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

26968.74 +86.04 (0.32%)

L: 26818.29 H: 26972.04

Max Pain - SENSEX50

11 Dec 2025 09:12 AM IST

Live

Expiry

Max Pain for SENSEX50 is 85000

Historical data for SENSEX50-85000-CE

LTP (85000 CE)

508.3 -185.15

Open Interest

1896 0

Historical data for SENSEX50-85000-PE

LTP (85000 PE)

824.1 170.2

Open Interest

1506 0

Strike 72800 has a total call value of 0 versus a total put value of 258,358,800,000 Combined total value = 258,358,800,000

Strike 72900 has a total call value of 0 versus a total put value of 255,882,200,000 Combined total value = 255,882,200,000

Strike 73000 has a total call value of 0 versus a total put value of 253,405,600,000 Combined total value = 253,405,600,000

Strike 73100 has a total call value of 0 versus a total put value of 250,929,000,000 Combined total value = 250,929,000,000

Strike 73200 has a total call value of 0 versus a total put value of 248,452,400,000 Combined total value = 248,452,400,000

Strike 73300 has a total call value of 0 versus a total put value of 245,975,800,000 Combined total value = 245,975,800,000

Strike 73400 has a total call value of 0 versus a total put value of 243,499,200,000 Combined total value = 243,499,200,000

Strike 73500 has a total call value of 0 versus a total put value of 241,022,600,000 Combined total value = 241,022,600,000

Strike 73600 has a total call value of 0 versus a total put value of 238,566,000,000 Combined total value = 238,566,000,000

Strike 73700 has a total call value of 0 versus a total put value of 236,109,400,000 Combined total value = 236,109,400,000

Strike 73800 has a total call value of 0 versus a total put value of 233,652,800,000 Combined total value = 233,652,800,000

Strike 73900 has a total call value of 0 versus a total put value of 231,196,200,000 Combined total value = 231,196,200,000

Strike 74000 has a total call value of 0 versus a total put value of 228,739,600,000 Combined total value = 228,739,600,000

Strike 74100 has a total call value of 0 versus a total put value of 226,303,000,000 Combined total value = 226,303,000,000

Strike 74200 has a total call value of 0 versus a total put value of 223,866,400,000 Combined total value = 223,866,400,000

Strike 74300 has a total call value of 0 versus a total put value of 221,429,800,000 Combined total value = 221,429,800,000

Strike 74400 has a total call value of 0 versus a total put value of 218,993,200,000 Combined total value = 218,993,200,000

Strike 74500 has a total call value of 0 versus a total put value of 216,556,600,000 Combined total value = 216,556,600,000

Strike 74600 has a total call value of 0 versus a total put value of 214,140,000,000 Combined total value = 214,140,000,000

Strike 74700 has a total call value of 0 versus a total put value of 211,733,400,000 Combined total value = 211,733,400,000

Strike 74800 has a total call value of 0 versus a total put value of 209,336,800,000 Combined total value = 209,336,800,000

Strike 74900 has a total call value of 0 versus a total put value of 206,950,200,000 Combined total value = 206,950,200,000

Strike 75000 has a total call value of 0 versus a total put value of 204,573,600,000 Combined total value = 204,573,600,000

Strike 75100 has a total call value of 0 versus a total put value of 202,207,800,000 Combined total value = 202,207,800,000

Strike 75200 has a total call value of 0 versus a total put value of 199,852,000,000 Combined total value = 199,852,000,000

Strike 75300 has a total call value of 0 versus a total put value of 197,510,800,000 Combined total value = 197,510,800,000

Strike 75400 has a total call value of 0 versus a total put value of 195,175,800,000 Combined total value = 195,175,800,000

Strike 75500 has a total call value of 0 versus a total put value of 192,847,200,000 Combined total value = 192,847,200,000

Strike 75600 has a total call value of 0 versus a total put value of 190,528,600,000 Combined total value = 190,528,600,000

Strike 75700 has a total call value of 0 versus a total put value of 188,216,600,000 Combined total value = 188,216,600,000

Strike 75800 has a total call value of 0 versus a total put value of 185,911,400,000 Combined total value = 185,911,400,000

Strike 75900 has a total call value of 0 versus a total put value of 183,613,000,000 Combined total value = 183,613,000,000

Strike 76000 has a total call value of 0 versus a total put value of 181,323,800,000 Combined total value = 181,323,800,000

Strike 76100 has a total call value of 0 versus a total put value of 179,044,600,000 Combined total value = 179,044,600,000

Strike 76200 has a total call value of 0 versus a total put value of 176,775,400,000 Combined total value = 176,775,400,000

Strike 76300 has a total call value of 0 versus a total put value of 174,516,200,000 Combined total value = 174,516,200,000

Strike 76400 has a total call value of 0 versus a total put value of 172,266,800,000 Combined total value = 172,266,800,000

Strike 76500 has a total call value of 0 versus a total put value of 170,027,400,000 Combined total value = 170,027,400,000

Strike 76600 has a total call value of 0 versus a total put value of 167,798,000,000 Combined total value = 167,798,000,000

Strike 76700 has a total call value of 0 versus a total put value of 165,585,000,000 Combined total value = 165,585,000,000

Strike 76800 has a total call value of 0 versus a total put value of 163,388,000,000 Combined total value = 163,388,000,000

Strike 76900 has a total call value of 0 versus a total put value of 161,207,200,000 Combined total value = 161,207,200,000

Strike 77000 has a total call value of 0 versus a total put value of 159,045,400,000 Combined total value = 159,045,400,000

Strike 77100 has a total call value of 0 versus a total put value of 156,893,600,000 Combined total value = 156,893,600,000

Strike 77200 has a total call value of 0 versus a total put value of 154,741,800,000 Combined total value = 154,741,800,000

Strike 77300 has a total call value of 0 versus a total put value of 152,590,000,000 Combined total value = 152,590,000,000

Strike 77400 has a total call value of 0 versus a total put value of 150,438,200,000 Combined total value = 150,438,200,000

Strike 77500 has a total call value of 0 versus a total put value of 148,286,400,000 Combined total value = 148,286,400,000

Strike 77600 has a total call value of 0 versus a total put value of 146,134,600,000 Combined total value = 146,134,600,000

Strike 77700 has a total call value of 0 versus a total put value of 143,982,800,000 Combined total value = 143,982,800,000

Strike 77800 has a total call value of 0 versus a total put value of 141,831,000,000 Combined total value = 141,831,000,000

Strike 77900 has a total call value of 0 versus a total put value of 139,679,200,000 Combined total value = 139,679,200,000

Strike 78000 has a total call value of 0 versus a total put value of 137,527,400,000 Combined total value = 137,527,400,000

Strike 78100 has a total call value of 0 versus a total put value of 135,375,600,000 Combined total value = 135,375,600,000

Strike 78200 has a total call value of 0 versus a total put value of 133,223,800,000 Combined total value = 133,223,800,000

Strike 78300 has a total call value of 0 versus a total put value of 131,072,000,000 Combined total value = 131,072,000,000

Strike 78400 has a total call value of 0 versus a total put value of 128,920,200,000 Combined total value = 128,920,200,000

Strike 78500 has a total call value of 0 versus a total put value of 126,768,400,000 Combined total value = 126,768,400,000

Strike 78600 has a total call value of 0 versus a total put value of 124,616,600,000 Combined total value = 124,616,600,000

Strike 78700 has a total call value of 0 versus a total put value of 122,464,800,000 Combined total value = 122,464,800,000

Strike 78800 has a total call value of 0 versus a total put value of 120,313,000,000 Combined total value = 120,313,000,000

Strike 78900 has a total call value of 0 versus a total put value of 118,161,200,000 Combined total value = 118,161,200,000

Strike 79000 has a total call value of 0 versus a total put value of 116,009,400,000 Combined total value = 116,009,400,000

Strike 79100 has a total call value of 0 versus a total put value of 113,857,600,000 Combined total value = 113,857,600,000

Strike 79200 has a total call value of 0 versus a total put value of 111,705,800,000 Combined total value = 111,705,800,000

Strike 79300 has a total call value of 0 versus a total put value of 109,554,000,000 Combined total value = 109,554,000,000

Strike 79400 has a total call value of 0 versus a total put value of 107,402,200,000 Combined total value = 107,402,200,000

Strike 79500 has a total call value of 0 versus a total put value of 105,250,400,000 Combined total value = 105,250,400,000

Strike 79600 has a total call value of 0 versus a total put value of 103,098,600,000 Combined total value = 103,098,600,000

Strike 79700 has a total call value of 0 versus a total put value of 100,946,800,000 Combined total value = 100,946,800,000

Strike 79800 has a total call value of 0 versus a total put value of 98,795,000,000 Combined total value = 98,795,000,000

Strike 79900 has a total call value of 0 versus a total put value of 96,643,200,000 Combined total value = 96,643,200,000

Strike 80000 has a total call value of 0 versus a total put value of 94,491,400,000 Combined total value = 94,491,400,000

Strike 80100 has a total call value of 800,000 versus a total put value of 92,402,000,000 Combined total value = 92,402,800,000

Strike 80200 has a total call value of 1,600,000 versus a total put value of 90,312,600,000 Combined total value = 90,314,200,000

Strike 80300 has a total call value of 2,400,000 versus a total put value of 88,223,200,000 Combined total value = 88,225,600,000

Strike 80400 has a total call value of 3,200,000 versus a total put value of 86,133,800,000 Combined total value = 86,137,000,000

Strike 80500 has a total call value of 4,000,000 versus a total put value of 84,044,400,000 Combined total value = 84,048,400,000

Strike 80600 has a total call value of 4,800,000 versus a total put value of 81,962,200,000 Combined total value = 81,967,000,000

Strike 80700 has a total call value of 5,600,000 versus a total put value of 79,880,000,000 Combined total value = 79,885,600,000

Strike 80800 has a total call value of 6,400,000 versus a total put value of 77,797,800,000 Combined total value = 77,804,200,000

Strike 80900 has a total call value of 7,200,000 versus a total put value of 75,715,600,000 Combined total value = 75,722,800,000

Strike 81000 has a total call value of 8,000,000 versus a total put value of 73,633,400,000 Combined total value = 73,641,400,000

Strike 81100 has a total call value of 11,800,000 versus a total put value of 71,614,200,000 Combined total value = 71,626,000,000

Strike 81200 has a total call value of 15,600,000 versus a total put value of 69,595,000,000 Combined total value = 69,610,600,000

Strike 81300 has a total call value of 19,400,000 versus a total put value of 67,575,800,000 Combined total value = 67,595,200,000

Strike 81400 has a total call value of 23,200,000 versus a total put value of 65,556,600,000 Combined total value = 65,579,800,000

Strike 81500 has a total call value of 27,000,000 versus a total put value of 63,537,400,000 Combined total value = 63,564,400,000

Strike 81600 has a total call value of 30,800,000 versus a total put value of 61,531,600,000 Combined total value = 61,562,400,000

Strike 81700 has a total call value of 34,600,000 versus a total put value of 59,527,600,000 Combined total value = 59,562,200,000

Strike 81800 has a total call value of 38,400,000 versus a total put value of 57,523,600,000 Combined total value = 57,562,000,000

Strike 81900 has a total call value of 42,200,000 versus a total put value of 55,524,800,000 Combined total value = 55,567,000,000

Strike 82000 has a total call value of 46,000,000 versus a total put value of 53,527,600,000 Combined total value = 53,573,600,000

Strike 82100 has a total call value of 56,600,000 versus a total put value of 51,625,600,000 Combined total value = 51,682,200,000

Strike 82200 has a total call value of 67,200,000 versus a total put value of 49,729,600,000 Combined total value = 49,796,800,000

Strike 82300 has a total call value of 77,800,000 versus a total put value of 47,840,800,000 Combined total value = 47,918,600,000

Strike 82400 has a total call value of 88,400,000 versus a total put value of 45,958,200,000 Combined total value = 46,046,600,000

Strike 82500 has a total call value of 99,000,000 versus a total put value of 44,083,400,000 Combined total value = 44,182,400,000

Strike 82600 has a total call value of 111,600,000 versus a total put value of 42,208,600,000 Combined total value = 42,320,200,000

Strike 82700 has a total call value of 124,200,000 versus a total put value of 40,341,000,000 Combined total value = 40,465,200,000

Strike 82800 has a total call value of 138,800,000 versus a total put value of 38,473,400,000 Combined total value = 38,612,200,000

Strike 82900 has a total call value of 153,400,000 versus a total put value of 36,616,800,000 Combined total value = 36,770,200,000

Strike 83000 has a total call value of 170,200,000 versus a total put value of 34,760,200,000 Combined total value = 34,930,400,000

Strike 83100 has a total call value of 201,600,000 versus a total put value of 33,067,200,000 Combined total value = 33,268,800,000

Strike 83200 has a total call value of 243,000,000 versus a total put value of 31,374,200,000 Combined total value = 31,617,200,000

Strike 83300 has a total call value of 300,400,000 versus a total put value of 29,685,200,000 Combined total value = 29,985,600,000

Strike 83400 has a total call value of 359,800,000 versus a total put value of 28,009,400,000 Combined total value = 28,369,200,000

Strike 83500 has a total call value of 427,600,000 versus a total put value of 26,338,200,000 Combined total value = 26,765,800,000

Strike 83600 has a total call value of 520,400,000 versus a total put value of 24,798,600,000 Combined total value = 25,319,000,000

Strike 83700 has a total call value of 625,800,000 versus a total put value of 23,272,000,000 Combined total value = 23,897,800,000

Strike 83800 has a total call value of 767,800,000 versus a total put value of 21,757,800,000 Combined total value = 22,525,600,000

Strike 83900 has a total call value of 909,800,000 versus a total put value of 20,300,400,000 Combined total value = 21,210,200,000

Strike 84000 has a total call value of 1,055,800,000 versus a total put value of 18,890,000,000 Combined total value = 19,945,800,000

Strike 84100 has a total call value of 1,301,400,000 versus a total put value of 17,700,200,000 Combined total value = 19,001,600,000

Strike 84200 has a total call value of 1,560,400,000 versus a total put value of 16,510,400,000 Combined total value = 18,070,800,000

Strike 84300 has a total call value of 1,819,400,000 versus a total put value of 15,347,400,000 Combined total value = 17,166,800,000

Strike 84400 has a total call value of 2,162,400,000 versus a total put value of 14,184,400,000 Combined total value = 16,346,800,000

Strike 84500 has a total call value of 2,540,800,000 versus a total put value of 13,057,200,000 Combined total value = 15,598,000,000

Strike 84600 has a total call value of 3,036,400,000 versus a total put value of 12,042,200,000 Combined total value = 15,078,600,000

Strike 84700 has a total call value of 3,579,800,000 versus a total put value of 11,054,400,000 Combined total value = 14,634,200,000

Strike 84800 has a total call value of 4,123,200,000 versus a total put value of 10,085,200,000 Combined total value = 14,208,400,000

Strike 84900 has a total call value of 4,704,200,000 versus a total put value of 9,116,000,000 Combined total value = 13,820,200,000

Strike 85000 has a total call value of 5,285,200,000 versus a total put value of 8,201,400,000 Combined total value = 13,486,600,000

Strike 85100 has a total call value of 6,245,400,000 versus a total put value of 7,588,000,000 Combined total value = 13,833,400,000

Strike 85200 has a total call value of 7,243,600,000 versus a total put value of 7,003,400,000 Combined total value = 14,247,000,000

Strike 85300 has a total call value of 8,287,000,000 versus a total put value of 6,447,800,000 Combined total value = 14,734,800,000

Strike 85400 has a total call value of 9,368,000,000 versus a total put value of 5,921,800,000 Combined total value = 15,289,800,000

Strike 85500 has a total call value of 10,497,400,000 versus a total put value of 5,395,800,000 Combined total value = 15,893,200,000

Strike 85600 has a total call value of 11,765,600,000 versus a total put value of 4,946,000,000 Combined total value = 16,711,600,000

Strike 85700 has a total call value of 13,070,400,000 versus a total put value of 4,510,200,000 Combined total value = 17,580,600,000

Strike 85800 has a total call value of 14,429,000,000 versus a total put value of 4,092,400,000 Combined total value = 18,521,400,000

Strike 85900 has a total call value of 15,828,800,000 versus a total put value of 3,698,400,000 Combined total value = 19,527,200,000

Strike 86000 has a total call value of 17,261,000,000 versus a total put value of 3,309,600,000 Combined total value = 20,570,600,000

Strike 86100 has a total call value of 19,009,400,000 versus a total put value of 2,987,000,000 Combined total value = 21,996,400,000

Strike 86200 has a total call value of 20,757,800,000 versus a total put value of 2,686,000,000 Combined total value = 23,443,800,000

Strike 86300 has a total call value of 22,533,400,000 versus a total put value of 2,404,400,000 Combined total value = 24,937,800,000

Strike 86400 has a total call value of 24,309,000,000 versus a total put value of 2,147,000,000 Combined total value = 26,456,000,000

Strike 86500 has a total call value of 26,107,200,000 versus a total put value of 1,889,600,000 Combined total value = 27,996,800,000

Strike 86600 has a total call value of 27,905,400,000 versus a total put value of 1,699,000,000 Combined total value = 29,604,400,000

Strike 86700 has a total call value of 29,736,200,000 versus a total put value of 1,508,400,000 Combined total value = 31,244,600,000

Strike 86800 has a total call value of 31,589,600,000 versus a total put value of 1,336,800,000 Combined total value = 32,926,400,000

Strike 86900 has a total call value of 33,474,600,000 versus a total put value of 1,183,800,000 Combined total value = 34,658,400,000

Strike 87000 has a total call value of 35,380,600,000 versus a total put value of 1,038,200,000 Combined total value = 36,418,800,000

Strike 87100 has a total call value of 37,500,800,000 versus a total put value of 919,000,000 Combined total value = 38,419,800,000

Strike 87200 has a total call value of 39,659,000,000 versus a total put value of 823,200,000 Combined total value = 40,482,200,000

Strike 87300 has a total call value of 41,858,800,000 versus a total put value of 731,000,000 Combined total value = 42,589,800,000

Strike 87400 has a total call value of 44,084,600,000 versus a total put value of 640,800,000 Combined total value = 44,725,400,000

Strike 87500 has a total call value of 46,333,600,000 versus a total put value of 552,600,000 Combined total value = 46,886,200,000

Strike 87600 has a total call value of 48,666,600,000 versus a total put value of 477,200,000 Combined total value = 49,143,800,000

Strike 87700 has a total call value of 51,016,400,000 versus a total put value of 401,800,000 Combined total value = 51,418,200,000

Strike 87800 has a total call value of 53,382,600,000 versus a total put value of 326,400,000 Combined total value = 53,709,000,000

Strike 87900 has a total call value of 55,776,200,000 versus a total put value of 255,200,000 Combined total value = 56,031,400,000

Strike 88000 has a total call value of 58,206,600,000 versus a total put value of 188,600,000 Combined total value = 58,395,200,000

Strike 88100 has a total call value of 61,754,200,000 versus a total put value of 125,200,000 Combined total value = 61,879,400,000

Strike 88200 has a total call value of 65,333,800,000 versus a total put value of 61,800,000 Combined total value = 65,395,600,000

Strike 88300 has a total call value of 68,939,000,000 versus a total put value of 4,800,000 Combined total value = 68,943,800,000

Strike 88400 has a total call value of 72,554,400,000 versus a total put value of 4,400,000 Combined total value = 72,558,800,000

Strike 88500 has a total call value of 76,169,800,000 versus a total put value of 4,000,000 Combined total value = 76,173,800,000

Strike 88600 has a total call value of 79,835,400,000 versus a total put value of 3,600,000 Combined total value = 79,839,000,000

Strike 88700 has a total call value of 83,501,000,000 versus a total put value of 3,200,000 Combined total value = 83,504,200,000

Strike 88800 has a total call value of 87,173,000,000 versus a total put value of 2,800,000 Combined total value = 87,175,800,000

Strike 88900 has a total call value of 90,845,000,000 versus a total put value of 2,400,000 Combined total value = 90,847,400,000

Strike 89000 has a total call value of 94,524,400,000 versus a total put value of 2,000,000 Combined total value = 94,526,400,000

Strike 89100 has a total call value of 98,296,000,000 versus a total put value of 1,800,000 Combined total value = 98,297,800,000

Strike 89200 has a total call value of 102,073,800,000 versus a total put value of 1,600,000 Combined total value = 102,075,400,000

Strike 89300 has a total call value of 105,852,600,000 versus a total put value of 1,400,000 Combined total value = 105,854,000,000

Strike 89400 has a total call value of 109,632,200,000 versus a total put value of 1,200,000 Combined total value = 109,633,400,000

Strike 89500 has a total call value of 113,412,200,000 versus a total put value of 1,000,000 Combined total value = 113,413,200,000

Strike 89600 has a total call value of 117,193,600,000 versus a total put value of 800,000 Combined total value = 117,194,400,000

Strike 89700 has a total call value of 120,975,000,000 versus a total put value of 600,000 Combined total value = 120,975,600,000

Strike 89800 has a total call value of 124,756,400,000 versus a total put value of 400,000 Combined total value = 124,756,800,000

Strike 89900 has a total call value of 128,537,800,000 versus a total put value of 200,000 Combined total value = 128,538,000,000

Strike 90000 has a total call value of 132,319,200,000 versus a total put value of 0 Combined total value = 132,319,200,000

Strike 90100 has a total call value of 136,173,600,000 versus a total put value of 0 Combined total value = 136,173,600,000

Strike 90200 has a total call value of 140,028,600,000 versus a total put value of 0 Combined total value = 140,028,600,000

Strike 90300 has a total call value of 143,883,800,000 versus a total put value of 0 Combined total value = 143,883,800,000

Strike 90400 has a total call value of 147,739,000,000 versus a total put value of 0 Combined total value = 147,739,000,000

Strike 90500 has a total call value of 151,594,200,000 versus a total put value of 0 Combined total value = 151,594,200,000

Strike 90600 has a total call value of 155,449,400,000 versus a total put value of 0 Combined total value = 155,449,400,000

Strike 90700 has a total call value of 159,305,000,000 versus a total put value of 0 Combined total value = 159,305,000,000

Strike 90800 has a total call value of 163,160,600,000 versus a total put value of 0 Combined total value = 163,160,600,000

Strike 90900 has a total call value of 167,016,200,000 versus a total put value of 0 Combined total value = 167,016,200,000

Strike 91000 has a total call value of 170,871,800,000 versus a total put value of 0 Combined total value = 170,871,800,000

Strike 91100 has a total call value of 174,727,600,000 versus a total put value of 0 Combined total value = 174,727,600,000

Strike 91200 has a total call value of 178,583,400,000 versus a total put value of 0 Combined total value = 178,583,400,000

Strike 91300 has a total call value of 182,439,200,000 versus a total put value of 0 Combined total value = 182,439,200,000

Strike 91400 has a total call value of 186,295,000,000 versus a total put value of 0 Combined total value = 186,295,000,000

Strike 91500 has a total call value of 190,150,800,000 versus a total put value of 0 Combined total value = 190,150,800,000

Strike 91600 has a total call value of 194,006,600,000 versus a total put value of 0 Combined total value = 194,006,600,000

Strike 91700 has a total call value of 197,862,400,000 versus a total put value of 0 Combined total value = 197,862,400,000

Strike 91800 has a total call value of 201,718,200,000 versus a total put value of 0 Combined total value = 201,718,200,000

Strike 91900 has a total call value of 205,574,000,000 versus a total put value of 0 Combined total value = 205,574,000,000

Strike 92000 has a total call value of 209,430,200,000 versus a total put value of 0 Combined total value = 209,430,200,000

Strike 92100 has a total call value of 213,287,600,000 versus a total put value of 0 Combined total value = 213,287,600,000

Strike 92200 has a total call value of 217,145,000,000 versus a total put value of 0 Combined total value = 217,145,000,000

Strike 92300 has a total call value of 221,002,400,000 versus a total put value of 0 Combined total value = 221,002,400,000

Strike 92400 has a total call value of 224,859,800,000 versus a total put value of 0 Combined total value = 224,859,800,000

Strike 92500 has a total call value of 228,717,200,000 versus a total put value of 0 Combined total value = 228,717,200,000

Strike 92600 has a total call value of 232,578,200,000 versus a total put value of 0 Combined total value = 232,578,200,000

Strike 92700 has a total call value of 236,439,200,000 versus a total put value of 0 Combined total value = 236,439,200,000

Strike 92800 has a total call value of 240,300,200,000 versus a total put value of 0 Combined total value = 240,300,200,000

Strike 92900 has a total call value of 244,161,200,000 versus a total put value of 0 Combined total value = 244,161,200,000

Strike 93000 has a total call value of 248,022,800,000 versus a total put value of 0 Combined total value = 248,022,800,000

Strike 93100 has a total call value of 251,884,400,000 versus a total put value of 0 Combined total value = 251,884,400,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1126	1140
ABB	5205	5200
ABCAPITAL	359.2	350
ADANIENSOL	996.5	980
ADANIENT	2227.5	2300
ADANIGREEN	994.9	1020
ADANIPORTS	1506.3	1500
ALKEM	5609.5	5700
AMBER	6588	6700
AMBUJACEM	529.3	550
ANGELONE	2534	2600
APLAPOLLO	1718.7	1740
APOLLOHOSP	7048.5	7250
ASHOKLEY	160.3	156
ASIANPAINT	2780.3	2840
ASTRAL	1396.3	1440
AUBANK	979.35	960
AUROPHARMA	1179.5	1200
AXISBANK	1277.8	1280
BAJAJ-AUTO	9030	9100
BAJAJFINSV	2071	2080
BAJFINANCE	1018.4	1020
BANDHANBNK	142.56	150
BANKBARODA	285.7	290
BANKINDIA	141.55	144
BDL	1413.5	1460
BEL	389.5	400
BHARATFORG	1401.4	1400
BHARTIARTL	2049.9	2100
BHEL	278.85	280
BIOCON	381.95	390
BLUESTARCO	1744.2	1760
BOSCHLTD	36750	37000
BPCL	352.75	360
BRITANNIA	5842	5850
BSE	2666	2750
CAMS	750.5	780
CANBK	147.48	148
CDSL	1510.9	1560
CGPOWER	665.55	680
CHOLAFIN	1743.4	1700
CIPLA	1501.8	1520
COALINDIA	383.6	382.25
COFORGE	1846.7	1840
COLPAL	2147.5	2200
CONCOR	506.5	520
CROMPTON	250.45	265
CUMMINSIND	4573.3	4500
CYIENT	1148.1	1160
DABUR	500.6	510
DALBHARAT	1952.2	2000
DELHIVERY	407.9	420
DIVISLAB	6362.5	6400
DIXON	12918	13500
DLF	687.5	720
DMART	3816.5	3950
DRREDDY	1262.7	1260
EICHERMOT	7286.5	7200
ETERNAL	290.8	300
EXIDEIND	373.4	380
FEDERALBNK	260.5	255
FORTIS	857.95	900
GAIL	169.49	175
GLENMARK	1958.1	1940
GMRAIRPORT	98.11	101
GODREJCP	1142.8	1140
GODREJPROP	2022	2080
GRASIM	2777.4	2760
HAL	4308.5	4500
HAVELLS	1394	1440
HCLTECH	1661.6	1660
HDFCAMC	2657.6	2650
HDFCBANK	994.8	1000
HDFCLIFE	765.25	770
HEROMOTOCO	5986.5	6100
