How is Max Pain Calculated?

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. For each strike price: Calculate the difference between the current stock price and the strike price. Multiply this difference by the open interest (number of contracts) at that strike for both call and put options. Sum the values: Add together the dollar value for put options and call options at each strike price. Repeat for all strikes: Perform this calculation for every available strike price in the option chain. 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.

How Can Traders Use Max Pain in Their Strategy?

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.

What Does Max Pain Indicate About Stock Price Movement?

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.

How Often Does Max Pain Change?

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.

What's the Difference Between Max Pain and Spot Price?

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.

Is Max Pain Always Accurate for Predicting Stock Price?

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.

When is Max Pain Most Relevant for Options Trading?

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.

SENSEX50

Q: What is Max Pain in Options Trading?

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.

Sensex 50

26943.63 -48.11 (-0.18%)

L: 26928.23 H: 27066.34

Max Pain - SENSEX50

17 Dec 2025 09:11 AM IST

Live

Expiry

Max Pain for SENSEX50 is 85000

Historical data for SENSEX50-85000-CE

LTP (85000 CE)

418 -313.75

Open Interest

9543 0

Historical data for SENSEX50-85000-PE

LTP (85000 PE)

518 176.55

Open Interest

8007 0

Strike 72800 has a total call value of 0 versus a total put value of 1,036,645,200,000 Combined total value = 1,036,645,200,000

Strike 72900 has a total call value of 0 versus a total put value of 1,027,072,400,000 Combined total value = 1,027,072,400,000

Strike 73000 has a total call value of 0 versus a total put value of 1,017,500,400,000 Combined total value = 1,017,500,400,000

Strike 73100 has a total call value of 0 versus a total put value of 1,007,928,400,000 Combined total value = 1,007,928,400,000

Strike 73200 has a total call value of 0 versus a total put value of 998,356,400,000 Combined total value = 998,356,400,000

Strike 73300 has a total call value of 0 versus a total put value of 988,784,400,000 Combined total value = 988,784,400,000

Strike 73400 has a total call value of 0 versus a total put value of 979,212,400,000 Combined total value = 979,212,400,000

Strike 73500 has a total call value of 0 versus a total put value of 969,640,400,000 Combined total value = 969,640,400,000

Strike 73600 has a total call value of 0 versus a total put value of 960,091,200,000 Combined total value = 960,091,200,000

Strike 73700 has a total call value of 0 versus a total put value of 950,542,000,000 Combined total value = 950,542,000,000

Strike 73800 has a total call value of 0 versus a total put value of 940,992,800,000 Combined total value = 940,992,800,000

Strike 73900 has a total call value of 0 versus a total put value of 931,443,600,000 Combined total value = 931,443,600,000

Strike 74000 has a total call value of 0 versus a total put value of 921,894,400,000 Combined total value = 921,894,400,000

Strike 74100 has a total call value of 0 versus a total put value of 912,365,200,000 Combined total value = 912,365,200,000

Strike 74200 has a total call value of 0 versus a total put value of 902,836,000,000 Combined total value = 902,836,000,000

Strike 74300 has a total call value of 0 versus a total put value of 893,306,800,000 Combined total value = 893,306,800,000

Strike 74400 has a total call value of 0 versus a total put value of 883,777,600,000 Combined total value = 883,777,600,000

Strike 74500 has a total call value of 0 versus a total put value of 874,248,400,000 Combined total value = 874,248,400,000

Strike 74600 has a total call value of 0 versus a total put value of 864,739,200,000 Combined total value = 864,739,200,000

Strike 74700 has a total call value of 0 versus a total put value of 855,240,000,000 Combined total value = 855,240,000,000

Strike 74800 has a total call value of 0 versus a total put value of 845,750,800,000 Combined total value = 845,750,800,000

Strike 74900 has a total call value of 0 versus a total put value of 836,271,600,000 Combined total value = 836,271,600,000

Strike 75000 has a total call value of 0 versus a total put value of 826,802,400,000 Combined total value = 826,802,400,000

Strike 75100 has a total call value of 0 versus a total put value of 817,350,200,000 Combined total value = 817,350,200,000

Strike 75200 has a total call value of 0 versus a total put value of 807,902,000,000 Combined total value = 807,902,000,000

Strike 75300 has a total call value of 0 versus a total put value of 798,468,400,000 Combined total value = 798,468,400,000

Strike 75400 has a total call value of 0 versus a total put value of 789,041,000,000 Combined total value = 789,041,000,000

Strike 75500 has a total call value of 0 versus a total put value of 779,620,000,000 Combined total value = 779,620,000,000

Strike 75600 has a total call value of 0 versus a total put value of 770,209,000,000 Combined total value = 770,209,000,000

Strike 75700 has a total call value of 0 versus a total put value of 760,804,600,000 Combined total value = 760,804,600,000

Strike 75800 has a total call value of 0 versus a total put value of 751,407,000,000 Combined total value = 751,407,000,000

Strike 75900 has a total call value of 0 versus a total put value of 742,016,200,000 Combined total value = 742,016,200,000

Strike 76000 has a total call value of 0 versus a total put value of 732,634,600,000 Combined total value = 732,634,600,000

Strike 76100 has a total call value of 0 versus a total put value of 723,263,000,000 Combined total value = 723,263,000,000

Strike 76200 has a total call value of 0 versus a total put value of 713,901,400,000 Combined total value = 713,901,400,000

Strike 76300 has a total call value of 0 versus a total put value of 704,549,800,000 Combined total value = 704,549,800,000

Strike 76400 has a total call value of 0 versus a total put value of 695,208,000,000 Combined total value = 695,208,000,000

Strike 76500 has a total call value of 0 versus a total put value of 685,876,200,000 Combined total value = 685,876,200,000

Strike 76600 has a total call value of 0 versus a total put value of 676,554,400,000 Combined total value = 676,554,400,000

Strike 76700 has a total call value of 0 versus a total put value of 667,249,000,000 Combined total value = 667,249,000,000

Strike 76800 has a total call value of 0 versus a total put value of 657,959,600,000 Combined total value = 657,959,600,000

Strike 76900 has a total call value of 0 versus a total put value of 648,686,400,000 Combined total value = 648,686,400,000

Strike 77000 has a total call value of 0 versus a total put value of 639,432,200,000 Combined total value = 639,432,200,000

Strike 77100 has a total call value of 0 versus a total put value of 630,185,600,000 Combined total value = 630,185,600,000

Strike 77200 has a total call value of 0 versus a total put value of 620,939,000,000 Combined total value = 620,939,000,000

Strike 77300 has a total call value of 0 versus a total put value of 611,692,400,000 Combined total value = 611,692,400,000

Strike 77400 has a total call value of 0 versus a total put value of 602,445,800,000 Combined total value = 602,445,800,000

Strike 77500 has a total call value of 0 versus a total put value of 593,199,200,000 Combined total value = 593,199,200,000

Strike 77600 has a total call value of 0 versus a total put value of 583,952,600,000 Combined total value = 583,952,600,000

Strike 77700 has a total call value of 0 versus a total put value of 574,706,000,000 Combined total value = 574,706,000,000

Strike 77800 has a total call value of 0 versus a total put value of 565,459,400,000 Combined total value = 565,459,400,000

Strike 77900 has a total call value of 0 versus a total put value of 556,212,800,000 Combined total value = 556,212,800,000

Strike 78000 has a total call value of 0 versus a total put value of 546,966,200,000 Combined total value = 546,966,200,000

Strike 78100 has a total call value of 0 versus a total put value of 537,720,000,000 Combined total value = 537,720,000,000

Strike 78200 has a total call value of 0 versus a total put value of 528,473,800,000 Combined total value = 528,473,800,000

Strike 78300 has a total call value of 0 versus a total put value of 519,227,600,000 Combined total value = 519,227,600,000

Strike 78400 has a total call value of 0 versus a total put value of 509,981,400,000 Combined total value = 509,981,400,000

Strike 78500 has a total call value of 0 versus a total put value of 500,735,200,000 Combined total value = 500,735,200,000

Strike 78600 has a total call value of 0 versus a total put value of 491,489,000,000 Combined total value = 491,489,000,000

Strike 78700 has a total call value of 0 versus a total put value of 482,242,800,000 Combined total value = 482,242,800,000

Strike 78800 has a total call value of 0 versus a total put value of 472,996,600,000 Combined total value = 472,996,600,000

