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

13649.7 -115.00 (-0.84%)

L: 13633.7 H: 13732.25

Max Pain - MIDCPNIFTY

09 Dec 2025 09:25 AM IST

Live

Expiry

Max Pain for MIDCPNIFTY is 14000

Historical data for MIDCPNIFTY-14000-CE

LTP (14000 CE)

81.95 -32.2

Open Interest

8940 482

Historical data for MIDCPNIFTY-14000-PE

LTP (14000 PE)

392.25 72.5

Open Interest

6527 -68

Strike 12000 has a total call value of 0 versus a total put value of 965,285,300,000 Combined total value = 965,285,300,000

Strike 12025 has a total call value of 2,100,000 versus a total put value of 949,366,600,000 Combined total value = 949,368,700,000

Strike 12050 has a total call value of 4,200,000 versus a total put value of 933,447,900,000 Combined total value = 933,452,100,000

Strike 12075 has a total call value of 6,300,000 versus a total put value of 917,529,200,000 Combined total value = 917,535,500,000

Strike 12100 has a total call value of 8,400,000 versus a total put value of 901,610,500,000 Combined total value = 901,618,900,000

Strike 12125 has a total call value of 10,500,000 versus a total put value of 885,691,800,000 Combined total value = 885,702,300,000

Strike 12150 has a total call value of 12,600,000 versus a total put value of 869,773,100,000 Combined total value = 869,785,700,000

Strike 12175 has a total call value of 14,700,000 versus a total put value of 853,854,400,000 Combined total value = 853,869,100,000

Strike 12200 has a total call value of 16,800,000 versus a total put value of 837,935,700,000 Combined total value = 837,952,500,000

Strike 12225 has a total call value of 18,900,000 versus a total put value of 822,017,000,000 Combined total value = 822,035,900,000

Strike 12250 has a total call value of 21,000,000 versus a total put value of 806,100,400,000 Combined total value = 806,121,400,000

Strike 12275 has a total call value of 23,100,000 versus a total put value of 790,187,650,000 Combined total value = 790,210,750,000

Strike 12300 has a total call value of 25,200,000 versus a total put value of 774,274,900,000 Combined total value = 774,300,100,000

Strike 12325 has a total call value of 27,300,000 versus a total put value of 758,362,150,000 Combined total value = 758,389,450,000

Strike 12350 has a total call value of 29,400,000 versus a total put value of 742,449,400,000 Combined total value = 742,478,800,000

Strike 12375 has a total call value of 31,500,000 versus a total put value of 726,536,650,000 Combined total value = 726,568,150,000

Strike 12400 has a total call value of 33,600,000 versus a total put value of 710,623,900,000 Combined total value = 710,657,500,000

Strike 12425 has a total call value of 35,700,000 versus a total put value of 694,717,450,000 Combined total value = 694,753,150,000

Strike 12450 has a total call value of 37,800,000 versus a total put value of 678,811,000,000 Combined total value = 678,848,800,000

Strike 12475 has a total call value of 39,900,000 versus a total put value of 662,904,550,000 Combined total value = 662,944,450,000

Strike 12500 has a total call value of 42,000,000 versus a total put value of 646,998,100,000 Combined total value = 647,040,100,000

Strike 12525 has a total call value of 44,100,000 versus a total put value of 631,530,200,000 Combined total value = 631,574,300,000

Strike 12550 has a total call value of 46,200,000 versus a total put value of 616,062,300,000 Combined total value = 616,108,500,000

Strike 12575 has a total call value of 48,300,000 versus a total put value of 600,594,400,000 Combined total value = 600,642,700,000

Strike 12600 has a total call value of 50,400,000 versus a total put value of 585,126,500,000 Combined total value = 585,176,900,000

Strike 12625 has a total call value of 52,500,000 versus a total put value of 569,709,350,000 Combined total value = 569,761,850,000

Strike 12650 has a total call value of 54,600,000 versus a total put value of 554,297,800,000 Combined total value = 554,352,400,000

Strike 12675 has a total call value of 56,700,000 versus a total put value of 538,886,250,000 Combined total value = 538,942,950,000

Strike 12700 has a total call value of 58,800,000 versus a total put value of 523,474,700,000 Combined total value = 523,533,500,000

Strike 12725 has a total call value of 60,900,000 versus a total put value of 508,203,500,000 Combined total value = 508,264,400,000

