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

27165.46 -17.32 (-0.06%)

L: 27042.54 H: 27188.49

Max Pain - SENSEX50

15 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for SENSEX50 is 85000

Historical data for SENSEX50-85000-CE

LTP (85000 CE)

729.05 -100.7

Open Interest

2677 1105

Historical data for SENSEX50-85000-PE

LTP (85000 PE)

339.05 10.35

Open Interest

5131 2119

Strike 72800 has a total call value of 0 versus a total put value of 865,355,600,000 Combined total value = 865,355,600,000

Strike 72900 has a total call value of 0 versus a total put value of 857,327,400,000 Combined total value = 857,327,400,000

Strike 73000 has a total call value of 0 versus a total put value of 849,299,200,000 Combined total value = 849,299,200,000

Strike 73100 has a total call value of 0 versus a total put value of 841,271,000,000 Combined total value = 841,271,000,000

Strike 73200 has a total call value of 0 versus a total put value of 833,242,800,000 Combined total value = 833,242,800,000

Strike 73300 has a total call value of 0 versus a total put value of 825,214,600,000 Combined total value = 825,214,600,000

Strike 73400 has a total call value of 0 versus a total put value of 817,186,400,000 Combined total value = 817,186,400,000

Strike 73500 has a total call value of 0 versus a total put value of 809,158,200,000 Combined total value = 809,158,200,000

Strike 73600 has a total call value of 0 versus a total put value of 801,150,000,000 Combined total value = 801,150,000,000

Strike 73700 has a total call value of 0 versus a total put value of 793,141,800,000 Combined total value = 793,141,800,000

Strike 73800 has a total call value of 0 versus a total put value of 785,133,600,000 Combined total value = 785,133,600,000

Strike 73900 has a total call value of 0 versus a total put value of 777,125,400,000 Combined total value = 777,125,400,000

Strike 74000 has a total call value of 0 versus a total put value of 769,117,200,000 Combined total value = 769,117,200,000

Strike 74100 has a total call value of 0 versus a total put value of 761,129,000,000 Combined total value = 761,129,000,000

Strike 74200 has a total call value of 0 versus a total put value of 753,140,800,000 Combined total value = 753,140,800,000

Strike 74300 has a total call value of 0 versus a total put value of 745,152,600,000 Combined total value = 745,152,600,000

Strike 74400 has a total call value of 0 versus a total put value of 737,164,400,000 Combined total value = 737,164,400,000

Strike 74500 has a total call value of 0 versus a total put value of 729,176,200,000 Combined total value = 729,176,200,000

Strike 74600 has a total call value of 0 versus a total put value of 721,208,000,000 Combined total value = 721,208,000,000

Strike 74700 has a total call value of 0 versus a total put value of 713,249,800,000 Combined total value = 713,249,800,000

Strike 74800 has a total call value of 0 versus a total put value of 705,301,600,000 Combined total value = 705,301,600,000

Strike 74900 has a total call value of 0 versus a total put value of 697,363,400,000 Combined total value = 697,363,400,000

Strike 75000 has a total call value of 0 versus a total put value of 689,435,200,000 Combined total value = 689,435,200,000

Strike 75100 has a total call value of 0 versus a total put value of 681,524,000,000 Combined total value = 681,524,000,000

Strike 75200 has a total call value of 0 versus a total put value of 673,624,000,000 Combined total value = 673,624,000,000

Strike 75300 has a total call value of 0 versus a total put value of 665,738,600,000 Combined total value = 665,738,600,000

Strike 75400 has a total call value of 0 versus a total put value of 657,859,400,000 Combined total value = 657,859,400,000

Strike 75500 has a total call value of 0 versus a total put value of 649,986,600,000 Combined total value = 649,986,600,000

Strike 75600 has a total call value of 0 versus a total put value of 642,123,800,000 Combined total value = 642,123,800,000

Strike 75700 has a total call value of 0 versus a total put value of 634,267,600,000 Combined total value = 634,267,600,000

Strike 75800 has a total call value of 0 versus a total put value of 626,418,200,000 Combined total value = 626,418,200,000

