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

13870 -38.25 (-0.28%)

L: 13777 H: 13892.8

Max Pain - MIDCPNIFTY

15 Dec 2025 01:53 PM IST

Live

Expiry

Max Pain for MIDCPNIFTY is 13900

Historical data for MIDCPNIFTY-13900-CE

LTP (13900 CE)

170 -36.8

Open Interest

2658 340

Historical data for MIDCPNIFTY-13900-PE

LTP (13900 PE)

154.6 18.4

Open Interest

2677 -166

Strike 11100 has a total call value of 0 versus a total put value of 2,137,748,550,000 Combined total value = 2,137,748,550,000

Strike 11125 has a total call value of 0 versus a total put value of 2,114,437,850,000 Combined total value = 2,114,437,850,000

Strike 11150 has a total call value of 0 versus a total put value of 2,091,127,150,000 Combined total value = 2,091,127,150,000

Strike 11175 has a total call value of 0 versus a total put value of 2,067,816,450,000 Combined total value = 2,067,816,450,000

Strike 11200 has a total call value of 0 versus a total put value of 2,044,505,750,000 Combined total value = 2,044,505,750,000

Strike 11225 has a total call value of 0 versus a total put value of 2,021,195,050,000 Combined total value = 2,021,195,050,000

Strike 11250 has a total call value of 0 versus a total put value of 1,997,884,350,000 Combined total value = 1,997,884,350,000

Strike 11275 has a total call value of 0 versus a total put value of 1,974,573,650,000 Combined total value = 1,974,573,650,000

Strike 11300 has a total call value of 0 versus a total put value of 1,951,262,950,000 Combined total value = 1,951,262,950,000

Strike 11325 has a total call value of 0 versus a total put value of 1,927,952,250,000 Combined total value = 1,927,952,250,000

Strike 11350 has a total call value of 0 versus a total put value of 1,904,641,550,000 Combined total value = 1,904,641,550,000

Strike 11375 has a total call value of 0 versus a total put value of 1,881,330,850,000 Combined total value = 1,881,330,850,000

Strike 11400 has a total call value of 0 versus a total put value of 1,858,020,150,000 Combined total value = 1,858,020,150,000

Strike 11425 has a total call value of 0 versus a total put value of 1,834,714,000,000 Combined total value = 1,834,714,000,000

Strike 11450 has a total call value of 0 versus a total put value of 1,811,407,850,000 Combined total value = 1,811,407,850,000

Strike 11475 has a total call value of 0 versus a total put value of 1,788,101,700,000 Combined total value = 1,788,101,700,000

Strike 11500 has a total call value of 0 versus a total put value of 1,764,795,550,000 Combined total value = 1,764,795,550,000

Strike 11525 has a total call value of 0 versus a total put value of 1,741,489,400,000 Combined total value = 1,741,489,400,000

Strike 11550 has a total call value of 0 versus a total put value of 1,718,183,250,000 Combined total value = 1,718,183,250,000

Strike 11575 has a total call value of 0 versus a total put value of 1,694,877,100,000 Combined total value = 1,694,877,100,000

Strike 11600 has a total call value of 0 versus a total put value of 1,671,570,950,000 Combined total value = 1,671,570,950,000

Strike 11625 has a total call value of 0 versus a total put value of 1,648,264,800,000 Combined total value = 1,648,264,800,000

Strike 11650 has a total call value of 0 versus a total put value of 1,624,958,650,000 Combined total value = 1,624,958,650,000

Strike 11675 has a total call value of 0 versus a total put value of 1,601,652,500,000 Combined total value = 1,601,652,500,000

Strike 11700 has a total call value of 0 versus a total put value of 1,578,346,350,000 Combined total value = 1,578,346,350,000

Strike 11725 has a total call value of 0 versus a total put value of 1,555,040,200,000 Combined total value = 1,555,040,200,000

Strike 11750 has a total call value of 0 versus a total put value of 1,531,734,050,000 Combined total value = 1,531,734,050,000

Strike 11775 has a total call value of 0 versus a total put value of 1,508,427,900,000 Combined total value = 1,508,427,900,000

Strike 11800 has a total call value of 0 versus a total put value of 1,485,121,750,000 Combined total value = 1,485,121,750,000

Strike 11825 has a total call value of 0 versus a total put value of 1,461,815,600,000 Combined total value = 1,461,815,600,000