HFCL	68.23	70
HINDALCO	827.1	810
HINDPETRO	447.75	455
HINDUNILVR	2307.4	2340
HINDZINC	526.55	510
HUDCO	213.47	225
ICICIBANK	1362.1	1380
ICICIGI	1922.8	1980
ICICIPRULI	639.85	630
IDEA	11	10
IDFCFIRSTB	81.38	80
IEX	140.3	145
IIFL	571.65	560
INDHOTEL	724	740
INDIANB	785.2	820
INDIGO	4825	5000
INDUSINDBK	840.75	850
INDUSTOWER	408.85	405
INFY	1590.5	1600
INOXWIND	122.33	130
IOC	161.79	164
IRCTC	669.65	690
IREDA	134.65	140
IRFC	113.46	117
ITC	402.35	405
JINDALSTEL	1011.9	1020
JIOFIN	295.8	305
JSWENERGY	457.1	480
JSWSTEEL	1107.8	1140
JUBLFOOD	587.5	600
KALYANKJIL	469.1	480
KAYNES	4030	4400
KEI	3999	4050
KFINTECH	1062.7	1080
KOTAKBANK	2173.4	2140
KPITTECH	1209	1220
LAURUSLABS	1024	1000
LICHSGFIN	534	550
LICI	858.85	890
LODHA	1083.9	1120
LT	4007.8	4000
LTF	304.75	302.5
LTIM	6280.5	6150
LUPIN	2063.1	2060
M&M	3630	3700
MANAPPURAM	280.8	280
MANKIND	2164.4	2200
MARICO	726.3	730
MARUTI	16234	16100
MAXHEALTH	1084.6	1120
MAZDOCK	2467.1	2600
MCX	9999	10000
MFSL	1701.1	1700
MOTHERSON	118.43	115
MPHASIS	2873.3	2900
MUTHOOTFIN	3763	3700
NATIONALUM	265.75	265
NAUKRI	1335	1360
NBCC	107.65	112
NCC	160.6	170
NESTLEIND	1217	1240
NHPC	76.33	78
NMDC	75.22	76
NTPC	322.65	325
NUVAMA	7206.5	7200
NYKAA	246.15	257.5
OBEROIRLTY	1647.3	1660
OFSS	7960	8100
OIL	402.75	415
ONGC	240.48	241.5
PAGEIND	36910	38000
PATANJALI	533.3	550
PAYTM	1284	1300
PERSISTENT	6123	6200
PETRONET	270.3	280
PFC	343.8	360
PGEL	550.85	560
PHOENIXLTD	1734	1740
PIDILITIND	1466	1480
PIIND	3351.2	3400
PNB	117.56	120
PNBHOUSING	885.7	900
POLICYBZR	1916.1	1900
POLYCAB	7240.5	7300
POWERGRID	265.45	275
POWERINDIA	19080	19500
PPLPHARMA	170.88	182.5
PRESTIGE	1654.6	1660
RBLBANK	307.9	310
RECLTD	344	360
RELIANCE	1534.8	1540
RVNL	315.7	315
SAIL	129.7	134
SAMMAANCAP	145.54	160
SBICARD	875	880
SBILIFE	2008.2	2020
SBIN	961.65	965
SHREECEM	26065	26500
SHRIRAMFIN	847.85	840
SIEMENS	3178	3300
SOLARINDS	12500	13000
SONACOMS	485.8	500
SRF	2949.6	2900
SUNPHARMA	1785	1800
SUPREMEIND	3241	3400
SUZLON	52.18	54
SYNGENE	632.65	640
TATACONSUM	1148.7	1170
TATAELXSI	4916	5000
TATAMOTORS	0	320
TATAPOWER	381.55	390
TATASTEEL	164.85	170
TATATECH	648.1	680
TCS	3182.2	3200
TECHM	1557	1540
TIINDIA	2624.7	2700
TITAGARH	763.55	800
TITAN	3821.9	3840
TMPV	344.65	360
TORNTPHARM	3774.7	3750
TORNTPOWER	1285.4	1300
TRENT	3973	4200
TVSMOTOR	3608	3600
ULTRACEMCO	11409	11600
UNIONBANK	150.39	152.5
UNITDSPR	1437.2	1440
UNOMINDA	1234	1280
UPL	743.25	750
VBL	469.35	470
VEDL	532.4	520
VOLTAS	1348.9	1360
WIPRO	259.77	255
YESBANK	21.91	23
ZYDUSLIFE	924.75	940

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

Related Pages for SENSEX50

SENSEX50

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD