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

84636.97 -465.72 (-0.55%)

L: 84597.16 H: 84889.67

Max Pain - SENSEX

09 Dec 2025 09:29 AM IST

Live

Expiry

Max Pain for SENSEX is 85000

Historical data for SENSEX-85000-CE

LTP (85000 CE)

216.9 -237.2

Open Interest

41663 14477

Historical data for SENSEX-85000-PE

LTP (85000 PE)

481.5 209.35

Open Interest

32514 -2397

Strike 75700 has a total call value of 0 versus a total put value of 10,122,644,000,000 Combined total value = 10,122,644,000,000

Strike 75800 has a total call value of 7,800,000 versus a total put value of 9,997,632,800,000 Combined total value = 9,997,640,600,000

Strike 75900 has a total call value of 15,600,000 versus a total put value of 9,872,621,600,000 Combined total value = 9,872,637,200,000

Strike 76000 has a total call value of 23,400,000 versus a total put value of 9,747,610,800,000 Combined total value = 9,747,634,200,000

Strike 76100 has a total call value of 32,000,000 versus a total put value of 9,622,836,400,000 Combined total value = 9,622,868,400,000

Strike 76200 has a total call value of 40,600,000 versus a total put value of 9,498,062,000,000 Combined total value = 9,498,102,600,000

Strike 76300 has a total call value of 49,200,000 versus a total put value of 9,373,287,600,000 Combined total value = 9,373,336,800,000

Strike 76400 has a total call value of 57,800,000 versus a total put value of 9,248,513,200,000 Combined total value = 9,248,571,000,000

Strike 76500 has a total call value of 66,400,000 versus a total put value of 9,123,738,800,000 Combined total value = 9,123,805,200,000

Strike 76600 has a total call value of 75,000,000 versus a total put value of 8,998,981,000,000 Combined total value = 8,999,056,000,000

Strike 76700 has a total call value of 83,600,000 versus a total put value of 8,874,224,000,000 Combined total value = 8,874,307,600,000

Strike 76800 has a total call value of 92,200,000 versus a total put value of 8,749,467,000,000 Combined total value = 8,749,559,200,000

Strike 76900 has a total call value of 100,800,000 versus a total put value of 8,624,710,000,000 Combined total value = 8,624,810,800,000

Strike 77000 has a total call value of 109,400,000 versus a total put value of 8,499,953,000,000 Combined total value = 8,500,062,400,000

Strike 77100 has a total call value of 118,000,000 versus a total put value of 8,375,318,600,000 Combined total value = 8,375,436,600,000

Strike 77200 has a total call value of 126,600,000 versus a total put value of 8,250,684,200,000 Combined total value = 8,250,810,800,000

Strike 77300 has a total call value of 135,200,000 versus a total put value of 8,126,051,800,000 Combined total value = 8,126,187,000,000

Strike 77400 has a total call value of 143,800,000 versus a total put value of 8,001,428,400,000 Combined total value = 8,001,572,200,000

Strike 77500 has a total call value of 152,400,000 versus a total put value of 7,876,809,600,000 Combined total value = 7,876,962,000,000

Strike 77600 has a total call value of 166,200,000 versus a total put value of 7,752,212,000,000 Combined total value = 7,752,378,200,000

Strike 77700 has a total call value of 180,000,000 versus a total put value of 7,627,616,600,000 Combined total value = 7,627,796,600,000

Strike 77800 has a total call value of 193,800,000 versus a total put value of 7,503,027,400,000 Combined total value = 7,503,221,200,000

Strike 77900 has a total call value of 207,600,000 versus a total put value of 7,378,439,800,000 Combined total value = 7,378,647,400,000

Strike 78000 has a total call value of 221,400,000 versus a total put value of 7,253,852,600,000 Combined total value = 7,254,074,000,000

Strike 78100 has a total call value of 236,800,000 versus a total put value of 7,129,534,000,000 Combined total value = 7,129,770,800,000