Strike 12750 has a total call value of 63,000,000 versus a total put value of 492,932,300,000 Combined total value = 492,995,300,000

Strike 12775 has a total call value of 65,100,000 versus a total put value of 477,661,100,000 Combined total value = 477,726,200,000

Strike 12800 has a total call value of 67,200,000 versus a total put value of 462,399,700,000 Combined total value = 462,466,900,000

Strike 12825 has a total call value of 69,300,000 versus a total put value of 447,534,150,000 Combined total value = 447,603,450,000

Strike 12850 has a total call value of 71,400,000 versus a total put value of 432,668,600,000 Combined total value = 432,740,000,000

Strike 12875 has a total call value of 73,500,000 versus a total put value of 417,803,050,000 Combined total value = 417,876,550,000

Strike 12900 has a total call value of 75,600,000 versus a total put value of 402,946,950,000 Combined total value = 403,022,550,000

Strike 12925 has a total call value of 77,700,000 versus a total put value of 388,234,350,000 Combined total value = 388,312,050,000

Strike 12950 has a total call value of 79,800,000 versus a total put value of 373,531,200,000 Combined total value = 373,611,000,000

Strike 12975 has a total call value of 81,900,000 versus a total put value of 358,838,200,000 Combined total value = 358,920,100,000

Strike 13000 has a total call value of 84,000,000 versus a total put value of 344,163,750,000 Combined total value = 344,247,750,000

Strike 13025 has a total call value of 162,400,000 versus a total put value of 331,119,950,000 Combined total value = 331,282,350,000

Strike 13050 has a total call value of 240,800,000 versus a total put value of 318,076,150,000 Combined total value = 318,316,950,000

Strike 13075 has a total call value of 319,200,000 versus a total put value of 305,042,500,000 Combined total value = 305,361,700,000

Strike 13100 has a total call value of 397,600,000 versus a total put value of 292,015,150,000 Combined total value = 292,412,750,000

Strike 13125 has a total call value of 476,000,000 versus a total put value of 280,258,650,000 Combined total value = 280,734,650,000

Strike 13150 has a total call value of 554,400,000 versus a total put value of 268,517,900,000 Combined total value = 269,072,300,000

Strike 13175 has a total call value of 632,800,000 versus a total put value of 256,787,650,000 Combined total value = 257,420,450,000

Strike 13200 has a total call value of 711,900,000 versus a total put value of 245,068,250,000 Combined total value = 245,780,150,000

Strike 13225 has a total call value of 795,550,000 versus a total put value of 234,243,450,000 Combined total value = 235,039,000,000

Strike 13250 has a total call value of 879,200,000 versus a total put value of 223,447,700,000 Combined total value = 224,326,900,000

Strike 13275 has a total call value of 968,450,000 versus a total put value of 212,664,900,000 Combined total value = 213,633,350,000

Strike 13300 has a total call value of 1,057,700,000 versus a total put value of 201,915,700,000 Combined total value = 202,973,400,000

Strike 13325 has a total call value of 1,146,950,000 versus a total put value of 192,087,000,000 Combined total value = 193,233,950,000

Strike 13350 has a total call value of 1,236,200,000 versus a total put value of 182,273,350,000 Combined total value = 183,509,550,000

Strike 13375 has a total call value of 1,325,450,000 versus a total put value of 172,481,050,000 Combined total value = 173,806,500,000

Strike 13400 has a total call value of 1,414,700,000 versus a total put value of 162,688,750,000 Combined total value = 164,103,450,000

Strike 13425 has a total call value of 1,503,950,000 versus a total put value of 153,639,150,000 Combined total value = 155,143,100,000

Strike 13450 has a total call value of 1,593,200,000 versus a total put value of 144,589,550,000 Combined total value = 146,182,750,000

Strike 13475 has a total call value of 1,682,450,000 versus a total put value of 135,539,950,000 Combined total value = 137,222,400,000

Strike 13500 has a total call value of 1,771,700,000 versus a total put value of 126,512,050,000 Combined total value = 128,283,750,000

Strike 13525 has a total call value of 2,093,700,000 versus a total put value of 118,834,450,000 Combined total value = 120,928,150,000

Strike 13550 has a total call value of 2,419,550,000 versus a total put value of 111,181,350,000 Combined total value = 113,600,900,000

