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

13697.85 -8.05 (-0.06%)

L: 13657.85 H: 13844.8

Max Pain - MIDCPNIFTY

16 Jan 2026 04:12 PM IST

Market Closed

Expiry

Max-Pain

13,800

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for MIDCPNIFTY is 13800

Historical data for MIDCPNIFTY-13800-CE

LTP (13800 CE)

94.4 -34.1

Open Interest

6422 2596

Historical data for MIDCPNIFTY-13800-PE

LTP (13800 PE)

209.15 3.7

Open Interest

5758 1998

Strike 11900 has a total call value of 0 versus a total put value of 1,303,015,200,000 Combined total value = 1,303,015,200,000

Strike 11925 has a total call value of 0 versus a total put value of 1,281,018,600,000 Combined total value = 1,281,018,600,000

Strike 11950 has a total call value of 0 versus a total put value of 1,259,022,000,000 Combined total value = 1,259,022,000,000

Strike 11975 has a total call value of 0 versus a total put value of 1,237,025,400,000 Combined total value = 1,237,025,400,000

Strike 12000 has a total call value of 0 versus a total put value of 1,215,028,800,000 Combined total value = 1,215,028,800,000

Strike 12025 has a total call value of 3,900,000 versus a total put value of 1,193,235,000,000 Combined total value = 1,193,238,900,000

Strike 12050 has a total call value of 7,800,000 versus a total put value of 1,171,441,200,000 Combined total value = 1,171,449,000,000

Strike 12075 has a total call value of 11,700,000 versus a total put value of 1,149,647,400,000 Combined total value = 1,149,659,100,000

Strike 12100 has a total call value of 15,600,000 versus a total put value of 1,127,853,600,000 Combined total value = 1,127,869,200,000

Strike 12125 has a total call value of 21,600,000 versus a total put value of 1,106,073,000,000 Combined total value = 1,106,094,600,000

Strike 12150 has a total call value of 27,600,000 versus a total put value of 1,084,292,400,000 Combined total value = 1,084,320,000,000

Strike 12175 has a total call value of 33,600,000 versus a total put value of 1,062,511,800,000 Combined total value = 1,062,545,400,000

Strike 12200 has a total call value of 39,600,000 versus a total put value of 1,040,731,200,000 Combined total value = 1,040,770,800,000

Strike 12225 has a total call value of 45,900,000 versus a total put value of 1,018,991,400,000 Combined total value = 1,019,037,300,000

Strike 12250 has a total call value of 52,200,000 versus a total put value of 997,251,600,000 Combined total value = 997,303,800,000

Strike 12275 has a total call value of 58,500,000 versus a total put value of 975,511,800,000 Combined total value = 975,570,300,000

Strike 12300 has a total call value of 64,800,000 versus a total put value of 953,772,000,000 Combined total value = 953,836,800,000

Strike 12325 has a total call value of 71,100,000 versus a total put value of 932,095,500,000 Combined total value = 932,166,600,000

Strike 12350 has a total call value of 77,400,000 versus a total put value of 910,419,000,000 Combined total value = 910,496,400,000

Strike 12375 has a total call value of 83,700,000 versus a total put value of 888,742,500,000 Combined total value = 888,826,200,000

Strike 12400 has a total call value of 90,000,000 versus a total put value of 867,066,000,000 Combined total value = 867,156,000,000

Strike 12425 has a total call value of 96,300,000 versus a total put value of 845,482,500,000 Combined total value = 845,578,800,000

Strike 12450 has a total call value of 102,600,000 versus a total put value of 823,899,000,000 Combined total value = 824,001,600,000

Strike 12475 has a total call value of 108,900,000 versus a total put value of 802,315,500,000 Combined total value = 802,424,400,000

Strike 12500 has a total call value of 115,200,000 versus a total put value of 780,732,000,000 Combined total value = 780,847,200,000

Strike 12525 has a total call value of 155,100,000 versus a total put value of 760,033,500,000 Combined total value = 760,188,600,000

Strike 12550 has a total call value of 195,000,000 versus a total put value of 739,335,000,000 Combined total value = 739,530,000,000

Strike 12575 has a total call value of 234,900,000 versus a total put value of 718,636,500,000 Combined total value = 718,871,400,000

Strike 12600 has a total call value of 274,800,000 versus a total put value of 697,938,000,000 Combined total value = 698,212,800,000

Strike 12625 has a total call value of 314,700,000 versus a total put value of 677,568,600,000 Combined total value = 677,883,300,000

Strike 12650 has a total call value of 354,600,000 versus a total put value of 657,202,500,000 Combined total value = 657,557,100,000

Strike 12675 has a total call value of 394,500,000 versus a total put value of 636,843,300,000 Combined total value = 637,237,800,000

Strike 12700 has a total call value of 434,400,000 versus a total put value of 616,487,400,000 Combined total value = 616,921,800,000

Strike 12725 has a total call value of 474,300,000 versus a total put value of 596,529,600,000 Combined total value = 597,003,900,000

Strike 12750 has a total call value of 514,200,000 versus a total put value of 576,581,700,000 Combined total value = 577,095,900,000

Strike 12775 has a total call value of 554,100,000 versus a total put value of 556,647,600,000 Combined total value = 557,201,700,000

Strike 12800 has a total call value of 594,000,000 versus a total put value of 536,715,900,000 Combined total value = 537,309,900,000

Strike 12825 has a total call value of 633,900,000 versus a total put value of 517,798,200,000 Combined total value = 518,432,100,000

Strike 12850 has a total call value of 673,800,000 versus a total put value of 498,882,900,000 Combined total value = 499,556,700,000

Strike 12875 has a total call value of 713,700,000 versus a total put value of 479,990,400,000 Combined total value = 480,704,100,000

Strike 12900 has a total call value of 753,600,000 versus a total put value of 461,113,200,000 Combined total value = 461,866,800,000

Strike 12925 has a total call value of 793,500,000 versus a total put value of 442,794,300,000 Combined total value = 443,587,800,000

Strike 12950 has a total call value of 833,400,000 versus a total put value of 424,500,600,000 Combined total value = 425,334,000,000

Strike 12975 has a total call value of 873,900,000 versus a total put value of 406,240,800,000 Combined total value = 407,114,700,000

Strike 13000 has a total call value of 914,400,000 versus a total put value of 388,008,600,000 Combined total value = 388,923,000,000

Strike 13025 has a total call value of 1,070,100,000 versus a total put value of 371,993,100,000 Combined total value = 373,063,200,000

Strike 13050 has a total call value of 1,225,800,000 versus a total put value of 355,996,800,000 Combined total value = 357,222,600,000

Strike 13075 has a total call value of 1,381,500,000 versus a total put value of 340,067,700,000 Combined total value = 341,449,200,000

Strike 13100 has a total call value of 1,537,200,000 versus a total put value of 324,159,000,000 Combined total value = 325,696,200,000

Strike 13125 has a total call value of 1,695,300,000 versus a total put value of 309,169,800,000 Combined total value = 310,865,100,000

Strike 13150 has a total call value of 1,853,400,000 versus a total put value of 294,197,100,000 Combined total value = 296,050,500,000

Strike 13175 has a total call value of 2,011,500,000 versus a total put value of 279,279,000,000 Combined total value = 281,290,500,000

Strike 13200 has a total call value of 2,169,600,000 versus a total put value of 264,382,200,000 Combined total value = 266,551,800,000

Strike 13225 has a total call value of 2,337,300,000 versus a total put value of 250,751,400,000 Combined total value = 253,088,700,000

Strike 13250 has a total call value of 2,505,000,000 versus a total put value of 237,149,400,000 Combined total value = 239,654,400,000

Strike 13275 has a total call value of 2,674,800,000 versus a total put value of 223,666,200,000 Combined total value = 226,341,000,000

Strike 13300 has a total call value of 2,844,600,000 versus a total put value of 210,219,900,000 Combined total value = 213,064,500,000

Strike 13325 has a total call value of 3,130,200,000 versus a total put value of 198,259,200,000 Combined total value = 201,389,400,000

Strike 13350 has a total call value of 3,415,800,000 versus a total put value of 186,336,000,000 Combined total value = 189,751,800,000

Strike 13375 has a total call value of 3,707,400,000 versus a total put value of 174,496,200,000 Combined total value = 178,203,600,000

Strike 13400 has a total call value of 4,001,700,000 versus a total put value of 162,693,900,000 Combined total value = 166,695,600,000

Strike 13425 has a total call value of 4,322,700,000 versus a total put value of 151,469,100,000 Combined total value = 155,791,800,000

Strike 13450 has a total call value of 4,646,700,000 versus a total put value of 140,276,700,000 Combined total value = 144,923,400,000

Strike 13475 has a total call value of 4,986,000,000 versus a total put value of 129,164,400,000 Combined total value = 134,150,400,000

Strike 13500 has a total call value of 5,330,400,000 versus a total put value of 118,078,500,000 Combined total value = 123,408,900,000

Strike 13525 has a total call value of 6,416,700,000 versus a total put value of 108,711,300,000 Combined total value = 115,128,000,000

Strike 13550 has a total call value of 7,514,400,000 versus a total put value of 99,400,500,000 Combined total value = 106,914,900,000

Strike 13575 has a total call value of 8,639,700,000 versus a total put value of 90,185,400,000 Combined total value = 98,825,100,000

Strike 13600 has a total call value of 9,781,200,000 versus a total put value of 81,013,500,000 Combined total value = 90,794,700,000

Strike 13625 has a total call value of 11,291,700,000 versus a total put value of 73,532,700,000 Combined total value = 84,824,400,000

Strike 13650 has a total call value of 12,830,400,000 versus a total put value of 66,117,600,000 Combined total value = 78,948,000,000

Strike 13675 has a total call value of 14,472,000,000 versus a total put value of 58,869,600,000 Combined total value = 73,341,600,000

Strike 13700 has a total call value of 16,161,900,000 versus a total put value of 51,691,500,000 Combined total value = 67,853,400,000

Strike 13725 has a total call value of 19,826,700,000 versus a total put value of 46,603,800,000 Combined total value = 66,430,500,000

Strike 13750 has a total call value of 23,626,500,000 versus a total put value of 41,564,100,000 Combined total value = 65,190,600,000

Strike 13775 has a total call value of 27,735,600,000 versus a total put value of 36,741,300,000 Combined total value = 64,476,900,000

Strike 13800 has a total call value of 31,951,800,000 versus a total put value of 31,953,000,000 Combined total value = 63,904,800,000

Strike 13825 has a total call value of 38,094,600,000 versus a total put value of 28,892,100,000 Combined total value = 66,986,700,000

Strike 13850 has a total call value of 44,417,100,000 versus a total put value of 25,879,800,000 Combined total value = 70,296,900,000

Strike 13875 has a total call value of 51,079,800,000 versus a total put value of 22,985,700,000 Combined total value = 74,065,500,000

Strike 13900 has a total call value of 57,810,900,000 versus a total put value of 20,131,500,000 Combined total value = 77,942,400,000

Strike 13925 has a total call value of 66,061,800,000 versus a total put value of 17,760,300,000 Combined total value = 83,822,100,000

Strike 13950 has a total call value of 74,387,700,000 versus a total put value of 15,429,600,000 Combined total value = 89,817,300,000

Strike 13975 has a total call value of 83,017,500,000 versus a total put value of 13,167,900,000 Combined total value = 96,185,400,000

Strike 14000 has a total call value of 91,742,100,000 versus a total put value of 10,945,800,000 Combined total value = 102,687,900,000

Strike 14025 has a total call value of 103,742,700,000 versus a total put value of 9,795,000,000 Combined total value = 113,537,700,000

Strike 14050 has a total call value of 115,813,200,000 versus a total put value of 8,685,900,000 Combined total value = 124,499,100,000

Strike 14075 has a total call value of 128,356,800,000 versus a total put value of 7,976,100,000 Combined total value = 136,332,900,000

Strike 14100 has a total call value of 141,073,200,000 versus a total put value of 7,288,200,000 Combined total value = 148,361,400,000

Strike 14125 has a total call value of 155,406,300,000 versus a total put value of 6,870,600,000 Combined total value = 162,276,900,000

Strike 14150 has a total call value of 169,812,300,000 versus a total put value of 6,464,400,000 Combined total value = 176,276,700,000

Strike 14175 has a total call value of 184,324,200,000 versus a total put value of 6,072,600,000 Combined total value = 190,396,800,000

Strike 14200 has a total call value of 198,875,700,000 versus a total put value of 5,695,800,000 Combined total value = 204,571,500,000

Strike 14225 has a total call value of 215,112,000,000 versus a total put value of 5,406,300,000 Combined total value = 220,518,300,000

Strike 14250 has a total call value of 231,402,900,000 versus a total put value of 5,123,400,000 Combined total value = 236,526,300,000

Strike 14275 has a total call value of 247,786,200,000 versus a total put value of 4,844,400,000 Combined total value = 252,630,600,000

Strike 14300 has a total call value of 264,210,000,000 versus a total put value of 4,566,600,000 Combined total value = 268,776,600,000

Strike 14325 has a total call value of 282,125,700,000 versus a total put value of 4,322,400,000 Combined total value = 286,448,100,000

Strike 14350 has a total call value of 300,066,300,000 versus a total put value of 4,078,200,000 Combined total value = 304,144,500,000

Strike 14375 has a total call value of 318,140,400,000 versus a total put value of 3,836,100,000 Combined total value = 321,976,500,000

Strike 14400 has a total call value of 336,227,100,000 versus a total put value of 3,596,400,000 Combined total value = 339,823,500,000

Strike 14425 has a total call value of 355,434,900,000 versus a total put value of 3,364,200,000 Combined total value = 358,799,100,000

Strike 14450 has a total call value of 374,669,100,000 versus a total put value of 3,132,000,000 Combined total value = 377,801,100,000

Strike 14475 has a total call value of 394,015,200,000 versus a total put value of 2,899,800,000 Combined total value = 396,915,000,000

Strike 14500 has a total call value of 413,394,600,000 versus a total put value of 2,667,600,000 Combined total value = 416,062,200,000

Strike 14525 has a total call value of 435,125,700,000 versus a total put value of 2,535,300,000 Combined total value = 437,661,000,000

Strike 14550 has a total call value of 456,861,600,000 versus a total put value of 2,403,000,000 Combined total value = 459,264,600,000

Strike 14575 has a total call value of 478,609,200,000 versus a total put value of 2,270,700,000 Combined total value = 480,879,900,000

Strike 14600 has a total call value of 500,359,800,000 versus a total put value of 2,138,400,000 Combined total value = 502,498,200,000

Strike 14625 has a total call value of 523,123,800,000 versus a total put value of 2,006,100,000 Combined total value = 525,129,900,000

Strike 14650 has a total call value of 545,894,400,000 versus a total put value of 1,873,800,000 Combined total value = 547,768,200,000

Strike 14675 has a total call value of 568,674,000,000 versus a total put value of 1,741,500,000 Combined total value = 570,415,500,000

Strike 14700 has a total call value of 591,455,100,000 versus a total put value of 1,609,200,000 Combined total value = 593,064,300,000

Strike 14725 has a total call value of 615,204,300,000 versus a total put value of 1,476,900,000 Combined total value = 616,681,200,000

Strike 14750 has a total call value of 638,956,200,000 versus a total put value of 1,344,600,000 Combined total value = 640,300,800,000

Strike 14775 has a total call value of 662,709,900,000 versus a total put value of 1,212,300,000 Combined total value = 663,922,200,000

Strike 14800 has a total call value of 686,465,400,000 versus a total put value of 1,080,000,000 Combined total value = 687,545,400,000

Strike 14825 has a total call value of 710,731,500,000 versus a total put value of 947,700,000 Combined total value = 711,679,200,000

Strike 14850 has a total call value of 735,008,400,000 versus a total put value of 815,400,000 Combined total value = 735,823,800,000

Strike 14875 has a total call value of 759,285,300,000 versus a total put value of 683,100,000 Combined total value = 759,968,400,000

Strike 14900 has a total call value of 783,562,200,000 versus a total put value of 550,800,000 Combined total value = 784,113,000,000

Strike 14925 has a total call value of 808,011,000,000 versus a total put value of 418,500,000 Combined total value = 808,429,500,000

Strike 14950 has a total call value of 832,459,800,000 versus a total put value of 286,200,000 Combined total value = 832,746,000,000

Strike 14975 has a total call value of 856,908,600,000 versus a total put value of 153,900,000 Combined total value = 857,062,500,000

Strike 15000 has a total call value of 881,357,400,000 versus a total put value of 21,600,000 Combined total value = 881,379,000,000

Strike 15025 has a total call value of 906,885,600,000 versus a total put value of 20,400,000 Combined total value = 906,906,000,000

Strike 15050 has a total call value of 932,413,800,000 versus a total put value of 19,200,000 Combined total value = 932,433,000,000

Strike 15075 has a total call value of 957,942,000,000 versus a total put value of 18,000,000 Combined total value = 957,960,000,000

Strike 15100 has a total call value of 983,470,200,000 versus a total put value of 16,800,000 Combined total value = 983,487,000,000

Strike 15125 has a total call value of 1,009,047,300,000 versus a total put value of 15,600,000 Combined total value = 1,009,062,900,000

Strike 15150 has a total call value of 1,034,624,400,000 versus a total put value of 14,400,000 Combined total value = 1,034,638,800,000

Strike 15175 has a total call value of 1,060,201,500,000 versus a total put value of 13,200,000 Combined total value = 1,060,214,700,000

Strike 15200 has a total call value of 1,085,778,600,000 versus a total put value of 12,000,000 Combined total value = 1,085,790,600,000

Strike 15225 has a total call value of 1,111,437,600,000 versus a total put value of 10,800,000 Combined total value = 1,111,448,400,000

Strike 15250 has a total call value of 1,137,096,600,000 versus a total put value of 9,600,000 Combined total value = 1,137,106,200,000

Strike 15275 has a total call value of 1,162,755,600,000 versus a total put value of 8,400,000 Combined total value = 1,162,764,000,000

Strike 15300 has a total call value of 1,188,414,600,000 versus a total put value of 7,200,000 Combined total value = 1,188,421,800,000

Strike 15325 has a total call value of 1,214,118,000,000 versus a total put value of 6,300,000 Combined total value = 1,214,124,300,000

Strike 15350 has a total call value of 1,239,821,400,000 versus a total put value of 5,400,000 Combined total value = 1,239,826,800,000

Strike 15375 has a total call value of 1,265,524,800,000 versus a total put value of 4,500,000 Combined total value = 1,265,529,300,000

Strike 15400 has a total call value of 1,291,228,200,000 versus a total put value of 3,600,000 Combined total value = 1,291,231,800,000

Strike 15425 has a total call value of 1,316,940,600,000 versus a total put value of 2,700,000 Combined total value = 1,316,943,300,000

Strike 15450 has a total call value of 1,342,653,000,000 versus a total put value of 1,800,000 Combined total value = 1,342,654,800,000

Strike 15475 has a total call value of 1,368,365,400,000 versus a total put value of 900,000 Combined total value = 1,368,366,300,000

Strike 15500 has a total call value of 1,394,077,800,000 versus a total put value of 0 Combined total value = 1,394,077,800,000

Strike 15525 has a total call value of 1,419,912,000,000 versus a total put value of 0 Combined total value = 1,419,912,000,000

Strike 15550 has a total call value of 1,445,746,200,000 versus a total put value of 0 Combined total value = 1,445,746,200,000

Strike 15575 has a total call value of 1,471,580,400,000 versus a total put value of 0 Combined total value = 1,471,580,400,000

Strike 15600 has a total call value of 1,497,414,600,000 versus a total put value of 0 Combined total value = 1,497,414,600,000

Max-Pain Table for Index

Stock Max-Pain Commodity Max-Pain

LTP > Max Pain Bearish

LTP < Max Pain Bullish

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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