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

27021.78 +62.49 (0.23%)

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	1142.4	1140
ABB	5133.5	5200
ABCAPITAL	347.95	350
ADANIENSOL	986.5	990
ADANIENT	2241.3	2300
ADANIGREEN	1018	1020
ADANIPORTS	1491.5	1500
ALKEM	5559.5	5700
AMBER	6603	6800
AMBUJACEM	539.5	550
ANGELONE	2491.5	2550
APLAPOLLO	1792.6	1760
APOLLOHOSP	6927.5	7100
ASHOKLEY	169.85	160
ASIANPAINT	2766.9	2800
ASTRAL	1425	1460
AUBANK	987.95	960
AUROPHARMA	1211	1200
AXISBANK	1236	1240
BAJAJ-AUTO	8830.5	9000
BAJAJFINSV	2031.9	2060
BAJFINANCE	1005	1020
BANDHANBNK	146.67	150
BANKBARODA	290.3	290
BANKINDIA	143.18	143
BDL	1344.3	1380
BEL	384.75	400
BHARATFORG	1407	1400
BHARTIARTL	2108	2100
BHEL	274.1	280
BIOCON	393.4	390
BLUESTARCO	1852.1	1800
BOSCHLTD	35710	36000
BPCL	362.6	365
BRITANNIA	6034.5	6000
BSE	2697.1	2700
CAMS	745.4	770
CANBK	150.6	150
CDSL	1490.9	1540
CGPOWER	666.25	680
CHOLAFIN	1687.5	1700
CIPLA	1501.5	1520
COALINDIA	385.65	384.75
COFORGE	1846.7	1840
COLPAL	2089.9	2160
CONCOR	498.4	520
CROMPTON	259.15	265
CUMMINSIND	4381.1	4400
CYIENT	1143.8	1140
DABUR	493.05	500
DALBHARAT	2043.4	2040
DELHIVERY	404.1	410
DIVISLAB	6390	6400
DIXON	13402	13750
DLF	685.4	710
DMART	3766.9	3900
DRREDDY	1276	1270
EICHERMOT	7105.5	7100
ETERNAL	284.75	290
EXIDEIND	360.15	370
FEDERALBNK	266	260
FORTIS	866.9	890
GAIL	168.02	175
GLENMARK	1957	1940
GMRAIRPORT	100.3	102
GODREJCP	1181.3	1160
GODREJPROP	2000.5	2060
GRASIM	2818.8	2800
HAL	4258.6	4450
HAVELLS	1407.2	1440
HCLTECH	1661	1660
HDFCAMC	2720	2660
HDFCBANK	982	995
HDFCLIFE	756.85	770
HEROMOTOCO	5743	5900
HFCL	65.08	67
HINDALCO	860.3	820
HINDPETRO	464.15	460
HINDUNILVR	2274.4	2300
HINDZINC	592.95	560
HUDCO	208.25	220
ICICIBANK	1362.4	1370
ICICIGI	1953	1960
ICICIPRULI	640.75	630
IDEA	11.48	11
IDFCFIRSTB	84.15	82
IEX	141.39	145
IIFL	566.05	560
INDHOTEL	720.25	730
INDIANB	781.4	820
INDIGO	5125	5050
INDUSINDBK	838.75	850
INDUSTOWER	411.2	410
INFY	1625.9	1600
INOXWIND	125.34	130
IOC	162.29	162
IRCTC	666.1	690
IREDA	132.17	140
IRFC	111.65	116
ITC	401.2	405
JINDALSTEL	993.4	1020
JIOFIN	292.95	305
JSWENERGY	472.85	490
JSWSTEEL	1089.3	1120
JUBLFOOD	559.75	580
KALYANKJIL	471.9	480
KAYNES	4112	4300
KEI	4076.6	4100
KFINTECH	1058	1060
KOTAKBANK	2172.9	2160
KPITTECH	1165.1	1200
LAURUSLABS	1018.4	1000
LICHSGFIN	527.75	550
LICI	842.55	870
LODHA	1074.4	1100
LT	4062	4040
LTF	303.1	302.5
LTIM	6228	6200
LUPIN	2121	2100
M&M	3582.8	3650
MANAPPURAM	290.45	280
MANKIND	2114.5	2200
MARICO	742.6	740
MARUTI	16381	16200
MAXHEALTH	1056	1080
MAZDOCK	2371	2500
MCX	10205	10000
MFSL	1681.3	1680
MOTHERSON	117.08	116
MPHASIS	2894.6	2900
MUTHOOTFIN	3772.1	3750
NATIONALUM	282	270
NAUKRI	1346.6	1360
NBCC	108.45	111
NCC	154.79	165
NESTLEIND	1243.1	1240
NHPC	75.06	78
NMDC	77.07	77
NTPC	318.05	325
NUVAMA	7348	7300
NYKAA	244.05	252.5
OBEROIRLTY	1667	1660
OFSS	7704.5	8000
OIL	399.05	410
ONGC	232.59	237.5
PAGEIND	35945	37000
PATANJALI	553	550
PAYTM	1284.2	1300
PERSISTENT	6313.5	6300
PETRONET	268.5	278
PFC	336.85	355
PGEL	568.45	560
PHOENIXLTD	1804.1	1760
PIDILITIND	1450.2	1480
PIIND	3212.9	3350
PNB	119.55	120
PNBHOUSING	903.45	900
POLICYBZR	1822.2	1840
POLYCAB	7114.5	7200
POWERGRID	257	270
POWERINDIA	18375	19000
PPLPHARMA	166.32	177.5
PRESTIGE	1607.3	1640
RBLBANK	300.5	305
RECLTD	337.95	350
RELIANCE	1548.3	1540
RVNL	306.4	310
SAIL	129.62	132
SAMMAANCAP	145.84	155
SBICARD	848.55	870
SBILIFE	2016.8	2020
SBIN	979.3	970
SHREECEM	25845	26500
SHRIRAMFIN	873.35	850
SIEMENS	3078.9	3150
SOLARINDS	11756	12500
SONACOMS	485.9	500
SRF	3043	3000
SUNPHARMA	1742	1760
SUPREMEIND	3349.2	3400
SUZLON	51.8	54
SYNGENE	655.2	650
TATACONSUM	1180.1	1180
TATAELXSI	5004.5	5000
TATAMOTORS	0	320
TATAPOWER	375.45	390
TATASTEEL	169.64	170
TATATECH	644.8	670
TCS	3277	3200
TECHM	1595.3	1560
TIINDIA	2593.9	2700
TITAGARH	775.1	800
TITAN	3918.9	3860
TMPV	345.7	360
TORNTPHARM	3734.8	3750
TORNTPOWER	1262.5	1300
TRENT	4018.8	4200
TVSMOTOR	3593.6	3600
ULTRACEMCO	11514	11600
UNIONBANK	155	155
UNITDSPR	1397.9	1440
UNOMINDA	1229.4	1280
UPL	747.3	750
VBL	471.65	470
VEDL	581.05	550
VOLTAS	1414.6	1380
WIPRO	263.1	257.5
YESBANK	21.55	22
ZYDUSLIFE	915.45	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