 8,050,000 versus a total put value of 1,733,174,100,000 Combined total value = 1,733,182,150,000

Strike 11550 has a total call value of 10,500,000 versus a total put value of 1,709,604,400,000 Combined total value = 1,709,614,900,000

Strike 11575 has a total call value of 12,950,000 versus a total put value of 1,686,034,700,000 Combined total value = 1,686,047,650,000

Strike 11600 has a total call value of 15,400,000 versus a total put value of 1,662,465,000,000 Combined total value = 1,662,480,400,000

Strike 11625 has a total call value of 17,850,000 versus a total put value of 1,638,899,500,000 Combined total value = 1,638,917,350,000

Strike 11650 has a total call value of 20,300,000 versus a total put value of 1,615,334,000,000 Combined total value = 1,615,354,300,000

Strike 11675 has a total call value of 22,750,000 versus a total put value of 1,591,768,500,000 Combined total value = 1,591,791,250,000

Strike 11700 has a total call value of 25,200,000 versus a total put value of 1,568,203,000,000 Combined total value = 1,568,228,200,000

Strike 11725 has a total call value of 27,650,000 versus a total put value of 1,544,645,550,000 Combined total value = 1,544,673,200,000

Strike 11750 has a total call value of 30,100,000 versus a total put value of 1,521,088,100,000 Combined total value = 1,521,118,200,000

Strike 11775 has a total call value of 32,550,000 versus a total put value of 1,497,530,650,000 Combined total value = 1,497,563,200,000

Strike 11800 has a total call value of 35,000,000 versus a total put value of 1,473,973,200,000 Combined total value = 1,474,008,200,000

Strike 11825 has a total call value of 37,450,000 versus a total put value of 1,450,418,900,000 Combined total value = 1,450,456,350,000

Strike 11850 has a total call value of 39,900,000 versus a total put value of 1,426,864,600,000 Combined total value = 1,426,904,500,000

Strike 11875 has a total call value of 42,350,000 versus a total put value of 1,403,354,750,000 Combined total value = 1,403,397,100,000

Strike 11900 has a total call value of 44,800,000 versus a total put value of 1,379,853,300,000 Combined total value = 1,379,898,100,000

Strike 11925 has a total call value of 47,250,000 versus a total put value of 1,356,366,550,000 Combined total value = 1,356,413,800,000

Strike 11950 has a total call value of 49,700,000 versus a total put value of 1,332,893,450,000 Combined total value = 1,332,943,150,000

Strike 11975 has a total call value of 52,150,000 versus a total put value of 1,309,437,500,000 Combined total value = 1,309,489,650,000

Strike 12000 has a total call value of 54,600,000 versus a total put value of 1,285,994,500,000 Combined total value = 1,286,049,100,000

Strike 12025 has a total call value of 58,800,000 versus a total put value of 1,263,148,950,000 Combined total value = 1,263,207,750,000

Strike 12050 has a total call value of 63,000,000 versus a total put value of 1,240,308,300,000 Combined total value = 1,240,371,300,000

Strike 12075 has a total call value of 67,200,000 versus a total put value of 1,217,473,600,000 Combined total value = 1,217,540,800,000

Strike 12100 has a total call value of 71,400,000 versus a total put value of 1,194,644,150,000 Combined total value = 1,194,715,550,000

Strike 12125 has a total call value of 78,050,000 versus a total put value of 1,171,822,750,000 Combined total value = 1,171,900,800,000

Strike 12150 has a total call value of 84,700,000 versus a total put value of 1,149,006,250,000 Combined total value = 1,149,090,950,000

Strike 12175 has a total call value of 91,350,000 versus a total put value of 1,126,196,400,000 Combined total value = 1,126,287,750,000

Strike 12200 has a total call value of 98,000,000 versus a total put value of 1,103,391,450,000 Combined total value = 1,103,489,450,000

Strike 12225 has a total call value of 104,650,000 versus a total put value of 1,080,599,450,000 Combined total value = 1,080,704,100,000

Strike 12250 has a total call value of 111,300,000 versus a total put value of 1,057,810,950,000 Combined total value = 1,057,922,250,000

Strike 12275 has a total call value of 117,950,000 versus a total put value of 1,035,029,450,000 Combined total value = 1,035,147,400,000

Strike 12300 has a total call value of 124,600,000 versus a total put value of 1,012,251,800,000 Combined total value = 1,012,376,400,000

Strike 12325 has a total call value of 131,250,000 versus a total put value of 989,521,750,000 Combined total value = 989,653,000,000

Strike 12350 has a total call value of 137,900,000 versus a total put value of 966,794,500,000 Combined total value = 966,932,400,000

Strike 12375 has a total call value of 144,550,000 versus a total put value of 944,069,700,000 Combined total value = 944,214,250,000

Strike 12400 has a total call value of 151,200,000 versus a total put value of 921,348,750,000 Combined total value = 921,499,950,000

Strike 12425 has a total call value of 157,850,000 versus a total put value of 898,660,350,000 Combined total value = 898,818,200,000

Strike 12450 has a total call value of 164,500,000 versus a total put value of 875,976,850,000 Combined total value = 876,141,350,000

Strike 12475 has a total call value of 171,150,000 versus a total put value of 853,308,400,000 Combined total value = 853,479,550,000

Strike 12500 has a total call value of 177,800,000 versus a total put value of 830,654,300,000 Combined total value = 830,832,100,000

Strike 12525 has a total call value of 245,700,000 versus a total put value of 808,650,150,000 Combined total value = 808,895,850,000

Strike 12550 has a total call value of 313,600,000 versus a total put value of 786,659,300,000 Combined total value = 786,972,900,000

Strike 12575 has a total call value of 381,500,000 versus a total put value of 764,673,700,000 Combined total value = 765,055,200,000

Strike 12600 has a total call value of 449,400,000 versus a total put value of 742,692,650,000 Combined total value = 743,142,050,000

Strike 12625 has a total call value of 517,300,000 versus a total put value of 720,879,600,000 Combined total value = 721,396,900,000

Strike 12650 has a total call value of 585,200,000 versus a total put value of 699,071,100,000 Combined total value = 699,656,300,000

Strike 12675 has a total call value of 653,100,000 versus a total put value of 677,278,000,000 Combined total value = 677,931,100,000

Strike 12700 has a total call value of 721,000,000 versus a total put value of 655,488,050,000 Combined total value = 656,209,050,000

Strike 12725 has a total call value of 788,900,000 versus a total put value of 634,042,150,000 Combined total value = 634,831,050,000

Strike 12750 has a total call value of 856,800,000 versus a total put value of 612,600,800,000 Combined total value = 613,457,600,000

Strike 12775 has a total call value of 924,700,000 versus a total put value of 591,326,400,000 Combined total value = 592,251,100,000

Strike 12800 has a total call value of 992,600,000 versus a total put value of 570,070,200,000 Combined total value = 571,062,800,000

Strike 12825 has a total call value of 1,060,500,000 versus a total put value of 549,560,550,000 Combined total value = 550,621,050,000

Strike 12850 has a total call value of 1,128,400,000 versus a total put value of 529,074,350,000 Combined total value = 530,202,750,000

Strike 12875 has a total call value of 1,196,300,000 versus a total put value of 508,606,700,000 Combined total value = 509,803,000,000

Strike 12900 has a total call value of 1,264,200,000 versus a total put value of 488,146,400,000 Combined total value = 489,410,600,000

Strike 12925 has a total call value of 1,332,450,000 versus a total put value of 468,087,550,000 Combined total value = 469,420,000,000

Strike 12950 has a total call value of 1,400,700,000 versus a total put value of 448,036,750,000 Combined total value = 449,437,450,000

Strike 12975 has a total call value of 1,468,950,000 versus a total put value of 428,029,000,000 Combined total value = 429,497,950,000

Strike 13000 has a total call value of 1,537,200,000 versus a total put value of 408,046,100,000 Combined total value = 409,583,300,000

Strike 13025 has a total call value of 1,685,600,000 versus a total put value of 390,702,200,000 Combined total value = 392,387,800,000

Strike 13050 has a total call value of 1,834,000,000 versus a total put value of 373,381,400,000 Combined total value = 375,215,400,000

Strike 13075 has a total call value of 1,982,400,000 versus a total put value of 356,161,750,000 Combined total value = 358,144,150,000

Strike 13100 has a total call value of 2,130,800,000 versus a total put value of 338,951,550,000 Combined total value = 341,082,350,000

Strike 13125 has a total call value of 2,279,200,000 versus a total put value of 323,075,550,000 Combined total value = 325,354,750,000

Strike 13150 has a total call value of 2,427,600,000 versus a total put value of 307,222,650,000 Combined total value = 309,650,250,000

Strike 13175 has a total call value of 2,576,000,000 versus a total put value of 291,496,450,000 Combined total value = 294,072,450,000

Strike 13200 has a total call value of 2,725,450,000 versus a total put value of 275,813,300,000 Combined total value = 278,538,750,000

Strike 13225 has a total call value of 2,881,550,000 versus a total put value of 261,253,650,000 Combined total value = 264,135,200,000

Strike 13250 has a total call value of 3,041,150,000 versus a total put value of 246,735,650,000 Combined total value = 249,776,800,000

Strike 13275 has a total call value of 3,204,250,000 versus a total put value of 232,474,900,000 Combined total value = 235,679,150,000

Strike 13300 has a total call value of 3,368,050,000 versus a total put value of 218,262,100,000 Combined total value = 221,630,150,000

Strike 13325 has a total call value of 3,544,450,000 versus a total put value of 205,132,200,000 Combined total value = 208,676,650,000

Strike 13350 has a total call value of 3,721,900,000 versus a total put value of 192,036,600,000 Combined total value = 195,758,500,000

Strike 13375 has a total call value of 3,900,050,000 versus a total put value of 179,067,350,000 Combined total value = 182,967,400,000

Strike 13400 has a total call value of 4,078,200,000 versus a total put value of 166,145,350,000 Combined total value = 170,223,550,000

Strike 13425 has a total call value of 4,286,100,000 versus a total put value of 154,434,000,000 Combined total value = 158,720,100,000

Strike 13450 has a total call value of 4,495,400,000 versus a total put value of 142,743,650,000 Combined total value = 147,239,050,000

Strike 13475 has a total call value of 4,709,250,000 versus a total put value of 131,188,050,000 Combined total value = 135,897,300,000

Strike 13500 has a total call value of 4,923,450,000 versus a total put value of 119,670,950,000 Combined total value = 124,594,400,000

Strike 13525 has a total call value of 5,621,700,000 versus a total put value of 110,658,800,000 Combined total value = 116,280,500,000

Strike 13550 has a total call value of 6,330,800,000 versus a total put value of 101,691,800,000 Combined total value = 108,022,600,000

Strike 13575 has a total call value of 7,092,050,000 versus a total put value of 92,888,950,000 Combined total value = 99,981,000,000

Strike 13600 has a total call value of 7,875,700,000 versus a total put value of 84,162,750,000 Combined total value = 92,038,450,000

Strike 13625 has a total call value of 9,132,550,000 versus a total put value of 77,126,000,000 Combined total value = 86,258,550,000

Strike 13650 has a total call value of 10,425,800,000 versus a total put value of 70,221,900,000 Combined total value = 80,647,700,000

Strike 13675 has a total call value of 11,965,100,000 versus a total put value of 63,790,650,000 Combined total value = 75,755,750,000

Strike 13700 has a total call value of 13,596,800,000 versus a total put value of 57,497,300,000 Combined total value = 71,094,100,000

Strike 13725 has a total call value of 16,264,150,000 versus a total put value of 52,384,850,000 Combined total value = 68,649,000,000

Strike 13750 has a total call value of 19,041,050,000 versus a total put value of 47,397,350,000 Combined total value = 66,438,400,000

Strike 13775 has a total call value of 22,152,900,000 versus a total put value of 42,711,200,000 Combined total value = 64,864,100,000

Strike 13800 has a total call value of 25,378,150,000 versus a total put value of 38,076,500,000 Combined total value = 63,454,650,000

Strike 13825 has a total call value of 30,271,850,000 versus a total put value of 34,422,150,000 Combined total value = 64,694,000,000

Strike 13850 has a total call value of 35,390,250,000 versus a total put value of 30,832,900,000 Combined total value = 66,223,150,000

Strike 13875 has a total call value of 40,737,200,000 versus a total put value of 27,350,750,000 Combined total value = 68,087,950,000

Strike 13900 has a total call value of 46,188,450,000 versus a total put value of 23,907,800,000 Combined total value = 70,096,250,000

Strike 13925 has a total call value of 52,906,700,000 versus a total put value of 21,025,900,000 Combined total value = 73,932,600,000

Strike 13950 has a total call value of 59,743,250,000 versus a total put value of 18,169,900,000 Combined total value = 77,913,150,000

Strike 13975 has a total call value of 66,815,700,000 versus a total put value of 15,404,550,000 Combined total value = 82,220,250,000

Strike 14000 has a total call value of 74,008,200,000 versus a total put value of 12,679,100,000 Combined total value = 86,687,300,000

Strike 14025 has a total call value of 84,217,350,000 versus a total put value of 11,299,050,000 Combined total value = 95,516,400,000

Strike 14050 has a total call value of 94,525,200,000 versus a total put value of 9,957,850,000 Combined total value = 104,483,050,000

Strike 14075 has a total call value of 105,189,700,000 versus a total put value of 8,689,450,000 Combined total value = 113,879,150,000

Strike 14100 has a total call value of 115,969,700,000 versus a total put value of 7,457,800,000 Combined total value = 123,427,500,000

Strike 14125 has a total call value of 128,378,250,000 versus a total put value of 6,895,350,000 Combined total value = 135,273,600,000

Strike 14150 has a total call value of 140,871,500,000 versus a total put value of 6,365,800,000 Combined total value = 147,237,300,000

Strike 14175 has a total call value of 153,594,700,000 versus a total put value of 5,900,650,000 Combined total value = 159,495,350,000

Strike 14200 has a total call value of 166,385,450,000 versus a total put value of 5,454,750,000 Combined total value = 171,840,200,000

Strike 14225 has a total call value of 181,134,100,000 versus a total put value of 5,080,950,000 Combined total value = 186,215,050,000

Strike 14250 has a total call value of 195,922,300,000 versus a total put value of 4,713,100,000 Combined total value = 200,635,400,000

Strike 14275 has a total call value of 211,094,100,000 versus a total put value of 4,374,300,000 Combined total value = 215,468,400,000

Strike 14300 has a total call value of 226,305,800,000 versus a total put value of 4,048,100,000 Combined total value = 230,353,900,000

Strike 14325 has a total call value of 243,352,200,000 versus a total put value of 3,838,100,000 Combined total value = 247,190,300,000

Strike 14350 has a total call value of 260,437,450,000 versus a total put value of 3,628,100,000 Combined total value = 264,065,550,000

Strike 14375 has a total call value of 277,665,850,000 versus a total put value of 3,418,100,000 Combined total value = 281,083,950,000

Strike 14400 has a total call value of 294,929,250,000 versus a total put value of 3,208,100,000 Combined total value = 298,137,350,000

Strike 14425 has a total call value of 313,660,550,000 versus a total put value of 3,026,450,000 Combined total value = 316,687,000,000

Strike 14450 has a total call value of 332,424,400,000 versus a total put value of 2,844,800,000 Combined total value = 335,269,200,000

Strike 14475 has a total call value of 351,290,800,000 versus a total put value of 2,663,500,000 Combined total value = 353,954,300,000

Strike 14500 has a total call value of 370,167,700,000 versus a total put value of 2,482,200,000 Combined total value = 372,649,900,000

Strike 14525 has a total call value of 391,587,350,000 versus a total put value of 2,361,800,000 Combined total value = 393,949,150,000

Strike 14550 has a total call value of 413,013,650,000 versus a total put value of 2,241,400,000 Combined total value = 415,255,050,000

Strike 14575 has a total call value of 434,488,950,000 versus a total put value of 2,121,000,000 Combined total value = 436,609,950,000

Strike 14600 has a total call value of 455,970,900,000 versus a total put value of 2,000,600,000 Combined total value = 457,971,500,000

Strike 14625 has a total call value of 478,129,050,000 versus a total put value of 1,880,200,000 Combined total value = 480,009,250,000

Strike 14650 has a total call value of 500,290,700,000 versus a total put value of 1,759,800,000 Combined total value = 502,050,500,000

Strike 14675 has a total call value of 522,539,150,000 versus a total put value of 1,639,400,000 Combined total value = 524,178,550,000

Strike 14700 has a total call value of 544,799,500,000 versus a total put value of 1,519,000,000 Combined total value = 546,318,500,000

Strike 14725 has a total call value of 567,906,150,000 versus a total put value of 1,398,600,000 Combined total value = 569,304,750,000

Strike 14750 has a total call value of 591,021,200,000 versus a total put value of 1,278,200,000 Combined total value = 592,299,400,000

Strike 14775 has a total call value of 614,150,950,000 versus a total put value of 1,157,800,000 Combined total value = 615,308,750,000

Strike 14800 has a total call value of 637,280,700,000 versus a total put value of 1,037,400,000 Combined total value = 638,318,100,000

Strike 14825 has a total call value of 661,331,300,000 versus a total put value of 917,350,000 Combined total value = 662,248,650,000

Strike 14850 has a total call value of 685,382,250,000 versus a total put value of 797,300,000 Combined total value = 686,179,550,000

Strike 14875 has a total call value of 709,433,200,000 versus a total put value of 677,250,000 Combined total value = 710,110,450,000

Strike 14900 has a total call value of 733,484,150,000 versus a total put value of 557,200,000 Combined total value = 734,041,350,000

Strike 14925 has a total call value of 757,780,800,000 versus a total put value of 437,150,000 Combined total value = 758,217,950,000

Strike 14950 has a total call value of 782,077,450,000 versus a total put value of 317,100,000 Combined total value = 782,394,550,000

Strike 14975 has a total call value of 806,374,100,000 versus a total put value of 197,050,000 Combined total value = 806,571,150,000

Strike 15000 has a total call value of 830,670,750,000 versus a total put value of 77,000,000 Combined total value = 830,747,750,000

Strike 15025 has a total call value of 856,628,850,000 versus a total put value of 73,150,000 Combined total value = 856,702,000,000

Strike 15050 has a total call value of 882,586,950,000 versus a total put value of 69,300,000 Combined total value = 882,656,250,000

Strike 15075 has a total call value of 908,545,050,000 versus a total put value of 65,450,000 Combined total value = 908,610,500,000

Strike 15100 has a total call value of 934,503,150,000 versus a total put value of 61,600,000 Combined total value = 934,564,750,000

Strike 15125 has a total call value of 960,505,700,000 versus a total put value of 57,750,000 Combined total value = 960,563,450,000

Strike 15150 has a total call value of 986,508,250,000 versus a total put value of 53,900,000 Combined total value = 986,562,150,000

Strike 15175 has a total call value of 1,012,510,800,000 versus a total put value of 50,050,000 Combined total value = 1,012,560,850,000

Strike 15200 has a total call value of 1,038,513,350,000 versus a total put value of 46,200,000 Combined total value = 1,038,559,550,000

Strike 15225 has a total call value of 1,064,526,050,000 versus a total put value of 42,350,000 Combined total value = 1,064,568,400,000

Strike 15250 has a total call value of 1,090,538,750,000 versus a total put value of 38,500,000 Combined total value = 1,090,577,250,000

Strike 15275 has a total call value of 1,116,551,450,000 versus a total put value of 34,650,000 Combined total value = 1,116,586,100,000

Strike 15300 has a total call value of 1,142,564,150,000 versus a total put value of 30,800,000 Combined total value = 1,142,594,950,000

Strike 15325 has a total call value of 1,168,625,150,000 versus a total put value of 26,950,000 Combined total value = 1,168,652,100,000

Strike 15350 has a total call value of 1,194,686,150,000 versus a total put value of 23,100,000 Combined total value = 1,194,709,250,000

Strike 15375 has a total call value of 1,220,747,150,000 versus a total put value of 19,250,000 Combined total value = 1,220,766,400,000

Strike 15400 has a total call value of 1,246,808,150,000 versus a total put value of 15,400,000 Combined total value = 1,246,823,550,000

Strike 15425 has a total call value of 1,272,882,450,000 versus a total put value of 11,550,000 Combined total value = 1,272,894,000,000

Strike 15450 has a total call value of 1,298,956,750,000 versus a total put value of 7,700,000 Combined total value = 1,298,964,450,000

Strike 15475 has a total call value of 1,325,031,050,000 versus a total put value of 3,850,000 Combined total value = 1,325,034,900,000

Strike 15500 has a total call value of 1,351,105,350,000 versus a total put value of 0 Combined total value = 1,351,105,350,000

Strike 15525 has a total call value of 1,377,506,900,000 versus a total put value of 0 Combined total value = 1,377,506,900,000

Strike 15550 has a total call value of 1,403,908,450,000 versus a total put value of 0 Combined total value = 1,403,908,450,000

Strike 15575 has a total call value of 1,430,310,000,000 versus a total put value of 0 Combined total value = 1,430,310,000,000

Strike 15600 has a total call value of 1,456,711,550,000 versus a total put value of 0 Combined total value = 1,456,711,550,000

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	1140	1140
ABB	5090	5200
ABCAPITAL	344.35	350
ADANIENSOL	975.05	990
ADANIENT	2225.1	2300
ADANIGREEN	1009.2	1020
ADANIPORTS	1487.5	1500
ALKEM	5535	5650
AMBER	6564	6800
AMBUJACEM	535.65	550
ANGELONE	2472.1	2550
APLAPOLLO	1786.5	1760
APOLLOHOSP	6889.5	7100
ASHOKLEY	171.1	162
ASIANPAINT	2760.5	2800
ASTRAL	1407.5	1440
AUBANK	986.85	960
AUROPHARMA	1202.2	1200
AXISBANK	1228.2	1240
BAJAJ-AUTO	8773.5	9000
BAJAJFINSV	2021	2060
BAJFINANCE	999.2	1020
BANDHANBNK	145.8	150
BANKBARODA	287.9	290
BANKINDIA	141.81	143
BDL	1334.7	1380
BEL	382.15	400
BHARATFORG	1398.1	1400
BHARTIARTL	2092	2100
BHEL	272.15	280
BIOCON	391	390
BLUESTARCO	1854.6	1800
BOSCHLTD	35585	36000
BPCL	362	365
BRITANNIA	6021.5	6000
BSE	2671.3	2700
CAMS	744.4	770
CANBK	149.35	150
CDSL	1480.1	1540
CGPOWER	659	680
CHOLAFIN	1671.9	1700
CIPLA	1496	1520
COALINDIA	385.05	384.75
COFORGE	1842.4	1840
COLPAL	2087.7	2160
CONCOR	498.05	520
CROMPTON	256.05	265
CUMMINSIND	4374.8	4400
CYIENT	1134.8	1140
DABUR	490.85	500
DALBHARAT	2023.9	2040
DELHIVERY	400	410
DIVISLAB	6371	6400
DIXON	13232	13750
DLF	679.5	710
DMART	3752	3900
DRREDDY	1275.1	1270
EICHERMOT	7074.5	7100
ETERNAL	283.7	295
EXIDEIND	357.7	370
FEDERALBNK	264.85	260
FORTIS	865.55	890
GAIL	167.33	175
GLENMARK	1947.3	1940
GMRAIRPORT	99.88	102
GODREJCP	1181	1160
GODREJPROP	1995.7	2060
GRASIM	2805	2800
HAL	4231.5	4450
HAVELLS	1397	1440
HCLTECH	1653.1	1660
HDFCAMC	2718.7	2680
HDFCBANK	981.4	990
HDFCLIFE	753.8	770
HEROMOTOCO	5725	5900
HFCL	64.38	67
HINDALCO	853.95	820
HINDPETRO	462.45	460
HINDUNILVR	2259.6	2300
HINDZINC	589.05	560
HUDCO	205.75	220
ICICIBANK	1359.6	1370
ICICIGI	1947.4	1960
ICICIPRULI	642.85	630
IDEA	11.27	11
IDFCFIRSTB	83.51	82
IEX	139.69	145
IIFL	557.2	560
INDHOTEL	718.4	730
INDIANB	774.85	820
INDIGO	5107	5100
INDUSINDBK	831.9	850
INDUSTOWER	407.7	410
INFY	1623	1600
INOXWIND	124.42	130
IOC	161.65	162
IRCTC	662.4	685
IREDA	130.84	137.5
IRFC	110.55	115
ITC	400.5	405
JINDALSTEL	980	1020
JIOFIN	291.15	305
JSWENERGY	468.1	490
JSWSTEEL	1080.5	1120
JUBLFOOD	555.05	580
KALYANKJIL	469.3	480
KAYNES	4048.5	4300
KEI	4074	4100
KFINTECH	1062.1	1060
KOTAKBANK	2161.5	2160
KPITTECH	1150.4	1200
LAURUSLABS	1010.5	1000
LICHSGFIN	526.4	550
LICI	841.25	870
LODHA	1065.8	1100
LT	4034	4040
LTF	299.25	302.5
LTIM	6186.5	6200
LUPIN	2108.6	2100
M&M	3568.2	3650
MANAPPURAM	288.55	280
MANKIND	2125	2200
MARICO	739.55	740
MARUTI	16341	16200
MAXHEALTH	1048.9	1100
MAZDOCK	2342.7	2500
MCX	10134	10100
MFSL	1674.9	1700
MOTHERSON	116.92	115
MPHASIS	2870	2900
MUTHOOTFIN	3739	3750
NATIONALUM	278.8	270
NAUKRI	1333.8	1360
NBCC	108.05	111
NCC	153.47	165
NESTLEIND	1236.2	1240
NHPC	74.75	78
NMDC	76.4	77
NTPC	317.1	325
NUVAMA	7259	7300
NYKAA	242.75	252.5
OBEROIRLTY	1651.6	1660
OFSS	7622	8000
OIL	399	410
ONGC	231.71	237.5
PAGEIND	35630	37000
PATANJALI	550.7	550
PAYTM	1281.6	1300
PERSISTENT	6288	6300
PETRONET	268.3	278
PFC	333.75	355
PGEL	564.95	560
PHOENIXLTD	1790.7	1760
PIDILITIND	1445.3	1480
PIIND	3200.2	3350
PNB	118.58	120
PNBHOUSING	892.85	900
POLICYBZR	1830.4	1840
POLYCAB	7074.5	7200
POWERGRID	256.75	270
POWERINDIA	18225	19000
PPLPHARMA	166	175
PRESTIGE	1595	1640
RBLBANK	297.45	305
RECLTD	336.55	350
RELIANCE	1544	1540
RVNL	304.3	310
SAIL	127.06	132
SAMMAANCAP	145.24	155
SBICARD	845.15	870
SBILIFE	2012.3	2020
SBIN	976.25	970
SHREECEM	25655	26500
SHRIRAMFIN	863.7	850
SIEMENS	3057.6	3150
SOLARINDS	11732	12500
SONACOMS	485.45	500
SRF	3043.8	3000
SUNPHARMA	1741	1760
SUPREMEIND	3343.9	3400
SUZLON	51.52	54
SYNGENE	653.5	650
TATACONSUM	1172.4	1180
TATAELXSI	4962	5000
TATAMOTORS	0	320
TATAPOWER	373.35	390
TATASTEEL	168.05	170
TATATECH	640	670
TCS	3268.4	3220
TECHM	1594.3	1560
TIINDIA	2574	2700
TITAGARH	769.95	800
TITAN	3898.8	3860
TMPV	344.15	360
TORNTPHARM	3736.6	3750
TORNTPOWER	1250	1300
TRENT	4006	4200
TVSMOTOR	3585.2	3600
ULTRACEMCO	11425	11600
UNIONBANK	153.77	155
UNITDSPR	1389.5	1440
UNOMINDA	1222	1280
UPL	741.6	750
VBL	470.15	470
VEDL	577.5	555
VOLTAS	1400.6	1400
WIPRO	261.92	257.5
YESBANK	21.39	22
ZYDUSLIFE	911.65	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:

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