[--[65.84.65.76]--]

PNB

Punjab National Bank
118.51 +1.48 (1.26%)
L: 116.92 H: 118.94
Max Pain - PNB
17 Dec 2025 10:22 AM IST
Live


Strike  96  has a total call value of 0  versus a total put value of  212,535,200,000 Combined total value = 212,535,200,000

Strike  97  has a total call value of 0  versus a total put value of  203,364,000,000 Combined total value = 203,364,000,000

Strike  98  has a total call value of 0  versus a total put value of  194,192,800,000 Combined total value = 194,192,800,000

Strike  99  has a total call value of 0  versus a total put value of  185,021,600,000 Combined total value = 185,021,600,000

Strike  100  has a total call value of 0  versus a total put value of  175,850,400,000 Combined total value = 175,850,400,000

Strike  101  has a total call value of 800,000  versus a total put value of  166,749,600,000 Combined total value = 166,750,400,000

Strike  102  has a total call value of 1,600,000  versus a total put value of  157,648,800,000 Combined total value = 157,650,400,000

Strike  103  has a total call value of 2,400,000  versus a total put value of  148,560,000,000 Combined total value = 148,562,400,000

Strike  104  has a total call value of 3,200,000  versus a total put value of  139,471,200,000 Combined total value = 139,474,400,000

Strike  105  has a total call value of 7,200,000  versus a total put value of  130,452,000,000 Combined total value = 130,459,200,000

Strike  106  has a total call value of 11,200,000  versus a total put value of  121,478,400,000 Combined total value = 121,489,600,000

Strike  107  has a total call value of 20,000,000  versus a total put value of  112,665,600,000 Combined total value = 112,685,600,000

Strike  108  has a total call value of 28,800,000  versus a total put value of  103,871,200,000 Combined total value = 103,900,000,000

Strike  109  has a total call value of 40,000,000  versus a total put value of  95,189,600,000 Combined total value = 95,229,600,000

Strike  110  has a total call value of 51,200,000  versus a total put value of  86,635,200,000 Combined total value = 86,686,400,000

Strike  111  has a total call value of 296,800,000  versus a total put value of  78,569,600,000 Combined total value = 78,866,400,000

Strike  112  has a total call value of 560,000,000  versus a total put value of  70,674,400,000 Combined total value = 71,234,400,000

Strike  113  has a total call value of 842,400,000  versus a total put value of  62,975,200,000 Combined total value = 63,817,600,000

Strike  114  has a total call value of 1,220,800,000  versus a total put value of  55,527,200,000 Combined total value = 56,748,000,000

Strike  115  has a total call value of 1,664,800,000  versus a total put value of  48,306,400,000 Combined total value = 49,971,200,000

Strike  116  has a total call value of 2,696,800,000  versus a total put value of  41,873,600,000 Combined total value = 44,570,400,000

Strike  117  has a total call value of 3,868,800,000  versus a total put value of  35,792,000,000 Combined total value = 39,660,800,000

Strike  118  has a total call value of 5,472,000,000  versus a total put value of  30,252,800,000 Combined total value = 35,724,800,000

Strike  119  has a total call value of 7,618,400,000  versus a total put value of  25,190,400,000 Combined total value = 32,808,800,000

Strike  120  has a total call value of 10,284,800,000  versus a total put value of  20,396,800,000 Combined total value = 30,681,600,000

Strike  121  has a total call value of 15,075,200,000  versus a total put value of  17,332,800,000 Combined total value = 32,408,000,000

Strike  122  has a total call value of 20,300,800,000  versus a total put value of  14,404,800,000 Combined total value = 34,705,600,000

Strike  123  has a total call value of 26,383,200,000  versus a total put value of  11,845,600,000 Combined total value = 38,228,800,000

Strike  124  has a total call value of 33,062,400,000  versus a total put value of  9,472,000,000 Combined total value = 42,534,400,000

Strike  125  has a total call value of 40,566,400,000  versus a total put value of  7,280,800,000 Combined total value = 47,847,200,000

Strike  126  has a total call value of 50,694,400,000  versus a total put value of  5,988,000,000 Combined total value = 56,682,400,000

Strike  127  has a total call value of 61,628,000,000  versus a total put value of  4,819,200,000 Combined total value = 66,447,200,000

Strike  128  has a total call value of 73,598,400,000  versus a total put value of  3,747,200,000 Combined total value = 77,345,600,000

Strike  129  has a total call value of 86,129,600,000  versus a total put value of  2,765,600,000 Combined total value = 88,895,200,000

Strike  130  has a total call value of 99,070,400,000  versus a total put value of  1,873,600,000 Combined total value = 100,944,000,000

Strike  131  has a total call value of 114,077,600,000  versus a total put value of  1,535,200,000 Combined total value = 115,612,800,000

Strike  132  has a total call value of 129,727,200,000  versus a total put value of  1,229,600,000 Combined total value = 130,956,800,000

Strike  133  has a total call value of 145,595,200,000  versus a total put value of  974,400,000 Combined total value = 146,569,600,000

Strike  134  has a total call value of 161,614,400,000  versus a total put value of  756,800,000 Combined total value = 162,371,200,000

Strike  135  has a total call value of 177,759,200,000  versus a total put value of  549,600,000 Combined total value = 178,308,800,000

Strike  136  has a total call value of 194,380,000,000  versus a total put value of  436,800,000 Combined total value = 194,816,800,000

Strike  137  has a total call value of 211,137,600,000  versus a total put value of  324,800,000 Combined total value = 211,462,400,000

Strike  138  has a total call value of 227,895,200,000  versus a total put value of  212,800,000 Combined total value = 228,108,000,000

Strike  139  has a total call value of 244,746,400,000  versus a total put value of  108,000,000 Combined total value = 244,854,400,000

Strike  140  has a total call value of 261,597,600,000  versus a total put value of  3,200,000 Combined total value = 261,600,800,000

Strike  141  has a total call value of 278,988,800,000  versus a total put value of  1,600,000 Combined total value = 278,990,400,000

Strike  142  has a total call value of 296,380,000,000  versus a total put value of  0 Combined total value = 296,380,000,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1147 1140
ABB 5221 5200
ABCAPITAL 348.7 350
ADANIENSOL 988.4 990
ADANIENT 2229.1 2300
ADANIGREEN 1021 1020
ADANIPORTS 1489.2 1500
ALKEM 5657 5700
AMBER 6711 6800
AMBUJACEM 547.4 555
ANGELONE 2518.7 2600
APLAPOLLO 1725.5 1740
APOLLOHOSP 7007.5 7200
ASHOKLEY 165.82 160
ASIANPAINT 2801.6 2800
ASTRAL 1439.6 1460
AUBANK 991.2 960
AUROPHARMA 1183.8 1200
AXISBANK 1231 1240
BAJAJ-AUTO 8943 9000
BAJAJFINSV 2030.5 2060
BAJFINANCE 1001.9 1020
BANDHANBNK 149.23 150
BANKBARODA 286.15 290
BANKINDIA 141.63 143
BDL 1336.8 1400
BEL 386.15 400
BHARATFORG 1401.9 1400
BHARTIARTL 2099.4 2100
BHEL 277.5 280
BIOCON 385.55 390
BLUESTARCO 1814.1 1780
BOSCHLTD 36260 36500
BPCL 369.05 365
BRITANNIA 6095.5 6000
BSE 2644.5 2700
CAMS 747.9 780
CANBK 150.41 150
CDSL 1484.1 1560
CGPOWER 679.6 680
CHOLAFIN 1714.5 1700
CIPLA 1494.7 1520
COALINDIA 383.35 384.75
COFORGE 1869 1840
COLPAL 2126.5 2180
CONCOR 498.2 520
CROMPTON 251.7 265
CUMMINSIND 4510 4500
CYIENT 1137.5 1160
DABUR 497.5 505
DALBHARAT 2051.7 2040
DELHIVERY 402.6 410
DIVISLAB 6362 6400
DIXON 13302 13750
DLF 686.2 710
DMART 3842.4 3900
DRREDDY 1271.8 1270
EICHERMOT 7150.5 7100
ETERNAL 285.15 295
EXIDEIND 362.1 375
FEDERALBNK 264.1 260
FORTIS 875 890
GAIL 169.23 175
GLENMARK 1958.6 1940
GMRAIRPORT 102.7 102
GODREJCP 1186.1 1160
GODREJPROP 2025 2080
GRASIM 2789.8 2800
HAL 4228.9 4450
HAVELLS 1397.3 1440
HCLTECH 1655.5 1660
HDFCAMC 2575.5 2620
HDFCBANK 987.9 1000
HDFCLIFE 752.75 770
HEROMOTOCO 5878 6000
HFCL 64.73 68
HINDALCO 844.05 820
HINDPETRO 466.55 460
HINDUNILVR 2281.5 2300
HINDZINC 585.95 550
HUDCO 209.76 220
ICICIBANK 1345.3 1370
ICICIGI 1942.7 1980
ICICIPRULI 634 630
IDEA 11.28 11
IDFCFIRSTB 83.43 82
IEX 140.53 145
IIFL 567.7 560
INDHOTEL 724.5 740
INDIANB 775.75 820
INDIGO 4960 5000
INDUSINDBK 837.4 850
INDUSTOWER 406.85 410
INFY 1596.2 1600
INOXWIND 126.42 130
IOC 168.1 166
IRCTC 668.35 690
IREDA 132.81 140
IRFC 111.63 116
ITC 402.05 405
JINDALSTEL 1008.4 1020
JIOFIN 294.1 305
JSWENERGY 479.5 490
JSWSTEEL 1086.3 1130
JUBLFOOD 557.15 580
KALYANKJIL 477.3 480
KAYNES 4168 4400
KEI 4084 4100
KFINTECH 1029.5 1060
KOTAKBANK 2176.8 2160
KPITTECH 1167.3 1200
LAURUSLABS 1013.2 1000
LICHSGFIN 526.25 550
LICI 855.8 880
LODHA 1074.4 1100
LT 4051.9 4040
LTF 301.95 302.5
LTIM 6230 6200
LUPIN 2115.4 2080
M&M 3611.5 3700
MANAPPURAM 285.15 280
MANKIND 2101.6 2200
MARICO 737.3 740
MARUTI 16410 16300
MAXHEALTH 1057.9 1100
MAZDOCK 2378 2550
MCX 10142 10100
MFSL 1658.5 1700
MOTHERSON 119.68 116
MPHASIS 2863.2 2900
MUTHOOTFIN 3832.7 3800
NATIONALUM 279.3 270
NAUKRI 1351 1360
NBCC 110.81 112
NCC 156.84 167.5
NESTLEIND 1236.8 1240
NHPC 75.45 78
NMDC 77.62 77
NTPC 321.25 325
NUVAMA 7212.5 7200
NYKAA 245.75 255
OBEROIRLTY 1627.1 1640
OFSS 7795.5 8000
OIL 401.9 410
ONGC 231.85 239
PAGEIND 36155 37000
PATANJALI 534.1 540
PAYTM 1275.2 1300
PERSISTENT 6296 6300
PETRONET 267.6 278
PFC 337.15 355
PGEL 565 560
PHOENIXLTD 1786.4 1740
PIDILITIND 1460.9 1480
PIIND 3223.1 3350
PNB 118.51 120
PNBHOUSING 908.7 910
POLICYBZR 1783 1840
POLYCAB 7091.5 7200
POWERGRID 261.25 270
POWERINDIA 19385 19500
PPLPHARMA 169.04 180
PRESTIGE 1607.8 1660
RBLBANK 297.05 310
RECLTD 335.05 350
RELIANCE 1542.6 1540
RVNL 308.05 315
SAIL 129.82 133
SAMMAANCAP 145.3 155
SBICARD 840.2 870
SBILIFE 2007.4 2020
SBIN 976.05 970
SHREECEM 26115 26500
SHRIRAMFIN 861 850
SIEMENS 3152 3200
SOLARINDS 11938 12500
SONACOMS 486.2 500
SRF 3012.4 2950
SUNPHARMA 1775.1 1800
SUPREMEIND 3355.8 3400
SUZLON 52.39 54
SYNGENE 648.25 650
TATACONSUM 1178.9 1170
TATAELXSI 4997.5 5100
TATAMOTORS 0 320
TATAPOWER 380.9 390
TATASTEEL 170.9 170
TATATECH 648.55 670
TCS 3222.4 3200
TECHM 1577.6 1540
TIINDIA 2626.6 2700
TITAGARH 780.5 800
TITAN 3930 3880
TMPV 347.35 360
TORNTPHARM 3746 3750
TORNTPOWER 1292.9 1300
TRENT 4077.9 4200
TVSMOTOR 3640.5 3600
ULTRACEMCO 11531 11700
UNIONBANK 153.7 155
UNITDSPR 1446.9 1440
UNOMINDA 1252.4 1280
UPL 748.8 750
VBL 474.4 470
VEDL 573.15 550
VOLTAS 1392.2 1380
WIPRO 260.5 255
YESBANK 21.56 22
ZYDUSLIFE 917.5 930

Note:
Stock LTP > Max Pain Bearish Trend
Stock LTP < Max Pain Bullish Trend
Frequently Asked Questions

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

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

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

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.