Strike 75900 has a total call value of 0 versus a total put value of 618,575,600,000 Combined total value = 618,575,600,000

Strike 76000 has a total call value of 0 versus a total put value of 610,742,200,000 Combined total value = 610,742,200,000

Strike 76100 has a total call value of 0 versus a total put value of 602,918,800,000 Combined total value = 602,918,800,000

Strike 76200 has a total call value of 0 versus a total put value of 595,105,400,000 Combined total value = 595,105,400,000

Strike 76300 has a total call value of 0 versus a total put value of 587,302,000,000 Combined total value = 587,302,000,000

Strike 76400 has a total call value of 0 versus a total put value of 579,508,400,000 Combined total value = 579,508,400,000

Strike 76500 has a total call value of 0 versus a total put value of 571,724,800,000 Combined total value = 571,724,800,000

Strike 76600 has a total call value of 0 versus a total put value of 563,951,200,000 Combined total value = 563,951,200,000

Strike 76700 has a total call value of 0 versus a total put value of 556,194,000,000 Combined total value = 556,194,000,000

Strike 76800 has a total call value of 0 versus a total put value of 548,452,800,000 Combined total value = 548,452,800,000

Strike 76900 has a total call value of 0 versus a total put value of 540,727,800,000 Combined total value = 540,727,800,000

Strike 77000 has a total call value of 0 versus a total put value of 533,021,800,000 Combined total value = 533,021,800,000

Strike 77100 has a total call value of 0 versus a total put value of 525,325,800,000 Combined total value = 525,325,800,000

Strike 77200 has a total call value of 0 versus a total put value of 517,629,800,000 Combined total value = 517,629,800,000

Strike 77300 has a total call value of 0 versus a total put value of 509,933,800,000 Combined total value = 509,933,800,000

Strike 77400 has a total call value of 0 versus a total put value of 502,237,800,000 Combined total value = 502,237,800,000

Strike 77500 has a total call value of 0 versus a total put value of 494,541,800,000 Combined total value = 494,541,800,000

Strike 77600 has a total call value of 0 versus a total put value of 486,845,800,000 Combined total value = 486,845,800,000

Strike 77700 has a total call value of 0 versus a total put value of 479,149,800,000 Combined total value = 479,149,800,000

Strike 77800 has a total call value of 0 versus a total put value of 471,453,800,000 Combined total value = 471,453,800,000

Strike 77900 has a total call value of 0 versus a total put value of 463,757,800,000 Combined total value = 463,757,800,000

Strike 78000 has a total call value of 0 versus a total put value of 456,061,800,000 Combined total value = 456,061,800,000

Strike 78100 has a total call value of 0 versus a total put value of 448,366,200,000 Combined total value = 448,366,200,000

Strike 78200 has a total call value of 0 versus a total put value of 440,670,600,000 Combined total value = 440,670,600,000

Strike 78300 has a total call value of 0 versus a total put value of 432,975,000,000 Combined total value = 432,975,000,000

Strike 78400 has a total call value of 0 versus a total put value of 425,279,400,000 Combined total value = 425,279,400,000

Strike 78500 has a total call value of 0 versus a total put value of 417,583,800,000 Combined total value = 417,583,800,000

Strike 78600 has a total call value of 0 versus a total put value of 409,888,200,000 Combined total value = 409,888,200,000

Strike 78700 has a total call value of 0 versus a total put value of 402,192,600,000 Combined total value = 402,192,600,000

Strike 78800 has a total call value of 0 versus a total put value of 394,497,000,000 Combined total value = 394,497,000,000

Strike 78900 has a total call value of 0 versus a total put value of 386,801,400,000 Combined total value = 386,801,400,000

Strike 79000 has a total call value of 0 versus a total put value of 379,105,800,000 Combined total value = 379,105,800,000

Strike 79100 has a total call value of 0 versus a total put value of 371,410,200,000 Combined total value = 371,410,200,000

Strike 79200 has a total call value of 0 versus a total put value of 363,714,600,000 Combined total value = 363,714,600,000

Strike 79300 has a total call value of 0 versus a total put value of 356,019,000,000 Combined total value = 356,019,000,000