Strike 78900 has a total call value of 0 versus a total put value of 463,750,400,000 Combined total value = 463,750,400,000

Strike 79000 has a total call value of 0 versus a total put value of 454,504,200,000 Combined total value = 454,504,200,000

Strike 79100 has a total call value of 0 versus a total put value of 445,258,000,000 Combined total value = 445,258,000,000

Strike 79200 has a total call value of 0 versus a total put value of 436,011,800,000 Combined total value = 436,011,800,000

Strike 79300 has a total call value of 0 versus a total put value of 426,765,600,000 Combined total value = 426,765,600,000

Strike 79400 has a total call value of 0 versus a total put value of 417,519,400,000 Combined total value = 417,519,400,000

Strike 79500 has a total call value of 0 versus a total put value of 408,273,200,000 Combined total value = 408,273,200,000

Strike 79600 has a total call value of 0 versus a total put value of 399,027,000,000 Combined total value = 399,027,000,000

Strike 79700 has a total call value of 0 versus a total put value of 389,780,800,000 Combined total value = 389,780,800,000

Strike 79800 has a total call value of 0 versus a total put value of 380,534,600,000 Combined total value = 380,534,600,000

Strike 79900 has a total call value of 0 versus a total put value of 371,288,400,000 Combined total value = 371,288,400,000

Strike 80000 has a total call value of 0 versus a total put value of 362,042,200,000 Combined total value = 362,042,200,000

Strike 80100 has a total call value of 800,000 versus a total put value of 352,930,200,000 Combined total value = 352,931,000,000

Strike 80200 has a total call value of 1,600,000 versus a total put value of 343,818,200,000 Combined total value = 343,819,800,000

Strike 80300 has a total call value of 2,400,000 versus a total put value of 334,706,200,000 Combined total value = 334,708,600,000

Strike 80400 has a total call value of 3,200,000 versus a total put value of 325,594,200,000 Combined total value = 325,597,400,000

Strike 80500 has a total call value of 4,000,000 versus a total put value of 316,482,200,000 Combined total value = 316,486,200,000

Strike 80600 has a total call value of 4,800,000 versus a total put value of 307,377,200,000 Combined total value = 307,382,000,000

Strike 80700 has a total call value of 5,600,000 versus a total put value of 298,272,200,000 Combined total value = 298,277,800,000

Strike 80800 has a total call value of 6,400,000 versus a total put value of 289,167,200,000 Combined total value = 289,173,600,000

Strike 80900 has a total call value of 7,200,000 versus a total put value of 280,062,200,000 Combined total value = 280,069,400,000

Strike 81000 has a total call value of 8,000,000 versus a total put value of 270,957,200,000 Combined total value = 270,965,200,000

Strike 81100 has a total call value of 10,200,000 versus a total put value of 262,045,200,000 Combined total value = 262,055,400,000

Strike 81200 has a total call value of 12,400,000 versus a total put value of 253,133,200,000 Combined total value = 253,145,600,000

Strike 81300 has a total call value of 14,600,000 versus a total put value of 244,221,200,000 Combined total value = 244,235,800,000

Strike 81400 has a total call value of 16,800,000 versus a total put value of 235,309,200,000 Combined total value = 235,326,000,000

Strike 81500 has a total call value of 19,000,000 versus a total put value of 226,397,200,000 Combined total value = 226,416,200,000

Strike 81600 has a total call value of 21,200,000 versus a total put value of 217,589,400,000 Combined total value = 217,610,600,000

Strike 81700 has a total call value of 23,400,000 versus a total put value of 208,783,600,000 Combined total value = 208,807,000,000

Strike 81800 has a total call value of 25,600,000 versus a total put value of 199,983,000,000 Combined total value = 200,008,600,000

Strike 81900 has a total call value of 27,800,000 versus a total put value of 191,191,200,000 Combined total value = 191,219,000,000

Strike 82000 has a total call value of 30,000,000 versus a total put value of 182,401,000,000 Combined total value = 182,431,000,000

Strike 82100 has a total call value of 37,400,000 versus a total put value of 174,172,600,000 Combined total value = 174,210,000,000

Strike 82200 has a total call value of 44,800,000 versus a total put value of 165,947,000,000 Combined total value = 165,991,800,000

Strike 82300 has a total call value of 52,200,000 versus a total put value of 157,759,000,000 Combined total value = 157,811,200,000

Strike 82400 has a total call value of 59,600,000 versus a total put value of 149,573,200,000 Combined total value = 149,632,800,000

Strike 82500 has a total call value of 67,000,000 versus a total put value of 141,389,600,000 Combined total value = 141,456,600,000

Strike 82600 has a total call value of 86,800,000 versus a total put value of 133,818,800,000 Combined total value = 133,905,600,000

Strike 82700 has a total call value of 106,600,000 versus a total put value of 126,296,400,000 Combined total value = 126,403,000,000

Strike 82800 has a total call value of 127,800,000 versus a total put value of 118,779,400,000 Combined total value = 118,907,200,000

Strike 82900 has a total call value of 153,000,000 versus a total put value of 111,270,800,000 Combined total value = 111,423,800,000

Strike 83000 has a total call value of 180,200,000 versus a total put value of 103,781,200,000 Combined total value = 103,961,400,000

Strike 83100 has a total call value of 501,800,000 versus a total put value of 97,263,400,000 Combined total value = 97,765,200,000

Strike 83200 has a total call value of 828,200,000 versus a total put value of 90,774,600,000 Combined total value = 91,602,800,000

Strike 83300 has a total call value of 1,160,400,000 versus a total put value of 84,340,600,000 Combined total value = 85,501,000,000

Strike 83400 has a total call value of 1,495,200,000 versus a total put value of 77,958,400,000 Combined total value = 79,453,600,000

Strike 83500 has a total call value of 1,836,400,000 versus a total put value of 71,629,200,000 Combined total value = 73,465,600,000

Strike 83600 has a total call value of 2,195,800,000 versus a total put value of 65,857,800,000 Combined total value = 68,053,600,000

Strike 83700 has a total call value of 2,565,400,000 versus a total put value of 60,148,400,000 Combined total value = 62,713,800,000

Strike 83800 has a total call value of 2,953,000,000 versus a total put value of 54,501,200,000 Combined total value = 57,454,200,000

Strike 83900 has a total call value of 3,342,200,000 versus a total put value of 48,925,600,000 Combined total value = 52,267,800,000

Strike 84000 has a total call value of 3,734,400,000 versus a total put value of 43,401,200,000 Combined total value = 47,135,600,000

Strike 84100 has a total call value of 4,290,000,000 versus a total put value of 38,878,400,000 Combined total value = 43,168,400,000

Strike 84200 has a total call value of 4,858,600,000 versus a total put value of 34,426,600,000 Combined total value = 39,285,200,000

Strike 84300 has a total call value of 5,457,200,000 versus a total put value of 30,090,400,000 Combined total value = 35,547,600,000

Strike 84400 has a total call value of 6,109,600,000 versus a total put value of 25,891,600,000 Combined total value = 32,001,200,000

Strike 84500 has a total call value of 6,819,800,000 versus a total put value of 21,804,200,000 Combined total value = 28,624,000,000

Strike 84600 has a total call value of 8,181,600,000 versus a total put value of 18,538,200,000 Combined total value = 26,719,800,000

Strike 84700 has a total call value of 9,649,800,000 versus a total put value of 15,399,600,000 Combined total value = 25,049,400,000

Strike 84800 has a total call value of 11,323,000,000 versus a total put value of 12,426,200,000 Combined total value = 23,749,200,000

Strike 84900 has a total call value of 13,310,600,000 versus a total put value of 9,732,200,000 Combined total value = 23,042,800,000

Strike 85000 has a total call value of 15,527,000,000 versus a total put value of 7,197,400,000 Combined total value = 22,724,400,000

Strike 85100 has a total call value of 19,652,000,000 versus a total put value of 6,264,000,000 Combined total value = 25,916,000,000

Strike 85200 has a total call value of 24,076,200,000 versus a total put value of 5,470,400,000 Combined total value = 29,546,600,000

Strike 85300 has a total call value of 28,747,400,000 versus a total put value of 4,791,000,000 Combined total value = 33,538,400,000

Strike 85400 has a total call value of 33,586,200,000 versus a total put value of 4,169,400,000 Combined total value = 37,755,600,000

