NIFTY
Nifty
Max pain for NIFTY
02 Jan 2025 04:11 PM IST
Max Pain for NIFTY is 24100
Strike 21600 has a total call value of 0 versus a total put value of 29,017,328,625,000 Combined total value = 29,017,328,625,000
Strike 21650 has a total call value of 0 versus a total put value of 28,149,394,125,000 Combined total value = 28,149,394,125,000
Strike 21700 has a total call value of 0 versus a total put value of 27,283,955,250,000 Combined total value = 27,283,955,250,000
Strike 21750 has a total call value of 0 versus a total put value of 26,420,473,875,000 Combined total value = 26,420,473,875,000
Strike 21800 has a total call value of 0 versus a total put value of 25,559,142,750,000 Combined total value = 25,559,142,750,000
Strike 21850 has a total call value of 0 versus a total put value of 24,701,284,875,000 Combined total value = 24,701,284,875,000
Strike 21900 has a total call value of 0 versus a total put value of 23,844,300,375,000 Combined total value = 23,844,300,375,000
Strike 21950 has a total call value of 0 versus a total put value of 22,991,791,500,000 Combined total value = 22,991,791,500,000
Strike 22000 has a total call value of 0 versus a total put value of 22,140,562,125,000 Combined total value = 22,140,562,125,000
Strike 22050 has a total call value of 31,500,000 versus a total put value of 21,307,140,000,000 Combined total value = 21,307,171,500,000
Strike 22100 has a total call value of 63,000,000 versus a total put value of 20,476,046,625,000 Combined total value = 20,476,109,625,000
Strike 22150 has a total call value of 94,500,000 versus a total put value of 19,654,169,625,000 Combined total value = 19,654,264,125,000
Strike 22200 has a total call value of 126,000,000 versus a total put value of 18,836,361,000,000 Combined total value = 18,836,487,000,000
Strike 22250 has a total call value of 160,875,000 versus a total put value of 18,036,937,875,000 Combined total value = 18,037,098,750,000
Strike 22300 has a total call value of 195,750,000 versus a total put value of 17,252,617,125,000 Combined total value = 17,252,812,875,000
Strike 22350 has a total call value of 230,625,000 versus a total put value of 16,503,380,250,000 Combined total value = 16,503,610,875,000
Strike 22400 has a total call value of 265,500,000 versus a total put value of 15,786,455,250,000 Combined total value = 15,786,720,750,000
Strike 22450 has a total call value of 300,375,000 versus a total put value of 15,087,480,000,000 Combined total value = 15,087,780,375,000
Strike 22500 has a total call value of 335,250,000 versus a total put value of 14,394,037,125,000 Combined total value = 14,394,372,375,000
Strike 22550 has a total call value of 427,500,000 versus a total put value of 13,739,485,500,000 Combined total value = 13,739,913,000,000
Strike 22600 has a total call value of 519,750,000 versus a total put value of 13,090,290,750,000 Combined total value = 13,090,810,500,000
Strike 22650 has a total call value of 625,875,000 versus a total put value of 12,458,982,375,000 Combined total value = 12,459,608,250,000
Strike 22700 has a total call value of 741,750,000 versus a total put value of 11,833,602,000,000 Combined total value = 11,834,343,750,000
Strike 22750 has a total call value of 870,375,000 versus a total put value of 11,221,348,875,000 Combined total value = 11,222,219,250,000
Strike 22800 has a total call value of 999,000,000 versus a total put value of 10,616,930,625,000 Combined total value = 10,617,929,625,000
Strike 22850 has a total call value of 1,139,625,000 versus a total put value of 10,031,771,625,000 Combined total value = 10,032,911,250,000
