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

27187.78 -152.83 (-0.56%)

L: 27176.19 H: 27329.16

Max Pain - SENSEX50

05 Dec 2025 04:11 PM IST

Live

Expiry

Data for SENSEX50 is temporarily unavailable. Our team is working to resolve the issue.

Max Pain for SENSEX50 is 85500

Historical data for SENSEX50-85500-CE

LTP (85500 CE)

1072.75 194.3

Open Interest

829 42

Historical data for SENSEX50-85500-PE

LTP (85500 PE)

441 -197.75

Open Interest

908 -160

Strike 72800 has a total call value of 0 versus a total put value of 265,558,000,000 Combined total value = 265,558,000,000

Strike 72900 has a total call value of 0 versus a total put value of 263,086,400,000 Combined total value = 263,086,400,000

Strike 73000 has a total call value of 0 versus a total put value of 260,614,800,000 Combined total value = 260,614,800,000

Strike 73100 has a total call value of 0 versus a total put value of 258,143,200,000 Combined total value = 258,143,200,000

Strike 73200 has a total call value of 0 versus a total put value of 255,671,600,000 Combined total value = 255,671,600,000

Strike 73300 has a total call value of 0 versus a total put value of 253,200,000,000 Combined total value = 253,200,000,000

Strike 73400 has a total call value of 0 versus a total put value of 250,728,400,000 Combined total value = 250,728,400,000

Strike 73500 has a total call value of 0 versus a total put value of 248,256,800,000 Combined total value = 248,256,800,000

Strike 73600 has a total call value of 0 versus a total put value of 245,805,200,000 Combined total value = 245,805,200,000

Strike 73700 has a total call value of 0 versus a total put value of 243,353,600,000 Combined total value = 243,353,600,000

Strike 73800 has a total call value of 0 versus a total put value of 240,902,000,000 Combined total value = 240,902,000,000

Strike 73900 has a total call value of 0 versus a total put value of 238,450,400,000 Combined total value = 238,450,400,000

Strike 74000 has a total call value of 0 versus a total put value of 235,998,800,000 Combined total value = 235,998,800,000

Strike 74100 has a total call value of 0 versus a total put value of 233,567,200,000 Combined total value = 233,567,200,000

Strike 74200 has a total call value of 0 versus a total put value of 231,135,600,000 Combined total value = 231,135,600,000

Strike 74300 has a total call value of 0 versus a total put value of 228,704,000,000 Combined total value = 228,704,000,000

Strike 74400 has a total call value of 0 versus a total put value of 226,272,400,000 Combined total value = 226,272,400,000

Strike 74500 has a total call value of 0 versus a total put value of 223,840,800,000 Combined total value = 223,840,800,000

Strike 74600 has a total call value of 0 versus a total put value of 221,429,200,000 Combined total value = 221,429,200,000

Strike 74700 has a total call value of 0 versus a total put value of 219,027,600,000 Combined total value = 219,027,600,000

Strike 74800 has a total call value of 0 versus a total put value of 216,636,000,000 Combined total value = 216,636,000,000

Strike 74900 has a total call value of 0 versus a total put value of 214,254,400,000 Combined total value = 214,254,400,000

Strike 75000 has a total call value of 0 versus a total put value of 211,882,800,000 Combined total value = 211,882,800,000

Strike 75100 has a total call value of 0 versus a total put value of 209,523,600,000 Combined total value = 209,523,600,000

Strike 75200 has a total call value of 0 versus a total put value of 207,174,400,000 Combined total value = 207,174,400,000

Strike 75300 has a total call value of 0 versus a total put value of 204,839,800,000 Combined total value = 204,839,800,000

Strike 75400 has a total call value of 0 versus a total put value of 202,511,400,000 Combined total value = 202,511,400,000

Strike 75500 has a total call value of 0 versus a total put value of 200,189,400,000 Combined total value = 200,189,400,000

Strike 75600 has a total call value of 0 versus a total put value of 197,877,400,000 Combined total value = 197,877,400,000

Strike 75700 has a total call value of 0 versus a total put value of 195,572,000,000 Combined total value = 195,572,000,000

Strike 75800 has a total call value of 0 versus a total put value of 193,273,400,000 Combined total value = 193,273,400,000

Strike 75900 has a total call value of 0 versus a total put value of 190,981,600,000 Combined total value = 190,981,600,000

Strike 76000 has a total call value of 0 versus a total put value of 188,699,000,000 Combined total value = 188,699,000,000

Strike 76100 has a total call value of 0 versus a total put value of 186,426,400,000 Combined total value = 186,426,400,000

Strike 76200 has a total call value of 0 versus a total put value of 184,163,800,000 Combined total value = 184,163,800,000

Strike 76300 has a total call value of 0 versus a total put value of 181,911,200,000 Combined total value = 181,911,200,000

Strike 76400 has a total call value of 0 versus a total put value of 179,668,400,000 Combined total value = 179,668,400,000

Strike 76500 has a total call value of 0 versus a total put value of 177,435,600,000 Combined total value = 177,435,600,000

Strike 76600 has a total call value of 0 versus a total put value of 175,212,800,000 Combined total value = 175,212,800,000

Strike 76700 has a total call value of 0 versus a total put value of 173,006,400,000 Combined total value = 173,006,400,000

Strike 76800 has a total call value of 0 versus a total put value of 170,816,000,000 Combined total value = 170,816,000,000

Strike 76900 has a total call value of 0 versus a total put value of 168,641,800,000 Combined total value = 168,641,800,000

Strike 77000 has a total call value of 0 versus a total put value of 166,486,600,000 Combined total value = 166,486,600,000

Strike 77100 has a total call value of 0 versus a total put value of 164,341,400,000 Combined total value = 164,341,400,000

Strike 77200 has a total call value of 0 versus a total put value of 162,196,200,000 Combined total value = 162,196,200,000

Strike 77300 has a total call value of 0 versus a total put value of 160,051,000,000 Combined total value = 160,051,000,000

Strike 77400 has a total call value of 0 versus a total put value of 157,905,800,000 Combined total value = 157,905,800,000

Strike 77500 has a total call value of 0 versus a total put value of 155,760,600,000 Combined total value = 155,760,600,000

Strike 77600 has a total call value of 0 versus a total put value of 153,615,400,000 Combined total value = 153,615,400,000

Strike 77700 has a total call value of 0 versus a total put value of 151,470,200,000 Combined total value = 151,470,200,000

Strike 77800 has a total call value of 0 versus a total put value of 149,325,000,000 Combined total value = 149,325,000,000

Strike 77900 has a total call value of 0 versus a total put value of 147,179,800,000 Combined total value = 147,179,800,000

Strike 78000 has a total call value of 0 versus a total put value of 145,034,600,000 Combined total value = 145,034,600,000

Strike 78100 has a total call value of 0 versus a total put value of 142,889,400,000 Combined total value = 142,889,400,000

Strike 78200 has a total call value of 0 versus a total put value of 140,744,200,000 Combined total value = 140,744,200,000

Strike 78300 has a total call value of 0 versus a total put value of 138,599,000,000 Combined total value = 138,599,000,000

Strike 78400 has a total call value of 0 versus a total put value of 136,453,800,000 Combined total value = 136,453,800,000

Strike 78500 has a total call value of 0 versus a total put value of 134,308,600,000 Combined total value = 134,308,600,000

Strike 78600 has a total call value of 0 versus a total put value of 132,163,400,000 Combined total value = 132,163,400,000

Strike 78700 has a total call value of 0 versus a total put value of 130,018,200,000 Combined total value = 130,018,200,000

Strike 78800 has a total call value of 0 versus a total put value of 127,873,000,000 Combined total value = 127,873,000,000

Strike 78900 has a total call value of 0 versus a total put value of 125,727,800,000 Combined total value = 125,727,800,000

Strike 79000 has a total call value of 0 versus a total put value of 123,582,600,000 Combined total value = 123,582,600,000

Strike 79100 has a total call value of 0 versus a total put value of 121,437,400,000 Combined total value = 121,437,400,000

Strike 79200 has a total call value of 0 versus a total put value of 119,292,200,000 Combined total value = 119,292,200,000

Strike 79300 has a total call value of 0 versus a total put value of 117,147,000,000 Combined total value = 117,147,000,000

Strike 79400 has a total call value of 0 versus a total put value of 115,001,800,000 Combined total value = 115,001,800,000

Strike 79500 has a total call value of 0 versus a total put value of 112,856,600,000 Combined total value = 112,856,600,000

Strike 79600 has a total call value of 0 versus a total put value of 110,711,400,000 Combined total value = 110,711,400,000

Strike 79700 has a total call value of 0 versus a total put value of 108,566,200,000 Combined total value = 108,566,200,000

Strike 79800 has a total call value of 0 versus a total put value of 106,421,000,000 Combined total value = 106,421,000,000

Strike 79900 has a total call value of 0 versus a total put value of 104,275,800,000 Combined total value = 104,275,800,000

Strike 80000 has a total call value of 0 versus a total put value of 102,130,600,000 Combined total value = 102,130,600,000

Strike 80100 has a total call value of 800,000 versus a total put value of 100,047,600,000 Combined total value = 100,048,400,000

Strike 80200 has a total call value of 1,600,000 versus a total put value of 97,964,600,000 Combined total value = 97,966,200,000

Strike 80300 has a total call value of 2,400,000 versus a total put value of 95,881,600,000 Combined total value = 95,884,000,000

Strike 80400 has a total call value of 3,200,000 versus a total put value of 93,798,600,000 Combined total value = 93,801,800,000

Strike 80500 has a total call value of 4,000,000 versus a total put value of 91,715,600,000 Combined total value = 91,719,600,000

Strike 80600 has a total call value of 4,800,000 versus a total put value of 89,639,200,000 Combined total value = 89,644,000,000

Strike 80700 has a total call value of 5,600,000 versus a total put value of 87,562,800,000 Combined total value = 87,568,400,000

Strike 80800 has a total call value of 6,400,000 versus a total put value of 85,486,400,000 Combined total value = 85,492,800,000

Strike 80900 has a total call value of 7,200,000 versus a total put value of 83,410,000,000 Combined total value = 83,417,200,000

Strike 81000 has a total call value of 8,000,000 versus a total put value of 81,333,600,000 Combined total value = 81,341,600,000

Strike 81100 has a total call value of 11,800,000 versus a total put value of 79,298,800,000 Combined total value = 79,310,600,000

Strike 81200 has a total call value of 15,600,000 versus a total put value of 77,264,000,000 Combined total value = 77,279,600,000

Strike 81300 has a total call value of 19,400,000 versus a total put value of 75,229,200,000 Combined total value = 75,248,600,000

Strike 81400 has a total call value of 23,200,000 versus a total put value of 73,194,400,000 Combined total value = 73,217,600,000

Strike 81500 has a total call value of 27,000,000 versus a total put value of 71,159,600,000 Combined total value = 71,186,600,000

Strike 81600 has a total call value of 30,800,000 versus a total put value of 69,138,600,000 Combined total value = 69,169,400,000

Strike 81700 has a total call value of 34,600,000 versus a total put value of 67,119,400,000 Combined total value = 67,154,000,000

Strike 81800 has a total call value of 38,400,000 versus a total put value of 65,101,600,000 Combined total value = 65,140,000,000

Strike 81900 has a total call value of 42,200,000 versus a total put value of 63,088,400,000 Combined total value = 63,130,600,000

Strike 82000 has a total call value of 46,000,000 versus a total put value of 61,076,800,000 Combined total value = 61,122,800,000

Strike 82100 has a total call value of 56,600,000 versus a total put value of 59,121,800,000 Combined total value = 59,178,400,000

Strike 82200 has a total call value of 67,200,000 versus a total put value of 57,172,600,000 Combined total value = 57,239,800,000

Strike 82300 has a total call value of 77,800,000 versus a total put value of 55,230,600,000 Combined total value = 55,308,400,000

Strike 82400 has a total call value of 88,400,000 versus a total put value of 53,294,800,000 Combined total value = 53,383,200,000

Strike 82500 has a total call value of 99,000,000 versus a total put value of 51,366,800,000 Combined total value = 51,465,800,000

Strike 82600 has a total call value of 111,400,000 versus a total put value of 49,460,200,000 Combined total value = 49,571,600,000

Strike 82700 has a total call value of 123,800,000 versus a total put value of 47,560,800,000 Combined total value = 47,684,600,000

Strike 82800 has a total call value of 138,200,000 versus a total put value of 45,662,200,000 Combined total value = 45,800,400,000

Strike 82900 has a total call value of 160,200,000 versus a total put value of 43,766,400,000 Combined total value = 43,926,600,000

Strike 83000 has a total call value of 184,400,000 versus a total put value of 41,872,800,000 Combined total value = 42,057,200,000

Strike 83100 has a total call value of 223,800,000 versus a total put value of 40,092,400,000 Combined total value = 40,316,200,000

Strike 83200 has a total call value of 273,200,000 versus a total put value of 38,316,000,000 Combined total value = 38,589,200,000

Strike 83300 has a total call value of 338,600,000 versus a total put value of 36,545,000,000 Combined total value = 36,883,600,000

Strike 83400 has a total call value of 406,000,000 versus a total put value of 34,787,400,000 Combined total value = 35,193,400,000

Strike 83500 has a total call value of 481,800,000 versus a total put value of 33,033,400,000 Combined total value = 33,515,200,000

Strike 83600 has a total call value of 581,000,000 versus a total put value of 31,330,800,000 Combined total value = 31,911,800,000

Strike 83700 has a total call value of 692,800,000 versus a total put value of 29,641,600,000 Combined total value = 30,334,400,000

Strike 83800 has a total call value of 841,200,000 versus a total put value of 27,964,200,000 Combined total value = 28,805,400,000

Strike 83900 has a total call value of 989,600,000 versus a total put value of 26,295,800,000 Combined total value = 27,285,400,000

Strike 84000 has a total call value of 1,140,800,000 versus a total put value of 24,646,000,000 Combined total value = 25,786,800,000

Strike 84100 has a total call value of 1,359,200,000 versus a total put value of 23,166,200,000 Combined total value = 24,525,400,000

Strike 84200 has a total call value of 1,591,000,000 versus a total put value of 21,695,600,000 Combined total value = 23,286,600,000

Strike 84300 has a total call value of 1,878,200,000 versus a total put value of 20,236,400,000 Combined total value = 22,114,600,000

Strike 84400 has a total call value of 2,252,800,000 versus a total put value of 18,796,200,000 Combined total value = 21,049,000,000

Strike 84500 has a total call value of 2,657,400,000 versus a total put value of 17,384,800,000 Combined total value = 20,042,200,000

Strike 84600 has a total call value of 3,098,200,000 versus a total put value of 16,056,000,000 Combined total value = 19,154,200,000

Strike 84700 has a total call value of 3,568,000,000 versus a total put value of 14,772,800,000 Combined total value = 18,340,800,000

Strike 84800 has a total call value of 4,053,800,000 versus a total put value of 13,526,200,000 Combined total value = 17,580,000,000

Strike 84900 has a total call value of 4,564,800,000 versus a total put value of 12,322,000,000 Combined total value = 16,886,800,000

Strike 85000 has a total call value of 5,100,600,000 versus a total put value of 11,181,400,000 Combined total value = 16,282,000,000

Strike 85100 has a total call value of 5,750,800,000 versus a total put value of 10,244,600,000 Combined total value = 15,995,400,000

Strike 85200 has a total call value of 6,423,200,000 versus a total put value of 9,341,600,000 Combined total value = 15,764,800,000

Strike 85300 has a total call value of 7,118,200,000 versus a total put value of 8,468,800,000 Combined total value = 15,587,000,000

Strike 85400 has a total call value of 7,829,600,000 versus a total put value of 7,626,000,000 Combined total value = 15,455,600,000

Strike 85500 has a total call value of 8,572,000,000 versus a total put value of 6,795,200,000 Combined total value = 15,367,200,000

Strike 85600 has a total call value of 9,480,200,000 versus a total put value of 6,146,000,000 Combined total value = 15,626,200,000

Strike 85700 has a total call value of 10,406,800,000 versus a total put value of 5,517,200,000 Combined total value = 15,924,000,000

Strike 85800 has a total call value of 11,361,400,000 versus a total put value of 4,910,400,000 Combined total value = 16,271,800,000

Strike 85900 has a total call value of 12,351,800,000 versus a total put value of 4,329,800,000 Combined total value = 16,681,600,000

Strike 86000 has a total call value of 13,374,400,000 versus a total put value of 3,766,800,000 Combined total value = 17,141,200,000

Strike 86100 has a total call value of 14,570,800,000 versus a total put value of 3,340,800,000 Combined total value = 17,911,600,000

Strike 86200 has a total call value of 15,791,600,000 versus a total put value of 2,943,400,000 Combined total value = 18,735,000,000

Strike 86300 has a total call value of 17,040,600,000 versus a total put value of 2,577,800,000 Combined total value = 19,618,400,000

Strike 86400 has a total call value of 18,313,400,000 versus a total put value of 2,237,400,000 Combined total value = 20,550,800,000

Strike 86500 has a total call value of 19,605,400,000 versus a total put value of 1,927,200,000 Combined total value = 21,532,600,000

Strike 86600 has a total call value of 20,965,200,000 versus a total put value of 1,708,800,000 Combined total value = 22,674,000,000

Strike 86700 has a total call value of 22,339,400,000 versus a total put value of 1,515,600,000 Combined total value = 23,855,000,000

Strike 86800 has a total call value of 23,734,400,000 versus a total put value of 1,341,600,000 Combined total value = 25,076,000,000

Strike 86900 has a total call value of 25,143,400,000 versus a total put value of 1,186,000,000 Combined total value = 26,329,400,000

Strike 87000 has a total call value of 26,562,400,000 versus a total put value of 1,038,200,000 Combined total value = 27,600,600,000

Strike 87100 has a total call value of 28,121,000,000 versus a total put value of 919,000,000 Combined total value = 29,040,000,000

Strike 87200 has a total call value of 29,706,400,000 versus a total put value of 823,200,000 Combined total value = 30,529,600,000

Strike 87300 has a total call value of 31,329,800,000 versus a total put value of 731,000,000 Combined total value = 32,060,800,000

Strike 87400 has a total call value of 32,971,200,000 versus a total put value of 640,800,000 Combined total value = 33,612,000,000

Strike 87500 has a total call value of 34,632,000,000 versus a total put value of 552,600,000 Combined total value = 35,184,600,000

Strike 87600 has a total call value of 36,375,800,000 versus a total put value of 477,200,000 Combined total value = 36,853,000,000

Strike 87700 has a total call value of 38,134,200,000 versus a total put value of 401,800,000 Combined total value = 38,536,000,000

Strike 87800 has a total call value of 39,910,600,000 versus a total put value of 326,400,000 Combined total value = 40,237,000,000

Strike 87900 has a total call value of 41,709,200,000 versus a total put value of 255,200,000 Combined total value = 41,964,400,000

Strike 88000 has a total call value of 43,538,600,000 versus a total put value of 188,600,000 Combined total value = 43,727,200,000

Strike 88100 has a total call value of 46,090,600,000 versus a total put value of 125,200,000 Combined total value = 46,215,800,000

Strike 88200 has a total call value of 48,676,800,000 versus a total put value of 61,800,000 Combined total value = 48,738,600,000

Strike 88300 has a total call value of 51,284,800,000 versus a total put value of 4,800,000 Combined total value = 51,289,600,000

Strike 88400 has a total call value of 53,902,200,000 versus a total put value of 4,400,000 Combined total value = 53,906,600,000

Strike 88500 has a total call value of 56,525,400,000 versus a total put value of 4,000,000 Combined total value = 56,529,400,000

Strike 88600 has a total call value of 59,204,000,000 versus a total put value of 3,600,000 Combined total value = 59,207,600,000

Strike 88700 has a total call value of 61,896,800,000 versus a total put value of 3,200,000 Combined total value = 61,900,000,000

Strike 88800 has a total call value of 64,592,000,000 versus a total put value of 2,800,000 Combined total value = 64,594,800,000

Strike 88900 has a total call value of 67,289,800,000 versus a total put value of 2,400,000 Combined total value = 67,292,200,000

Strike 89000 has a total call value of 69,994,200,000 versus a total put value of 2,000,000 Combined total value = 69,996,200,000

Strike 89100 has a total call value of 72,796,600,000 versus a total put value of 1,800,000 Combined total value = 72,798,400,000

Strike 89200 has a total call value of 75,602,200,000 versus a total put value of 1,600,000 Combined total value = 75,603,800,000

Strike 89300 has a total call value of 78,410,200,000 versus a total put value of 1,400,000 Combined total value = 78,411,600,000

Strike 89400 has a total call value of 81,222,000,000 versus a total put value of 1,200,000 Combined total value = 81,223,200,000

Strike 89500 has a total call value of 84,036,600,000 versus a total put value of 1,000,000 Combined total value = 84,037,600,000

Strike 89600 has a total call value of 86,852,600,000 versus a total put value of 800,000 Combined total value = 86,853,400,000

Strike 89700 has a total call value of 89,668,600,000 versus a total put value of 600,000 Combined total value = 89,669,200,000

Strike 89800 has a total call value of 92,484,600,000 versus a total put value of 400,000 Combined total value = 92,485,000,000

Strike 89900 has a total call value of 95,300,600,000 versus a total put value of 200,000 Combined total value = 95,300,800,000

Strike 90000 has a total call value of 98,116,600,000 versus a total put value of 0 Combined total value = 98,116,600,000

Strike 90100 has a total call value of 101,007,600,000 versus a total put value of 0 Combined total value = 101,007,600,000

Strike 90200 has a total call value of 103,899,200,000 versus a total put value of 0 Combined total value = 103,899,200,000

Strike 90300 has a total call value of 106,791,000,000 versus a total put value of 0 Combined total value = 106,791,000,000

Strike 90400 has a total call value of 109,682,800,000 versus a total put value of 0 Combined total value = 109,682,800,000

Strike 90500 has a total call value of 112,574,600,000 versus a total put value of 0 Combined total value = 112,574,600,000

Strike 90600 has a total call value of 115,466,400,000 versus a total put value of 0 Combined total value = 115,466,400,000

Strike 90700 has a total call value of 118,361,400,000 versus a total put value of 0 Combined total value = 118,361,400,000

Strike 90800 has a total call value of 121,256,400,000 versus a total put value of 0 Combined total value = 121,256,400,000

Strike 90900 has a total call value of 124,151,400,000 versus a total put value of 0 Combined total value = 124,151,400,000

Strike 91000 has a total call value of 127,046,400,000 versus a total put value of 0 Combined total value = 127,046,400,000

Strike 91100 has a total call value of 129,941,600,000 versus a total put value of 0 Combined total value = 129,941,600,000

Strike 91200 has a total call value of 132,836,800,000 versus a total put value of 0 Combined total value = 132,836,800,000

Strike 91300 has a total call value of 135,732,000,000 versus a total put value of 0 Combined total value = 135,732,000,000

Strike 91400 has a total call value of 138,627,200,000 versus a total put value of 0 Combined total value = 138,627,200,000

Strike 91500 has a total call value of 141,522,400,000 versus a total put value of 0 Combined total value = 141,522,400,000

Strike 91600 has a total call value of 144,417,600,000 versus a total put value of 0 Combined total value = 144,417,600,000

Strike 91700 has a total call value of 147,312,800,000 versus a total put value of 0 Combined total value = 147,312,800,000

Strike 91800 has a total call value of 150,208,000,000 versus a total put value of 0 Combined total value = 150,208,000,000

Strike 91900 has a total call value of 153,103,200,000 versus a total put value of 0 Combined total value = 153,103,200,000

Strike 92000 has a total call value of 155,998,800,000 versus a total put value of 0 Combined total value = 155,998,800,000

Strike 92100 has a total call value of 158,895,600,000 versus a total put value of 0 Combined total value = 158,895,600,000

Strike 92200 has a total call value of 161,792,400,000 versus a total put value of 0 Combined total value = 161,792,400,000

Strike 92300 has a total call value of 164,689,200,000 versus a total put value of 0 Combined total value = 164,689,200,000

Strike 92400 has a total call value of 167,586,000,000 versus a total put value of 0 Combined total value = 167,586,000,000

Strike 92500 has a total call value of 170,482,800,000 versus a total put value of 0 Combined total value = 170,482,800,000

Strike 92600 has a total call value of 173,383,200,000 versus a total put value of 0 Combined total value = 173,383,200,000

Strike 92700 has a total call value of 176,283,600,000 versus a total put value of 0 Combined total value = 176,283,600,000

Strike 92800 has a total call value of 179,184,000,000 versus a total put value of 0 Combined total value = 179,184,000,000

Strike 92900 has a total call value of 182,084,400,000 versus a total put value of 0 Combined total value = 182,084,400,000

Strike 93000 has a total call value of 184,985,400,000 versus a total put value of 0 Combined total value = 184,985,400,000

Strike 93100 has a total call value of 187,886,400,000 versus a total put value of 0 Combined total value = 187,886,400,000

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	1141.8	1140
ABB	5125	5200
ABCAPITAL	355.25	345
ADANIENSOL	964.1	980
ADANIENT	2233.5	2300
ADANIGREEN	1003.9	1040
ADANIPORTS	1492.2	1500
ALKEM	5688	5700
AMBER	6498.5	6600
AMBUJACEM	533.75	550
ANGELONE	2549.8	2650
APLAPOLLO	1733.2	1760
APOLLOHOSP	7120	7300
ASHOKLEY	159.4	157
ASIANPAINT	2941	2920
ASTRAL	1426.9	1460
AUBANK	954.5	940
AUROPHARMA	1193.2	1220
AXISBANK	1270.7	1280
BAJAJ-AUTO	9018	9100
BAJAJFINSV	2070.2	2080
BAJFINANCE	1030	1030
BANDHANBNK	138.54	150
BANKBARODA	285.05	290
BANKINDIA	138.75	145
BDL	1451.7	1500
BEL	391.8	410
BHARATFORG	1378.5	1400
BHARTIARTL	2089.3	2100
BHEL	271.65	285
BIOCON	386	400
BLUESTARCO	1711.9	1760
BOSCHLTD	36660	36500
BPCL	359.95	360
BRITANNIA	5861	5900
BSE	2838.3	2800
CAMS	752.1	780
CANBK	143.8	150
CDSL	1531.3	1600
CGPOWER	652.45	680
CHOLAFIN	1729	1700
CIPLA	1509.7	1520
COALINDIA	377.5	380
COFORGE	1944.8	1860
COLPAL	2153.3	2200
CONCOR	508	520
CROMPTON	254.55	270
CUMMINSIND	4467.3	4450
CYIENT	1149.4	1160
DABUR	504.2	515
DALBHARAT	1994.2	2000
DELHIVERY	400.35	420
DIVISLAB	6377	6450
DIXON	13720	14250
DLF	691.9	730
DMART	3892.2	4000
DRREDDY	1269.9	1270
EICHERMOT	7195	7100
ETERNAL	285.3	300
EXIDEIND	374.1	380
FEDERALBNK	256.6	255
FORTIS	861.5	900
GAIL	166.84	175
GLENMARK	1947.5	1940
GMRAIRPORT	100.39	102
GODREJCP	1123.3	1140
GODREJPROP	1983.4	2080
GRASIM	2745.3	2760
HAL	4370.2	4500
HAVELLS	1415	1440
HCLTECH	1691.6	1660
HDFCAMC	2573.3	2650
HDFCBANK	1004.9	1000
HDFCLIFE	773.1	770
HEROMOTOCO	6199	6200
HFCL	67.79	70
HINDALCO	824.35	800
HINDPETRO	447.5	455
HINDUNILVR	2335.1	2340
HINDZINC	493.95	490
HUDCO	216.26	230
ICICIBANK	1391.2	1390
ICICIGI	1961.8	2000
ICICIPRULI	627.65	620
IDEA	10.41	10
IDFCFIRSTB	79.72	80
IEX	142.73	145
IIFL	553.55	560
INDHOTEL	725.8	740
INDIANB	785.55	830
INDIGO	4957	5300
INDUSINDBK	846.85	860
INDUSTOWER	404.65	410
INFY	1618.8	1600
INOXWIND	126.11	137.5
IOC	162.86	165
IRCTC	670.15	690
IREDA	131.31	140
IRFC	112.12	118
ITC	404.8	405
JINDALSTEL	997.5	1030
JIOFIN	297.8	310
JSWENERGY	460.35	480
JSWSTEEL	1138.5	1150
JUBLFOOD	584.7	600
KALYANKJIL	481.25	490
KAYNES	4083	5000
KEI	4112	4100
KFINTECH	1054.4	1080
KOTAKBANK	2143.8	2120
KPITTECH	1232.9	1240
LAURUSLABS	1013.5	1000
LICHSGFIN	531.9	550
LICI	861.95	900
LODHA	1083.4	1140
LT	4002.4	4020
LTF	301.4	302.5
LTIM	6285	6150
LUPIN	2080.6	2080
M&M	3692.2	3700
MANAPPURAM	272.35	280
MANKIND	2190.5	2250
MARICO	731.6	730
MARUTI	16172	16100
MAXHEALTH	1084.5	1120
MAZDOCK	2519.9	2650
MCX	10277	10100
MFSL	1693	1700
MOTHERSON	116.05	115
MPHASIS	2884.5	2900
MUTHOOTFIN	3762.4	3700
NATIONALUM	271.35	265
NAUKRI	1366.4	1380
NBCC	109.28	115
NCC	163.92	175
NESTLEIND	1228.4	1260
NHPC	76.66	78
NMDC	75.17	76
NTPC	320.6	325
NUVAMA	7221.5	7200
NYKAA	252.25	260
OBEROIRLTY	1620.7	1660
OFSS	8051	8200
OIL	408	420
ONGC	240.85	244
PAGEIND	37140	38000
PATANJALI	545.8	550
PAYTM	1339.4	1320
PERSISTENT	6362	6400
PETRONET	272.55	280
PFC	345.25	365
PGEL	532.8	560
PHOENIXLTD	1716.2	1740
PIDILITIND	1460.9	1480
PIIND	3326.1	3450
PNB	117.55	122
PNBHOUSING	882.75	900
POLICYBZR	1915.9	1880
POLYCAB	7099.5	7300
POWERGRID	265.8	275
POWERINDIA	18640	20000
PPLPHARMA	174.68	185
PRESTIGE	1626.5	1680
RBLBANK	300.45	310
RECLTD	344.75	360
RELIANCE	1543.2	1540
RVNL	305.3	315
SAIL	130.24	135
SAMMAANCAP	143.09	160
SBICARD	879.15	880
SBILIFE	2030	2020
SBIN	957.65	970
SHREECEM	26195	26500
SHRIRAMFIN	842.55	840
SIEMENS	3256.1	3300
SOLARINDS	12600	13250
SONACOMS	487.5	500
SRF	2834.7	2900
SUNPHARMA	1799.4	1800
SUPREMEIND	3323	3500
SUZLON	52.18	55
SYNGENE	630.75	650
TATACONSUM	1155	1170
TATAELXSI	5137.5	5300
TATAMOTORS	0	320
TATAPOWER	377.35	390
TATASTEEL	165.52	170
TATATECH	656.6	680
TCS	3247.5	3200
TECHM	1585.7	1520
TIINDIA	2602.5	2800
TITAGARH	768.8	820
TITAN	3805	3860
TMPV	351.25	360
TORNTPHARM	3760.6	3750
TORNTPOWER	1259.2	1300
TRENT	4141	4300
TVSMOTOR	3603.1	3600
ULTRACEMCO	11595	11700
UNIONBANK	148.59	152.5
UNITDSPR	1435.5	1450
UNOMINDA	1269.3	1300
UPL	745.25	750
VBL	468.6	470
VEDL	517.65	520
VOLTAS	1318.2	1360
WIPRO	260.89	255
YESBANK	22.11	23
ZYDUSLIFE	930.85	940

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