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

13804.75 +59.60 (0.43%)

L: 13727.85 H: 13827.85

Max Pain - MIDCPNIFTY

19 Dec 2025 02:28 PM IST

Live

Expiry

Max Pain for MIDCPNIFTY is 13800

Historical data for MIDCPNIFTY-13800-CE

LTP (13800 CE)

132.2 6.55

Open Interest

5143 504

Historical data for MIDCPNIFTY-13800-PE

LTP (13800 PE)

114.4 -32.55

Open Interest

3555 1284

Strike 11100 has a total call value of 0 versus a total put value of 2,199,097,250,000 Combined total value = 2,199,097,250,000

Strike 11125 has a total call value of 350,000 versus a total put value of 2,174,932,550,000 Combined total value = 2,174,932,900,000

Strike 11150 has a total call value of 700,000 versus a total put value of 2,150,767,850,000 Combined total value = 2,150,768,550,000

Strike 11175 has a total call value of 1,050,000 versus a total put value of 2,126,603,150,000 Combined total value = 2,126,604,200,000

Strike 11200 has a total call value of 1,400,000 versus a total put value of 2,102,438,450,000 Combined total value = 2,102,439,850,000

Strike 11225 has a total call value of 1,750,000 versus a total put value of 2,078,279,000,000 Combined total value = 2,078,280,750,000

Strike 11250 has a total call value of 2,100,000 versus a total put value of 2,054,119,550,000 Combined total value = 2,054,121,650,000

Strike 11275 has a total call value of 2,450,000 versus a total put value of 2,029,960,100,000 Combined total value = 2,029,962,550,000

Strike 11300 has a total call value of 2,800,000 versus a total put value of 2,005,800,650,000 Combined total value = 2,005,803,450,000

Strike 11325 has a total call value of 3,150,000 versus a total put value of 1,981,651,700,000 Combined total value = 1,981,654,850,000

Strike 11350 has a total call value of 3,500,000 versus a total put value of 1,957,502,750,000 Combined total value = 1,957,506,250,000

Strike 11375 has a total call value of 3,850,000 versus a total put value of 1,933,353,800,000 Combined total value = 1,933,357,650,000

Strike 11400 has a total call value of 4,200,000 versus a total put value of 1,909,204,850,000 Combined total value = 1,909,209,050,000

Strike 11425 has a total call value of 4,550,000 versus a total put value of 1,885,062,550,000 Combined total value = 1,885,067,100,000

Strike 11450 has a total call value of 4,900,000 versus a total put value of 1,860,920,250,000 Combined total value = 1,860,925,150,000

Strike 11475 has a total call value of 5,250,000 versus a total put value of 1,836,777,950,000 Combined total value = 1,836,783,200,000

Strike 11500 has a total call value of 5,600,000 versus a total put value of 1,812,635,650,000 Combined total value = 1,812,641,250,000

Strike 11525 has a total call value of 8,050,000 versus a total put value of 1,788,518,200,000 Combined total value = 1,788,526,250,000

Strike 11550 has a total call value of 10,500,000 versus a total put value of 1,764,400,750,000 Combined total value = 1,764,411,250,000

Strike 11575 has a total call value of 12,950,000 versus a total put value of 1,740,283,300,000 Combined total value = 1,740,296,250,000

Strike 11600 has a total call value of 15,400,000 versus a total put value of 1,716,165,850,000 Combined total value = 1,716,181,250,000

Strike 11625 has a total call value of 17,850,000 versus a total put value of 1,692,052,600,000 Combined total value = 1,692,070,450,000

Strike 11650 has a total call value of 20,300,000 versus a total put value of 1,667,939,350,000 Combined total value = 1,667,959,650,000

Strike 11675 has a total call value of 22,750,000 versus a total put value of 1,643,826,100,000 Combined total value = 1,643,848,850,000

Strike 11700 has a total call value of 25,200,000 versus a total put value of 1,619,712,850,000 Combined total value = 1,619,738,050,000

Strike 11725 has a total call value of 27,650,000 versus a total put value of 1,595,607,650,000 Combined total value = 1,595,635,300,000

Strike 11750 has a total call value of 30,100,000 versus a total put value of 1,571,502,450,000 Combined total value = 1,571,532,550,000

Strike 11775 has a total call value of 32,550,000 versus a total put value of 1,547,397,250,000 Combined total value = 1,547,429,800,000

Strike 11800 has a total call value of 35,000,000 versus a total put value of 1,523,292,050,000 Combined total value = 1,523,327,050,000

Strike 11825 has a total call value of 37,450,000 versus a total put value of 1,499,190,000,000 Combined total value = 1,499,227,450,000

Strike 11850 has a total call value of 39,900,000 versus a total put value of 1,475,087,950,000 Combined total value = 1,475,127,850,000

Strike 11875 has a total call value of 42,350,000 versus a total put value of 1,451,030,350,000 Combined total value = 1,451,072,700,000

Strike 11900 has a total call value of 44,800,000 versus a total put value of 1,426,981,150,000 Combined total value = 1,427,025,950,000

Strike 11925 has a total call value of 47,250,000 versus a total put value of 1,402,946,650,000 Combined total value = 1,402,993,900,000

Strike 11950 has a total call value of 49,700,000 versus a total put value of 1,378,925,800,000 Combined total value = 1,378,975,500,000

Strike 11975 has a total call value of 52,150,000 versus a total put value of 1,354,922,100,000 Combined total value = 1,354,974,250,000

Strike 12000 has a total call value of 54,600,000 versus a total put value of 1,330,931,350,000 Combined total value = 1,330,985,950,000

Strike 12025 has a total call value of 58,800,000 versus a total put value of 1,307,509,000,000 Combined total value = 1,307,567,800,000

Strike 12050 has a total call value of 63,000,000 versus a total put value of 1,284,091,550,000 Combined total value = 1,284,154,550,000

Strike 12075 has a total call value of 67,200,000 versus a total put value of 1,260,679,000,000 Combined total value = 1,260,746,200,000

Strike 12100 has a total call value of 71,400,000 versus a total put value of 1,237,271,700,000 Combined total value = 1,237,343,100,000

Strike 12125 has a total call value of 78,050,000 versus a total put value of 1,213,872,450,000 Combined total value = 1,213,950,500,000

Strike 12150 has a total call value of 84,700,000 versus a total put value of 1,190,478,100,000 Combined total value = 1,190,562,800,000

Strike 12175 has a total call value of 91,350,000 versus a total put value of 1,167,090,400,000 Combined total value = 1,167,181,750,000

Strike 12200 has a total call value of 98,000,000 versus a total put value of 1,143,707,600,000 Combined total value = 1,143,805,600,000

Strike 12225 has a total call value of 104,650,000 versus a total put value of 1,120,334,600,000 Combined total value = 1,120,439,250,000

Strike 12250 has a total call value of 111,300,000 versus a total put value of 1,096,965,100,000 Combined total value = 1,097,076,400,000

Strike 12275 has a total call value of 117,950,000 versus a total put value of 1,073,602,600,000 Combined total value = 1,073,720,550,000

Strike 12300 has a total call value of 124,600,000 versus a total put value of 1,050,243,950,000 Combined total value = 1,050,368,550,000

Strike 12325 has a total call value of 131,250,000 versus a total put value of 1,026,928,700,000 Combined total value = 1,027,059,950,000

Strike 12350 has a total call value of 137,900,000 versus a total put value of 1,003,616,250,000 Combined total value = 1,003,754,150,000

Strike 12375 has a total call value of 144,550,000 versus a total put value of 980,306,250,000 Combined total value = 980,450,800,000

Strike 12400 has a total call value of 151,200,000 versus a total put value of 957,000,100,000 Combined total value = 957,151,300,000

Strike 12425 has a total call value of 157,850,000 versus a total put value of 933,723,700,000 Combined total value = 933,881,550,000

Strike 12450 has a total call value of 164,500,000 versus a total put value of 910,452,200,000 Combined total value = 910,616,700,000

Strike 12475 has a total call value of 171,150,000 versus a total put value of 887,191,200,000 Combined total value = 887,362,350,000

Strike 12500 has a total call value of 177,800,000 versus a total put value of 863,944,550,000 Combined total value = 864,122,350,000

Strike 12525 has a total call value of 245,700,000 versus a total put value of 841,318,100,000 Combined total value = 841,563,800,000

Strike 12550 has a total call value of 313,600,000 versus a total put value of 818,703,900,000 Combined total value = 819,017,500,000

Strike 12575 has a total call value of 381,500,000 versus a total put value of 796,093,900,000 Combined total value = 796,475,400,000

Strike 12600 has a total call value of 449,400,000 versus a total put value of 773,488,450,000 Combined total value = 773,937,850,000

Strike 12625 has a total call value of 517,300,000 versus a total put value of 751,039,100,000 Combined total value = 751,556,400,000

Strike 12650 has a total call value of 585,200,000 versus a total put value of 728,594,300,000 Combined total value = 729,179,500,000

Strike 12675 has a total call value of 653,100,000 versus a total put value of 706,159,300,000 Combined total value = 706,812,400,000

Strike 12700 has a total call value of 721,000,000 versus a total put value of 683,727,450,000 Combined total value = 684,448,450,000

Strike 12725 has a total call value of 788,900,000 versus a total put value of 661,612,000,000 Combined total value = 662,400,900,000

Strike 12750 has a total call value of 856,800,000 versus a total put value of 639,501,100,000 Combined total value = 640,357,900,000

Strike 12775 has a total call value of 924,700,000 versus a total put value of 617,434,300,000 Combined total value = 618,359,000,000

Strike 12800 has a total call value of 992,600,000 versus a total put value of 595,386,750,000 Combined total value = 596,379,350,000

Strike 12825 has a total call value of 1,060,500,000 versus a total put value of 574,090,650,000 Combined total value = 575,151,150,000

Strike 12850 has a total call value of 1,128,400,000 versus a total put value of 552,814,500,000 Combined total value = 553,942,900,000

Strike 12875 has a total call value of 1,196,300,000 versus a total put value of 531,558,650,000 Combined total value = 532,754,950,000

Strike 12900 has a total call value of 1,264,200,000 versus a total put value of 510,308,050,000 Combined total value = 511,572,250,000

Strike 12925 has a total call value of 1,332,450,000 versus a total put value of 489,476,750,000 Combined total value = 490,809,200,000

Strike 12950 has a total call value of 1,400,700,000 versus a total put value of 468,650,000,000 Combined total value = 470,050,700,000

Strike 12975 has a total call value of 1,468,950,000 versus a total put value of 447,992,300,000 Combined total value = 449,461,250,000

Strike 13000 has a total call value of 1,537,200,000 versus a total put value of 427,348,600,000 Combined total value = 428,885,800,000

Strike 13025 has a total call value of 1,688,050,000 versus a total put value of 409,369,100,000 Combined total value = 411,057,150,000

Strike 13050 has a total call value of 1,838,900,000 versus a total put value of 391,406,400,000 Combined total value = 393,245,300,000

Strike 13075 has a total call value of 1,989,750,000 versus a total put value of 373,529,450,000 Combined total value = 375,519,200,000

Strike 13100 has a total call value of 2,140,600,000 versus a total put value of 355,662,300,000 Combined total value = 357,802,900,000

Strike 13125 has a total call value of 2,291,450,000 versus a total put value of 339,092,950,000 Combined total value = 341,384,400,000

Strike 13150 has a total call value of 2,442,300,000 versus a total put value of 322,548,800,000 Combined total value = 324,991,100,000

Strike 13175 has a total call value of 2,593,150,000 versus a total put value of 306,155,500,000 Combined total value = 308,748,650,000

Strike 13200 has a total call value of 2,745,050,000 versus a total put value of 289,800,000,000 Combined total value = 292,545,050,000

Strike 13225 has a total call value of 2,903,600,000 versus a total put value of 274,740,550,000 Combined total value = 277,644,150,000

Strike 13250 has a total call value of 3,065,650,000 versus a total put value of 259,723,800,000 Combined total value = 262,789,450,000

Strike 13275 has a total call value of 3,231,200,000 versus a total put value of 245,025,900,000 Combined total value = 248,257,100,000

Strike 13300 has a total call value of 3,397,450,000 versus a total put value of 230,383,650,000 Combined total value = 233,781,100,000

Strike 13325 has a total call value of 3,575,250,000 versus a total put value of 216,642,300,000 Combined total value = 220,217,550,000

Strike 13350 has a total call value of 3,754,100,000 versus a total put value of 202,941,550,000 Combined total value = 206,695,650,000

Strike 13375 has a total call value of 3,933,650,000 versus a total put value of 189,372,050,000 Combined total value = 193,305,700,000

Strike 13400 has a total call value of 4,113,200,000 versus a total put value of 175,861,700,000 Combined total value = 179,974,900,000

Strike 13425 has a total call value of 4,317,950,000 versus a total put value of 163,649,850,000 Combined total value = 167,967,800,000

Strike 13450 has a total call value of 4,524,100,000 versus a total put value of 151,467,400,000 Combined total value = 155,991,500,000

Strike 13475 has a total call value of 4,734,800,000 versus a total put value of 139,441,050,000 Combined total value = 144,175,850,000

Strike 13500 has a total call value of 4,945,850,000 versus a total put value of 127,458,450,000 Combined total value = 132,404,300,000

Strike 13525 has a total call value of 5,594,400,000 versus a total put value of 117,904,150,000 Combined total value = 123,498,550,000

Strike 13550 has a total call value of 6,253,450,000 versus a total put value of 108,433,850,000 Combined total value = 114,687,300,000

Strike 13575 has a total call value of 6,961,150,000 versus a total put value of 99,125,950,000 Combined total value = 106,087,100,000

Strike 13600 has a total call value of 7,690,900,000 versus a total put value of 89,900,650,000 Combined total value = 97,591,550,000

Strike 13625 has a total call value of 8,850,450,000 versus a total put value of 82,340,300,000 Combined total value = 91,190,750,000

Strike 13650 has a total call value of 10,034,850,000 versus a total put value of 74,899,650,000 Combined total value = 84,934,500,000

Strike 13675 has a total call value of 11,441,850,000 versus a total put value of 67,762,100,000 Combined total value = 79,203,950,000

Strike 13700 has a total call value of 12,920,950,000 versus a total put value of 60,722,900,000 Combined total value = 73,643,850,000

Strike 13725 has a total call value of 15,341,900,000 versus a total put value of 54,997,950,000 Combined total value = 70,339,850,000

Strike 13750 has a total call value of 17,843,700,000 versus a total put value of 49,387,450,000 Combined total value = 67,231,150,000

Strike 13775 has a total call value of 20,676,600,000 versus a total put value of 44,224,250,000 Combined total value = 64,900,850,000

Strike 13800 has a total call value of 23,656,150,000 versus a total put value of 39,204,900,000 Combined total value = 62,861,050,000

Strike 13825 has a total call value of 28,435,750,000 versus a total put value of 35,429,800,000 Combined total value = 63,865,550,000

Strike 13850 has a total call value of 33,418,350,000 versus a total put value of 31,753,750,000 Combined total value = 65,172,100,000

Strike 13875 has a total call value of 38,685,500,000 versus a total put value of 28,220,500,000 Combined total value = 66,906,000,000

Strike 13900 has a total call value of 44,066,400,000 versus a total put value of 24,738,700,000 Combined total value = 68,805,100,000

Strike 13925 has a total call value of 50,703,800,000 versus a total put value of 21,833,350,000 Combined total value = 72,537,150,000

Strike 13950 has a total call value of 57,475,600,000 versus a total put value of 18,960,550,000 Combined total value = 76,436,150,000

Strike 13975 has a total call value of 64,490,300,000 versus a total put value of 16,170,350,000 Combined total value = 80,660,650,000

Strike 14000 has a total call value of 71,607,550,000 versus a total put value of 13,416,900,000 Combined total value = 85,024,450,000

Strike 14025 has a total call value of 81,621,050,000 versus a total put value of 11,880,400,000 Combined total value = 93,501,450,000

Strike 14050 has a total call value of 91,741,650,000 versus a total put value of 10,379,600,000 Combined total value = 102,121,250,000

Strike 14075 has a total call value of 102,231,150,000 versus a total put value of 8,948,100,000 Combined total value = 111,179,250,000

Strike 14100 has a total call value of 112,830,550,000 versus a total put value of 7,553,000,000 Combined total value = 120,383,550,000

Strike 14125 has a total call value of 125,049,400,000 versus a total put value of 6,956,950,000 Combined total value = 132,006,350,000

Strike 14150 has a total call value of 137,347,350,000 versus a total put value of 6,393,800,000 Combined total value = 143,741,150,000

Strike 14175 has a total call value of 149,885,400,000 versus a total put value of 5,895,050,000 Combined total value = 155,780,450,000

Strike 14200 has a total call value of 162,490,300,000 versus a total put value of 5,415,550,000 Combined total value = 167,905,850,000

Strike 14225 has a total call value of 176,993,600,000 versus a total put value of 5,052,950,000 Combined total value = 182,046,550,000

Strike 14250 has a total call value of 191,530,850,000 versus a total put value of 4,696,300,000 Combined total value = 196,227,150,000

Strike 14275 has a total call value of 206,496,150,000 versus a total put value of 4,365,200,000 Combined total value = 210,861,350,000

Strike 14300 has a total call value of 221,506,250,000 versus a total put value of 4,046,700,000 Combined total value = 225,552,950,000

Strike 14325 has a total call value of 238,182,350,000 versus a total put value of 3,837,050,000 Combined total value = 242,019,400,000

Strike 14350 has a total call value of 254,887,500,000 versus a total put value of 3,627,400,000 Combined total value = 258,514,900,000

Strike 14375 has a total call value of 271,750,850,000 versus a total put value of 3,417,750,000 Combined total value = 275,168,600,000

Strike 14400 has a total call value of 288,640,100,000 versus a total put value of 3,208,100,000 Combined total value = 291,848,200,000

Strike 14425 has a total call value of 306,799,850,000 versus a total put value of 3,026,450,000 Combined total value = 309,826,300,000

Strike 14450 has a total call value of 324,983,400,000 versus a total put value of 2,844,800,000 Combined total value = 327,828,200,000

Strike 14475 has a total call value of 343,300,650,000 versus a total put value of 2,663,500,000 Combined total value = 345,964,150,000

Strike 14500 has a total call value of 361,631,200,000 versus a total put value of 2,482,200,000 Combined total value = 364,113,400,000

Strike 14525 has a total call value of 382,660,950,000 versus a total put value of 2,361,800,000 Combined total value = 385,022,750,000

Strike 14550 has a total call value of 403,701,900,000 versus a total put value of 2,241,400,000 Combined total value = 405,943,300,000

Strike 14575 has a total call value of 424,813,900,000 versus a total put value of 2,121,000,000 Combined total value = 426,934,900,000

Strike 14600 has a total call value of 445,937,800,000 versus a total put value of 2,000,600,000 Combined total value = 447,938,400,000

Strike 14625 has a total call value of 467,788,650,000 versus a total put value of 1,880,200,000 Combined total value = 469,668,850,000

Strike 14650 has a total call value of 489,644,050,000 versus a total put value of 1,759,800,000 Combined total value = 491,403,850,000

Strike 14675 has a total call value of 511,575,400,000 versus a total put value of 1,639,400,000 Combined total value = 513,214,800,000

Strike 14700 has a total call value of 533,515,150,000 versus a total put value of 1,519,000,000 Combined total value = 535,034,150,000

Strike 14725 has a total call value of 556,328,150,000 versus a total put value of 1,398,600,000 Combined total value = 557,726,750,000

Strike 14750 has a total call value of 579,149,200,000 versus a total put value of 1,278,200,000 Combined total value = 580,427,400,000

Strike 14775 has a total call value of 601,976,550,000 versus a total put value of 1,157,800,000 Combined total value = 603,134,350,000

Strike 14800 has a total call value of 624,803,900,000 versus a total put value of 1,037,400,000 Combined total value = 625,841,300,000

Strike 14825 has a total call value of 648,494,350,000 versus a total put value of 917,350,000 Combined total value = 649,411,700,000

Strike 14850 has a total call value of 672,186,900,000 versus a total put value of 797,300,000 Combined total value = 672,984,200,000

Strike 14875 has a total call value of 695,879,450,000 versus a total put value of 677,250,000 Combined total value = 696,556,700,000

Strike 14900 has a total call value of 719,572,000,000 versus a total put value of 557,200,000 Combined total value = 720,129,200,000

Strike 14925 has a total call value of 743,489,950,000 versus a total put value of 437,150,000 Combined total value = 743,927,100,000

Strike 14950 has a total call value of 767,407,900,000 versus a total put value of 317,100,000 Combined total value = 767,725,000,000

Strike 14975 has a total call value of 791,325,850,000 versus a total put value of 197,050,000 Combined total value = 791,522,900,000

Strike 15000 has a total call value of 815,243,800,000 versus a total put value of 77,000,000 Combined total value = 815,320,800,000

Strike 15025 has a total call value of 840,880,950,000 versus a total put value of 73,150,000 Combined total value = 840,954,100,000

Strike 15050 has a total call value of 866,518,100,000 versus a total put value of 69,300,000 Combined total value = 866,587,400,000

Strike 15075 has a total call value of 892,155,250,000 versus a total put value of 65,450,000 Combined total value = 892,220,700,000

Strike 15100 has a total call value of 917,792,400,000 versus a total put value of 61,600,000 Combined total value = 917,854,000,000

Strike 15125 has a total call value of 943,471,200,000 versus a total put value of 57,750,000 Combined total value = 943,528,950,000

Strike 15150 has a total call value of 969,150,000,000 versus a total put value of 53,900,000 Combined total value = 969,203,900,000

Strike 15175 has a total call value of 994,828,800,000 versus a total put value of 50,050,000 Combined total value = 994,878,850,000

Strike 15200 has a total call value of 1,020,507,600,000 versus a total put value of 46,200,000 Combined total value = 1,020,553,800,000

Strike 15225 has a total call value of 1,046,199,700,000 versus a total put value of 42,350,000 Combined total value = 1,046,242,050,000

Strike 15250 has a total call value of 1,071,891,800,000 versus a total put value of 38,500,000 Combined total value = 1,071,930,300,000

Strike 15275 has a total call value of 1,097,583,900,000 versus a total put value of 34,650,000 Combined total value = 1,097,618,550,000

Strike 15300 has a total call value of 1,123,276,000,000 versus a total put value of 30,800,000 Combined total value = 1,123,306,800,000

Strike 15325 has a total call value of 1,149,015,350,000 versus a total put value of 26,950,000 Combined total value = 1,149,042,300,000

Strike 15350 has a total call value of 1,174,754,700,000 versus a total put value of 23,100,000 Combined total value = 1,174,777,800,000

Strike 15375 has a total call value of 1,200,494,050,000 versus a total put value of 19,250,000 Combined total value = 1,200,513,300,000

Strike 15400 has a total call value of 1,226,233,400,000 versus a total put value of 15,400,000 Combined total value = 1,226,248,800,000

Strike 15425 has a total call value of 1,251,986,750,000 versus a total put value of 11,550,000 Combined total value = 1,251,998,300,000

Strike 15450 has a total call value of 1,277,740,100,000 versus a total put value of 7,700,000 Combined total value = 1,277,747,800,000

Strike 15475 has a total call value of 1,303,493,450,000 versus a total put value of 3,850,000 Combined total value = 1,303,497,300,000

Strike 15500 has a total call value of 1,329,246,800,000 versus a total put value of 0 Combined total value = 1,329,246,800,000

Strike 15525 has a total call value of 1,355,326,700,000 versus a total put value of 0 Combined total value = 1,355,326,700,000

Strike 15550 has a total call value of 1,381,406,600,000 versus a total put value of 0 Combined total value = 1,381,406,600,000

Strike 15575 has a total call value of 1,407,486,500,000 versus a total put value of 0 Combined total value = 1,407,486,500,000

Strike 15600 has a total call value of 1,433,566,400,000 versus a total put value of 0 Combined total value = 1,433,566,400,000

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	1131.3	1140
ABB	5147	5200
ABCAPITAL	347.9	345
ADANIENSOL	982.2	980
ADANIENT	2226.1	2300
ADANIGREEN	1017.4	1020
ADANIPORTS	1493.6	1500
ALKEM	5536	5650
AMBER	6646.5	6800
AMBUJACEM	538.85	550
ANGELONE	2502.1	2550
APLAPOLLO	1810.6	1760
APOLLOHOSP	6995	7100
ASHOKLEY	173.08	164
ASIANPAINT	2789.6	2800
ASTRAL	1415.9	1440
AUBANK	982.6	960
AUROPHARMA	1220	1220
AXISBANK	1232.7	1240
BAJAJ-AUTO	8976.5	9000
BAJAJFINSV	2039.9	2060
BAJFINANCE	1005.8	1020
BANDHANBNK	149.62	150
BANKBARODA	291.2	290
BANKINDIA	142.64	143
BDL	1360.6	1400
BEL	391.8	400
BHARATFORG	1429.6	1400
BHARTIARTL	2093.2	2100
BHEL	274.55	280
BIOCON	395.85	395
BLUESTARCO	1768.5	1780
BOSCHLTD	35675	36000
BPCL	363	365
BRITANNIA	6090	6000
BSE	2694	2700
CAMS	753.9	770
CANBK	147.67	150
CDSL	1492.1	1540
CGPOWER	670.15	680
CHOLAFIN	1636.6	1700
CIPLA	1510	1520
COALINDIA	385.15	385
COFORGE	1843.6	1840
COLPAL	2100.1	2160
CONCOR	498.7	520
CROMPTON	252.9	260
CUMMINSIND	4368.6	4400
CYIENT	1153.3	1140
DABUR	492.85	500
DALBHARAT	2018.8	2020
DELHIVERY	404.7	410
DIVISLAB	6442	6500
DIXON	13150	13500
DLF	686.3	710
DMART	3813.5	3900
DRREDDY	1273	1270
EICHERMOT	7222	7150
ETERNAL	286.75	295
EXIDEIND	361.15	370
FEDERALBNK	267.45	260
FORTIS	888.35	890
GAIL	168.84	175
GLENMARK	1976	1940
GMRAIRPORT	101.13	102
GODREJCP	1183	1160
GODREJPROP	2030	2060
GRASIM	2813.2	2800
HAL	4296.9	4500
HAVELLS	1410.5	1440
HCLTECH	1642.3	1660
HDFCAMC	2668.1	2660
HDFCBANK	987.1	990
HDFCLIFE	762.8	770
HEROMOTOCO	5740.5	5850
HFCL	63.95	67
HINDALCO	851.7	820
HINDPETRO	466.45	460
HINDUNILVR	2280.8	2300
HINDZINC	587.8	560
HUDCO	209.14	217.5
ICICIBANK	1354.9	1370
ICICIGI	1946	1960
ICICIPRULI	648.85	630
IDEA	11.65	11
IDFCFIRSTB	84.51	82
IEX	140.99	145
IIFL	560.3	560
INDHOTEL	729.2	730
INDIANB	776.9	810
INDIGO	5145.5	5100
INDUSINDBK	843	850
INDUSTOWER	411.85	410
INFY	1632.5	1600
INOXWIND	125.28	130
IOC	161.38	161
IRCTC	671.1	690
IREDA	132.12	140
IRFC	112.35	116
ITC	401.85	405
JINDALSTEL	987.5	1020
JIOFIN	296.85	305
JSWENERGY	476.65	490
JSWSTEEL	1079	1120
JUBLFOOD	563.1	580
KALYANKJIL	477.05	480
KAYNES	4143.5	4300
KEI	4222	4100
KFINTECH	1075.7	1080
KOTAKBANK	2162.6	2160
KPITTECH	1217.3	1200
LAURUSLABS	1037.4	1010
LICHSGFIN	529.9	550
LICI	848.3	870
LODHA	1081.4	1120
LT	4081.1	4040
LTF	298.7	300
LTIM	6185	6100
LUPIN	2120.6	2100
M&M	3602.8	3650
MANAPPURAM	289.6	282.5
MANKIND	2156.5	2200
MARICO	741.15	740
MARUTI	16447	16300
MAXHEALTH	1078.3	1100
MAZDOCK	2394.3	2500
MCX	10298	10100
MFSL	1678	1680
MOTHERSON	119.64	116
MPHASIS	2885.5	2900
MUTHOOTFIN	3762.3	3750
NATIONALUM	277.85	272.5
NAUKRI	1336.9	1360
NBCC	112.75	111
NCC	154.52	165
NESTLEIND	1241.7	1240
NHPC	76.12	78
NMDC	76	77
NTPC	319.1	325
NUVAMA	7099.5	7200
NYKAA	248.75	252.5
OBEROIRLTY	1662.5	1660
OFSS	7734	8000
OIL	406.05	410
ONGC	232.46	237.5
PAGEIND	35785	36500
PATANJALI	558.3	550
PAYTM	1325.8	1300
PERSISTENT	6346.5	6300
PETRONET	273.1	280
PFC	336.75	355
PGEL	580	560
PHOENIXLTD	1826.9	1760
PIDILITIND	1450.6	1480
PIIND	3229.5	3350
PNB	119.2	120
PNBHOUSING	914.95	900
POLICYBZR	1883	1860
POLYCAB	7384	7300
POWERGRID	262.9	270
POWERINDIA	18310	18500
PPLPHARMA	170.04	175
PRESTIGE	1614.6	1640
RBLBANK	299.5	305
RECLTD	338.2	350
RELIANCE	1568.3	1550
RVNL	314.85	315
SAIL	125.4	130
SAMMAANCAP	144.35	155
SBICARD	862	870
SBILIFE	2027.7	2020
SBIN	980	970
SHREECEM	25595	26000
SHRIRAMFIN	901.45	880
SIEMENS	3100.8	3150
SOLARINDS	11853	12500
SONACOMS	498.2	500
SRF	3070.8	3000
SUNPHARMA	1746.7	1760
SUPREMEIND	3369.7	3400
SUZLON	52.15	54
SYNGENE	650.25	650
TATACONSUM	1183.9	1180
TATAELXSI	5423	5300
TATAMOTORS	0	320
TATAPOWER	378.6	390
TATASTEEL	168.61	170
TATATECH	651.25	670
TCS	3296.2	3240
TECHM	1610.5	1560
TIINDIA	2614	2700
TITAGARH	778.65	800
TITAN	3943	3880
TMPV	351.45	360
TORNTPHARM	3766.3	3750
TORNTPOWER	1276.1	1300
TRENT	4064.3	4200
TVSMOTOR	3662	3600
ULTRACEMCO	11515	11600
UNIONBANK	153.32	155
UNITDSPR	1405.2	1430
UNOMINDA	1257.5	1280
UPL	746.1	750
VBL	469.15	470
VEDL	576.5	555
VOLTAS	1368.8	1380
WIPRO	264.62	260
YESBANK	21.57	22
ZYDUSLIFE	914	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