ONGC
Oil And Natural Gas Corp.
ONGC
283.25
Strike 236 has a total call value of 0 versus a total put value of 130,685,287,500. Combined total value = 130,685,287,500
Strike 238 has a total call value of 30,150,000 versus a total put value of 124,044,187,500. Combined total value = 124,074,337,500
Strike 240 has a total call value of 61,200,000 versus a total put value of 117,414,337,500. Combined total value = 117,475,537,500
Strike 242 has a total call value of 115,200,000 versus a total put value of 110,879,437,500. Combined total value = 110,994,637,500
Strike 244 has a total call value of 170,100,000 versus a total put value of 104,351,737,500. Combined total value = 104,521,837,500
Strike 245 has a total call value of 197,775,000 versus a total put value of 101,094,187,500. Combined total value = 101,291,962,500
Strike 246 has a total call value of 225,450,000 versus a total put value of 97,840,012,500. Combined total value = 98,065,462,500
Strike 248 has a total call value of 286,650,000 versus a total put value of 91,369,462,500. Combined total value = 91,656,112,500
Strike 249 has a total call value of 317,250,000 versus a total put value of 88,141,162,500. Combined total value = 88,458,412,500
Strike 250 has a total call value of 348,075,000 versus a total put value of 84,924,562,500. Combined total value = 85,272,637,500
Strike 251 has a total call value of 393,525,000 versus a total put value of 81,889,312,500. Combined total value = 82,282,837,500
Strike 252 has a total call value of 438,975,000 versus a total put value of 78,859,912,500. Combined total value = 79,298,887,500
Strike 253 has a total call value of 484,425,000 versus a total put value of 75,838,837,500. Combined total value = 76,323,262,500
Strike 254 has a total call value of 529,875,000 versus a total put value of 72,820,912,500. Combined total value = 73,350,787,500
Strike 255 has a total call value of 576,000,000 versus a total put value of 69,819,187,500. Combined total value = 70,395,187,500
Strike 256 has a total call value of 622,125,000 versus a total put value of 66,842,662,500. Combined total value = 67,464,787,500
Strike 257 has a total call value of 668,250,000 versus a total put value of 63,880,987,500. Combined total value = 64,549,237,500
Strike 257.5 has a total call value of 691,312,500 versus a total put value of 62,406,000,000. Combined total value = 63,097,312,500
Strike 258 has a total call value of 714,375,000 versus a total put value of 60,937,312,500. Combined total value = 61,651,687,500
Strike 259 has a total call value of 760,500,000 versus a total put value of 58,015,462,500. Combined total value = 58,775,962,500
Strike 260 has a total call value of 806,625,000 versus a total put value of 55,102,162,500. Combined total value = 55,908,787,500
Strike 261 has a total call value of 882,675,000 versus a total put value of 52,386,862,500. Combined total value = 53,269,537,500
Strike 262 has a total call value of 958,725,000 versus a total put value of 49,680,112,500. Combined total value = 50,638,837,500
Strike 262.5 has a total call value of 997,537,500 versus a total put value of 48,331,237,500. Combined total value = 49,328,775,000
Strike 263 has a total call value of 1,036,350,000 versus a total put value of 46,986,187,500. Combined total value = 48,022,537,500
Strike 264 has a total call value of 1,116,450,000 versus a total put value of 44,308,237,500. Combined total value = 45,424,687,500
Strike 265 has a total call value of 1,196,775,000 versus a total put value of 41,640,637,500. Combined total value = 42,837,412,500
Strike 266 has a total call value of 1,287,225,000 versus a total put value of 39,054,712,500. Combined total value = 40,341,937,500
Strike 267 has a total call value of 1,380,825,000 versus a total put value of 36,480,937,500. Combined total value = 37,861,762,500
Strike 267.5 has a total call value of 1,432,012,500 versus a total put value of 35,201,250,000. Combined total value = 36,633,262,500
Strike 268 has a total call value of 1,483,200,000 versus a total put value of 33,928,425,000. Combined total value = 35,411,625,000
Strike 269 has a total call value of 1,595,925,000 versus a total put value of 31,408,200,000. Combined total value = 33,004,125,000
Strike 270 has a total call value of 1,732,950,000 versus a total put value of 28,898,100,000. Combined total value = 30,631,050,000
Strike 271 has a total call value of 1,945,350,000 versus a total put value of 26,838,225,000. Combined total value = 28,783,575,000
Strike 272 has a total call value of 2,173,725,000 versus a total put value of 24,809,850,000. Combined total value = 26,983,575,000
Strike 272.5 has a total call value of 2,291,962,500 versus a total put value of 23,809,725,000. Combined total value = 26,101,687,500
Strike 273 has a total call value of 2,410,312,500 versus a total put value of 22,819,387,500. Combined total value = 25,229,700,000
Strike 274 has a total call value of 2,659,387,500 versus a total put value of 20,865,037,500. Combined total value = 23,524,425,000
Strike 275 has a total call value of 2,919,487,500 versus a total put value of 18,930,937,500. Combined total value = 21,850,425,000
Strike 276 has a total call value of 3,291,187,500 versus a total put value of 17,136,562,500. Combined total value = 20,427,750,000
Strike 277 has a total call value of 3,678,187,500 versus a total put value of 15,365,587,500. Combined total value = 19,043,775,000
Strike 277.5 has a total call value of 3,884,062,500 versus a total put value of 14,495,175,000. Combined total value = 18,379,237,500
Strike 278 has a total call value of 4,096,237,500 versus a total put value of 13,633,200,000. Combined total value = 17,729,437,500
Strike 279 has a total call value of 4,555,912,500 versus a total put value of 11,978,550,000. Combined total value = 16,534,462,500
Strike 280 has a total call value of 5,057,662,500 versus a total put value of 10,365,300,000. Combined total value = 15,422,962,500
Strike 281 has a total call value of 5,759,212,500 versus a total put value of 9,065,700,000. Combined total value = 14,824,912,500
Strike 282 has a total call value of 6,484,162,500 versus a total put value of 7,811,550,000. Combined total value = 14,295,712,500
Strike 282.5 has a total call value of 6,872,962,500 versus a total put value of 7,211,137,500. Combined total value = 14,084,100,000
Strike 283 has a total call value of 7,282,125,000 versus a total put value of 6,651,000,000. Combined total value = 13,933,125,000
Strike 284 has a total call value of 8,169,975,000 versus a total put value of 5,621,625,000. Combined total value = 13,791,600,000
Strike 285 has a total call value of 9,138,375,000 versus a total put value of 4,683,375,000. Combined total value = 13,821,750,000
Strike 286 has a total call value of 10,451,700,000 versus a total put value of 3,893,400,000. Combined total value = 14,345,100,000
Strike 287 has a total call value of 11,906,550,000 versus a total put value of 3,158,100,000. Combined total value = 15,064,650,000
Strike 287.5 has a total call value of 12,704,287,500 versus a total put value of 2,854,125,000. Combined total value = 15,558,412,500
Strike 288 has a total call value of 13,563,112,500 versus a total put value of 2,579,625,000. Combined total value = 16,142,737,500
Strike 289 has a total call value of 15,412,612,500 versus a total put value of 2,127,375,000. Combined total value = 17,539,987,500
Strike 290 has a total call value of 17,558,437,500 versus a total put value of 1,720,350,000. Combined total value = 19,278,787,500
Strike 291 has a total call value of 21,115,687,500 versus a total put value of 1,424,700,000. Combined total value = 22,540,387,500
Strike 292 has a total call value of 25,236,337,500 versus a total put value of 1,172,250,000. Combined total value = 26,408,587,500
Strike 292.5 has a total call value of 27,399,037,500 versus a total put value of 1,063,462,500. Combined total value = 28,462,500,000
Strike 293 has a total call value of 29,603,587,500 versus a total put value of 981,675,000. Combined total value = 30,585,262,500
Strike 294 has a total call value of 34,994,587,500 versus a total put value of 855,000,000. Combined total value = 35,849,587,500
Strike 295 has a total call value of 40,469,062,500 versus a total put value of 752,400,000. Combined total value = 41,221,462,500
Strike 296 has a total call value of 46,250,437,500 versus a total put value of 666,225,000. Combined total value = 46,916,662,500
Strike 297 has a total call value of 52,093,462,500 versus a total put value of 585,225,000. Combined total value = 52,678,687,500
Strike 297.5 has a total call value of 55,014,975,000 versus a total put value of 545,512,500. Combined total value = 55,560,487,500
Strike 298 has a total call value of 57,949,875,000 versus a total put value of 505,800,000. Combined total value = 58,455,675,000
Strike 299 has a total call value of 64,231,650,000 versus a total put value of 426,375,000. Combined total value = 64,658,025,000
Strike 300 has a total call value of 70,550,325,000 versus a total put value of 351,225,000. Combined total value = 70,901,550,000
Strike 301 has a total call value of 77,939,100,000 versus a total put value of 315,450,000. Combined total value = 78,254,550,000
Strike 302 has a total call value of 85,371,750,000 versus a total put value of 279,675,000. Combined total value = 85,651,425,000
Strike 302.5 has a total call value of 89,102,700,000 versus a total put value of 261,787,500. Combined total value = 89,364,487,500
Strike 303 has a total call value of 92,846,250,000 versus a total put value of 243,900,000. Combined total value = 93,090,150,000
Strike 304 has a total call value of 100,350,675,000 versus a total put value of 208,125,000. Combined total value = 100,558,800,000
Strike 305 has a total call value of 107,876,250,000 versus a total put value of 175,950,000. Combined total value = 108,052,200,000
Strike 306 has a total call value of 115,539,300,000 versus a total put value of 144,675,000. Combined total value = 115,683,975,000
Strike 307 has a total call value of 123,288,525,000 versus a total put value of 116,100,000. Combined total value = 123,404,625,000
Strike 307.5 has a total call value of 127,171,912,500 versus a total put value of 101,812,500. Combined total value = 127,273,725,000
Strike 308 has a total call value of 131,068,462,500 versus a total put value of 87,525,000. Combined total value = 131,155,987,500
Strike 310 has a total call value of 146,679,412,500 versus a total put value of 50,175,000. Combined total value = 146,729,587,500
Strike 311 has a total call value of 154,867,162,500 versus a total put value of 36,225,000. Combined total value = 154,903,387,500
Strike 312 has a total call value of 163,062,562,500 versus a total put value of 27,675,000. Combined total value = 163,090,237,500
Strike 312.5 has a total call value of 167,176,912,500 versus a total put value of 25,875,000. Combined total value = 167,202,787,500
Strike 313 has a total call value of 171,309,375,000 versus a total put value of 24,075,000. Combined total value = 171,333,450,000
Strike 314 has a total call value of 179,599,050,000 versus a total put value of 21,600,000. Combined total value = 179,620,650,000
Strike 315 has a total call value of 187,908,750,000 versus a total put value of 20,250,000. Combined total value = 187,929,000,000
Strike 316 has a total call value of 196,531,650,000 versus a total put value of 18,900,000. Combined total value = 196,550,550,000
Strike 317 has a total call value of 205,165,125,000 versus a total put value of 17,550,000. Combined total value = 205,182,675,000
Strike 318 has a total call value of 213,804,000,000 versus a total put value of 16,200,000. Combined total value = 213,820,200,000
Strike 320 has a total call value of 231,089,400,000 versus a total put value of 13,500,000. Combined total value = 231,102,900,000
Strike 322 has a total call value of 248,692,050,000 versus a total put value of 10,800,000. Combined total value = 248,702,850,000
Strike 324 has a total call value of 266,337,900,000 versus a total put value of 8,100,000. Combined total value = 266,346,000,000
Strike 325 has a total call value of 275,199,075,000 versus a total put value of 6,750,000. Combined total value = 275,205,825,000
Strike 330 has a total call value of 319,742,325,000 versus a total put value of 0. Combined total value = 319,742,325,000
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.
