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

13741.35 -23.35 (-0.17%)

L: 13498.9 H: 13789.05

Max Pain - MIDCPNIFTY

09 Dec 2025 04:12 PM IST Market Closed

Expiry

Max Pain for MIDCPNIFTY is 13975

Historical data for MIDCPNIFTY-13975-CE

LTP (13975 CE)

115.75 -3.65

Open Interest

333 45

Historical data for MIDCPNIFTY-13975-PE

LTP (13975 PE)

296 -9.3

Open Interest

136 -42

Strike 11300 has a total call value of 0 versus a total put value of 1,508,600,800,000 Combined total value = 1,508,600,800,000

Strike 11325 has a total call value of 0 versus a total put value of 1,490,990,900,000 Combined total value = 1,490,990,900,000

Strike 11350 has a total call value of 0 versus a total put value of 1,473,381,000,000 Combined total value = 1,473,381,000,000

Strike 11375 has a total call value of 0 versus a total put value of 1,455,771,100,000 Combined total value = 1,455,771,100,000

Strike 11400 has a total call value of 0 versus a total put value of 1,438,161,200,000 Combined total value = 1,438,161,200,000

Strike 11425 has a total call value of 0 versus a total put value of 1,420,551,300,000 Combined total value = 1,420,551,300,000

Strike 11450 has a total call value of 0 versus a total put value of 1,402,941,400,000 Combined total value = 1,402,941,400,000

Strike 11475 has a total call value of 0 versus a total put value of 1,385,331,500,000 Combined total value = 1,385,331,500,000

Strike 11500 has a total call value of 0 versus a total put value of 1,367,721,600,000 Combined total value = 1,367,721,600,000

Strike 11525 has a total call value of 0 versus a total put value of 1,350,119,050,000 Combined total value = 1,350,119,050,000

Strike 11550 has a total call value of 0 versus a total put value of 1,332,516,500,000 Combined total value = 1,332,516,500,000

Strike 11575 has a total call value of 0 versus a total put value of 1,314,913,950,000 Combined total value = 1,314,913,950,000

Strike 11600 has a total call value of 0 versus a total put value of 1,297,311,400,000 Combined total value = 1,297,311,400,000

Strike 11625 has a total call value of 0 versus a total put value of 1,279,708,850,000 Combined total value = 1,279,708,850,000

Strike 11650 has a total call value of 0 versus a total put value of 1,262,106,300,000 Combined total value = 1,262,106,300,000

Strike 11675 has a total call value of 0 versus a total put value of 1,244,503,750,000 Combined total value = 1,244,503,750,000

Strike 11700 has a total call value of 0 versus a total put value of 1,226,901,200,000 Combined total value = 1,226,901,200,000

Strike 11725 has a total call value of 0 versus a total put value of 1,209,298,650,000 Combined total value = 1,209,298,650,000

Strike 11750 has a total call value of 0 versus a total put value of 1,191,696,100,000 Combined total value = 1,191,696,100,000

Strike 11775 has a total call value of 0 versus a total put value of 1,174,093,550,000 Combined total value = 1,174,093,550,000

Strike 11800 has a total call value of 0 versus a total put value of 1,156,491,000,000 Combined total value = 1,156,491,000,000

Strike 11825 has a total call value of 0 versus a total put value of 1,138,888,450,000 Combined total value = 1,138,888,450,000

Strike 11850 has a total call value of 0 versus a total put value of 1,121,285,900,000 Combined total value = 1,121,285,900,000

Strike 11875 has a total call value of 0 versus a total put value of 1,103,683,350,000 Combined total value = 1,103,683,350,000

Strike 11900 has a total call value of 0 versus a total put value of 1,086,080,800,000 Combined total value = 1,086,080,800,000

Strike 11925 has a total call value of 0 versus a total put value of 1,068,489,800,000 Combined total value = 1,068,489,800,000

Strike 11950 has a total call value of 0 versus a total put value of 1,050,898,800,000 Combined total value = 1,050,898,800,000

Strike 11975 has a total call value of 0 versus a total put value of 1,033,307,800,000 Combined total value = 1,033,307,800,000

Strike 12000 has a total call value of 0 versus a total put value of 1,015,716,800,000 Combined total value = 1,015,716,800,000

Strike 12025 has a total call value of 2,100,000 versus a total put value of 998,728,850,000 Combined total value = 998,730,950,000

Strike 12050 has a total call value of 4,200,000 versus a total put value of 981,745,800,000 Combined total value = 981,750,000,000

Strike 12075 has a total call value of 6,300,000 versus a total put value of 964,768,700,000 Combined total value = 964,775,000,000

Strike 12100 has a total call value of 8,400,000 versus a total put value of 947,796,150,000 Combined total value = 947,804,550,000

Strike 12125 has a total call value of 10,500,000 versus a total put value of 930,832,000,000 Combined total value = 930,842,500,000

Strike 12150 has a total call value of 12,600,000 versus a total put value of 913,872,750,000 Combined total value = 913,885,350,000

Strike 12175 has a total call value of 14,700,000 versus a total put value of 896,917,700,000 Combined total value = 896,932,400,000

Strike 12200 has a total call value of 16,800,000 versus a total put value of 879,962,650,000 Combined total value = 879,979,450,000

Strike 12225 has a total call value of 18,900,000 versus a total put value of 863,014,600,000 Combined total value = 863,033,500,000

Strike 12250 has a total call value of 21,000,000 versus a total put value of 846,070,050,000 Combined total value = 846,091,050,000

Strike 12275 has a total call value of 23,100,000 versus a total put value of 829,130,050,000 Combined total value = 829,153,150,000

Strike 12300 has a total call value of 25,200,000 versus a total put value of 812,195,650,000 Combined total value = 812,220,850,000

Strike 12325 has a total call value of 27,300,000 versus a total put value of 795,284,000,000 Combined total value = 795,311,300,000

Strike 12350 has a total call value of 29,400,000 versus a total put value of 778,375,150,000 Combined total value = 778,404,550,000

Strike 12375 has a total call value of 31,500,000 versus a total put value of 761,471,550,000 Combined total value = 761,503,050,000

Strike 12400 has a total call value of 33,600,000 versus a total put value of 744,570,750,000 Combined total value = 744,604,350,000

Strike 12425 has a total call value of 35,700,000 versus a total put value of 727,678,700,000 Combined total value = 727,714,400,000

Strike 12450 has a total call value of 37,800,000 versus a total put value of 710,790,500,000 Combined total value = 710,828,300,000

Strike 12475 has a total call value of 39,900,000 versus a total put value of 693,910,000,000 Combined total value = 693,949,900,000

Strike 12500 has a total call value of 42,000,000 versus a total put value of 677,034,400,000 Combined total value = 677,076,400,000

Strike 12525 has a total call value of 104,300,000 versus a total put value of 660,805,250,000 Combined total value = 660,909,550,000

Strike 12550 has a total call value of 166,600,000 versus a total put value of 644,580,650,000 Combined total value = 644,747,250,000

Strike 12575 has a total call value of 228,900,000 versus a total put value of 628,360,600,000 Combined total value = 628,589,500,000

Strike 12600 has a total call value of 291,200,000 versus a total put value of 612,151,750,000 Combined total value = 612,442,950,000

Strike 12625 has a total call value of 353,500,000 versus a total put value of 596,010,450,000 Combined total value = 596,363,950,000

Strike 12650 has a total call value of 415,800,000 versus a total put value of 579,878,250,000 Combined total value = 580,294,050,000

Strike 12675 has a total call value of 478,100,000 versus a total put value of 563,751,300,000 Combined total value = 564,229,400,000

Strike 12700 has a total call value of 540,400,000 versus a total put value of 547,629,950,000 Combined total value = 548,170,350,000

Strike 12725 has a total call value of 602,700,000 versus a total put value of 531,656,300,000 Combined total value = 532,259,000,000

Strike 12750 has a total call value of 665,000,000 versus a total put value of 515,690,000,000 Combined total value = 516,355,000,000

Strike 12775 has a total call value of 727,300,000 versus a total put value of 499,744,350,000 Combined total value = 500,471,650,000

Strike 12800 has a total call value of 789,600,000 versus a total put value of 483,807,800,000 Combined total value = 484,597,400,000

Strike 12825 has a total call value of 851,900,000 versus a total put value of 468,297,550,000 Combined total value = 469,149,450,000

Strike 12850 has a total call value of 914,200,000 versus a total put value of 452,800,950,000 Combined total value = 453,715,150,000

Strike 12875 has a total call value of 976,500,000 versus a total put value of 437,319,400,000 Combined total value = 438,295,900,000

Strike 12900 has a total call value of 1,038,800,000 versus a total put value of 421,848,000,000 Combined total value = 422,886,800,000

Strike 12925 has a total call value of 1,101,100,000 versus a total put value of 406,513,450,000 Combined total value = 407,614,550,000

Strike 12950 has a total call value of 1,163,400,000 versus a total put value of 391,187,300,000 Combined total value = 392,350,700,000

Strike 12975 has a total call value of 1,225,700,000 versus a total put value of 375,869,200,000 Combined total value = 377,094,900,000

Strike 13000 has a total call value of 1,288,000,000 versus a total put value of 360,564,750,000 Combined total value = 361,852,750,000

Strike 13025 has a total call value of 1,426,600,000 versus a total put value of 346,864,000,000 Combined total value = 348,290,600,000

Strike 13050 has a total call value of 1,565,200,000 versus a total put value of 333,175,150,000 Combined total value = 334,740,350,000

Strike 13075 has a total call value of 1,703,800,000 versus a total put value of 319,501,700,000 Combined total value = 321,205,500,000

Strike 13100 has a total call value of 1,842,400,000 versus a total put value of 305,834,900,000 Combined total value = 307,677,300,000

Strike 13125 has a total call value of 1,981,000,000 versus a total put value of 293,441,400,000 Combined total value = 295,422,400,000

Strike 13150 has a total call value of 2,119,600,000 versus a total put value of 281,066,800,000 Combined total value = 283,186,400,000

Strike 13175 has a total call value of 2,258,550,000 versus a total put value of 268,703,050,000 Combined total value = 270,961,600,000

Strike 13200 has a total call value of 2,399,250,000 versus a total put value of 256,367,650,000 Combined total value = 258,766,900,000

Strike 13225 has a total call value of 2,548,700,000 versus a total put value of 244,867,000,000 Combined total value = 247,415,700,000

Strike 13250 has a total call value of 2,702,350,000 versus a total put value of 233,406,950,000 Combined total value = 236,109,300,000

Strike 13275 has a total call value of 2,862,300,000 versus a total put value of 221,972,100,000 Combined total value = 224,834,400,000

Strike 13300 has a total call value of 3,022,250,000 versus a total put value of 210,571,900,000 Combined total value = 213,594,150,000

Strike 13325 has a total call value of 3,193,050,000 versus a total put value of 199,973,900,000 Combined total value = 203,166,950,000

Strike 13350 has a total call value of 3,364,900,000 versus a total put value of 189,395,150,000 Combined total value = 192,760,050,000

Strike 13375 has a total call value of 3,536,750,000 versus a total put value of 178,845,450,000 Combined total value = 182,382,200,000

Strike 13400 has a total call value of 3,708,600,000 versus a total put value of 168,325,850,000 Combined total value = 172,034,450,000

Strike 13425 has a total call value of 3,885,350,000 versus a total put value of 158,537,750,000 Combined total value = 162,423,100,000

Strike 13450 has a total call value of 4,062,100,000 versus a total put value of 148,749,650,000 Combined total value = 152,811,750,000

Strike 13475 has a total call value of 4,238,850,000 versus a total put value of 138,961,550,000 Combined total value = 143,200,400,000

Strike 13500 has a total call value of 4,415,600,000 versus a total put value of 129,199,700,000 Combined total value = 133,615,300,000

Strike 13525 has a total call value of 4,921,700,000 versus a total put value of 120,953,350,000 Combined total value = 125,875,050,000

Strike 13550 has a total call value of 5,442,150,000 versus a total put value of 112,755,300,000 Combined total value = 118,197,450,000

Strike 13575 has a total call value of 5,978,700,000 versus a total put value of 104,624,800,000 Combined total value = 110,603,500,000

Strike 13600 has a total call value of 6,530,300,000 versus a total put value of 96,525,800,000 Combined total value = 103,056,100,000

Strike 13625 has a total call value of 7,350,700,000 versus a total put value of 89,660,900,000 Combined total value = 97,011,600,000

Strike 13650 has a total call value of 8,185,450,000 versus a total put value of 82,835,200,000 Combined total value = 91,020,650,000

Strike 13675 has a total call value of 9,104,200,000 versus a total put value of 76,131,300,000 Combined total value = 85,235,500,000

Strike 13700 has a total call value of 10,044,650,000 versus a total put value of 69,554,450,000 Combined total value = 79,599,100,000

Strike 13725 has a total call value of 11,415,950,000 versus a total put value of 63,962,150,000 Combined total value = 75,378,100,000

Strike 13750 has a total call value of 12,826,100,000 versus a total put value of 58,423,050,000 Combined total value = 71,249,150,000

Strike 13775 has a total call value of 14,400,750,000 versus a total put value of 53,048,100,000 Combined total value = 67,448,850,000

Strike 13800 has a total call value of 16,033,850,000 versus a total put value of 47,722,500,000 Combined total value = 63,756,350,000

Strike 13825 has a total call value of 18,507,650,000 versus a total put value of 43,214,850,000 Combined total value = 61,722,500,000

Strike 13850 has a total call value of 21,037,100,000 versus a total put value of 38,758,300,000 Combined total value = 59,795,400,000

Strike 13875 has a total call value of 23,686,600,000 versus a total put value of 34,385,750,000 Combined total value = 58,072,350,000

Strike 13900 has a total call value of 26,392,450,000 versus a total put value of 30,051,000,000 Combined total value = 56,443,450,000

Strike 13925 has a total call value of 29,744,400,000 versus a total put value of 26,168,100,000 Combined total value = 55,912,500,000

Strike 13950 has a total call value of 33,161,800,000 versus a total put value of 22,324,050,000 Combined total value = 55,485,850,000

Strike 13975 has a total call value of 36,774,150,000 versus a total put value of 18,585,350,000 Combined total value = 55,359,500,000

Strike 14000 has a total call value of 40,503,050,000 versus a total put value of 14,894,250,000 Combined total value = 55,397,300,000

Strike 14025 has a total call value of 47,270,300,000 versus a total put value of 13,131,650,000 Combined total value = 60,401,950,000

Strike 14050 has a total call value of 54,139,750,000 versus a total put value of 11,418,750,000 Combined total value = 65,558,500,000

Strike 14075 has a total call value of 61,400,850,000 versus a total put value of 9,800,700,000 Combined total value = 71,201,550,000

Strike 14100 has a total call value of 68,764,500,000 versus a total put value of 8,226,750,000 Combined total value = 76,991,250,000

Strike 14125 has a total call value of 77,847,000,000 versus a total put value of 7,524,650,000 Combined total value = 85,371,650,000

Strike 14150 has a total call value of 87,022,250,000 versus a total put value of 6,855,450,000 Combined total value = 93,877,700,000

Strike 14175 has a total call value of 96,395,950,000 versus a total put value of 6,259,750,000 Combined total value = 102,655,700,000

Strike 14200 has a total call value of 105,859,250,000 versus a total put value of 5,664,050,000 Combined total value = 111,523,300,000

Strike 14225 has a total call value of 116,576,600,000 versus a total put value of 5,226,900,000 Combined total value = 121,803,500,000

Strike 14250 has a total call value of 127,357,300,000 versus a total put value of 4,797,100,000 Combined total value = 132,154,400,000

Strike 14275 has a total call value of 138,375,300,000 versus a total put value of 4,389,350,000 Combined total value = 142,764,650,000

Strike 14300 has a total call value of 149,438,800,000 versus a total put value of 3,994,200,000 Combined total value = 153,433,000,000

Strike 14325 has a total call value of 161,987,700,000 versus a total put value of 3,766,350,000 Combined total value = 165,754,050,000

Strike 14350 has a total call value of 174,586,650,000 versus a total put value of 3,538,500,000 Combined total value = 178,125,150,000

Strike 14375 has a total call value of 187,296,900,000 versus a total put value of 3,310,650,000 Combined total value = 190,607,550,000

Strike 14400 has a total call value of 200,007,150,000 versus a total put value of 3,082,800,000 Combined total value = 203,089,950,000

Strike 14425 has a total call value of 214,033,400,000 versus a total put value of 2,887,850,000 Combined total value = 216,921,250,000

Strike 14450 has a total call value of 228,092,200,000 versus a total put value of 2,692,900,000 Combined total value = 230,785,100,000

Strike 14475 has a total call value of 242,262,300,000 versus a total put value of 2,497,950,000 Combined total value = 244,760,250,000

Strike 14500 has a total call value of 256,456,900,000 versus a total put value of 2,303,000,000 Combined total value = 258,759,900,000

Strike 14525 has a total call value of 273,046,550,000 versus a total put value of 2,187,850,000 Combined total value = 275,234,400,000

Strike 14550 has a total call value of 289,644,250,000 versus a total put value of 2,072,700,000 Combined total value = 291,716,950,000

Strike 14575 has a total call value of 306,530,350,000 versus a total put value of 1,957,550,000 Combined total value = 308,487,900,000

Strike 14600 has a total call value of 323,427,300,000 versus a total put value of 1,842,400,000 Combined total value = 325,269,700,000

Strike 14625 has a total call value of 340,903,500,000 versus a total put value of 1,727,250,000 Combined total value = 342,630,750,000

Strike 14650 has a total call value of 358,399,300,000 versus a total put value of 1,612,100,000 Combined total value = 360,011,400,000

Strike 14675 has a total call value of 376,007,800,000 versus a total put value of 1,496,950,000 Combined total value = 377,504,750,000

Strike 14700 has a total call value of 393,650,950,000 versus a total put value of 1,381,800,000 Combined total value = 395,032,750,000

Strike 14725 has a total call value of 412,135,150,000 versus a total put value of 1,266,650,000 Combined total value = 413,401,800,000

Strike 14750 has a total call value of 430,621,100,000 versus a total put value of 1,151,500,000 Combined total value = 431,772,600,000

Strike 14775 has a total call value of 449,107,750,000 versus a total put value of 1,036,350,000 Combined total value = 450,144,100,000

Strike 14800 has a total call value of 467,594,400,000 versus a total put value of 921,200,000 Combined total value = 468,515,600,000

Strike 14825 has a total call value of 487,082,750,000 versus a total put value of 806,050,000 Combined total value = 487,888,800,000

Strike 14850 has a total call value of 506,571,100,000 versus a total put value of 690,900,000 Combined total value = 507,262,000,000

Strike 14875 has a total call value of 526,059,450,000 versus a total put value of 575,750,000 Combined total value = 526,635,200,000

Strike 14900 has a total call value of 545,547,800,000 versus a total put value of 460,600,000 Combined total value = 546,008,400,000

Strike 14925 has a total call value of 565,332,600,000 versus a total put value of 345,450,000 Combined total value = 565,678,050,000

Strike 14950 has a total call value of 585,117,400,000 versus a total put value of 230,300,000 Combined total value = 585,347,700,000

Strike 14975 has a total call value of 604,902,200,000 versus a total put value of 115,150,000 Combined total value = 605,017,350,000

Strike 15000 has a total call value of 624,687,000,000 versus a total put value of 0 Combined total value = 624,687,000,000

Strike 15025 has a total call value of 646,485,700,000 versus a total put value of 0 Combined total value = 646,485,700,000

Strike 15050 has a total call value of 668,284,400,000 versus a total put value of 0 Combined total value = 668,284,400,000

Strike 15075 has a total call value of 690,083,100,000 versus a total put value of 0 Combined total value = 690,083,100,000

Strike 15100 has a total call value of 711,881,800,000 versus a total put value of 0 Combined total value = 711,881,800,000

Strike 15125 has a total call value of 733,747,700,000 versus a total put value of 0 Combined total value = 733,747,700,000

Strike 15150 has a total call value of 755,613,600,000 versus a total put value of 0 Combined total value = 755,613,600,000

Strike 15175 has a total call value of 777,479,500,000 versus a total put value of 0 Combined total value = 777,479,500,000

Strike 15200 has a total call value of 799,345,400,000 versus a total put value of 0 Combined total value = 799,345,400,000

Strike 15225 has a total call value of 821,224,250,000 versus a total put value of 0 Combined total value = 821,224,250,000

Strike 15250 has a total call value of 843,103,100,000 versus a total put value of 0 Combined total value = 843,103,100,000

Strike 15275 has a total call value of 864,981,950,000 versus a total put value of 0 Combined total value = 864,981,950,000

Strike 15300 has a total call value of 886,860,800,000 versus a total put value of 0 Combined total value = 886,860,800,000

Strike 15325 has a total call value of 908,858,300,000 versus a total put value of 0 Combined total value = 908,858,300,000

Strike 15350 has a total call value of 930,855,800,000 versus a total put value of 0 Combined total value = 930,855,800,000

Strike 15375 has a total call value of 952,853,300,000 versus a total put value of 0 Combined total value = 952,853,300,000

Strike 15400 has a total call value of 974,850,800,000 versus a total put value of 0 Combined total value = 974,850,800,000

Strike 15425 has a total call value of 996,848,300,000 versus a total put value of 0 Combined total value = 996,848,300,000

Strike 15450 has a total call value of 1,018,845,800,000 versus a total put value of 0 Combined total value = 1,018,845,800,000

Strike 15475 has a total call value of 1,040,843,300,000 versus a total put value of 0 Combined total value = 1,040,843,300,000

Strike 15500 has a total call value of 1,062,840,800,000 versus a total put value of 0 Combined total value = 1,062,840,800,000

Strike 15525 has a total call value of 1,085,099,400,000 versus a total put value of 0 Combined total value = 1,085,099,400,000

Strike 15550 has a total call value of 1,107,358,000,000 versus a total put value of 0 Combined total value = 1,107,358,000,000

Strike 15575 has a total call value of 1,129,616,600,000 versus a total put value of 0 Combined total value = 1,129,616,600,000

Strike 15600 has a total call value of 1,151,875,200,000 versus a total put value of 0 Combined total value = 1,151,875,200,000

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	1117.9	1140
ABB	5117	5150
ABCAPITAL	364.05	350
ADANIENSOL	974.6	970
ADANIENT	2245.2	2300
ADANIGREEN	998.9	1020
ADANIPORTS	1497.2	1500
ALKEM	5667.5	5700
AMBER	6682.5	6500
AMBUJACEM	533.05	550
ANGELONE	2533.5	2600
APLAPOLLO	1740.8	1740
APOLLOHOSP	7091	7300
ASHOKLEY	159.58	156
ASIANPAINT	2796	2840
ASTRAL	1428.4	1460
AUBANK	972.05	950
AUROPHARMA	1163.6	1220
AXISBANK	1275.9	1270
BAJAJ-AUTO	8961	9100
BAJAJFINSV	2069.5	2080
BAJFINANCE	1016.7	1020
BANDHANBNK	141	150
BANKBARODA	289.85	290
BANKINDIA	141.64	145
BDL	1427.4	1480
BEL	389.45	405
BHARATFORG	1383.3	1400
BHARTIARTL	2089.7	2100
BHEL	277	280
BIOCON	383.65	395
BLUESTARCO	1738.6	1760
BOSCHLTD	36780	36500
BPCL	355.05	362.5
BRITANNIA	5884	5850
BSE	2715.8	2800
CAMS	749.5	780
CANBK	146.19	147
CDSL	1517.2	1580
CGPOWER	667.8	680
CHOLAFIN	1731.2	1700
CIPLA	1490.6	1520
COALINDIA	379.35	380
COFORGE	1873.5	1860
COLPAL	2158.9	2180
CONCOR	505.65	520
CROMPTON	253.15	265
CUMMINSIND	4479.1	4450
CYIENT	1131.6	1160
DABUR	503.6	510
DALBHARAT	1968	2000
DELHIVERY	415.3	420
DIVISLAB	6294	6400
DIXON	13517	14000
DLF	690.05	720
DMART	3910	4000
DRREDDY	1246.2	1260
EICHERMOT	7123	7100
ETERNAL	291.7	300
EXIDEIND	373.4	380
FEDERALBNK	260.85	255
FORTIS	863.85	900
GAIL	167.89	175
GLENMARK	1938.5	1940
GMRAIRPORT	100.41	102
GODREJCP	1128.8	1140
GODREJPROP	2043	2080
GRASIM	2746	2760
HAL	4303	4500
HAVELLS	1419.8	1440
HCLTECH	1657.6	1660
HDFCAMC	2558.9	2640
HDFCBANK	997.1	1000
HDFCLIFE	762.9	770
HEROMOTOCO	6001	6100
HFCL	67.21	70
HINDALCO	812.9	800
HINDPETRO	448.75	455
HINDUNILVR	2306.5	2340
HINDZINC	491.45	490
HUDCO	213.48	225
ICICIBANK	1375.2	1380
ICICIGI	1945.3	2000
ICICIPRULI	623.6	620
IDEA	10.74	10
IDFCFIRSTB	80.91	80
IEX	141.19	145
IIFL	567.25	560
INDHOTEL	727.75	730
INDIANB	793.9	820
INDIGO	4967.5	5050
INDUSINDBK	844.35	860
INDUSTOWER	403.05	405
INFY	1599	1600
INOXWIND	124.32	135
IOC	163.01	163
IRCTC	669.95	685
IREDA	134.46	140
IRFC	113.64	117
ITC	401.05	405
JINDALSTEL	1002.8	1020
JIOFIN	293.2	305
JSWENERGY	451.2	480
JSWSTEEL	1107.8	1140
JUBLFOOD	583.5	600
KALYANKJIL	473.35	480
KAYNES	4331	5000
KEI	4073	4050
KFINTECH	1039.6	1080
KOTAKBANK	2127.7	2120
KPITTECH	1206.1	1220
LAURUSLABS	1021.4	1000
LICHSGFIN	533.2	550
LICI	860.95	890
LODHA	1076	1140
LT	3997.5	4000
LTF	307.3	302.5
LTIM	6245.5	6200
LUPIN	2051.8	2060
M&M	3635.9	3700
MANAPPURAM	275.2	280
MANKIND	2180.4	2250
MARICO	730.5	730
MARUTI	16020	16100
MAXHEALTH	1074.7	1120
MAZDOCK	2489.1	2600
MCX	10358	10100
MFSL	1690.9	1700
MOTHERSON	116.75	115
MPHASIS	2878.8	2900
MUTHOOTFIN	3742.1	3700
NATIONALUM	265.65	265
NAUKRI	1376.3	1380
NBCC	108.1	112
NCC	162.68	170
NESTLEIND	1215.8	1240
NHPC	76.47	78
NMDC	74.83	76
NTPC	319.85	325
NUVAMA	7074	7200
NYKAA	252.95	257.5
OBEROIRLTY	1628	1640
OFSS	8062	8200
OIL	401.9	415
ONGC	239.84	240
PAGEIND	37195	38000
PATANJALI	539	550
PAYTM	1316.7	1300
PERSISTENT	6302	6300
PETRONET	269.25	280
PFC	342.5	360
PGEL	556.45	560
PHOENIXLTD	1739.2	1720
PIDILITIND	1459.8	1480
PIIND	3343	3400
PNB	117.83	120
PNBHOUSING	882.6	900
POLICYBZR	1957.3	1900
POLYCAB	7194	7300
POWERGRID	264.55	272.5
POWERINDIA	19500	19500
PPLPHARMA	173.34	182.5
PRESTIGE	1632.9	1660
RBLBANK	304.1	310
RECLTD	342.85	360
RELIANCE	1529.4	1540
RVNL	312.7	315
SAIL	129.15	134
SAMMAANCAP	141.59	160
SBICARD	865.35	880
SBILIFE	2006.2	2020
SBIN	959.35	965
SHREECEM	26100	26500
SHRIRAMFIN	846.7	840
SIEMENS	3142.8	3300
SOLARINDS	12588	13000
SONACOMS	479.15	500
SRF	2894.8	2900
SUNPHARMA	1776	1800
SUPREMEIND	3329.6	3400
SUZLON	52.55	54
SYNGENE	627.15	640
TATACONSUM	1146.7	1160
TATAELXSI	4979.5	5200
TATAMOTORS	0	320
TATAPOWER	376.25	390
TATASTEEL	160.67	170
TATATECH	652.1	680
TCS	3208.3	3200
TECHM	1561.6	1540
TIINDIA	2655.4	2750
TITAGARH	773.85	800
TITAN	3849	3840
TMPV	344.7	360
TORNTPHARM	3763.9	3750
TORNTPOWER	1259	1300
TRENT	4085.4	4300
TVSMOTOR	3614.5	3550
ULTRACEMCO	11414	11700
UNIONBANK	150.43	152.5
UNITDSPR	1435.4	1440
UNOMINDA	1231.7	1300
UPL	739.7	750
VBL	471.55	470
VEDL	516.15	520
VOLTAS	1335.9	1360
WIPRO	257.41	255
YESBANK	22.02	23
ZYDUSLIFE	920.25	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