Strike 79400 has a total call value of 0 versus a total put value of 348,323,400,000 Combined total value = 348,323,400,000

Strike 79500 has a total call value of 0 versus a total put value of 340,627,800,000 Combined total value = 340,627,800,000

Strike 79600 has a total call value of 0 versus a total put value of 332,932,200,000 Combined total value = 332,932,200,000

Strike 79700 has a total call value of 0 versus a total put value of 325,236,600,000 Combined total value = 325,236,600,000

Strike 79800 has a total call value of 0 versus a total put value of 317,541,000,000 Combined total value = 317,541,000,000

Strike 79900 has a total call value of 0 versus a total put value of 309,845,400,000 Combined total value = 309,845,400,000

Strike 80000 has a total call value of 0 versus a total put value of 302,149,800,000 Combined total value = 302,149,800,000

Strike 80100 has a total call value of 800,000 versus a total put value of 294,537,400,000 Combined total value = 294,538,200,000

Strike 80200 has a total call value of 1,600,000 versus a total put value of 286,925,000,000 Combined total value = 286,926,600,000

Strike 80300 has a total call value of 2,400,000 versus a total put value of 279,312,600,000 Combined total value = 279,315,000,000

Strike 80400 has a total call value of 3,200,000 versus a total put value of 271,700,200,000 Combined total value = 271,703,400,000

Strike 80500 has a total call value of 4,000,000 versus a total put value of 264,087,800,000 Combined total value = 264,091,800,000

Strike 80600 has a total call value of 4,800,000 versus a total put value of 256,482,400,000 Combined total value = 256,487,200,000

Strike 80700 has a total call value of 5,600,000 versus a total put value of 248,877,000,000 Combined total value = 248,882,600,000

Strike 80800 has a total call value of 6,400,000 versus a total put value of 241,271,600,000 Combined total value = 241,278,000,000

Strike 80900 has a total call value of 7,200,000 versus a total put value of 233,666,200,000 Combined total value = 233,673,400,000

Strike 81000 has a total call value of 8,000,000 versus a total put value of 226,060,800,000 Combined total value = 226,068,800,000

Strike 81100 has a total call value of 11,800,000 versus a total put value of 218,563,600,000 Combined total value = 218,575,400,000

Strike 81200 has a total call value of 15,600,000 versus a total put value of 211,066,400,000 Combined total value = 211,082,000,000

Strike 81300 has a total call value of 19,400,000 versus a total put value of 203,569,200,000 Combined total value = 203,588,600,000

Strike 81400 has a total call value of 23,200,000 versus a total put value of 196,072,000,000 Combined total value = 196,095,200,000

Strike 81500 has a total call value of 27,000,000 versus a total put value of 188,574,800,000 Combined total value = 188,601,800,000

Strike 81600 has a total call value of 30,800,000 versus a total put value of 181,168,000,000 Combined total value = 181,198,800,000

Strike 81700 has a total call value of 34,600,000 versus a total put value of 173,763,200,000 Combined total value = 173,797,800,000

Strike 81800 has a total call value of 38,400,000 versus a total put value of 166,360,200,000 Combined total value = 166,398,600,000

Strike 81900 has a total call value of 42,200,000 versus a total put value of 158,962,400,000 Combined total value = 159,004,600,000

Strike 82000 has a total call value of 46,000,000 versus a total put value of 151,566,200,000 Combined total value = 151,612,200,000

Strike 82100 has a total call value of 56,000,000 versus a total put value of 144,595,000,000 Combined total value = 144,651,000,000

Strike 82200 has a total call value of 66,000,000 versus a total put value of 137,630,600,000 Combined total value = 137,696,600,000

Strike 82300 has a total call value of 76,000,000 versus a total put value of 130,667,400,000 Combined total value = 130,743,400,000

Strike 82400 has a total call value of 86,000,000 versus a total put value of 123,706,400,000 Combined total value = 123,792,400,000

Strike 82500 has a total call value of 96,000,000 versus a total put value of 116,747,600,000 Combined total value = 116,843,600,000

Strike 82600 has a total call value of 118,000,000 versus a total put value of 110,451,200,000 Combined total value = 110,569,200,000

Strike 82700 has a total call value of 140,000,000 versus a total put value of 104,162,800,000 Combined total value = 104,302,800,000

Strike 82800 has a total call value of 163,400,000 versus a total put value of 97,879,600,000 Combined total value = 98,043,000,000

Strike 82900 has a total call value of 192,800,000 versus a total put value of 91,604,800,000 Combined total value = 91,797,600,000

Strike 83000 has a total call value of 224,200,000 versus a total put value of 85,344,800,000 Combined total value = 85,569,000,000

Strike 83100 has a total call value of 271,600,000 versus a total put value of 80,212,200,000 Combined total value = 80,483,800,000

Strike 83200 has a total call value of 324,200,000 versus a total put value of 75,091,600,000 Combined total value = 75,415,800,000

Strike 83300 has a total call value of 383,800,000 versus a total put value of 69,984,400,000 Combined total value = 70,368,200,000

Strike 83400 has a total call value of 446,000,000 versus a total put value of 64,900,400,000 Combined total value = 65,346,400,000

Strike 83500 has a total call value of 515,000,000 versus a total put value of 59,854,200,000 Combined total value = 60,369,200,000

Strike 83600 has a total call value of 606,600,000 versus a total put value of 55,250,400,000 Combined total value = 55,857,000,000

Strike 83700 has a total call value of 709,000,000 versus a total put value of 50,699,600,000 Combined total value = 51,408,600,000

Strike 83800 has a total call value of 834,800,000 versus a total put value of 46,192,400,000 Combined total value = 47,027,200,000

Strike 83900 has a total call value of 961,800,000 versus a total put value of 41,733,400,000 Combined total value = 42,695,200,000

Strike 84000 has a total call value of 1,091,400,000 versus a total put value of 37,333,800,000 Combined total value = 38,425,200,000

Strike 84100 has a total call value of 1,329,400,000 versus a total put value of 33,724,400,000 Combined total value = 35,053,800,000

Strike 84200 has a total call value of 1,581,000,000 versus a total put value of 30,162,200,000 Combined total value = 31,743,200,000

Strike 84300 has a total call value of 1,859,400,000 versus a total put value of 26,707,200,000 Combined total value = 28,566,600,000

Strike 84400 has a total call value of 2,171,600,000 versus a total put value of 23,349,600,000 Combined total value = 25,521,200,000

Strike 84500 has a total call value of 2,512,800,000 versus a total put value of 20,111,000,000 Combined total value = 22,623,800,000

Strike 84600 has a total call value of 3,098,200,000 versus a total put value of 17,416,200,000 Combined total value = 20,514,400,000

Strike 84700 has a total call value of 3,720,600,000 versus a total put value of 14,881,600,000 Combined total value = 18,602,200,000

Strike 84800 has a total call value of 4,394,600,000 versus a total put value of 12,455,800,000 Combined total value = 16,850,400,000

Strike 84900 has a total call value of 5,133,200,000 versus a total put value of 10,179,800,000 Combined total value = 15,313,000,000

Strike 85000 has a total call value of 5,933,000,000 versus a total put value of 8,046,400,000 Combined total value = 13,979,400,000

Strike 85100 has a total call value of 7,268,200,000 versus a total put value of 6,939,200,000 Combined total value = 14,207,400,000

Strike 85200 has a total call value of 8,667,800,000 versus a total put value of 5,965,400,000 Combined total value = 14,633,200,000

Strike 85300 has a total call value of 10,216,000,000 versus a total put value of 5,129,600,000 Combined total value = 15,345,600,000

Strike 85400 has a total call value of 11,865,800,000 versus a total put value of 4,359,200,000 Combined total value = 16,225,000,000

Strike 85500 has a total call value of 13,604,000,000 versus a total put value of 3,662,000,000 Combined total value = 17,266,000,000

Strike 85600 has a total call value of 15,733,800,000 versus a total put value of 3,194,600,000 Combined total value = 18,928,400,000

Strike 85700 has a total call value of 17,918,800,000 versus a total put value of 2,765,400,000 Combined total value = 20,684,200,000

Strike 85800 has a total call value of 20,194,000,000 versus a total put value of 2,384,400,000 Combined total value = 22,578,400,000

Strike 85900 has a total call value of 22,570,400,000 versus a total put value of 2,031,000,000 Combined total value = 24,601,400,000

Strike 86000 has a total call value of 24,985,800,000 versus a total put value of 1,693,200,000 Combined total value = 26,679,000,000

Strike 86100 has a total call value of 27,935,400,000 versus a total put value of 1,446,400,000 Combined total value = 29,381,800,000

Strike 86200 has a total call value of 30,942,400,000 versus a total put value of 1,218,400,000 Combined total value = 32,160,800,000

Strike 86300 has a total call value of 34,014,200,000 versus a total put value of 1,015,600,000 Combined total value = 35,029,800,000

Strike 86400 has a total call value of 37,150,000,000 versus a total put value of 837,000,000 Combined total value = 37,987,000,000

Strike 86500 has a total call value of 40,324,600,000 versus a total put value of 674,800,000 Combined total value = 40,999,400,000

Strike 86600 has a total call value of 43,947,200,000 versus a total put value of 556,800,000 Combined total value = 44,504,000,000

Strike 86700 has a total call value of 47,618,800,000 versus a total put value of 457,600,000 Combined total value = 48,076,400,000

Strike 86800 has a total call value of 51,338,200,000 versus a total put value of 375,000,000 Combined total value = 51,713,200,000

Strike 86900 has a total call value of 55,127,400,000 versus a total put value of 308,000,000 Combined total value = 55,435,400,000

Strike 87000 has a total call value of 58,958,800,000 versus a total put value of 247,600,000 Combined total value = 59,206,400,000

Strike 87100 has a total call value of 63,474,800,000 versus a total put value of 209,200,000 Combined total value = 63,684,000,000

Strike 87200 has a total call value of 68,034,400,000 versus a total put value of 179,800,000 Combined total value = 68,214,200,000

Strike 87300 has a total call value of 72,624,000,000 versus a total put value of 152,600,000 Combined total value = 72,776,600,000

Strike 87400 has a total call value of 77,252,200,000 versus a total put value of 127,400,000 Combined total value = 77,379,600,000

Strike 87500 has a total call value of 81,902,600,000 versus a total put value of 103,200,000 Combined total value = 82,005,800,000

Strike 87600 has a total call value of 87,084,000,000 versus a total put value of 88,200,000 Combined total value = 87,172,200,000

Strike 87700 has a total call value of 92,277,000,000 versus a total put value of 73,200,000 Combined total value = 92,350,200,000

Strike 87800 has a total call value of 97,486,800,000 versus a total put value of 58,200,000 Combined total value = 97,545,000,000

Strike 87900 has a total call value of 102,722,400,000 versus a total put value of 45,200,000 Combined total value = 102,767,600,000

Strike 88000 has a total call value of 108,003,400,000 versus a total put value of 34,000,000 Combined total value = 108,037,400,000

Strike 88100 has a total call value of 113,947,600,000 versus a total put value of 23,600,000 Combined total value = 113,971,200,000

Strike 88200 has a total call value of 119,930,400,000 versus a total put value of 13,200,000 Combined total value = 119,943,600,000

Strike 88300 has a total call value of 125,942,400,000 versus a total put value of 4,800,000 Combined total value = 125,947,200,000

Strike 88400 has a total call value of 131,965,600,000 versus a total put value of 4,400,000 Combined total value = 131,970,000,000

Strike 88500 has a total call value of 137,997,200,000 versus a total put value of 4,000,000 Combined total value = 138,001,200,000

Strike 88600 has a total call value of 144,158,200,000 versus a total put value of 3,600,000 Combined total value = 144,161,800,000

Strike 88700 has a total call value of 150,337,000,000 versus a total put value of 3,200,000 Combined total value = 150,340,200,000

Strike 88800 has a total call value of 156,518,000,000 versus a total put value of 2,800,000 Combined total value = 156,520,800,000

Strike 88900 has a total call value of 162,700,600,000 versus a total put value of 2,400,000 Combined total value = 162,703,000,000

