ONGC

Oil And Natural Gas Corp.

241.96 -0.27 (-0.11%)

L: 241.43 H: 243.2

Max Pain - ONGC

05 Dec 2025 02:06 PM IST

Live

Expiry

Max Pain for ONGC is 244

Historical data for ONGC-244-CE

LTP (244 CE)

3.5 -0.2

Open Interest

1580 -6

Historical data for ONGC-244-PE

LTP (244 PE)

4.04 0.04

Open Interest

417 -110

Strike 209 has a total call value of 0 versus a total put value of 44,247,037,500 Combined total value = 44,247,037,500

Strike 210 has a total call value of 0 versus a total put value of 42,732,112,500 Combined total value = 42,732,112,500

Strike 212.5 has a total call value of 0 versus a total put value of 38,944,800,000 Combined total value = 38,944,800,000

Strike 214 has a total call value of 0 versus a total put value of 36,672,412,500 Combined total value = 36,672,412,500

Strike 215 has a total call value of 0 versus a total put value of 35,166,037,500 Combined total value = 35,166,037,500

Strike 217.5 has a total call value of 0 versus a total put value of 31,400,100,000 Combined total value = 31,400,100,000

Strike 219 has a total call value of 0 versus a total put value of 29,140,537,500 Combined total value = 29,140,537,500

Strike 220 has a total call value of 0 versus a total put value of 27,728,437,500 Combined total value = 27,728,437,500

Strike 221.5 has a total call value of 0 versus a total put value of 25,654,837,500 Combined total value = 25,654,837,500

Strike 222.5 has a total call value of 0 versus a total put value of 24,272,437,500 Combined total value = 24,272,437,500

Strike 224 has a total call value of 0 versus a total put value of 22,198,837,500 Combined total value = 22,198,837,500

Strike 225 has a total call value of 0 versus a total put value of 20,847,262,500 Combined total value = 20,847,262,500

Strike 226.5 has a total call value of 0 versus a total put value of 18,908,325,000 Combined total value = 18,908,325,000

Strike 227.5 has a total call value of 0 versus a total put value of 17,615,700,000 Combined total value = 17,615,700,000

Strike 229 has a total call value of 0 versus a total put value of 15,726,375,000 Combined total value = 15,726,375,000

Strike 230 has a total call value of 0 versus a total put value of 14,509,800,000 Combined total value = 14,509,800,000

Strike 231.5 has a total call value of 45,900,000 versus a total put value of 12,844,912,500 Combined total value = 12,890,812,500

Strike 232.5 has a total call value of 76,500,000 versus a total put value of 11,747,137,500 Combined total value = 11,823,637,500

Strike 234 has a total call value of 122,400,000 versus a total put value of 10,132,537,500 Combined total value = 10,254,937,500

Strike 235 has a total call value of 153,000,000 versus a total put value of 9,185,512,500 Combined total value = 9,338,512,500

Strike 236.5 has a total call value of 212,400,000 versus a total put value of 7,902,337,500 Combined total value = 8,114,737,500

Strike 237.5 has a total call value of 252,000,000 versus a total put value of 7,070,737,500 Combined total value = 7,322,737,500

Strike 239 has a total call value of 311,400,000 versus a total put value of 5,883,750,000 Combined total value = 6,195,150,000

Strike 240 has a total call value of 362,025,000 versus a total put value of 5,130,900,000 Combined total value = 5,492,925,000

Strike 241.5 has a total call value of 602,662,500 versus a total put value of 4,227,750,000 Combined total value = 4,830,412,500

Strike 242.5 has a total call value of 787,612,500 versus a total put value of 3,648,150,000 Combined total value = 4,435,762,500

Strike 244 has a total call value of 1,125,450,000 versus a total put value of 2,836,800,000 Combined total value = 3,962,250,000

Strike 245 has a total call value of 1,706,175,000 versus a total put value of 2,389,725,000 Combined total value = 4,095,900,000

Strike 246.5 has a total call value of 3,084,187,500 versus a total put value of 1,869,637,500 Combined total value = 4,953,825,000

Strike 247.5 has a total call value of 4,178,587,500 versus a total put value of 1,522,912,500 Combined total value = 5,701,500,000

Strike 249 has a total call value of 5,980,500,000 versus a total put value of 1,046,700,000 Combined total value = 7,027,200,000

Strike 250 has a total call value of 7,255,800,000 versus a total put value of 764,100,000 Combined total value = 8,019,900,000

Strike 251.5 has a total call value of 10,642,275,000 versus a total put value of 598,050,000 Combined total value = 11,240,325,000

Strike 252.5 has a total call value of 12,942,000,000 versus a total put value of 487,350,000 Combined total value = 13,429,350,000

Strike 254 has a total call value of 16,588,687,500 versus a total put value of 321,300,000 Combined total value = 16,909,987,500

