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POWERINDIA

Hitachi Energy India Ltd
19270 -265.00 (-1.36%)
L: 19270 H: 19535
Max Pain - POWERINDIA
16 Dec 2025 01:03 PM IST
Live


Strike  14000  has a total call value of 0  versus a total put value of  99,688,750,000 Combined total value = 99,688,750,000

Strike  14250  has a total call value of 17,500,000  versus a total put value of  94,542,500,000 Combined total value = 94,560,000,000

Strike  14500  has a total call value of 35,000,000  versus a total put value of  89,396,250,000 Combined total value = 89,431,250,000

Strike  14750  has a total call value of 52,500,000  versus a total put value of  84,250,000,000 Combined total value = 84,302,500,000

Strike  15000  has a total call value of 70,000,000  versus a total put value of  79,103,750,000 Combined total value = 79,173,750,000

Strike  15250  has a total call value of 87,500,000  versus a total put value of  73,957,500,000 Combined total value = 74,045,000,000

Strike  15500  has a total call value of 105,000,000  versus a total put value of  68,811,250,000 Combined total value = 68,916,250,000

Strike  15750  has a total call value of 122,500,000  versus a total put value of  63,665,000,000 Combined total value = 63,787,500,000

Strike  16000  has a total call value of 143,750,000  versus a total put value of  58,518,750,000 Combined total value = 58,662,500,000

Strike  16250  has a total call value of 165,000,000  versus a total put value of  53,372,500,000 Combined total value = 53,537,500,000

Strike  16500  has a total call value of 186,250,000  versus a total put value of  48,226,250,000 Combined total value = 48,412,500,000

Strike  16750  has a total call value of 207,500,000  versus a total put value of  43,081,250,000 Combined total value = 43,288,750,000

Strike  17000  has a total call value of 228,750,000  versus a total put value of  37,936,250,000 Combined total value = 38,165,000,000

Strike  17250  has a total call value of 252,500,000  versus a total put value of  33,492,500,000 Combined total value = 33,745,000,000

Strike  17500  has a total call value of 276,250,000  versus a total put value of  29,048,750,000 Combined total value = 29,325,000,000

Strike  17750  has a total call value of 300,000,000  versus a total put value of  25,126,250,000 Combined total value = 25,426,250,000

Strike  18000  has a total call value of 323,750,000  versus a total put value of  21,312,500,000 Combined total value = 21,636,250,000

Strike  18250  has a total call value of 367,500,000  versus a total put value of  18,180,000,000 Combined total value = 18,547,500,000

Strike  18500  has a total call value of 413,750,000  versus a total put value of  15,061,250,000 Combined total value = 15,475,000,000

Strike  18750  has a total call value of 526,250,000  versus a total put value of  12,807,500,000 Combined total value = 13,333,750,000

Strike  19000  has a total call value of 672,500,000  versus a total put value of  10,677,500,000 Combined total value = 11,350,000,000

Strike  19250  has a total call value of 1,255,000,000  versus a total put value of  9,100,000,000 Combined total value = 10,355,000,000

Strike  19500  has a total call value of 1,912,500,000  versus a total put value of  7,638,750,000 Combined total value = 9,551,250,000

Strike  19750  has a total call value of 3,152,500,000  versus a total put value of  6,515,000,000 Combined total value = 9,667,500,000

Strike  20000  has a total call value of 4,570,000,000  versus a total put value of  5,418,750,000 Combined total value = 9,988,750,000

Strike  20250  has a total call value of 6,902,500,000  versus a total put value of  4,666,250,000 Combined total value = 11,568,750,000

Strike  20500  has a total call value of 9,533,750,000  versus a total put value of  3,927,500,000 Combined total value = 13,461,250,000

Strike  20750  has a total call value of 13,162,500,000  versus a total put value of  3,260,000,000 Combined total value = 16,422,500,000

Strike  21000  has a total call value of 17,107,500,000  versus a total put value of  2,607,500,000 Combined total value = 19,715,000,000

Strike  21250  has a total call value of 22,195,000,000  versus a total put value of  2,011,250,000 Combined total value = 24,206,250,000

Strike  21500  has a total call value of 27,425,000,000  versus a total put value of  1,428,750,000 Combined total value = 28,853,750,000

Strike  21750  has a total call value of 33,446,250,000  versus a total put value of  988,750,000 Combined total value = 34,435,000,000

Strike  22000  has a total call value of 39,688,750,000  versus a total put value of  602,500,000 Combined total value = 40,291,250,000

Strike  22250  has a total call value of 48,005,000,000  versus a total put value of  382,500,000 Combined total value = 48,387,500,000

Strike  22500  has a total call value of 56,648,750,000  versus a total put value of  241,250,000 Combined total value = 56,890,000,000

Strike  22750  has a total call value of 66,438,750,000  versus a total put value of  171,250,000 Combined total value = 66,610,000,000

Strike  23000  has a total call value of 76,580,000,000  versus a total put value of  126,250,000 Combined total value = 76,706,250,000

Strike  23250  has a total call value of 88,246,250,000  versus a total put value of  95,000,000 Combined total value = 88,341,250,000

Strike  23500  has a total call value of 100,160,000,000  versus a total put value of  63,750,000 Combined total value = 100,223,750,000

Strike  23750  has a total call value of 112,073,750,000  versus a total put value of  43,750,000 Combined total value = 112,117,500,000

Strike  24000  has a total call value of 123,987,500,000  versus a total put value of  27,500,000 Combined total value = 124,015,000,000

Strike  24250  has a total call value of 136,568,750,000  versus a total put value of  13,750,000 Combined total value = 136,582,500,000

Strike  24500  has a total call value of 149,150,000,000  versus a total put value of  7,500,000 Combined total value = 149,157,500,000

Strike  24750  has a total call value of 162,573,750,000  versus a total put value of  3,750,000 Combined total value = 162,577,500,000

Strike  25000  has a total call value of 175,997,500,000  versus a total put value of  0 Combined total value = 175,997,500,000

Strike  25250  has a total call value of 189,421,250,000  versus a total put value of  0 Combined total value = 189,421,250,000

Strike  25500  has a total call value of 202,845,000,000  versus a total put value of  0 Combined total value = 202,845,000,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1138 1140
ABB 5255 5200
ABCAPITAL 350.25 350
ADANIENSOL 997.75 990
ADANIENT 2237.4 2300
ADANIGREEN 1025.5 1040
ADANIPORTS 1501.9 1500
ALKEM 5643 5700
AMBER 6803.5 6800
AMBUJACEM 546 550
ANGELONE 2555 2600
APLAPOLLO 1733.7 1740
APOLLOHOSP 7087.5 7200
ASHOKLEY 167.4 160
ASIANPAINT 2789.8 2800
ASTRAL 1463.8 1460
AUBANK 976.55 960
AUROPHARMA 1183.2 1200
AXISBANK 1231.3 1250
BAJAJ-AUTO 8975.5 9000
BAJAJFINSV 2045.4 2060
BAJFINANCE 999.7 1020
BANDHANBNK 150.19 150
BANKBARODA 281.2 290
BANKINDIA 139.57 143
BDL 1360.7 1420
BEL 387.1 400
BHARATFORG 1412.4 1400
BHARTIARTL 2099.9 2100
BHEL 279.05 280
BIOCON 386.45 390
BLUESTARCO 1812.7 1780
BOSCHLTD 36080 36500
BPCL 362.4 365
BRITANNIA 6070 6000
BSE 2592.4 2700
CAMS 751.2 780
CANBK 146.89 148
CDSL 1505.6 1560
CGPOWER 669 680
CHOLAFIN 1718.1 1700
CIPLA 1500.4 1520
COALINDIA 380.9 382.5
COFORGE 1855 1840
COLPAL 2163.6 2180
CONCOR 501.3 520
CROMPTON 254.5 265
CUMMINSIND 4490 4500
CYIENT 1150.6 1160
DABUR 500.5 505
DALBHARAT 2062.6 2040
DELHIVERY 400.55 410
DIVISLAB 6303.5 6400
DIXON 13677 13750
DLF 690.2 720
DMART 3884.3 3900
DRREDDY 1279.7 1270
EICHERMOT 7062 7100
ETERNAL 288.2 295
EXIDEIND 368 375
FEDERALBNK 262.8 260
FORTIS 878.7 890
GAIL 168.33 175
GLENMARK 1961.6 1940
GMRAIRPORT 103.06 102
GODREJCP 1183.2 1160
GODREJPROP 2032.1 2080
GRASIM 2805.5 2800
HAL 4250.9 4500
HAVELLS 1419.9 1440
HCLTECH 1648.9 1660
HDFCAMC 2594.9 2640
HDFCBANK 995.8 1000
HDFCLIFE 772.5 770
HEROMOTOCO 5942 6050
HFCL 66.1 68
HINDALCO 834.05 820
HINDPETRO 461 460
HINDUNILVR 2290.6 2300
HINDZINC 567.5 540
HUDCO 211.19 220
ICICIBANK 1363.6 1380
ICICIGI 1956.7 1980
ICICIPRULI 645.95 630
IDEA 11.23 11
IDFCFIRSTB 83.35 82
IEX 140.78 145
IIFL 565 560
INDHOTEL 726.6 740
INDIANB 770.6 820
INDIGO 4989 5000
INDUSINDBK 843.95 850
INDUSTOWER 407.25 410
INFY 1592.9 1600
INOXWIND 125.87 130
IOC 166.2 165
IRCTC 669.7 690
IREDA 133.97 140
IRFC 112.34 117
ITC 403 405
JINDALSTEL 1013.6 1030
JIOFIN 295.6 305
JSWENERGY 475.45 490
JSWSTEEL 1092.5 1140
JUBLFOOD 563.7 590
KALYANKJIL 478.9 480
KAYNES 4191 4400
KEI 4160.8 4100
KFINTECH 1039 1060
KOTAKBANK 2180.4 2160
KPITTECH 1182.3 1200
LAURUSLABS 997.8 1000
LICHSGFIN 528.9 550
LICI 851.05 880
LODHA 1078.4 1120
LT 4065.3 4040
LTF 301.3 302.5
LTIM 6210.5 6150
LUPIN 2093.8 2080
M&M 3624 3650
MANAPPURAM 281.8 280
MANKIND 2122.2 2200
MARICO 740 740
MARUTI 16378 16200
MAXHEALTH 1084.5 1100
MAZDOCK 2423.2 2600
MCX 10151 10100
MFSL 1688.1 1700
MOTHERSON 119.74 116
MPHASIS 2853.4 2900
MUTHOOTFIN 3828.6 3750
NATIONALUM 275.05 270
NAUKRI 1346.5 1360
NBCC 111.8 113
NCC 158.36 167.5
NESTLEIND 1241.3 1240
NHPC 75.95 78
NMDC 76.92 77
NTPC 319.7 325
NUVAMA 7240 7200
NYKAA 245.85 255
OBEROIRLTY 1636.1 1660
OFSS 7860 8000
OIL 402.25 415
ONGC 232.36 240
PAGEIND 36470 37500
PATANJALI 531.75 545
PAYTM 1284 1300
PERSISTENT 6239 6200
PETRONET 265.6 278
PFC 335.5 355
PGEL 559.85 560
PHOENIXLTD 1778.5 1740
PIDILITIND 1478.4 1480
PIIND 3238.6 3350
PNB 116.8 120
PNBHOUSING 915.1 910
POLICYBZR 1840.9 1860
POLYCAB 7309 7300
POWERGRID 261.85 270
POWERINDIA 19270 19500
PPLPHARMA 168.87 180
PRESTIGE 1618.6 1660
RBLBANK 298.2 310
RECLTD 335.85 355
RELIANCE 1543.5 1540
RVNL 310 315
SAIL 128.9 133
SAMMAANCAP 147.14 155
SBICARD 852.05 870
SBILIFE 2047.1 2020
SBIN 963.3 970
SHREECEM 26075 26500
SHRIRAMFIN 848.4 850
SIEMENS 3141 3200
SOLARINDS 12005 12500
SONACOMS 484.2 500
SRF 3015.7 2950
SUNPHARMA 1787.8 1800
SUPREMEIND 3412 3400
SUZLON 52.51 54
SYNGENE 654 650
TATACONSUM 1170.6 1170
TATAELXSI 5024.5 5100
TATAMOTORS 0 320
TATAPOWER 378.85 390
TATASTEEL 169.97 170
TATATECH 650.6 680
TCS 3197.4 3200
TECHM 1577 1540
TIINDIA 2633.7 2700
TITAGARH 789 800
TITAN 3905 3840
TMPV 344.9 360
TORNTPHARM 3754.8 3800
TORNTPOWER 1279.7 1300
TRENT 4122 4200
TVSMOTOR 3603.1 3600
ULTRACEMCO 11570 11700
UNIONBANK 152.71 152.5
UNITDSPR 1447.6 1440
UNOMINDA 1257.3 1280
UPL 750.5 750
VBL 480.95 470
VEDL 547.25 535
VOLTAS 1394.7 1360
WIPRO 260.01 255
YESBANK 21.37 22
ZYDUSLIFE 920.5 930

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.