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

84180.96 -780.18 (-0.92%)

L: 84110.1 H: 84965.27

Max Pain - SENSEX

08 Jan 2026 04:11 PM IST

Expiry

Max-Pain

84,200

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for SENSEX is 84200

Historical data for SENSEX-84200-CE

LTP (84200 CE)

0.1 -770.85

Open Interest

341560 340839

Historical data for SENSEX-84200-PE

LTP (84200 PE)

18.7 10

Open Interest

217871 164647

Strike 76900 has a total call value of 0 versus a total put value of 23,622,492,200,000 Combined total value = 23,622,492,200,000

Strike 77000 has a total call value of 0 versus a total put value of 23,257,975,200,000 Combined total value = 23,257,975,200,000

Strike 77100 has a total call value of 0 versus a total put value of 22,896,016,800,000 Combined total value = 22,896,016,800,000

Strike 77200 has a total call value of 0 versus a total put value of 22,534,121,000,000 Combined total value = 22,534,121,000,000

Strike 77300 has a total call value of 0 versus a total put value of 22,172,339,000,000 Combined total value = 22,172,339,000,000

Strike 77400 has a total call value of 0 versus a total put value of 21,810,613,200,000 Combined total value = 21,810,613,200,000

Strike 77500 has a total call value of 0 versus a total put value of 21,448,920,200,000 Combined total value = 21,448,920,200,000

Strike 77600 has a total call value of 5,200,000 versus a total put value of 21,087,393,800,000 Combined total value = 21,087,399,000,000

Strike 77700 has a total call value of 10,400,000 versus a total put value of 20,725,883,800,000 Combined total value = 20,725,894,200,000

Strike 77800 has a total call value of 15,600,000 versus a total put value of 20,364,386,600,000 Combined total value = 20,364,402,200,000

Strike 77900 has a total call value of 20,800,000 versus a total put value of 20,002,903,600,000 Combined total value = 20,002,924,400,000

Strike 78000 has a total call value of 26,000,000 versus a total put value of 19,641,433,600,000 Combined total value = 19,641,459,600,000

Strike 78100 has a total call value of 32,400,000 versus a total put value of 19,282,058,600,000 Combined total value = 19,282,091,000,000

Strike 78200 has a total call value of 38,800,000 versus a total put value of 18,922,698,400,000 Combined total value = 18,922,737,200,000

Strike 78300 has a total call value of 45,200,000 versus a total put value of 18,563,356,000,000 Combined total value = 18,563,401,200,000

Strike 78400 has a total call value of 51,600,000 versus a total put value of 18,204,030,400,000 Combined total value = 18,204,082,000,000

Strike 78500 has a total call value of 58,000,000 versus a total put value of 17,844,726,200,000 Combined total value = 17,844,784,200,000

Strike 78600 has a total call value of 64,400,000 versus a total put value of 17,485,621,600,000 Combined total value = 17,485,686,000,000

Strike 78700 has a total call value of 70,800,000 versus a total put value of 17,126,563,800,000 Combined total value = 17,126,634,600,000

Strike 78800 has a total call value of 77,200,000 versus a total put value of 16,767,511,400,000 Combined total value = 16,767,588,600,000

Strike 78900 has a total call value of 83,600,000 versus a total put value of 16,408,562,200,000 Combined total value = 16,408,645,800,000

Strike 79000 has a total call value of 90,000,000 versus a total put value of 16,049,673,400,000 Combined total value = 16,049,763,400,000

Strike 79100 has a total call value of 98,200,000 versus a total put value of 15,693,068,400,000 Combined total value = 15,693,166,600,000

Strike 79200 has a total call value of 106,400,000 versus a total put value of 15,336,499,600,000 Combined total value = 15,336,606,000,000

Strike 79300 has a total call value of 114,600,000 versus a total put value of 14,979,960,400,000 Combined total value = 14,980,075,000,000

