ONGC
Oil And Natural Gas Corp.
ONGC
278.65
Max Pain
Strike 193.75 has a total call value of 0 versus a total put value of 410,435,606,250 Combined total value = 410,435,606,250
Strike 194 has a total call value of 0 versus a total put value of 408,825,675,000 Combined total value = 408,825,675,000
Strike 195.75 has a total call value of 0 versus a total put value of 397,556,156,250 Combined total value = 397,556,156,250
Strike 196 has a total call value of 0 versus a total put value of 395,946,225,000 Combined total value = 395,946,225,000
Strike 197.75 has a total call value of 0 versus a total put value of 384,676,706,250 Combined total value = 384,676,706,250
Strike 198 has a total call value of 0 versus a total put value of 383,066,775,000 Combined total value = 383,066,775,000
Strike 199.75 has a total call value of 0 versus a total put value of 371,797,256,250 Combined total value = 371,797,256,250
Strike 200 has a total call value of 0 versus a total put value of 370,187,325,000 Combined total value = 370,187,325,000
Strike 201.75 has a total call value of 0 versus a total put value of 358,917,806,250 Combined total value = 358,917,806,250
Strike 202 has a total call value of 0 versus a total put value of 357,307,875,000 Combined total value = 357,307,875,000
Strike 203.75 has a total call value of 0 versus a total put value of 346,038,356,250 Combined total value = 346,038,356,250
Strike 204 has a total call value of 112,500 versus a total put value of 344,435,906,250 Combined total value = 344,436,018,750
Strike 205 has a total call value of 562,500 versus a total put value of 338,026,106,250 Combined total value = 338,026,668,750
Strike 205.75 has a total call value of 900,000 versus a total put value of 333,218,756,250 Combined total value = 333,219,656,250
Strike 206 has a total call value of 1,012,500 versus a total put value of 331,618,781,250 Combined total value = 331,619,793,750
Strike 207 has a total call value of 1,462,500 versus a total put value of 325,218,881,250 Combined total value = 325,220,343,750
Strike 207.75 has a total call value of 1,800,000 versus a total put value of 320,418,956,250 Combined total value = 320,420,756,250
Strike 208 has a total call value of 1,912,500 versus a total put value of 318,823,087,500 Combined total value = 318,825,000,000
Strike 209 has a total call value of 2,362,500 versus a total put value of 312,439,612,500 Combined total value = 312,441,975,000
Strike 209.75 has a total call value of 2,700,000 versus a total put value of 307,652,006,250 Combined total value = 307,654,706,250
Strike 210 has a total call value of 2,812,500 versus a total put value of 306,058,443,750 Combined total value = 306,061,256,250
Strike 211 has a total call value of 3,262,500 versus a total put value of 299,684,193,750 Combined total value = 299,687,456,250
Strike 211.75 has a total call value of 3,600,000 versus a total put value of 294,903,506,250 Combined total value = 294,907,106,250
Strike 212 has a total call value of 3,712,500 versus a total put value of 293,309,943,750 Combined total value = 293,313,656,250
Strike 212.75 has a total call value of 4,050,000 versus a total put value of 288,529,256,250 Combined total value = 288,533,306,250
Strike 213 has a total call value of 4,162,500 versus a total put value of 286,938,956,250 Combined total value = 286,943,118,750
Strike 213.75 has a total call value of 4,500,000 versus a total put value of 282,168,056,250 Combined total value = 282,172,556,250
Strike 214 has a total call value of 5,625,000 versus a total put value of 280,598,681,250 Combined total value = 280,604,306,250
Strike 214.75 has a total call value of 9,000,000 versus a total put value of 275,890,556,250 Combined total value = 275,899,556,250
Strike 215 has a total call value of 10,125,000 versus a total put value of 274,325,062,500 Combined total value = 274,335,187,500
Strike 215.75 has a total call value of 13,500,000 versus a total put value of 269,628,581,250 Combined total value = 269,642,081,250
Strike 216 has a total call value of 14,625,000 versus a total put value of 268,066,631,250 Combined total value = 268,081,256,250
Strike 216.75 has a total call value of 18,000,000 versus a total put value of 263,380,781,250 Combined total value = 263,398,781,250
Strike 217 has a total call value of 19,125,000 versus a total put value of 261,820,800,000 Combined total value = 261,839,925,000
