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

13718.6 -144.00 (-1.04%)

L: 13704.3 H: 13852.35

Max Pain - MIDCPNIFTY

16 Dec 2025 03:28 PM IST

Live

Expiry

Max Pain for MIDCPNIFTY is 13825

Historical data for MIDCPNIFTY-13825-CE

LTP (13825 CE)

125.75 -81.2

Open Interest

543 314

Historical data for MIDCPNIFTY-13825-PE

LTP (13825 PE)

188.45 61.9

Open Interest

229 -313

Strike 11100 has a total call value of 0 versus a total put value of 2,041,626,650,000 Combined total value = 2,041,626,650,000

Strike 11125 has a total call value of 350,000 versus a total put value of 2,019,069,500,000 Combined total value = 2,019,069,850,000

Strike 11150 has a total call value of 700,000 versus a total put value of 1,996,512,350,000 Combined total value = 1,996,513,050,000

Strike 11175 has a total call value of 1,050,000 versus a total put value of 1,973,955,200,000 Combined total value = 1,973,956,250,000

Strike 11200 has a total call value of 1,400,000 versus a total put value of 1,951,398,050,000 Combined total value = 1,951,399,450,000

Strike 11225 has a total call value of 1,750,000 versus a total put value of 1,928,846,150,000 Combined total value = 1,928,847,900,000

Strike 11250 has a total call value of 2,100,000 versus a total put value of 1,906,294,250,000 Combined total value = 1,906,296,350,000

Strike 11275 has a total call value of 2,450,000 versus a total put value of 1,883,742,350,000 Combined total value = 1,883,744,800,000

Strike 11300 has a total call value of 2,800,000 versus a total put value of 1,861,190,450,000 Combined total value = 1,861,193,250,000

Strike 11325 has a total call value of 3,150,000 versus a total put value of 1,838,644,850,000 Combined total value = 1,838,648,000,000

Strike 11350 has a total call value of 3,500,000 versus a total put value of 1,816,099,250,000 Combined total value = 1,816,102,750,000

Strike 11375 has a total call value of 3,850,000 versus a total put value of 1,793,553,650,000 Combined total value = 1,793,557,500,000

Strike 11400 has a total call value of 4,200,000 versus a total put value of 1,771,008,050,000 Combined total value = 1,771,012,250,000

Strike 11425 has a total call value of 4,550,000 versus a total put value of 1,748,467,000,000 Combined total value = 1,748,471,550,000

Strike 11450 has a total call value of 4,900,000 versus a total put value of 1,725,925,950,000 Combined total value = 1,725,930,850,000

Strike 11475 has a total call value of 5,250,000 versus a total put value of 1,703,384,900,000 Combined total value = 1,703,390,150,000

Strike 11500 has a total call value of 5,600,000 versus a total put value of 1,680,843,850,000 Combined total value = 1,680,849,450,000

Strike 11525 has a total call value of 8,050,000 versus a total put value of 1,658,330,100,000 Combined total value = 1,658,338,150,000

Strike 11550 has a total call value of 10,500,000 versus a total put value of 1,635,816,350,000 Combined total value = 1,635,826,850,000

Strike 11575 has a total call value of 12,950,000 versus a total put value of 1,613,302,600,000 Combined total value = 1,613,315,550,000

Strike 11600 has a total call value of 15,400,000 versus a total put value of 1,590,788,850,000 Combined total value = 1,590,804,250,000

Strike 11625 has a total call value of 17,850,000 versus a total put value of 1,568,279,300,000 Combined total value = 1,568,297,150,000

Strike 11650 has a total call value of 20,300,000 versus a total put value of 1,545,769,750,000 Combined total value = 1,545,790,050,000

Strike 11675 has a total call value of 22,750,000 versus a total put value of 1,523,260,200,000 Combined total value = 1,523,282,950,000

Strike 11700 has a total call value of 25,200,000 versus a total put value of 1,500,750,650,000 Combined total value = 1,500,775,850,000

