PNB
Punjab National Bank
Max pain for PNB
06 Sep 2024 04:12 PM IST
Max Pain for PNB is 115
Strike 95 has a total call value of 0 versus a total put value of 122,778,000,000 Combined total value = 122,778,000,000
Strike 97.5 has a total call value of 0 versus a total put value of 106,492,000,000 Combined total value = 106,492,000,000
Strike 100 has a total call value of 0 versus a total put value of 90,252,000,000 Combined total value = 90,252,000,000
Strike 102.5 has a total call value of 54,000,000 versus a total put value of 75,066,000,000 Combined total value = 75,120,000,000
Strike 105 has a total call value of 114,000,000 versus a total put value of 60,086,000,000 Combined total value = 60,200,000,000
Strike 107.5 has a total call value of 286,000,000 versus a total put value of 46,438,000,000 Combined total value = 46,724,000,000
Strike 110 has a total call value of 528,000,000 versus a total put value of 33,516,000,000 Combined total value = 34,044,000,000
Strike 112.5 has a total call value of 2,316,000,000 versus a total put value of 23,970,000,000 Combined total value = 26,286,000,000
Strike 115 has a total call value of 5,246,000,000 versus a total put value of 16,170,000,000 Combined total value = 21,416,000,000
Strike 117.5 has a total call value of 12,830,000,000 versus a total put value of 10,540,000,000 Combined total value = 23,370,000,000
Strike 120 has a total call value of 22,330,000,000 versus a total put value of 5,754,000,000 Combined total value = 28,084,000,000
Strike 122.5 has a total call value of 37,996,000,000 versus a total put value of 3,556,000,000 Combined total value = 41,552,000,000
Strike 125 has a total call value of 54,550,000,000 versus a total put value of 1,528,000,000 Combined total value = 56,078,000,000
Strike 127.5 has a total call value of 74,522,000,000 versus a total put value of 764,000,000 Combined total value = 75,286,000,000
Strike 130 has a total call value of 94,818,000,000 versus a total put value of 0 Combined total value = 94,818,000,000
Strike 132.5 has a total call value of 117,792,000,000 versus a total put value of 0 Combined total value = 117,792,000,000
Strike 135 has a total call value of 141,034,000,000 versus a total put value of 0 Combined total value = 141,034,000,000
Strike 137.5 has a total call value of 164,762,000,000 versus a total put value of 0 Combined total value = 164,762,000,000
Strike 140 has a total call value of 188,590,000,000 versus a total put value of 0 Combined total value = 188,590,000,000
Strike 142.5 has a total call value of 213,352,000,000 versus a total put value of 0 Combined total value = 213,352,000,000
Strike 145 has a total call value of 238,114,000,000 versus a total put value of 0 Combined total value = 238,114,000,000
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.