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.

SENSEX

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

84893.05 +411.24 (0.49%)

L: 84734.96 H: 85067.5

Max Pain - SENSEX

19 Dec 2025 11:38 AM IST

Live

Expiry

Max Pain for SENSEX is 85000

Historical data for SENSEX-85000-CE

LTP (85000 CE)

323.25 105.55

Open Interest

52800 32540

Historical data for SENSEX-85000-PE

LTP (85000 PE)

349.45 -249.6

Open Interest

56751 43052

Strike 72800 has a total call value of 0 versus a total put value of 12,529,524,000,000 Combined total value = 12,529,524,000,000

Strike 72900 has a total call value of 0 versus a total put value of 12,412,696,000,000 Combined total value = 12,412,696,000,000

Strike 73000 has a total call value of 0 versus a total put value of 12,295,871,400,000 Combined total value = 12,295,871,400,000

Strike 73100 has a total call value of 0 versus a total put value of 12,179,145,800,000 Combined total value = 12,179,145,800,000

Strike 73200 has a total call value of 0 versus a total put value of 12,062,422,200,000 Combined total value = 12,062,422,200,000

Strike 73300 has a total call value of 0 versus a total put value of 11,945,700,600,000 Combined total value = 11,945,700,600,000

Strike 73400 has a total call value of 0 versus a total put value of 11,828,985,000,000 Combined total value = 11,828,985,000,000

Strike 73500 has a total call value of 0 versus a total put value of 11,712,271,600,000 Combined total value = 11,712,271,600,000

Strike 73600 has a total call value of 0 versus a total put value of 11,595,564,400,000 Combined total value = 11,595,564,400,000

Strike 73700 has a total call value of 0 versus a total put value of 11,478,858,200,000 Combined total value = 11,478,858,200,000

Strike 73800 has a total call value of 0 versus a total put value of 11,362,153,800,000 Combined total value = 11,362,153,800,000

Strike 73900 has a total call value of 0 versus a total put value of 11,245,451,400,000 Combined total value = 11,245,451,400,000

Strike 74000 has a total call value of 0 versus a total put value of 11,128,751,200,000 Combined total value = 11,128,751,200,000

Strike 74100 has a total call value of 0 versus a total put value of 11,012,118,200,000 Combined total value = 11,012,118,200,000

Strike 74200 has a total call value of 0 versus a total put value of 10,895,487,400,000 Combined total value = 10,895,487,400,000

Strike 74300 has a total call value of 0 versus a total put value of 10,778,858,800,000 Combined total value = 10,778,858,800,000

Strike 74400 has a total call value of 0 versus a total put value of 10,662,232,400,000 Combined total value = 10,662,232,400,000

Strike 74500 has a total call value of 0 versus a total put value of 10,545,608,200,000 Combined total value = 10,545,608,200,000

Strike 74600 has a total call value of 0 versus a total put value of 10,428,985,200,000 Combined total value = 10,428,985,200,000

Strike 74700 has a total call value of 0 versus a total put value of 10,312,363,200,000 Combined total value = 10,312,363,200,000

Strike 74800 has a total call value of 0 versus a total put value of 10,195,742,200,000 Combined total value = 10,195,742,200,000

Strike 74900 has a total call value of 0 versus a total put value of 10,079,122,000,000 Combined total value = 10,079,122,000,000

Strike 75000 has a total call value of 0 versus a total put value of 9,962,502,600,000 Combined total value = 9,962,502,600,000

Strike 75100 has a total call value of 0 versus a total put value of 9,845,923,000,000 Combined total value = 9,845,923,000,000

Strike 75200 has a total call value of 0 versus a total put value of 9,729,347,400,000 Combined total value = 9,729,347,400,000

Strike 75300 has a total call value of 0 versus a total put value of 9,612,772,200,000 Combined total value = 9,612,772,200,000

Strike 75400 has a total call value of 0 versus a total put value of 9,496,197,400,000 Combined total value = 9,496,197,400,000

Strike 75500 has a total call value of 0 versus a total put value of 9,379,623,200,000 Combined total value = 9,379,623,200,000

Strike 75600 has a total call value of 0 versus a total put value of 9,263,051,400,000 Combined total value = 9,263,051,400,000

Strike 75700 has a total call value of 0 versus a total put value of 9,146,490,800,000 Combined total value = 9,146,490,800,000

Strike 75800 has a total call value of 0 versus a total put value of 9,029,932,000,000 Combined total value = 9,029,932,000,000

Strike 75900 has a total call value of 0 versus a total put value of 8,913,373,600,000 Combined total value = 8,913,373,600,000

Strike 76000 has a total call value of 0 versus a total put value of 8,796,815,400,000 Combined total value = 8,796,815,400,000

Strike 76100 has a total call value of 800,000 versus a total put value of 8,680,277,000,000 Combined total value = 8,680,277,800,000

Strike 76200 has a total call value of 1,600,000 versus a total put value of 8,563,742,800,000 Combined total value = 8,563,744,400,000

Strike 76300 has a total call value of 2,400,000 versus a total put value of 8,447,209,200,000 Combined total value = 8,447,211,600,000

Strike 76400 has a total call value of 3,200,000 versus a total put value of 8,330,691,000,000 Combined total value = 8,330,694,200,000

Strike 76500 has a total call value of 4,000,000 versus a total put value of 8,214,177,200,000 Combined total value = 8,214,181,200,000

Strike 76600 has a total call value of 4,800,000 versus a total put value of 8,097,701,600,000 Combined total value = 8,097,706,400,000

Strike 76700 has a total call value of 5,600,000 versus a total put value of 7,981,238,000,000 Combined total value = 7,981,243,600,000

Strike 76800 has a total call value of 6,400,000 versus a total put value of 7,864,778,000,000 Combined total value = 7,864,784,400,000

Strike 76900 has a total call value of 7,200,000 versus a total put value of 7,748,325,800,000 Combined total value = 7,748,333,000,000

Strike 77000 has a total call value of 8,000,000 versus a total put value of 7,631,888,200,000 Combined total value = 7,631,896,200,000

Strike 77100 has a total call value of 8,800,000 versus a total put value of 7,515,708,400,000 Combined total value = 7,515,717,200,000

Strike 77200 has a total call value of 9,600,000 versus a total put value of 7,399,529,800,000 Combined total value = 7,399,539,400,000

Strike 77300 has a total call value of 10,400,000 versus a total put value of 7,283,357,000,000 Combined total value = 7,283,367,400,000

Strike 77400 has a total call value of 11,200,000 versus a total put value of 7,167,184,400,000 Combined total value = 7,167,195,600,000

Strike 77500 has a total call value of 12,000,000 versus a total put value of 7,051,014,000,000 Combined total value = 7,051,026,000,000

Strike 77600 has a total call value of 18,000,000 versus a total put value of 6,934,930,200,000 Combined total value = 6,934,948,200,000

Strike 77700 has a total call value of 24,000,000 versus a total put value of 6,818,846,400,000 Combined total value = 6,818,870,400,000

Strike 77800 has a total call value of 30,000,000 versus a total put value of 6,702,762,600,000 Combined total value = 6,702,792,600,000

Strike 77900 has a total call value of 36,000,000 versus a total put value of 6,586,678,800,000 Combined total value = 6,586,714,800,000

Strike 78000 has a total call value of 42,000,000 versus a total put value of 6,470,595,000,000 Combined total value = 6,470,637,000,000

Strike 78100 has a total call value of 49,200,000 versus a total put value of 6,355,166,600,000 Combined total value = 6,355,215,800,000

Strike 78200 has a total call value of 56,400,000 versus a total put value of 6,239,738,200,000 Combined total value = 6,239,794,600,000

Strike 78300 has a total call value of 63,600,000 versus a total put value of 6,124,309,800,000 Combined total value = 6,124,373,400,000

Strike 78400 has a total call value of 70,800,000 versus a total put value of 6,008,881,400,000 Combined total value = 6,008,952,200,000

Strike 78500 has a total call value of 78,000,000 versus a total put value of 5,893,453,000,000 Combined total value = 5,893,531,000,000

Strike 78600 has a total call value of 85,600,000 versus a total put value of 5,778,246,200,000 Combined total value = 5,778,331,800,000

Strike 78700 has a total call value of 93,200,000 versus a total put value of 5,663,039,400,000 Combined total value = 5,663,132,600,000

Strike 78800 has a total call value of 100,800,000 versus a total put value of 5,547,832,600,000 Combined total value = 5,547,933,400,000

Strike 78900 has a total call value of 108,400,000 versus a total put value of 5,432,625,800,000 Combined total value = 5,432,734,200,000

Strike 79000 has a total call value of 116,000,000 versus a total put value of 5,317,419,000,000 Combined total value = 5,317,535,000,000

Strike 79100 has a total call value of 125,800,000 versus a total put value of 5,202,784,400,000 Combined total value = 5,202,910,200,000

Strike 79200 has a total call value of 135,600,000 versus a total put value of 5,088,153,200,000 Combined total value = 5,088,288,800,000

Strike 79300 has a total call value of 145,400,000 versus a total put value of 4,973,528,800,000 Combined total value = 4,973,674,200,000

Strike 79400 has a total call value of 155,200,000 versus a total put value of 4,858,904,400,000 Combined total value = 4,859,059,600,000

Strike 79500 has a total call value of 165,000,000 versus a total put value of 4,744,283,400,000 Combined total value = 4,744,448,400,000

Strike 79600 has a total call value of 174,800,000 versus a total put value of 4,630,069,000,000 Combined total value = 4,630,243,800,000

Strike 79700 has a total call value of 184,600,000 versus a total put value of 4,515,854,600,000 Combined total value = 4,516,039,200,000

Strike 79800 has a total call value of 194,400,000 versus a total put value of 4,401,640,200,000 Combined total value = 4,401,834,600,000

Strike 79900 has a total call value of 204,200,000 versus a total put value of 4,287,425,800,000 Combined total value = 4,287,630,000,000

Strike 80000 has a total call value of 214,000,000 versus a total put value of 4,173,211,400,000 Combined total value = 4,173,425,400,000

Strike 80100 has a total call value of 239,200,000 versus a total put value of 4,062,966,600,000 Combined total value = 4,063,205,800,000

Strike 80200 has a total call value of 264,400,000 versus a total put value of 3,952,774,200,000 Combined total value = 3,953,038,600,000

Strike 80300 has a total call value of 289,600,000 versus a total put value of 3,842,859,400,000 Combined total value = 3,843,149,000,000

Strike 80400 has a total call value of 314,800,000 versus a total put value of 3,732,950,800,000 Combined total value = 3,733,265,600,000

Strike 80500 has a total call value of 340,000,000 versus a total put value of 3,623,204,200,000 Combined total value = 3,623,544,200,000

Strike 80600 has a total call value of 365,200,000 versus a total put value of 3,514,719,400,000 Combined total value = 3,515,084,600,000

Strike 80700 has a total call value of 390,400,000 versus a total put value of 3,406,242,200,000 Combined total value = 3,406,632,600,000

Strike 80800 has a total call value of 415,600,000 versus a total put value of 3,297,827,000,000 Combined total value = 3,298,242,600,000

Strike 80900 has a total call value of 440,800,000 versus a total put value of 3,189,440,000,000 Combined total value = 3,189,880,800,000

Strike 81000 has a total call value of 466,000,000 versus a total put value of 3,081,164,000,000 Combined total value = 3,081,630,000,000

Strike 81100 has a total call value of 522,600,000 versus a total put value of 2,976,817,200,000 Combined total value = 2,977,339,800,000

Strike 81200 has a total call value of 579,200,000 versus a total put value of 2,872,540,200,000 Combined total value = 2,873,119,400,000

Strike 81300 has a total call value of 635,800,000 versus a total put value of 2,768,334,600,000 Combined total value = 2,768,970,400,000

Strike 81400 has a total call value of 692,400,000 versus a total put value of 2,664,238,000,000 Combined total value = 2,664,930,400,000

Strike 81500 has a total call value of 749,000,000 versus a total put value of 2,560,206,600,000 Combined total value = 2,560,955,600,000

Strike 81600 has a total call value of 818,600,000 versus a total put value of 2,460,519,000,000 Combined total value = 2,461,337,600,000

Strike 81700 has a total call value of 888,200,000 versus a total put value of 2,361,321,000,000 Combined total value = 2,362,209,200,000

Strike 81800 has a total call value of 957,800,000 versus a total put value of 2,262,707,600,000 Combined total value = 2,263,665,400,000

Strike 81900 has a total call value of 1,027,400,000 versus a total put value of 2,164,823,200,000 Combined total value = 2,165,850,600,000

Strike 82000 has a total call value of 1,097,000,000 versus a total put value of 2,067,510,200,000 Combined total value = 2,068,607,200,000

Strike 82100 has a total call value of 1,179,200,000 versus a total put value of 1,975,880,400,000 Combined total value = 1,977,059,600,000

Strike 82200 has a total call value of 1,261,400,000 versus a total put value of 1,884,771,400,000 Combined total value = 1,886,032,800,000

Strike 82300 has a total call value of 1,343,600,000 versus a total put value of 1,794,053,000,000 Combined total value = 1,795,396,600,000

Strike 82400 has a total call value of 1,425,800,000 versus a total put value of 1,703,593,600,000 Combined total value = 1,705,019,400,000

Strike 82500 has a total call value of 1,508,000,000 versus a total put value of 1,613,781,800,000 Combined total value = 1,615,289,800,000

Strike 82600 has a total call value of 2,075,600,000 versus a total put value of 1,527,259,800,000 Combined total value = 1,529,335,400,000

Strike 82700 has a total call value of 2,645,600,000 versus a total put value of 1,441,199,000,000 Combined total value = 1,443,844,600,000

Strike 82800 has a total call value of 3,218,200,000 versus a total put value of 1,355,993,800,000 Combined total value = 1,359,212,000,000

Strike 82900 has a total call value of 3,793,800,000 versus a total put value of 1,271,327,200,000 Combined total value = 1,275,121,000,000

Strike 83000 has a total call value of 4,376,400,000 versus a total put value of 1,187,178,200,000 Combined total value = 1,191,554,600,000

Strike 83100 has a total call value of 5,838,600,000 versus a total put value of 1,108,235,000,000 Combined total value = 1,114,073,600,000

Strike 83200 has a total call value of 7,309,400,000 versus a total put value of 1,029,978,000,000 Combined total value = 1,037,287,400,000

Strike 83300 has a total call value of 8,785,200,000 versus a total put value of 952,570,400,000 Combined total value = 961,355,600,000

Strike 83400 has a total call value of 10,264,000,000 versus a total put value of 876,333,200,000 Combined total value = 886,597,200,000

Strike 83500 has a total call value of 11,757,000,000 versus a total put value of 801,023,400,000 Combined total value = 812,780,400,000

Strike 83600 has a total call value of 13,382,600,000 versus a total put value of 729,303,200,000 Combined total value = 742,685,800,000

Strike 83700 has a total call value of 15,043,800,000 versus a total put value of 659,841,200,000 Combined total value = 674,885,000,000

Strike 83800 has a total call value of 16,739,200,000 versus a total put value of 592,391,400,000 Combined total value = 609,130,600,000

Strike 83900 has a total call value of 18,463,400,000 versus a total put value of 527,076,400,000 Combined total value = 545,539,800,000

Strike 84000 has a total call value of 20,226,000,000 versus a total put value of 463,299,800,000 Combined total value = 483,525,800,000

Strike 84100 has a total call value of 22,735,600,000 versus a total put value of 404,849,800,000 Combined total value = 427,585,400,000

Strike 84200 has a total call value of 25,342,800,000 versus a total put value of 347,978,400,000 Combined total value = 373,321,200,000

Strike 84300 has a total call value of 28,110,400,000 versus a total put value of 293,158,600,000 Combined total value = 321,269,000,000

Strike 84400 has a total call value of 31,151,600,000 versus a total put value of 240,515,600,000 Combined total value = 271,667,200,000

Strike 84500 has a total call value of 34,940,200,000 versus a total put value of 190,270,800,000 Combined total value = 225,211,000,000

Strike 84600 has a total call value of 41,188,800,000 versus a total put value of 148,489,200,000 Combined total value = 189,678,000,000

Strike 84700 has a total call value of 48,475,000,000 versus a total put value of 109,734,800,000 Combined total value = 158,209,800,000

Strike 84800 has a total call value of 57,209,400,000 versus a total put value of 75,120,400,000 Combined total value = 132,329,800,000

Strike 84900 has a total call value of 68,820,000,000 versus a total put value of 47,218,200,000 Combined total value = 116,038,200,000

Strike 85000 has a total call value of 85,251,200,000 versus a total put value of 28,467,000,000 Combined total value = 113,718,200,000

Strike 85100 has a total call value of 112,242,400,000 versus a total put value of 21,066,000,000 Combined total value = 133,308,400,000

Strike 85200 has a total call value of 143,881,600,000 versus a total put value of 16,231,000,000 Combined total value = 160,112,600,000

Strike 85300 has a total call value of 179,088,800,000 versus a total put value of 12,731,800,000 Combined total value = 191,820,600,000

Strike 85400 has a total call value of 217,018,600,000 versus a total put value of 9,996,800,000 Combined total value = 227,015,400,000

Strike 85500 has a total call value of 257,552,400,000 versus a total put value of 7,737,600,000 Combined total value = 265,290,000,000

Strike 85600 has a total call value of 302,370,400,000 versus a total put value of 6,716,000,000 Combined total value = 309,086,400,000

Strike 85700 has a total call value of 348,870,000,000 versus a total put value of 5,913,400,000 Combined total value = 354,783,400,000

Strike 85800 has a total call value of 397,430,400,000 versus a total put value of 5,209,000,000 Combined total value = 402,639,400,000

Strike 85900 has a total call value of 448,288,600,000 versus a total put value of 4,575,000,000 Combined total value = 452,863,600,000

Strike 86000 has a total call value of 501,747,600,000 versus a total put value of 3,982,600,000 Combined total value = 505,730,200,000

Strike 86100 has a total call value of 560,639,000,000 versus a total put value of 3,605,200,000 Combined total value = 564,244,200,000

Strike 86200 has a total call value of 620,898,000,000 versus a total put value of 3,256,400,000 Combined total value = 624,154,400,000

Strike 86300 has a total call value of 683,138,400,000 versus a total put value of 2,936,600,000 Combined total value = 686,075,000,000

Strike 86400 has a total call value of 748,021,800,000 versus a total put value of 2,638,600,000 Combined total value = 750,660,400,000

Strike 86500 has a total call value of 814,814,200,000 versus a total put value of 2,405,000,000 Combined total value = 817,219,200,000

Strike 86600 has a total call value of 886,099,800,000 versus a total put value of 2,223,000,000 Combined total value = 888,322,800,000

Strike 86700 has a total call value of 958,553,000,000 versus a total put value of 2,059,000,000 Combined total value = 960,612,000,000

Strike 86800 has a total call value of 1,032,072,200,000 versus a total put value of 1,906,200,000 Combined total value = 1,033,978,400,000

Strike 86900 has a total call value of 1,107,591,200,000 versus a total put value of 1,769,600,000 Combined total value = 1,109,360,800,000

Strike 87000 has a total call value of 1,184,121,000,000 versus a total put value of 1,640,400,000 Combined total value = 1,185,761,400,000

Strike 87100 has a total call value of 1,266,090,800,000 versus a total put value of 1,553,200,000 Combined total value = 1,267,644,000,000

Strike 87200 has a total call value of 1,348,826,600,000 versus a total put value of 1,473,800,000 Combined total value = 1,350,300,400,000

Strike 87300 has a total call value of 1,432,521,600,000 versus a total put value of 1,396,600,000 Combined total value = 1,433,918,200,000

Strike 87400 has a total call value of 1,516,512,400,000 versus a total put value of 1,321,000,000 Combined total value = 1,517,833,400,000

Strike 87500 has a total call value of 1,600,780,600,000 versus a total put value of 1,246,200,000 Combined total value = 1,602,026,800,000

Strike 87600 has a total call value of 1,689,330,800,000 versus a total put value of 1,180,600,000 Combined total value = 1,690,511,400,000

Strike 87700 has a total call value of 1,778,323,400,000 versus a total put value of 1,115,000,000 Combined total value = 1,779,438,400,000

Strike 87800 has a total call value of 1,867,659,000,000 versus a total put value of 1,049,400,000 Combined total value = 1,868,708,400,000

Strike 87900 has a total call value of 1,957,166,600,000 versus a total put value of 985,800,000 Combined total value = 1,958,152,400,000

Strike 88000 has a total call value of 2,046,806,400,000 versus a total put value of 924,000,000 Combined total value = 2,047,730,400,000

Strike 88100 has a total call value of 2,140,525,800,000 versus a total put value of 868,800,000 Combined total value = 2,141,394,600,000

Strike 88200 has a total call value of 2,234,704,400,000 versus a total put value of 813,600,000 Combined total value = 2,235,518,000,000

Strike 88300 has a total call value of 2,329,377,000,000 versus a total put value of 760,400,000 Combined total value = 2,330,137,400,000

Strike 88400 has a total call value of 2,424,122,200,000 versus a total put value of 715,200,000 Combined total value = 2,424,837,400,000

Strike 88500 has a total call value of 2,518,946,400,000 versus a total put value of 670,000,000 Combined total value = 2,519,616,400,000

Strike 88600 has a total call value of 2,615,499,800,000 versus a total put value of 624,800,000 Combined total value = 2,616,124,600,000

Strike 88700 has a total call value of 2,712,229,400,000 versus a total put value of 579,600,000 Combined total value = 2,712,809,000,000

Strike 88800 has a total call value of 2,809,006,000,000 versus a total put value of 534,400,000 Combined total value = 2,809,540,400,000

Strike 88900 has a total call value of 2,905,911,600,000 versus a total put value of 489,200,000 Combined total value = 2,906,400,800,000

Strike 89000 has a total call value of 3,002,892,000,000 versus a total put value of 444,000,000 Combined total value = 3,003,336,000,000

Strike 89100 has a total call value of 3,102,407,000,000 versus a total put value of 412,000,000 Combined total value = 3,102,819,000,000

Strike 89200 has a total call value of 3,202,011,800,000 versus a total put value of 380,000,000 Combined total value = 3,202,391,800,000

Strike 89300 has a total call value of 3,301,645,600,000 versus a total put value of 348,000,000 Combined total value = 3,301,993,600,000

Strike 89400 has a total call value of 3,401,345,200,000 versus a total put value of 316,000,000 Combined total value = 3,401,661,200,000

Strike 89500 has a total call value of 3,501,089,400,000 versus a total put value of 284,000,000 Combined total value = 3,501,373,400,000

Strike 89600 has a total call value of 3,602,235,800,000 versus a total put value of 252,000,000 Combined total value = 3,602,487,800,000

Strike 89700 has a total call value of 3,703,401,400,000 versus a total put value of 220,000,000 Combined total value = 3,703,621,400,000

Strike 89800 has a total call value of 3,804,579,600,000 versus a total put value of 188,000,000 Combined total value = 3,804,767,600,000

Strike 89900 has a total call value of 3,905,760,800,000 versus a total put value of 156,000,000 Combined total value = 3,905,916,800,000

Strike 90000 has a total call value of 4,006,971,400,000 versus a total put value of 124,000,000 Combined total value = 4,007,095,400,000

Strike 90100 has a total call value of 4,112,312,800,000 versus a total put value of 111,600,000 Combined total value = 4,112,424,400,000

Strike 90200 has a total call value of 4,217,654,800,000 versus a total put value of 99,200,000 Combined total value = 4,217,754,000,000

Strike 90300 has a total call value of 4,323,006,000,000 versus a total put value of 86,800,000 Combined total value = 4,323,092,800,000

Strike 90400 has a total call value of 4,428,358,200,000 versus a total put value of 74,400,000 Combined total value = 4,428,432,600,000

Strike 90500 has a total call value of 4,533,711,400,000 versus a total put value of 62,000,000 Combined total value = 4,533,773,400,000

Strike 90600 has a total call value of 4,639,223,200,000 versus a total put value of 49,600,000 Combined total value = 4,639,272,800,000

Strike 90700 has a total call value of 4,744,735,400,000 versus a total put value of 37,200,000 Combined total value = 4,744,772,600,000

Strike 90800 has a total call value of 4,850,247,600,000 versus a total put value of 24,800,000 Combined total value = 4,850,272,400,000

Strike 90900 has a total call value of 4,955,759,800,000 versus a total put value of 12,400,000 Combined total value = 4,955,772,200,000

Strike 91000 has a total call value of 5,061,276,400,000 versus a total put value of 0 Combined total value = 5,061,276,400,000

Strike 91100 has a total call value of 5,166,949,600,000 versus a total put value of 0 Combined total value = 5,166,949,600,000

Strike 91200 has a total call value of 5,272,622,800,000 versus a total put value of 0 Combined total value = 5,272,622,800,000

Strike 91300 has a total call value of 5,378,296,000,000 versus a total put value of 0 Combined total value = 5,378,296,000,000

Strike 91400 has a total call value of 5,483,969,200,000 versus a total put value of 0 Combined total value = 5,483,969,200,000

Strike 91500 has a total call value of 5,589,642,400,000 versus a total put value of 0 Combined total value = 5,589,642,400,000

Strike 91600 has a total call value of 5,695,315,600,000 versus a total put value of 0 Combined total value = 5,695,315,600,000

Strike 91700 has a total call value of 5,800,988,800,000 versus a total put value of 0 Combined total value = 5,800,988,800,000

Strike 91800 has a total call value of 5,906,662,000,000 versus a total put value of 0 Combined total value = 5,906,662,000,000

Strike 91900 has a total call value of 6,012,335,200,000 versus a total put value of 0 Combined total value = 6,012,335,200,000

Strike 92000 has a total call value of 6,118,008,800,000 versus a total put value of 0 Combined total value = 6,118,008,800,000

Strike 92100 has a total call value of 6,224,035,200,000 versus a total put value of 0 Combined total value = 6,224,035,200,000

Strike 92200 has a total call value of 6,330,061,600,000 versus a total put value of 0 Combined total value = 6,330,061,600,000

Strike 92300 has a total call value of 6,436,088,000,000 versus a total put value of 0 Combined total value = 6,436,088,000,000

Strike 92400 has a total call value of 6,542,114,400,000 versus a total put value of 0 Combined total value = 6,542,114,400,000

Strike 92500 has a total call value of 6,648,140,800,000 versus a total put value of 0 Combined total value = 6,648,140,800,000

Strike 92600 has a total call value of 6,754,170,800,000 versus a total put value of 0 Combined total value = 6,754,170,800,000

Strike 92700 has a total call value of 6,860,201,800,000 versus a total put value of 0 Combined total value = 6,860,201,800,000

Strike 92800 has a total call value of 6,966,256,400,000 versus a total put value of 0 Combined total value = 6,966,256,400,000

Strike 92900 has a total call value of 7,072,345,400,000 versus a total put value of 0 Combined total value = 7,072,345,400,000

Strike 93000 has a total call value of 7,178,435,000,000 versus a total put value of 0 Combined total value = 7,178,435,000,000

Strike 93100 has a total call value of 7,284,844,200,000 versus a total put value of 0 Combined total value = 7,284,844,200,000

Strike 93200 has a total call value of 7,391,255,600,000 versus a total put value of 0 Combined total value = 7,391,255,600,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1128.9	1140
ABB	5139	5200
ABCAPITAL	345	345
ADANIENSOL	973.7	980
ADANIENT	2224.5	2300
ADANIGREEN	1009.9	1020
ADANIPORTS	1496	1500
ALKEM	5508	5650
AMBER	6642.5	6800
AMBUJACEM	536.3	550
ANGELONE	2453.1	2550
APLAPOLLO	1806.9	1760
APOLLOHOSP	6978	7100
ASHOKLEY	173.4	164
ASIANPAINT	2791.3	2800
ASTRAL	1410.9	1440
AUBANK	977.55	960
AUROPHARMA	1217.2	1220
AXISBANK	1235.9	1240
BAJAJ-AUTO	8954.5	9000
BAJAJFINSV	2036.8	2060
BAJFINANCE	1006.8	1020
BANDHANBNK	148.63	150
BANKBARODA	289.75	290
BANKINDIA	142.2	143
BDL	1350	1380
BEL	388.95	400
BHARATFORG	1424.3	1400
BHARTIARTL	2089.1	2100
BHEL	273.3	280
BIOCON	396.95	395
BLUESTARCO	1805.9	1820
BOSCHLTD	35800	36000
BPCL	363	365
BRITANNIA	6079	6000
BSE	2690.5	2700
CAMS	747.2	770
CANBK	147.65	150
CDSL	1483.4	1540
CGPOWER	663.3	680
CHOLAFIN	1672.5	1700
CIPLA	1507	1520
COALINDIA	385.3	385
COFORGE	1848.3	1840
COLPAL	2082.9	2160
CONCOR	498.6	520
CROMPTON	251.4	260
CUMMINSIND	4350	4400
CYIENT	1145	1140
DABUR	492.2	500
DALBHARAT	2012	2040
DELHIVERY	403.3	410
DIVISLAB	6493	6500
DIXON	13163	13500
DLF	681.5	710
DMART	3787	3900
DRREDDY	1273.5	1270
EICHERMOT	7194.5	7100
ETERNAL	286.3	295
EXIDEIND	361.1	370
FEDERALBNK	267.65	260
FORTIS	879.3	890
GAIL	168.82	175
GLENMARK	1959.1	1940
GMRAIRPORT	100.87	102
GODREJCP	1178	1160
GODREJPROP	2002.9	2060
GRASIM	2817.2	2800
HAL	4264.2	4450
HAVELLS	1403.8	1440
HCLTECH	1640	1660
HDFCAMC	2640.1	2660
HDFCBANK	983	990
HDFCLIFE	755.4	770
HEROMOTOCO	5770.5	5900
HFCL	64.35	67
HINDALCO	850.35	820
HINDPETRO	465.35	460
HINDUNILVR	2270	2300
HINDZINC	588.85	560
HUDCO	207.66	217.5
ICICIBANK	1354.2	1370
ICICIGI	1946.2	1960
ICICIPRULI	648.35	630
IDEA	11.71	11
IDFCFIRSTB	84.39	82
IEX	139.02	145
IIFL	560.65	560
INDHOTEL	723.3	730
INDIANB	774.25	810
INDIGO	5135	5100
INDUSINDBK	833.9	850
INDUSTOWER	411.9	410
INFY	1643.7	1600
INOXWIND	123.39	130
IOC	161.21	161
IRCTC	666.9	690
IREDA	131.32	140
IRFC	111.15	115
ITC	400.95	405
JINDALSTEL	985.7	1020
JIOFIN	294.95	305
JSWENERGY	469.25	490
JSWSTEEL	1082	1120
JUBLFOOD	561.9	580
KALYANKJIL	473.6	480
KAYNES	4059	4300
KEI	4163.2	4100
KFINTECH	1056	1080
KOTAKBANK	2174.4	2160
KPITTECH	1169	1200
LAURUSLABS	1041.9	1010
LICHSGFIN	528.45	550
LICI	851	870
LODHA	1074	1100
LT	4080.3	4040
LTF	299.95	300
LTIM	6165	6100
LUPIN	2118.9	2100
M&M	3600.3	3650
MANAPPURAM	287.3	280
MANKIND	2142.3	2200
MARICO	736.65	730
MARUTI	16460	16300
MAXHEALTH	1071.6	1080
MAZDOCK	2370.2	2500
MCX	10286	10100
MFSL	1667.1	1680
MOTHERSON	119.67	116
MPHASIS	2885.6	2900
MUTHOOTFIN	3759	3750
NATIONALUM	277.65	272.5
NAUKRI	1327.4	1360
NBCC	111.05	111
NCC	152.7	162.5
NESTLEIND	1241	1240
NHPC	75.36	78
NMDC	75.92	77
NTPC	317.85	325
NUVAMA	7104	7200
NYKAA	244.35	250
OBEROIRLTY	1658.3	1660
OFSS	7664	7900
OIL	403.1	410
ONGC	232.34	237.5
PAGEIND	35360	36500
PATANJALI	565.1	550
PAYTM	1303.7	1300
PERSISTENT	6323.5	6300
PETRONET	272.05	278
PFC	336.05	355
PGEL	572.3	560
PHOENIXLTD	1798.3	1760
PIDILITIND	1450.6	1480
PIIND	3223	3350
PNB	119.11	120
PNBHOUSING	896.1	900
POLICYBZR	1844.6	1840
POLYCAB	7289	7300
POWERGRID	259.45	270
POWERINDIA	18000	18500
PPLPHARMA	168.91	175
PRESTIGE	1604.5	1640
RBLBANK	298.35	305
RECLTD	337.45	350
RELIANCE	1570.6	1550
RVNL	309.5	310
SAIL	125.58	130
SAMMAANCAP	145.17	155
SBICARD	852.25	870
SBILIFE	2027.4	2020
SBIN	978.5	970
SHREECEM	25425	26000
SHRIRAMFIN	863.35	850
SIEMENS	3092.7	3150
SOLARINDS	11784	12500
SONACOMS	491.35	500
SRF	3070.1	3000
SUNPHARMA	1745.4	1760
SUPREMEIND	3356.1	3400
SUZLON	51.69	54
SYNGENE	651.1	650
TATACONSUM	1178.4	1170
TATAELXSI	5314	5200
TATAMOTORS	0	320
TATAPOWER	374.25	390
TATASTEEL	168.25	170
TATATECH	647.5	670
TCS	3304.3	3240
TECHM	1604.2	1560
TIINDIA	2579.1	2700
TITAGARH	766	800
TITAN	3945.2	3880
TMPV	351	360
TORNTPHARM	3749.2	3750
TORNTPOWER	1245	1300
TRENT	4031.9	4200
TVSMOTOR	3651.1	3600
ULTRACEMCO	11486	11600
UNIONBANK	153.8	155
UNITDSPR	1392	1430
UNOMINDA	1239.9	1280
UPL	742.15	750
VBL	468.75	470
VEDL	574.35	555
VOLTAS	1397	1400
WIPRO	263.75	260
YESBANK	21.54	22
ZYDUSLIFE	912.6	930

Note:

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

Related Pages for SENSEX

SENSEX

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