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PPLPHARMA

Piramal Pharma Limited
169.21 -2.49 (-1.45%)
L: 168.75 H: 171.85
Max Pain - PPLPHARMA
16 Dec 2025 11:58 AM IST
Live


Strike  145  has a total call value of 0  versus a total put value of  23,400,000,000 Combined total value = 23,400,000,000

Strike  147.5  has a total call value of 1,250,000  versus a total put value of  21,633,125,000 Combined total value = 21,634,375,000

Strike  150  has a total call value of 2,500,000  versus a total put value of  19,866,250,000 Combined total value = 19,868,750,000

Strike  152.5  has a total call value of 3,750,000  versus a total put value of  18,104,375,000 Combined total value = 18,108,125,000

Strike  155  has a total call value of 5,000,000  versus a total put value of  16,342,500,000 Combined total value = 16,347,500,000

Strike  157.5  has a total call value of 6,250,000  versus a total put value of  14,633,125,000 Combined total value = 14,639,375,000

Strike  160  has a total call value of 7,500,000  versus a total put value of  12,923,750,000 Combined total value = 12,931,250,000

Strike  162.5  has a total call value of 11,875,000  versus a total put value of  11,395,000,000 Combined total value = 11,406,875,000

Strike  165  has a total call value of 16,875,000  versus a total put value of  9,883,750,000 Combined total value = 9,900,625,000

Strike  167.5  has a total call value of 21,875,000  versus a total put value of  8,540,000,000 Combined total value = 8,561,875,000

Strike  170  has a total call value of 29,375,000  versus a total put value of  7,246,875,000 Combined total value = 7,276,250,000

Strike  172.5  has a total call value of 270,000,000  versus a total put value of  6,176,875,000 Combined total value = 6,446,875,000

Strike  175  has a total call value of 611,875,000  versus a total put value of  5,157,500,000 Combined total value = 5,769,375,000

Strike  177.5  has a total call value of 1,252,500,000  versus a total put value of  4,273,125,000 Combined total value = 5,525,625,000

Strike  180  has a total call value of 1,989,375,000  versus a total put value of  3,420,000,000 Combined total value = 5,409,375,000

Strike  182.5  has a total call value of 3,145,000,000  versus a total put value of  2,754,375,000 Combined total value = 5,899,375,000

Strike  185  has a total call value of 4,488,125,000  versus a total put value of  2,126,875,000 Combined total value = 6,615,000,000

Strike  187.5  has a total call value of 6,358,125,000  versus a total put value of  1,621,250,000 Combined total value = 7,979,375,000

Strike  190  has a total call value of 8,380,625,000  versus a total put value of  1,173,125,000 Combined total value = 9,553,750,000

Strike  192.5  has a total call value of 11,111,250,000  versus a total put value of  874,375,000 Combined total value = 11,985,625,000

Strike  195  has a total call value of 13,941,250,000  versus a total put value of  598,750,000 Combined total value = 14,540,000,000

Strike  197.5  has a total call value of 17,018,750,000  versus a total put value of  440,000,000 Combined total value = 17,458,750,000

Strike  200  has a total call value of 20,133,125,000  versus a total put value of  281,250,000 Combined total value = 20,414,375,000

Strike  202.5  has a total call value of 24,121,875,000  versus a total put value of  235,000,000 Combined total value = 24,356,875,000

Strike  205  has a total call value of 28,145,625,000  versus a total put value of  188,750,000 Combined total value = 28,334,375,000

Strike  207.5  has a total call value of 32,337,500,000  versus a total put value of  155,000,000 Combined total value = 32,492,500,000

Strike  210  has a total call value of 36,568,125,000  versus a total put value of  121,250,000 Combined total value = 36,689,375,000

Strike  212.5  has a total call value of 41,018,750,000  versus a total put value of  93,750,000 Combined total value = 41,112,500,000

Strike  215  has a total call value of 45,469,375,000  versus a total put value of  66,250,000 Combined total value = 45,535,625,000

Strike  217.5  has a total call value of 49,970,625,000  versus a total put value of  38,750,000 Combined total value = 50,009,375,000

Strike  220  has a total call value of 54,471,875,000  versus a total put value of  11,250,000 Combined total value = 54,483,125,000

Strike  222.5  has a total call value of 58,993,125,000  versus a total put value of  6,875,000 Combined total value = 59,000,000,000

Strike  225  has a total call value of 63,517,500,000  versus a total put value of  2,500,000 Combined total value = 63,520,000,000

Strike  227.5  has a total call value of 68,046,875,000  versus a total put value of  1,875,000 Combined total value = 68,048,750,000

Strike  230  has a total call value of 72,576,250,000  versus a total put value of  1,250,000 Combined total value = 72,577,500,000

Strike  232.5  has a total call value of 77,114,375,000  versus a total put value of  625,000 Combined total value = 77,115,000,000

Strike  235  has a total call value of 81,652,500,000  versus a total put value of  0 Combined total value = 81,652,500,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1140.7 1140
ABB 5269 5200
ABCAPITAL 350.3 350
ADANIENSOL 999.1 990
ADANIENT 2244.1 2300
ADANIGREEN 1027.5 1040
ADANIPORTS 1501.8 1500
ALKEM 5632.5 5700
AMBER 6793.5 6800
AMBUJACEM 546.5 550
ANGELONE 2551.4 2600
APLAPOLLO 1730.7 1740
APOLLOHOSP 7118 7200
ASHOKLEY 166.92 160
ASIANPAINT 2793 2800
ASTRAL 1461.3 1460
AUBANK 977.35 960
AUROPHARMA 1176.4 1200
AXISBANK 1234 1250
BAJAJ-AUTO 8960 9000
BAJAJFINSV 2049.4 2060
BAJFINANCE 1002.1 1020
BANDHANBNK 150.59 150
BANKBARODA 280.95 290
BANKINDIA 140.22 144
BDL 1367 1420
BEL 385.3 400
BHARATFORG 1402 1400
BHARTIARTL 2092.9 2100
BHEL 278.75 280
BIOCON 386.2 390
BLUESTARCO 1813.6 1780
BOSCHLTD 36045 36500
BPCL 362.45 365
BRITANNIA 6092 6000
BSE 2599.5 2700
CAMS 753.5 780
CANBK 147.05 148
CDSL 1504.2 1560
CGPOWER 665 680
CHOLAFIN 1719.4 1700
CIPLA 1503.4 1520
COALINDIA 378.6 384.75
COFORGE 1851.2 1840
COLPAL 2165.5 2180
CONCOR 502.25 520
CROMPTON 253.9 265
CUMMINSIND 4496 4500
CYIENT 1151.1 1160
DABUR 502.5 505
DALBHARAT 2065 2040
DELHIVERY 401.75 415
DIVISLAB 6301.5 6400
DIXON 13597 13750
DLF 690.95 720
DMART 3890.3 3900
DRREDDY 1275.9 1270
EICHERMOT 7073 7100
ETERNAL 284.75 295
EXIDEIND 368.2 375
FEDERALBNK 262.9 260
FORTIS 873.75 880
GAIL 168.39 175
GLENMARK 1968.5 1940
GMRAIRPORT 103.29 102
GODREJCP 1191.8 1180
GODREJPROP 2036.4 2080
GRASIM 2803.7 2800
HAL 4268.2 4500
HAVELLS 1422.8 1440
HCLTECH 1651.9 1660
HDFCAMC 2567.6 2625
HDFCBANK 993.4 1000
HDFCLIFE 773.8 770
HEROMOTOCO 5955 6050
HFCL 66.08 68
HINDALCO 834.6 820
HINDPETRO 462.9 460
HINDUNILVR 2293.8 2300
HINDZINC 565.8 540
HUDCO 211.59 220
ICICIBANK 1364.6 1380
ICICIGI 1960.1 1980
ICICIPRULI 646.25 630
IDEA 11.29 11
IDFCFIRSTB 83.48 82
IEX 140.8 145
IIFL 565.8 560
INDHOTEL 727.65 740
INDIANB 767.2 810
INDIGO 4972 5000
INDUSINDBK 843.75 850
INDUSTOWER 407.5 410
INFY 1588.9 1600
INOXWIND 125.83 130
IOC 166.98 165
IRCTC 670.5 690
IREDA 134.13 140
IRFC 112.43 117
ITC 403.15 405
JINDALSTEL 1015 1030
JIOFIN 294.8 305
JSWENERGY 478.35 490
JSWSTEEL 1095.6 1140
JUBLFOOD 566.65 590
KALYANKJIL 478 480
KAYNES 4220 4400
KEI 4147.4 4100
KFINTECH 1037.4 1060
KOTAKBANK 2189 2160
KPITTECH 1182.3 1200
LAURUSLABS 997.2 1000
LICHSGFIN 529.75 550
LICI 853.5 880
LODHA 1082.4 1120
LT 4059 4040
LTF 300.65 302.5
LTIM 6224 6150
LUPIN 2090 2080
M&M 3620.2 3650
MANAPPURAM 282.15 280
MANKIND 2127.9 2200
MARICO 740.6 740
MARUTI 16395 16200
MAXHEALTH 1082.3 1100
MAZDOCK 2424.8 2600
MCX 10180 10100
MFSL 1686.1 1700
MOTHERSON 119.72 116
MPHASIS 2859.3 2900
MUTHOOTFIN 3826.9 3750
NATIONALUM 274.55 270
NAUKRI 1346.2 1360
NBCC 112.03 113
NCC 158.8 170
NESTLEIND 1243.4 1240
NHPC 76.18 78
NMDC 76.9 77
NTPC 321.1 325
NUVAMA 7263 7200
NYKAA 246.25 255
OBEROIRLTY 1647 1660
OFSS 7829.5 8000
OIL 402.2 415
ONGC 232.55 240
PAGEIND 36475 37500
PATANJALI 531.8 545
PAYTM 1285.2 1300
PERSISTENT 6232 6300
PETRONET 266.55 280
PFC 336.8 360
PGEL 560.25 560
PHOENIXLTD 1782.3 1740
PIDILITIND 1481.1 1480
PIIND 3245.4 3350
PNB 117.25 120
PNBHOUSING 917.85 910
POLICYBZR 1825.9 1860
POLYCAB 7309 7300
POWERGRID 261.85 272.5
POWERINDIA 19330 19500
PPLPHARMA 169.21 180
PRESTIGE 1625.4 1660
RBLBANK 299.3 310
RECLTD 337.25 355
RELIANCE 1542.8 1540
RVNL 310.2 315
SAIL 129.01 133
SAMMAANCAP 147.78 155
SBICARD 851.1 870
SBILIFE 2042.3 2020
SBIN 963.35 970
SHREECEM 26200 26500
SHRIRAMFIN 849.5 850
SIEMENS 3136.2 3200
SOLARINDS 12001 12500
SONACOMS 485.65 500
SRF 3017.6 2950
SUNPHARMA 1785.3 1800
SUPREMEIND 3404.2 3400
SUZLON 52.61 54
SYNGENE 654.65 650
TATACONSUM 1171.7 1170
TATAELXSI 5005.5 5100
TATAMOTORS 0 320
TATAPOWER 379.95 390
TATASTEEL 169.46 170
TATATECH 650.75 680
TCS 3203.2 3200
TECHM 1573.8 1540
TIINDIA 2621.3 2700
TITAGARH 790.55 800
TITAN 3911.4 3840
TMPV 346.7 360
TORNTPHARM 3763 3800
TORNTPOWER 1283.4 1300
TRENT 4115.7 4200
TVSMOTOR 3614.5 3600
ULTRACEMCO 11572 11700
UNIONBANK 152.66 152.5
UNITDSPR 1449.8 1440
UNOMINDA 1238 1280
UPL 751.4 750
VBL 481.85 470
VEDL 547.5 535
VOLTAS 1391.1 1360
WIPRO 260.2 255
YESBANK 21.49 22
ZYDUSLIFE 920.7 930

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.