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.

NIFTYNXT50

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 Next 50

68123.85 -498.60 (-0.73%)

L: 68105.4 H: 68613

Max Pain - NIFTYNXT50

16 Dec 2025 09:10 AM IST

Live

Expiry

Max Pain for NIFTYNXT50 is 68400

Historical data for NIFTYNXT50-68400-CE

LTP (68400 CE)

769.65 -110.35

Open Interest

7 0

Historical data for NIFTYNXT50-68400-PE

LTP (68400 PE)

1442.2 0

Open Interest

8 0

Strike 58000 has a total call value of 0 versus a total put value of 11,872,250,000 Combined total value = 11,872,250,000

Strike 58100 has a total call value of 0 versus a total put value of 11,743,750,000 Combined total value = 11,743,750,000

Strike 58200 has a total call value of 0 versus a total put value of 11,615,250,000 Combined total value = 11,615,250,000

Strike 58300 has a total call value of 0 versus a total put value of 11,486,750,000 Combined total value = 11,486,750,000

Strike 58400 has a total call value of 0 versus a total put value of 11,358,250,000 Combined total value = 11,358,250,000

Strike 58500 has a total call value of 0 versus a total put value of 11,229,750,000 Combined total value = 11,229,750,000

Strike 58600 has a total call value of 0 versus a total put value of 11,101,250,000 Combined total value = 11,101,250,000

Strike 58700 has a total call value of 0 versus a total put value of 10,972,750,000 Combined total value = 10,972,750,000

Strike 58800 has a total call value of 0 versus a total put value of 10,844,250,000 Combined total value = 10,844,250,000

Strike 58900 has a total call value of 0 versus a total put value of 10,715,750,000 Combined total value = 10,715,750,000

Strike 59000 has a total call value of 0 versus a total put value of 10,587,250,000 Combined total value = 10,587,250,000

Strike 59100 has a total call value of 0 versus a total put value of 10,458,750,000 Combined total value = 10,458,750,000

Strike 59200 has a total call value of 0 versus a total put value of 10,330,250,000 Combined total value = 10,330,250,000

Strike 59300 has a total call value of 0 versus a total put value of 10,201,750,000 Combined total value = 10,201,750,000

Strike 59400 has a total call value of 0 versus a total put value of 10,073,250,000 Combined total value = 10,073,250,000

Strike 59500 has a total call value of 0 versus a total put value of 9,944,750,000 Combined total value = 9,944,750,000

Strike 59600 has a total call value of 0 versus a total put value of 9,816,250,000 Combined total value = 9,816,250,000

Strike 59700 has a total call value of 0 versus a total put value of 9,687,750,000 Combined total value = 9,687,750,000

Strike 59800 has a total call value of 0 versus a total put value of 9,559,250,000 Combined total value = 9,559,250,000

Strike 59900 has a total call value of 0 versus a total put value of 9,430,750,000 Combined total value = 9,430,750,000

Strike 60000 has a total call value of 0 versus a total put value of 9,302,250,000 Combined total value = 9,302,250,000

Strike 60100 has a total call value of 0 versus a total put value of 9,173,750,000 Combined total value = 9,173,750,000

Strike 60200 has a total call value of 0 versus a total put value of 9,045,250,000 Combined total value = 9,045,250,000

Strike 60300 has a total call value of 0 versus a total put value of 8,916,750,000 Combined total value = 8,916,750,000

Strike 60400 has a total call value of 0 versus a total put value of 8,788,250,000 Combined total value = 8,788,250,000

Strike 60500 has a total call value of 0 versus a total put value of 8,659,750,000 Combined total value = 8,659,750,000

Strike 60600 has a total call value of 0 versus a total put value of 8,531,250,000 Combined total value = 8,531,250,000

Strike 60700 has a total call value of 0 versus a total put value of 8,402,750,000 Combined total value = 8,402,750,000

Strike 60800 has a total call value of 0 versus a total put value of 8,274,250,000 Combined total value = 8,274,250,000

Strike 60900 has a total call value of 0 versus a total put value of 8,145,750,000 Combined total value = 8,145,750,000

Strike 61000 has a total call value of 0 versus a total put value of 8,017,250,000 Combined total value = 8,017,250,000

Strike 61100 has a total call value of 0 versus a total put value of 7,889,000,000 Combined total value = 7,889,000,000

Strike 61200 has a total call value of 0 versus a total put value of 7,760,750,000 Combined total value = 7,760,750,000

Strike 61300 has a total call value of 0 versus a total put value of 7,632,500,000 Combined total value = 7,632,500,000

Strike 61400 has a total call value of 0 versus a total put value of 7,504,250,000 Combined total value = 7,504,250,000

Strike 61500 has a total call value of 0 versus a total put value of 7,376,000,000 Combined total value = 7,376,000,000

Strike 61600 has a total call value of 0 versus a total put value of 7,247,750,000 Combined total value = 7,247,750,000

Strike 61700 has a total call value of 0 versus a total put value of 7,119,500,000 Combined total value = 7,119,500,000

Strike 61800 has a total call value of 0 versus a total put value of 6,991,250,000 Combined total value = 6,991,250,000

Strike 61900 has a total call value of 0 versus a total put value of 6,863,000,000 Combined total value = 6,863,000,000

Strike 62000 has a total call value of 0 versus a total put value of 6,734,750,000 Combined total value = 6,734,750,000

Strike 62100 has a total call value of 0 versus a total put value of 6,606,500,000 Combined total value = 6,606,500,000

Strike 62200 has a total call value of 0 versus a total put value of 6,478,250,000 Combined total value = 6,478,250,000

Strike 62300 has a total call value of 0 versus a total put value of 6,350,000,000 Combined total value = 6,350,000,000

Strike 62400 has a total call value of 0 versus a total put value of 6,221,750,000 Combined total value = 6,221,750,000

Strike 62500 has a total call value of 0 versus a total put value of 6,093,500,000 Combined total value = 6,093,500,000

Strike 62600 has a total call value of 0 versus a total put value of 5,965,250,000 Combined total value = 5,965,250,000

Strike 62700 has a total call value of 0 versus a total put value of 5,837,000,000 Combined total value = 5,837,000,000

Strike 62800 has a total call value of 0 versus a total put value of 5,708,750,000 Combined total value = 5,708,750,000

Strike 62900 has a total call value of 0 versus a total put value of 5,580,500,000 Combined total value = 5,580,500,000

Strike 63000 has a total call value of 0 versus a total put value of 5,452,250,000 Combined total value = 5,452,250,000

Strike 63100 has a total call value of 0 versus a total put value of 5,324,000,000 Combined total value = 5,324,000,000

Strike 63200 has a total call value of 0 versus a total put value of 5,195,750,000 Combined total value = 5,195,750,000

Strike 63300 has a total call value of 0 versus a total put value of 5,067,500,000 Combined total value = 5,067,500,000

Strike 63400 has a total call value of 0 versus a total put value of 4,939,250,000 Combined total value = 4,939,250,000

Strike 63500 has a total call value of 0 versus a total put value of 4,811,000,000 Combined total value = 4,811,000,000

Strike 63600 has a total call value of 0 versus a total put value of 4,682,750,000 Combined total value = 4,682,750,000

Strike 63700 has a total call value of 0 versus a total put value of 4,554,500,000 Combined total value = 4,554,500,000

Strike 63800 has a total call value of 0 versus a total put value of 4,426,250,000 Combined total value = 4,426,250,000

Strike 63900 has a total call value of 0 versus a total put value of 4,298,000,000 Combined total value = 4,298,000,000

Strike 64000 has a total call value of 0 versus a total put value of 4,169,750,000 Combined total value = 4,169,750,000

Strike 64100 has a total call value of 0 versus a total put value of 4,041,500,000 Combined total value = 4,041,500,000

Strike 64200 has a total call value of 0 versus a total put value of 3,913,250,000 Combined total value = 3,913,250,000

Strike 64300 has a total call value of 0 versus a total put value of 3,785,000,000 Combined total value = 3,785,000,000

Strike 64400 has a total call value of 0 versus a total put value of 3,656,750,000 Combined total value = 3,656,750,000

Strike 64500 has a total call value of 0 versus a total put value of 3,528,500,000 Combined total value = 3,528,500,000

Strike 64600 has a total call value of 0 versus a total put value of 3,400,250,000 Combined total value = 3,400,250,000

Strike 64700 has a total call value of 0 versus a total put value of 3,272,000,000 Combined total value = 3,272,000,000

Strike 64800 has a total call value of 0 versus a total put value of 3,143,750,000 Combined total value = 3,143,750,000

Strike 64900 has a total call value of 0 versus a total put value of 3,015,500,000 Combined total value = 3,015,500,000

Strike 65000 has a total call value of 0 versus a total put value of 2,887,250,000 Combined total value = 2,887,250,000

Strike 65100 has a total call value of 0 versus a total put value of 2,766,500,000 Combined total value = 2,766,500,000

Strike 65200 has a total call value of 0 versus a total put value of 2,645,750,000 Combined total value = 2,645,750,000

Strike 65300 has a total call value of 0 versus a total put value of 2,525,000,000 Combined total value = 2,525,000,000

Strike 65400 has a total call value of 0 versus a total put value of 2,404,250,000 Combined total value = 2,404,250,000

Strike 65500 has a total call value of 0 versus a total put value of 2,283,750,000 Combined total value = 2,283,750,000

Strike 65600 has a total call value of 0 versus a total put value of 2,163,250,000 Combined total value = 2,163,250,000

Strike 65700 has a total call value of 0 versus a total put value of 2,043,000,000 Combined total value = 2,043,000,000

Strike 65800 has a total call value of 0 versus a total put value of 1,922,750,000 Combined total value = 1,922,750,000

Strike 65900 has a total call value of 0 versus a total put value of 1,802,500,000 Combined total value = 1,802,500,000

Strike 66000 has a total call value of 0 versus a total put value of 1,682,500,000 Combined total value = 1,682,500,000

Strike 66100 has a total call value of 250,000 versus a total put value of 1,590,750,000 Combined total value = 1,591,000,000

Strike 66200 has a total call value of 500,000 versus a total put value of 1,499,250,000 Combined total value = 1,499,750,000

Strike 66300 has a total call value of 750,000 versus a total put value of 1,409,500,000 Combined total value = 1,410,250,000

Strike 66400 has a total call value of 1,000,000 versus a total put value of 1,321,250,000 Combined total value = 1,322,250,000

Strike 66500 has a total call value of 1,250,000 versus a total put value of 1,233,000,000 Combined total value = 1,234,250,000

Strike 66600 has a total call value of 2,750,000 versus a total put value of 1,144,750,000 Combined total value = 1,147,500,000

Strike 66700 has a total call value of 4,250,000 versus a total put value of 1,056,500,000 Combined total value = 1,060,750,000

Strike 66800 has a total call value of 5,750,000 versus a total put value of 968,250,000 Combined total value = 974,000,000

Strike 66900 has a total call value of 7,250,000 versus a total put value of 880,000,000 Combined total value = 887,250,000

Strike 67000 has a total call value of 8,750,000 versus a total put value of 804,500,000 Combined total value = 813,250,000

Strike 67100 has a total call value of 11,000,000 versus a total put value of 742,500,000 Combined total value = 753,500,000

Strike 67200 has a total call value of 13,250,000 versus a total put value of 680,500,000 Combined total value = 693,750,000

Strike 67300 has a total call value of 15,500,000 versus a total put value of 618,750,000 Combined total value = 634,250,000

Strike 67400 has a total call value of 17,750,000 versus a total put value of 558,500,000 Combined total value = 576,250,000

Strike 67500 has a total call value of 20,000,000 versus a total put value of 499,750,000 Combined total value = 519,750,000

Strike 67600 has a total call value of 30,750,000 versus a total put value of 443,000,000 Combined total value = 473,750,000

Strike 67700 has a total call value of 41,500,000 versus a total put value of 386,250,000 Combined total value = 427,750,000

Strike 67800 has a total call value of 52,500,000 versus a total put value of 337,000,000 Combined total value = 389,500,000

Strike 67900 has a total call value of 63,500,000 versus a total put value of 290,250,000 Combined total value = 353,750,000

Strike 68000 has a total call value of 74,500,000 versus a total put value of 243,750,000 Combined total value = 318,250,000

Strike 68100 has a total call value of 97,750,000 versus a total put value of 207,750,000 Combined total value = 305,500,000

Strike 68200 has a total call value of 121,000,000 versus a total put value of 172,500,000 Combined total value = 293,500,000

Strike 68300 has a total call value of 144,500,000 versus a total put value of 138,750,000 Combined total value = 283,250,000

Strike 68400 has a total call value of 168,000,000 versus a total put value of 112,250,000 Combined total value = 280,250,000

Strike 68500 has a total call value of 193,250,000 versus a total put value of 87,750,000 Combined total value = 281,000,000

Strike 68600 has a total call value of 244,250,000 versus a total put value of 72,000,000 Combined total value = 316,250,000

Strike 68700 has a total call value of 295,250,000 versus a total put value of 56,250,000 Combined total value = 351,500,000

Strike 68800 has a total call value of 364,500,000 versus a total put value of 40,500,000 Combined total value = 405,000,000

Strike 68900 has a total call value of 433,750,000 versus a total put value of 24,750,000 Combined total value = 458,500,000

Strike 69000 has a total call value of 503,000,000 versus a total put value of 10,750,000 Combined total value = 513,750,000

Strike 69100 has a total call value of 593,750,000 versus a total put value of 7,250,000 Combined total value = 601,000,000

Strike 69200 has a total call value of 685,000,000 versus a total put value of 3,750,000 Combined total value = 688,750,000

Strike 69300 has a total call value of 778,250,000 versus a total put value of 2,500,000 Combined total value = 780,750,000

Strike 69400 has a total call value of 871,750,000 versus a total put value of 1,250,000 Combined total value = 873,000,000

Strike 69500 has a total call value of 965,500,000 versus a total put value of 0 Combined total value = 965,500,000

Strike 69600 has a total call value of 1,072,000,000 versus a total put value of 0 Combined total value = 1,072,000,000

Strike 69700 has a total call value of 1,178,500,000 versus a total put value of 0 Combined total value = 1,178,500,000

Strike 69800 has a total call value of 1,285,250,000 versus a total put value of 0 Combined total value = 1,285,250,000

Strike 69900 has a total call value of 1,392,000,000 versus a total put value of 0 Combined total value = 1,392,000,000

Strike 70000 has a total call value of 1,499,000,000 versus a total put value of 0 Combined total value = 1,499,000,000

Strike 70100 has a total call value of 1,628,500,000 versus a total put value of 0 Combined total value = 1,628,500,000

Strike 70200 has a total call value of 1,758,000,000 versus a total put value of 0 Combined total value = 1,758,000,000

Strike 70300 has a total call value of 1,895,000,000 versus a total put value of 0 Combined total value = 1,895,000,000

Strike 70400 has a total call value of 2,032,000,000 versus a total put value of 0 Combined total value = 2,032,000,000

Strike 70500 has a total call value of 2,169,000,000 versus a total put value of 0 Combined total value = 2,169,000,000

Strike 70600 has a total call value of 2,330,750,000 versus a total put value of 0 Combined total value = 2,330,750,000

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	1131.7	1140
ABB	5251	5200
ABCAPITAL	348.3	350
ADANIENSOL	996.75	990
ADANIENT	2242.2	2300
ADANIGREEN	1025.6	1020
ADANIPORTS	1500.6	1500
ALKEM	5654.5	5700
AMBER	6762.5	6800
AMBUJACEM	547.85	550
ANGELONE	2534	2600
APLAPOLLO	1729.5	1740
APOLLOHOSP	7040	7200
ASHOKLEY	167.77	160
ASIANPAINT	2785.2	2800
ASTRAL	1461.1	1460
AUBANK	980.35	960
AUROPHARMA	1181.1	1200
AXISBANK	1224.1	1240
BAJAJ-AUTO	8980	9000
BAJAJFINSV	2039.3	2060
BAJFINANCE	999.1	1020
BANDHANBNK	148.64	150
BANKBARODA	282.3	290
BANKINDIA	139.46	143
BDL	1354.4	1400
BEL	387	400
BHARATFORG	1415.5	1400
BHARTIARTL	2096.6	2100
BHEL	278.3	280
BIOCON	384.45	390
BLUESTARCO	1807.3	1780
BOSCHLTD	36120	36500
BPCL	365.05	362.5
BRITANNIA	6067.5	6000
BSE	2598	2700
CAMS	751.1	780
CANBK	147.21	148
CDSL	1500.7	1560
CGPOWER	670.5	680
CHOLAFIN	1716.2	1700
CIPLA	1497.6	1520
COALINDIA	380.5	384.75
COFORGE	1850.1	1840
COLPAL	2161.1	2180
CONCOR	499.1	520
CROMPTON	253.15	265
CUMMINSIND	4489.8	4500
CYIENT	1151	1160
DABUR	498.8	505
DALBHARAT	2063.9	2040
DELHIVERY	400.3	410
DIVISLAB	6286.5	6400
DIXON	13641	13750
DLF	690.55	720
DMART	3842.9	3900
DRREDDY	1279.4	1270
EICHERMOT	7073	7100
ETERNAL	287.3	295
EXIDEIND	366.25	375
FEDERALBNK	262.7	260
FORTIS	876.5	890
GAIL	167.75	175
GLENMARK	1966	1940
GMRAIRPORT	102.72	102
GODREJCP	1179.7	1160
GODREJPROP	2021.1	2080
GRASIM	2797.3	2800
HAL	4251.3	4500
HAVELLS	1411.7	1440
HCLTECH	1647.3	1660
HDFCAMC	2584.4	2625
HDFCBANK	995	1000
HDFCLIFE	767.75	770
HEROMOTOCO	5943	6050
HFCL	65.66	68
HINDALCO	832.15	820
HINDPETRO	463	460
HINDUNILVR	2282.3	2300
HINDZINC	567.5	540
HUDCO	210.98	220
ICICIBANK	1360.5	1380
ICICIGI	1950.2	1980
ICICIPRULI	639.95	630
IDEA	11.23	11
IDFCFIRSTB	83.23	81
IEX	140.41	145
IIFL	565.95	560
INDHOTEL	724.4	740
INDIANB	770.65	820
INDIGO	4973	5000
INDUSINDBK	843.95	850
INDUSTOWER	407.05	410
INFY	1590.1	1600
INOXWIND	125.95	130
IOC	166.9	165
IRCTC	669.4	690
IREDA	133.68	140
IRFC	112.24	117
ITC	402.1	405
JINDALSTEL	1008.5	1030
JIOFIN	295.35	305
JSWENERGY	477	490
JSWSTEEL	1084.9	1130
JUBLFOOD	561.35	580
KALYANKJIL	477.3	480
KAYNES	4189.5	4400
KEI	4146.4	4100
KFINTECH	1034.5	1060
KOTAKBANK	2180.9	2160
KPITTECH	1178.3	1200
LAURUSLABS	995.7	1000
LICHSGFIN	526.8	550
LICI	853.05	880
LODHA	1077.4	1120
LT	4057.9	4040
LTF	300.1	302.5
LTIM	6208.5	6150
LUPIN	2088.2	2080
M&M	3620.1	3650
MANAPPURAM	283.45	280
MANKIND	2111	2200
MARICO	737.95	730
MARUTI	16392	16300
MAXHEALTH	1078	1100
MAZDOCK	2413.8	2600
MCX	10138	10100
MFSL	1675.8	1700
MOTHERSON	119.76	116
MPHASIS	2854.1	2900
MUTHOOTFIN	3837.9	3750
NATIONALUM	275	270
NAUKRI	1347.4	1360
NBCC	111.61	113
NCC	158.36	167.5
NESTLEIND	1242	1240
NHPC	75.95	78
NMDC	76.8	77
NTPC	319.7	325
NUVAMA	7231	7200
NYKAA	245.2	255
OBEROIRLTY	1632.1	1660
OFSS	7853.5	8000
OIL	401.1	410
ONGC	230.8	240
PAGEIND	36315	37500
PATANJALI	535.25	545
PAYTM	1285	1300
PERSISTENT	6209.5	6200
PETRONET	264.45	277.5
PFC	336	355
PGEL	567.05	560
PHOENIXLTD	1779.9	1740
PIDILITIND	1471.1	1480
PIIND	3227	3350
PNB	116.84	120
PNBHOUSING	912.5	910
POLICYBZR	1825.5	1860
POLYCAB	7277.5	7300
POWERGRID	260.95	270
POWERINDIA	19215	19500
PPLPHARMA	169.29	180
PRESTIGE	1616.9	1660
RBLBANK	299.05	310
RECLTD	335.5	355
RELIANCE	1544.2	1540
RVNL	309.3	315
SAIL	128.48	132
SAMMAANCAP	146.56	155
SBICARD	849.65	870
SBILIFE	2044.5	2020
SBIN	962.15	965
SHREECEM	26000	26500
SHRIRAMFIN	849.65	850
SIEMENS	3151.9	3200
SOLARINDS	11933	12500
SONACOMS	484.85	500
SRF	3014.5	2950
SUNPHARMA	1785.1	1800
SUPREMEIND	3401.4	3400
SUZLON	52.5	54
SYNGENE	650.15	650
TATACONSUM	1168.4	1170
TATAELXSI	5005	5100
TATAMOTORS	0	320
TATAPOWER	378.6	390
TATASTEEL	169.45	170
TATATECH	650.4	680
TCS	3199.2	3200
TECHM	1573.6	1540
TIINDIA	2619	2700
TITAGARH	788.8	800
TITAN	3907.9	3860
TMPV	344.25	360
TORNTPHARM	3764.9	3800
TORNTPOWER	1301.2	1300
TRENT	4105.6	4200
TVSMOTOR	3618.5	3600
ULTRACEMCO	11563	11700
UNIONBANK	152.65	152.5
UNITDSPR	1447.5	1440
UNOMINDA	1255.7	1280
UPL	748.2	750
VBL	477.1	470
VEDL	548.15	535
VOLTAS	1393.1	1360
WIPRO	259.03	255
YESBANK	21.41	22
ZYDUSLIFE	917.35	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.

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