Strike 85500 has a total call value of 38,549,000,000 versus a total put value of 3,592,800,000 Combined total value = 42,141,800,000

Strike 85600 has a total call value of 44,621,000,000 versus a total put value of 3,144,800,000 Combined total value = 47,765,800,000

Strike 85700 has a total call value of 50,838,800,000 versus a total put value of 2,727,000,000 Combined total value = 53,565,800,000

Strike 85800 has a total call value of 57,293,000,000 versus a total put value of 2,351,800,000 Combined total value = 59,644,800,000

Strike 85900 has a total call value of 63,954,000,000 versus a total put value of 2,001,400,000 Combined total value = 65,955,400,000

Strike 86000 has a total call value of 70,804,600,000 versus a total put value of 1,667,000,000 Combined total value = 72,471,600,000

Strike 86100 has a total call value of 79,367,600,000 versus a total put value of 1,426,400,000 Combined total value = 80,794,000,000

Strike 86200 has a total call value of 88,078,000,000 versus a total put value of 1,202,400,000 Combined total value = 89,280,400,000

Strike 86300 has a total call value of 96,969,800,000 versus a total put value of 1,003,000,000 Combined total value = 97,972,800,000

Strike 86400 has a total call value of 106,021,000,000 versus a total put value of 827,800,000 Combined total value = 106,848,800,000

Strike 86500 has a total call value of 115,143,000,000 versus a total put value of 669,000,000 Combined total value = 115,812,000,000

Strike 86600 has a total call value of 125,992,800,000 versus a total put value of 552,800,000 Combined total value = 126,545,600,000

Strike 86700 has a total call value of 136,928,800,000 versus a total put value of 455,400,000 Combined total value = 137,384,200,000

Strike 86800 has a total call value of 147,956,400,000 versus a total put value of 373,400,000 Combined total value = 148,329,800,000

Strike 86900 has a total call value of 159,108,800,000 versus a total put value of 307,000,000 Combined total value = 159,415,800,000

Strike 87000 has a total call value of 170,321,800,000 versus a total put value of 247,200,000 Combined total value = 170,569,000,000

Strike 87100 has a total call value of 182,704,400,000 versus a total put value of 209,200,000 Combined total value = 182,913,600,000

Strike 87200 has a total call value of 195,206,200,000 versus a total put value of 179,800,000 Combined total value = 195,386,000,000

Strike 87300 has a total call value of 207,775,800,000 versus a total put value of 152,600,000 Combined total value = 207,928,400,000

Strike 87400 has a total call value of 220,390,600,000 versus a total put value of 127,400,000 Combined total value = 220,518,000,000

Strike 87500 has a total call value of 233,035,400,000 versus a total put value of 103,200,000 Combined total value = 233,138,600,000

Strike 87600 has a total call value of 246,394,400,000 versus a total put value of 88,200,000 Combined total value = 246,482,600,000

Strike 87700 has a total call value of 259,772,400,000 versus a total put value of 73,200,000 Combined total value = 259,845,600,000

Strike 87800 has a total call value of 273,167,200,000 versus a total put value of 58,200,000 Combined total value = 273,225,400,000

Strike 87900 has a total call value of 286,597,000,000 versus a total put value of 45,200,000 Combined total value = 286,642,200,000

Strike 88000 has a total call value of 300,069,600,000 versus a total put value of 34,000,000 Combined total value = 300,103,600,000

Strike 88100 has a total call value of 314,223,800,000 versus a total put value of 23,600,000 Combined total value = 314,247,400,000

Strike 88200 has a total call value of 328,408,800,000 versus a total put value of 13,200,000 Combined total value = 328,422,000,000

Strike 88300 has a total call value of 342,623,000,000 versus a total put value of 4,800,000 Combined total value = 342,627,800,000

Strike 88400 has a total call value of 356,848,400,000 versus a total put value of 4,400,000 Combined total value = 356,852,800,000

Strike 88500 has a total call value of 371,079,400,000 versus a total put value of 4,000,000 Combined total value = 371,083,400,000

Strike 88600 has a total call value of 385,450,600,000 versus a total put value of 3,600,000 Combined total value = 385,454,200,000

Strike 88700 has a total call value of 399,839,600,000 versus a total put value of 3,200,000 Combined total value = 399,842,800,000

Strike 88800 has a total call value of 414,230,800,000 versus a total put value of 2,800,000 Combined total value = 414,233,600,000

Strike 88900 has a total call value of 428,623,800,000 versus a total put value of 2,400,000 Combined total value = 428,626,200,000

Strike 89000 has a total call value of 443,021,400,000 versus a total put value of 2,000,000 Combined total value = 443,023,400,000

Strike 89100 has a total call value of 457,820,200,000 versus a total put value of 1,800,000 Combined total value = 457,822,000,000

Strike 89200 has a total call value of 472,623,000,000 versus a total put value of 1,600,000 Combined total value = 472,624,600,000

Strike 89300 has a total call value of 487,426,800,000 versus a total put value of 1,400,000 Combined total value = 487,428,200,000

Strike 89400 has a total call value of 502,231,400,000 versus a total put value of 1,200,000 Combined total value = 502,232,600,000

Strike 89500 has a total call value of 517,036,400,000 versus a total put value of 1,000,000 Combined total value = 517,037,400,000

Strike 89600 has a total call value of 531,862,000,000 versus a total put value of 800,000 Combined total value = 531,862,800,000

Strike 89700 has a total call value of 546,687,600,000 versus a total put value of 600,000 Combined total value = 546,688,200,000

Strike 89800 has a total call value of 561,513,200,000 versus a total put value of 400,000 Combined total value = 561,513,600,000

Strike 89900 has a total call value of 576,338,800,000 versus a total put value of 200,000 Combined total value = 576,339,000,000

Strike 90000 has a total call value of 591,165,400,000 versus a total put value of 0 Combined total value = 591,165,400,000

Strike 90100 has a total call value of 606,185,000,000 versus a total put value of 0 Combined total value = 606,185,000,000

Strike 90200 has a total call value of 621,205,200,000 versus a total put value of 0 Combined total value = 621,205,200,000

Strike 90300 has a total call value of 636,225,600,000 versus a total put value of 0 Combined total value = 636,225,600,000

Strike 90400 has a total call value of 651,246,000,000 versus a total put value of 0 Combined total value = 651,246,000,000

Strike 90500 has a total call value of 666,266,400,000 versus a total put value of 0 Combined total value = 666,266,400,000

Strike 90600 has a total call value of 681,286,800,000 versus a total put value of 0 Combined total value = 681,286,800,000

Strike 90700 has a total call value of 696,307,600,000 versus a total put value of 0 Combined total value = 696,307,600,000

Strike 90800 has a total call value of 711,328,400,000 versus a total put value of 0 Combined total value = 711,328,400,000

Strike 90900 has a total call value of 726,349,200,000 versus a total put value of 0 Combined total value = 726,349,200,000

Strike 91000 has a total call value of 741,370,000,000 versus a total put value of 0 Combined total value = 741,370,000,000

Strike 91100 has a total call value of 756,390,800,000 versus a total put value of 0 Combined total value = 756,390,800,000

Strike 91200 has a total call value of 771,411,600,000 versus a total put value of 0 Combined total value = 771,411,600,000

Strike 91300 has a total call value of 786,432,400,000 versus a total put value of 0 Combined total value = 786,432,400,000

Strike 91400 has a total call value of 801,453,200,000 versus a total put value of 0 Combined total value = 801,453,200,000

Strike 91500 has a total call value of 816,474,000,000 versus a total put value of 0 Combined total value = 816,474,000,000

Strike 91600 has a total call value of 831,494,800,000 versus a total put value of 0 Combined total value = 831,494,800,000

Strike 91700 has a total call value of 846,515,600,000 versus a total put value of 0 Combined total value = 846,515,600,000

Strike 91800 has a total call value of 861,536,400,000 versus a total put value of 0 Combined total value = 861,536,400,000

Strike 91900 has a total call value of 876,557,200,000 versus a total put value of 0 Combined total value = 876,557,200,000

Strike 92000 has a total call value of 891,578,400,000 versus a total put value of 0 Combined total value = 891,578,400,000

Strike 92100 has a total call value of 906,600,800,000 versus a total put value of 0 Combined total value = 906,600,800,000

Strike 92200 has a total call value of 921,623,200,000 versus a total put value of 0 Combined total value = 921,623,200,000

Strike 92300 has a total call value of 936,645,600,000 versus a total put value of 0 Combined total value = 936,645,600,000

Strike 92400 has a total call value of 951,668,000,000 versus a total put value of 0 Combined total value = 951,668,000,000

Strike 92500 has a total call value of 966,690,400,000 versus a total put value of 0 Combined total value = 966,690,400,000

Strike 92600 has a total call value of 981,716,400,000 versus a total put value of 0 Combined total value = 981,716,400,000

Strike 92700 has a total call value of 996,742,400,000 versus a total put value of 0 Combined total value = 996,742,400,000

Strike 92800 has a total call value of 1,011,769,400,000 versus a total put value of 0 Combined total value = 1,011,769,400,000

Strike 92900 has a total call value of 1,026,806,200,000 versus a total put value of 0 Combined total value = 1,026,806,200,000

Strike 93000 has a total call value of 1,041,843,600,000 versus a total put value of 0 Combined total value = 1,041,843,600,000

Strike 93100 has a total call value of 1,056,881,000,000 versus a total put value of 0 Combined total value = 1,056,881,000,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1135.2	1140
ABB	5205	5200
ABCAPITAL	349.15	350
ADANIENSOL	987.45	990
ADANIENT	2239.8	2300
ADANIGREEN	1029.5	1020
ADANIPORTS	1486.2	1500
ALKEM	5638	5700
AMBER	6648	6800
AMBUJACEM	544	555
ANGELONE	2508.4	2600
APLAPOLLO	1750.4	1740
APOLLOHOSP	6972.5	7150
ASHOKLEY	165.51	160
ASIANPAINT	2776.1	2800
ASTRAL	1438.5	1460
AUBANK	995.2	960
AUROPHARMA	1189.3	1200
AXISBANK	1230.6	1240
BAJAJ-AUTO	8929.5	9000
BAJAJFINSV	2021.8	2060
BAJFINANCE	998.9	1020
BANDHANBNK	148.75	150
BANKBARODA	287.4	290
BANKINDIA	142.41	143
BDL	1333.7	1400
BEL	385.75	400
BHARATFORG	1410.5	1400
BHARTIARTL	2102.2	2100
BHEL	276.9	280
BIOCON	387.9	390
BLUESTARCO	1822	1780
BOSCHLTD	36035	36500
BPCL	366.95	365
BRITANNIA	6083.5	6000
BSE	2652.6	2700
CAMS	745.1	780
CANBK	150.36	150
CDSL	1483.6	1560
CGPOWER	678.95	680
CHOLAFIN	1685.8	1700
CIPLA	1494.2	1520
COALINDIA	383.85	384.75
COFORGE	1850.2	1840
COLPAL	2111	2180
CONCOR	497.55	520
CROMPTON	251.15	265
CUMMINSIND	4514.5	4500
CYIENT	1142.5	1160
DABUR	494.3	500
DALBHARAT	2068.5	2040
DELHIVERY	400.95	410
DIVISLAB	6316	6400
DIXON	13308	13750
DLF	681.75	710
DMART	3820.8	3900
DRREDDY	1278	1270
EICHERMOT	7155.5	7150
ETERNAL	285.25	295
EXIDEIND	362.2	375
FEDERALBNK	264.4	260
FORTIS	874.95	890
GAIL	169.25	175
GLENMARK	1953.5	1940
GMRAIRPORT	101.93	102
GODREJCP	1174.7	1160
GODREJPROP	2025	2080
GRASIM	2801.2	2800
HAL	4241.9	4500
HAVELLS	1399.3	1440
HCLTECH	1649.8	1660
HDFCAMC	2556.1	2620
HDFCBANK	983.3	995
HDFCLIFE	751.2	770
HEROMOTOCO	5805	6000
HFCL	64.86	68
HINDALCO	847.15	820
HINDPETRO	468.5	460
HINDUNILVR	2270	2300
HINDZINC	583.1	550
HUDCO	209	220
ICICIBANK	1350	1370
ICICIGI	1940.5	1980
ICICIPRULI	632.45	630
IDEA	11.31	11
IDFCFIRSTB	83.82	82
IEX	141.18	145
IIFL	568.75	560
INDHOTEL	718.75	730
INDIANB	777.15	820
INDIGO	4979.5	5000
INDUSINDBK	835.95	850
INDUSTOWER	408.75	410
INFY	1600.6	1600
INOXWIND	126.67	130
IOC	168.39	166
IRCTC	668.75	690
IREDA	132.45	140
IRFC	111.48	116
ITC	399.95	405
JINDALSTEL	1006.8	1030
JIOFIN	293.75	305
JSWENERGY	481.4	490
JSWSTEEL	1085.1	1130
JUBLFOOD	552.45	580
KALYANKJIL	474.9	480
KAYNES	4187	4400
KEI	4100.7	4100
KFINTECH	1035.8	1060
KOTAKBANK	2168.5	2160
KPITTECH	1170	1200
LAURUSLABS	1010.8	1000
LICHSGFIN	526.1	550
LICI	848	870
LODHA	1068.5	1100
LT	4059	4040
LTF	302.55	302.5
LTIM	6243.5	6150
LUPIN	2116.4	2080
M&M	3604.7	3650
MANAPPURAM	284.8	280
MANKIND	2095.7	2200
MARICO	738.6	740
MARUTI	16414	16300
MAXHEALTH	1041	1100
MAZDOCK	2381.2	2500
MCX	10126	10100
MFSL	1645	1680
MOTHERSON	119.95	116
MPHASIS	2864	2900
MUTHOOTFIN	3800	3800
NATIONALUM	279.75	270
NAUKRI	1347.4	1360
NBCC	110.58	112
NCC	156.57	165
NESTLEIND	1229.4	1240
NHPC	75.74	78
NMDC	77.52	77
NTPC	320.5	325
NUVAMA	7241	7200
NYKAA	244.75	255
OBEROIRLTY	1625.1	1640
OFSS	7769	8000
OIL	402	410
ONGC	232.42	237.5
PAGEIND	36200	37000
PATANJALI	530.25	540
PAYTM	1271	1300
PERSISTENT	6270.5	6300
PETRONET	268.8	278
PFC	336.3	355
PGEL	566.4	560
PHOENIXLTD	1787.9	1740
PIDILITIND	1448.9	1480
PIIND	3213.2	3300
PNB	119.34	120
PNBHOUSING	905.3	910
POLICYBZR	1794.3	1840
POLYCAB	7106.5	7200
POWERGRID	262.55	270
POWERINDIA	19315	19500
PPLPHARMA	169.81	180
PRESTIGE	1612.9	1660
RBLBANK	297.3	310
RECLTD	334.1	350
RELIANCE	1543	1540
RVNL	308.35	315
SAIL	129.93	132
SAMMAANCAP	152.33	155
SBICARD	832.3	870
SBILIFE	2001.3	2020
SBIN	976.6	970
SHREECEM	26020	26500
SHRIRAMFIN	865.75	850
SIEMENS	3151.3	3200
SOLARINDS	11895	12500
SONACOMS	490.9	500
SRF	3018.7	2950
SUNPHARMA	1784.9	1800
SUPREMEIND	3332.6	3400
SUZLON	52.17	54
SYNGENE	652.5	650
TATACONSUM	1181.5	1170
TATAELXSI	4990	5100
TATAMOTORS	0	320
TATAPOWER	380.1	390
TATASTEEL	170	170
TATATECH	645.5	670
TCS	3216.4	3200
TECHM	1577.9	1540
TIINDIA	2625.9	2700
TITAGARH	781.15	800
TITAN	3905.6	3880
TMPV	347.6	360
TORNTPHARM	3743.7	3750
TORNTPOWER	1289.2	1300
TRENT	4062.7	4200
TVSMOTOR	3644.4	3600
ULTRACEMCO	11530	11700
UNIONBANK	153.56	155
UNITDSPR	1442.3	1440
UNOMINDA	1246.8	1280
UPL	745.2	750
VBL	476.45	470
VEDL	574	550
VOLTAS	1384	1380
WIPRO	260.58	255
YESBANK	21.58	22
ZYDUSLIFE	919.15	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:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
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.

Related Pages for SENSEX50

SENSEX50

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD