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POWERINDIA

Hitachi Energy India Ltd
18130 -30.00 (-0.17%)
L: 18045 H: 18445
Max Pain - POWERINDIA
19 Dec 2025 10:24 AM IST
Live


Strike  14000  has a total call value of 0  versus a total put value of  99,241,250,000 Combined total value = 99,241,250,000

Strike  14250  has a total call value of 17,500,000  versus a total put value of  93,720,000,000 Combined total value = 93,737,500,000

Strike  14500  has a total call value of 35,000,000  versus a total put value of  88,198,750,000 Combined total value = 88,233,750,000

Strike  14750  has a total call value of 52,500,000  versus a total put value of  82,677,500,000 Combined total value = 82,730,000,000

Strike  15000  has a total call value of 70,000,000  versus a total put value of  77,156,250,000 Combined total value = 77,226,250,000

Strike  15250  has a total call value of 87,500,000  versus a total put value of  71,635,000,000 Combined total value = 71,722,500,000

Strike  15500  has a total call value of 105,000,000  versus a total put value of  66,113,750,000 Combined total value = 66,218,750,000

Strike  15750  has a total call value of 122,500,000  versus a total put value of  60,592,500,000 Combined total value = 60,715,000,000

Strike  16000  has a total call value of 143,750,000  versus a total put value of  55,071,250,000 Combined total value = 55,215,000,000

Strike  16250  has a total call value of 165,000,000  versus a total put value of  49,550,000,000 Combined total value = 49,715,000,000

Strike  16500  has a total call value of 186,250,000  versus a total put value of  44,028,750,000 Combined total value = 44,215,000,000

Strike  16750  has a total call value of 207,500,000  versus a total put value of  38,602,500,000 Combined total value = 38,810,000,000

Strike  17000  has a total call value of 228,750,000  versus a total put value of  33,176,250,000 Combined total value = 33,405,000,000

Strike  17250  has a total call value of 252,500,000  versus a total put value of  28,878,750,000 Combined total value = 29,131,250,000

Strike  17500  has a total call value of 276,250,000  versus a total put value of  24,581,250,000 Combined total value = 24,857,500,000

Strike  17750  has a total call value of 300,000,000  versus a total put value of  21,232,500,000 Combined total value = 21,532,500,000

Strike  18000  has a total call value of 323,750,000  versus a total put value of  18,177,500,000 Combined total value = 18,501,250,000

Strike  18250  has a total call value of 528,750,000  versus a total put value of  15,648,750,000 Combined total value = 16,177,500,000

Strike  18500  has a total call value of 937,500,000  versus a total put value of  13,210,000,000 Combined total value = 14,147,500,000

Strike  18750  has a total call value of 2,768,750,000  versus a total put value of  11,373,750,000 Combined total value = 14,142,500,000

Strike  19000  has a total call value of 4,848,750,000  versus a total put value of  9,653,750,000 Combined total value = 14,502,500,000

Strike  19250  has a total call value of 8,122,500,000  versus a total put value of  8,383,750,000 Combined total value = 16,506,250,000

Strike  19500  has a total call value of 11,732,500,000  versus a total put value of  7,212,500,000 Combined total value = 18,945,000,000

Strike  19750  has a total call value of 16,672,500,000  versus a total put value of  6,230,000,000 Combined total value = 22,902,500,000

Strike  20000  has a total call value of 21,991,250,000  versus a total put value of  5,271,250,000 Combined total value = 27,262,500,000

Strike  20250  has a total call value of 28,882,500,000  versus a total put value of  4,535,000,000 Combined total value = 33,417,500,000

Strike  20500  has a total call value of 35,972,500,000  versus a total put value of  3,808,750,000 Combined total value = 39,781,250,000

Strike  20750  has a total call value of 44,127,500,000  versus a total put value of  3,148,750,000 Combined total value = 47,276,250,000

Strike  21000  has a total call value of 52,562,500,000  versus a total put value of  2,505,000,000 Combined total value = 55,067,500,000

Strike  21250  has a total call value of 62,517,500,000  versus a total put value of  1,913,750,000 Combined total value = 64,431,250,000

Strike  21500  has a total call value of 72,685,000,000  versus a total put value of  1,336,250,000 Combined total value = 74,021,250,000

Strike  21750  has a total call value of 83,532,500,000  versus a total put value of  908,750,000 Combined total value = 84,441,250,000

Strike  22000  has a total call value of 94,571,250,000  versus a total put value of  535,000,000 Combined total value = 95,106,250,000

Strike  22250  has a total call value of 107,345,000,000  versus a total put value of  325,000,000 Combined total value = 107,670,000,000

Strike  22500  has a total call value of 120,425,000,000  versus a total put value of  193,750,000 Combined total value = 120,618,750,000

Strike  22750  has a total call value of 134,328,750,000  versus a total put value of  133,750,000 Combined total value = 134,462,500,000

Strike  23000  has a total call value of 148,523,750,000  versus a total put value of  98,750,000 Combined total value = 148,622,500,000

Strike  23250  has a total call value of 163,868,750,000  versus a total put value of  77,500,000 Combined total value = 163,946,250,000

Strike  23500  has a total call value of 179,430,000,000  versus a total put value of  56,250,000 Combined total value = 179,486,250,000

Strike  23750  has a total call value of 194,991,250,000  versus a total put value of  38,750,000 Combined total value = 195,030,000,000

Strike  24000  has a total call value of 210,552,500,000  versus a total put value of  25,000,000 Combined total value = 210,577,500,000

Strike  24250  has a total call value of 226,678,750,000  versus a total put value of  13,750,000 Combined total value = 226,692,500,000

Strike  24500  has a total call value of 242,806,250,000  versus a total put value of  7,500,000 Combined total value = 242,813,750,000

Strike  24750  has a total call value of 259,631,250,000  versus a total put value of  3,750,000 Combined total value = 259,635,000,000

Strike  25000  has a total call value of 276,456,250,000  versus a total put value of  0 Combined total value = 276,456,250,000

Strike  25250  has a total call value of 293,322,500,000  versus a total put value of  0 Combined total value = 293,322,500,000

Strike  25500  has a total call value of 310,188,750,000  versus a total put value of  0 Combined total value = 310,188,750,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1137.5 1140
ABB 5129.5 5200
ABCAPITAL 345.95 345
ADANIENSOL 975.95 980
ADANIENT 2229.3 2300
ADANIGREEN 1011.5 1020
ADANIPORTS 1499.1 1500
ALKEM 5539.5 5650
AMBER 6617 6800
AMBUJACEM 536.9 550
ANGELONE 2464.9 2550
APLAPOLLO 1806 1760
APOLLOHOSP 6964 7100
ASHOKLEY 173.15 163
ASIANPAINT 2784.6 2800
ASTRAL 1407 1440
AUBANK 981.85 960
AUROPHARMA 1227.1 1220
AXISBANK 1236.5 1240
BAJAJ-AUTO 8890 9000
BAJAJFINSV 2049.1 2060
BAJFINANCE 1009.3 1020
BANDHANBNK 149.4 152.5
BANKBARODA 288.75 290
BANKINDIA 142.15 143
BDL 1344 1400
BEL 389.7 400
BHARATFORG 1423 1400
BHARTIARTL 2088.6 2100
BHEL 274.45 280
BIOCON 398.75 395
BLUESTARCO 1830.5 1800
BOSCHLTD 35795 36000
BPCL 365 365
BRITANNIA 6058 6000
BSE 2715.8 2700
CAMS 755 770
CANBK 148.66 150
CDSL 1492.9 1540
CGPOWER 662.8 680
CHOLAFIN 1678.7 1700
CIPLA 1508.5 1520
COALINDIA 383.9 385
COFORGE 1849.8 1840
COLPAL 2084.8 2160
CONCOR 497.65 520
CROMPTON 251.95 260
CUMMINSIND 4397.9 4450
CYIENT 1143.7 1140
DABUR 493.45 500
DALBHARAT 2021.5 2040
DELHIVERY 403.4 410
DIVISLAB 6583.5 6500
DIXON 13245 13500
DLF 683.9 710
DMART 3763.6 3900
DRREDDY 1287.8 1270
EICHERMOT 7195.5 7100
ETERNAL 285.7 295
EXIDEIND 360.35 370
FEDERALBNK 266.65 260
FORTIS 882.2 890
GAIL 168.29 175
GLENMARK 1978.6 1940
GMRAIRPORT 101.19 102
GODREJCP 1185.6 1160
GODREJPROP 2009 2060
GRASIM 2817.7 2800
HAL 4277.1 4450
HAVELLS 1405 1440
HCLTECH 1646.3 1660
HDFCAMC 2677.1 2680
HDFCBANK 986.6 990
HDFCLIFE 756.35 770
HEROMOTOCO 5747 5900
HFCL 64.41 67
HINDALCO 860.25 820
HINDPETRO 464.35 460
HINDUNILVR 2272.3 2300
HINDZINC 584.65 560
HUDCO 207.6 217.5
ICICIBANK 1354.8 1370
ICICIGI 1936.6 1960
ICICIPRULI 649.5 630
IDEA 11.61 11
IDFCFIRSTB 83.73 82
IEX 139.8 145
IIFL 562.4 560
INDHOTEL 726.1 730
INDIANB 775.65 820
INDIGO 5117 5100
INDUSINDBK 832.65 850
INDUSTOWER 410.55 410
INFY 1646.2 1600
INOXWIND 124.22 130
IOC 161.18 161
IRCTC 667.65 690
IREDA 131.32 137.5
IRFC 111.06 115
ITC 401.1 405
JINDALSTEL 991.9 1020
JIOFIN 294.95 305
JSWENERGY 470.35 490
JSWSTEEL 1083.4 1120
JUBLFOOD 559.85 580
KALYANKJIL 473.95 480
KAYNES 4038.5 4300
KEI 4166.1 4100
KFINTECH 1073.4 1080
KOTAKBANK 2166.7 2160
KPITTECH 1165.8 1200
LAURUSLABS 1042.2 1010
LICHSGFIN 529 550
LICI 847 870
LODHA 1077.4 1100
LT 4075.3 4040
LTF 300.2 300
LTIM 6132 6100
LUPIN 2139.9 2100
M&M 3586.6 3650
MANAPPURAM 285.3 280
MANKIND 2154.5 2200
MARICO 736.9 730
MARUTI 16384 16300
MAXHEALTH 1073.3 1080
MAZDOCK 2379.7 2500
MCX 10333 10100
MFSL 1669.6 1700
MOTHERSON 119.55 116
MPHASIS 2882.2 2900
MUTHOOTFIN 3734.8 3750
NATIONALUM 280.1 270
NAUKRI 1329.2 1360
NBCC 109.9 111
NCC 153.29 165
NESTLEIND 1238 1240
NHPC 74.8 78
NMDC 76.22 77
NTPC 318 325
NUVAMA 7131 7300
NYKAA 243.65 250
OBEROIRLTY 1666.7 1660
OFSS 7665 7900
OIL 402.15 410
ONGC 232.52 237.5
PAGEIND 35570 37000
PATANJALI 558.5 550
PAYTM 1305.6 1300
PERSISTENT 6310 6300
PETRONET 270.45 278
PFC 336.95 355
PGEL 571.25 560
PHOENIXLTD 1813.6 1760
PIDILITIND 1451.4 1480
PIIND 3209.1 3350
PNB 119.05 120
PNBHOUSING 898.7 900
POLICYBZR 1836 1840
POLYCAB 7283 7300
POWERGRID 260.15 270
POWERINDIA 18130 18750
PPLPHARMA 169.45 175
PRESTIGE 1613.7 1640
RBLBANK 298.75 305
RECLTD 339.3 355
RELIANCE 1566.6 1550
RVNL 309.7 310
SAIL 125.65 130
SAMMAANCAP 145.53 155
SBICARD 850.05 870
SBILIFE 2024.4 2020
SBIN 980.7 970
SHREECEM 25540 26000
SHRIRAMFIN 860.4 850
SIEMENS 3100 3150
SOLARINDS 11735 12500
SONACOMS 484.85 495
SRF 3061.4 3000
SUNPHARMA 1749.3 1760
SUPREMEIND 3338.7 3400
SUZLON 51.78 54
SYNGENE 659.15 650
TATACONSUM 1172 1170
TATAELXSI 5195 5100
TATAMOTORS 0 320
TATAPOWER 375.3 390
TATASTEEL 168.74 170
TATATECH 645.05 670
TCS 3307.2 3240
TECHM 1600 1560
TIINDIA 2584.8 2700
TITAGARH 770.9 800
TITAN 3935.3 3880
TMPV 350.3 360
TORNTPHARM 3764.3 3750
TORNTPOWER 1256.9 1300
TRENT 4037 4200
TVSMOTOR 3618.5 3600
ULTRACEMCO 11498 11600
UNIONBANK 153.61 155
UNITDSPR 1395.5 1430
UNOMINDA 1237.9 1280
UPL 745.15 750
VBL 471.8 470
VEDL 574.7 555
VOLTAS 1402.7 1400
WIPRO 264.9 260
YESBANK 21.56 22
ZYDUSLIFE 919.5 930

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.