Strike 78200 has a total call value of 252,200,000 versus a total put value of 7,005,217,400,000 Combined total value = 7,005,469,600,000

Strike 78300 has a total call value of 267,600,000 versus a total put value of 6,880,901,800,000 Combined total value = 6,881,169,400,000

Strike 78400 has a total call value of 283,000,000 versus a total put value of 6,756,594,000,000 Combined total value = 6,756,877,000,000

Strike 78500 has a total call value of 298,400,000 versus a total put value of 6,632,299,200,000 Combined total value = 6,632,597,600,000

Strike 78600 has a total call value of 314,200,000 versus a total put value of 6,508,157,600,000 Combined total value = 6,508,471,800,000

Strike 78700 has a total call value of 330,000,000 versus a total put value of 6,384,034,000,000 Combined total value = 6,384,364,000,000

Strike 78800 has a total call value of 345,800,000 versus a total put value of 6,259,923,800,000 Combined total value = 6,260,269,600,000

Strike 78900 has a total call value of 361,600,000 versus a total put value of 6,135,821,600,000 Combined total value = 6,136,183,200,000

Strike 79000 has a total call value of 377,400,000 versus a total put value of 6,011,733,800,000 Combined total value = 6,012,111,200,000

Strike 79100 has a total call value of 396,200,000 versus a total put value of 5,888,453,800,000 Combined total value = 5,888,850,000,000

Strike 79200 has a total call value of 415,000,000 versus a total put value of 5,765,189,200,000 Combined total value = 5,765,604,200,000

Strike 79300 has a total call value of 433,800,000 versus a total put value of 5,641,951,800,000 Combined total value = 5,642,385,600,000

Strike 79400 has a total call value of 452,600,000 versus a total put value of 5,518,913,400,000 Combined total value = 5,519,366,000,000

Strike 79500 has a total call value of 471,400,000 versus a total put value of 5,395,926,600,000 Combined total value = 5,396,398,000,000

Strike 79600 has a total call value of 490,200,000 versus a total put value of 5,273,268,400,000 Combined total value = 5,273,758,600,000

Strike 79700 has a total call value of 509,000,000 versus a total put value of 5,150,611,600,000 Combined total value = 5,151,120,600,000

Strike 79800 has a total call value of 527,800,000 versus a total put value of 5,027,969,200,000 Combined total value = 5,028,497,000,000

Strike 79900 has a total call value of 546,600,000 versus a total put value of 4,905,338,600,000 Combined total value = 4,905,885,200,000

Strike 80000 has a total call value of 565,400,000 versus a total put value of 4,782,722,600,000 Combined total value = 4,783,288,000,000

Strike 80100 has a total call value of 597,800,000 versus a total put value of 4,662,001,200,000 Combined total value = 4,662,599,000,000

Strike 80200 has a total call value of 630,200,000 versus a total put value of 4,541,297,600,000 Combined total value = 4,541,927,800,000

Strike 80300 has a total call value of 662,600,000 versus a total put value of 4,420,625,800,000 Combined total value = 4,421,288,400,000

Strike 80400 has a total call value of 695,000,000 versus a total put value of 4,299,964,400,000 Combined total value = 4,300,659,400,000

Strike 80500 has a total call value of 727,400,000 versus a total put value of 4,179,364,400,000 Combined total value = 4,180,091,800,000

Strike 80600 has a total call value of 759,800,000 versus a total put value of 4,059,330,800,000 Combined total value = 4,060,090,600,000

Strike 80700 has a total call value of 792,200,000 versus a total put value of 3,939,343,600,000 Combined total value = 3,940,135,800,000

Strike 80800 has a total call value of 824,600,000 versus a total put value of 3,819,471,800,000 Combined total value = 3,820,296,400,000

Strike 80900 has a total call value of 857,000,000 versus a total put value of 3,699,668,800,000 Combined total value = 3,700,525,800,000

Strike 81000 has a total call value of 889,400,000 versus a total put value of 3,579,973,200,000 Combined total value = 3,580,862,600,000

Strike 81100 has a total call value of 968,400,000 versus a total put value of 3,463,432,600,000 Combined total value = 3,464,401,000,000

Strike 81200 has a total call value of 1,047,400,000 versus a total put value of 3,347,015,000,000 Combined total value = 3,348,062,400,000

Strike 81300 has a total call value of 1,126,400,000 versus a total put value of 3,230,737,800,000 Combined total value = 3,231,864,200,000

Strike 81400 has a total call value of 1,207,000,000 versus a total put value of 3,114,542,800,000 Combined total value = 3,115,749,800,000

Strike 81500 has a total call value of 1,287,600,000 versus a total put value of 2,998,485,200,000 Combined total value = 2,999,772,800,000

Strike 81600 has a total call value of 1,368,200,000 versus a total put value of 2,883,967,200,000 Combined total value = 2,885,335,400,000

Strike 81700 has a total call value of 1,448,800,000 versus a total put value of 2,769,688,600,000 Combined total value = 2,771,137,400,000

Strike 81800 has a total call value of 1,529,400,000 versus a total put value of 2,655,543,000,000 Combined total value = 2,657,072,400,000

Strike 81900 has a total call value of 1,610,000,000 versus a total put value of 2,541,607,200,000 Combined total value = 2,543,217,200,000

Strike 82000 has a total call value of 1,690,600,000 versus a total put value of 2,427,831,600,000 Combined total value = 2,429,522,200,000

Strike 82100 has a total call value of 1,784,000,000 versus a total put value of 2,320,394,600,000 Combined total value = 2,322,178,600,000

Strike 82200 has a total call value of 1,877,400,000 versus a total put value of 2,213,374,000,000 Combined total value = 2,215,251,400,000

Strike 82300 has a total call value of 1,970,800,000 versus a total put value of 2,106,869,200,000 Combined total value = 2,108,840,000,000

Strike 82400 has a total call value of 2,064,200,000 versus a total put value of 2,001,076,400,000 Combined total value = 2,003,140,600,000

Strike 82500 has a total call value of 2,160,800,000 versus a total put value of 1,895,642,400,000 Combined total value = 1,897,803,200,000

Strike 82600 has a total call value of 2,753,600,000 versus a total put value of 1,793,972,200,000 Combined total value = 1,796,725,800,000

Strike 82700 has a total call value of 3,346,800,000 versus a total put value of 1,693,171,400,000 Combined total value = 1,696,518,200,000

Strike 82800 has a total call value of 3,940,000,000 versus a total put value of 1,593,382,400,000 Combined total value = 1,597,322,400,000

Strike 82900 has a total call value of 4,546,200,000 versus a total put value of 1,494,313,400,000 Combined total value = 1,498,859,600,000

Strike 83000 has a total call value of 5,152,400,000 versus a total put value of 1,396,009,400,000 Combined total value = 1,401,161,800,000

Strike 83100 has a total call value of 6,250,800,000 versus a total put value of 1,305,436,200,000 Combined total value = 1,311,687,000,000

Strike 83200 has a total call value of 7,350,000,000 versus a total put value of 1,215,752,200,000 Combined total value = 1,223,102,200,000

Strike 83300 has a total call value of 8,450,000,000 versus a total put value of 1,127,073,400,000 Combined total value = 1,135,523,400,000

Strike 83400 has a total call value of 9,550,400,000 versus a total put value of 1,039,528,400,000 Combined total value = 1,049,078,800,000

Strike 83500 has a total call value of 10,653,200,000 versus a total put value of 953,277,200,000 Combined total value = 963,930,400,000

Strike 83600 has a total call value of 11,937,800,000 versus a total put value of 872,046,800,000 Combined total value = 883,984,600,000

Strike 83700 has a total call value of 13,232,600,000 versus a total put value of 793,037,200,000 Combined total value = 806,269,800,000

Strike 83800 has a total call value of 14,544,600,000 versus a total put value of 716,177,000,000 Combined total value = 730,721,600,000

Strike 83900 has a total call value of 15,874,600,000 versus a total put value of 641,725,400,000 Combined total value = 657,600,000,000

Strike 84000 has a total call value of 17,252,400,000 versus a total put value of 569,358,000,000 Combined total value = 586,610,400,000

Strike 84100 has a total call value of 19,051,800,000 versus a total put value of 504,588,200,000 Combined total value = 523,640,000,000

Strike 84200 has a total call value of 20,893,600,000 versus a total put value of 441,975,400,000 Combined total value = 462,869,000,000

Strike 84300 has a total call value of 22,849,600,000 versus a total put value of 382,532,600,000 Combined total value = 405,382,200,000

Strike 84400 has a total call value of 25,084,800,000 versus a total put value of 326,398,000,000 Combined total value = 351,482,800,000

Strike 84500 has a total call value of 27,691,400,000 versus a total put value of 273,075,400,000 Combined total value = 300,766,800,000

Strike 84600 has a total call value of 32,169,800,000 versus a total put value of 228,867,800,000 Combined total value = 261,037,600,000

Strike 84700 has a total call value of 38,054,400,000 versus a total put value of 189,469,800,000 Combined total value = 227,524,200,000

Strike 84800 has a total call value of 46,977,400,000 versus a total put value of 156,415,800,000 Combined total value = 203,393,200,000

Strike 84900 has a total call value of 59,575,600,000 versus a total put value of 128,098,800,000 Combined total value = 187,674,400,000

Strike 85000 has a total call value of 74,974,200,000 versus a total put value of 102,663,600,000 Combined total value = 177,637,800,000

Strike 85100 has a total call value of 98,705,400,000 versus a total put value of 83,731,200,000 Combined total value = 182,436,600,000

Strike 85200 has a total call value of 126,028,000,000 versus a total put value of 67,404,200,000 Combined total value = 193,432,200,000

Strike 85300 has a total call value of 157,372,200,000 versus a total put value of 52,923,800,000 Combined total value = 210,296,000,000

Strike 85400 has a total call value of 193,662,400,000 versus a total put value of 40,007,200,000 Combined total value = 233,669,600,000

Strike 85500 has a total call value of 235,664,000,000 versus a total put value of 28,723,000,000 Combined total value = 264,387,000,000

Strike 85600 has a total call value of 292,273,600,000 versus a total put value of 21,489,200,000 Combined total value = 313,762,800,000

Strike 85700 has a total call value of 357,059,200,000 versus a total put value of 16,213,200,000 Combined total value = 373,272,400,000

Strike 85800 has a total call value of 426,510,000,000 versus a total put value of 12,256,200,000 Combined total value = 438,766,200,000

Strike 85900 has a total call value of 503,040,200,000 versus a total put value of 9,536,600,000 Combined total value = 512,576,800,000

Strike 86000 has a total call value of 584,209,400,000 versus a total put value of 7,346,200,000 Combined total value = 591,555,600,000

Strike 86100 has a total call value of 677,740,200,000 versus a total put value of 6,316,600,000 Combined total value = 684,056,800,000

Strike 86200 has a total call value of 774,419,000,000 versus a total put value of 5,419,600,000 Combined total value = 779,838,600,000

Strike 86300 has a total call value of 874,824,400,000 versus a total put value of 4,580,200,000 Combined total value = 879,404,600,000

Strike 86400 has a total call value of 978,343,400,000 versus a total put value of 3,908,400,000 Combined total value = 982,251,800,000

Strike 86500 has a total call value of 1,084,737,200,000 versus a total put value of 3,290,600,000 Combined total value = 1,088,027,800,000

Strike 86600 has a total call value of 1,200,044,000,000 versus a total put value of 2,919,400,000 Combined total value = 1,202,963,400,000

Strike 86700 has a total call value of 1,318,483,800,000 versus a total put value of 2,591,400,000 Combined total value = 1,321,075,200,000

Strike 86800 has a total call value of 1,439,936,600,000 versus a total put value of 2,300,400,000 Combined total value = 1,442,237,000,000

Strike 86900 has a total call value of 1,563,679,600,000 versus a total put value of 2,026,200,000 Combined total value = 1,565,705,800,000

Strike 87000 has a total call value of 1,689,270,400,000 versus a total put value of 1,759,200,000 Combined total value = 1,691,029,600,000

Strike 87100 has a total call value of 1,824,269,600,000 versus a total put value of 1,669,600,000 Combined total value = 1,825,939,200,000

Strike 87200 has a total call value of 1,962,027,000,000 versus a total put value of 1,583,600,000 Combined total value = 1,963,610,600,000

Strike 87300 has a total call value of 2,101,956,000,000 versus a total put value of 1,501,400,000 Combined total value = 2,103,457,400,000

Strike 87400 has a total call value of 2,243,657,400,000 versus a total put value of 1,423,200,000 Combined total value = 2,245,080,600,000

Strike 87500 has a total call value of 2,388,134,800,000 versus a total put value of 1,347,000,000 Combined total value = 2,389,481,800,000

Strike 87600 has a total call value of 2,540,746,600,000 versus a total put value of 1,278,000,000 Combined total value = 2,542,024,600,000

Strike 87700 has a total call value of 2,695,029,600,000 versus a total put value of 1,211,800,000 Combined total value = 2,696,241,400,000

Strike 87800 has a total call value of 2,850,974,400,000 versus a total put value of 1,153,000,000 Combined total value = 2,852,127,400,000

Strike 87900 has a total call value of 3,008,287,200,000 versus a total put value of 1,094,400,000 Combined total value = 3,009,381,600,000

Strike 88000 has a total call value of 3,166,458,400,000 versus a total put value of 1,036,000,000 Combined total value = 3,167,494,400,000

Strike 88100 has a total call value of 3,335,481,000,000 versus a total put value of 984,600,000 Combined total value = 3,336,465,600,000

Strike 88200 has a total call value of 3,505,023,000,000 versus a total put value of 933,200,000 Combined total value = 3,505,956,200,000

Strike 88300 has a total call value of 3,675,357,800,000 versus a total put value of 881,800,000 Combined total value = 3,676,239,600,000

Strike 88400 has a total call value of 3,846,728,800,000 versus a total put value of 830,400,000 Combined total value = 3,847,559,200,000

Strike 88500 has a total call value of 4,018,687,400,000 versus a total put value of 779,000,000 Combined total value = 4,019,466,400,000

Strike 88600 has a total call value of 4,194,979,200,000 versus a total put value of 727,600,000 Combined total value = 4,195,706,800,000

Strike 88700 has a total call value of 4,373,255,600,000 versus a total put value of 676,200,000 Combined total value = 4,373,931,800,000

Strike 88800 has a total call value of 4,551,851,600,000 versus a total put value of 624,800,000 Combined total value = 4,552,476,400,000

Strike 88900 has a total call value of 4,730,756,200,000 versus a total put value of 573,400,000 Combined total value = 4,731,329,600,000

Strike 89000 has a total call value of 4,909,835,600,000 versus a total put value of 522,000,000 Combined total value = 4,910,357,600,000

Strike 89100 has a total call value of 5,094,888,000,000 versus a total put value of 483,600,000 Combined total value = 5,095,371,600,000

Strike 89200 has a total call value of 5,280,108,400,000 versus a total put value of 445,200,000 Combined total value = 5,280,553,600,000

Strike 89300 has a total call value of 5,465,432,400,000 versus a total put value of 406,800,000 Combined total value = 5,465,839,200,000

Strike 89400 has a total call value of 5,650,803,600,000 versus a total put value of 368,400,000 Combined total value = 5,651,172,000,000

Strike 89500 has a total call value of 5,836,297,400,000 versus a total put value of 330,000,000 Combined total value = 5,836,627,400,000

Strike 89600 has a total call value of 6,023,662,200,000 versus a total put value of 291,600,000 Combined total value = 6,023,953,800,000

Strike 89700 has a total call value of 6,211,117,600,000 versus a total put value of 253,200,000 Combined total value = 6,211,370,800,000

Strike 89800 has a total call value of 6,398,654,000,000 versus a total put value of 214,800,000 Combined total value = 6,398,868,800,000

Strike 89900 has a total call value of 6,586,205,400,000 versus a total put value of 176,400,000 Combined total value = 6,586,381,800,000

Strike 90000 has a total call value of 6,773,890,000,000 versus a total put value of 138,000,000 Combined total value = 6,774,028,000,000

Strike 90100 has a total call value of 6,965,028,200,000 versus a total put value of 124,200,000 Combined total value = 6,965,152,400,000

Strike 90200 has a total call value of 7,156,199,600,000 versus a total put value of 110,400,000 Combined total value = 7,156,310,000,000

Strike 90300 has a total call value of 7,347,408,200,000 versus a total put value of 96,600,000 Combined total value = 7,347,504,800,000

Strike 90400 has a total call value of 7,538,643,600,000 versus a total put value of 82,800,000 Combined total value = 7,538,726,400,000

Strike 90500 has a total call value of 7,729,922,600,000 versus a total put value of 69,000,000 Combined total value = 7,729,991,600,000

Strike 90600 has a total call value of 7,922,348,600,000 versus a total put value of 55,200,000 Combined total value = 7,922,403,800,000

Strike 90700 has a total call value of 8,114,804,400,000 versus a total put value of 41,400,000 Combined total value = 8,114,845,800,000

Strike 90800 has a total call value of 8,307,265,600,000 versus a total put value of 27,600,000 Combined total value = 8,307,293,200,000

Strike 90900 has a total call value of 8,499,803,800,000 versus a total put value of 13,800,000 Combined total value = 8,499,817,600,000

Strike 91000 has a total call value of 8,692,398,200,000 versus a total put value of 0 Combined total value = 8,692,398,200,000

Strike 91100 has a total call value of 8,886,342,800,000 versus a total put value of 0 Combined total value = 8,886,342,800,000

Strike 91200 has a total call value of 9,080,350,000,000 versus a total put value of 0 Combined total value = 9,080,350,000,000

Strike 91300 has a total call value of 9,274,363,800,000 versus a total put value of 0 Combined total value = 9,274,363,800,000

Strike 91400 has a total call value of 9,468,394,800,000 versus a total put value of 0 Combined total value = 9,468,394,800,000

Strike 91500 has a total call value of 9,662,432,800,000 versus a total put value of 0 Combined total value = 9,662,432,800,000

Strike 91600 has a total call value of 9,856,591,400,000 versus a total put value of 0 Combined total value = 9,856,591,400,000

Strike 91700 has a total call value of 10,050,758,000,000 versus a total put value of 0 Combined total value = 10,050,758,000,000

Strike 91800 has a total call value of 10,244,953,000,000 versus a total put value of 0 Combined total value = 10,244,953,000,000

Strike 91900 has a total call value of 10,439,185,000,000 versus a total put value of 0 Combined total value = 10,439,185,000,000

Strike 92000 has a total call value of 10,633,424,000,000 versus a total put value of 0 Combined total value = 10,633,424,000,000

Strike 92100 has a total call value of 10,829,304,000,000 versus a total put value of 0 Combined total value = 10,829,304,000,000

Strike 92200 has a total call value of 11,025,213,200,000 versus a total put value of 0 Combined total value = 11,025,213,200,000

Strike 92300 has a total call value of 11,221,129,800,000 versus a total put value of 0 Combined total value = 11,221,129,800,000

Strike 92400 has a total call value of 11,417,064,200,000 versus a total put value of 0 Combined total value = 11,417,064,200,000

Strike 92500 has a total call value of 11,613,007,800,000 versus a total put value of 0 Combined total value = 11,613,007,800,000

Strike 92600 has a total call value of 11,809,668,000,000 versus a total put value of 0 Combined total value = 11,809,668,000,000

Strike 92700 has a total call value of 12,006,342,200,000 versus a total put value of 0 Combined total value = 12,006,342,200,000

Strike 92800 has a total call value of 12,203,055,200,000 versus a total put value of 0 Combined total value = 12,203,055,200,000

Strike 92900 has a total call value of 12,399,820,800,000 versus a total put value of 0 Combined total value = 12,399,820,800,000

Strike 93000 has a total call value of 12,596,621,600,000 versus a total put value of 0 Combined total value = 12,596,621,600,000

Strike 93100 has a total call value of 12,794,441,800,000 versus a total put value of 0 Combined total value = 12,794,441,800,000

Strike 93200 has a total call value of 12,992,347,800,000 versus a total put value of 0 Combined total value = 12,992,347,800,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1126	1140
ABB	5000	5100
ABCAPITAL	356	350
ADANIENSOL	954.5	960
ADANIENT	2202.4	2260
ADANIGREEN	989.6	1020
ADANIPORTS	1471.8	1500
ALKEM	5564	5500
AMBER	6393.5	6500
AMBUJACEM	525.8	540
ANGELONE	2497.8	2600
APLAPOLLO	1731.6	1740
APOLLOHOSP	7071.5	7300
ASHOKLEY	157.07	159
ASIANPAINT	2832.5	2900
ASTRAL	1429.8	1460
AUBANK	953.5	950
AUROPHARMA	1170.6	1220
AXISBANK	1269.1	1280
BAJAJ-AUTO	8937	9000
BAJAJFINSV	2050.2	2060
BAJFINANCE	1023.4	1030
BANDHANBNK	135.32	150
BANKBARODA	282.7	290
BANKINDIA	136.89	140
BDL	1405	1480
BEL	384.5	405
BHARATFORG	1355.3	1400
BHARTIARTL	2092.9	2100
BHEL	272.1	277.5
BIOCON	380	395
BLUESTARCO	1716.5	1700
BOSCHLTD	36425	36500
BPCL	356.35	360
BRITANNIA	5799	5800
BSE	2757.9	2800
CAMS	740.9	760
CANBK	141.5	147
CDSL	1485	1560
CGPOWER	639.3	670
CHOLAFIN	1711.8	1700
CIPLA	1498.2	1520
COALINDIA	374.45	380
COFORGE	1888	1880
COLPAL	2144	2200
CONCOR	495.3	510
CROMPTON	250.5	265
CUMMINSIND	4421.4	4500
CYIENT	1130.6	1140
DABUR	499.55	510
DALBHARAT	1966.6	2000
DELHIVERY	395.65	410
DIVISLAB	6300	6400
DIXON	13370	14000
DLF	683.1	710
DMART	3878.6	4000
DRREDDY	1254.6	1270
EICHERMOT	7096	7100
ETERNAL	282.75	300
EXIDEIND	369.2	375
FEDERALBNK	256.35	257.5
FORTIS	852.95	890
GAIL	165.23	175
GLENMARK	1898	1940
GMRAIRPORT	98.98	100
GODREJCP	1111.3	1140
GODREJPROP	1969.5	2000
GRASIM	2738.9	2760
HAL	4213	4500
HAVELLS	1393.1	1440
HCLTECH	1673.2	1660
HDFCAMC	2531	2600
HDFCBANK	1001.6	1000
HDFCLIFE	757	770
HEROMOTOCO	6077	6200
HFCL	65.69	67
HINDALCO	807.6	800
HINDPETRO	445.35	450
HINDUNILVR	2323.5	2340
HINDZINC	483.15	490
HUDCO	211	225
ICICIBANK	1382.7	1380
ICICIGI	1942.8	2000
ICICIPRULI	617.45	620
IDEA	10.18	10
IDFCFIRSTB	79.06	80
IEX	141.06	145
IIFL	547.55	560
INDHOTEL	714.35	730
INDIANB	771.7	810
INDIGO	4925	5200
INDUSINDBK	835.05	860
INDUSTOWER	399.7	410
INFY	1597.6	1600
INOXWIND	122.51	130
IOC	162.59	163
IRCTC	659.4	680
IREDA	129.9	135
IRFC	110.73	113
ITC	400.55	405
JINDALSTEL	984.1	1010
JIOFIN	292.1	305
JSWENERGY	448.25	470
JSWSTEEL	1115.4	1140
JUBLFOOD	579.05	590
KALYANKJIL	467.4	490
KAYNES	3784.5	4800
KEI	4031.9	4100
KFINTECH	1030	1080
KOTAKBANK	2124.8	2120
KPITTECH	1204.2	1220
LAURUSLABS	996.9	1000
LICHSGFIN	521.15	550
LICI	852	870
LODHA	1061.4	1120
LT	3974.4	4000
LTF	298.05	300
LTIM	6231.5	6300
LUPIN	2060.7	2080
M&M	3633.9	3700
MANAPPURAM	269.4	275
MANKIND	2170.1	2200
MARICO	724.7	730
MARUTI	16075	16100
MAXHEALTH	1067.7	1100
MAZDOCK	2424.2	2600
MCX	10133	10100
MFSL	1683.2	1700
MOTHERSON	113.87	114
MPHASIS	2884.5	2900
MUTHOOTFIN	3735.2	3700
NATIONALUM	261.25	265
NAUKRI	1349	1380
NBCC	106.81	112
NCC	160.96	170
NESTLEIND	1208.6	1240
NHPC	75.63	78
NMDC	73.49	76
NTPC	317.55	322.5
NUVAMA	7055.5	7200
NYKAA	247.95	260
OBEROIRLTY	1622.4	1600
OFSS	7945.5	8200
OIL	400.85	405
ONGC	237.49	240
PAGEIND	36845	37500
PATANJALI	542.85	550
PAYTM	1303.4	1320
PERSISTENT	6277.5	6400
PETRONET	267.65	275
PFC	338.8	360
PGEL	531.6	540
PHOENIXLTD	1705.1	1720
PIDILITIND	1444.3	1480
PIIND	3265.5	3400
PNB	115.54	120
PNBHOUSING	863.15	900
POLICYBZR	1904.2	1900
POLYCAB	6986	7200
POWERGRID	264	270
POWERINDIA	18855	19500
PPLPHARMA	172	180
PRESTIGE	1598.1	1620
RBLBANK	296.1	300
RECLTD	338.25	355
RELIANCE	1525.2	1540
RVNL	301.8	310
SAIL	127.95	132
SAMMAANCAP	139.51	155
SBICARD	863	860
SBILIFE	2002.5	2020
SBIN	954.15	965
SHREECEM	25930	26500
SHRIRAMFIN	826.55	830
SIEMENS	3139.3	3250
SOLARINDS	12270	13000
SONACOMS	478	500
SRF	2830.5	2900
SUNPHARMA	1792.4	1800
SUPREMEIND	3317.5	3300
SUZLON	51.24	54
SYNGENE	625.3	630
TATACONSUM	1138.1	1150
TATAELXSI	4995.5	5200
TATAMOTORS	0	320
TATAPOWER	372.4	390
TATASTEEL	161.6	170
TATATECH	644.55	660
TCS	3205	3200
TECHM	1578.3	1540
TIINDIA	2550.3	2650
TITAGARH	752.8	800
TITAN	3766.8	3840
TMPV	344.15	360
TORNTPHARM	3739.6	3750
TORNTPOWER	1238.9	1300
TRENT	4005	4300
TVSMOTOR	3570.8	3600
ULTRACEMCO	11429	11600
UNIONBANK	146.38	150
UNITDSPR	1416.4	1430
UNOMINDA	1242.1	1280
UPL	732.5	750
VBL	462.6	470
VEDL	505.1	520
VOLTAS	1313.1	1340
WIPRO	258.86	257.5
YESBANK	21.71	23
ZYDUSLIFE	917.85	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