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

26955.35 -3.94 (-0.01%)

L: 26856.33 H: 27042.03

Max Pain - SENSEX50

18 Dec 2025 09:11 AM IST

Live

Expiry

Max Pain for SENSEX50 is 84700

Historical data for SENSEX50-84700-CE

LTP (84700 CE)

452.75 -134.6

Open Interest

2208 0

Historical data for SENSEX50-84700-PE

LTP (84700 PE)

399.2 28.2

Open Interest

1606 0

Strike 72800 has a total call value of 0 versus a total put value of 1,537,994,800,000 Combined total value = 1,537,994,800,000

Strike 72900 has a total call value of 0 versus a total put value of 1,523,532,600,000 Combined total value = 1,523,532,600,000

Strike 73000 has a total call value of 0 versus a total put value of 1,509,071,200,000 Combined total value = 1,509,071,200,000

Strike 73100 has a total call value of 0 versus a total put value of 1,494,613,400,000 Combined total value = 1,494,613,400,000

Strike 73200 has a total call value of 0 versus a total put value of 1,480,157,600,000 Combined total value = 1,480,157,600,000

Strike 73300 has a total call value of 0 versus a total put value of 1,465,703,800,000 Combined total value = 1,465,703,800,000

Strike 73400 has a total call value of 0 versus a total put value of 1,451,260,000,000 Combined total value = 1,451,260,000,000

Strike 73500 has a total call value of 0 versus a total put value of 1,436,818,400,000 Combined total value = 1,436,818,400,000

Strike 73600 has a total call value of 0 versus a total put value of 1,422,381,200,000 Combined total value = 1,422,381,200,000

Strike 73700 has a total call value of 0 versus a total put value of 1,407,945,000,000 Combined total value = 1,407,945,000,000

Strike 73800 has a total call value of 0 versus a total put value of 1,393,510,600,000 Combined total value = 1,393,510,600,000

Strike 73900 has a total call value of 0 versus a total put value of 1,379,078,200,000 Combined total value = 1,379,078,200,000

Strike 74000 has a total call value of 0 versus a total put value of 1,364,648,000,000 Combined total value = 1,364,648,000,000

Strike 74100 has a total call value of 0 versus a total put value of 1,350,225,200,000 Combined total value = 1,350,225,200,000

Strike 74200 has a total call value of 0 versus a total put value of 1,335,804,600,000 Combined total value = 1,335,804,600,000

Strike 74300 has a total call value of 0 versus a total put value of 1,321,386,200,000 Combined total value = 1,321,386,200,000

Strike 74400 has a total call value of 0 versus a total put value of 1,306,970,000,000 Combined total value = 1,306,970,000,000

Strike 74500 has a total call value of 0 versus a total put value of 1,292,556,000,000 Combined total value = 1,292,556,000,000

Strike 74600 has a total call value of 0 versus a total put value of 1,278,143,800,000 Combined total value = 1,278,143,800,000

Strike 74700 has a total call value of 0 versus a total put value of 1,263,732,600,000 Combined total value = 1,263,732,600,000

Strike 74800 has a total call value of 0 versus a total put value of 1,249,322,400,000 Combined total value = 1,249,322,400,000

Strike 74900 has a total call value of 0 versus a total put value of 1,234,913,000,000 Combined total value = 1,234,913,000,000

Strike 75000 has a total call value of 0 versus a total put value of 1,220,504,400,000 Combined total value = 1,220,504,400,000

Strike 75100 has a total call value of 0 versus a total put value of 1,206,112,800,000 Combined total value = 1,206,112,800,000

Strike 75200 has a total call value of 0 versus a total put value of 1,191,725,200,000 Combined total value = 1,191,725,200,000

Strike 75300 has a total call value of 0 versus a total put value of 1,177,338,000,000 Combined total value = 1,177,338,000,000

Strike 75400 has a total call value of 0 versus a total put value of 1,162,951,200,000 Combined total value = 1,162,951,200,000

Strike 75500 has a total call value of 0 versus a total put value of 1,148,565,000,000 Combined total value = 1,148,565,000,000

Strike 75600 has a total call value of 0 versus a total put value of 1,134,181,600,000 Combined total value = 1,134,181,600,000

Strike 75700 has a total call value of 0 versus a total put value of 1,119,798,800,000 Combined total value = 1,119,798,800,000

Strike 75800 has a total call value of 0 versus a total put value of 1,105,417,600,000 Combined total value = 1,105,417,600,000

Strike 75900 has a total call value of 0 versus a total put value of 1,091,036,800,000 Combined total value = 1,091,036,800,000

Strike 76000 has a total call value of 0 versus a total put value of 1,076,656,200,000 Combined total value = 1,076,656,200,000

Strike 76100 has a total call value of 0 versus a total put value of 1,062,280,200,000 Combined total value = 1,062,280,200,000

Strike 76200 has a total call value of 0 versus a total put value of 1,047,906,400,000 Combined total value = 1,047,906,400,000

Strike 76300 has a total call value of 0 versus a total put value of 1,033,533,200,000 Combined total value = 1,033,533,200,000

Strike 76400 has a total call value of 0 versus a total put value of 1,019,163,800,000 Combined total value = 1,019,163,800,000

Strike 76500 has a total call value of 0 versus a total put value of 1,004,796,000,000 Combined total value = 1,004,796,000,000

Strike 76600 has a total call value of 0 versus a total put value of 990,436,200,000 Combined total value = 990,436,200,000

Strike 76700 has a total call value of 0 versus a total put value of 976,088,400,000 Combined total value = 976,088,400,000

Strike 76800 has a total call value of 0 versus a total put value of 961,749,200,000 Combined total value = 961,749,200,000

Strike 76900 has a total call value of 0 versus a total put value of 947,417,800,000 Combined total value = 947,417,800,000

Strike 77000 has a total call value of 0 versus a total put value of 933,100,000,000 Combined total value = 933,100,000,000

Strike 77100 has a total call value of 0 versus a total put value of 918,833,800,000 Combined total value = 918,833,800,000

Strike 77200 has a total call value of 0 versus a total put value of 904,571,800,000 Combined total value = 904,571,800,000

Strike 77300 has a total call value of 0 versus a total put value of 890,319,800,000 Combined total value = 890,319,800,000

Strike 77400 has a total call value of 0 versus a total put value of 876,068,000,000 Combined total value = 876,068,000,000

Strike 77500 has a total call value of 0 versus a total put value of 861,818,400,000 Combined total value = 861,818,400,000

Strike 77600 has a total call value of 0 versus a total put value of 847,571,000,000 Combined total value = 847,571,000,000

Strike 77700 has a total call value of 0 versus a total put value of 833,323,600,000 Combined total value = 833,323,600,000

Strike 77800 has a total call value of 0 versus a total put value of 819,076,200,000 Combined total value = 819,076,200,000

Strike 77900 has a total call value of 0 versus a total put value of 804,828,800,000 Combined total value = 804,828,800,000

Strike 78000 has a total call value of 0 versus a total put value of 790,581,400,000 Combined total value = 790,581,400,000

Strike 78100 has a total call value of 0 versus a total put value of 776,334,400,000 Combined total value = 776,334,400,000

Strike 78200 has a total call value of 0 versus a total put value of 762,087,400,000 Combined total value = 762,087,400,000

Strike 78300 has a total call value of 0 versus a total put value of 747,840,400,000 Combined total value = 747,840,400,000

Strike 78400 has a total call value of 0 versus a total put value of 733,593,400,000 Combined total value = 733,593,400,000

Strike 78500 has a total call value of 0 versus a total put value of 719,346,400,000 Combined total value = 719,346,400,000

Strike 78600 has a total call value of 0 versus a total put value of 705,099,400,000 Combined total value = 705,099,400,000

Strike 78700 has a total call value of 0 versus a total put value of 690,852,400,000 Combined total value = 690,852,400,000

Strike 78800 has a total call value of 0 versus a total put value of 676,605,400,000 Combined total value = 676,605,400,000

Strike 78900 has a total call value of 0 versus a total put value of 662,358,400,000 Combined total value = 662,358,400,000

Strike 79000 has a total call value of 0 versus a total put value of 648,111,400,000 Combined total value = 648,111,400,000

Strike 79100 has a total call value of 0 versus a total put value of 633,869,600,000 Combined total value = 633,869,600,000

Strike 79200 has a total call value of 0 versus a total put value of 619,627,800,000 Combined total value = 619,627,800,000

Strike 79300 has a total call value of 0 versus a total put value of 605,386,000,000 Combined total value = 605,386,000,000

Strike 79400 has a total call value of 0 versus a total put value of 591,144,200,000 Combined total value = 591,144,200,000

Strike 79500 has a total call value of 0 versus a total put value of 576,902,400,000 Combined total value = 576,902,400,000

Strike 79600 has a total call value of 0 versus a total put value of 562,660,600,000 Combined total value = 562,660,600,000

Strike 79700 has a total call value of 0 versus a total put value of 548,418,800,000 Combined total value = 548,418,800,000

Strike 79800 has a total call value of 0 versus a total put value of 534,177,000,000 Combined total value = 534,177,000,000

Strike 79900 has a total call value of 0 versus a total put value of 519,935,200,000 Combined total value = 519,935,200,000

Strike 80000 has a total call value of 0 versus a total put value of 505,693,400,000 Combined total value = 505,693,400,000

Strike 80100 has a total call value of 5,600,000 versus a total put value of 492,078,400,000 Combined total value = 492,084,000,000

Strike 80200 has a total call value of 11,200,000 versus a total put value of 478,463,400,000 Combined total value = 478,474,600,000

Strike 80300 has a total call value of 16,800,000 versus a total put value of 464,848,400,000 Combined total value = 464,865,200,000

Strike 80400 has a total call value of 22,400,000 versus a total put value of 451,233,400,000 Combined total value = 451,255,800,000

Strike 80500 has a total call value of 28,000,000 versus a total put value of 437,618,600,000 Combined total value = 437,646,600,000

Strike 80600 has a total call value of 33,600,000 versus a total put value of 424,027,800,000 Combined total value = 424,061,400,000

Strike 80700 has a total call value of 39,200,000 versus a total put value of 410,437,000,000 Combined total value = 410,476,200,000

Strike 80800 has a total call value of 44,800,000 versus a total put value of 396,846,200,000 Combined total value = 396,891,000,000

Strike 80900 has a total call value of 50,400,000 versus a total put value of 383,255,400,000 Combined total value = 383,305,800,000

Strike 81000 has a total call value of 56,000,000 versus a total put value of 369,664,600,000 Combined total value = 369,720,600,000

Strike 81100 has a total call value of 63,200,000 versus a total put value of 356,582,600,000 Combined total value = 356,645,800,000

Strike 81200 has a total call value of 70,400,000 versus a total put value of 343,500,600,000 Combined total value = 343,571,000,000

Strike 81300 has a total call value of 77,600,000 versus a total put value of 330,418,600,000 Combined total value = 330,496,200,000

Strike 81400 has a total call value of 84,800,000 versus a total put value of 317,336,600,000 Combined total value = 317,421,400,000

Strike 81500 has a total call value of 92,000,000 versus a total put value of 304,254,600,000 Combined total value = 304,346,600,000

Strike 81600 has a total call value of 105,200,000 versus a total put value of 291,404,400,000 Combined total value = 291,509,600,000

Strike 81700 has a total call value of 118,400,000 versus a total put value of 278,556,200,000 Combined total value = 278,674,600,000

Strike 81800 has a total call value of 131,600,000 versus a total put value of 265,728,800,000 Combined total value = 265,860,400,000

Strike 81900 has a total call value of 144,800,000 versus a total put value of 252,911,200,000 Combined total value = 253,056,000,000

Strike 82000 has a total call value of 158,000,000 versus a total put value of 240,095,200,000 Combined total value = 240,253,200,000

Strike 82100 has a total call value of 175,400,000 versus a total put value of 228,359,400,000 Combined total value = 228,534,800,000

Strike 82200 has a total call value of 192,800,000 versus a total put value of 216,631,800,000 Combined total value = 216,824,600,000

Strike 82300 has a total call value of 210,200,000 versus a total put value of 204,955,200,000 Combined total value = 205,165,400,000

Strike 82400 has a total call value of 227,600,000 versus a total put value of 193,280,800,000 Combined total value = 193,508,400,000

Strike 82500 has a total call value of 245,000,000 versus a total put value of 181,608,600,000 Combined total value = 181,853,600,000

Strike 82600 has a total call value of 394,800,000 versus a total put value of 171,166,600,000 Combined total value = 171,561,400,000

Strike 82700 has a total call value of 544,800,000 versus a total put value of 160,825,600,000 Combined total value = 161,370,400,000

Strike 82800 has a total call value of 696,200,000 versus a total put value of 150,502,600,000 Combined total value = 151,198,800,000

Strike 82900 has a total call value of 851,400,000 versus a total put value of 140,188,000,000 Combined total value = 141,039,400,000

Strike 83000 has a total call value of 1,008,200,000 versus a total put value of 129,949,200,000 Combined total value = 130,957,400,000

Strike 83100 has a total call value of 1,956,800,000 versus a total put value of 121,021,200,000 Combined total value = 122,978,000,000

Strike 83200 has a total call value of 2,908,400,000 versus a total put value of 112,190,200,000 Combined total value = 115,098,600,000

Strike 83300 has a total call value of 3,865,600,000 versus a total put value of 103,680,400,000 Combined total value = 107,546,000,000

Strike 83400 has a total call value of 4,825,400,000 versus a total put value of 95,292,400,000 Combined total value = 100,117,800,000

Strike 83500 has a total call value of 5,790,200,000 versus a total put value of 86,993,600,000 Combined total value = 92,783,800,000

Strike 83600 has a total call value of 6,775,400,000 versus a total put value of 79,429,000,000 Combined total value = 86,204,400,000

Strike 83700 has a total call value of 7,770,800,000 versus a total put value of 72,009,400,000 Combined total value = 79,780,200,000

Strike 83800 has a total call value of 8,783,200,000 versus a total put value of 64,719,400,000 Combined total value = 73,502,600,000

Strike 83900 has a total call value of 9,806,200,000 versus a total put value of 57,629,800,000 Combined total value = 67,436,000,000

Strike 84000 has a total call value of 10,837,200,000 versus a total put value of 50,655,200,000 Combined total value = 61,492,400,000

Strike 84100 has a total call value of 12,138,600,000 versus a total put value of 44,904,200,000 Combined total value = 57,042,800,000

Strike 84200 has a total call value of 13,478,400,000 versus a total put value of 39,333,600,000 Combined total value = 52,812,000,000

Strike 84300 has a total call value of 14,872,600,000 versus a total put value of 33,946,200,000 Combined total value = 48,818,800,000

Strike 84400 has a total call value of 16,348,600,000 versus a total put value of 28,755,800,000 Combined total value = 45,104,400,000

Strike 84500 has a total call value of 17,937,000,000 versus a total put value of 23,786,600,000 Combined total value = 41,723,600,000

Strike 84600 has a total call value of 20,592,200,000 versus a total put value of 19,989,600,000 Combined total value = 40,581,800,000

Strike 84700 has a total call value of 23,761,200,000 versus a total put value of 16,488,400,000 Combined total value = 40,249,600,000

Strike 84800 has a total call value of 27,371,800,000 versus a total put value of 13,308,400,000 Combined total value = 40,680,200,000

Strike 84900 has a total call value of 31,390,400,000 versus a total put value of 10,421,000,000 Combined total value = 41,811,400,000

Strike 85000 has a total call value of 35,794,400,000 versus a total put value of 7,704,600,000 Combined total value = 43,499,000,000

Strike 85100 has a total call value of 43,033,000,000 versus a total put value of 6,718,600,000 Combined total value = 49,751,600,000

Strike 85200 has a total call value of 50,565,200,000 versus a total put value of 5,858,400,000 Combined total value = 56,423,600,000

Strike 85300 has a total call value of 58,509,000,000 versus a total put value of 5,147,800,000 Combined total value = 63,656,800,000

Strike 85400 has a total call value of 66,711,000,000 versus a total put value of 4,511,200,000 Combined total value = 71,222,200,000

Strike 85500 has a total call value of 75,137,600,000 versus a total put value of 3,921,400,000 Combined total value = 79,059,000,000

Strike 85600 has a total call value of 84,690,600,000 versus a total put value of 3,435,800,000 Combined total value = 88,126,400,000

Strike 85700 has a total call value of 94,605,200,000 versus a total put value of 2,977,600,000 Combined total value = 97,582,800,000

Strike 85800 has a total call value of 104,975,200,000 versus a total put value of 2,562,000,000 Combined total value = 107,537,200,000

Strike 85900 has a total call value of 115,816,800,000 versus a total put value of 2,197,800,000 Combined total value = 118,014,600,000

Strike 86000 has a total call value of 126,869,600,000 versus a total put value of 1,850,000,000 Combined total value = 128,719,600,000

Strike 86100 has a total call value of 139,500,200,000 versus a total put value of 1,589,000,000 Combined total value = 141,089,200,000

Strike 86200 has a total call value of 152,419,000,000 versus a total put value of 1,343,200,000 Combined total value = 153,762,200,000

Strike 86300 has a total call value of 165,642,000,000 versus a total put value of 1,124,600,000 Combined total value = 166,766,600,000

Strike 86400 has a total call value of 179,434,200,000 versus a total put value of 930,400,000 Combined total value = 180,364,600,000

Strike 86500 has a total call value of 193,401,000,000 versus a total put value of 752,600,000 Combined total value = 194,153,600,000

Strike 86600 has a total call value of 209,165,600,000 versus a total put value of 620,400,000 Combined total value = 209,786,000,000

Strike 86700 has a total call value of 225,111,000,000 versus a total put value of 506,800,000 Combined total value = 225,617,800,000

Strike 86800 has a total call value of 241,224,000,000 versus a total put value of 407,400,000 Combined total value = 241,631,400,000

Strike 86900 has a total call value of 257,634,000,000 versus a total put value of 323,600,000 Combined total value = 257,957,600,000

Strike 87000 has a total call value of 274,136,000,000 versus a total put value of 246,200,000 Combined total value = 274,382,200,000

Strike 87100 has a total call value of 292,462,200,000 versus a total put value of 208,600,000 Combined total value = 292,670,800,000

Strike 87200 has a total call value of 310,916,200,000 versus a total put value of 179,400,000 Combined total value = 311,095,600,000

Strike 87300 has a total call value of 329,446,600,000 versus a total put value of 152,400,000 Combined total value = 329,599,000,000

Strike 87400 has a total call value of 348,019,600,000 versus a total put value of 127,400,000 Combined total value = 348,147,000,000

Strike 87500 has a total call value of 366,634,200,000 versus a total put value of 103,200,000 Combined total value = 366,737,400,000

Strike 87600 has a total call value of 385,895,200,000 versus a total put value of 88,200,000 Combined total value = 385,983,400,000

Strike 87700 has a total call value of 405,181,000,000 versus a total put value of 73,200,000 Combined total value = 405,254,200,000

Strike 87800 has a total call value of 424,483,600,000 versus a total put value of 58,200,000 Combined total value = 424,541,800,000

Strike 87900 has a total call value of 443,820,600,000 versus a total put value of 45,200,000 Combined total value = 443,865,800,000

Strike 88000 has a total call value of 463,204,200,000 versus a total put value of 34,000,000 Combined total value = 463,238,200,000

Strike 88100 has a total call value of 483,617,200,000 versus a total put value of 23,600,000 Combined total value = 483,640,800,000

Strike 88200 has a total call value of 504,062,200,000 versus a total put value of 13,200,000 Combined total value = 504,075,400,000

Strike 88300 has a total call value of 524,536,400,000 versus a total put value of 4,800,000 Combined total value = 524,541,200,000

Strike 88400 has a total call value of 545,021,800,000 versus a total put value of 4,400,000 Combined total value = 545,026,200,000

Strike 88500 has a total call value of 565,510,400,000 versus a total put value of 4,000,000 Combined total value = 565,514,400,000

Strike 88600 has a total call value of 586,172,200,000 versus a total put value of 3,600,000 Combined total value = 586,175,800,000

Strike 88700 has a total call value of 606,851,600,000 versus a total put value of 3,200,000 Combined total value = 606,854,800,000

Strike 88800 has a total call value of 627,533,200,000 versus a total put value of 2,800,000 Combined total value = 627,536,000,000

Strike 88900 has a total call value of 648,216,600,000 versus a total put value of 2,400,000 Combined total value = 648,219,000,000

Strike 89000 has a total call value of 668,912,200,000 versus a total put value of 2,000,000 Combined total value = 668,914,200,000

Strike 89100 has a total call value of 690,127,000,000 versus a total put value of 1,800,000 Combined total value = 690,128,800,000

Strike 89200 has a total call value of 711,346,200,000 versus a total put value of 1,600,000 Combined total value = 711,347,800,000

Strike 89300 has a total call value of 732,566,400,000 versus a total put value of 1,400,000 Combined total value = 732,567,800,000

Strike 89400 has a total call value of 753,787,400,000 versus a total put value of 1,200,000 Combined total value = 753,788,600,000

Strike 89500 has a total call value of 775,008,800,000 versus a total put value of 1,000,000 Combined total value = 775,009,800,000

Strike 89600 has a total call value of 796,243,600,000 versus a total put value of 800,000 Combined total value = 796,244,400,000

Strike 89700 has a total call value of 817,478,400,000 versus a total put value of 600,000 Combined total value = 817,479,000,000

Strike 89800 has a total call value of 838,713,200,000 versus a total put value of 400,000 Combined total value = 838,713,600,000

Strike 89900 has a total call value of 859,948,000,000 versus a total put value of 200,000 Combined total value = 859,948,200,000

Strike 90000 has a total call value of 881,183,800,000 versus a total put value of 0 Combined total value = 881,183,800,000

Strike 90100 has a total call value of 903,540,800,000 versus a total put value of 0 Combined total value = 903,540,800,000

Strike 90200 has a total call value of 925,898,400,000 versus a total put value of 0 Combined total value = 925,898,400,000

Strike 90300 has a total call value of 948,256,200,000 versus a total put value of 0 Combined total value = 948,256,200,000

Strike 90400 has a total call value of 970,614,000,000 versus a total put value of 0 Combined total value = 970,614,000,000

Strike 90500 has a total call value of 992,971,800,000 versus a total put value of 0 Combined total value = 992,971,800,000

Strike 90600 has a total call value of 1,015,329,600,000 versus a total put value of 0 Combined total value = 1,015,329,600,000

Strike 90700 has a total call value of 1,037,687,800,000 versus a total put value of 0 Combined total value = 1,037,687,800,000

Strike 90800 has a total call value of 1,060,046,000,000 versus a total put value of 0 Combined total value = 1,060,046,000,000

Strike 90900 has a total call value of 1,082,404,200,000 versus a total put value of 0 Combined total value = 1,082,404,200,000

Strike 91000 has a total call value of 1,104,762,400,000 versus a total put value of 0 Combined total value = 1,104,762,400,000

Strike 91100 has a total call value of 1,127,120,600,000 versus a total put value of 0 Combined total value = 1,127,120,600,000

Strike 91200 has a total call value of 1,149,478,800,000 versus a total put value of 0 Combined total value = 1,149,478,800,000

Strike 91300 has a total call value of 1,171,837,000,000 versus a total put value of 0 Combined total value = 1,171,837,000,000

Strike 91400 has a total call value of 1,194,195,200,000 versus a total put value of 0 Combined total value = 1,194,195,200,000

Strike 91500 has a total call value of 1,216,553,400,000 versus a total put value of 0 Combined total value = 1,216,553,400,000

Strike 91600 has a total call value of 1,238,911,600,000 versus a total put value of 0 Combined total value = 1,238,911,600,000

Strike 91700 has a total call value of 1,261,269,800,000 versus a total put value of 0 Combined total value = 1,261,269,800,000

Strike 91800 has a total call value of 1,283,628,000,000 versus a total put value of 0 Combined total value = 1,283,628,000,000

Strike 91900 has a total call value of 1,305,986,200,000 versus a total put value of 0 Combined total value = 1,305,986,200,000

Strike 92000 has a total call value of 1,328,344,800,000 versus a total put value of 0 Combined total value = 1,328,344,800,000

Strike 92100 has a total call value of 1,350,706,200,000 versus a total put value of 0 Combined total value = 1,350,706,200,000

Strike 92200 has a total call value of 1,373,067,600,000 versus a total put value of 0 Combined total value = 1,373,067,600,000

Strike 92300 has a total call value of 1,395,429,000,000 versus a total put value of 0 Combined total value = 1,395,429,000,000

Strike 92400 has a total call value of 1,417,790,400,000 versus a total put value of 0 Combined total value = 1,417,790,400,000

Strike 92500 has a total call value of 1,440,151,800,000 versus a total put value of 0 Combined total value = 1,440,151,800,000

Strike 92600 has a total call value of 1,462,516,800,000 versus a total put value of 0 Combined total value = 1,462,516,800,000

Strike 92700 has a total call value of 1,484,881,800,000 versus a total put value of 0 Combined total value = 1,484,881,800,000

Strike 92800 has a total call value of 1,507,247,800,000 versus a total put value of 0 Combined total value = 1,507,247,800,000

Strike 92900 has a total call value of 1,529,621,400,000 versus a total put value of 0 Combined total value = 1,529,621,400,000

Strike 93000 has a total call value of 1,551,995,600,000 versus a total put value of 0 Combined total value = 1,551,995,600,000

Strike 93100 has a total call value of 1,574,369,800,000 versus a total put value of 0 Combined total value = 1,574,369,800,000

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	1146.6	1140
ABB	5089.5	5200
ABCAPITAL	345	350
ADANIENSOL	978.35	990
ADANIENT	2229.8	2300
ADANIGREEN	1011.6	1020
ADANIPORTS	1489.4	1500
ALKEM	5538.5	5650
AMBER	6585.5	6800
AMBUJACEM	537.05	550
ANGELONE	2482	2550
APLAPOLLO	1789.8	1760
APOLLOHOSP	6907.5	7100
ASHOKLEY	172	162
ASIANPAINT	2764.6	2800
ASTRAL	1410	1440
AUBANK	988.9	960
AUROPHARMA	1207.1	1200
AXISBANK	1229.5	1240
BAJAJ-AUTO	8800	9000
BAJAJFINSV	2023.1	2060
BAJFINANCE	1002	1020
BANDHANBNK	145.98	150
BANKBARODA	288.45	290
BANKINDIA	142.2	143
BDL	1340.3	1380
BEL	383.15	400
BHARATFORG	1402.9	1400
BHARTIARTL	2095.8	2100
BHEL	274	280
BIOCON	391.65	390
BLUESTARCO	1855	1800
BOSCHLTD	35650	36000
BPCL	362.95	365
BRITANNIA	6026.5	6000
BSE	2682.8	2700
CAMS	748	770
CANBK	149.6	150
CDSL	1484	1540
CGPOWER	660.95	680
CHOLAFIN	1676.1	1700
CIPLA	1499.5	1520
COALINDIA	385.7	384.75
COFORGE	1848.3	1840
COLPAL	2088.8	2160
CONCOR	497.75	520
CROMPTON	256	265
CUMMINSIND	4375.9	4400
CYIENT	1135.3	1140
DABUR	491.35	500
DALBHARAT	2027.4	2040
DELHIVERY	401.55	410
DIVISLAB	6380.5	6400
DIXON	13249	13750
DLF	682.05	710
DMART	3757	3900
DRREDDY	1277.5	1270
EICHERMOT	7086.5	7100
ETERNAL	284.25	295
EXIDEIND	358.45	370
FEDERALBNK	265.1	260
FORTIS	867.35	890
GAIL	167.71	175
GLENMARK	1950.9	1940
GMRAIRPORT	100.25	102
GODREJCP	1182.7	1160
GODREJPROP	1999.7	2060
GRASIM	2811.3	2800
HAL	4242.3	4450
HAVELLS	1401.1	1440
HCLTECH	1660.2	1660
HDFCAMC	2721.9	2680
HDFCBANK	982	990
HDFCLIFE	756.7	770
HEROMOTOCO	5741	5900
HFCL	64.37	67
HINDALCO	857.25	820
HINDPETRO	463.95	460
HINDUNILVR	2263	2300
HINDZINC	591.25	560
HUDCO	206.57	220
ICICIBANK	1360.2	1370
ICICIGI	1951.3	1960
ICICIPRULI	644.9	630
IDEA	11.3	11
IDFCFIRSTB	83.71	82
IEX	140	145
IIFL	559.4	560
INDHOTEL	719.6	730
INDIANB	775.7	820
INDIGO	5113	5100
INDUSINDBK	832.75	850
INDUSTOWER	408.85	410
INFY	1625.9	1600
INOXWIND	124.74	130
IOC	161.72	162
IRCTC	663.3	685
IREDA	131.29	137.5
IRFC	110.82	115
ITC	400.55	405
JINDALSTEL	983.6	1020
JIOFIN	291.9	305
JSWENERGY	469.95	490
JSWSTEEL	1082.7	1120
JUBLFOOD	556.25	580
KALYANKJIL	470.7	480
KAYNES	4068.5	4300
KEI	4084.8	4100
KFINTECH	1065.1	1060
KOTAKBANK	2165.6	2160
KPITTECH	1155.4	1200
LAURUSLABS	1013.7	1000
LICHSGFIN	527.15	550
LICI	843.3	870
LODHA	1069.5	1100
LT	4040.3	4020
LTF	300	302.5
LTIM	6208	6200
LUPIN	2115.3	2100
M&M	3572.5	3650
MANAPPURAM	288.45	280
MANKIND	2132.9	2200
MARICO	741.2	740
MARUTI	16368	16200
MAXHEALTH	1051.3	1100
MAZDOCK	2352.8	2500
MCX	10174	10100
MFSL	1681.5	1700
MOTHERSON	117.43	115
MPHASIS	2880.7	2900
MUTHOOTFIN	3747.8	3750
NATIONALUM	280.2	270
NAUKRI	1340.5	1360
NBCC	108.31	111
NCC	153.67	165
NESTLEIND	1240	1240
NHPC	74.86	78
NMDC	76.6	77
NTPC	318.4	325
NUVAMA	7275	7300
NYKAA	243.95	252.5
OBEROIRLTY	1658.1	1660
OFSS	7624.5	8000
OIL	399.45	410
ONGC	232.18	237.5
PAGEIND	35675	37000
PATANJALI	553	550
PAYTM	1287	1300
PERSISTENT	6308	6300
PETRONET	268.65	278
PFC	334.4	355
PGEL	566.3	560
PHOENIXLTD	1791	1760
PIDILITIND	1449.1	1480
PIIND	3211.2	3350
PNB	118.74	120
PNBHOUSING	896.5	900
POLICYBZR	1835.8	1840
POLYCAB	7091	7200
POWERGRID	257.25	270
POWERINDIA	18295	19000
PPLPHARMA	166.38	175
PRESTIGE	1598.3	1640
RBLBANK	298.6	305
RECLTD	337.45	350
RELIANCE	1546.8	1540
RVNL	305.25	310
SAIL	127.56	132
SAMMAANCAP	145.69	155
SBICARD	847.45	870
SBILIFE	2016.8	2020
SBIN	976.9	970
SHREECEM	25670	26500
SHRIRAMFIN	867.45	850
SIEMENS	3067.7	3150
SOLARINDS	11753	12500
SONACOMS	486.85	500
SRF	3050.5	3000
SUNPHARMA	1744.7	1760
SUPREMEIND	3348.1	3400
SUZLON	51.65	54
SYNGENE	654.3	650
TATACONSUM	1174.6	1180
TATAELXSI	4976	5000
TATAMOTORS	0	320
TATAPOWER	374.25	390
TATASTEEL	168.65	170
TATATECH	641.8	670
TCS	3273.8	3220
TECHM	1600.2	1560
TIINDIA	2575.4	2700
TITAGARH	771.3	800
TITAN	3904	3860
TMPV	345.15	360
TORNTPHARM	3742	3750
TORNTPOWER	1252.7	1300
TRENT	4017	4200
TVSMOTOR	3584.4	3600
ULTRACEMCO	11441	11600
UNIONBANK	154.29	155
UNITDSPR	1392.2	1440
UNOMINDA	1224.5	1280
UPL	744.1	750
VBL	471.85	470
VEDL	579	555
VOLTAS	1403.3	1400
WIPRO	262.47	257.5
YESBANK	21.45	22
ZYDUSLIFE	912.35	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