PNB
PUNJAB NATIONAL BANK
Max pain for PNB
02 Jul 2024 10:33 AM IST
Max Pain for PNB is 125
Strike 100 has a total call value of 0 versus a total put value of 90,894,000,000 Combined total value = 90,894,000,000
Strike 102.5 has a total call value of 0 versus a total put value of 80,414,000,000 Combined total value = 80,414,000,000
Strike 105 has a total call value of 0 versus a total put value of 69,946,000,000 Combined total value = 69,946,000,000
Strike 107.5 has a total call value of 0 versus a total put value of 59,752,000,000 Combined total value = 59,752,000,000
Strike 110 has a total call value of 0 versus a total put value of 49,586,000,000 Combined total value = 49,586,000,000
Strike 112.5 has a total call value of 0 versus a total put value of 40,590,000,000 Combined total value = 40,590,000,000
Strike 115 has a total call value of 0 versus a total put value of 31,724,000,000 Combined total value = 31,724,000,000
Strike 117.5 has a total call value of 0 versus a total put value of 24,284,000,000 Combined total value = 24,284,000,000
Strike 120 has a total call value of 108,000,000 versus a total put value of 17,162,000,000 Combined total value = 17,270,000,000
Strike 122.5 has a total call value of 2,214,000,000 versus a total put value of 12,580,000,000 Combined total value = 14,794,000,000
Strike 125 has a total call value of 4,906,000,000 versus a total put value of 8,436,000,000 Combined total value = 13,342,000,000
Strike 127.5 has a total call value of 10,862,000,000 versus a total put value of 6,226,000,000 Combined total value = 17,088,000,000
Strike 130 has a total call value of 17,372,000,000 versus a total put value of 4,016,000,000 Combined total value = 21,388,000,000
Strike 132.5 has a total call value of 27,684,000,000 versus a total put value of 2,950,000,000 Combined total value = 30,634,000,000
Strike 135 has a total call value of 38,396,000,000 versus a total put value of 1,884,000,000 Combined total value = 40,280,000,000
Strike 137.5 has a total call value of 50,618,000,000 versus a total put value of 1,220,000,000 Combined total value = 51,838,000,000
Strike 140 has a total call value of 63,044,000,000 versus a total put value of 556,000,000 Combined total value = 63,600,000,000
Strike 142.5 has a total call value of 77,790,000,000 versus a total put value of 376,000,000 Combined total value = 78,166,000,000
Strike 145 has a total call value of 92,748,000,000 versus a total put value of 196,000,000 Combined total value = 92,944,000,000
Strike 147.5 has a total call value of 108,356,000,000 versus a total put value of 98,000,000 Combined total value = 108,454,000,000
Strike 150 has a total call value of 124,030,000,000 versus a total put value of 0 Combined total value = 124,030,000,000
Strike 152.5 has a total call value of 142,104,000,000 versus a total put value of 0 Combined total value = 142,104,000,000
Strike 155 has a total call value of 160,218,000,000 versus a total put value of 0 Combined total value = 160,218,000,000
What is Max Pain?
Max pain, or the max pain price, is the strike price with the most open contract puts and calls - and the price at which the stock would cause financial losses for the largest number of option holders at expiration.
Calculating Max Pain
Max pain is a simple but time consuming calculation. Essentially, it is the sum of the outstanding put and call dollar value of each in-the-money strike price. For each in-the-money strike price for both puts and calls:
- Find the difference between stock price and strike price
- Multiply the result by open interest at that strike
- Add together the dollar value for the put and call at that strike
- Repeat for each strike price
- Find the highest value strike price. This price is equivalent to max pain price.
How can a trader benefit?
As the option expiration approaches, option writers will try to buy or sell shares of stock to drive the price toward a closing price that is profitable for them, or at least to hedge their payouts to option holders. Call writers sell shares to drive share price down and Put holders buy shares to drive share price up. The max pain strike price exists somewhere in the middle.