Strike 11850 has a total call value of 0 versus a total put value of 1,438,509,450,000 Combined total value = 1,438,509,450,000

Strike 11875 has a total call value of 0 versus a total put value of 1,415,203,300,000 Combined total value = 1,415,203,300,000

Strike 11900 has a total call value of 0 versus a total put value of 1,391,899,600,000 Combined total value = 1,391,899,600,000

Strike 11925 has a total call value of 0 versus a total put value of 1,368,607,800,000 Combined total value = 1,368,607,800,000

Strike 11950 has a total call value of 0 versus a total put value of 1,345,316,000,000 Combined total value = 1,345,316,000,000

Strike 11975 has a total call value of 0 versus a total put value of 1,322,024,200,000 Combined total value = 1,322,024,200,000

Strike 12000 has a total call value of 0 versus a total put value of 1,298,732,400,000 Combined total value = 1,298,732,400,000

Strike 12025 has a total call value of 0 versus a total put value of 1,276,079,350,000 Combined total value = 1,276,079,350,000

Strike 12050 has a total call value of 0 versus a total put value of 1,253,431,200,000 Combined total value = 1,253,431,200,000

Strike 12075 has a total call value of 0 versus a total put value of 1,230,783,050,000 Combined total value = 1,230,783,050,000

Strike 12100 has a total call value of 0 versus a total put value of 1,208,134,900,000 Combined total value = 1,208,134,900,000

Strike 12125 has a total call value of 0 versus a total put value of 1,185,486,750,000 Combined total value = 1,185,486,750,000

Strike 12150 has a total call value of 0 versus a total put value of 1,162,838,600,000 Combined total value = 1,162,838,600,000

Strike 12175 has a total call value of 0 versus a total put value of 1,140,190,450,000 Combined total value = 1,140,190,450,000

Strike 12200 has a total call value of 0 versus a total put value of 1,117,547,200,000 Combined total value = 1,117,547,200,000

Strike 12225 has a total call value of 0 versus a total put value of 1,094,903,950,000 Combined total value = 1,094,903,950,000

Strike 12250 has a total call value of 0 versus a total put value of 1,072,260,700,000 Combined total value = 1,072,260,700,000

Strike 12275 has a total call value of 0 versus a total put value of 1,049,617,450,000 Combined total value = 1,049,617,450,000

Strike 12300 has a total call value of 0 versus a total put value of 1,026,974,200,000 Combined total value = 1,026,974,200,000

Strike 12325 has a total call value of 0 versus a total put value of 1,004,371,550,000 Combined total value = 1,004,371,550,000

Strike 12350 has a total call value of 0 versus a total put value of 981,768,900,000 Combined total value = 981,768,900,000

Strike 12375 has a total call value of 0 versus a total put value of 959,166,250,000 Combined total value = 959,166,250,000

Strike 12400 has a total call value of 0 versus a total put value of 936,563,600,000 Combined total value = 936,563,600,000

Strike 12425 has a total call value of 0 versus a total put value of 913,988,950,000 Combined total value = 913,988,950,000

Strike 12450 has a total call value of 0 versus a total put value of 891,414,300,000 Combined total value = 891,414,300,000

Strike 12475 has a total call value of 0 versus a total put value of 868,839,650,000 Combined total value = 868,839,650,000

Strike 12500 has a total call value of 0 versus a total put value of 846,265,000,000 Combined total value = 846,265,000,000

Strike 12525 has a total call value of 0 versus a total put value of 824,421,500,000 Combined total value = 824,421,500,000

Strike 12550 has a total call value of 0 versus a total put value of 802,578,000,000 Combined total value = 802,578,000,000

Strike 12575 has a total call value of 0 versus a total put value of 780,745,350,000 Combined total value = 780,745,350,000

Strike 12600 has a total call value of 0 versus a total put value of 758,924,600,000 Combined total value = 758,924,600,000

Strike 12625 has a total call value of 0 versus a total put value of 737,231,250,000 Combined total value = 737,231,250,000

Strike 12650 has a total call value of 0 versus a total put value of 715,547,700,000 Combined total value = 715,547,700,000

Strike 12675 has a total call value of 0 versus a total put value of 693,878,150,000 Combined total value = 693,878,150,000

Strike 12700 has a total call value of 0 versus a total put value of 672,216,300,000 Combined total value = 672,216,300,000

Strike 12725 has a total call value of 0 versus a total put value of 650,785,450,000 Combined total value = 650,785,450,000

Strike 12750 has a total call value of 0 versus a total put value of 629,381,900,000 Combined total value = 629,381,900,000

Strike 12775 has a total call value of 0 versus a total put value of 608,210,400,000 Combined total value = 608,210,400,000

Strike 12800 has a total call value of 0 versus a total put value of 587,055,000,000 Combined total value = 587,055,000,000

Strike 12825 has a total call value of 0 versus a total put value of 566,816,250,000 Combined total value = 566,816,250,000

Strike 12850 has a total call value of 0 versus a total put value of 546,609,000,000 Combined total value = 546,609,000,000

Strike 12875 has a total call value of 0 versus a total put value of 526,547,000,000 Combined total value = 526,547,000,000

Strike 12900 has a total call value of 0 versus a total put value of 506,497,600,000 Combined total value = 506,497,600,000

Strike 12925 has a total call value of 0 versus a total put value of 486,877,300,000 Combined total value = 486,877,300,000

Strike 12950 has a total call value of 0 versus a total put value of 467,270,650,000 Combined total value = 467,270,650,000

Strike 12975 has a total call value of 0 versus a total put value of 447,682,550,000 Combined total value = 447,682,550,000

Strike 13000 has a total call value of 0 versus a total put value of 428,112,300,000 Combined total value = 428,112,300,000

Strike 13025 has a total call value of 79,100,000 versus a total put value of 410,853,100,000 Combined total value = 410,932,200,000

Strike 13050 has a total call value of 158,200,000 versus a total put value of 393,604,050,000 Combined total value = 393,762,250,000

Strike 13075 has a total call value of 237,300,000 versus a total put value of 376,474,350,000 Combined total value = 376,711,650,000

Strike 13100 has a total call value of 316,400,000 versus a total put value of 359,355,500,000 Combined total value = 359,671,900,000

Strike 13125 has a total call value of 395,500,000 versus a total put value of 343,310,450,000 Combined total value = 343,705,950,000

Strike 13150 has a total call value of 474,600,000 versus a total put value of 327,275,200,000 Combined total value = 327,749,800,000

Strike 13175 has a total call value of 553,700,000 versus a total put value of 311,288,600,000 Combined total value = 311,842,300,000

Strike 13200 has a total call value of 632,800,000 versus a total put value of 295,323,000,000 Combined total value = 295,955,800,000

Strike 13225 has a total call value of 718,900,000 versus a total put value of 280,468,300,000 Combined total value = 281,187,200,000

Strike 13250 has a total call value of 805,000,000 versus a total put value of 265,637,050,000 Combined total value = 266,442,050,000

Strike 13275 has a total call value of 894,950,000 versus a total put value of 251,199,900,000 Combined total value = 252,094,850,000

Strike 13300 has a total call value of 984,900,000 versus a total put value of 236,796,000,000 Combined total value = 237,780,900,000

Strike 13325 has a total call value of 1,090,250,000 versus a total put value of 223,056,050,000 Combined total value = 224,146,300,000

Strike 13350 has a total call value of 1,195,600,000 versus a total put value of 209,345,850,000 Combined total value = 210,541,450,000

Strike 13375 has a total call value of 1,300,950,000 versus a total put value of 195,838,300,000 Combined total value = 197,139,250,000

Strike 13400 has a total call value of 1,406,300,000 versus a total put value of 182,352,800,000 Combined total value = 183,759,100,000

Strike 13425 has a total call value of 1,527,050,000 versus a total put value of 169,703,800,000 Combined total value = 171,230,850,000

Strike 13450 has a total call value of 1,649,200,000 versus a total put value of 157,076,500,000 Combined total value = 158,725,700,000

Strike 13475 has a total call value of 1,774,150,000 versus a total put value of 144,660,600,000 Combined total value = 146,434,750,000

Strike 13500 has a total call value of 1,899,100,000 versus a total put value of 132,275,500,000 Combined total value = 134,174,600,000

Strike 13525 has a total call value of 2,402,050,000 versus a total put value of 122,724,700,000 Combined total value = 125,126,750,000

Strike 13550 has a total call value of 2,916,550,000 versus a total put value of 113,206,100,000 Combined total value = 116,122,650,000

Strike 13575 has a total call value of 3,518,900,000 versus a total put value of 103,900,650,000 Combined total value = 107,419,550,000

Strike 13600 has a total call value of 4,145,400,000 versus a total put value of 94,654,700,000 Combined total value = 98,800,100,000

Strike 13625 has a total call value of 5,133,800,000 versus a total put value of 86,950,150,000 Combined total value = 92,083,950,000

Strike 13650 has a total call value of 6,150,200,000 versus a total put value of 79,296,350,000 Combined total value = 85,446,550,000

Strike 13675 has a total call value of 7,293,300,000 versus a total put value of 71,825,250,000 Combined total value = 79,118,550,000

Strike 13700 has a total call value of 8,479,100,000 versus a total put value of 64,442,350,000 Combined total value = 72,921,450,000

Strike 13725 has a total call value of 10,076,500,000 versus a total put value of 58,132,550,000 Combined total value = 68,209,050,000

Strike 13750 has a total call value of 11,716,250,000 versus a total put value of 51,906,400,000 Combined total value = 63,622,650,000

Strike 13775 has a total call value of 13,476,050,000 versus a total put value of 45,816,050,000 Combined total value = 59,292,100,000

Strike 13800 has a total call value of 15,285,550,000 versus a total put value of 39,819,150,000 Combined total value = 55,104,700,000

Strike 13825 has a total call value of 18,212,950,000 versus a total put value of 35,348,250,000 Combined total value = 53,561,200,000

Strike 13850 has a total call value of 21,236,950,000 versus a total put value of 31,091,900,000 Combined total value = 52,328,850,000

Strike 13875 has a total call value of 24,473,750,000 versus a total put value of 27,144,950,000 Combined total value = 51,618,700,000

Strike 13900 has a total call value of 27,822,550,000 versus a total put value of 23,281,300,000 Combined total value = 51,103,850,000

Strike 13925 has a total call value of 32,101,650,000 versus a total put value of 20,354,600,000 Combined total value = 52,456,250,000

Strike 13950 has a total call value of 36,461,600,000 versus a total put value of 17,477,600,000 Combined total value = 53,939,200,000

Strike 13975 has a total call value of 40,969,600,000 versus a total put value of 14,764,400,000 Combined total value = 55,734,000,000

Strike 14000 has a total call value of 45,567,200,000 versus a total put value of 12,099,150,000 Combined total value = 57,666,350,000

Strike 14025 has a total call value of 52,469,900,000 versus a total put value of 10,773,000,000 Combined total value = 63,242,900,000

Strike 14050 has a total call value of 59,482,150,000 versus a total put value of 9,488,500,000 Combined total value = 68,970,650,000

Strike 14075 has a total call value of 66,770,200,000 versus a total put value of 8,280,650,000 Combined total value = 75,050,850,000

Strike 14100 has a total call value of 74,147,850,000 versus a total put value of 7,109,200,000 Combined total value = 81,257,050,000

Strike 14125 has a total call value of 83,030,150,000 versus a total put value of 6,604,150,000 Combined total value = 89,634,300,000

Strike 14150 has a total call value of 91,973,700,000 versus a total put value of 6,099,100,000 Combined total value = 98,072,800,000

Strike 14175 has a total call value of 101,117,450,000 versus a total put value of 5,659,150,000 Combined total value = 106,776,600,000

Strike 14200 has a total call value of 110,335,400,000 versus a total put value of 5,219,200,000 Combined total value = 115,554,600,000

Strike 14225 has a total call value of 121,138,850,000 versus a total put value of 4,862,550,000 Combined total value = 126,001,400,000

Strike 14250 has a total call value of 131,981,500,000 versus a total put value of 4,505,900,000 Combined total value = 136,487,400,000

Strike 14275 has a total call value of 143,344,600,000 versus a total put value of 4,177,950,000 Combined total value = 147,522,550,000

Strike 14300 has a total call value of 154,748,300,000 versus a total put value of 3,850,000,000 Combined total value = 158,598,300,000

Strike 14325 has a total call value of 167,597,150,000 versus a total put value of 3,643,850,000 Combined total value = 171,241,000,000

Strike 14350 has a total call value of 180,484,500,000 versus a total put value of 3,437,700,000 Combined total value = 183,922,200,000

Strike 14375 has a total call value of 193,456,900,000 versus a total put value of 3,231,550,000 Combined total value = 196,688,450,000

Strike 14400 has a total call value of 206,448,200,000 versus a total put value of 3,025,400,000 Combined total value = 209,473,600,000

