[--[65.84.65.76]--]

POWERINDIA

Hitachi Energy India Ltd
19535 0.00 (0.00%)
L: 19150 H: 19600
Max Pain - POWERINDIA
15 Dec 2025 03:34 PM IST Market Closed


Strike  14000  has a total call value of 0  versus a total put value of  88,578,750,000 Combined total value = 88,578,750,000

Strike  14250  has a total call value of 17,500,000  versus a total put value of  83,735,000,000 Combined total value = 83,752,500,000

Strike  14500  has a total call value of 35,000,000  versus a total put value of  78,891,250,000 Combined total value = 78,926,250,000

Strike  14750  has a total call value of 52,500,000  versus a total put value of  74,047,500,000 Combined total value = 74,100,000,000

Strike  15000  has a total call value of 70,000,000  versus a total put value of  69,203,750,000 Combined total value = 69,273,750,000

Strike  15250  has a total call value of 87,500,000  versus a total put value of  64,360,000,000 Combined total value = 64,447,500,000

Strike  15500  has a total call value of 105,000,000  versus a total put value of  59,516,250,000 Combined total value = 59,621,250,000

Strike  15750  has a total call value of 122,500,000  versus a total put value of  54,672,500,000 Combined total value = 54,795,000,000

Strike  16000  has a total call value of 140,000,000  versus a total put value of  49,828,750,000 Combined total value = 49,968,750,000

Strike  16250  has a total call value of 157,500,000  versus a total put value of  44,985,000,000 Combined total value = 45,142,500,000

Strike  16500  has a total call value of 175,000,000  versus a total put value of  40,141,250,000 Combined total value = 40,316,250,000

Strike  16750  has a total call value of 192,500,000  versus a total put value of  35,297,500,000 Combined total value = 35,490,000,000

Strike  17000  has a total call value of 210,000,000  versus a total put value of  30,453,750,000 Combined total value = 30,663,750,000

Strike  17250  has a total call value of 227,500,000  versus a total put value of  26,302,500,000 Combined total value = 26,530,000,000

Strike  17500  has a total call value of 245,000,000  versus a total put value of  22,151,250,000 Combined total value = 22,396,250,000

Strike  17750  has a total call value of 262,500,000  versus a total put value of  18,555,000,000 Combined total value = 18,817,500,000

Strike  18000  has a total call value of 280,000,000  versus a total put value of  15,070,000,000 Combined total value = 15,350,000,000

Strike  18250  has a total call value of 297,500,000  versus a total put value of  12,276,250,000 Combined total value = 12,573,750,000

Strike  18500  has a total call value of 315,000,000  versus a total put value of  9,482,500,000 Combined total value = 9,797,500,000

Strike  18750  has a total call value of 401,250,000  versus a total put value of  7,616,250,000 Combined total value = 8,017,500,000

Strike  19000  has a total call value of 520,000,000  versus a total put value of  5,872,500,000 Combined total value = 6,392,500,000

Strike  19250  has a total call value of 1,082,500,000  versus a total put value of  4,680,000,000 Combined total value = 5,762,500,000

Strike  19500  has a total call value of 1,712,500,000  versus a total put value of  3,605,000,000 Combined total value = 5,317,500,000

Strike  19750  has a total call value of 2,883,750,000  versus a total put value of  2,860,000,000 Combined total value = 5,743,750,000

Strike  20000  has a total call value of 4,226,250,000  versus a total put value of  2,145,000,000 Combined total value = 6,371,250,000

Strike  20250  has a total call value of 6,407,500,000  versus a total put value of  1,776,250,000 Combined total value = 8,183,750,000

Strike  20500  has a total call value of 8,888,750,000  versus a total put value of  1,407,500,000 Combined total value = 10,296,250,000

Strike  20750  has a total call value of 12,302,500,000  versus a total put value of  1,112,500,000 Combined total value = 13,415,000,000

Strike  21000  has a total call value of 16,032,500,000  versus a total put value of  817,500,000 Combined total value = 16,850,000,000

Strike  21250  has a total call value of 20,796,250,000  versus a total put value of  580,000,000 Combined total value = 21,376,250,000

Strike  21500  has a total call value of 25,708,750,000  versus a total put value of  342,500,000 Combined total value = 26,051,250,000

Strike  21750  has a total call value of 31,402,500,000  versus a total put value of  247,500,000 Combined total value = 31,650,000,000

Strike  22000  has a total call value of 37,333,750,000  versus a total put value of  206,250,000 Combined total value = 37,540,000,000

Strike  22250  has a total call value of 45,331,250,000  versus a total put value of  165,000,000 Combined total value = 45,496,250,000

Strike  22500  has a total call value of 53,656,250,000  versus a total put value of  123,750,000 Combined total value = 53,780,000,000

Strike  22750  has a total call value of 63,140,000,000  versus a total put value of  82,500,000 Combined total value = 63,222,500,000

Strike  23000  has a total call value of 72,971,250,000  versus a total put value of  67,500,000 Combined total value = 73,038,750,000

Strike  23250  has a total call value of 84,386,250,000  versus a total put value of  52,500,000 Combined total value = 84,438,750,000

Strike  23500  has a total call value of 96,063,750,000  versus a total put value of  37,500,000 Combined total value = 96,101,250,000

Strike  23750  has a total call value of 107,741,250,000  versus a total put value of  22,500,000 Combined total value = 107,763,750,000

Strike  24000  has a total call value of 119,418,750,000  versus a total put value of  11,250,000 Combined total value = 119,430,000,000

Strike  24250  has a total call value of 131,767,500,000  versus a total put value of  0 Combined total value = 131,767,500,000

Strike  24500  has a total call value of 144,116,250,000  versus a total put value of  0 Combined total value = 144,116,250,000

Strike  24750  has a total call value of 157,307,500,000  versus a total put value of  0 Combined total value = 157,307,500,000

Strike  25000  has a total call value of 170,498,750,000  versus a total put value of  0 Combined total value = 170,498,750,000

Strike  25250  has a total call value of 183,690,000,000  versus a total put value of  0 Combined total value = 183,690,000,000

Strike  25500  has a total call value of 196,881,250,000  versus a total put value of  0 Combined total value = 196,881,250,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1144.7 1140
ABB 5285 5200
ABCAPITAL 351.8 350
ADANIENSOL 1016.45 990
ADANIENT 2278.9 2300
ADANIGREEN 1047.6 1040
ADANIPORTS 1512.6 1500
ALKEM 5624.5 5700
AMBER 6801.5 6800
AMBUJACEM 553.45 550
ANGELONE 2582.5 2600
APLAPOLLO 1739.1 1740
APOLLOHOSP 7086.5 7200
ASHOKLEY 166.82 160
ASIANPAINT 2780.2 2800
ASTRAL 1430.6 1440
AUBANK 979.05 960
AUROPHARMA 1186.3 1200
AXISBANK 1284.8 1280
BAJAJ-AUTO 8940 9000
BAJAJFINSV 2070.5 2060
BAJFINANCE 1012.7 1020
BANDHANBNK 151.79 150
BANKBARODA 285.1 290
BANKINDIA 141.77 142
BDL 1402.6 1440
BEL 390.75 400
BHARATFORG 1414.1 1400
BHARTIARTL 2069.7 2100
BHEL 282.6 282.5
BIOCON 390.65 390
BLUESTARCO 1806.2 1780
BOSCHLTD 36400 36500
BPCL 367 365
BRITANNIA 6038 5950
BSE 2648.9 2750
CAMS 755.2 770
CANBK 148.29 148
CDSL 1517.6 1560
CGPOWER 670.15 680
CHOLAFIN 1733.7 1700
CIPLA 1508 1520
COALINDIA 384.45 382.25
COFORGE 1870 1840
COLPAL 2164.4 2180
CONCOR 502.75 510
CROMPTON 253.05 265
CUMMINSIND 4539.9 4500
CYIENT 1158 1160
DABUR 497.2 505
DALBHARAT 2103.6 2040
DELHIVERY 407.25 415
DIVISLAB 6347.5 6400
DIXON 13737 13750
DLF 697.9 710
DMART 3825.6 3900
DRREDDY 1280.6 1270
EICHERMOT 7121.5 7150
ETERNAL 298.45 300
EXIDEIND 372.45 375
FEDERALBNK 265.25 260
FORTIS 869.8 890
GAIL 169.86 175
GLENMARK 1985.6 1940
GMRAIRPORT 104.88 102
GODREJCP 1166.1 1140
GODREJPROP 2067.8 2040
GRASIM 2821 2800
HAL 4321.6 4500
HAVELLS 1412.3 1420
HCLTECH 1684 1660
HDFCAMC 2607 2640
HDFCBANK 996.1 1000
HDFCLIFE 772.7 770
HEROMOTOCO 5959.5 6050
HFCL 66 68
HINDALCO 847.85 820
HINDPETRO 466.15 460
HINDUNILVR 2293.5 2300
HINDZINC 568.05 540
HUDCO 214.85 220
ICICIBANK 1365.2 1380
ICICIGI 1951.8 1960
ICICIPRULI 648.5 630
IDEA 11.35 11
IDFCFIRSTB 83.87 82
IEX 142.32 145
IIFL 575.2 570
INDHOTEL 731.15 730
INDIANB 783.85 810
INDIGO 4965.5 5000
INDUSINDBK 851.25 850
INDUSTOWER 409.45 410
INFY 1606.8 1600
INOXWIND 125.99 130
IOC 168.55 165
IRCTC 672.5 685
IREDA 135.46 140
IRFC 113.25 115
ITC 402.3 405
JINDALSTEL 1034 1030
JIOFIN 299.6 300
JSWENERGY 486.45 490
JSWSTEEL 1114.8 1140
JUBLFOOD 577.45 590
KALYANKJIL 480.1 480
KAYNES 4197.5 4400
KEI 4167.9 4100
KFINTECH 1049.5 1060
KOTAKBANK 2181.3 2160
KPITTECH 1207.4 1220
LAURUSLABS 1004.9 1000
LICHSGFIN 531.45 550
LICI 856.9 880
LODHA 1091 1100
LT 4092.3 4040
LTF 305.1 305
LTIM 6269.5 6200
LUPIN 2092.6 2080
M&M 3608 3650
MANAPPURAM 286.25 282.5
MANKIND 2141.2 2200
MARICO 737.65 730
MARUTI 16415 16300
MAXHEALTH 1085.4 1100
MAZDOCK 2447.8 2600
MCX 10186 10100
MFSL 1698.3 1700
MOTHERSON 120.31 116
MPHASIS 2897.9 2900
MUTHOOTFIN 3856.4 3800
NATIONALUM 278.7 270
NAUKRI 1361.6 1360
NBCC 115.39 114
NCC 161.7 167.5
NESTLEIND 1243.5 1240
NHPC 77.21 78
NMDC 78.55 77
NTPC 323.95 325
NUVAMA 7274 7200
NYKAA 251.6 257.5
OBEROIRLTY 1655.9 1640
OFSS 7967.5 8000
OIL 403.55 410
ONGC 235.35 240
PAGEIND 36740 37000
PATANJALI 529.75 540
PAYTM 1310.1 1300
PERSISTENT 6297.5 6300
PETRONET 268.55 275
PFC 341.2 360
PGEL 564.75 560
PHOENIXLTD 1789.4 1760
PIDILITIND 1479.4 1480
PIIND 3245.4 3350
PNB 118.74 120
PNBHOUSING 922.05 910
POLICYBZR 1926.4 1900
POLYCAB 7339.5 7300
POWERGRID 262.2 270
POWERINDIA 19535 19500
PPLPHARMA 171.7 177.5
PRESTIGE 1655.4 1660
RBLBANK 304.3 310
RECLTD 342.5 355
RELIANCE 1556.2 1540
RVNL 313.15 315
SAIL 132.31 132
SAMMAANCAP 148.68 155
SBICARD 870 880
SBILIFE 2034.9 2020
SBIN 967.25 965
SHREECEM 26625 26500
SHRIRAMFIN 855.35 850
SIEMENS 3157.8 3200
SOLARINDS 12196 12750
SONACOMS 486.9 495
SRF 3001 2950
SUNPHARMA 1797.1 1800
SUPREMEIND 3272 3400
SUZLON 53.14 54
SYNGENE 660.35 650
TATACONSUM 1157.4 1170
TATAELXSI 5048.5 5000
TATAMOTORS 0 320
TATAPOWER 381.65 390
TATASTEEL 172.87 170
TATATECH 657.3 670
TCS 3230.2 3200
TECHM 1575.4 1560
TIINDIA 2647.7 2700
TITAGARH 789.5 800
TITAN 3866.2 3840
TMPV 347.15 360
TORNTPHARM 3782.6 3750
TORNTPOWER 1292.7 1300
TRENT 4109 4200
TVSMOTOR 3639.3 3600
ULTRACEMCO 11728 11700
UNIONBANK 153.65 152.5
UNITDSPR 1442.4 1440
UNOMINDA 1239.4 1280
UPL 765.65 750
VBL 477.6 475
VEDL 549.4 530
VOLTAS 1388.9 1360
WIPRO 261.74 255
YESBANK 21.76 22
ZYDUSLIFE 921.6 930

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.