Strike 13575 has a total call value of 2,745,400,000 versus a total put value of 103,560,100,000 Combined total value = 106,305,500,000

Strike 13600 has a total call value of 3,071,250,000 versus a total put value of 95,956,700,000 Combined total value = 99,027,950,000

Strike 13625 has a total call value of 3,442,600,000 versus a total put value of 89,136,250,000 Combined total value = 92,578,850,000

Strike 13650 has a total call value of 3,814,650,000 versus a total put value of 82,354,300,000 Combined total value = 86,168,950,000

Strike 13675 has a total call value of 4,216,450,000 versus a total put value of 75,666,500,000 Combined total value = 79,882,950,000

Strike 13700 has a total call value of 4,631,900,000 versus a total put value of 69,168,050,000 Combined total value = 73,799,950,000

Strike 13725 has a total call value of 5,350,450,000 versus a total put value of 63,374,850,000 Combined total value = 68,725,300,000

Strike 13750 has a total call value of 6,103,300,000 versus a total put value of 57,610,700,000 Combined total value = 63,714,000,000

Strike 13775 has a total call value of 7,033,950,000 versus a total put value of 51,938,950,000 Combined total value = 58,972,900,000

Strike 13800 has a total call value of 8,001,350,000 versus a total put value of 46,307,450,000 Combined total value = 54,308,800,000

Strike 13825 has a total call value of 9,751,700,000 versus a total put value of 41,547,800,000 Combined total value = 51,299,500,000

Strike 13850 has a total call value of 11,550,700,000 versus a total put value of 36,843,100,000 Combined total value = 48,393,800,000

Strike 13875 has a total call value of 13,476,050,000 versus a total put value of 32,239,550,000 Combined total value = 45,715,600,000

Strike 13900 has a total call value of 15,464,400,000 versus a total put value of 27,673,100,000 Combined total value = 43,137,500,000

Strike 13925 has a total call value of 18,156,950,000 versus a total put value of 23,604,350,000 Combined total value = 41,761,300,000

Strike 13950 has a total call value of 20,925,800,000 versus a total put value of 19,598,950,000 Combined total value = 40,524,750,000

Strike 13975 has a total call value of 23,916,200,000 versus a total put value of 15,705,200,000 Combined total value = 39,621,400,000

Strike 14000 has a total call value of 27,007,750,000 versus a total put value of 11,872,700,000 Combined total value = 38,880,450,000

Strike 14025 has a total call value of 33,228,300,000 versus a total put value of 10,324,650,000 Combined total value = 43,552,950,000

Strike 14050 has a total call value of 39,545,800,000 versus a total put value of 8,833,300,000 Combined total value = 48,379,100,000

Strike 14075 has a total call value of 46,214,350,000 versus a total put value of 7,452,200,000 Combined total value = 53,666,550,000

Strike 14100 has a total call value of 52,964,100,000 versus a total put value of 6,129,200,000 Combined total value = 59,093,300,000

Strike 14125 has a total call value of 61,575,850,000 versus a total put value of 5,686,450,000 Combined total value = 67,262,300,000

Strike 14150 has a total call value of 70,257,600,000 versus a total put value of 5,243,700,000 Combined total value = 75,501,300,000

Strike 14175 has a total call value of 79,129,050,000 versus a total put value of 4,800,950,000 Combined total value = 83,930,000,000

Strike 14200 has a total call value of 88,053,700,000 versus a total put value of 4,358,200,000 Combined total value = 92,411,900,000

Strike 14225 has a total call value of 97,933,500,000 versus a total put value of 4,074,700,000 Combined total value = 102,008,200,000

Strike 14250 has a total call value of 107,863,350,000 versus a total put value of 3,791,200,000 Combined total value = 111,654,550,000

Strike 14275 has a total call value of 117,921,650,000 versus a total put value of 3,507,700,000 Combined total value = 121,429,350,000

Strike 14300 has a total call value of 128,028,950,000 versus a total put value of 3,224,200,000 Combined total value = 131,253,150,000

Strike 14325 has a total call value of 139,351,800,000 versus a total put value of 3,109,050,000 Combined total value = 142,460,850,000

Strike 14350 has a total call value of 150,714,550,000 versus a total put value of 2,993,900,000 Combined total value = 153,708,450,000