Strike 14425 has a total call value of 220,617,600,000 versus a total put value of 2,848,300,000 Combined total value = 223,465,900,000

Strike 14450 has a total call value of 234,809,750,000 versus a total put value of 2,671,200,000 Combined total value = 237,480,950,000

Strike 14475 has a total call value of 249,222,050,000 versus a total put value of 2,494,100,000 Combined total value = 251,716,150,000

Strike 14500 has a total call value of 263,658,150,000 versus a total put value of 2,317,000,000 Combined total value = 265,975,150,000

Strike 14525 has a total call value of 280,581,350,000 versus a total put value of 2,201,150,000 Combined total value = 282,782,500,000

Strike 14550 has a total call value of 297,525,200,000 versus a total put value of 2,085,300,000 Combined total value = 299,610,500,000

Strike 14575 has a total call value of 314,972,000,000 versus a total put value of 1,969,450,000 Combined total value = 316,941,450,000

Strike 14600 has a total call value of 332,441,900,000 versus a total put value of 1,853,600,000 Combined total value = 334,295,500,000

Strike 14625 has a total call value of 350,487,550,000 versus a total put value of 1,737,750,000 Combined total value = 352,225,300,000

Strike 14650 has a total call value of 368,541,600,000 versus a total put value of 1,621,900,000 Combined total value = 370,163,500,000

Strike 14675 has a total call value of 386,692,600,000 versus a total put value of 1,506,050,000 Combined total value = 388,198,650,000

Strike 14700 has a total call value of 404,862,150,000 versus a total put value of 1,390,200,000 Combined total value = 406,252,350,000

Strike 14725 has a total call value of 423,840,900,000 versus a total put value of 1,274,350,000 Combined total value = 425,115,250,000

Strike 14750 has a total call value of 442,827,700,000 versus a total put value of 1,158,500,000 Combined total value = 443,986,200,000

Strike 14775 has a total call value of 461,822,900,000 versus a total put value of 1,042,650,000 Combined total value = 462,865,550,000

Strike 14800 has a total call value of 480,818,100,000 versus a total put value of 926,800,000 Combined total value = 481,744,900,000

Strike 14825 has a total call value of 500,792,600,000 versus a total put value of 810,950,000 Combined total value = 501,603,550,000

Strike 14850 has a total call value of 520,767,100,000 versus a total put value of 695,100,000 Combined total value = 521,462,200,000

Strike 14875 has a total call value of 540,741,600,000 versus a total put value of 579,250,000 Combined total value = 541,320,850,000

Strike 14900 has a total call value of 560,716,100,000 versus a total put value of 463,400,000 Combined total value = 561,179,500,000

Strike 14925 has a total call value of 580,967,100,000 versus a total put value of 347,550,000 Combined total value = 581,314,650,000

Strike 14950 has a total call value of 601,218,100,000 versus a total put value of 231,700,000 Combined total value = 601,449,800,000

Strike 14975 has a total call value of 621,469,100,000 versus a total put value of 115,850,000 Combined total value = 621,584,950,000

Strike 15000 has a total call value of 641,720,100,000 versus a total put value of 0 Combined total value = 641,720,100,000

Strike 15025 has a total call value of 664,066,900,000 versus a total put value of 0 Combined total value = 664,066,900,000

Strike 15050 has a total call value of 686,413,700,000 versus a total put value of 0 Combined total value = 686,413,700,000

Strike 15075 has a total call value of 708,760,500,000 versus a total put value of 0 Combined total value = 708,760,500,000

Strike 15100 has a total call value of 731,107,300,000 versus a total put value of 0 Combined total value = 731,107,300,000

Strike 15125 has a total call value of 753,547,550,000 versus a total put value of 0 Combined total value = 753,547,550,000

Strike 15150 has a total call value of 775,987,800,000 versus a total put value of 0 Combined total value = 775,987,800,000

Strike 15175 has a total call value of 798,428,050,000 versus a total put value of 0 Combined total value = 798,428,050,000

Strike 15200 has a total call value of 820,868,300,000 versus a total put value of 0 Combined total value = 820,868,300,000

Strike 15225 has a total call value of 843,322,900,000 versus a total put value of 0 Combined total value = 843,322,900,000

Strike 15250 has a total call value of 865,777,500,000 versus a total put value of 0 Combined total value = 865,777,500,000

Strike 15275 has a total call value of 888,232,100,000 versus a total put value of 0 Combined total value = 888,232,100,000

Strike 15300 has a total call value of 910,686,700,000 versus a total put value of 0 Combined total value = 910,686,700,000

Strike 15325 has a total call value of 933,229,500,000 versus a total put value of 0 Combined total value = 933,229,500,000

Strike 15350 has a total call value of 955,772,300,000 versus a total put value of 0 Combined total value = 955,772,300,000

Strike 15375 has a total call value of 978,315,100,000 versus a total put value of 0 Combined total value = 978,315,100,000

Strike 15400 has a total call value of 1,000,857,900,000 versus a total put value of 0 Combined total value = 1,000,857,900,000

Strike 15425 has a total call value of 1,023,414,350,000 versus a total put value of 0 Combined total value = 1,023,414,350,000

Strike 15450 has a total call value of 1,045,970,800,000 versus a total put value of 0 Combined total value = 1,045,970,800,000

Strike 15475 has a total call value of 1,068,527,250,000 versus a total put value of 0 Combined total value = 1,068,527,250,000

Strike 15500 has a total call value of 1,091,083,700,000 versus a total put value of 0 Combined total value = 1,091,083,700,000

Strike 15525 has a total call value of 1,113,990,500,000 versus a total put value of 0 Combined total value = 1,113,990,500,000

Strike 15550 has a total call value of 1,136,897,300,000 versus a total put value of 0 Combined total value = 1,136,897,300,000

Strike 15575 has a total call value of 1,159,804,100,000 versus a total put value of 0 Combined total value = 1,159,804,100,000

Strike 15600 has a total call value of 1,182,710,900,000 versus a total put value of 0 Combined total value = 1,182,710,900,000

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	1137	1140
ABB	5281	5200
ABCAPITAL	353.35	350
ADANIENSOL	1016	990
ADANIENT	2284.9	2300
ADANIGREEN	1049.4	1040
ADANIPORTS	1515	1500
ALKEM	5618.5	5700
AMBER	6840	6800
AMBUJACEM	554.65	550
ANGELONE	2575.3	2600
APLAPOLLO	1736	1740
APOLLOHOSP	7078.5	7200
ASHOKLEY	166.98	160
ASIANPAINT	2780	2800
ASTRAL	1427.2	1440
AUBANK	978.75	960
AUROPHARMA	1189.3	1200
AXISBANK	1283	1280
BAJAJ-AUTO	8975	9000
BAJAJFINSV	2072.4	2060
BAJFINANCE	1011.9	1020
BANDHANBNK	150.1	150
BANKBARODA	285.5	290
BANKINDIA	141.76	142
BDL	1402.3	1440
BEL	390.25	400
BHARATFORG	1408.5	1400
BHARTIARTL	2076.6	2100
BHEL	282.75	282.5
BIOCON	385	390
BLUESTARCO	1809	1780
BOSCHLTD	36410	36500
BPCL	365.7	365
BRITANNIA	6053	5950
BSE	2664.8	2750
CAMS	757	770
CANBK	148.55	148
CDSL	1515.3	1560
CGPOWER	669	680
CHOLAFIN	1734.5	1700
CIPLA	1506.9	1520
COALINDIA	384.1	382.25
COFORGE	1865.7	1840
COLPAL	2168.9	2180
CONCOR	503.55	510
CROMPTON	253.15	265
CUMMINSIND	4547.8	4500
CYIENT	1154.4	1160
DABUR	497	500
DALBHARAT	2101.8	2040
DELHIVERY	408.75	415
DIVISLAB	6376.5	6400
DIXON	13747	13750
DLF	697	710
DMART	3827.4	3900
DRREDDY	1279.6	1270
EICHERMOT	7115	7150
ETERNAL	298.35	300
EXIDEIND	371.25	375
FEDERALBNK	265.25	260
FORTIS	868.1	880
GAIL	170	175
GLENMARK	1977.3	1940
GMRAIRPORT	104.74	102
GODREJCP	1163.1	1140
GODREJPROP	2073	2040
GRASIM	2828	2800
HAL	4330	4500
HAVELLS	1414.5	1420
HCLTECH	1685.5	1660
HDFCAMC	2610	2650
HDFCBANK	996.5	1000
HDFCLIFE	770.9	770
HEROMOTOCO	5966	6050
HFCL	66.37	68
HINDALCO	848	820
HINDPETRO	466.85	460
HINDUNILVR	2294.8	2300
HINDZINC	566.75	540
HUDCO	215.67	220
ICICIBANK	1365.4	1380
ICICIGI	1939.4	1960
ICICIPRULI	646.65	630
IDEA	11.46	11
IDFCFIRSTB	84.08	81
IEX	143.05	145
IIFL	578.4	560
INDHOTEL	733.5	730
INDIANB	785.7	800
INDIGO	4972	5000
INDUSINDBK	851.65	850
INDUSTOWER	409.45	410
INFY	1610.3	1600
INOXWIND	125.3	130
IOC	167.25	165
IRCTC	672.95	680
IREDA	135.6	140
IRFC	113.47	115
ITC	403.3	405
JINDALSTEL	1032.2	1020
JIOFIN	299.6	300
JSWENERGY	486.1	490
JSWSTEEL	1118.1	1140
JUBLFOOD	576.8	590
KALYANKJIL	479.8	480
KAYNES	4238	4400
KEI	4170	4100
KFINTECH	1049.2	1060
KOTAKBANK	2177.6	2160
KPITTECH	1215	1220
LAURUSLABS	1006.4	1000
LICHSGFIN	531	550
LICI	858.5	880
LODHA	1099	1100
LT	4080	4040
LTF	305.35	305
LTIM	6291	6200
LUPIN	2094.2	2080
M&M	3620	3650
MANAPPURAM	286.1	282.5
MANKIND	2149.7	2200
MARICO	738	730
MARUTI	16419	16300
MAXHEALTH	1080.3	1100
MAZDOCK	2452.5	2600
MCX	10198	10100
MFSL	1695.9	1700
MOTHERSON	120.49	116
MPHASIS	2892.1	2900
MUTHOOTFIN	3857.1	3800
NATIONALUM	279.4	270
NAUKRI	1360.4	1360
NBCC	115.85	114
NCC	161.63	167.5
NESTLEIND	1240	1240
NHPC	77.08	77
NMDC	77.92	77
NTPC	324.05	325
NUVAMA	7279.5	7200
NYKAA	250.8	255
OBEROIRLTY	1652	1640
OFSS	7971.5	8000
OIL	402.95	410
ONGC	233.85	240
PAGEIND	36725	37000
PATANJALI	532.35	540
PAYTM	1301.1	1300
PERSISTENT	6311.5	6300
PETRONET	268.6	275
PFC	340.15	360
PGEL	568.9	560
PHOENIXLTD	1780.5	1740
PIDILITIND	1480	1480
PIIND	3250	3350
PNB	118.57	120
PNBHOUSING	920.6	910
POLICYBZR	1913.4	1900
POLYCAB	7331.5	7300
POWERGRID	262.2	270
POWERINDIA	19450	19500
PPLPHARMA	171.86	177.5
PRESTIGE	1637.5	1660
RBLBANK	304.8	310
RECLTD	341.55	355
RELIANCE	1555.6	1540
RVNL	313.9	315
SAIL	131.94	132
SAMMAANCAP	148.99	155
SBICARD	869.85	880
SBILIFE	2030.5	2020
SBIN	967.65	965
SHREECEM	26410	26500
SHRIRAMFIN	864.65	840
SIEMENS	3149.2	3200
SOLARINDS	12181	12750
SONACOMS	489.5	490
SRF	2994.9	2950
SUNPHARMA	1798	1800
SUPREMEIND	3283	3400
SUZLON	53.2	54
SYNGENE	657.4	650
TATACONSUM	1159.4	1170
TATAELXSI	5059.5	5000
TATAMOTORS	0	320
TATAPOWER	380.7	390
TATASTEEL	172.8	170
TATATECH	657.4	670
TCS	3223	3200
TECHM	1578.6	1560
TIINDIA	2634.5	2700
TITAGARH	794	800
TITAN	3863.2	3840
TMPV	346.2	360
TORNTPHARM	3783.4	3750
TORNTPOWER	1287.7	1300
TRENT	4083.6	4200
TVSMOTOR	3643.5	3600
ULTRACEMCO	11693	11700
UNIONBANK	152.67	152.5
UNITDSPR	1444.3	1440
UNOMINDA	1237	1280
UPL	768	750
VBL	475.35	475
VEDL	549.75	530
VOLTAS	1385.8	1360
WIPRO	260.63	255
YESBANK	21.8	22
ZYDUSLIFE	922.4	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

Related Pages for MIDCPNIFTY

MIDCPNIFTY

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD