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.

NHPC

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.

Nhpc Ltd

76.62 -0.25 (-0.33%)

L: 75.56 H: 77

Max Pain - NHPC

11 Dec 2025 02:38 PM IST

Live

Expiry

Max Pain for NHPC is 78

Historical data for NHPC-78-CE

LTP (78 CE)

1.16 -0.18

Open Interest

590 19

Historical data for NHPC-78-PE

LTP (78 PE)

2.11 -0.15

Open Interest

423 -4

Strike 64 has a total call value of 0 versus a total put value of 24,192,000,000 Combined total value = 24,192,000,000

Strike 65 has a total call value of 1,920,000 versus a total put value of 22,158,080,000 Combined total value = 22,160,000,000

Strike 66 has a total call value of 3,840,000 versus a total put value of 20,124,160,000 Combined total value = 20,128,000,000

Strike 67 has a total call value of 5,760,000 versus a total put value of 18,090,240,000 Combined total value = 18,096,000,000

Strike 68 has a total call value of 7,680,000 versus a total put value of 16,056,960,000 Combined total value = 16,064,640,000

Strike 69 has a total call value of 9,600,000 versus a total put value of 14,083,840,000 Combined total value = 14,093,440,000

Strike 70 has a total call value of 11,520,000 versus a total put value of 12,191,360,000 Combined total value = 12,202,880,000

Strike 71 has a total call value of 13,440,000 versus a total put value of 10,404,480,000 Combined total value = 10,417,920,000

Strike 72 has a total call value of 15,360,000 versus a total put value of 8,661,120,000 Combined total value = 8,676,480,000

Strike 73 has a total call value of 17,280,000 versus a total put value of 7,164,800,000 Combined total value = 7,182,080,000

Strike 74 has a total call value of 21,760,000 versus a total put value of 5,763,200,000 Combined total value = 5,784,960,000

Strike 75 has a total call value of 43,520,000 versus a total put value of 4,455,040,000 Combined total value = 4,498,560,000

Strike 76 has a total call value of 156,160,000 versus a total put value of 3,309,440,000 Combined total value = 3,465,600,000

Strike 77 has a total call value of 378,880,000 versus a total put value of 2,292,480,000 Combined total value = 2,671,360,000

Strike 78 has a total call value of 791,040,000 versus a total put value of 1,486,720,000 Combined total value = 2,277,760,000

Strike 79 has a total call value of 1,580,800,000 versus a total put value of 951,680,000 Combined total value = 2,532,480,000

Strike 80 has a total call value of 2,750,080,000 versus a total put value of 622,080,000 Combined total value = 3,372,160,000

Strike 81 has a total call value of 4,793,600,000 versus a total put value of 497,920,000 Combined total value = 5,291,520,000

Strike 82 has a total call value of 7,348,480,000 versus a total put value of 379,520,000 Combined total value = 7,728,000,000

Strike 83 has a total call value of 10,289,280,000 versus a total put value of 272,000,000 Combined total value = 10,561,280,000

Strike 84 has a total call value of 13,462,400,000 versus a total put value of 171,520,000 Combined total value = 13,633,920,000

Strike 85 has a total call value of 16,994,560,000 versus a total put value of 84,480,000 Combined total value = 17,079,040,000

Strike 86 has a total call value of 21,047,680,000 versus a total put value of 67,200,000 Combined total value = 21,114,880,000

Strike 87 has a total call value of 25,183,360,000 versus a total put value of 49,920,000 Combined total value = 25,233,280,000

Strike 88 has a total call value of 29,322,240,000 versus a total put value of 35,840,000 Combined total value = 29,358,080,000

Strike 89 has a total call value of 33,546,880,000 versus a total put value of 23,040,000 Combined total value = 33,569,920,000

Strike 90 has a total call value of 37,779,840,000 versus a total put value of 10,240,000 Combined total value = 37,790,080,000

Strike 91 has a total call value of 42,154,240,000 versus a total put value of 7,040,000 Combined total value = 42,161,280,000

Strike 92 has a total call value of 46,528,640,000 versus a total put value of 3,840,000 Combined total value = 46,532,480,000

Strike 93 has a total call value of 50,908,160,000 versus a total put value of 2,560,000 Combined total value = 50,910,720,000

Strike 94 has a total call value of 55,312,000,000 versus a total put value of 1,280,000 Combined total value = 55,313,280,000

Strike 95 has a total call value of 59,715,840,000 versus a total put value of 0 Combined total value = 59,715,840,000

Strike 96 has a total call value of 64,119,680,000 versus a total put value of 0 Combined total value = 64,119,680,000

Strike 97 has a total call value of 68,534,400,000 versus a total put value of 0 Combined total value = 68,534,400,000

Strike 98 has a total call value of 72,949,120,000 versus a total put value of 0 Combined total value = 72,949,120,000

Strike 99 has a total call value of 77,375,360,000 versus a total put value of 0 Combined total value = 77,375,360,000

Strike 100 has a total call value of 81,801,600,000 versus a total put value of 0 Combined total value = 81,801,600,000

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	1131	1140
ABB	5224.5	5200
ABCAPITAL	354	350
ADANIENSOL	996.9	980
ADANIENT	2269	2300
ADANIGREEN	1011	1020
ADANIPORTS	1505.8	1500
ALKEM	5610	5700
AMBER	6514	6700
AMBUJACEM	535	550
ANGELONE	2564.5	2600
APLAPOLLO	1719.1	1740
APOLLOHOSP	7014	7200
ASHOKLEY	159.75	157
ASIANPAINT	2786	2840
ASTRAL	1400.7	1440
AUBANK	971.85	950
AUROPHARMA	1168.5	1200
AXISBANK	1274.2	1270
BAJAJ-AUTO	9054	9100
BAJAJFINSV	2066.3	2080
BAJFINANCE	1005.6	1020
BANDHANBNK	144.63	150
BANKBARODA	284.25	290
BANKINDIA	140.55	144
BDL	1409.8	1460
BEL	386.4	400
BHARATFORG	1403.1	1400
BHARTIARTL	2050.9	2100
BHEL	275.75	280
BIOCON	380.25	390
BLUESTARCO	1747.1	1760
BOSCHLTD	36835	37000
BPCL	349.9	360
BRITANNIA	5833	5850
BSE	2682.8	2750
CAMS	751.8	780
CANBK	146.23	148
CDSL	1515.5	1580
CGPOWER	666.35	680
CHOLAFIN	1716.8	1700
CIPLA	1510.6	1520
COALINDIA	384.65	384.75
COFORGE	1833.1	1840
COLPAL	2152	2200
CONCOR	504.1	520
CROMPTON	251.35	265
CUMMINSIND	4528.4	4500
CYIENT	1150.2	1160
DABUR	502	510
DALBHARAT	1977.2	2000
DELHIVERY	410.45	420
DIVISLAB	6410	6400
DIXON	12871	13500
DLF	689.75	720
DMART	3820.6	3950
DRREDDY	1272.3	1270
EICHERMOT	7269.5	7200
ETERNAL	290.35	300
EXIDEIND	372.9	380
FEDERALBNK	260.85	257.5
FORTIS	850.55	900
GAIL	169	175
GLENMARK	1951.2	1940
GMRAIRPORT	98.31	101
GODREJCP	1142.7	1140
GODREJPROP	2029.9	2080
GRASIM	2800	2760
HAL	4312.6	4500
HAVELLS	1396.8	1440
HCLTECH	1668.8	1660
HDFCAMC	2657.1	2650
HDFCBANK	1001.6	1000
HDFCLIFE	771.35	770
HEROMOTOCO	5984	6100
HFCL	66.9	70
HINDALCO	823.75	810
HINDPETRO	446.45	455
HINDUNILVR	2301.2	2320
HINDZINC	521.7	505
HUDCO	212.03	225
ICICIBANK	1361.1	1380
ICICIGI	1932.8	1980
ICICIPRULI	634.65	630
IDEA	11.17	10
IDFCFIRSTB	80.21	80
IEX	142.04	145
IIFL	567.95	560
INDHOTEL	725.05	740
INDIANB	778.75	820
INDIGO	4802	5000
INDUSINDBK	833.2	850
INDUSTOWER	409.8	405
INFY	1594.3	1600
INOXWIND	121.25	130
IOC	161.22	164
IRCTC	668	690
IREDA	134.14	140
IRFC	113.15	117
ITC	403	405
JINDALSTEL	1010.3	1020
JIOFIN	297.3	305
JSWENERGY	458.05	480
JSWSTEEL	1102.8	1140
JUBLFOOD	595.45	600
KALYANKJIL	468.6	480
KAYNES	4007.5	4400
KEI	4048.1	4050
KFINTECH	1069.7	1080
KOTAKBANK	2186.2	2160
KPITTECH	1228.5	1220
LAURUSLABS	1020.7	1000
LICHSGFIN	531.55	550
LICI	858	890
LODHA	1079.5	1120
LT	4008.1	4000
LTF	300.4	302.5
LTIM	6273	6150
LUPIN	2078.5	2060
M&M	3657.7	3700
MANAPPURAM	281.95	280
MANKIND	2156.3	2200
MARICO	723.05	730
MARUTI	16234	16200
MAXHEALTH	1082.4	1120
MAZDOCK	2461.7	2600
MCX	9904	10000
MFSL	1702.6	1700
MOTHERSON	119.53	115
MPHASIS	2892.9	2900
MUTHOOTFIN	3730.2	3700
NATIONALUM	263.45	265
NAUKRI	1342.8	1360
NBCC	108.07	111
NCC	160.63	170
NESTLEIND	1215	1240
NHPC	76.62	78
NMDC	75.32	76
NTPC	322.1	325
NUVAMA	7220.5	7200
NYKAA	249.15	257.5
OBEROIRLTY	1627.1	1660
OFSS	7992	8100
OIL	404.25	415
ONGC	238.82	240
PAGEIND	37100	38000
PATANJALI	531.85	550
PAYTM	1275.8	1300
PERSISTENT	6137	6200
PETRONET	270.55	280
PFC	341	360
PGEL	550	560
PHOENIXLTD	1741.4	1740
PIDILITIND	1464.1	1480
PIIND	3364.9	3450
PNB	117.21	120
PNBHOUSING	897.05	900
POLICYBZR	1935.1	1900
POLYCAB	7205	7300
POWERGRID	264.85	275
POWERINDIA	19100	19500
PPLPHARMA	171.35	182.5
PRESTIGE	1640	1660
RBLBANK	310	310
RECLTD	342.3	360
RELIANCE	1545	1540
RVNL	312.4	315
SAIL	129.1	133
SAMMAANCAP	145.51	160
SBICARD	871.75	880
SBILIFE	2016.2	2020
SBIN	963.85	970
SHREECEM	26100	26500
SHRIRAMFIN	845.75	840
SIEMENS	3184	3250
SOLARINDS	12430	13000
SONACOMS	482.85	500
SRF	2940	2900
SUNPHARMA	1806.6	1800
SUPREMEIND	3215.4	3400
SUZLON	51.84	54
SYNGENE	640.9	640
TATACONSUM	1146.3	1170
TATAELXSI	5003	5100
TATAMOTORS	0	320
TATAPOWER	381	390
TATASTEEL	166	170
TATATECH	650.6	680
TCS	3187	3200
TECHM	1562.3	1540
TIINDIA	2650	2750
TITAGARH	768.3	800
TITAN	3851.7	3840
TMPV	346.8	360
TORNTPHARM	3790	3750
TORNTPOWER	1281.8	1300
TRENT	4025	4200
TVSMOTOR	3630.3	3600
ULTRACEMCO	11425	11600
UNIONBANK	150.19	152.5
UNITDSPR	1433.1	1440
UNOMINDA	1232.3	1280
UPL	745.25	750
VBL	476.5	470
VEDL	529.2	520
VOLTAS	1352.5	1360
WIPRO	258.59	255
YESBANK	21.93	23
ZYDUSLIFE	921.7	940

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 NHPC

NHPC

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