Strike 11725 has a total call value of 27,650,000 versus a total put value of 1,478,248,100,000 Combined total value = 1,478,275,750,000

Strike 11750 has a total call value of 30,100,000 versus a total put value of 1,455,745,550,000 Combined total value = 1,455,775,650,000

Strike 11775 has a total call value of 32,550,000 versus a total put value of 1,433,243,000,000 Combined total value = 1,433,275,550,000

Strike 11800 has a total call value of 35,000,000 versus a total put value of 1,410,740,450,000 Combined total value = 1,410,775,450,000

Strike 11825 has a total call value of 37,450,000 versus a total put value of 1,388,241,050,000 Combined total value = 1,388,278,500,000

Strike 11850 has a total call value of 39,900,000 versus a total put value of 1,365,741,650,000 Combined total value = 1,365,781,550,000

Strike 11875 has a total call value of 42,350,000 versus a total put value of 1,343,242,250,000 Combined total value = 1,343,284,600,000

Strike 11900 has a total call value of 44,800,000 versus a total put value of 1,320,750,900,000 Combined total value = 1,320,795,700,000

Strike 11925 has a total call value of 47,250,000 versus a total put value of 1,298,274,600,000 Combined total value = 1,298,321,850,000

Strike 11950 has a total call value of 49,700,000 versus a total put value of 1,275,798,300,000 Combined total value = 1,275,848,000,000

Strike 11975 has a total call value of 52,150,000 versus a total put value of 1,253,322,000,000 Combined total value = 1,253,374,150,000

Strike 12000 has a total call value of 54,600,000 versus a total put value of 1,230,845,700,000 Combined total value = 1,230,900,300,000

Strike 12025 has a total call value of 58,800,000 versus a total put value of 1,209,014,450,000 Combined total value = 1,209,073,250,000

Strike 12050 has a total call value of 63,000,000 versus a total put value of 1,187,188,100,000 Combined total value = 1,187,251,100,000

Strike 12075 has a total call value of 67,200,000 versus a total put value of 1,165,367,700,000 Combined total value = 1,165,434,900,000

Strike 12100 has a total call value of 71,400,000 versus a total put value of 1,143,552,550,000 Combined total value = 1,143,623,950,000

Strike 12125 has a total call value of 78,050,000 versus a total put value of 1,121,745,450,000 Combined total value = 1,121,823,500,000

Strike 12150 has a total call value of 84,700,000 versus a total put value of 1,099,943,250,000 Combined total value = 1,100,027,950,000

Strike 12175 has a total call value of 91,350,000 versus a total put value of 1,078,145,250,000 Combined total value = 1,078,236,600,000

Strike 12200 has a total call value of 98,000,000 versus a total put value of 1,056,352,150,000 Combined total value = 1,056,450,150,000

Strike 12225 has a total call value of 104,650,000 versus a total put value of 1,034,575,850,000 Combined total value = 1,034,680,500,000

Strike 12250 has a total call value of 111,300,000 versus a total put value of 1,012,803,050,000 Combined total value = 1,012,914,350,000

Strike 12275 has a total call value of 117,950,000 versus a total put value of 991,035,500,000 Combined total value = 991,153,450,000

Strike 12300 has a total call value of 124,600,000 versus a total put value of 969,271,800,000 Combined total value = 969,396,400,000

Strike 12325 has a total call value of 131,250,000 versus a total put value of 947,552,200,000 Combined total value = 947,683,450,000

Strike 12350 has a total call value of 137,900,000 versus a total put value of 925,835,400,000 Combined total value = 925,973,300,000

Strike 12375 has a total call value of 144,550,000 versus a total put value of 904,121,050,000 Combined total value = 904,265,600,000

Strike 12400 has a total call value of 151,200,000 versus a total put value of 882,410,550,000 Combined total value = 882,561,750,000

Strike 12425 has a total call value of 157,850,000 versus a total put value of 860,736,100,000 Combined total value = 860,893,950,000

Strike 12450 has a total call value of 164,500,000 versus a total put value of 839,066,550,000 Combined total value = 839,231,050,000

Strike 12475 has a total call value of 171,150,000 versus a total put value of 817,411,700,000 Combined total value = 817,582,850,000

Strike 12500 has a total call value of 177,800,000 versus a total put value of 795,769,450,000 Combined total value = 795,947,250,000

Strike 12525 has a total call value of 245,700,000 versus a total put value of 774,933,950,000 Combined total value = 775,179,650,000

Strike 12550 has a total call value of 313,600,000 versus a total put value of 754,111,050,000 Combined total value = 754,424,650,000

Strike 12575 has a total call value of 381,500,000 versus a total put value of 733,294,800,000 Combined total value = 733,676,300,000

Strike 12600 has a total call value of 449,400,000 versus a total put value of 712,489,400,000 Combined total value = 712,938,800,000

Strike 12625 has a total call value of 517,300,000 versus a total put value of 691,829,950,000 Combined total value = 692,347,250,000

Strike 12650 has a total call value of 585,200,000 versus a total put value of 671,177,850,000 Combined total value = 671,763,050,000

Strike 12675 has a total call value of 653,100,000 versus a total put value of 650,536,950,000 Combined total value = 651,190,050,000

Strike 12700 has a total call value of 721,000,000 versus a total put value of 629,902,350,000 Combined total value = 630,623,350,000

Strike 12725 has a total call value of 788,900,000 versus a total put value of 609,564,550,000 Combined total value = 610,353,450,000

Strike 12750 has a total call value of 856,800,000 versus a total put value of 589,262,450,000 Combined total value = 590,119,250,000

Strike 12775 has a total call value of 924,700,000 versus a total put value of 569,147,950,000 Combined total value = 570,072,650,000

Strike 12800 has a total call value of 992,600,000 versus a total put value of 549,067,750,000 Combined total value = 550,060,350,000

Strike 12825 has a total call value of 1,060,500,000 versus a total put value of 529,835,600,000 Combined total value = 530,896,100,000

Strike 12850 has a total call value of 1,128,400,000 versus a total put value of 510,627,950,000 Combined total value = 511,756,350,000

Strike 12875 has a total call value of 1,196,300,000 versus a total put value of 491,450,400,000 Combined total value = 492,646,700,000

Strike 12900 has a total call value of 1,264,200,000 versus a total put value of 472,289,650,000 Combined total value = 473,553,850,000

Strike 12925 has a total call value of 1,332,450,000 versus a total put value of 453,428,500,000 Combined total value = 454,760,950,000

Strike 12950 has a total call value of 1,400,700,000 versus a total put value of 434,586,950,000 Combined total value = 435,987,650,000

Strike 12975 has a total call value of 1,468,950,000 versus a total put value of 415,770,950,000 Combined total value = 417,239,900,000

Strike 13000 has a total call value of 1,537,200,000 versus a total put value of 396,980,500,000 Combined total value = 398,517,700,000

Strike 13025 has a total call value of 1,685,250,000 versus a total put value of 380,515,100,000 Combined total value = 382,200,350,000

Strike 13050 has a total call value of 1,833,300,000 versus a total put value of 364,061,600,000 Combined total value = 365,894,900,000

Strike 13075 has a total call value of 1,981,350,000 versus a total put value of 347,645,900,000 Combined total value = 349,627,250,000

Strike 13100 has a total call value of 2,129,400,000 versus a total put value of 331,237,200,000 Combined total value = 333,366,600,000

Strike 13125 has a total call value of 2,277,450,000 versus a total put value of 316,076,250,000 Combined total value = 318,353,700,000

Strike 13150 has a total call value of 2,425,500,000 versus a total put value of 300,922,300,000 Combined total value = 303,347,800,000

Strike 13175 has a total call value of 2,573,550,000 versus a total put value of 285,815,950,000 Combined total value = 288,389,500,000

Strike 13200 has a total call value of 2,723,000,000 versus a total put value of 270,725,000,000 Combined total value = 273,448,000,000

Strike 13225 has a total call value of 2,879,100,000 versus a total put value of 256,856,600,000 Combined total value = 259,735,700,000

Strike 13250 has a total call value of 3,038,700,000 versus a total put value of 243,014,800,000 Combined total value = 246,053,500,000

Strike 13275 has a total call value of 3,201,800,000 versus a total put value of 229,509,700,000 Combined total value = 232,711,500,000

Strike 13300 has a total call value of 3,365,600,000 versus a total put value of 216,035,750,000 Combined total value = 219,401,350,000

Strike 13325 has a total call value of 3,543,400,000 versus a total put value of 203,274,750,000 Combined total value = 206,818,150,000

Strike 13350 has a total call value of 3,722,250,000 versus a total put value of 190,539,300,000 Combined total value = 194,261,550,000

Strike 13375 has a total call value of 3,901,800,000 versus a total put value of 177,922,500,000 Combined total value = 181,824,300,000

Strike 13400 has a total call value of 4,081,350,000 versus a total put value of 165,342,100,000 Combined total value = 169,423,450,000

Strike 13425 has a total call value of 4,275,250,000 versus a total put value of 153,785,100,000 Combined total value = 158,060,350,000

Strike 13450 has a total call value of 4,470,550,000 versus a total put value of 142,253,300,000 Combined total value = 146,723,850,000

Strike 13475 has a total call value of 4,668,650,000 versus a total put value of 130,817,050,000 Combined total value = 135,485,700,000

Strike 13500 has a total call value of 4,866,750,000 versus a total put value of 119,414,400,000 Combined total value = 124,281,150,000

Strike 13525 has a total call value of 5,475,050,000 versus a total put value of 110,876,500,000 Combined total value = 116,351,550,000

Strike 13550 has a total call value of 6,094,900,000 versus a total put value of 102,371,850,000 Combined total value = 108,466,750,000

Strike 13575 has a total call value of 6,787,550,000 versus a total put value of 94,055,500,000 Combined total value = 100,843,050,000

Strike 13600 has a total call value of 7,504,000,000 versus a total put value of 85,793,400,000 Combined total value = 93,297,400,000

Strike 13625 has a total call value of 8,579,200,000 versus a total put value of 79,023,700,000 Combined total value = 87,602,900,000

Strike 13650 has a total call value of 9,681,000,000 versus a total put value of 72,303,700,000 Combined total value = 81,984,700,000

Strike 13675 has a total call value of 10,912,300,000 versus a total put value of 65,744,000,000 Combined total value = 76,656,300,000

Strike 13700 has a total call value of 12,182,100,000 versus a total put value of 59,251,150,000 Combined total value = 71,433,250,000

Strike 13725 has a total call value of 14,046,200,000 versus a total put value of 53,870,600,000 Combined total value = 67,916,800,000

Strike 13750 has a total call value of 15,977,500,000 versus a total put value of 48,667,850,000 Combined total value = 64,645,350,000

Strike 13775 has a total call value of 18,275,600,000 versus a total put value of 43,726,200,000 Combined total value = 62,001,800,000

Strike 13800 has a total call value of 20,668,900,000 versus a total put value of 38,837,050,000 Combined total value = 59,505,950,000

Strike 13825 has a total call value of 24,307,500,000 versus a total put value of 35,090,650,000 Combined total value = 59,398,150,000

Strike 13850 has a total call value of 28,136,150,000 versus a total put value of 31,424,400,000 Combined total value = 59,560,550,000

Strike 13875 has a total call value of 32,128,250,000 versus a total put value of 27,884,150,000 Combined total value = 60,012,400,000

Strike 13900 has a total call value of 36,212,050,000 versus a total put value of 24,389,750,000 Combined total value = 60,601,800,000

Strike 13925 has a total call value of 41,312,950,000 versus a total put value of 21,464,450,000 Combined total value = 62,777,400,000

Strike 13950 has a total call value of 46,483,500,000 versus a total put value of 18,569,950,000 Combined total value = 65,053,450,000

Strike 13975 has a total call value of 51,803,850,000 versus a total put value of 15,777,300,000 Combined total value = 67,581,150,000

Strike 14000 has a total call value of 57,191,050,000 versus a total put value of 13,024,550,000 Combined total value = 70,215,600,000

Strike 14025 has a total call value of 65,006,200,000 versus a total put value of 11,592,700,000 Combined total value = 76,598,900,000

Strike 14050 has a total call value of 72,903,950,000 versus a total put value of 10,200,400,000 Combined total value = 83,104,350,000

Strike 14075 has a total call value of 81,092,900,000 versus a total put value of 8,884,400,000 Combined total value = 89,977,300,000

Strike 14100 has a total call value of 89,390,000,000 versus a total put value of 7,605,500,000 Combined total value = 96,995,500,000

Strike 14125 has a total call value of 99,203,300,000 versus a total put value of 7,008,050,000 Combined total value = 106,211,350,000

Strike 14150 has a total call value of 109,084,850,000 versus a total put value of 6,443,500,000 Combined total value = 115,528,350,000

Strike 14175 has a total call value of 119,150,150,000 versus a total put value of 5,943,700,000 Combined total value = 125,093,850,000

Strike 14200 has a total call value of 129,280,550,000 versus a total put value of 5,463,150,000 Combined total value = 134,743,700,000

Strike 14225 has a total call value of 141,341,550,000 versus a total put value of 5,086,900,000 Combined total value = 146,428,450,000

Strike 14250 has a total call value of 153,434,400,000 versus a total put value of 4,716,600,000 Combined total value = 158,151,000,000

Strike 14275 has a total call value of 165,940,600,000 versus a total put value of 4,375,350,000 Combined total value = 170,315,950,000

Strike 14300 has a total call value of 178,488,450,000 versus a total put value of 4,046,700,000 Combined total value = 182,535,150,000

Strike 14325 has a total call value of 192,685,850,000 versus a total put value of 3,837,400,000 Combined total value = 196,523,250,000

Strike 14350 has a total call value of 206,929,800,000 versus a total put value of 3,628,100,000 Combined total value = 210,557,900,000

Strike 14375 has a total call value of 221,269,300,000 versus a total put value of 3,418,800,000 Combined total value = 224,688,100,000

Strike 14400 has a total call value of 235,634,700,000 versus a total put value of 3,209,500,000 Combined total value = 238,844,200,000

Strike 14425 has a total call value of 251,321,700,000 versus a total put value of 3,027,500,000 Combined total value = 254,349,200,000

Strike 14450 has a total call value of 267,053,150,000 versus a total put value of 2,845,500,000 Combined total value = 269,898,650,000

Strike 14475 has a total call value of 282,914,100,000 versus a total put value of 2,663,850,000 Combined total value = 285,577,950,000

Strike 14500 has a total call value of 298,801,300,000 versus a total put value of 2,482,200,000 Combined total value = 301,283,500,000

Strike 14525 has a total call value of 317,592,800,000 versus a total put value of 2,361,800,000 Combined total value = 319,954,600,000

Strike 14550 has a total call value of 336,400,050,000 versus a total put value of 2,241,400,000 Combined total value = 338,641,450,000

Strike 14575 has a total call value of 355,561,850,000 versus a total put value of 2,121,000,000 Combined total value = 357,682,850,000

Strike 14600 has a total call value of 374,741,150,000 versus a total put value of 2,000,600,000 Combined total value = 376,741,750,000

Strike 14625 has a total call value of 394,583,350,000 versus a total put value of 1,880,200,000 Combined total value = 396,463,550,000

Strike 14650 has a total call value of 414,431,850,000 versus a total put value of 1,759,800,000 Combined total value = 416,191,650,000

Strike 14675 has a total call value of 434,366,800,000 versus a total put value of 1,639,400,000 Combined total value = 436,006,200,000

Strike 14700 has a total call value of 454,317,850,000 versus a total put value of 1,519,000,000 Combined total value = 455,836,850,000

Strike 14725 has a total call value of 475,265,350,000 versus a total put value of 1,398,600,000 Combined total value = 476,663,950,000

Strike 14750 has a total call value of 496,221,250,000 versus a total put value of 1,278,200,000 Combined total value = 497,499,450,000

Strike 14775 has a total call value of 517,190,800,000 versus a total put value of 1,157,800,000 Combined total value = 518,348,600,000

Strike 14800 has a total call value of 538,160,350,000 versus a total put value of 1,037,400,000 Combined total value = 539,197,750,000

Strike 14825 has a total call value of 560,212,800,000 versus a total put value of 917,350,000 Combined total value = 561,130,150,000

Strike 14850 has a total call value of 582,265,250,000 versus a total put value of 797,300,000 Combined total value = 583,062,550,000

Strike 14875 has a total call value of 604,317,700,000 versus a total put value of 677,250,000 Combined total value = 604,994,950,000

Strike 14900 has a total call value of 626,370,150,000 versus a total put value of 557,200,000 Combined total value = 626,927,350,000

Strike 14925 has a total call value of 648,686,850,000 versus a total put value of 437,150,000 Combined total value = 649,124,000,000

Strike 14950 has a total call value of 671,003,550,000 versus a total put value of 317,100,000 Combined total value = 671,320,650,000

Strike 14975 has a total call value of 693,320,250,000 versus a total put value of 197,050,000 Combined total value = 693,517,300,000

Strike 15000 has a total call value of 715,636,950,000 versus a total put value of 77,000,000 Combined total value = 715,713,950,000

Strike 15025 has a total call value of 739,692,100,000 versus a total put value of 73,150,000 Combined total value = 739,765,250,000

Strike 15050 has a total call value of 763,747,250,000 versus a total put value of 69,300,000 Combined total value = 763,816,550,000

Strike 15075 has a total call value of 787,802,400,000 versus a total put value of 65,450,000 Combined total value = 787,867,850,000

Strike 15100 has a total call value of 811,857,550,000 versus a total put value of 61,600,000 Combined total value = 811,919,150,000

Strike 15125 has a total call value of 835,994,250,000 versus a total put value of 57,750,000 Combined total value = 836,052,000,000

Strike 15150 has a total call value of 860,130,950,000 versus a total put value of 53,900,000 Combined total value = 860,184,850,000

Strike 15175 has a total call value of 884,267,650,000 versus a total put value of 50,050,000 Combined total value = 884,317,700,000

Strike 15200 has a total call value of 908,404,350,000 versus a total put value of 46,200,000 Combined total value = 908,450,550,000

Strike 15225 has a total call value of 932,551,900,000 versus a total put value of 42,350,000 Combined total value = 932,594,250,000

Strike 15250 has a total call value of 956,699,450,000 versus a total put value of 38,500,000 Combined total value = 956,737,950,000

Strike 15275 has a total call value of 980,847,000,000 versus a total put value of 34,650,000 Combined total value = 980,881,650,000

Strike 15300 has a total call value of 1,004,994,550,000 versus a total put value of 30,800,000 Combined total value = 1,005,025,350,000

Strike 15325 has a total call value of 1,029,211,400,000 versus a total put value of 26,950,000 Combined total value = 1,029,238,350,000

Strike 15350 has a total call value of 1,053,428,250,000 versus a total put value of 23,100,000 Combined total value = 1,053,451,350,000

Strike 15375 has a total call value of 1,077,645,100,000 versus a total put value of 19,250,000 Combined total value = 1,077,664,350,000

Strike 15400 has a total call value of 1,101,861,950,000 versus a total put value of 15,400,000 Combined total value = 1,101,877,350,000

Strike 15425 has a total call value of 1,126,094,550,000 versus a total put value of 11,550,000 Combined total value = 1,126,106,100,000

Strike 15450 has a total call value of 1,150,327,150,000 versus a total put value of 7,700,000 Combined total value = 1,150,334,850,000

Strike 15475 has a total call value of 1,174,559,750,000 versus a total put value of 3,850,000 Combined total value = 1,174,563,600,000

Strike 15500 has a total call value of 1,198,792,350,000 versus a total put value of 0 Combined total value = 1,198,792,350,000

Strike 15525 has a total call value of 1,223,341,000,000 versus a total put value of 0 Combined total value = 1,223,341,000,000

Strike 15550 has a total call value of 1,247,889,650,000 versus a total put value of 0 Combined total value = 1,247,889,650,000

Strike 15575 has a total call value of 1,272,438,300,000 versus a total put value of 0 Combined total value = 1,272,438,300,000

Strike 15600 has a total call value of 1,296,986,950,000 versus a total put value of 0 Combined total value = 1,296,986,950,000

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	1128.3	1140
ABB	5227	5200
ABCAPITAL	346.8	350
ADANIENSOL	991.4	990
ADANIENT	2242	2300
ADANIGREEN	1025	1020
ADANIPORTS	1496	1500
ALKEM	5678.5	5700
AMBER	6763.5	6800
AMBUJACEM	548	555
ANGELONE	2531.9	2600
APLAPOLLO	1731.2	1740
APOLLOHOSP	7035	7200
ASHOKLEY	167.29	160
ASIANPAINT	2790	2800
ASTRAL	1462.9	1460
AUBANK	977.85	960
AUROPHARMA	1175	1200
AXISBANK	1217.3	1240
BAJAJ-AUTO	8992.5	9000
BAJAJFINSV	2031.8	2060
BAJFINANCE	997.6	1020
BANDHANBNK	149.12	150
BANKBARODA	282.05	290
BANKINDIA	139.12	143
BDL	1351	1400
BEL	386.8	400
BHARATFORG	1411.7	1400
BHARTIARTL	2103	2100
BHEL	278.7	280
BIOCON	384	390
BLUESTARCO	1813.9	1780
BOSCHLTD	36155	36500
BPCL	368.05	362.5
BRITANNIA	6052.5	6000
BSE	2605.6	2700
CAMS	750.5	780
CANBK	147	148
CDSL	1495.7	1560
CGPOWER	670.9	680
CHOLAFIN	1705	1700
CIPLA	1500.1	1520
COALINDIA	381.9	382.5
COFORGE	1862.3	1840
COLPAL	2153.2	2180
CONCOR	499.6	520
CROMPTON	252.55	265
CUMMINSIND	4484.7	4500
CYIENT	1145.2	1160
DABUR	496	505
DALBHARAT	2058.5	2040
DELHIVERY	400	410
DIVISLAB	6339	6400
DIXON	13570	13750
DLF	689.8	720
DMART	3860	3900
DRREDDY	1273.5	1270
EICHERMOT	7063.5	7100
ETERNAL	284.4	295
EXIDEIND	364.85	375
FEDERALBNK	261.2	260
FORTIS	871.9	890
GAIL	168	175
GLENMARK	1961.8	1940
GMRAIRPORT	103.2	102
GODREJCP	1178.6	1160
GODREJPROP	2016.9	2080
GRASIM	2787.9	2800
HAL	4251.5	4500
HAVELLS	1407	1440
HCLTECH	1650.4	1660
HDFCAMC	2579.3	2620
HDFCBANK	994.5	1000
HDFCLIFE	763.3	770
HEROMOTOCO	5945.5	6050
HFCL	65.15	68
HINDALCO	837.3	820
HINDPETRO	464.65	460
HINDUNILVR	2278.9	2300
HINDZINC	566.8	540
HUDCO	210.25	220
ICICIBANK	1365.8	1380
ICICIGI	1942.5	1980
ICICIPRULI	636.95	630
IDEA	11.24	11
IDFCFIRSTB	83.27	81
IEX	140	145
IIFL	567	560
INDHOTEL	724	740
INDIANB	769.1	820
INDIGO	4967.5	5000
INDUSINDBK	844.6	850
INDUSTOWER	407.95	410
INFY	1592.1	1600
INOXWIND	126.57	130
IOC	167.5	166
IRCTC	669.2	690
IREDA	133.4	140
IRFC	111.52	116
ITC	401.9	405
JINDALSTEL	1008.2	1030
JIOFIN	294.6	305
JSWENERGY	477.35	490
JSWSTEEL	1085.3	1130
JUBLFOOD	560.1	580
KALYANKJIL	477.7	480
KAYNES	4183	4400
KEI	4125	4100
KFINTECH	1032.5	1060
KOTAKBANK	2182.5	2160
KPITTECH	1166	1200
LAURUSLABS	1000.8	1000
LICHSGFIN	524.45	550
LICI	854.05	880
LODHA	1071	1120
LT	4058.5	4040
LTF	300.7	302.5
LTIM	6217.5	6150
LUPIN	2089.5	2080
M&M	3620	3650
MANAPPURAM	282.6	280
MANKIND	2107.9	2200
MARICO	737.9	740
MARUTI	16326	16200
MAXHEALTH	1070	1100
MAZDOCK	2400.2	2550
MCX	10131	10100
MFSL	1665.2	1700
MOTHERSON	119.19	116
MPHASIS	2856.8	2900
MUTHOOTFIN	3837.4	3750
NATIONALUM	276	270
NAUKRI	1344.1	1360
NBCC	111.15	112
NCC	157.05	167.5
NESTLEIND	1237	1240
NHPC	75.7	78
NMDC	76.94	77
NTPC	320	325
NUVAMA	7190	7200
NYKAA	246.05	255
OBEROIRLTY	1622	1640
OFSS	7794	8000
OIL	401.05	410
ONGC	232.16	240
PAGEIND	36290	37500
PATANJALI	536.6	545
PAYTM	1281	1300
PERSISTENT	6239.5	6200
PETRONET	264	277.5
PFC	335.4	355
PGEL	567.55	560
PHOENIXLTD	1780	1740
PIDILITIND	1468	1480
PIIND	3254.8	3350
PNB	117.01	120
PNBHOUSING	909.55	910
POLICYBZR	1816.6	1860
POLYCAB	7308	7300
POWERGRID	260	270
POWERINDIA	19235	19500
PPLPHARMA	168.19	180
PRESTIGE	1625.9	1660
RBLBANK	300.7	310
RECLTD	334.85	350
RELIANCE	1541.6	1540
RVNL	308.25	315
SAIL	129.09	133
SAMMAANCAP	147.34	155
SBICARD	844.75	870
SBILIFE	2036	2020
SBIN	958.9	965
SHREECEM	25980	26500
SHRIRAMFIN	845.75	850
SIEMENS	3163	3200
SOLARINDS	11860	12500
SONACOMS	483.75	500
SRF	3001.6	2950
SUNPHARMA	1781.4	1800
SUPREMEIND	3395	3400
SUZLON	52.6	54
SYNGENE	643.25	650
TATACONSUM	1171.3	1170
TATAELXSI	4980.5	5100
TATAMOTORS	0	320
TATAPOWER	379	390
TATASTEEL	169.68	170
TATATECH	648.3	680
TCS	3208	3200
TECHM	1574.9	1540
TIINDIA	2624.7	2700
TITAGARH	784.65	800
TITAN	3930.1	3860
TMPV	345.2	360
TORNTPHARM	3755.9	3800
TORNTPOWER	1279.3	1300
TRENT	4113	4200
TVSMOTOR	3610	3600
ULTRACEMCO	11529	11700
UNIONBANK	152.75	152.5
UNITDSPR	1450	1440
UNOMINDA	1251.1	1280
UPL	748.65	750
VBL	475.25	470
VEDL	572.9	545
VOLTAS	1389.9	1380
WIPRO	259.29	255
YESBANK	21.47	22
ZYDUSLIFE	912.3	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