Strike 255 has a total call value of 19,130,062,500 versus a total put value of 257,625,000 Combined total value = 19,387,687,500

Strike 256.5 has a total call value of 23,226,300,000 versus a total put value of 180,337,500 Combined total value = 23,406,637,500

Strike 257.5 has a total call value of 25,981,200,000 versus a total put value of 128,812,500 Combined total value = 26,110,012,500

Strike 259 has a total call value of 30,153,037,500 versus a total put value of 51,525,000 Combined total value = 30,204,562,500

Strike 260 has a total call value of 32,970,262,500 versus a total put value of 0 Combined total value = 32,970,262,500

Strike 261.5 has a total call value of 37,657,125,000 versus a total put value of 0 Combined total value = 37,657,125,000

Strike 262.5 has a total call value of 40,781,700,000 versus a total put value of 0 Combined total value = 40,781,700,000

Strike 264 has a total call value of 45,468,562,500 versus a total put value of 0 Combined total value = 45,468,562,500

Strike 265 has a total call value of 48,644,212,500 versus a total put value of 0 Combined total value = 48,644,212,500

Strike 266.5 has a total call value of 53,533,237,500 versus a total put value of 0 Combined total value = 53,533,237,500

Strike 267.5 has a total call value of 56,792,587,500 versus a total put value of 0 Combined total value = 56,792,587,500

Strike 269 has a total call value of 61,681,612,500 versus a total put value of 0 Combined total value = 61,681,612,500

Strike 270 has a total call value of 64,940,962,500 versus a total put value of 0 Combined total value = 64,940,962,500

Strike 271.5 has a total call value of 69,955,200,000 versus a total put value of 0 Combined total value = 69,955,200,000

Strike 272.5 has a total call value of 73,298,025,000 versus a total put value of 0 Combined total value = 73,298,025,000

Strike 274 has a total call value of 78,312,262,500 versus a total put value of 0 Combined total value = 78,312,262,500

Strike 275 has a total call value of 81,655,087,500 versus a total put value of 0 Combined total value = 81,655,087,500

Strike 277.5 has a total call value of 90,012,150,000 versus a total put value of 0 Combined total value = 90,012,150,000

Strike 279 has a total call value of 95,026,387,500 versus a total put value of 0 Combined total value = 95,026,387,500

Strike 280 has a total call value of 98,369,212,500 versus a total put value of 0 Combined total value = 98,369,212,500

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	1150	1140
ABB	5160	5150
ABCAPITAL	359	350
ADANIENSOL	973.45	980
ADANIENT	2260.5	2300
ADANIGREEN	1016.4	1020
ADANIPORTS	1511.9	1500
ALKEM	5680	5700
AMBER	6520	6600
AMBUJACEM	533.75	550
ANGELONE	2635.1	2650
APLAPOLLO	1772.5	1760
APOLLOHOSP	7190	7350
ASHOKLEY	160.38	157
ASIANPAINT	2964.9	2920
ASTRAL	1459.5	1460
AUBANK	956.65	940
AUROPHARMA	1215.3	1220
AXISBANK	1280.3	1280
BAJAJ-AUTO	9092	9100
BAJAJFINSV	2100	2080
BAJFINANCE	1054.7	1030
BANDHANBNK	140.9	150
BANKBARODA	292.3	290
BANKINDIA	142.53	145
BDL	1516.9	1520
BEL	408	410
BHARATFORG	1402.1	1400
BHARTIARTL	2099.5	2100
BHEL	277.95	285
BIOCON	391.3	395
BLUESTARCO	1726.7	1760
BOSCHLTD	36860	36500
BPCL	360.95	362.5
BRITANNIA	5937	5850
BSE	2815.5	2800
CAMS	772.8	780
CANBK	148.6	150
CDSL	1546.7	1580
CGPOWER	660.55	680
CHOLAFIN	1720.1	1700
CIPLA	1524.6	1530
COALINDIA	380.05	380
COFORGE	1980.7	1860
COLPAL	2158.5	2180
CONCOR	512.5	520
CROMPTON	260.3	270
CUMMINSIND	4459.4	4500
CYIENT	1172.7	1160
DABUR	508.85	515
DALBHARAT	1991.2	2000
DELHIVERY	407	420
DIVISLAB	6461.5	6450
DIXON	13855	14500
DLF	718.6	730
DMART	3945.6	4000
DRREDDY	1274.3	1270
EICHERMOT	7169.5	7100
ETERNAL	293.75	305
EXIDEIND	378.25	380
FEDERALBNK	258.85	255
FORTIS	890.25	910
GAIL	170.03	175
GLENMARK	1975	1940
GMRAIRPORT	103.12	102
GODREJCP	1132.9	1140
GODREJPROP	2081.7	2100
GRASIM	2741	2760
HAL	4464.4	4500
HAVELLS	1427.8	1440
HCLTECH	1683.5	1640
HDFCAMC	2575.7	2650
HDFCBANK	1002.1	1000
HDFCLIFE	770.05	770
HEROMOTOCO	6337	6200
HFCL	68.95	70
HINDALCO	826.4	800
HINDPETRO	451.15	455
HINDUNILVR	2328.5	2360
HINDZINC	499.1	490
HUDCO	222.6	230
ICICIBANK	1389.7	1380
ICICIGI	1976.5	2000
ICICIPRULI	624.05	620
IDEA	10.79	10
IDFCFIRSTB	80.87	80
IEX	145.57	145
IIFL	568.55	570
INDHOTEL	730.5	740
INDIANB	809.4	830
INDIGO	5403.5	5500
INDUSINDBK	870.1	860
INDUSTOWER	414.55	410
INFY	1614.9	1600
INOXWIND	129.46	137.5
IOC	163.27	164
IRCTC	674.3	690
IREDA	133.35	140
IRFC	114.19	117
ITC	404.5	405
JINDALSTEL	1008.6	1030
JIOFIN	302.6	305
JSWENERGY	454.2	480
JSWSTEEL	1157.7	1150
JUBLFOOD	593.7	600
KALYANKJIL	490.5	490
KAYNES	4567	5000
KEI	4157.9	4150
KFINTECH	1071.4	1080
KOTAKBANK	2158.8	2120
KPITTECH	1268.7	1240
LAURUSLABS	1025.6	1000
LICHSGFIN	542	555
LICI	868.4	900
LODHA	1106.7	1140
LT	4036.1	4020
LTF	307.4	302.5
LTIM	6290.5	6200
LUPIN	2100.5	2080
M&M	3713.9	3700
MANAPPURAM	277.9	280
MANKIND	2204.6	2250
MARICO	733.15	730
MARUTI	16206	16100
MAXHEALTH	1096.8	1120
MAZDOCK	2620.6	2700
MCX	10310	10100
MFSL	1688.3	1700
MOTHERSON	117.24	115
MPHASIS	2945.9	2900
MUTHOOTFIN	3787.7	3700
NATIONALUM	274.1	265
NAUKRI	1388.7	1380
NBCC	111.93	115
NCC	168.39	172.5
NESTLEIND	1241.3	1260
NHPC	76.93	78
NMDC	76.25	76
NTPC	323.45	325
NUVAMA	7150	7200
NYKAA	254.35	260
OBEROIRLTY	1658.8	1660
OFSS	8205.5	8200
OIL	410.5	415
ONGC	241.96	244
PAGEIND	37475	38000
PATANJALI	542.95	550
PAYTM	1350.9	1320
PERSISTENT	6514.5	6400
PETRONET	274.95	280
PFC	352.6	365
PGEL	561.8	580
PHOENIXLTD	1732.9	1740
PIDILITIND	1475	1480
PIIND	3410.1	3450
PNB	121.17	122
PNBHOUSING	902.05	900
POLICYBZR	1878.6	1860
POLYCAB	7232.5	7400
POWERGRID	270	275
POWERINDIA	19325	20500
PPLPHARMA	179.76	185
PRESTIGE	1689.2	1680
RBLBANK	305.9	310
RECLTD	352.8	360
RELIANCE	1537.1	1540
RVNL	311	315
SAIL	132.94	135
SAMMAANCAP	148.75	170
SBICARD	883	880
SBILIFE	2026.7	2020
SBIN	965.15	970
SHREECEM	26250	26500
SHRIRAMFIN	853.7	840
SIEMENS	3309.2	3300
SOLARINDS	12825	13500
SONACOMS	493.5	500
SRF	2875.4	2900
SUNPHARMA	1806.8	1800
SUPREMEIND	3366.9	3450
SUZLON	51.27	54
SYNGENE	637.95	640
TATACONSUM	1160.8	1170
TATAELXSI	5245	5300
TATAMOTORS	0	320
TATAPOWER	384.5	390
TATASTEEL	167.3	170
TATATECH	667.45	680
TCS	3235	3200
TECHM	1576.1	1520
TIINDIA	2668.2	2800
TITAGARH	794.6	820
TITAN	3816.4	3860
TMPV	354.55	360
TORNTPHARM	3793.9	3750
TORNTPOWER	1285.5	1300
TRENT	4184.2	4300
TVSMOTOR	3654.8	3600
ULTRACEMCO	11593	11700
UNIONBANK	152.71	155
UNITDSPR	1454.6	1440
UNOMINDA	1273.8	1300
UPL	756.65	760
VBL	479	470
VEDL	528.75	520
VOLTAS	1324.5	1360
WIPRO	259.5	255
YESBANK	22.56	23
ZYDUSLIFE	933.7	940

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

Related Pages for ONGC

ONGC

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD