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

27043.64 +93.13 (0.35%)

L: 27023.11 H: 27052.58

Max Pain - SENSEX50

19 Dec 2025 09:11 AM IST

Live

Expiry

Max Pain for SENSEX50 is 84500

Historical data for SENSEX50-84500-CE

LTP (84500 CE)

446.65 -113.85

Open Interest

17030 0

Historical data for SENSEX50-84500-PE

LTP (84500 PE)

344.1 24.85

Open Interest

16192 0

Strike 72800 has a total call value of 0 versus a total put value of 3,804,688,000,000 Combined total value = 3,804,688,000,000

Strike 72900 has a total call value of 0 versus a total put value of 3,767,951,600,000 Combined total value = 3,767,951,600,000

Strike 73000 has a total call value of 0 versus a total put value of 3,731,216,200,000 Combined total value = 3,731,216,200,000

Strike 73100 has a total call value of 0 versus a total put value of 3,694,528,600,000 Combined total value = 3,694,528,600,000

Strike 73200 has a total call value of 0 versus a total put value of 3,657,843,000,000 Combined total value = 3,657,843,000,000

Strike 73300 has a total call value of 0 versus a total put value of 3,621,159,400,000 Combined total value = 3,621,159,400,000

Strike 73400 has a total call value of 0 versus a total put value of 3,584,485,800,000 Combined total value = 3,584,485,800,000

Strike 73500 has a total call value of 0 versus a total put value of 3,547,814,400,000 Combined total value = 3,547,814,400,000

Strike 73600 has a total call value of 0 versus a total put value of 3,511,148,000,000 Combined total value = 3,511,148,000,000

Strike 73700 has a total call value of 0 versus a total put value of 3,474,482,600,000 Combined total value = 3,474,482,600,000

Strike 73800 has a total call value of 0 versus a total put value of 3,437,819,000,000 Combined total value = 3,437,819,000,000

Strike 73900 has a total call value of 0 versus a total put value of 3,401,157,400,000 Combined total value = 3,401,157,400,000

Strike 74000 has a total call value of 0 versus a total put value of 3,364,498,000,000 Combined total value = 3,364,498,000,000

Strike 74100 has a total call value of 0 versus a total put value of 3,327,900,600,000 Combined total value = 3,327,900,600,000

Strike 74200 has a total call value of 0 versus a total put value of 3,291,305,400,000 Combined total value = 3,291,305,400,000

Strike 74300 has a total call value of 0 versus a total put value of 3,254,712,400,000 Combined total value = 3,254,712,400,000

Strike 74400 has a total call value of 0 versus a total put value of 3,218,121,600,000 Combined total value = 3,218,121,600,000

Strike 74500 has a total call value of 0 versus a total put value of 3,181,533,000,000 Combined total value = 3,181,533,000,000

Strike 74600 has a total call value of 0 versus a total put value of 3,144,946,200,000 Combined total value = 3,144,946,200,000

Strike 74700 has a total call value of 0 versus a total put value of 3,108,360,400,000 Combined total value = 3,108,360,400,000

Strike 74800 has a total call value of 0 versus a total put value of 3,071,775,600,000 Combined total value = 3,071,775,600,000

Strike 74900 has a total call value of 0 versus a total put value of 3,035,191,600,000 Combined total value = 3,035,191,600,000

Strike 75000 has a total call value of 0 versus a total put value of 2,998,608,400,000 Combined total value = 2,998,608,400,000

Strike 75100 has a total call value of 0 versus a total put value of 2,962,055,800,000 Combined total value = 2,962,055,800,000

Strike 75200 has a total call value of 0 versus a total put value of 2,925,507,200,000 Combined total value = 2,925,507,200,000

Strike 75300 has a total call value of 0 versus a total put value of 2,888,959,000,000 Combined total value = 2,888,959,000,000

Strike 75400 has a total call value of 0 versus a total put value of 2,852,411,200,000 Combined total value = 2,852,411,200,000

Strike 75500 has a total call value of 0 versus a total put value of 2,815,864,000,000 Combined total value = 2,815,864,000,000

Strike 75600 has a total call value of 0 versus a total put value of 2,779,318,600,000 Combined total value = 2,779,318,600,000

Strike 75700 has a total call value of 0 versus a total put value of 2,742,778,400,000 Combined total value = 2,742,778,400,000

Strike 75800 has a total call value of 0 versus a total put value of 2,706,239,800,000 Combined total value = 2,706,239,800,000

Strike 75900 has a total call value of 0 versus a total put value of 2,669,701,600,000 Combined total value = 2,669,701,600,000

Strike 76000 has a total call value of 0 versus a total put value of 2,633,163,600,000 Combined total value = 2,633,163,600,000

Strike 76100 has a total call value of 800,000 versus a total put value of 2,596,636,000,000 Combined total value = 2,596,636,800,000

Strike 76200 has a total call value of 1,600,000 versus a total put value of 2,560,110,600,000 Combined total value = 2,560,112,200,000

Strike 76300 has a total call value of 2,400,000 versus a total put value of 2,523,585,800,000 Combined total value = 2,523,588,200,000

Strike 76400 has a total call value of 3,200,000 versus a total put value of 2,487,064,800,000 Combined total value = 2,487,068,000,000

Strike 76500 has a total call value of 4,000,000 versus a total put value of 2,450,545,400,000 Combined total value = 2,450,549,400,000

Strike 76600 has a total call value of 4,800,000 versus a total put value of 2,414,041,600,000 Combined total value = 2,414,046,400,000

Strike 76700 has a total call value of 5,600,000 versus a total put value of 2,377,549,800,000 Combined total value = 2,377,555,400,000

Strike 76800 has a total call value of 6,400,000 versus a total put value of 2,341,061,600,000 Combined total value = 2,341,068,000,000

Strike 76900 has a total call value of 7,200,000 versus a total put value of 2,304,581,200,000 Combined total value = 2,304,588,400,000

Strike 77000 has a total call value of 8,000,000 versus a total put value of 2,268,115,400,000 Combined total value = 2,268,123,400,000

Strike 77100 has a total call value of 8,800,000 versus a total put value of 2,231,768,000,000 Combined total value = 2,231,776,800,000

Strike 77200 has a total call value of 9,600,000 versus a total put value of 2,195,421,800,000 Combined total value = 2,195,431,400,000

Strike 77300 has a total call value of 10,400,000 versus a total put value of 2,159,085,600,000 Combined total value = 2,159,096,000,000

Strike 77400 has a total call value of 11,200,000 versus a total put value of 2,122,749,600,000 Combined total value = 2,122,760,800,000

Strike 77500 has a total call value of 12,000,000 versus a total put value of 2,086,415,800,000 Combined total value = 2,086,427,800,000

Strike 77600 has a total call value of 18,000,000 versus a total put value of 2,050,084,200,000 Combined total value = 2,050,102,200,000

Strike 77700 has a total call value of 24,000,000 versus a total put value of 2,013,752,600,000 Combined total value = 2,013,776,600,000

Strike 77800 has a total call value of 30,000,000 versus a total put value of 1,977,421,000,000 Combined total value = 1,977,451,000,000

Strike 77900 has a total call value of 36,000,000 versus a total put value of 1,941,089,400,000 Combined total value = 1,941,125,400,000

Strike 78000 has a total call value of 42,000,000 versus a total put value of 1,904,757,800,000 Combined total value = 1,904,799,800,000

Strike 78100 has a total call value of 49,200,000 versus a total put value of 1,868,452,200,000 Combined total value = 1,868,501,400,000

Strike 78200 has a total call value of 56,400,000 versus a total put value of 1,832,146,600,000 Combined total value = 1,832,203,000,000

Strike 78300 has a total call value of 63,600,000 versus a total put value of 1,795,841,000,000 Combined total value = 1,795,904,600,000

Strike 78400 has a total call value of 70,800,000 versus a total put value of 1,759,535,400,000 Combined total value = 1,759,606,200,000

Strike 78500 has a total call value of 78,000,000 versus a total put value of 1,723,229,800,000 Combined total value = 1,723,307,800,000

Strike 78600 has a total call value of 85,600,000 versus a total put value of 1,686,924,200,000 Combined total value = 1,687,009,800,000

Strike 78700 has a total call value of 93,200,000 versus a total put value of 1,650,618,600,000 Combined total value = 1,650,711,800,000

Strike 78800 has a total call value of 100,800,000 versus a total put value of 1,614,313,000,000 Combined total value = 1,614,413,800,000

Strike 78900 has a total call value of 108,400,000 versus a total put value of 1,578,007,400,000 Combined total value = 1,578,115,800,000

Strike 79000 has a total call value of 116,000,000 versus a total put value of 1,541,701,800,000 Combined total value = 1,541,817,800,000

Strike 79100 has a total call value of 125,800,000 versus a total put value of 1,505,492,800,000 Combined total value = 1,505,618,600,000

Strike 79200 has a total call value of 135,600,000 versus a total put value of 1,469,283,800,000 Combined total value = 1,469,419,400,000

Strike 79300 has a total call value of 145,400,000 versus a total put value of 1,433,074,800,000 Combined total value = 1,433,220,200,000

Strike 79400 has a total call value of 155,200,000 versus a total put value of 1,396,865,800,000 Combined total value = 1,397,021,000,000

Strike 79500 has a total call value of 165,000,000 versus a total put value of 1,360,656,800,000 Combined total value = 1,360,821,800,000

Strike 79600 has a total call value of 174,800,000 versus a total put value of 1,324,447,800,000 Combined total value = 1,324,622,600,000

Strike 79700 has a total call value of 184,600,000 versus a total put value of 1,288,238,800,000 Combined total value = 1,288,423,400,000

Strike 79800 has a total call value of 194,400,000 versus a total put value of 1,252,029,800,000 Combined total value = 1,252,224,200,000

Strike 79900 has a total call value of 204,200,000 versus a total put value of 1,215,820,800,000 Combined total value = 1,216,025,000,000

Strike 80000 has a total call value of 214,000,000 versus a total put value of 1,179,611,800,000 Combined total value = 1,179,825,800,000

Strike 80100 has a total call value of 239,400,000 versus a total put value of 1,144,875,600,000 Combined total value = 1,145,115,000,000

Strike 80200 has a total call value of 264,800,000 versus a total put value of 1,110,139,400,000 Combined total value = 1,110,404,200,000

Strike 80300 has a total call value of 290,200,000 versus a total put value of 1,075,403,200,000 Combined total value = 1,075,693,400,000

Strike 80400 has a total call value of 315,600,000 versus a total put value of 1,040,667,000,000 Combined total value = 1,040,982,600,000

Strike 80500 has a total call value of 341,000,000 versus a total put value of 1,005,931,000,000 Combined total value = 1,006,272,000,000

Strike 80600 has a total call value of 366,400,000 versus a total put value of 971,531,800,000 Combined total value = 971,898,200,000

Strike 80700 has a total call value of 391,800,000 versus a total put value of 937,132,600,000 Combined total value = 937,524,400,000

Strike 80800 has a total call value of 417,200,000 versus a total put value of 902,733,400,000 Combined total value = 903,150,600,000

Strike 80900 has a total call value of 442,600,000 versus a total put value of 868,334,200,000 Combined total value = 868,776,800,000

Strike 81000 has a total call value of 468,000,000 versus a total put value of 833,935,000,000 Combined total value = 834,403,000,000

Strike 81100 has a total call value of 524,800,000 versus a total put value of 801,983,000,000 Combined total value = 802,507,800,000

Strike 81200 has a total call value of 581,600,000 versus a total put value of 770,032,000,000 Combined total value = 770,613,600,000

Strike 81300 has a total call value of 638,400,000 versus a total put value of 738,091,200,000 Combined total value = 738,729,600,000

Strike 81400 has a total call value of 695,200,000 versus a total put value of 706,162,000,000 Combined total value = 706,857,200,000

Strike 81500 has a total call value of 752,000,000 versus a total put value of 674,251,000,000 Combined total value = 675,003,000,000

Strike 81600 has a total call value of 821,800,000 versus a total put value of 644,597,000,000 Combined total value = 645,418,800,000

Strike 81700 has a total call value of 891,600,000 versus a total put value of 614,995,800,000 Combined total value = 615,887,400,000

Strike 81800 has a total call value of 961,400,000 versus a total put value of 585,460,400,000 Combined total value = 586,421,800,000

Strike 81900 has a total call value of 1,031,200,000 versus a total put value of 556,057,400,000 Combined total value = 557,088,600,000

Strike 82000 has a total call value of 1,101,000,000 versus a total put value of 526,747,200,000 Combined total value = 527,848,200,000

Strike 82100 has a total call value of 1,183,800,000 versus a total put value of 500,111,200,000 Combined total value = 501,295,000,000

Strike 82200 has a total call value of 1,266,600,000 versus a total put value of 473,610,600,000 Combined total value = 474,877,200,000

Strike 82300 has a total call value of 1,349,400,000 versus a total put value of 447,245,400,000 Combined total value = 448,594,800,000

Strike 82400 has a total call value of 1,432,200,000 versus a total put value of 421,072,000,000 Combined total value = 422,504,200,000

Strike 82500 has a total call value of 1,515,000,000 versus a total put value of 395,011,800,000 Combined total value = 396,526,800,000

Strike 82600 has a total call value of 2,083,000,000 versus a total put value of 371,346,000,000 Combined total value = 373,429,000,000

Strike 82700 has a total call value of 2,653,400,000 versus a total put value of 347,869,000,000 Combined total value = 350,522,400,000

Strike 82800 has a total call value of 3,226,400,000 versus a total put value of 324,597,400,000 Combined total value = 327,823,800,000

Strike 82900 has a total call value of 3,802,400,000 versus a total put value of 301,508,800,000 Combined total value = 305,311,200,000

Strike 83000 has a total call value of 4,385,400,000 versus a total put value of 278,612,200,000 Combined total value = 282,997,600,000

Strike 83100 has a total call value of 5,858,800,000 versus a total put value of 257,876,200,000 Combined total value = 263,735,000,000

Strike 83200 has a total call value of 7,339,400,000 versus a total put value of 237,411,000,000 Combined total value = 244,750,400,000

Strike 83300 has a total call value of 8,825,000,000 versus a total put value of 217,592,200,000 Combined total value = 226,417,200,000

Strike 83400 has a total call value of 10,313,400,000 versus a total put value of 198,035,200,000 Combined total value = 208,348,600,000

Strike 83500 has a total call value of 11,816,000,000 versus a total put value of 178,820,800,000 Combined total value = 190,636,800,000

Strike 83600 has a total call value of 13,441,000,000 versus a total put value of 161,395,600,000 Combined total value = 174,836,600,000

Strike 83700 has a total call value of 15,085,200,000 versus a total put value of 144,278,800,000 Combined total value = 159,364,000,000

Strike 83800 has a total call value of 16,812,600,000 versus a total put value of 127,573,600,000 Combined total value = 144,386,200,000

Strike 83900 has a total call value of 18,575,000,000 versus a total put value of 111,530,800,000 Combined total value = 130,105,800,000

Strike 84000 has a total call value of 20,386,600,000 versus a total put value of 95,822,400,000 Combined total value = 116,209,000,000

Strike 84100 has a total call value of 23,046,800,000 versus a total put value of 82,860,000,000 Combined total value = 105,906,800,000

Strike 84200 has a total call value of 25,822,400,000 versus a total put value of 70,313,400,000 Combined total value = 96,135,800,000

Strike 84300 has a total call value of 28,795,600,000 versus a total put value of 58,413,600,000 Combined total value = 87,209,200,000

Strike 84400 has a total call value of 32,096,800,000 versus a total put value of 47,271,000,000 Combined total value = 79,367,800,000

Strike 84500 has a total call value of 37,111,800,000 versus a total put value of 37,424,400,000 Combined total value = 74,536,200,000

Strike 84600 has a total call value of 45,532,800,000 versus a total put value of 30,816,200,000 Combined total value = 76,349,000,000

Strike 84700 has a total call value of 55,724,600,000 versus a total put value of 25,260,400,000 Combined total value = 80,985,000,000

Strike 84800 has a total call value of 67,020,600,000 versus a total put value of 20,386,000,000 Combined total value = 87,406,600,000

Strike 84900 has a total call value of 79,635,200,000 versus a total put value of 16,071,600,000 Combined total value = 95,706,800,000

Strike 85000 has a total call value of 93,059,000,000 versus a total put value of 12,019,000,000 Combined total value = 105,078,000,000

Strike 85100 has a total call value of 110,534,800,000 versus a total put value of 10,706,200,000 Combined total value = 121,241,000,000

Strike 85200 has a total call value of 128,989,400,000 versus a total put value of 9,533,200,000 Combined total value = 138,522,600,000

Strike 85300 has a total call value of 148,261,200,000 versus a total put value of 8,547,200,000 Combined total value = 156,808,400,000

Strike 85400 has a total call value of 168,309,000,000 versus a total put value of 7,631,800,000 Combined total value = 175,940,800,000

Strike 85500 has a total call value of 188,996,600,000 versus a total put value of 6,758,400,000 Combined total value = 195,755,000,000

Strike 85600 has a total call value of 212,011,000,000 versus a total put value of 6,124,600,000 Combined total value = 218,135,600,000

Strike 85700 has a total call value of 235,519,400,000 versus a total put value of 5,521,600,000 Combined total value = 241,041,000,000

Strike 85800 has a total call value of 259,699,200,000 versus a total put value of 4,968,400,000 Combined total value = 264,667,600,000

Strike 85900 has a total call value of 284,629,200,000 versus a total put value of 4,470,000,000 Combined total value = 289,099,200,000

Strike 86000 has a total call value of 310,028,800,000 versus a total put value of 3,988,800,000 Combined total value = 314,017,600,000

Strike 86100 has a total call value of 338,353,200,000 versus a total put value of 3,628,600,000 Combined total value = 341,981,800,000

Strike 86200 has a total call value of 367,101,800,000 versus a total put value of 3,291,400,000 Combined total value = 370,393,200,000

Strike 86300 has a total call value of 396,300,600,000 versus a total put value of 2,982,200,000 Combined total value = 399,282,800,000

Strike 86400 has a total call value of 426,454,800,000 versus a total put value of 2,695,000,000 Combined total value = 429,149,800,000

Strike 86500 has a total call value of 456,884,200,000 versus a total put value of 2,451,800,000 Combined total value = 459,336,000,000

Strike 86600 has a total call value of 490,372,200,000 versus a total put value of 2,260,000,000 Combined total value = 492,632,200,000

Strike 86700 has a total call value of 524,183,000,000 versus a total put value of 2,086,400,000 Combined total value = 526,269,400,000

Strike 86800 has a total call value of 558,399,600,000 versus a total put value of 1,924,200,000 Combined total value = 560,323,800,000

Strike 86900 has a total call value of 593,052,400,000 versus a total put value of 1,778,600,000 Combined total value = 594,831,000,000

Strike 87000 has a total call value of 627,868,600,000 versus a total put value of 1,640,400,000 Combined total value = 629,509,000,000

Strike 87100 has a total call value of 666,056,200,000 versus a total put value of 1,553,200,000 Combined total value = 667,609,400,000

Strike 87200 has a total call value of 704,452,600,000 versus a total put value of 1,473,800,000 Combined total value = 705,926,400,000

Strike 87300 has a total call value of 743,489,600,000 versus a total put value of 1,396,600,000 Combined total value = 744,886,200,000

Strike 87400 has a total call value of 782,643,200,000 versus a total put value of 1,321,000,000 Combined total value = 783,964,200,000

Strike 87500 has a total call value of 821,872,200,000 versus a total put value of 1,246,200,000 Combined total value = 823,118,400,000

Strike 87600 has a total call value of 863,717,600,000 versus a total put value of 1,180,600,000 Combined total value = 864,898,200,000

Strike 87700 has a total call value of 905,611,800,000 versus a total put value of 1,115,000,000 Combined total value = 906,726,800,000

Strike 87800 has a total call value of 947,559,000,000 versus a total put value of 1,049,400,000 Combined total value = 948,608,400,000

Strike 87900 has a total call value of 989,539,000,000 versus a total put value of 985,800,000 Combined total value = 990,524,800,000

Strike 88000 has a total call value of 1,031,581,800,000 versus a total put value of 924,000,000 Combined total value = 1,032,505,800,000

Strike 88100 has a total call value of 1,075,607,600,000 versus a total put value of 868,800,000 Combined total value = 1,076,476,400,000

Strike 88200 has a total call value of 1,119,738,000,000 versus a total put value of 813,600,000 Combined total value = 1,120,551,600,000

Strike 88300 has a total call value of 1,163,969,400,000 versus a total put value of 760,400,000 Combined total value = 1,164,729,800,000

Strike 88400 has a total call value of 1,208,234,400,000 versus a total put value of 715,200,000 Combined total value = 1,208,949,600,000

Strike 88500 has a total call value of 1,252,508,800,000 versus a total put value of 670,000,000 Combined total value = 1,253,178,800,000

Strike 88600 has a total call value of 1,297,501,400,000 versus a total put value of 624,800,000 Combined total value = 1,298,126,200,000

Strike 88700 has a total call value of 1,342,577,400,000 versus a total put value of 579,600,000 Combined total value = 1,343,157,000,000

Strike 88800 has a total call value of 1,387,669,000,000 versus a total put value of 534,400,000 Combined total value = 1,388,203,400,000

Strike 88900 has a total call value of 1,432,764,800,000 versus a total put value of 489,200,000 Combined total value = 1,433,254,000,000

Strike 89000 has a total call value of 1,477,878,200,000 versus a total put value of 444,000,000 Combined total value = 1,478,322,200,000

Strike 89100 has a total call value of 1,524,305,400,000 versus a total put value of 412,000,000 Combined total value = 1,524,717,400,000

Strike 89200 has a total call value of 1,570,736,800,000 versus a total put value of 380,000,000 Combined total value = 1,571,116,800,000

Strike 89300 has a total call value of 1,617,170,800,000 versus a total put value of 348,000,000 Combined total value = 1,617,518,800,000

Strike 89400 has a total call value of 1,663,606,600,000 versus a total put value of 316,000,000 Combined total value = 1,663,922,600,000

Strike 89500 has a total call value of 1,710,043,200,000 versus a total put value of 284,000,000 Combined total value = 1,710,327,200,000

Strike 89600 has a total call value of 1,756,563,600,000 versus a total put value of 252,000,000 Combined total value = 1,756,815,600,000

Strike 89700 has a total call value of 1,803,084,400,000 versus a total put value of 220,000,000 Combined total value = 1,803,304,400,000

Strike 89800 has a total call value of 1,849,605,200,000 versus a total put value of 188,000,000 Combined total value = 1,849,793,200,000

Strike 89900 has a total call value of 1,896,126,000,000 versus a total put value of 156,000,000 Combined total value = 1,896,282,000,000

Strike 90000 has a total call value of 1,942,647,800,000 versus a total put value of 124,000,000 Combined total value = 1,942,771,800,000

Strike 90100 has a total call value of 1,991,635,800,000 versus a total put value of 111,600,000 Combined total value = 1,991,747,400,000

Strike 90200 has a total call value of 2,040,624,400,000 versus a total put value of 99,200,000 Combined total value = 2,040,723,600,000

Strike 90300 has a total call value of 2,089,619,200,000 versus a total put value of 86,800,000 Combined total value = 2,089,706,000,000

Strike 90400 has a total call value of 2,138,614,000,000 versus a total put value of 74,400,000 Combined total value = 2,138,688,400,000

Strike 90500 has a total call value of 2,187,608,800,000 versus a total put value of 62,000,000 Combined total value = 2,187,670,800,000

Strike 90600 has a total call value of 2,236,611,000,000 versus a total put value of 49,600,000 Combined total value = 2,236,660,600,000

Strike 90700 has a total call value of 2,285,613,600,000 versus a total put value of 37,200,000 Combined total value = 2,285,650,800,000

Strike 90800 has a total call value of 2,334,616,200,000 versus a total put value of 24,800,000 Combined total value = 2,334,641,000,000

Strike 90900 has a total call value of 2,383,618,800,000 versus a total put value of 12,400,000 Combined total value = 2,383,631,200,000

Strike 91000 has a total call value of 2,432,621,400,000 versus a total put value of 0 Combined total value = 2,432,621,400,000

Strike 91100 has a total call value of 2,481,624,000,000 versus a total put value of 0 Combined total value = 2,481,624,000,000

Strike 91200 has a total call value of 2,530,626,600,000 versus a total put value of 0 Combined total value = 2,530,626,600,000

Strike 91300 has a total call value of 2,579,629,200,000 versus a total put value of 0 Combined total value = 2,579,629,200,000

Strike 91400 has a total call value of 2,628,631,800,000 versus a total put value of 0 Combined total value = 2,628,631,800,000

Strike 91500 has a total call value of 2,677,634,400,000 versus a total put value of 0 Combined total value = 2,677,634,400,000

Strike 91600 has a total call value of 2,726,637,000,000 versus a total put value of 0 Combined total value = 2,726,637,000,000

Strike 91700 has a total call value of 2,775,639,600,000 versus a total put value of 0 Combined total value = 2,775,639,600,000

Strike 91800 has a total call value of 2,824,642,200,000 versus a total put value of 0 Combined total value = 2,824,642,200,000

Strike 91900 has a total call value of 2,873,644,800,000 versus a total put value of 0 Combined total value = 2,873,644,800,000

Strike 92000 has a total call value of 2,922,647,800,000 versus a total put value of 0 Combined total value = 2,922,647,800,000

Strike 92100 has a total call value of 2,971,785,000,000 versus a total put value of 0 Combined total value = 2,971,785,000,000

Strike 92200 has a total call value of 3,020,922,200,000 versus a total put value of 0 Combined total value = 3,020,922,200,000

Strike 92300 has a total call value of 3,070,059,400,000 versus a total put value of 0 Combined total value = 3,070,059,400,000

Strike 92400 has a total call value of 3,119,196,600,000 versus a total put value of 0 Combined total value = 3,119,196,600,000

Strike 92500 has a total call value of 3,168,333,800,000 versus a total put value of 0 Combined total value = 3,168,333,800,000

Strike 92600 has a total call value of 3,217,474,600,000 versus a total put value of 0 Combined total value = 3,217,474,600,000

Strike 92700 has a total call value of 3,266,615,400,000 versus a total put value of 0 Combined total value = 3,266,615,400,000

Strike 92800 has a total call value of 3,315,761,800,000 versus a total put value of 0 Combined total value = 3,315,761,800,000

Strike 92900 has a total call value of 3,364,916,400,000 versus a total put value of 0 Combined total value = 3,364,916,400,000

Strike 93000 has a total call value of 3,414,071,600,000 versus a total put value of 0 Combined total value = 3,414,071,600,000

Strike 93100 has a total call value of 3,463,246,800,000 versus a total put value of 0 Combined total value = 3,463,246,800,000

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	1140.8	1140
ABB	5115.5	5200
ABCAPITAL	345.9	345
ADANIENSOL	979.55	980
ADANIENT	2243.8	2300
ADANIGREEN	1013.8	1020
ADANIPORTS	1498	1500
ALKEM	5525.5	5650
AMBER	6585.5	6800
AMBUJACEM	536.75	550
ANGELONE	2484.7	2550
APLAPOLLO	1800	1760
APOLLOHOSP	6913	7100
ASHOKLEY	171.34	162
ASIANPAINT	2764.3	2800
ASTRAL	1410	1440
AUBANK	980.65	960
AUROPHARMA	1220.1	1200
AXISBANK	1234.9	1240
BAJAJ-AUTO	8860	9000
BAJAJFINSV	2030.9	2060
BAJFINANCE	1005.2	1020
BANDHANBNK	145.37	150
BANKBARODA	290.95	290
BANKINDIA	142.56	143
BDL	1346.3	1400
BEL	384.9	400
BHARATFORG	1414.8	1400
BHARTIARTL	2108.9	2100
BHEL	277.25	280
BIOCON	393.5	395
BLUESTARCO	1849.9	1800
BOSCHLTD	35770	36000
BPCL	365.35	365
BRITANNIA	6015.5	6000
BSE	2697.3	2700
CAMS	753.7	770
CANBK	150.88	150
CDSL	1496.7	1540
CGPOWER	661.05	680
CHOLAFIN	1684.1	1700
CIPLA	1503.5	1520
COALINDIA	386.4	384.75
COFORGE	1870.4	1840
COLPAL	2090.9	2160
CONCOR	498.95	520
CROMPTON	254.85	265
CUMMINSIND	4381.5	4400
CYIENT	1149.6	1140
DABUR	492.35	500
DALBHARAT	2026.3	2040
DELHIVERY	402.15	410
DIVISLAB	6486.5	6400
DIXON	13310	13750
DLF	680.65	710
DMART	3767.5	3900
DRREDDY	1278.8	1270
EICHERMOT	7133.5	7100
ETERNAL	287	295
EXIDEIND	359.2	370
FEDERALBNK	265.9	260
FORTIS	867.25	890
GAIL	168	175
GLENMARK	1960.5	1940
GMRAIRPORT	101.22	102
GODREJCP	1183.5	1160
GODREJPROP	2006.5	2060
GRASIM	2810.9	2800
HAL	4257.5	4450
HAVELLS	1400.9	1440
HCLTECH	1670.2	1660
HDFCAMC	2721.1	2700
HDFCBANK	981.8	990
HDFCLIFE	756.45	770
HEROMOTOCO	5763.5	5900
HFCL	64.79	67
HINDALCO	858.3	820
HINDPETRO	465.1	460
HINDUNILVR	2268.3	2300
HINDZINC	586.45	555
HUDCO	208.02	217.5
ICICIBANK	1356.5	1380
ICICIGI	1950	1980
ICICIPRULI	649.6	630
IDEA	11.37	11
IDFCFIRSTB	83.91	82
IEX	140.33	145
IIFL	565.5	560
INDHOTEL	723.7	730
INDIANB	780.85	820
INDIGO	5142	5100
INDUSINDBK	834.1	850
INDUSTOWER	409.85	410
INFY	1649	1600
INOXWIND	124.78	130
IOC	160.94	162
IRCTC	666.8	690
IREDA	132.41	137.5
IRFC	111.34	115
ITC	401	405
JINDALSTEL	989.8	1020
JIOFIN	293.7	305
JSWENERGY	472.5	490
JSWSTEEL	1084.4	1120
JUBLFOOD	558.8	580
KALYANKJIL	471.25	480
KAYNES	4048	4300
KEI	4107.6	4100
KFINTECH	1078.5	1060
KOTAKBANK	2173.5	2160
KPITTECH	1165	1200
LAURUSLABS	1025.1	1000
LICHSGFIN	528.65	550
LICI	848.4	870
LODHA	1074.6	1100
LT	4050	4040
LTF	302.65	300
LTIM	6193	6200
LUPIN	2130.2	2100
M&M	3581	3650
MANAPPURAM	286.25	280
MANKIND	2146.3	2200
MARICO	740	740
MARUTI	16339	16200
MAXHEALTH	1065.7	1100
MAZDOCK	2362.8	2500
MCX	10192	10100
MFSL	1680.7	1700
MOTHERSON	117.98	115
MPHASIS	2904	2900
MUTHOOTFIN	3736.3	3750
NATIONALUM	279.2	270
NAUKRI	1333	1360
NBCC	109.06	111
NCC	152.92	165
NESTLEIND	1232	1240
NHPC	75.23	78
NMDC	76.3	77
NTPC	318.95	322.5
NUVAMA	7262	7300
NYKAA	244.75	252.5
OBEROIRLTY	1661.2	1660
OFSS	7710	8000
OIL	400.7	410
ONGC	232.25	237.5
PAGEIND	35680	37000
PATANJALI	551.25	550
PAYTM	1288	1300
PERSISTENT	6391.5	6300
PETRONET	268.6	278
PFC	336.95	350
PGEL	569.1	560
PHOENIXLTD	1797.6	1760
PIDILITIND	1451.6	1480
PIIND	3212	3350
PNB	119.66	120
PNBHOUSING	898.4	900
POLICYBZR	1835	1840
POLYCAB	7141.5	7200
POWERGRID	259.65	270
POWERINDIA	18280	19000
PPLPHARMA	167.22	175
PRESTIGE	1606.1	1640
RBLBANK	299.45	305
RECLTD	339.25	350
RELIANCE	1554	1540
RVNL	308.9	310
SAIL	126.6	132
SAMMAANCAP	142.99	152.5
SBICARD	852.35	870
SBILIFE	2013.6	2020
SBIN	979.65	970
SHREECEM	25475	26500
SHRIRAMFIN	864.9	850
SIEMENS	3080.8	3150
SOLARINDS	11787	12500
SONACOMS	489.2	500
SRF	3050.7	3000
SUNPHARMA	1751.5	1760
SUPREMEIND	3352.4	3400
SUZLON	51.99	54
SYNGENE	659.7	650
TATACONSUM	1173.3	1170
TATAELXSI	5071	5000
TATAMOTORS	0	320
TATAPOWER	375.65	390
TATASTEEL	168.8	170
TATATECH	645.65	670
TCS	3303.3	3220
TECHM	1612.1	1560
TIINDIA	2591.4	2700
TITAGARH	775.75	800
TITAN	3916	3860
TMPV	349.5	360
TORNTPHARM	3762.3	3750
TORNTPOWER	1257.4	1300
TRENT	4046.2	4200
TVSMOTOR	3612.5	3600
ULTRACEMCO	11465	11600
UNIONBANK	154.56	155
UNITDSPR	1394	1440
UNOMINDA	1226	1280
UPL	745.35	750
VBL	475.3	470
VEDL	579.1	555
VOLTAS	1389.2	1400
WIPRO	265.46	260
YESBANK	21.6	22
ZYDUSLIFE	917.55	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