Strike 14375 has a total call value of 162,284,850,000 versus a total put value of 2,878,750,000 Combined total value = 165,163,600,000

Strike 14400 has a total call value of 173,855,150,000 versus a total put value of 2,763,600,000 Combined total value = 176,618,750,000

Strike 14425 has a total call value of 186,569,600,000 versus a total put value of 2,648,450,000 Combined total value = 189,218,050,000

Strike 14450 has a total call value of 199,309,250,000 versus a total put value of 2,533,300,000 Combined total value = 201,842,550,000

Strike 14475 has a total call value of 212,137,100,000 versus a total put value of 2,418,150,000 Combined total value = 214,555,250,000

Strike 14500 has a total call value of 224,982,100,000 versus a total put value of 2,303,000,000 Combined total value = 227,285,100,000

Strike 14525 has a total call value of 240,017,750,000 versus a total put value of 2,187,850,000 Combined total value = 242,205,600,000

Strike 14550 has a total call value of 255,053,400,000 versus a total put value of 2,072,700,000 Combined total value = 257,126,100,000

Strike 14575 has a total call value of 270,089,050,000 versus a total put value of 1,957,550,000 Combined total value = 272,046,600,000

Strike 14600 has a total call value of 285,124,700,000 versus a total put value of 1,842,400,000 Combined total value = 286,967,100,000

Strike 14625 has a total call value of 300,862,100,000 versus a total put value of 1,727,250,000 Combined total value = 302,589,350,000

Strike 14650 has a total call value of 316,599,500,000 versus a total put value of 1,612,100,000 Combined total value = 318,211,600,000

Strike 14675 has a total call value of 332,444,700,000 versus a total put value of 1,496,950,000 Combined total value = 333,941,650,000

Strike 14700 has a total call value of 348,289,900,000 versus a total put value of 1,381,800,000 Combined total value = 349,671,700,000

Strike 14725 has a total call value of 364,904,400,000 versus a total put value of 1,266,650,000 Combined total value = 366,171,050,000

Strike 14750 has a total call value of 381,518,900,000 versus a total put value of 1,151,500,000 Combined total value = 382,670,400,000

Strike 14775 has a total call value of 398,133,400,000 versus a total put value of 1,036,350,000 Combined total value = 399,169,750,000

Strike 14800 has a total call value of 414,747,900,000 versus a total put value of 921,200,000 Combined total value = 415,669,100,000

Strike 14825 has a total call value of 432,476,800,000 versus a total put value of 806,050,000 Combined total value = 433,282,850,000

Strike 14850 has a total call value of 450,205,700,000 versus a total put value of 690,900,000 Combined total value = 450,896,600,000

Strike 14875 has a total call value of 467,934,600,000 versus a total put value of 575,750,000 Combined total value = 468,510,350,000

Strike 14900 has a total call value of 485,663,500,000 versus a total put value of 460,600,000 Combined total value = 486,124,100,000

Strike 14925 has a total call value of 503,683,950,000 versus a total put value of 345,450,000 Combined total value = 504,029,400,000

Strike 14950 has a total call value of 521,704,400,000 versus a total put value of 230,300,000 Combined total value = 521,934,700,000

Strike 14975 has a total call value of 539,724,850,000 versus a total put value of 115,150,000 Combined total value = 539,840,000,000

Strike 15000 has a total call value of 557,745,300,000 versus a total put value of 0 Combined total value = 557,745,300,000

Strike 15025 has a total call value of 577,879,400,000 versus a total put value of 0 Combined total value = 577,879,400,000

Strike 15050 has a total call value of 598,013,500,000 versus a total put value of 0 Combined total value = 598,013,500,000

Strike 15075 has a total call value of 618,147,600,000 versus a total put value of 0 Combined total value = 618,147,600,000

Strike 15100 has a total call value of 638,281,700,000 versus a total put value of 0 Combined total value = 638,281,700,000

Strike 15125 has a total call value of 658,463,400,000 versus a total put value of 0 Combined total value = 658,463,400,000

Strike 15150 has a total call value of 678,645,100,000 versus a total put value of 0 Combined total value = 678,645,100,000

Strike 15175 has a total call value of 698,826,800,000 versus a total put value of 0 Combined total value = 698,826,800,000

Strike 15200 has a total call value of 719,008,500,000 versus a total put value of 0 Combined total value = 719,008,500,000

Strike 15225 has a total call value of 739,190,200,000 versus a total put value of 0 Combined total value = 739,190,200,000

Strike 15250 has a total call value of 759,371,900,000 versus a total put value of 0 Combined total value = 759,371,900,000

Strike 15275 has a total call value of 779,553,600,000 versus a total put value of 0 Combined total value = 779,553,600,000

Strike 15300 has a total call value of 799,735,300,000 versus a total put value of 0 Combined total value = 799,735,300,000

Strike 15325 has a total call value of 820,022,700,000 versus a total put value of 0 Combined total value = 820,022,700,000

Strike 15350 has a total call value of 840,310,100,000 versus a total put value of 0 Combined total value = 840,310,100,000

Strike 15375 has a total call value of 860,597,500,000 versus a total put value of 0 Combined total value = 860,597,500,000

Strike 15400 has a total call value of 880,884,900,000 versus a total put value of 0 Combined total value = 880,884,900,000

Strike 15425 has a total call value of 901,172,300,000 versus a total put value of 0 Combined total value = 901,172,300,000

Strike 15450 has a total call value of 921,459,700,000 versus a total put value of 0 Combined total value = 921,459,700,000

Strike 15475 has a total call value of 941,747,100,000 versus a total put value of 0 Combined total value = 941,747,100,000

Strike 15500 has a total call value of 962,034,500,000 versus a total put value of 0 Combined total value = 962,034,500,000

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	1125.1	1140
ABB	5009	5100
ABCAPITAL	356.4	350
ADANIENSOL	956.95	960
ADANIENT	2204.5	2260
ADANIGREEN	991.7	1000
ADANIPORTS	1472.6	1500
ALKEM	5575.5	5500
AMBER	6404	6500
AMBUJACEM	527	540
ANGELONE	2504.8	2600
APLAPOLLO	1732.8	1740
APOLLOHOSP	7082	7300
ASHOKLEY	157.4	159
ASIANPAINT	2845.7	2900
ASTRAL	1433.5	1460
AUBANK	953.15	950
AUROPHARMA	1171.7	1220
AXISBANK	1268.8	1280
BAJAJ-AUTO	8970.5	9000
BAJAJFINSV	2051.2	2060
BAJFINANCE	1023	1030
BANDHANBNK	135.33	150
BANKBARODA	282.9	290
BANKINDIA	137.13	140
BDL	1401.9	1480
BEL	383.75	405
BHARATFORG	1360.5	1400
BHARTIARTL	2094.4	2100
BHEL	272.55	280
BIOCON	381.4	395
BLUESTARCO	1719	1600
BOSCHLTD	36530	36500
BPCL	356.7	360
BRITANNIA	5812.5	5800
BSE	2768	2800
CAMS	741.4	760
CANBK	141.72	147
CDSL	1489.9	1560
CGPOWER	640.8	670
CHOLAFIN	1710.1	1700
CIPLA	1500.1	1520
COALINDIA	374.65	377.5
COFORGE	1893.5	1880
COLPAL	2148.7	2200
CONCOR	495.85	505
CROMPTON	250.8	255
CUMMINSIND	4418.3	4500
CYIENT	1132.4	1140
DABUR	500.55	510
DALBHARAT	1971.9	2000
DELHIVERY	395.65	400
DIVISLAB	6308.5	6400
DIXON	13374	14000
DLF	683.65	710
DMART	3868.1	3950
DRREDDY	1255.4	1270
EICHERMOT	7129	7100
ETERNAL	281.9	300
EXIDEIND	369.9	375
FEDERALBNK	256.5	257.5
FORTIS	856	890
GAIL	165.28	175
GLENMARK	1903	1960
GMRAIRPORT	98.99	100
GODREJCP	1113	1140
GODREJPROP	1970.6	2000
GRASIM	2745.1	2760
HAL	4226.6	4500
HAVELLS	1394	1420
HCLTECH	1674.6	1660
HDFCAMC	2533.1	2600
HDFCBANK	1000.8	1000
HDFCLIFE	757.3	770
HEROMOTOCO	6092	6200
HFCL	65.9	67
HINDALCO	808.8	800
HINDPETRO	445.85	450
HINDUNILVR	2326.1	2340
HINDZINC	484.2	495
HUDCO	210.97	225
ICICIBANK	1382.9	1380
ICICIGI	1942	2040
ICICIPRULI	619.1	620
IDEA	10.22	10
IDFCFIRSTB	79.1	80
IEX	141.27	142.5
IIFL	549.1	550
INDHOTEL	716.1	730
INDIANB	772.7	810
INDIGO	4900.5	5200
INDUSINDBK	837.55	860
INDUSTOWER	400.7	410
INFY	1599.9	1600
INOXWIND	122.6	130
IOC	162.75	162
IRCTC	661.15	670
IREDA	129.91	135
IRFC	111.01	113
ITC	401.2	405
JINDALSTEL	987	1000
JIOFIN	292.75	305
JSWENERGY	450	470
JSWSTEEL	1118.9	1140
JUBLFOOD	580.95	590
KALYANKJIL	468.35	490
KAYNES	3799	4800
KEI	4032	4100
KFINTECH	1033.4	1060
KOTAKBANK	2123	2140
KPITTECH	1202.9	1220
LAURUSLABS	997.7	1000
LICHSGFIN	521.3	550
LICI	852.5	870
LODHA	1062.1	1120
LT	3975.5	4000
LTF	298.5	300
LTIM	6222	6300
LUPIN	2060.4	2080
M&M	3647	3700
MANAPPURAM	270.65	275
MANKIND	2171.2	2200
MARICO	725.65	730
MARUTI	16104	16100
MAXHEALTH	1068.5	1080
MAZDOCK	2420	2600
MCX	10151	10100
MFSL	1689.3	1700
MOTHERSON	114.11	113
MPHASIS	2888.1	2900
MUTHOOTFIN	3737	3700
NATIONALUM	261.6	265
NAUKRI	1353.3	1380
NBCC	106.99	110
NCC	161.39	170
NESTLEIND	1210.1	1240
NHPC	75.59	78
NMDC	73.66	75
NTPC	318.55	322.5
NUVAMA	7055	7000
NYKAA	248.4	250
OBEROIRLTY	1619.6	1600
OFSS	7947	8000
OIL	401.1	405
ONGC	237.6	240
PAGEIND	36870	37500
PATANJALI	545	550
PAYTM	1304	1320
PERSISTENT	6284	6400
PETRONET	267.85	275
PFC	339.8	355
PGEL	533.55	540
PHOENIXLTD	1707.5	1700
PIDILITIND	1444.3	1460
PIIND	3268.1	3400
PNB	115.76	120
PNBHOUSING	867	900
POLICYBZR	1906.7	1900
POLYCAB	6993.5	7200
POWERGRID	264.55	270
POWERINDIA	18685	19000
PPLPHARMA	172.46	180
PRESTIGE	1599.7	1620
RBLBANK	297.6	300
RECLTD	339.55	355
RELIANCE	1525.5	1540
RVNL	302.7	310
SAIL	128.22	130
SAMMAANCAP	140.33	155
SBICARD	862.8	860
SBILIFE	1999.8	2020
SBIN	955.05	965
SHREECEM	25970	26500
SHRIRAMFIN	827.6	830
SIEMENS	3145.5	3250
SOLARINDS	12281	13000
SONACOMS	480.35	495
SRF	2836.3	2850
SUNPHARMA	1791.6	1800
SUPREMEIND	3328.8	3300
SUZLON	51.35	54
SYNGENE	627.1	630
TATACONSUM	1138.5	1150
TATAELXSI	5011	5200
TATAMOTORS	0	320
TATAPOWER	373.4	390
TATASTEEL	162.04	167.5
TATATECH	645.55	660
TCS	3209.3	3200
TECHM	1578.1	1540
TIINDIA	2550.2	2650
TITAGARH	753.75	800
TITAN	3767.2	3800
TMPV	345.7	360
TORNTPHARM	3753.1	3750
TORNTPOWER	1239.6	1300
TRENT	4017.9	4300
TVSMOTOR	3577.5	3600
ULTRACEMCO	11445	11600
UNIONBANK	146.5	150
UNITDSPR	1420	1430
UNOMINDA	1242.2	1240
UPL	735.35	750
VBL	464.45	470
VEDL	505.5	520
VOLTAS	1314.9	1340
WIPRO	259.48	257.5
YESBANK	21.73	23
ZYDUSLIFE	920.35	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.

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