Strike 89000 has a total call value of 168,890,600,000 versus a total put value of 2,000,000 Combined total value = 168,892,600,000

Strike 89100 has a total call value of 175,406,800,000 versus a total put value of 1,800,000 Combined total value = 175,408,600,000

Strike 89200 has a total call value of 181,927,000,000 versus a total put value of 1,600,000 Combined total value = 181,928,600,000

Strike 89300 has a total call value of 188,448,200,000 versus a total put value of 1,400,000 Combined total value = 188,449,600,000

Strike 89400 has a total call value of 194,970,200,000 versus a total put value of 1,200,000 Combined total value = 194,971,400,000

Strike 89500 has a total call value of 201,492,600,000 versus a total put value of 1,000,000 Combined total value = 201,493,600,000

Strike 89600 has a total call value of 208,036,800,000 versus a total put value of 800,000 Combined total value = 208,037,600,000

Strike 89700 has a total call value of 214,581,000,000 versus a total put value of 600,000 Combined total value = 214,581,600,000

Strike 89800 has a total call value of 221,125,200,000 versus a total put value of 400,000 Combined total value = 221,125,600,000

Strike 89900 has a total call value of 227,669,400,000 versus a total put value of 200,000 Combined total value = 227,669,600,000

Strike 90000 has a total call value of 234,213,600,000 versus a total put value of 0 Combined total value = 234,213,600,000

Strike 90100 has a total call value of 240,884,600,000 versus a total put value of 0 Combined total value = 240,884,600,000

Strike 90200 has a total call value of 247,556,200,000 versus a total put value of 0 Combined total value = 247,556,200,000

Strike 90300 has a total call value of 254,228,000,000 versus a total put value of 0 Combined total value = 254,228,000,000

Strike 90400 has a total call value of 260,899,800,000 versus a total put value of 0 Combined total value = 260,899,800,000

Strike 90500 has a total call value of 267,571,600,000 versus a total put value of 0 Combined total value = 267,571,600,000

Strike 90600 has a total call value of 274,243,400,000 versus a total put value of 0 Combined total value = 274,243,400,000

Strike 90700 has a total call value of 280,915,600,000 versus a total put value of 0 Combined total value = 280,915,600,000

Strike 90800 has a total call value of 287,587,800,000 versus a total put value of 0 Combined total value = 287,587,800,000

Strike 90900 has a total call value of 294,260,000,000 versus a total put value of 0 Combined total value = 294,260,000,000

Strike 91000 has a total call value of 300,932,200,000 versus a total put value of 0 Combined total value = 300,932,200,000

Strike 91100 has a total call value of 307,604,400,000 versus a total put value of 0 Combined total value = 307,604,400,000

Strike 91200 has a total call value of 314,276,600,000 versus a total put value of 0 Combined total value = 314,276,600,000

Strike 91300 has a total call value of 320,948,800,000 versus a total put value of 0 Combined total value = 320,948,800,000

Strike 91400 has a total call value of 327,621,000,000 versus a total put value of 0 Combined total value = 327,621,000,000

Strike 91500 has a total call value of 334,293,200,000 versus a total put value of 0 Combined total value = 334,293,200,000

Strike 91600 has a total call value of 340,965,400,000 versus a total put value of 0 Combined total value = 340,965,400,000

Strike 91700 has a total call value of 347,637,600,000 versus a total put value of 0 Combined total value = 347,637,600,000

Strike 91800 has a total call value of 354,309,800,000 versus a total put value of 0 Combined total value = 354,309,800,000

Strike 91900 has a total call value of 360,982,000,000 versus a total put value of 0 Combined total value = 360,982,000,000

Strike 92000 has a total call value of 367,654,600,000 versus a total put value of 0 Combined total value = 367,654,600,000

Strike 92100 has a total call value of 374,328,400,000 versus a total put value of 0 Combined total value = 374,328,400,000

Strike 92200 has a total call value of 381,002,200,000 versus a total put value of 0 Combined total value = 381,002,200,000

Strike 92300 has a total call value of 387,676,000,000 versus a total put value of 0 Combined total value = 387,676,000,000

Strike 92400 has a total call value of 394,349,800,000 versus a total put value of 0 Combined total value = 394,349,800,000

Strike 92500 has a total call value of 401,023,600,000 versus a total put value of 0 Combined total value = 401,023,600,000

Strike 92600 has a total call value of 407,701,000,000 versus a total put value of 0 Combined total value = 407,701,000,000

Strike 92700 has a total call value of 414,378,400,000 versus a total put value of 0 Combined total value = 414,378,400,000

Strike 92800 has a total call value of 421,056,800,000 versus a total put value of 0 Combined total value = 421,056,800,000

Strike 92900 has a total call value of 427,749,000,000 versus a total put value of 0 Combined total value = 427,749,000,000

Strike 93000 has a total call value of 434,441,800,000 versus a total put value of 0 Combined total value = 434,441,800,000

Strike 93100 has a total call value of 441,134,600,000 versus a total put value of 0 Combined total value = 441,134,600,000

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	1144.7	1140
ABB	5285	5200
ABCAPITAL	351.8	350
ADANIENSOL	1016.45	990
ADANIENT	2278.9	2300
ADANIGREEN	1047.6	1040
ADANIPORTS	1512.6	1500
ALKEM	5624.5	5700
AMBER	6801.5	6800
AMBUJACEM	553.45	550
ANGELONE	2582.5	2600
APLAPOLLO	1739.1	1740
APOLLOHOSP	7086.5	7200
ASHOKLEY	166.82	160
ASIANPAINT	2780.2	2800
ASTRAL	1430.6	1440
AUBANK	979.05	960
AUROPHARMA	1186.3	1200
AXISBANK	1284.8	1280
BAJAJ-AUTO	8940	9000
BAJAJFINSV	2070.5	2060
BAJFINANCE	1012.7	1020
BANDHANBNK	151.79	150
BANKBARODA	285.1	290
BANKINDIA	141.77	142
BDL	1402.6	1440
BEL	390.75	400
BHARATFORG	1414.1	1400
BHARTIARTL	2069.7	2100
BHEL	282.6	282.5
BIOCON	390.65	390
BLUESTARCO	1806.2	1780
BOSCHLTD	36400	36500
BPCL	367	365
BRITANNIA	6038	5950
BSE	2648.9	2750
CAMS	755.2	770
CANBK	148.29	148
CDSL	1517.6	1560
CGPOWER	670.15	680
CHOLAFIN	1733.7	1700
CIPLA	1508	1520
COALINDIA	384.45	382.25
COFORGE	1870	1840
COLPAL	2164.4	2180
CONCOR	502.75	510
CROMPTON	253.05	265
CUMMINSIND	4539.9	4500
CYIENT	1158	1160
DABUR	497.2	505
DALBHARAT	2103.6	2040
DELHIVERY	407.25	415
DIVISLAB	6347.5	6400
DIXON	13737	13750
DLF	697.9	710
DMART	3825.6	3900
DRREDDY	1280.6	1270
EICHERMOT	7121.5	7150
ETERNAL	298.45	300
EXIDEIND	372.45	375
FEDERALBNK	265.25	260
FORTIS	869.8	890
GAIL	169.86	175
GLENMARK	1985.6	1940
GMRAIRPORT	104.88	102
GODREJCP	1166.1	1140
GODREJPROP	2067.8	2040
GRASIM	2821	2800
HAL	4321.6	4500
HAVELLS	1412.3	1420
HCLTECH	1684	1660
HDFCAMC	2607	2640
HDFCBANK	996.1	1000
HDFCLIFE	772.7	770
HEROMOTOCO	5959.5	6050
HFCL	66	68
HINDALCO	847.85	820
HINDPETRO	466.15	460
HINDUNILVR	2293.5	2300
HINDZINC	568.05	540
HUDCO	214.85	220
ICICIBANK	1365.2	1380
ICICIGI	1951.8	1960
ICICIPRULI	648.5	630
IDEA	11.35	11
IDFCFIRSTB	83.87	82
IEX	142.32	145
IIFL	575.2	570
INDHOTEL	731.15	730
INDIANB	783.85	810
INDIGO	4965.5	5000
INDUSINDBK	851.25	850
INDUSTOWER	409.45	410
INFY	1606.8	1600
INOXWIND	125.99	130
IOC	168.55	165
IRCTC	672.5	685
IREDA	135.46	140
IRFC	113.25	115
ITC	402.3	405
JINDALSTEL	1034	1030
JIOFIN	299.6	300
JSWENERGY	486.45	490
JSWSTEEL	1114.8	1140
JUBLFOOD	577.45	590
KALYANKJIL	480.1	480
KAYNES	4197.5	4400
KEI	4167.9	4100
KFINTECH	1049.5	1060
KOTAKBANK	2181.3	2160
KPITTECH	1207.4	1220
LAURUSLABS	1004.9	1000
LICHSGFIN	531.45	550
LICI	856.9	880
LODHA	1091	1100
LT	4092.3	4040
LTF	305.1	305
LTIM	6269.5	6200
LUPIN	2092.6	2080
M&M	3608	3650
MANAPPURAM	286.25	282.5
MANKIND	2141.2	2200
MARICO	737.65	730
MARUTI	16415	16300
MAXHEALTH	1085.4	1100
MAZDOCK	2447.8	2600
MCX	10186	10100
MFSL	1698.3	1700
MOTHERSON	120.31	116
MPHASIS	2897.9	2900
MUTHOOTFIN	3856.4	3800
NATIONALUM	278.7	270
NAUKRI	1361.6	1360
NBCC	115.39	114
NCC	161.7	167.5
NESTLEIND	1243.5	1240
NHPC	77.21	78
NMDC	78.55	77
NTPC	323.95	325
NUVAMA	7274	7200
NYKAA	251.6	257.5
OBEROIRLTY	1655.9	1640
OFSS	7967.5	8000
OIL	403.55	410
ONGC	235.35	240
PAGEIND	36740	37000
PATANJALI	529.75	540
PAYTM	1310.1	1300
PERSISTENT	6297.5	6300
PETRONET	268.55	275
PFC	341.2	360
PGEL	564.75	560
PHOENIXLTD	1789.4	1760
PIDILITIND	1479.4	1480
PIIND	3245.4	3350
PNB	118.74	120
PNBHOUSING	922.05	910
POLICYBZR	1926.4	1900
POLYCAB	7339.5	7300
POWERGRID	262.2	270
POWERINDIA	19535	19500
PPLPHARMA	171.7	177.5
PRESTIGE	1655.4	1660
RBLBANK	304.3	310
RECLTD	342.5	355
RELIANCE	1556.2	1540
RVNL	313.15	315
SAIL	132.31	132
SAMMAANCAP	148.68	155
SBICARD	870	880
SBILIFE	2034.9	2020
SBIN	967.25	965
SHREECEM	26625	26500
SHRIRAMFIN	855.35	850
SIEMENS	3157.8	3200
SOLARINDS	12196	12750
SONACOMS	486.9	495
SRF	3001	2950
SUNPHARMA	1797.1	1800
SUPREMEIND	3272	3400
SUZLON	53.14	54
SYNGENE	660.35	650
TATACONSUM	1157.4	1170
TATAELXSI	5048.5	5000
TATAMOTORS	0	320
TATAPOWER	381.65	390
TATASTEEL	172.87	170
TATATECH	657.3	670
TCS	3230.2	3200
TECHM	1575.4	1560
TIINDIA	2647.7	2700
TITAGARH	789.5	800
TITAN	3866.2	3840
TMPV	347.15	360
TORNTPHARM	3782.6	3750
TORNTPOWER	1292.7	1300
TRENT	4109	4200
TVSMOTOR	3639.3	3600
ULTRACEMCO	11728	11700
UNIONBANK	153.65	152.5
UNITDSPR	1442.4	1440
UNOMINDA	1239.4	1280
UPL	765.65	750
VBL	477.6	475
VEDL	549.4	530
VOLTAS	1388.9	1360
WIPRO	261.74	255
YESBANK	21.76	22
ZYDUSLIFE	921.6	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