NIFTYNXT50
Nifty Next 50
NIFTYNXT50
66979.5
Strike 62400 has a total call value of 0 versus a total put value of 1,885,250,000. Combined total value = 1,885,250,000
Strike 62500 has a total call value of 750,000 versus a total put value of 1,843,500,000. Combined total value = 1,844,250,000
Strike 62600 has a total call value of 1,500,000 versus a total put value of 1,801,750,000. Combined total value = 1,803,250,000
Strike 62700 has a total call value of 2,250,000 versus a total put value of 1,760,000,000. Combined total value = 1,762,250,000
Strike 62800 has a total call value of 3,000,000 versus a total put value of 1,718,250,000. Combined total value = 1,721,250,000
Strike 62900 has a total call value of 3,750,000 versus a total put value of 1,676,500,000. Combined total value = 1,680,250,000
Strike 63000 has a total call value of 4,500,000 versus a total put value of 1,634,750,000. Combined total value = 1,639,250,000
Strike 63100 has a total call value of 6,250,000 versus a total put value of 1,593,000,000. Combined total value = 1,599,250,000
Strike 63200 has a total call value of 8,000,000 versus a total put value of 1,551,250,000. Combined total value = 1,559,250,000
Strike 63300 has a total call value of 9,750,000 versus a total put value of 1,509,500,000. Combined total value = 1,519,250,000
Strike 63400 has a total call value of 11,500,000 versus a total put value of 1,467,750,000. Combined total value = 1,479,250,000
Strike 63500 has a total call value of 13,250,000 versus a total put value of 1,426,000,000. Combined total value = 1,439,250,000
Strike 63600 has a total call value of 15,000,000 versus a total put value of 1,384,250,000. Combined total value = 1,399,250,000
Strike 63700 has a total call value of 17,750,000 versus a total put value of 1,342,500,000. Combined total value = 1,360,250,000
Strike 63800 has a total call value of 20,500,000 versus a total put value of 1,300,750,000. Combined total value = 1,321,250,000
Strike 63900 has a total call value of 23,250,000 versus a total put value of 1,259,000,000. Combined total value = 1,282,250,000
Strike 64000 has a total call value of 26,000,000 versus a total put value of 1,217,250,000. Combined total value = 1,243,250,000
Strike 64100 has a total call value of 28,750,000 versus a total put value of 1,175,500,000. Combined total value = 1,204,250,000
Strike 64200 has a total call value of 33,500,000 versus a total put value of 1,133,750,000. Combined total value = 1,167,250,000
Strike 64300 has a total call value of 38,250,000 versus a total put value of 1,092,000,000. Combined total value = 1,130,250,000
Strike 64400 has a total call value of 43,000,000 versus a total put value of 1,050,250,000. Combined total value = 1,093,250,000
Strike 64500 has a total call value of 47,750,000 versus a total put value of 1,008,500,000. Combined total value = 1,056,250,000
Strike 64600 has a total call value of 52,500,000 versus a total put value of 966,750,000. Combined total value = 1,019,250,000
Strike 64700 has a total call value of 57,250,000 versus a total put value of 925,000,000. Combined total value = 982,250,000
Strike 64800 has a total call value of 62,000,000 versus a total put value of 883,250,000. Combined total value = 945,250,000
Strike 64900 has a total call value of 66,750,000 versus a total put value of 841,500,000. Combined total value = 908,250,000
Strike 65000 has a total call value of 71,500,000 versus a total put value of 799,750,000. Combined total value = 871,250,000
Strike 65100 has a total call value of 76,250,000 versus a total put value of 763,250,000. Combined total value = 839,500,000
Strike 65200 has a total call value of 81,000,000 versus a total put value of 726,750,000. Combined total value = 807,750,000
Strike 65300 has a total call value of 85,750,000 versus a total put value of 690,250,000. Combined total value = 776,000,000
Strike 65400 has a total call value of 90,500,000 versus a total put value of 653,750,000. Combined total value = 744,250,000
Strike 65500 has a total call value of 95,250,000 versus a total put value of 617,250,000. Combined total value = 712,500,000
Strike 65600 has a total call value of 100,000,000 versus a total put value of 580,750,000. Combined total value = 680,750,000
Strike 65700 has a total call value of 104,750,000 versus a total put value of 544,250,000. Combined total value = 649,000,000
Strike 65800 has a total call value of 109,500,000 versus a total put value of 507,750,000. Combined total value = 617,250,000
Strike 65900 has a total call value of 114,250,000 versus a total put value of 473,250,000. Combined total value = 587,500,000
Strike 66000 has a total call value of 119,000,000 versus a total put value of 441,250,000. Combined total value = 560,250,000
Strike 66100 has a total call value of 130,000,000 versus a total put value of 417,250,000. Combined total value = 547,250,000
Strike 66200 has a total call value of 141,000,000 versus a total put value of 394,250,000. Combined total value = 535,250,000
Strike 66300 has a total call value of 152,000,000 versus a total put value of 371,250,000. Combined total value = 523,250,000
Strike 66400 has a total call value of 163,000,000 versus a total put value of 348,250,000. Combined total value = 511,250,000
Strike 66500 has a total call value of 174,000,000 versus a total put value of 325,250,000. Combined total value = 499,250,000
Strike 66600 has a total call value of 187,750,000 versus a total put value of 305,000,000. Combined total value = 492,750,000
Strike 66700 has a total call value of 201,500,000 versus a total put value of 285,000,000. Combined total value = 486,500,000
Strike 66800 has a total call value of 215,250,000 versus a total put value of 265,000,000. Combined total value = 480,250,000
Strike 66900 has a total call value of 232,750,000 versus a total put value of 250,000,000. Combined total value = 482,750,000
Strike 67000 has a total call value of 254,250,000 versus a total put value of 235,000,000. Combined total value = 489,250,000
Strike 67100 has a total call value of 279,500,000 versus a total put value of 220,000,000. Combined total value = 499,500,000
Strike 67200 has a total call value of 304,750,000 versus a total put value of 205,000,000. Combined total value = 509,750,000
Strike 67300 has a total call value of 331,250,000 versus a total put value of 190,000,000. Combined total value = 521,250,000
Strike 67400 has a total call value of 358,000,000 versus a total put value of 175,000,000. Combined total value = 533,000,000
Strike 67500 has a total call value of 387,750,000 versus a total put value of 163,500,000. Combined total value = 551,250,000
Strike 67600 has a total call value of 420,000,000 versus a total put value of 152,000,000. Combined total value = 572,000,000
Strike 67700 has a total call value of 452,250,000 versus a total put value of 140,500,000. Combined total value = 592,750,000
Strike 67800 has a total call value of 484,500,000 versus a total put value of 129,000,000. Combined total value = 613,500,000
Strike 67900 has a total call value of 516,750,000 versus a total put value of 117,500,000. Combined total value = 634,250,000
Strike 68000 has a total call value of 549,000,000 versus a total put value of 106,000,000. Combined total value = 655,000,000
Strike 68100 has a total call value of 587,500,000 versus a total put value of 96,250,000. Combined total value = 683,750,000
Strike 68200 has a total call value of 626,000,000 versus a total put value of 86,500,000. Combined total value = 712,500,000
Strike 68300 has a total call value of 666,000,000 versus a total put value of 78,250,000. Combined total value = 744,250,000
Strike 68400 has a total call value of 706,000,000 versus a total put value of 70,000,000. Combined total value = 776,000,000
Strike 68500 has a total call value of 746,000,000 versus a total put value of 61,750,000. Combined total value = 807,750,000
Strike 68600 has a total call value of 787,750,000 versus a total put value of 55,500,000. Combined total value = 843,250,000
Strike 68700 has a total call value of 829,500,000 versus a total put value of 49,250,000. Combined total value = 878,750,000
Strike 68800 has a total call value of 871,250,000 versus a total put value of 43,000,000. Combined total value = 914,250,000
Strike 68900 has a total call value of 913,000,000 versus a total put value of 36,750,000. Combined total value = 949,750,000
Strike 69000 has a total call value of 954,750,000 versus a total put value of 30,500,000. Combined total value = 985,250,000
Strike 69100 has a total call value of 996,500,000 versus a total put value of 27,500,000. Combined total value = 1,024,000,000
Strike 69200 has a total call value of 1,038,250,000 versus a total put value of 24,500,000. Combined total value = 1,062,750,000
Strike 69300 has a total call value of 1,080,000,000 versus a total put value of 21,500,000. Combined total value = 1,101,500,000
Strike 69400 has a total call value of 1,121,750,000 versus a total put value of 18,500,000. Combined total value = 1,140,250,000
Strike 69500 has a total call value of 1,163,500,000 versus a total put value of 15,500,000. Combined total value = 1,179,000,000
Strike 69600 has a total call value of 1,212,000,000 versus a total put value of 12,750,000. Combined total value = 1,224,750,000
Strike 69700 has a total call value of 1,260,500,000 versus a total put value of 10,000,000. Combined total value = 1,270,500,000
Strike 69800 has a total call value of 1,309,000,000 versus a total put value of 7,250,000. Combined total value = 1,316,250,000
Strike 69900 has a total call value of 1,357,500,000 versus a total put value of 4,500,000. Combined total value = 1,362,000,000
Strike 70000 has a total call value of 1,409,750,000 versus a total put value of 3,750,000. Combined total value = 1,413,500,000
Strike 70100 has a total call value of 1,477,250,000 versus a total put value of 3,000,000. Combined total value = 1,480,250,000
Strike 70200 has a total call value of 1,544,750,000 versus a total put value of 2,250,000. Combined total value = 1,547,000,000
Strike 70300 has a total call value of 1,612,500,000 versus a total put value of 1,500,000. Combined total value = 1,614,000,000
Strike 70400 has a total call value of 1,680,250,000 versus a total put value of 750,000. Combined total value = 1,681,000,000
Strike 70500 has a total call value of 1,748,500,000 versus a total put value of 0. Combined total value = 1,748,500,000
Strike 70600 has a total call value of 1,819,250,000 versus a total put value of 0. Combined total value = 1,819,250,000
Strike 70700 has a total call value of 1,891,000,000 versus a total put value of 0. Combined total value = 1,891,000,000
Strike 70800 has a total call value of 1,966,000,000 versus a total put value of 0. Combined total value = 1,966,000,000
Strike 70900 has a total call value of 2,041,500,000 versus a total put value of 0. Combined total value = 2,041,500,000
Strike 71000 has a total call value of 2,117,000,000 versus a total put value of 0. Combined total value = 2,117,000,000
Strike 71100 has a total call value of 2,211,500,000 versus a total put value of 0. Combined total value = 2,211,500,000
Strike 71200 has a total call value of 2,306,000,000 versus a total put value of 0. Combined total value = 2,306,000,000
Max-Pain Table for Index
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.