Strike 217.75 has a total call value of 22,500,000 versus a total put value of 257,140,856,250 Combined total value = 257,163,356,250
Strike 218 has a total call value of 23,625,000 versus a total put value of 255,581,381,250 Combined total value = 255,605,006,250
Strike 218.75 has a total call value of 27,000,000 versus a total put value of 250,902,956,250 Combined total value = 250,929,956,250
Strike 219 has a total call value of 28,293,750 versus a total put value of 249,348,093,750 Combined total value = 249,376,387,500
Strike 219.75 has a total call value of 32,175,000 versus a total put value of 244,683,506,250 Combined total value = 244,715,681,250
Strike 220 has a total call value of 33,468,750 versus a total put value of 243,131,118,750 Combined total value = 243,164,587,500
Strike 220.75 has a total call value of 37,350,000 versus a total put value of 238,473,956,250 Combined total value = 238,511,306,250
Strike 221 has a total call value of 38,812,500 versus a total put value of 236,924,887,500 Combined total value = 236,963,700,000
Strike 221.75 has a total call value of 43,200,000 versus a total put value of 232,277,681,250 Combined total value = 232,320,881,250
Strike 222 has a total call value of 44,662,500 versus a total put value of 230,730,693,750 Combined total value = 230,775,356,250
Strike 222.75 has a total call value of 49,050,000 versus a total put value of 226,089,731,250 Combined total value = 226,138,781,250
Strike 223 has a total call value of 50,512,500 versus a total put value of 224,544,600,000 Combined total value = 224,595,112,500
Strike 223.75 has a total call value of 54,900,000 versus a total put value of 219,909,206,250 Combined total value = 219,964,106,250
Strike 224 has a total call value of 62,325,000 versus a total put value of 218,430,168,750 Combined total value = 218,492,493,750
Strike 224.75 has a total call value of 84,600,000 versus a total put value of 213,993,056,250 Combined total value = 214,077,656,250
Strike 225.75 has a total call value of 114,300,000 versus a total put value of 208,081,856,250 Combined total value = 208,196,156,250
Strike 226 has a total call value of 121,725,000 versus a total put value of 206,607,262,500 Combined total value = 206,728,987,500
Strike 226.75 has a total call value of 144,000,000 versus a total put value of 202,183,481,250 Combined total value = 202,327,481,250
Strike 227.75 has a total call value of 177,975,000 versus a total put value of 196,298,381,250 Combined total value = 196,476,356,250
Strike 228 has a total call value of 186,468,750 versus a total put value of 194,827,668,750 Combined total value = 195,014,137,500
Strike 228.75 has a total call value of 211,950,000 versus a total put value of 190,415,531,250 Combined total value = 190,627,481,250
Strike 229 has a total call value of 223,200,000 versus a total put value of 188,968,950,000 Combined total value = 189,192,150,000
Strike 229.75 has a total call value of 256,950,000 versus a total put value of 184,629,206,250 Combined total value = 184,886,156,250
Strike 230 has a total call value of 268,200,000 versus a total put value of 183,183,637,500 Combined total value = 183,451,837,500
Strike 230.75 has a total call value of 301,950,000 versus a total put value of 178,846,931,250 Combined total value = 179,148,881,250
Strike 231 has a total call value of 313,200,000 versus a total put value of 177,404,962,500 Combined total value = 177,718,162,500
Strike 231.75 has a total call value of 346,950,000 versus a total put value of 173,079,056,250 Combined total value = 173,426,006,250
Strike 232 has a total call value of 358,818,750 versus a total put value of 171,639,787,500 Combined total value = 171,998,606,250
Strike 232.75 has a total call value of 394,425,000 versus a total put value of 167,321,981,250 Combined total value = 167,716,406,250
Strike 233 has a total call value of 406,350,000 versus a total put value of 165,884,625,000 Combined total value = 166,290,975,000
Strike 233.75 has a total call value of 442,125,000 versus a total put value of 161,572,556,250 Combined total value = 162,014,681,250
Strike 234 has a total call value of 461,306,250 versus a total put value of 160,150,331,250 Combined total value = 160,611,637,500
Strike 234.75 has a total call value of 518,850,000 versus a total put value of 155,883,656,250 Combined total value = 156,402,506,250
Strike 235 has a total call value of 540,787,500 versus a total put value of 154,466,493,750 Combined total value = 155,007,281,250
Strike 235.75 has a total call value of 606,600,000 versus a total put value of 150,215,006,250 Combined total value = 150,821,606,250
Strike 236 has a total call value of 630,056,250 versus a total put value of 148,800,262,500 Combined total value = 149,430,318,750
Strike 236.75 has a total call value of 700,425,000 versus a total put value of 144,556,031,250 Combined total value = 145,256,456,250
Strike 237 has a total call value of 726,806,250 versus a total put value of 143,147,812,500 Combined total value = 143,874,618,750
Strike 237.75 has a total call value of 805,950,000 versus a total put value of 138,923,156,250 Combined total value = 139,729,106,250
Strike 238 has a total call value of 833,962,500 versus a total put value of 137,520,337,500 Combined total value = 138,354,300,000
Strike 238.75 has a total call value of 918,000,000 versus a total put value of 133,311,881,250 Combined total value = 134,229,881,250
Strike 239 has a total call value of 956,643,750 versus a total put value of 131,921,437,500 Combined total value = 132,878,081,250
Strike 239.75 has a total call value of 1,072,575,000 versus a total put value of 127,750,106,250 Combined total value = 128,822,681,250
Strike 240 has a total call value of 1,115,381,250 versus a total put value of 126,365,681,250 Combined total value = 127,481,062,500
Strike 240.75 has a total call value of 1,243,800,000 versus a total put value of 122,212,575,000 Combined total value = 123,456,375,000
Strike 241 has a total call value of 1,288,462,500 versus a total put value of 120,842,662,500 Combined total value = 122,131,125,000
Strike 241.75 has a total call value of 1,422,450,000 versus a total put value of 116,732,925,000 Combined total value = 118,155,375,000
Strike 242 has a total call value of 1,472,175,000 versus a total put value of 115,368,075,000 Combined total value = 116,840,250,000
Strike 242.75 has a total call value of 1,621,350,000 versus a total put value of 111,273,693,750 Combined total value = 112,895,043,750
Strike 243 has a total call value of 1,679,343,750 versus a total put value of 109,913,906,250 Combined total value = 111,593,250,000
Strike 243.75 has a total call value of 1,853,325,000 versus a total put value of 105,834,543,750 Combined total value = 107,687,868,750
Strike 244 has a total call value of 1,956,656,250 versus a total put value of 104,529,262,500 Combined total value = 106,485,918,750
Strike 244.75 has a total call value of 2,266,650,000 versus a total put value of 100,613,418,750 Combined total value = 102,880,068,750
Strike 245 has a total call value of 2,375,493,750 versus a total put value of 99,316,350,000 Combined total value = 101,691,843,750
Strike 245.75 has a total call value of 2,702,025,000 versus a total put value of 95,425,143,750 Combined total value = 98,127,168,750
Strike 246 has a total call value of 2,835,787,500 versus a total put value of 94,137,637,500 Combined total value = 96,973,425,000
Strike 246.75 has a total call value of 3,237,075,000 versus a total put value of 90,275,118,750 Combined total value = 93,512,193,750
Strike 247 has a total call value of 3,398,568,750 versus a total put value of 88,998,581,250 Combined total value = 92,397,150,000
Strike 247.75 has a total call value of 3,883,050,000 versus a total put value of 85,168,968,750 Combined total value = 89,052,018,750
Strike 248 has a total call value of 4,061,812,500 versus a total put value of 83,904,300,000 Combined total value = 87,966,112,500
Strike 248.75 has a total call value of 4,598,100,000 versus a total put value of 80,110,631,250 Combined total value = 84,708,731,250
Strike 249 has a total call value of 4,955,625,000 versus a total put value of 78,916,837,500 Combined total value = 83,872,462,500
Strike 249.75 has a total call value of 6,028,200,000 versus a total put value of 75,335,456,250 Combined total value = 81,363,656,250
Strike 250 has a total call value of 6,401,531,250 versus a total put value of 74,148,300,000 Combined total value = 80,549,831,250
Strike 250.75 has a total call value of 7,522,875,000 versus a total put value of 70,586,831,250 Combined total value = 78,109,706,250
Strike 251 has a total call value of 7,939,012,500 versus a total put value of 69,450,300,000 Combined total value = 77,389,312,500
Strike 251.75 has a total call value of 9,187,425,000 versus a total put value of 66,040,706,250 Combined total value = 75,228,131,250
Strike 252 has a total call value of 9,608,568,750 versus a total put value of 64,920,262,500 Combined total value = 74,528,831,250
Strike 252.75 has a total call value of 10,872,000,000 versus a total put value of 61,558,931,250 Combined total value = 72,430,931,250
Strike 253 has a total call value of 11,300,062,500 versus a total put value of 60,450,750,000 Combined total value = 71,750,812,500
Strike 253.75 has a total call value of 12,584,250,000 versus a total put value of 57,126,206,250 Combined total value = 69,710,456,250
Strike 254 has a total call value of 13,065,862,500 versus a total put value of 56,062,293,750 Combined total value = 69,128,156,250
Strike 254.75 has a total call value of 14,510,700,000 versus a total put value of 52,870,556,250 Combined total value = 67,381,256,250
Strike 255 has a total call value of 14,998,725,000 versus a total put value of 51,812,268,750 Combined total value = 66,810,993,750
Strike 255.75 has a total call value of 16,462,800,000 versus a total put value of 48,637,406,250 Combined total value = 65,100,206,250
Strike 256 has a total call value of 17,007,018,750 versus a total put value of 47,594,475,000 Combined total value = 64,601,493,750
Strike 256.75 has a total call value of 18,639,675,000 versus a total put value of 44,465,681,250 Combined total value = 63,105,356,250
Strike 257 has a total call value of 19,189,125,000 versus a total put value of 43,429,162,500 Combined total value = 62,618,287,500
Strike 257.75 has a total call value of 20,837,475,000 versus a total put value of 40,319,606,250 Combined total value = 61,157,081,250
Strike 258 has a total call value of 21,410,662,500 versus a total put value of 39,292,143,750 Combined total value = 60,702,806,250
Strike 258.75 has a total call value of 23,130,225,000 versus a total put value of 36,209,756,250 Combined total value = 59,339,981,250
Strike 259 has a total call value of 23,771,362,500 versus a total put value of 35,238,431,250 Combined total value = 59,009,793,750
Strike 259.75 has a total call value of 25,694,775,000 versus a total put value of 32,324,456,250 Combined total value = 58,019,231,250
Strike 260 has a total call value of 26,358,187,500 versus a total put value of 31,373,550,000 Combined total value = 57,731,737,500
Strike 260.75 has a total call value of 28,351,125,000 versus a total put value of 28,547,325,000 Combined total value = 56,898,450,000
Strike 261 has a total call value of 29,040,525,000 versus a total put value of 27,633,150,000 Combined total value = 56,673,675,000
Strike 261.75 has a total call value of 31,108,725,000 versus a total put value of 24,895,687,500 Combined total value = 56,004,412,500
Strike 262 has a total call value of 31,818,318,750 versus a total put value of 24,008,287,500 Combined total value = 55,826,606,250
Strike 262.75 has a total call value of 33,947,100,000 versus a total put value of 21,356,887,500 Combined total value = 55,303,987,500
Strike 263 has a total call value of 34,682,456,250 versus a total put value of 20,505,656,250 Combined total value = 55,188,112,500
Strike 263.75 has a total call value of 36,888,525,000 versus a total put value of 17,975,925,000 Combined total value = 54,864,450,000
Strike 264 has a total call value of 38,017,968,750 versus a total put value of 17,303,400,000 Combined total value = 55,321,368,750
Strike 264.75 has a total call value of 41,406,468,750 versus a total put value of 15,307,425,000 Combined total value = 56,713,893,750
Strike 265 has a total call value of 42,679,350,000 versus a total put value of 14,706,337,500 Combined total value = 57,385,687,500
Strike 265.75 has a total call value of 46,533,431,250 versus a total put value of 13,007,700,000 Combined total value = 59,541,131,250
Strike 266 has a total call value of 47,857,612,500 versus a total put value of 12,473,156,250 Combined total value = 60,330,768,750
Strike 266.75 has a total call value of 51,835,050,000 versus a total put value of 10,902,262,500 Combined total value = 62,737,312,500
Strike 267 has a total call value of 53,184,487,500 versus a total put value of 10,406,587,500 Combined total value = 63,591,075,000
Strike 267.75 has a total call value of 57,242,587,500 versus a total put value of 8,962,931,250 Combined total value = 66,205,518,750
Strike 268 has a total call value of 58,674,150,000 versus a total put value of 8,514,225,000 Combined total value = 67,188,375,000
Strike 268.75 has a total call value of 62,997,356,250 versus a total put value of 7,223,287,500 Combined total value = 70,220,643,750
Strike 269 has a total call value of 64,598,400,000 versus a total put value of 6,874,425,000 Combined total value = 71,472,825,000
Strike 269.75 has a total call value of 69,431,737,500 versus a total put value of 5,889,093,750 Combined total value = 75,320,831,250
Strike 270 has a total call value of 71,064,956,250 versus a total put value of 5,582,756,250 Combined total value = 76,647,712,500
Strike 270.75 has a total call value of 76,060,800,000 versus a total put value of 4,802,118,750 Combined total value = 80,862,918,750
Strike 271 has a total call value of 77,744,475,000 versus a total put value of 4,561,706,250 Combined total value = 82,306,181,250
Strike 271.75 has a total call value of 82,821,318,750 versus a total put value of 3,862,743,750 Combined total value = 86,684,062,500
Strike 272 has a total call value of 84,528,843,750 versus a total put value of 3,641,175,000 Combined total value = 88,170,018,750
Strike 272.75 has a total call value of 89,679,937,500 versus a total put value of 3,003,131,250 Combined total value = 92,683,068,750
Strike 273 has a total call value of 91,410,806,250 versus a total put value of 2,797,087,500 Combined total value = 94,207,893,750
Strike 273.75 has a total call value of 96,637,668,750 versus a total put value of 2,203,762,500 Combined total value = 98,841,431,250
Strike 274 has a total call value of 98,448,300,000 versus a total put value of 2,043,675,000 Combined total value = 100,491,975,000
Strike 274.75 has a total call value of 103,918,668,750 versus a total put value of 1,595,812,500 Combined total value = 105,514,481,250
Strike 275 has a total call value of 105,794,381,250 versus a total put value of 1,461,712,500 Combined total value = 107,256,093,750
Strike 275.75 has a total call value of 111,572,718,750 versus a total put value of 1,159,650,000 Combined total value = 112,732,368,750
Strike 276 has a total call value of 113,547,487,500 versus a total put value of 1,071,000,000 Combined total value = 114,618,487,500
Strike 276.75 has a total call value of 119,502,843,750 versus a total put value of 831,037,500 Combined total value = 120,333,881,250
Strike 277 has a total call value of 121,498,818,750 versus a total put value of 758,362,500 Combined total value = 122,257,181,250
Strike 277.75 has a total call value of 127,511,212,500 versus a total put value of 566,493,750 Combined total value = 128,077,706,250
Strike 278 has a total call value of 129,529,125,000 versus a total put value of 512,381,250 Combined total value = 130,041,506,250
Strike 278.75 has a total call value of 135,637,368,750 versus a total put value of 387,675,000 Combined total value = 136,025,043,750
Strike 279 has a total call value of 137,703,712,500 versus a total put value of 354,262,500 Combined total value = 138,057,975,000
Strike 279.75 has a total call value of 143,945,437,500 versus a total put value of 263,137,500 Combined total value = 144,208,575,000
Strike 280 has a total call value of 146,041,875,000 versus a total put value of 236,925,000 Combined total value = 146,278,800,000
Strike 280.75 has a total call value of 152,679,656,250 versus a total put value of 196,931,250 Combined total value = 152,876,587,500
Strike 281 has a total call value of 154,907,156,250 versus a total put value of 185,681,250 Combined total value = 155,092,837,500
Strike 281.75 has a total call value of 161,609,400,000 versus a total put value of 155,306,250 Combined total value = 161,764,706,250
Strike 282 has a total call value of 163,849,837,500 versus a total put value of 145,181,250 Combined total value = 163,995,018,750
Strike 282.75 has a total call value of 170,605,406,250 versus a total put value of 120,712,500 Combined total value = 170,726,118,750
Strike 283 has a total call value of 172,861,425,000 versus a total put value of 114,018,750 Combined total value = 172,975,443,750
Strike 283.75 has a total call value of 179,636,737,500 versus a total put value of 93,937,500 Combined total value = 179,730,675,000
Strike 284 has a total call value of 181,924,875,000 versus a total put value of 90,112,500 Combined total value = 182,014,987,500
Strike 284.75 has a total call value of 188,797,218,750 versus a total put value of 78,637,500 Combined total value = 188,875,856,250
Strike 285 has a total call value of 191,105,156,250 versus a total put value of 74,812,500 Combined total value = 191,179,968,750
Strike 285.75 has a total call value of 198,086,512,500 versus a total put value of 68,400,000 Combined total value = 198,154,912,500
Strike 286 has a total call value of 200,426,118,750 versus a total put value of 66,262,500 Combined total value = 200,492,381,250
Strike 286.75 has a total call value of 207,464,175,000 versus a total put value of 59,850,000 Combined total value = 207,524,025,000
Strike 287 has a total call value of 209,816,437,500 versus a total put value of 57,712,500 Combined total value = 209,874,150,000
Strike 287.75 has a total call value of 216,884,700,000 versus a total put value of 51,300,000 Combined total value = 216,936,000,000
Strike 288 has a total call value of 219,251,587,500 versus a total put value of 49,162,500 Combined total value = 219,300,750,000
Strike 288.75 has a total call value of 226,359,506,250 versus a total put value of 42,750,000 Combined total value = 226,402,256,250
Strike 289 has a total call value of 228,741,243,750 versus a total put value of 40,612,500 Combined total value = 228,781,856,250
Strike 289.75 has a total call value of 235,886,456,250 versus a total put value of 34,200,000 Combined total value = 235,920,656,250
Strike 290 has a total call value of 238,290,806,250 versus a total put value of 32,062,500 Combined total value = 238,322,868,750
Strike 290.75 has a total call value of 245,545,200,000 versus a total put value of 25,650,000 Combined total value = 245,570,850,000
Strike 291 has a total call value of 247,976,156,250 versus a total put value of 23,512,500 Combined total value = 247,999,668,750
Strike 291.75 has a total call value of 255,269,025,000 versus a total put value of 17,100,000 Combined total value = 255,286,125,000
Strike 292 has a total call value of 257,703,468,750 versus a total put value of 14,962,500 Combined total value = 257,718,431,250
Strike 292.75 has a total call value of 265,008,993,750 versus a total put value of 8,550,000 Combined total value = 265,017,543,750
Strike 293 has a total call value of 267,456,543,750 versus a total put value of 6,412,500 Combined total value = 267,462,956,250
Strike 293.75 has a total call value of 274,799,193,750 versus a total put value of 0 Combined total value = 274,799,193,750
Strike 294 has a total call value of 277,286,456,250 versus a total put value of 0 Combined total value = 277,286,456,250
Strike 294.75 has a total call value of 284,750,268,750 versus a total put value of 0 Combined total value = 284,750,268,750
Strike 295 has a total call value of 287,239,612,500 versus a total put value of 0 Combined total value = 287,239,612,500
Strike 295.75 has a total call value of 294,707,643,750 versus a total put value of 0 Combined total value = 294,707,643,750
Strike 296 has a total call value of 297,198,000,000 versus a total put value of 0 Combined total value = 297,198,000,000
Strike 296.75 has a total call value of 304,672,275,000 versus a total put value of 0 Combined total value = 304,672,275,000
Strike 297 has a total call value of 307,163,700,000 versus a total put value of 0 Combined total value = 307,163,700,000
Strike 297.75 has a total call value of 314,637,975,000 versus a total put value of 0 Combined total value = 314,637,975,000
Strike 298 has a total call value of 317,129,400,000 versus a total put value of 0 Combined total value = 317,129,400,000
Strike 298.75 has a total call value of 324,603,675,000 versus a total put value of 0 Combined total value = 324,603,675,000
Strike 299 has a total call value of 327,126,825,000 versus a total put value of 0 Combined total value = 327,126,825,000
Strike 299.75 has a total call value of 334,696,275,000 versus a total put value of 0 Combined total value = 334,696,275,000
Strike 300 has a total call value of 337,230,393,750 versus a total put value of 0 Combined total value = 337,230,393,750
Strike 300.75 has a total call value of 344,832,750,000 versus a total put value of 0 Combined total value = 344,832,750,000
Strike 301 has a total call value of 347,384,868,750 versus a total put value of 0 Combined total value = 347,384,868,750
Strike 301.75 has a total call value of 355,041,225,000 versus a total put value of 0 Combined total value = 355,041,225,000
Max-Pain Table for Stocks
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.