Strike 79400 has a total call value of 122,800,000 versus a total put value of 14,623,453,800,000 Combined total value = 14,623,576,600,000

Strike 79500 has a total call value of 131,000,000 versus a total put value of 14,267,003,800,000 Combined total value = 14,267,134,800,000

Strike 79600 has a total call value of 139,200,000 versus a total put value of 13,911,814,800,000 Combined total value = 13,911,954,000,000

Strike 79700 has a total call value of 147,400,000 versus a total put value of 13,556,684,600,000 Combined total value = 13,556,832,000,000

Strike 79800 has a total call value of 155,600,000 versus a total put value of 13,201,601,200,000 Combined total value = 13,201,756,800,000

Strike 79900 has a total call value of 163,800,000 versus a total put value of 12,846,572,400,000 Combined total value = 12,846,736,200,000

Strike 80000 has a total call value of 172,000,000 versus a total put value of 12,491,591,400,000 Combined total value = 12,491,763,400,000

Strike 80100 has a total call value of 189,400,000 versus a total put value of 12,140,002,200,000 Combined total value = 12,140,191,600,000

Strike 80200 has a total call value of 206,800,000 versus a total put value of 11,788,451,600,000 Combined total value = 11,788,658,400,000

Strike 80300 has a total call value of 224,200,000 versus a total put value of 11,437,249,400,000 Combined total value = 11,437,473,600,000

Strike 80400 has a total call value of 241,600,000 versus a total put value of 11,086,226,200,000 Combined total value = 11,086,467,800,000

Strike 80500 has a total call value of 259,200,000 versus a total put value of 10,735,465,000,000 Combined total value = 10,735,724,200,000

Strike 80600 has a total call value of 276,800,000 versus a total put value of 10,386,642,000,000 Combined total value = 10,386,918,800,000

Strike 80700 has a total call value of 294,400,000 versus a total put value of 10,037,995,800,000 Combined total value = 10,038,290,200,000

Strike 80800 has a total call value of 312,000,000 versus a total put value of 9,689,646,200,000 Combined total value = 9,689,958,200,000

Strike 80900 has a total call value of 329,600,000 versus a total put value of 9,341,945,400,000 Combined total value = 9,342,275,000,000

Strike 81000 has a total call value of 347,200,000 versus a total put value of 8,994,421,400,000 Combined total value = 8,994,768,600,000

Strike 81100 has a total call value of 391,200,000 versus a total put value of 8,659,359,600,000 Combined total value = 8,659,750,800,000

Strike 81200 has a total call value of 435,200,000 versus a total put value of 8,324,500,400,000 Combined total value = 8,324,935,600,000

Strike 81300 has a total call value of 479,200,000 versus a total put value of 7,989,895,600,000 Combined total value = 7,990,374,800,000

Strike 81400 has a total call value of 523,200,000 versus a total put value of 7,655,896,800,000 Combined total value = 7,656,420,000,000

Strike 81500 has a total call value of 568,400,000 versus a total put value of 7,322,800,800,000 Combined total value = 7,323,369,200,000

Strike 81600 has a total call value of 625,800,000 versus a total put value of 6,998,063,000,000 Combined total value = 6,998,688,800,000

Strike 81700 has a total call value of 683,200,000 versus a total put value of 6,675,168,200,000 Combined total value = 6,675,851,400,000

Strike 81800 has a total call value of 740,600,000 versus a total put value of 6,353,518,400,000 Combined total value = 6,354,259,000,000

Strike 81900 has a total call value of 798,000,000 versus a total put value of 6,033,221,200,000 Combined total value = 6,034,019,200,000

Strike 82000 has a total call value of 855,400,000 versus a total put value of 5,713,846,200,000 Combined total value = 5,714,701,600,000

Strike 82100 has a total call value of 920,600,000 versus a total put value of 5,410,786,000,000 Combined total value = 5,411,706,600,000

Strike 82200 has a total call value of 985,800,000 versus a total put value of 5,109,477,400,000 Combined total value = 5,110,463,200,000

Strike 82300 has a total call value of 1,051,000,000 versus a total put value of 4,810,433,800,000 Combined total value = 4,811,484,800,000

Strike 82400 has a total call value of 1,116,200,000 versus a total put value of 4,514,299,600,000 Combined total value = 4,515,415,800,000

Strike 82500 has a total call value of 1,181,400,000 versus a total put value of 4,220,338,600,000 Combined total value = 4,221,520,000,000

Strike 82600 has a total call value of 1,259,000,000 versus a total put value of 3,936,973,600,000 Combined total value = 3,938,232,600,000

Strike 82700 has a total call value of 1,336,600,000 versus a total put value of 3,656,828,800,000 Combined total value = 3,658,165,400,000

Strike 82800 has a total call value of 1,414,200,000 versus a total put value of 3,378,408,400,000 Combined total value = 3,379,822,600,000

Strike 82900 has a total call value of 1,492,600,000 versus a total put value of 3,103,683,400,000 Combined total value = 3,105,176,000,000

Strike 83000 has a total call value of 1,572,400,000 versus a total put value of 2,832,986,600,000 Combined total value = 2,834,559,000,000

Strike 83100 has a total call value of 1,730,400,000 versus a total put value of 2,585,104,400,000 Combined total value = 2,586,834,800,000

Strike 83200 has a total call value of 1,894,000,000 versus a total put value of 2,340,429,800,000 Combined total value = 2,342,323,800,000

Strike 83300 has a total call value of 2,068,800,000 versus a total put value of 2,101,001,200,000 Combined total value = 2,103,070,000,000

Strike 83400 has a total call value of 2,270,400,000 versus a total put value of 1,866,454,400,000 Combined total value = 1,868,724,800,000

Strike 83500 has a total call value of 2,496,800,000 versus a total put value of 1,635,793,000,000 Combined total value = 1,638,289,800,000

Strike 83600 has a total call value of 2,900,800,000 versus a total put value of 1,419,890,200,000 Combined total value = 1,422,791,000,000

Strike 83700 has a total call value of 3,409,200,000 versus a total put value of 1,209,786,400,000 Combined total value = 1,213,195,600,000

Strike 83800 has a total call value of 4,105,600,000 versus a total put value of 1,005,902,200,000 Combined total value = 1,010,007,800,000

Strike 83900 has a total call value of 5,095,200,000 versus a total put value of 812,540,800,000 Combined total value = 817,636,000,000

Strike 84000 has a total call value of 6,543,200,000 versus a total put value of 627,770,000,000 Combined total value = 634,313,200,000

Strike 84100 has a total call value of 10,686,600,000 versus a total put value of 464,673,400,000 Combined total value = 475,360,000,000

Strike 84200 has a total call value of 21,085,400,000 versus a total put value of 343,879,800,000 Combined total value = 364,965,200,000

Strike 84300 has a total call value of 99,796,200,000 versus a total put value of 266,660,400,000 Combined total value = 366,456,600,000

Strike 84400 has a total call value of 216,298,800,000 versus a total put value of 206,111,600,000 Combined total value = 422,410,400,000

Strike 84500 has a total call value of 361,271,000,000 versus a total put value of 158,969,600,000 Combined total value = 520,240,600,000

Strike 84600 has a total call value of 539,169,000,000 versus a total put value of 123,071,400,000 Combined total value = 662,240,400,000

Strike 84700 has a total call value of 739,868,400,000 versus a total put value of 93,366,400,000 Combined total value = 833,234,800,000

Strike 84800 has a total call value of 958,999,200,000 versus a total put value of 71,812,200,000 Combined total value = 1,030,811,400,000

Strike 84900 has a total call value of 1,195,653,000,000 versus a total put value of 57,583,200,000 Combined total value = 1,253,236,200,000

Strike 85000 has a total call value of 1,448,758,000,000 versus a total put value of 46,674,400,000 Combined total value = 1,495,432,400,000

Strike 85100 has a total call value of 1,729,072,600,000 versus a total put value of 38,528,400,000 Combined total value = 1,767,601,000,000

Strike 85200 has a total call value of 2,020,096,800,000 versus a total put value of 31,602,000,000 Combined total value = 2,051,698,800,000

Strike 85300 has a total call value of 2,324,593,800,000 versus a total put value of 25,387,400,000 Combined total value = 2,349,981,200,000

Strike 85400 has a total call value of 2,640,733,600,000 versus a total put value of 19,800,000,000 Combined total value = 2,660,533,600,000

Strike 85500 has a total call value of 2,966,013,200,000 versus a total put value of 15,040,000,000 Combined total value = 2,981,053,200,000

Strike 85600 has a total call value of 3,311,317,200,000 versus a total put value of 12,043,000,000 Combined total value = 3,323,360,200,000

Strike 85700 has a total call value of 3,664,865,400,000 versus a total put value of 9,480,200,000 Combined total value = 3,674,345,600,000

Strike 85800 has a total call value of 4,029,751,600,000 versus a total put value of 7,496,000,000 Combined total value = 4,037,247,600,000

Strike 85900 has a total call value of 4,405,252,400,000 versus a total put value of 5,933,200,000 Combined total value = 4,411,185,600,000

Strike 86000 has a total call value of 4,788,085,800,000 versus a total put value of 4,713,800,000 Combined total value = 4,792,799,600,000

Strike 86100 has a total call value of 5,198,667,400,000 versus a total put value of 3,964,400,000 Combined total value = 5,202,631,800,000

Strike 86200 has a total call value of 5,616,378,200,000 versus a total put value of 3,318,800,000 Combined total value = 5,619,697,000,000

Strike 86300 has a total call value of 6,040,510,400,000 versus a total put value of 2,754,400,000 Combined total value = 6,043,264,800,000

Strike 86400 has a total call value of 6,468,220,400,000 versus a total put value of 2,250,600,000 Combined total value = 6,470,471,000,000

Strike 86500 has a total call value of 6,899,828,200,000 versus a total put value of 1,791,400,000 Combined total value = 6,901,619,600,000

Strike 86600 has a total call value of 7,352,007,400,000 versus a total put value of 1,631,800,000 Combined total value = 7,353,639,200,000

Strike 86700 has a total call value of 7,808,080,400,000 versus a total put value of 1,499,000,000 Combined total value = 7,809,579,400,000

Strike 86800 has a total call value of 8,268,498,800,000 versus a total put value of 1,398,800,000 Combined total value = 8,269,897,600,000

Strike 86900 has a total call value of 8,736,129,200,000 versus a total put value of 1,313,000,000 Combined total value = 8,737,442,200,000

Strike 87000 has a total call value of 9,210,809,400,000 versus a total put value of 1,235,600,000 Combined total value = 9,212,045,000,000

Strike 87100 has a total call value of 9,705,738,600,000 versus a total put value of 1,180,600,000 Combined total value = 9,706,919,200,000

Strike 87200 has a total call value of 10,202,429,400,000 versus a total put value of 1,128,400,000 Combined total value = 10,203,557,800,000

Strike 87300 has a total call value of 10,701,470,000,000 versus a total put value of 1,078,200,000 Combined total value = 10,702,548,200,000

Strike 87400 has a total call value of 11,203,865,600,000 versus a total put value of 1,028,800,000 Combined total value = 11,204,894,400,000

Strike 87500 has a total call value of 11,708,481,200,000 versus a total put value of 982,200,000 Combined total value = 11,709,463,400,000

Strike 87600 has a total call value of 12,222,834,600,000 versus a total put value of 940,800,000 Combined total value = 12,223,775,400,000

Strike 87700 has a total call value of 12,739,488,200,000 versus a total put value of 899,400,000 Combined total value = 12,740,387,600,000

Strike 87800 has a total call value of 13,258,157,800,000 versus a total put value of 858,200,000 Combined total value = 13,259,016,000,000

Strike 87900 has a total call value of 13,778,049,600,000 versus a total put value of 817,800,000 Combined total value = 13,778,867,400,000

Strike 88000 has a total call value of 14,299,205,200,000 versus a total put value of 777,400,000 Combined total value = 14,299,982,600,000

Strike 88100 has a total call value of 14,835,790,800,000 versus a total put value of 739,000,000 Combined total value = 14,836,529,800,000

Strike 88200 has a total call value of 15,373,219,600,000 versus a total put value of 700,600,000 Combined total value = 15,373,920,200,000

Strike 88300 has a total call value of 15,911,770,400,000 versus a total put value of 662,200,000 Combined total value = 15,912,432,600,000

Strike 88400 has a total call value of 16,451,097,200,000 versus a total put value of 623,800,000 Combined total value = 16,451,721,000,000

Strike 88500 has a total call value of 16,992,454,600,000 versus a total put value of 585,400,000 Combined total value = 16,993,040,000,000

Strike 88600 has a total call value of 17,543,634,800,000 versus a total put value of 547,000,000 Combined total value = 17,544,181,800,000

Strike 88700 has a total call value of 18,095,537,000,000 versus a total put value of 508,600,000 Combined total value = 18,096,045,600,000

Strike 88800 has a total call value of 18,648,751,000,000 versus a total put value of 470,400,000 Combined total value = 18,649,221,400,000

Strike 88900 has a total call value of 19,205,880,800,000 versus a total put value of 432,200,000 Combined total value = 19,206,313,000,000

Strike 89000 has a total call value of 19,763,373,800,000 versus a total put value of 394,000,000 Combined total value = 19,763,767,800,000

Strike 89100 has a total call value of 20,329,760,000,000 versus a total put value of 366,000,000 Combined total value = 20,330,126,000,000

Strike 89200 has a total call value of 20,896,559,800,000 versus a total put value of 338,000,000 Combined total value = 20,896,897,800,000

Strike 89300 has a total call value of 21,465,599,000,000 versus a total put value of 310,000,000 Combined total value = 21,465,909,000,000

Strike 89400 has a total call value of 22,035,200,400,000 versus a total put value of 282,000,000 Combined total value = 22,035,482,400,000

Strike 89500 has a total call value of 22,604,939,000,000 versus a total put value of 254,000,000 Combined total value = 22,605,193,000,000

Strike 89600 has a total call value of 23,177,640,200,000 versus a total put value of 226,000,000 Combined total value = 23,177,866,200,000

Strike 89700 has a total call value of 23,750,387,200,000 versus a total put value of 198,000,000 Combined total value = 23,750,585,200,000

Strike 89800 has a total call value of 24,323,357,000,000 versus a total put value of 170,000,000 Combined total value = 24,323,527,000,000

Strike 89900 has a total call value of 24,896,402,200,000 versus a total put value of 142,000,000 Combined total value = 24,896,544,200,000

Strike 90000 has a total call value of 25,469,496,200,000 versus a total put value of 114,000,000 Combined total value = 25,469,610,200,000

Strike 90100 has a total call value of 26,049,162,200,000 versus a total put value of 102,600,000 Combined total value = 26,049,264,800,000

Strike 90200 has a total call value of 26,628,860,600,000 versus a total put value of 91,200,000 Combined total value = 26,628,951,800,000

Strike 90300 has a total call value of 27,208,622,400,000 versus a total put value of 79,800,000 Combined total value = 27,208,702,200,000

Strike 90400 has a total call value of 27,788,402,400,000 versus a total put value of 68,400,000 Combined total value = 27,788,470,800,000

Strike 90500 has a total call value of 28,368,230,800,000 versus a total put value of 57,000,000 Combined total value = 28,368,287,800,000

Strike 90600 has a total call value of 28,949,442,000,000 versus a total put value of 45,600,000 Combined total value = 28,949,487,600,000

Strike 90700 has a total call value of 29,530,763,800,000 versus a total put value of 34,200,000 Combined total value = 29,530,798,000,000

Strike 90800 has a total call value of 30,112,108,000,000 versus a total put value of 22,800,000 Combined total value = 30,112,130,800,000

Strike 90900 has a total call value of 30,693,493,400,000 versus a total put value of 11,400,000 Combined total value = 30,693,504,800,000

Strike 91000 has a total call value of 31,274,979,600,000 versus a total put value of 0 Combined total value = 31,274,979,600,000

Strike 91100 has a total call value of 31,858,480,600,000 versus a total put value of 0 Combined total value = 31,858,480,600,000

Strike 91200 has a total call value of 32,442,048,400,000 versus a total put value of 0 Combined total value = 32,442,048,400,000

Strike 91300 has a total call value of 33,025,690,800,000 versus a total put value of 0 Combined total value = 33,025,690,800,000

Strike 91400 has a total call value of 33,609,362,000,000 versus a total put value of 0 Combined total value = 33,609,362,000,000

Strike 91500 has a total call value of 34,193,040,800,000 versus a total put value of 0 Combined total value = 34,193,040,800,000

Strike 91600 has a total call value of 34,776,797,200,000 versus a total put value of 0 Combined total value = 34,776,797,200,000

Strike 91700 has a total call value of 35,360,570,000,000 versus a total put value of 0 Combined total value = 35,360,570,000,000

Strike 91800 has a total call value of 35,944,410,400,000 versus a total put value of 0 Combined total value = 35,944,410,400,000

Strike 91900 has a total call value of 36,528,250,800,000 versus a total put value of 0 Combined total value = 36,528,250,800,000

Strike 92000 has a total call value of 37,112,117,400,000 versus a total put value of 0 Combined total value = 37,112,117,400,000

Strike 92100 has a total call value of 37,697,968,000,000 versus a total put value of 0 Combined total value = 37,697,968,000,000

Strike 92200 has a total call value of 38,283,884,400,000 versus a total put value of 0 Combined total value = 38,283,884,400,000

Strike 92300 has a total call value of 38,869,814,000,000 versus a total put value of 0 Combined total value = 38,869,814,000,000

Strike 92400 has a total call value of 39,455,745,000,000 versus a total put value of 0 Combined total value = 39,455,745,000,000

Strike 92500 has a total call value of 40,041,677,200,000 versus a total put value of 0 Combined total value = 40,041,677,200,000

Strike 92600 has a total call value of 40,628,549,000,000 versus a total put value of 0 Combined total value = 40,628,549,000,000

Strike 92700 has a total call value of 41,215,422,200,000 versus a total put value of 0 Combined total value = 41,215,422,200,000

Strike 92800 has a total call value of 41,802,348,000,000 versus a total put value of 0 Combined total value = 41,802,348,000,000

Strike 92900 has a total call value of 42,389,274,400,000 versus a total put value of 0 Combined total value = 42,389,274,400,000

Strike 93000 has a total call value of 42,976,249,000,000 versus a total put value of 0 Combined total value = 42,976,249,000,000

Strike 93100 has a total call value of 43,568,488,000,000 versus a total put value of 0 Combined total value = 43,568,488,000,000

Strike 93200 has a total call value of 44,160,804,800,000 versus a total put value of 0 Combined total value = 44,160,804,800,000

Strike 93300 has a total call value of 44,754,773,000,000 versus a total put value of 0 Combined total value = 44,754,773,000,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Commodity Max-Pain Table

Index Max-Pain Table

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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