Strike 22900 has a total call value of 1,302,375,000 versus a total put value of 9,454,878,750,000 Combined total value = 9,456,181,125,000
Strike 22950 has a total call value of 1,482,000,000 versus a total put value of 8,888,785,500,000 Combined total value = 8,890,267,500,000
Strike 23000 has a total call value of 1,689,000,000 versus a total put value of 8,327,620,500,000 Combined total value = 8,329,309,500,000
Strike 23050 has a total call value of 2,158,875,000 versus a total put value of 7,792,939,500,000 Combined total value = 7,795,098,375,000
Strike 23100 has a total call value of 2,649,750,000 versus a total put value of 7,270,161,375,000 Combined total value = 7,272,811,125,000
Strike 23150 has a total call value of 3,226,875,000 versus a total put value of 6,761,864,625,000 Combined total value = 6,765,091,500,000
Strike 23200 has a total call value of 3,844,125,000 versus a total put value of 6,263,769,000,000 Combined total value = 6,267,613,125,000
Strike 23250 has a total call value of 4,642,875,000 versus a total put value of 5,787,369,000,000 Combined total value = 5,792,011,875,000
Strike 23300 has a total call value of 5,554,500,000 versus a total put value of 5,318,120,250,000 Combined total value = 5,323,674,750,000
Strike 23350 has a total call value of 6,828,000,000 versus a total put value of 4,866,957,000,000 Combined total value = 4,873,785,000,000
Strike 23400 has a total call value of 8,541,375,000 versus a total put value of 4,423,980,375,000 Combined total value = 4,432,521,750,000
Strike 23450 has a total call value of 11,938,500,000 versus a total put value of 3,999,744,750,000 Combined total value = 4,011,683,250,000
Strike 23500 has a total call value of 17,265,000,000 versus a total put value of 3,584,728,500,000 Combined total value = 3,601,993,500,000
Strike 23550 has a total call value of 26,704,500,000 versus a total put value of 3,198,722,250,000 Combined total value = 3,225,426,750,000
Strike 23600 has a total call value of 39,614,250,000 versus a total put value of 2,823,822,750,000 Combined total value = 2,863,437,000,000
Strike 23650 has a total call value of 60,716,625,000 versus a total put value of 2,474,129,250,000 Combined total value = 2,534,845,875,000
Strike 23700 has a total call value of 88,707,000,000 versus a total put value of 2,137,749,750,000 Combined total value = 2,226,456,750,000
Strike 23750 has a total call value of 128,387,625,000 versus a total put value of 1,832,680,875,000 Combined total value = 1,961,068,500,000
Strike 23800 has a total call value of 174,445,125,000 versus a total put value of 1,544,774,625,000 Combined total value = 1,719,219,750,000
Strike 23850 has a total call value of 238,205,250,000 versus a total put value of 1,284,429,750,000 Combined total value = 1,522,635,000,000
Strike 23900 has a total call value of 309,069,375,000 versus a total put value of 1,036,934,250,000 Combined total value = 1,346,003,625,000
Strike 23950 has a total call value of 392,176,125,000 versus a total put value of 810,367,125,000 Combined total value = 1,202,543,250,000
Strike 24000 has a total call value of 485,622,000,000 versus a total put value of 599,082,000,000 Combined total value = 1,084,704,000,000
Strike 24050 has a total call value of 595,795,125,000 versus a total put value of 418,996,500,000 Combined total value = 1,014,791,625,000
Strike 24100 has a total call value of 711,742,500,000 versus a total put value of 254,509,500,000 Combined total value = 966,252,000,000
Strike 24150 has a total call value of 841,306,125,000 versus a total put value of 125,528,250,000 Combined total value = 966,834,375,000
Strike 24200 has a total call value of 993,798,000,000 versus a total put value of 61,283,625,000 Combined total value = 1,055,081,625,000
Strike 24250 has a total call value of 1,244,569,875,000 versus a total put value of 43,049,250,000 Combined total value = 1,287,619,125,000
Strike 24300 has a total call value of 1,551,909,000,000 versus a total put value of 31,909,125,000 Combined total value = 1,583,818,125,000
Strike 24350 has a total call value of 1,913,660,250,000 versus a total put value of 26,068,875,000 Combined total value = 1,939,729,125,000
Strike 24400 has a total call value of 2,291,122,500,000 versus a total put value of 21,105,000,000 Combined total value = 2,312,227,500,000
Strike 24450 has a total call value of 2,702,125,875,000 versus a total put value of 18,080,250,000 Combined total value = 2,720,206,125,000
Strike 24500 has a total call value of 3,124,587,375,000 versus a total put value of 15,231,000,000 Combined total value = 3,139,818,375,000
Strike 24550 has a total call value of 3,591,457,875,000 versus a total put value of 13,787,250,000 Combined total value = 3,605,245,125,000
Strike 24600 has a total call value of 4,068,297,000,000 versus a total put value of 12,425,250,000 Combined total value = 4,080,722,250,000
Strike 24650 has a total call value of 4,567,780,875,000 versus a total put value of 11,300,250,000 Combined total value = 4,579,081,125,000
Strike 24700 has a total call value of 5,073,299,625,000 versus a total put value of 10,222,500,000 Combined total value = 5,083,522,125,000
Strike 24750 has a total call value of 5,591,501,625,000 versus a total put value of 9,262,125,000 Combined total value = 5,600,763,750,000
Strike 24800 has a total call value of 6,114,247,875,000 versus a total put value of 8,328,750,000 Combined total value = 6,122,576,625,000
Strike 24850 has a total call value of 6,648,447,750,000 versus a total put value of 7,720,875,000 Combined total value = 6,656,168,625,000
Strike 24900 has a total call value of 7,184,853,000,000 versus a total put value of 7,128,375,000 Combined total value = 7,191,981,375,000
Strike 24950 has a total call value of 7,729,799,250,000 versus a total put value of 6,573,375,000 Combined total value = 7,736,372,625,000
Strike 25000 has a total call value of 8,277,804,375,000 versus a total put value of 6,035,250,000 Combined total value = 8,283,839,625,000
Strike 25050 has a total call value of 8,855,063,250,000 versus a total put value of 5,622,000,000 Combined total value = 8,860,685,250,000
Strike 25100 has a total call value of 9,435,693,750,000 versus a total put value of 5,208,750,000 Combined total value = 9,440,902,500,000
Strike 25150 has a total call value of 10,022,685,000,000 versus a total put value of 4,811,625,000 Combined total value = 10,027,496,625,000
Strike 25200 has a total call value of 10,613,977,875,000 versus a total put value of 4,416,000,000 Combined total value = 10,618,393,875,000
Strike 25250 has a total call value of 11,212,879,875,000 versus a total put value of 4,051,875,000 Combined total value = 11,216,931,750,000
Strike 25300 has a total call value of 11,813,863,500,000 versus a total put value of 3,699,000,000 Combined total value = 11,817,562,500,000
Strike 25350 has a total call value of 12,419,112,750,000 versus a total put value of 3,362,250,000 Combined total value = 12,422,475,000,000
Strike 25400 has a total call value of 13,025,896,500,000 versus a total put value of 3,029,250,000 Combined total value = 13,028,925,750,000
Strike 25450 has a total call value of 13,637,461,125,000 versus a total put value of 2,726,250,000 Combined total value = 13,640,187,375,000
Strike 25500 has a total call value of 14,250,746,625,000 versus a total put value of 2,423,250,000 Combined total value = 14,253,169,875,000
Strike 25550 has a total call value of 14,872,131,750,000 versus a total put value of 2,164,500,000 Combined total value = 14,874,296,250,000
Strike 25600 has a total call value of 15,495,428,625,000 versus a total put value of 1,908,000,000 Combined total value = 15,497,336,625,000
Strike 25650 has a total call value of 16,122,011,250,000 versus a total put value of 1,668,375,000 Combined total value = 16,123,679,625,000
Strike 25700 has a total call value of 16,749,834,000,000 versus a total put value of 1,428,750,000 Combined total value = 16,751,262,750,000
Strike 25750 has a total call value of 17,380,525,125,000 versus a total put value of 1,194,375,000 Combined total value = 17,381,719,500,000
Strike 25800 has a total call value of 18,012,196,875,000 versus a total put value of 960,000,000 Combined total value = 18,013,156,875,000
Strike 25850 has a total call value of 18,648,034,875,000 versus a total put value of 751,125,000 Combined total value = 18,648,786,000,000
Strike 25900 has a total call value of 19,284,767,250,000 versus a total put value of 543,375,000 Combined total value = 19,285,310,625,000
Strike 25950 has a total call value of 19,924,056,375,000 versus a total put value of 348,375,000 Combined total value = 19,924,404,750,000
Strike 26000 has a total call value of 20,564,453,625,000 versus a total put value of 153,375,000 Combined total value = 20,564,607,000,000
Strike 26050 has a total call value of 21,223,147,500,000 versus a total put value of 130,125,000 Combined total value = 21,223,277,625,000
Strike 26100 has a total call value of 21,883,922,625,000 versus a total put value of 107,250,000 Combined total value = 21,884,029,875,000
Strike 26150 has a total call value of 22,551,850,500,000 versus a total put value of 91,125,000 Combined total value = 22,551,941,625,000
Strike 26200 has a total call value of 23,221,861,875,000 versus a total put value of 75,000,000 Combined total value = 23,221,936,875,000
Strike 26250 has a total call value of 23,897,648,250,000 versus a total put value of 60,000,000 Combined total value = 23,897,708,250,000
Strike 26300 has a total call value of 24,574,729,125,000 versus a total put value of 45,000,000 Combined total value = 24,574,774,125,000
Strike 26350 has a total call value of 25,259,287,875,000 versus a total put value of 33,750,000 Combined total value = 25,259,321,625,000
Strike 26400 has a total call value of 25,945,870,125,000 versus a total put value of 22,500,000 Combined total value = 25,945,892,625,000
Strike 26450 has a total call value of 26,641,377,750,000 versus a total put value of 11,250,000 Combined total value = 26,641,389,000,000
Strike 26500 has a total call value of 27,340,269,750,000 versus a total put value of 0 Combined total value = 27,340,269,750,000
Max-Pain Table for Monthly Expiry
| Max Pain | ||
|---|---|---|
| Symbol | Symbol Ltp | Max Pain |
| AARTIIND | 415.25 | 420 |
| ABB | 6891.7 | 7000 |
| ABBOTINDIA | 29957.25 | 29500 |
| ABCAPITAL | 183.89 | 190 |
| ABFRL | 282.6 | 290 |
| ACC | 2070.15 | 2200 |
| ADANIENSOL | 809.05 | 800 |
| ADANIENT | 2597.7 | 2580 |
| ADANIGREEN | 1046.5 | 1060 |
| ADANIPORTS | 1226 | 1240 |
| ALKEM | 5579.75 | 5550 |
| AMBUJACEM | 549.85 | 550 |
| ANGELONE | 2976.35 | 2950 |
| APLAPOLLO | 1587.2 | 1580 |
| APOLLOHOSP | 7421.65 | 7350 |
| APOLLOTYRE | 526.55 | 530 |
| ASHOKLEY | 236.08 | 230 |
| ASIANPAINT | 2343.25 | 2340 |
| ASTRAL | 1647.3 | 1680 |
| ATGL | 734.45 | 720 |
| ATUL | 6983.25 | 7000 |
| AUBANK | 571 | 560 |
| AUROPHARMA | 1348.8 | 1300 |
| AXISBANK | 1086.6 | 1100 |
| BAJAJ-AUTO | 9079.5 | 9000 |
| BAJAJFINSV | 1700.65 | 1640 |
| BAJFINANCE | 7389.2 | 7200 |
| BALKRISIND | 2891.8 | 2850 |
| BANDHANBNK | 160.93 | 162.5 |
| BANKBARODA | 241.12 | 250 |
| BANKINDIA | 103.78 | 104 |
| BATAINDIA | 1421.6 | 1380 |
| BEL | 296.8 | 300 |
| BERGEPAINT | 457.4 | 450 |
| BHARATFORG | 1315.7 | 1320 |
| BHARTIARTL | 1609.7 | 1600 |
| BHEL | 232.74 | 240 |
| BIOCON | 373.25 | 360 |
| BOSCHLTD | 34428.65 | 34000 |
| BPCL | 296.9 | 300 |
| BRITANNIA | 4787.8 | 4800 |
| BSE | 5466.2 | 5400 |
| BSOFT | 564.35 | 580 |
| CAMS | 5203.3 | 5000 |
| CANBK | 101.1 | 102 |
| CANFINHOME | 729.45 | 740 |
| CDSL | 1804.85 | 1800 |
| CESC | 189.32 | 190 |
| CGPOWER | 748 | 740 |
| CHAMBLFERT | 506.3 | 500 |
| CHOLAFIN | 1271.5 | 1240 |
| CIPLA | 1537.9 | 1520 |
| COALINDIA | 392.95 | 395 |
| COFORGE | 9696.65 | 9500 |
| COLPAL | 2780.6 | 2750 |
| CONCOR | 789.7 | 800 |
| COROMANDEL | 1956.05 | 1900 |
| CROMPTON | 372.05 | 380 |
| CUB | 176.18 | 175 |
| CUMMINSIND | 3257.45 | 3300 |
| CYIENT | 1798 | 1860 |
| DABUR | 513.35 | 510 |
| DALBHARAT | 1816.2 | 1800 |
| DEEPAKNTR | 2515.2 | 2550 |
| DELHIVERY | 349.85 | 350 |
| DIVISLAB | 6144.75 | 6000 |
| DIXON | 18341.9 | 18000 |
| DLF | 835.4 | 840 |
| DMART | 3611.1 | 3600 |
| DRREDDY | 1375.05 | 1370 |
| EICHERMOT | 5308.1 | 5150 |
| ESCORTS | 3352.05 | 3300 |
| EXIDEIND | 429 | 430 |
| FEDERALBNK | 206.14 | 202.5 |
| GAIL | 191.1 | 200 |
| GLENMARK | 1639.35 | 1600 |
| GMRAIRPORT | 78.69 | 80 |
| GMRINFRA | 0 | 32 |
| GNFC | 574.35 | 580 |
| GODREJCP | 1093.45 | 1080 |
| GODREJPROP | 2811.95 | 2850 |
| GRANULES | 608.6 | 590 |
| GRASIM | 2543.95 | 2520 |
| GUJGASLTD | 508.25 | 505 |
| HAL | 4235.8 | 4300 |
| HAVELLS | 1701.4 | 1700 |
| HCLTECH | 1972.2 | 1920 |
| HDFCAMC | 4281.95 | 4250 |
| HDFCBANK | 1793.75 | 1800 |
| HDFCLIFE | 620.15 | 630 |
| HEROMOTOCO | 4311.5 | 4300 |
| HFCL | 114.54 | 115 |
| HINDALCO | 599 | 610 |
| HINDCOPPER | 249.74 | 255 |
| HINDPETRO | 412.7 | 415 |
| HINDUNILVR | 2370 | 2380 |
| HUDCO | 242.23 | 235 |
| ICICIBANK | 1290.6 | 1300 |
| ICICIGI | 1832.9 | 1840 |
| ICICIPRULI | 662.1 | 660 |
| IDEA | 8.14 | 8 |
| IDFCFIRSTB | 64.68 | 65 |
| IEX | 181.19 | 185 |
| IGL | 425.7 | 400 |
| INDHOTEL | 879.5 | 870 |
| INDIAMART | 2307.75 | 2300 |
| INDIANB | 523.35 | 540 |
| INDIGO | 4537.75 | 4600 |
| INDUSINDBK | 991.35 | 980 |
| INDUSTOWER | 346.4 | 350 |
| INFY | 1957.85 | 1940 |
| IOC | 137.96 | 140 |
| IPCALAB | 1744.05 | 1660 |
| IRB | 60.09 | 58 |
| IRCTC | 794.5 | 800 |
| IRFC | 152.04 | 150 |
| ITC | 489.05 | 480 |
| JINDALSTEL | 941.7 | 940 |
| JIOFIN | 304.7 | 310 |
| JKCEMENT | 4745.35 | 4650 |
| JSL | 684.4 | 700 |
| JSWENERGY | 641 | 650 |
| JSWSTEEL | 912.5 | 930 |
| JUBLFOOD | 756.15 | 730 |
| KALYANKJIL | 787.9 | 750 |
| KEI | 4477.75 | 4400 |
| KOTAKBANK | 1837.15 | 1800 |
| KPITTECH | 1484.55 | 1460 |
| LALPATHLAB | 3001 | 3000 |
| LAURUSLABS | 613.1 | 590 |
| LICHSGFIN | 606.05 | 600 |
| LICI | 902.35 | 900 |
| LODHA | 1372.9 | 1400 |
| LT | 3713.5 | 3700 |
| LTF | 142.85 | 140 |
| LTIM | 5753.05 | 5750 |
| LTTS | 4795.95 | 4750 |
| LUPIN | 2396.1 | 2320 |
| M&M | 3211.1 | 3100 |
| M&MFIN | 275.7 | 270 |
| MANAPPURAM | 190.84 | 190 |
| MARICO | 653.35 | 640 |
| MARUTI | 11841.3 | 11500 |
| MAXHEALTH | 1159.35 | 1140 |
| MCX | 6339.35 | 6400 |
| METROPOLIS | 2049.05 | 2080 |
| MFSL | 1122.8 | 1100 |
| MGL | 1296.1 | 1280 |
| MOTHERSON | 159.77 | 160 |
| MPHASIS | 2898.7 | 2900 |
| MRF | 129211.8 | 130000 |
| MUTHOOTFIN | 2256.9 | 2200 |
| NATIONALUM | 216.55 | 220 |
| NAUKRI | 8878.95 | 8700 |
| NAVINFLUOR | 3301.7 | 3400 |
| NCC | 278.45 | 280 |
| NESTLEIND | 2200.2 | 2200 |
| NHPC | 82.47 | 82 |
| NMDC | 67.69 | 70 |
| NTPC | 338 | 335 |
| NYKAA | 165.32 | 160 |
| OBEROIRLTY | 2282.25 | 2300 |
| OFSS | 12648.35 | 12500 |
| OIL | 463.3 | 450 |
| ONGC | 246.07 | 245 |
| PAGEIND | 48148.55 | 47500 |
| PAYTM | 982.4 | 1000 |
| PEL | 1125.45 | 1120 |
| PERSISTENT | 6481.15 | 6400 |
| PETRONET | 327.75 | 335 |
| PFC | 459.35 | 460 |
| PIDILITIND | 2926.65 | 2920 |
| PIIND | 3719.35 | 3750 |
| PNB | 105.48 | 105 |
| POLICYBZR | 2203.25 | 2100 |
| POLYCAB | 7390.65 | 7200 |
| POONAWALLA | 321.45 | 320 |
| POWERGRID | 315.15 | 315 |
| PRESTIGE | 1662.45 | 1700 |
| PVRINOX | 1320.2 | 1320 |
| RAMCOCEM | 985.8 | 970 |
| RBLBANK | 159.12 | 160 |
| RECLTD | 518.45 | 520 |
| RELIANCE | 1241.8 | 1250 |
| SAIL | 114.07 | 120 |
| SBICARD | 702.7 | 700 |
| SBILIFE | 1422.25 | 1420 |
| SBIN | 801.2 | 810 |
| SHREECEM | 26689.9 | 26000 |
| SHRIRAMFIN | 3060.05 | 3000 |
| SIEMENS | 6698.5 | 6700 |
| SJVN | 109.35 | 110 |
| SONACOMS | 597.45 | 600 |
| SRF | 2224.75 | 2260 |
| SUNPHARMA | 1878 | 1860 |
| SUNTV | 693.5 | 690 |
| SUPREMEIND | 4701.95 | 4700 |
| SYNGENE | 873.65 | 860 |
| TATACHEM | 1031.45 | 1060 |
| TATACOMM | 1745.05 | 1720 |
| TATACONSUM | 929.65 | 920 |
| TATAELXSI | 6705.25 | 6700 |
| TATAMOTORS | 765.05 | 760 |
| TATAPOWER | 395.5 | 405 |
| TATASTEEL | 138.18 | 142 |
| TCS | 4175.75 | 4200 |
| TECHM | 1726.95 | 1720 |
| TIINDIA | 3672.45 | 3550 |
| TITAN | 3388.95 | 3400 |
| TORNTPHARM | 3441.55 | 3400 |
| TRENT | 7321 | 7100 |
| TVSMOTOR | 2501.45 | 2450 |
| UBL | 2136.65 | 2040 |
| ULTRACEMCO | 11797.7 | 11500 |
| UNIONBANK | 121.41 | 120 |
| UNITDSPR | 1688.55 | 1600 |
| UPL | 509.45 | 510 |
| VBL | 648.7 | 640 |
| VEDL | 449.75 | 470 |
| VOLTAS | 1835.8 | 1780 |
| WIPRO | 303.8 | 300 |
| YESBANK | 19.59 | 20 |
| ZOMATO | 284.6 | 260 |
| ZYDUSLIFE | 990.75 | 1000 |
Note:
| Stock LTP > Max Pain | Bearish Trend |
| Stock LTP < Max Pain | Bullish Trend |
What is Max Pain?
Max pain, or the max pain price, is the strike price with the most open contract puts and calls - and the price at which the stock would cause financial losses for the largest number of option holders at expiration.
Calculating Max Pain
Max pain is a simple but time consuming calculation. Essentially, it is the sum of the outstanding put and call dollar value of each in-the-money strike price. For each in-the-money strike price for both puts and calls:
- Find the difference between stock price and strike price
- Multiply the result by open interest at that strike
- Add together the dollar value for the put and call at that strike
- Repeat for each strike price
- Find the highest value strike price. This price is equivalent to max pain price.
How can a trader benefit?
As the option expiration approaches, option writers will try to buy or sell shares of stock to drive the price toward a closing price that is profitable for them, or at least to hedge their payouts to option holders. Call writers sell shares to drive share price down and Put holders buy shares to drive share price up. The max pain strike price exists somewhere in the middle.
