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

82269.78 -296.59 (-0.36%)

L: 81941.03 H: 82430.82

Max Pain - SENSEX

30 Jan 2026 04:11 PM IST

Market Closed

Expiry

Max-Pain

82,300

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for SENSEX is 82300

Historical data for SENSEX-82300-CE

LTP (82300 CE)

735 -203.7

Open Interest

9867 6836

Historical data for SENSEX-82300-PE

LTP (82300 PE)

596.95 115.35

Open Interest

9073 6188

Strike 73700 has a total call value of 0 versus a total put value of 4,140,560,200,000 Combined total value = 4,140,560,200,000

Strike 73800 has a total call value of 0 versus a total put value of 4,075,221,600,000 Combined total value = 4,075,221,600,000

Strike 73900 has a total call value of 0 versus a total put value of 4,009,920,400,000 Combined total value = 4,009,920,400,000

Strike 74000 has a total call value of 0 versus a total put value of 3,944,713,600,000 Combined total value = 3,944,713,600,000

Strike 74100 has a total call value of 0 versus a total put value of 3,880,528,400,000 Combined total value = 3,880,528,400,000

Strike 74200 has a total call value of 0 versus a total put value of 3,816,353,800,000 Combined total value = 3,816,353,800,000

Strike 74300 has a total call value of 0 versus a total put value of 3,752,211,200,000 Combined total value = 3,752,211,200,000

Strike 74400 has a total call value of 0 versus a total put value of 3,688,125,400,000 Combined total value = 3,688,125,400,000

Strike 74500 has a total call value of 0 versus a total put value of 3,624,053,800,000 Combined total value = 3,624,053,800,000

Strike 74600 has a total call value of 0 versus a total put value of 3,560,191,800,000 Combined total value = 3,560,191,800,000

Strike 74700 has a total call value of 0 versus a total put value of 3,496,345,000,000 Combined total value = 3,496,345,000,000

Strike 74800 has a total call value of 0 versus a total put value of 3,432,551,400,000 Combined total value = 3,432,551,400,000

Strike 74900 has a total call value of 0 versus a total put value of 3,368,774,400,000 Combined total value = 3,368,774,400,000

Strike 75000 has a total call value of 0 versus a total put value of 3,305,015,600,000 Combined total value = 3,305,015,600,000

Strike 75100 has a total call value of 0 versus a total put value of 3,242,914,400,000 Combined total value = 3,242,914,400,000

Strike 75200 has a total call value of 0 versus a total put value of 3,180,861,200,000 Combined total value = 3,180,861,200,000

Strike 75300 has a total call value of 0 versus a total put value of 3,118,830,400,000 Combined total value = 3,118,830,400,000

Strike 75400 has a total call value of 0 versus a total put value of 3,056,826,800,000 Combined total value = 3,056,826,800,000

Strike 75500 has a total call value of 0 versus a total put value of 2,994,882,000,000 Combined total value = 2,994,882,000,000

Strike 75600 has a total call value of 0 versus a total put value of 2,933,453,800,000 Combined total value = 2,933,453,800,000

Strike 75700 has a total call value of 0 versus a total put value of 2,872,035,600,000 Combined total value = 2,872,035,600,000

Strike 75800 has a total call value of 0 versus a total put value of 2,810,680,200,000 Combined total value = 2,810,680,200,000

Strike 75900 has a total call value of 0 versus a total put value of 2,749,364,000,000 Combined total value = 2,749,364,000,000

Strike 76000 has a total call value of 0 versus a total put value of 2,688,101,800,000 Combined total value = 2,688,101,800,000

Strike 76100 has a total call value of 0 versus a total put value of 2,628,318,000,000 Combined total value = 2,628,318,000,000

Strike 76200 has a total call value of 0 versus a total put value of 2,568,551,000,000 Combined total value = 2,568,551,000,000

Strike 76300 has a total call value of 0 versus a total put value of 2,508,810,200,000 Combined total value = 2,508,810,200,000

Strike 76400 has a total call value of 0 versus a total put value of 2,449,083,600,000 Combined total value = 2,449,083,600,000

Strike 76500 has a total call value of 0 versus a total put value of 2,389,358,600,000 Combined total value = 2,389,358,600,000

Strike 76600 has a total call value of 800,000 versus a total put value of 2,330,705,800,000 Combined total value = 2,330,706,600,000

Strike 76700 has a total call value of 1,600,000 versus a total put value of 2,272,105,400,000 Combined total value = 2,272,107,000,000

Strike 76800 has a total call value of 2,400,000 versus a total put value of 2,213,591,000,000 Combined total value = 2,213,593,400,000

Strike 76900 has a total call value of 3,200,000 versus a total put value of 2,155,076,600,000 Combined total value = 2,155,079,800,000

Strike 77000 has a total call value of 4,000,000 versus a total put value of 2,096,562,200,000 Combined total value = 2,096,566,200,000

Strike 77100 has a total call value of 4,800,000 versus a total put value of 2,041,672,800,000 Combined total value = 2,041,677,600,000

Strike 77200 has a total call value of 5,600,000 versus a total put value of 1,986,849,600,000 Combined total value = 1,986,855,200,000

Strike 77300 has a total call value of 6,400,000 versus a total put value of 1,932,161,800,000 Combined total value = 1,932,168,200,000

Strike 77400 has a total call value of 7,200,000 versus a total put value of 1,877,547,000,000 Combined total value = 1,877,554,200,000

Strike 77500 has a total call value of 8,000,000 versus a total put value of 1,823,009,600,000 Combined total value = 1,823,017,600,000

Strike 77600 has a total call value of 14,000,000 versus a total put value of 1,769,909,200,000 Combined total value = 1,769,923,200,000

Strike 77700 has a total call value of 20,000,000 versus a total put value of 1,716,808,800,000 Combined total value = 1,716,828,800,000

Strike 77800 has a total call value of 26,000,000 versus a total put value of 1,663,770,400,000 Combined total value = 1,663,796,400,000

Strike 77900 has a total call value of 32,000,000 versus a total put value of 1,610,781,000,000 Combined total value = 1,610,813,000,000

Strike 78000 has a total call value of 38,000,000 versus a total put value of 1,557,791,600,000 Combined total value = 1,557,829,600,000

Strike 78100 has a total call value of 47,200,000 versus a total put value of 1,510,150,800,000 Combined total value = 1,510,198,000,000

Strike 78200 has a total call value of 56,400,000 versus a total put value of 1,462,510,000,000 Combined total value = 1,462,566,400,000

Strike 78300 has a total call value of 65,600,000 versus a total put value of 1,415,005,000,000 Combined total value = 1,415,070,600,000

Strike 78400 has a total call value of 74,800,000 versus a total put value of 1,367,500,000,000 Combined total value = 1,367,574,800,000

Strike 78500 has a total call value of 84,000,000 versus a total put value of 1,320,214,800,000 Combined total value = 1,320,298,800,000

Strike 78600 has a total call value of 93,200,000 versus a total put value of 1,274,061,800,000 Combined total value = 1,274,155,000,000

Strike 78700 has a total call value of 102,400,000 versus a total put value of 1,228,065,800,000 Combined total value = 1,228,168,200,000

Strike 78800 has a total call value of 111,600,000 versus a total put value of 1,182,166,200,000 Combined total value = 1,182,277,800,000

Strike 78900 has a total call value of 120,800,000 versus a total put value of 1,136,690,800,000 Combined total value = 1,136,811,600,000

Strike 79000 has a total call value of 130,000,000 versus a total put value of 1,091,552,400,000 Combined total value = 1,091,682,400,000

Strike 79100 has a total call value of 156,400,000 versus a total put value of 1,050,680,800,000 Combined total value = 1,050,837,200,000

Strike 79200 has a total call value of 183,200,000 versus a total put value of 1,010,109,800,000 Combined total value = 1,010,293,000,000

Strike 79300 has a total call value of 210,000,000 versus a total put value of 969,795,200,000 Combined total value = 970,005,200,000

Strike 79400 has a total call value of 236,800,000 versus a total put value of 929,648,200,000 Combined total value = 929,885,000,000

Strike 79500 has a total call value of 263,600,000 versus a total put value of 889,689,000,000 Combined total value = 889,952,600,000

Strike 79600 has a total call value of 290,400,000 versus a total put value of 851,172,000,000 Combined total value = 851,462,400,000

Strike 79700 has a total call value of 317,200,000 versus a total put value of 813,052,800,000 Combined total value = 813,370,000,000

Strike 79800 has a total call value of 344,000,000 versus a total put value of 775,437,800,000 Combined total value = 775,781,800,000

Strike 79900 has a total call value of 370,800,000 versus a total put value of 738,127,800,000 Combined total value = 738,498,600,000

Strike 80000 has a total call value of 397,600,000 versus a total put value of 701,343,200,000 Combined total value = 701,740,800,000

Strike 80100 has a total call value of 733,400,000 versus a total put value of 666,918,800,000 Combined total value = 667,652,200,000

Strike 80200 has a total call value of 1,071,800,000 versus a total put value of 632,819,800,000 Combined total value = 633,891,600,000

Strike 80300 has a total call value of 1,412,200,000 versus a total put value of 599,109,200,000 Combined total value = 600,521,400,000

Strike 80400 has a total call value of 1,754,800,000 versus a total put value of 565,800,600,000 Combined total value = 567,555,400,000

Strike 80500 has a total call value of 2,099,200,000 versus a total put value of 532,742,800,000 Combined total value = 534,842,000,000

Strike 80600 has a total call value of 2,467,400,000 versus a total put value of 500,885,400,000 Combined total value = 503,352,800,000

Strike 80700 has a total call value of 2,838,400,000 versus a total put value of 469,474,600,000 Combined total value = 472,313,000,000

Strike 80800 has a total call value of 3,228,800,000 versus a total put value of 438,507,600,000 Combined total value = 441,736,400,000

Strike 80900 has a total call value of 3,632,200,000 versus a total put value of 408,107,800,000 Combined total value = 411,740,000,000

Strike 81000 has a total call value of 4,059,200,000 versus a total put value of 378,200,400,000 Combined total value = 382,259,600,000

Strike 81100 has a total call value of 4,698,400,000 versus a total put value of 349,960,200,000 Combined total value = 354,658,600,000

Strike 81200 has a total call value of 5,391,200,000 versus a total put value of 322,079,600,000 Combined total value = 327,470,800,000

Strike 81300 has a total call value of 6,159,800,000 versus a total put value of 294,711,600,000 Combined total value = 300,871,400,000

Strike 81400 has a total call value of 7,015,200,000 versus a total put value of 267,921,600,000 Combined total value = 274,936,800,000

Strike 81500 has a total call value of 8,001,200,000 versus a total put value of 241,590,200,000 Combined total value = 249,591,400,000

Strike 81600 has a total call value of 9,681,400,000 versus a total put value of 217,266,200,000 Combined total value = 226,947,600,000

Strike 81700 has a total call value of 11,506,200,000 versus a total put value of 193,684,600,000 Combined total value = 205,190,800,000

Strike 81800 has a total call value of 13,537,200,000 versus a total put value of 170,840,400,000 Combined total value = 184,377,600,000

Strike 81900 has a total call value of 15,758,600,000 versus a total put value of 148,792,400,000 Combined total value = 164,551,000,000

Strike 82000 has a total call value of 18,227,000,000 versus a total put value of 127,743,000,000 Combined total value = 145,970,000,000

Strike 82100 has a total call value of 23,765,000,000 versus a total put value of 110,658,200,000 Combined total value = 134,423,200,000

Strike 82200 has a total call value of 30,779,000,000 versus a total put value of 95,687,000,000 Combined total value = 126,466,000,000

Strike 82300 has a total call value of 40,451,800,000 versus a total put value of 83,397,600,000 Combined total value = 123,849,400,000

Strike 82400 has a total call value of 52,098,000,000 versus a total put value of 72,922,800,000 Combined total value = 125,020,800,000

Strike 82500 has a total call value of 65,236,600,000 versus a total put value of 63,649,200,000 Combined total value = 128,885,800,000

Strike 82600 has a total call value of 82,643,400,000 versus a total put value of 57,817,200,000 Combined total value = 140,460,600,000

Strike 82700 has a total call value of 100,866,200,000 versus a total put value of 52,613,600,000 Combined total value = 153,479,800,000

Strike 82800 has a total call value of 119,755,200,000 versus a total put value of 47,965,400,000 Combined total value = 167,720,600,000

Strike 82900 has a total call value of 139,398,200,000 versus a total put value of 43,597,200,000 Combined total value = 182,995,400,000

Strike 83000 has a total call value of 159,814,000,000 versus a total put value of 39,342,800,000 Combined total value = 199,156,800,000

Strike 83100 has a total call value of 183,120,200,000 versus a total put value of 36,043,400,000 Combined total value = 219,163,600,000

Strike 83200 has a total call value of 207,049,200,000 versus a total put value of 32,868,400,000 Combined total value = 239,917,600,000

Strike 83300 has a total call value of 231,755,000,000 versus a total put value of 29,816,400,000 Combined total value = 261,571,400,000

Strike 83400 has a total call value of 257,137,400,000 versus a total put value of 26,827,600,000 Combined total value = 283,965,000,000

Strike 83500 has a total call value of 283,150,400,000 versus a total put value of 23,965,400,000 Combined total value = 307,115,800,000

Strike 83600 has a total call value of 311,517,400,000 versus a total put value of 21,572,400,000 Combined total value = 333,089,800,000

Strike 83700 has a total call value of 340,407,600,000 versus a total put value of 19,323,800,000 Combined total value = 359,731,400,000

Strike 83800 has a total call value of 369,769,600,000 versus a total put value of 17,121,800,000 Combined total value = 386,891,400,000

Strike 83900 has a total call value of 399,872,400,000 versus a total put value of 15,023,800,000 Combined total value = 414,896,200,000

Strike 84000 has a total call value of 430,509,800,000 versus a total put value of 12,972,800,000 Combined total value = 443,482,600,000

Strike 84100 has a total call value of 464,323,600,000 versus a total put value of 11,819,400,000 Combined total value = 476,143,000,000

Strike 84200 has a total call value of 498,519,000,000 versus a total put value of 10,689,400,000 Combined total value = 509,208,400,000

Strike 84300 has a total call value of 533,175,600,000 versus a total put value of 9,577,800,000 Combined total value = 542,753,400,000

Strike 84400 has a total call value of 568,311,200,000 versus a total put value of 8,475,600,000 Combined total value = 576,786,800,000

Strike 84500 has a total call value of 603,922,200,000 versus a total put value of 7,376,400,000 Combined total value = 611,298,600,000

Strike 84600 has a total call value of 642,444,000,000 versus a total put value of 6,693,200,000 Combined total value = 649,137,200,000

Strike 84700 has a total call value of 681,517,600,000 versus a total put value of 6,096,200,000 Combined total value = 687,613,800,000

Strike 84800 has a total call value of 721,211,800,000 versus a total put value of 5,521,400,000 Combined total value = 726,733,200,000

Strike 84900 has a total call value of 761,325,400,000 versus a total put value of 4,958,400,000 Combined total value = 766,283,800,000

Strike 85000 has a total call value of 801,740,400,000 versus a total put value of 4,401,200,000 Combined total value = 806,141,600,000

Strike 85100 has a total call value of 847,588,200,000 versus a total put value of 4,096,400,000 Combined total value = 851,684,600,000

Strike 85200 has a total call value of 893,888,800,000 versus a total put value of 3,794,400,000 Combined total value = 897,683,200,000

Strike 85300 has a total call value of 940,702,000,000 versus a total put value of 3,497,800,000 Combined total value = 944,199,800,000

Strike 85400 has a total call value of 987,940,400,000 versus a total put value of 3,207,200,000 Combined total value = 991,147,600,000

Strike 85500 has a total call value of 1,035,567,600,000 versus a total put value of 2,924,800,000 Combined total value = 1,038,492,400,000

Strike 85600 has a total call value of 1,085,560,400,000 versus a total put value of 2,670,600,000 Combined total value = 1,088,231,000,000

Strike 85700 has a total call value of 1,135,862,400,000 versus a total put value of 2,416,400,000 Combined total value = 1,138,278,800,000

Strike 85800 has a total call value of 1,186,612,800,000 versus a total put value of 2,162,200,000 Combined total value = 1,188,775,000,000

Strike 85900 has a total call value of 1,237,597,200,000 versus a total put value of 1,908,000,000 Combined total value = 1,239,505,200,000

Strike 86000 has a total call value of 1,288,992,800,000 versus a total put value of 1,655,800,000 Combined total value = 1,290,648,600,000

Strike 86100 has a total call value of 1,345,784,800,000 versus a total put value of 1,606,400,000 Combined total value = 1,347,391,200,000

Strike 86200 has a total call value of 1,403,138,200,000 versus a total put value of 1,557,800,000 Combined total value = 1,404,696,000,000

Strike 86300 has a total call value of 1,460,974,400,000 versus a total put value of 1,509,200,000 Combined total value = 1,462,483,600,000

Strike 86400 has a total call value of 1,519,158,000,000 versus a total put value of 1,460,600,000 Combined total value = 1,520,618,600,000

Strike 86500 has a total call value of 1,577,490,400,000 versus a total put value of 1,412,000,000 Combined total value = 1,578,902,400,000

Strike 86600 has a total call value of 1,639,232,000,000 versus a total put value of 1,370,800,000 Combined total value = 1,640,602,800,000

Strike 86700 has a total call value of 1,701,198,000,000 versus a total put value of 1,329,600,000 Combined total value = 1,702,527,600,000

Strike 86800 has a total call value of 1,763,256,400,000 versus a total put value of 1,288,400,000 Combined total value = 1,764,544,800,000

Strike 86900 has a total call value of 1,825,577,200,000 versus a total put value of 1,247,200,000 Combined total value = 1,826,824,400,000

Strike 87000 has a total call value of 1,888,092,000,000 versus a total put value of 1,206,000,000 Combined total value = 1,889,298,000,000

Strike 87100 has a total call value of 1,954,990,800,000 versus a total put value of 1,167,600,000 Combined total value = 1,956,158,400,000

Strike 87200 has a total call value of 2,021,977,400,000 versus a total put value of 1,129,200,000 Combined total value = 2,023,106,600,000

Strike 87300 has a total call value of 2,089,021,400,000 versus a total put value of 1,090,800,000 Combined total value = 2,090,112,200,000

Strike 87400 has a total call value of 2,156,127,000,000 versus a total put value of 1,052,400,000 Combined total value = 2,157,179,400,000

Strike 87500 has a total call value of 2,223,391,600,000 versus a total put value of 1,014,000,000 Combined total value = 2,224,405,600,000

Strike 87600 has a total call value of 2,292,287,600,000 versus a total put value of 975,600,000 Combined total value = 2,293,263,200,000

Strike 87700 has a total call value of 2,361,202,800,000 versus a total put value of 937,200,000 Combined total value = 2,362,140,000,000

Strike 87800 has a total call value of 2,430,181,800,000 versus a total put value of 898,800,000 Combined total value = 2,431,080,600,000

Strike 87900 has a total call value of 2,499,249,000,000 versus a total put value of 860,400,000 Combined total value = 2,500,109,400,000

Strike 88000 has a total call value of 2,568,382,000,000 versus a total put value of 822,000,000 Combined total value = 2,569,204,000,000

Strike 88100 has a total call value of 2,639,724,800,000 versus a total put value of 784,600,000 Combined total value = 2,640,509,400,000

Strike 88200 has a total call value of 2,711,142,000,000 versus a total put value of 747,200,000 Combined total value = 2,711,889,200,000

Strike 88300 has a total call value of 2,782,583,000,000 versus a total put value of 709,800,000 Combined total value = 2,783,292,800,000

Strike 88400 has a total call value of 2,854,045,800,000 versus a total put value of 672,400,000 Combined total value = 2,854,718,200,000

Strike 88500 has a total call value of 2,925,536,800,000 versus a total put value of 635,000,000 Combined total value = 2,926,171,800,000

Strike 88600 has a total call value of 2,997,634,600,000 versus a total put value of 597,600,000 Combined total value = 2,998,232,200,000

Strike 88700 has a total call value of 3,069,778,400,000 versus a total put value of 560,200,000 Combined total value = 3,070,338,600,000

Strike 88800 has a total call value of 3,141,977,600,000 versus a total put value of 522,800,000 Combined total value = 3,142,500,400,000

Strike 88900 has a total call value of 3,214,214,000,000 versus a total put value of 485,400,000 Combined total value = 3,214,699,400,000

Strike 89000 has a total call value of 3,286,500,200,000 versus a total put value of 448,000,000 Combined total value = 3,286,948,200,000

Strike 89100 has a total call value of 3,359,728,000,000 versus a total put value of 417,200,000 Combined total value = 3,360,145,200,000

Strike 89200 has a total call value of 3,432,964,000,000 versus a total put value of 386,400,000 Combined total value = 3,433,350,400,000

Strike 89300 has a total call value of 3,506,211,200,000 versus a total put value of 355,600,000 Combined total value = 3,506,566,800,000

Strike 89400 has a total call value of 3,579,469,400,000 versus a total put value of 324,800,000 Combined total value = 3,579,794,200,000

Strike 89500 has a total call value of 3,652,732,800,000 versus a total put value of 294,000,000 Combined total value = 3,653,026,800,000

Strike 89600 has a total call value of 3,726,334,400,000 versus a total put value of 263,200,000 Combined total value = 3,726,597,600,000

Strike 89700 has a total call value of 3,799,944,400,000 versus a total put value of 232,400,000 Combined total value = 3,800,176,800,000

Strike 89800 has a total call value of 3,873,566,600,000 versus a total put value of 201,600,000 Combined total value = 3,873,768,200,000

Strike 89900 has a total call value of 3,947,192,800,000 versus a total put value of 170,800,000 Combined total value = 3,947,363,600,000

Strike 90000 has a total call value of 4,020,864,400,000 versus a total put value of 140,000,000 Combined total value = 4,021,004,400,000

Strike 90100 has a total call value of 4,096,843,200,000 versus a total put value of 126,000,000 Combined total value = 4,096,969,200,000

Strike 90200 has a total call value of 4,172,834,400,000 versus a total put value of 112,000,000 Combined total value = 4,172,946,400,000

Strike 90300 has a total call value of 4,248,848,200,000 versus a total put value of 98,000,000 Combined total value = 4,248,946,200,000

Strike 90400 has a total call value of 4,324,864,000,000 versus a total put value of 84,000,000 Combined total value = 4,324,948,000,000

Strike 90500 has a total call value of 4,400,887,800,000 versus a total put value of 70,000,000 Combined total value = 4,400,957,800,000

Strike 90600 has a total call value of 4,477,066,200,000 versus a total put value of 56,000,000 Combined total value = 4,477,122,200,000

Strike 90700 has a total call value of 4,553,247,200,000 versus a total put value of 42,000,000 Combined total value = 4,553,289,200,000

Strike 90800 has a total call value of 4,629,430,600,000 versus a total put value of 28,000,000 Combined total value = 4,629,458,600,000

Strike 90900 has a total call value of 4,705,616,200,000 versus a total put value of 14,000,000 Combined total value = 4,705,630,200,000

Strike 91000 has a total call value of 4,781,822,400,000 versus a total put value of 0 Combined total value = 4,781,822,400,000

Strike 91100 has a total call value of 4,858,204,000,000 versus a total put value of 0 Combined total value = 4,858,204,000,000

Strike 91200 has a total call value of 4,934,590,400,000 versus a total put value of 0 Combined total value = 4,934,590,400,000

Strike 91300 has a total call value of 5,010,985,600,000 versus a total put value of 0 Combined total value = 5,010,985,600,000

Strike 91400 has a total call value of 5,087,386,200,000 versus a total put value of 0 Combined total value = 5,087,386,200,000

Strike 91500 has a total call value of 5,163,790,600,000 versus a total put value of 0 Combined total value = 5,163,790,600,000

Strike 91600 has a total call value of 5,240,240,600,000 versus a total put value of 0 Combined total value = 5,240,240,600,000

Strike 91700 has a total call value of 5,316,696,200,000 versus a total put value of 0 Combined total value = 5,316,696,200,000

Strike 91800 has a total call value of 5,393,155,800,000 versus a total put value of 0 Combined total value = 5,393,155,800,000

Strike 91900 has a total call value of 5,469,626,200,000 versus a total put value of 0 Combined total value = 5,469,626,200,000

Strike 92000 has a total call value of 5,546,099,600,000 versus a total put value of 0 Combined total value = 5,546,099,600,000

Strike 92100 has a total call value of 5,622,718,800,000 versus a total put value of 0 Combined total value = 5,622,718,800,000

Strike 92200 has a total call value of 5,699,341,000,000 versus a total put value of 0 Combined total value = 5,699,341,000,000

Strike 92300 has a total call value of 5,775,973,400,000 versus a total put value of 0 Combined total value = 5,775,973,400,000

Strike 92400 has a total call value of 5,852,614,800,000 versus a total put value of 0 Combined total value = 5,852,614,800,000

Strike 92500 has a total call value of 5,929,262,000,000 versus a total put value of 0 Combined total value = 5,929,262,000,000

Strike 92600 has a total call value of 6,006,012,800,000 versus a total put value of 0 Combined total value = 6,006,012,800,000

Strike 92700 has a total call value of 6,082,772,800,000 versus a total put value of 0 Combined total value = 6,082,772,800,000

Strike 92800 has a total call value of 6,159,583,800,000 versus a total put value of 0 Combined total value = 6,159,583,800,000

Strike 92900 has a total call value of 6,236,419,800,000 versus a total put value of 0 Combined total value = 6,236,419,800,000

Strike 93000 has a total call value of 6,313,376,600,000 versus a total put value of 0 Combined total value = 6,313,376,600,000

Strike 93100 has a total call value of 6,391,143,000,000 versus a total put value of 0 Combined total value = 6,391,143,000,000

Strike 93200 has a total call value of 6,468,970,400,000 versus a total put value of 0 Combined total value = 6,468,970,400,000

Strike 93300 has a total call value of 6,546,854,000,000 versus a total put value of 0 Combined total value = 6,546,854,000,000

Max-Pain Table for Index

Stock Max-Pain Commodity Max-Pain

LTP > Max Pain Bearish

LTP < Max Pain Bullish

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.

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