MIDCPNIFTY
14474.9
Strike 11000 has a total call value of 0 versus a total put value of 1,221,911,100,000. Combined total value = 1,221,911,100,000
Strike 11300 has a total call value of 57,600,000 versus a total put value of 1,095,399,900,000. Combined total value = 1,095,457,500,000
Strike 11400 has a total call value of 79,200,000 versus a total put value of 1,053,229,500,000. Combined total value = 1,053,308,700,000
Strike 11500 has a total call value of 100,800,000 versus a total put value of 1,011,061,500,000. Combined total value = 1,011,162,300,000
Strike 12000 has a total call value of 208,800,000 versus a total put value of 800,407,500,000. Combined total value = 800,616,300,000
Strike 12500 has a total call value of 1,534,800,000 versus a total put value of 590,629,500,000. Combined total value = 592,164,300,000
Strike 12700 has a total call value of 2,094,000,000 versus a total put value of 508,098,300,000. Combined total value = 510,192,300,000
Strike 12800 has a total call value of 2,373,600,000 versus a total put value of 466,845,900,000. Combined total value = 469,219,500,000
Strike 12850 has a total call value of 2,513,400,000 versus a total put value of 446,223,900,000. Combined total value = 448,737,300,000
Strike 12875 has a total call value of 2,583,300,000 versus a total put value of 435,913,200,000. Combined total value = 438,496,500,000
Strike 12900 has a total call value of 2,653,200,000 versus a total put value of 425,602,500,000. Combined total value = 428,255,700,000
Strike 12925 has a total call value of 2,723,100,000 versus a total put value of 415,294,200,000. Combined total value = 418,017,300,000
Strike 12950 has a total call value of 2,793,000,000 versus a total put value of 404,988,300,000. Combined total value = 407,781,300,000
Strike 12975 has a total call value of 2,862,900,000 versus a total put value of 394,683,900,000. Combined total value = 397,546,800,000
Strike 13000 has a total call value of 2,932,800,000 versus a total put value of 384,386,400,000. Combined total value = 387,319,200,000
Strike 13025 has a total call value of 3,013,200,000 versus a total put value of 375,438,000,000. Combined total value = 378,451,200,000
Strike 13050 has a total call value of 3,093,600,000 versus a total put value of 366,497,400,000. Combined total value = 369,591,000,000
Strike 13075 has a total call value of 3,174,000,000 versus a total put value of 357,568,500,000. Combined total value = 360,742,500,000
Strike 13100 has a total call value of 3,254,400,000 versus a total put value of 348,641,400,000. Combined total value = 351,895,800,000
Strike 13125 has a total call value of 3,336,600,000 versus a total put value of 339,849,600,000. Combined total value = 343,186,200,000
Strike 13150 has a total call value of 3,418,800,000 versus a total put value of 331,059,000,000. Combined total value = 334,477,800,000
Strike 13175 has a total call value of 3,501,000,000 versus a total put value of 322,269,600,000. Combined total value = 325,770,600,000
Strike 13200 has a total call value of 3,583,200,000 versus a total put value of 313,480,800,000. Combined total value = 317,064,000,000
Strike 13225 has a total call value of 3,665,400,000 versus a total put value of 305,028,000,000. Combined total value = 308,693,400,000
Strike 13250 has a total call value of 3,747,600,000 versus a total put value of 296,575,800,000. Combined total value = 300,323,400,000
Strike 13275 has a total call value of 3,829,800,000 versus a total put value of 288,124,800,000. Combined total value = 291,954,600,000
Strike 13300 has a total call value of 3,912,000,000 versus a total put value of 279,674,400,000. Combined total value = 283,586,400,000
Strike 13325 has a total call value of 3,994,500,000 versus a total put value of 271,567,200,000. Combined total value = 275,561,700,000
Strike 13350 has a total call value of 4,077,000,000 versus a total put value of 263,460,900,000. Combined total value = 267,537,900,000
Strike 13375 has a total call value of 4,159,500,000 versus a total put value of 255,355,500,000. Combined total value = 259,515,000,000
Strike 13400 has a total call value of 4,242,000,000 versus a total put value of 247,250,700,000. Combined total value = 251,492,700,000
Strike 13425 has a total call value of 4,324,800,000 versus a total put value of 239,152,200,000. Combined total value = 243,477,000,000
Strike 13500 has a total call value of 4,573,200,000 versus a total put value of 214,860,300,000. Combined total value = 219,433,500,000
Strike 13525 has a total call value of 4,710,000,000 versus a total put value of 208,313,700,000. Combined total value = 213,023,700,000
Strike 13600 has a total call value of 5,120,400,000 versus a total put value of 188,676,600,000. Combined total value = 193,797,000,000
Strike 13650 has a total call value of 5,395,200,000 versus a total put value of 175,666,800,000. Combined total value = 181,062,000,000
Strike 13675 has a total call value of 5,532,600,000 versus a total put value of 169,168,200,000. Combined total value = 174,700,800,000
Strike 13700 has a total call value of 5,670,000,000 versus a total put value of 162,670,200,000. Combined total value = 168,340,200,000
Strike 13800 has a total call value of 6,223,200,000 versus a total put value of 137,220,600,000. Combined total value = 143,443,800,000
Strike 13850 has a total call value of 6,508,800,000 versus a total put value of 125,255,400,000. Combined total value = 131,764,200,000
Strike 13875 has a total call value of 6,651,600,000 versus a total put value of 119,282,700,000. Combined total value = 125,934,300,000
Strike 13900 has a total call value of 6,794,400,000 versus a total put value of 113,312,100,000. Combined total value = 120,106,500,000
Strike 13950 has a total call value of 7,080,000,000 versus a total put value of 101,565,900,000. Combined total value = 108,645,900,000
Strike 13975 has a total call value of 7,223,100,000 versus a total put value of 95,702,100,000. Combined total value = 102,925,200,000
Strike 14000 has a total call value of 7,366,500,000 versus a total put value of 89,838,300,000. Combined total value = 97,204,800,000
Strike 14025 has a total call value of 7,755,600,000 versus a total put value of 84,971,400,000. Combined total value = 92,727,000,000
Strike 14100 has a total call value of 8,922,900,000 versus a total put value of 70,394,100,000. Combined total value = 79,317,000,000
Strike 14125 has a total call value of 9,332,100,000 versus a total put value of 66,213,300,000. Combined total value = 75,545,400,000
Strike 14150 has a total call value of 9,741,300,000 versus a total put value of 62,040,000,000. Combined total value = 71,781,300,000
Strike 14200 has a total call value of 10,560,900,000 versus a total put value of 53,727,600,000. Combined total value = 64,288,500,000
Strike 14225 has a total call value of 10,989,900,000 versus a total put value of 50,025,300,000. Combined total value = 61,015,200,000
Strike 14250 has a total call value of 11,418,900,000 versus a total put value of 46,323,000,000. Combined total value = 57,741,900,000
Strike 14275 has a total call value of 11,850,000,000 versus a total put value of 42,633,300,000. Combined total value = 54,483,300,000
Strike 14300 has a total call value of 12,281,100,000 versus a total put value of 38,953,500,000. Combined total value = 51,234,600,000
Strike 14325 has a total call value of 12,736,200,000 versus a total put value of 35,972,700,000. Combined total value = 48,708,900,000
Strike 14350 has a total call value of 13,191,300,000 versus a total put value of 33,001,500,000. Combined total value = 46,192,800,000
Strike 14375 has a total call value of 13,653,000,000 versus a total put value of 30,047,400,000. Combined total value = 43,700,400,000
Strike 14400 has a total call value of 14,124,300,000 versus a total put value of 27,104,400,000. Combined total value = 41,228,700,000
Strike 14425 has a total call value of 14,659,800,000 versus a total put value of 24,296,400,000. Combined total value = 38,956,200,000
Strike 14450 has a total call value of 15,204,300,000 versus a total put value of 21,500,700,000. Combined total value = 36,705,000,000
Strike 14475 has a total call value of 15,787,500,000 versus a total put value of 18,723,600,000. Combined total value = 34,511,100,000
Strike 14500 has a total call value of 16,382,700,000 versus a total put value of 15,960,600,000. Combined total value = 32,343,300,000
Strike 14525 has a total call value of 17,678,100,000 versus a total put value of 14,345,400,000. Combined total value = 32,023,500,000
Strike 14550 has a total call value of 18,987,600,000 versus a total put value of 12,751,800,000. Combined total value = 31,739,400,000
Strike 14575 has a total call value of 20,335,500,000 versus a total put value of 11,206,200,000. Combined total value = 31,541,700,000
Strike 14600 has a total call value of 21,703,200,000 versus a total put value of 9,683,700,000. Combined total value = 31,386,900,000
Strike 14625 has a total call value of 23,469,900,000 versus a total put value of 8,554,200,000. Combined total value = 32,024,100,000
Strike 14650 has a total call value of 25,262,400,000 versus a total put value of 7,452,900,000. Combined total value = 32,715,300,000
Strike 14675 has a total call value of 27,117,300,000 versus a total put value of 6,404,700,000. Combined total value = 33,522,000,000
Strike 14700 has a total call value of 29,019,000,000 versus a total put value of 5,382,300,000. Combined total value = 34,401,300,000
Strike 14725 has a total call value of 31,499,700,000 versus a total put value of 4,752,900,000. Combined total value = 36,252,600,000
Strike 14750 has a total call value of 34,048,800,000 versus a total put value of 4,149,600,000. Combined total value = 38,198,400,000
Strike 14775 has a total call value of 36,673,500,000 versus a total put value of 3,610,800,000. Combined total value = 40,284,300,000
Strike 14800 has a total call value of 39,327,900,000 versus a total put value of 3,081,600,000. Combined total value = 42,409,500,000
Strike 14825 has a total call value of 42,343,500,000 versus a total put value of 2,774,100,000. Combined total value = 45,117,600,000
Strike 14850 has a total call value of 45,370,200,000 versus a total put value of 2,475,000,000. Combined total value = 47,845,200,000
Strike 14875 has a total call value of 48,417,000,000 versus a total put value of 2,193,000,000. Combined total value = 50,610,000,000
Strike 14900 has a total call value of 51,476,400,000 versus a total put value of 1,920,900,000. Combined total value = 53,397,300,000
Strike 14925 has a total call value of 54,629,400,000 versus a total put value of 1,684,200,000. Combined total value = 56,313,600,000
Strike 14950 has a total call value of 57,794,700,000 versus a total put value of 1,452,900,000. Combined total value = 59,247,600,000
Strike 14975 has a total call value of 60,974,700,000 versus a total put value of 1,225,200,000. Combined total value = 62,199,900,000
Strike 15000 has a total call value of 64,168,800,000 versus a total put value of 1,001,100,000. Combined total value = 65,169,900,000
Strike 15025 has a total call value of 68,082,900,000 versus a total put value of 900,000,000. Combined total value = 68,982,900,000
Strike 15050 has a total call value of 72,004,200,000 versus a total put value of 804,000,000. Combined total value = 72,808,200,000
Strike 15075 has a total call value of 75,936,300,000 versus a total put value of 714,000,000. Combined total value = 76,650,300,000
Strike 15100 has a total call value of 79,873,500,000 versus a total put value of 630,600,000. Combined total value = 80,504,100,000
Strike 15125 has a total call value of 83,811,000,000 versus a total put value of 585,000,000. Combined total value = 84,396,000,000
Strike 15150 has a total call value of 87,748,500,000 versus a total put value of 546,000,000. Combined total value = 88,294,500,000
Strike 15175 has a total call value of 91,695,300,000 versus a total put value of 516,600,000. Combined total value = 92,211,900,000
Strike 15200 has a total call value of 95,649,000,000 versus a total put value of 487,200,000. Combined total value = 96,136,200,000
Strike 15225 has a total call value of 100,076,400,000 versus a total put value of 458,100,000. Combined total value = 100,534,500,000
Strike 15250 has a total call value of 104,508,900,000 versus a total put value of 429,000,000. Combined total value = 104,937,900,000
Strike 15275 has a total call value of 108,947,100,000 versus a total put value of 399,900,000. Combined total value = 109,347,000,000
Strike 15300 has a total call value of 113,390,100,000 versus a total put value of 370,800,000. Combined total value = 113,760,900,000
Strike 15325 has a total call value of 118,023,900,000 versus a total put value of 341,700,000. Combined total value = 118,365,600,000
Strike 15375 has a total call value of 127,292,100,000 versus a total put value of 283,500,000. Combined total value = 127,575,600,000
Strike 15400 has a total call value of 131,926,800,000 versus a total put value of 254,400,000. Combined total value = 132,181,200,000
Strike 15475 has a total call value of 145,896,600,000 versus a total put value of 167,100,000. Combined total value = 146,063,700,000
Strike 15500 has a total call value of 150,553,500,000 versus a total put value of 138,000,000. Combined total value = 150,691,500,000
Strike 15525 has a total call value of 156,353,400,000 versus a total put value of 130,200,000. Combined total value = 156,483,600,000
Strike 15575 has a total call value of 167,973,600,000 versus a total put value of 114,600,000. Combined total value = 168,088,200,000
Strike 15600 has a total call value of 173,784,000,000 versus a total put value of 106,800,000. Combined total value = 173,890,800,000
Strike 15675 has a total call value of 191,216,100,000 versus a total put value of 83,400,000. Combined total value = 191,299,500,000
Strike 15700 has a total call value of 197,027,100,000 versus a total put value of 75,600,000. Combined total value = 197,102,700,000
Strike 15725 has a total call value of 203,203,800,000 versus a total put value of 67,800,000. Combined total value = 203,271,600,000
Strike 15775 has a total call value of 215,557,800,000 versus a total put value of 52,200,000. Combined total value = 215,610,000,000
Strike 15800 has a total call value of 221,735,100,000 versus a total put value of 44,400,000. Combined total value = 221,779,500,000
Strike 15850 has a total call value of 235,286,100,000 versus a total put value of 28,800,000. Combined total value = 235,314,900,000
Strike 15875 has a total call value of 242,076,600,000 versus a total put value of 21,000,000. Combined total value = 242,097,600,000
Strike 15900 has a total call value of 248,867,400,000 versus a total put value of 13,200,000. Combined total value = 248,880,600,000
Strike 15925 has a total call value of 255,910,500,000 versus a total put value of 10,200,000. Combined total value = 255,920,700,000
Strike 16000 has a total call value of 277,040,700,000 versus a total put value of 1,200,000. Combined total value = 277,041,900,000
Strike 16100 has a total call value of 310,110,300,000 versus a total put value of 0. Combined total value = 310,110,300,000
Strike 16200 has a total call value of 343,388,700,000 versus a total put value of 0. Combined total value = 343,388,700,000
Max-Pain Table for Index
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.
