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

85063.09 -204.57 (-0.24%)

L: 84840.32 H: 85156.83

Max Pain - SENSEX

15 Dec 2025 11:17 AM IST

Live

Expiry

Max Pain for SENSEX is 85000

Historical data for SENSEX-85000-CE

LTP (85000 CE)

403 -175.65

Open Interest

52026 32463

Historical data for SENSEX-85000-PE

LTP (85000 PE)

293.7 74.75

Open Interest

64341 38244

Strike 75700 has a total call value of 0 versus a total put value of 10,962,819,200,000 Combined total value = 10,962,819,200,000

Strike 75800 has a total call value of 200,000 versus a total put value of 10,823,362,400,000 Combined total value = 10,823,362,600,000

Strike 75900 has a total call value of 400,000 versus a total put value of 10,683,905,600,000 Combined total value = 10,683,906,000,000

Strike 76000 has a total call value of 600,000 versus a total put value of 10,544,448,800,000 Combined total value = 10,544,449,400,000

Strike 76100 has a total call value of 1,600,000 versus a total put value of 10,405,145,000,000 Combined total value = 10,405,146,600,000

Strike 76200 has a total call value of 2,600,000 versus a total put value of 10,265,841,600,000 Combined total value = 10,265,844,200,000

Strike 76300 has a total call value of 3,600,000 versus a total put value of 10,126,538,200,000 Combined total value = 10,126,541,800,000

Strike 76400 has a total call value of 4,600,000 versus a total put value of 9,987,234,800,000 Combined total value = 9,987,239,400,000

Strike 76500 has a total call value of 5,600,000 versus a total put value of 9,847,942,400,000 Combined total value = 9,847,948,000,000

Strike 76600 has a total call value of 6,600,000 versus a total put value of 9,708,747,400,000 Combined total value = 9,708,754,000,000

Strike 76700 has a total call value of 7,600,000 versus a total put value of 9,569,552,400,000 Combined total value = 9,569,560,000,000

Strike 76800 has a total call value of 8,600,000 versus a total put value of 9,430,362,800,000 Combined total value = 9,430,371,400,000

Strike 76900 has a total call value of 9,600,000 versus a total put value of 9,291,188,800,000 Combined total value = 9,291,198,400,000

Strike 77000 has a total call value of 10,600,000 versus a total put value of 9,152,015,000,000 Combined total value = 9,152,025,600,000

Strike 77100 has a total call value of 11,600,000 versus a total put value of 9,013,281,000,000 Combined total value = 9,013,292,600,000

Strike 77200 has a total call value of 12,600,000 versus a total put value of 8,874,562,200,000 Combined total value = 8,874,574,800,000

Strike 77300 has a total call value of 13,600,000 versus a total put value of 8,735,846,600,000 Combined total value = 8,735,860,200,000

Strike 77400 has a total call value of 14,600,000 versus a total put value of 8,597,135,200,000 Combined total value = 8,597,149,800,000

Strike 77500 has a total call value of 15,600,000 versus a total put value of 8,458,424,400,000 Combined total value = 8,458,440,000,000

Strike 77600 has a total call value of 21,800,000 versus a total put value of 8,319,804,600,000 Combined total value = 8,319,826,400,000

Strike 77700 has a total call value of 28,000,000 versus a total put value of 8,181,184,800,000 Combined total value = 8,181,212,800,000

Strike 77800 has a total call value of 34,200,000 versus a total put value of 8,042,565,000,000 Combined total value = 8,042,599,200,000

Strike 77900 has a total call value of 40,400,000 versus a total put value of 7,903,948,000,000 Combined total value = 7,903,988,400,000

Strike 78000 has a total call value of 46,600,000 versus a total put value of 7,765,335,400,000 Combined total value = 7,765,382,000,000

Strike 78100 has a total call value of 54,000,000 versus a total put value of 7,627,573,600,000 Combined total value = 7,627,627,600,000

Strike 78200 has a total call value of 61,400,000 versus a total put value of 7,489,814,000,000 Combined total value = 7,489,875,400,000

Strike 78300 has a total call value of 68,800,000 versus a total put value of 7,352,054,400,000 Combined total value = 7,352,123,200,000

Strike 78400 has a total call value of 76,200,000 versus a total put value of 7,214,321,000,000 Combined total value = 7,214,397,200,000

Strike 78500 has a total call value of 83,600,000 versus a total put value of 7,076,594,000,000 Combined total value = 7,076,677,600,000

Strike 78600 has a total call value of 91,600,000 versus a total put value of 6,939,166,600,000 Combined total value = 6,939,258,200,000

Strike 78700 has a total call value of 99,600,000 versus a total put value of 6,801,747,800,000 Combined total value = 6,801,847,400,000

Strike 78800 has a total call value of 107,600,000 versus a total put value of 6,664,329,000,000 Combined total value = 6,664,436,600,000

Strike 78900 has a total call value of 115,600,000 versus a total put value of 6,526,910,600,000 Combined total value = 6,527,026,200,000

Strike 79000 has a total call value of 123,600,000 versus a total put value of 6,389,493,800,000 Combined total value = 6,389,617,400,000

Strike 79100 has a total call value of 133,800,000 versus a total put value of 6,253,378,200,000 Combined total value = 6,253,512,000,000

Strike 79200 has a total call value of 144,000,000 versus a total put value of 6,117,281,200,000 Combined total value = 6,117,425,200,000

Strike 79300 has a total call value of 154,200,000 versus a total put value of 5,981,215,600,000 Combined total value = 5,981,369,800,000

Strike 79400 has a total call value of 164,400,000 versus a total put value of 5,845,198,000,000 Combined total value = 5,845,362,400,000

Strike 79500 has a total call value of 174,600,000 versus a total put value of 5,709,200,600,000 Combined total value = 5,709,375,200,000

Strike 79600 has a total call value of 184,800,000 versus a total put value of 5,573,768,200,000 Combined total value = 5,573,953,000,000

Strike 79700 has a total call value of 195,000,000 versus a total put value of 5,438,350,200,000 Combined total value = 5,438,545,200,000

Strike 79800 has a total call value of 205,200,000 versus a total put value of 5,302,944,000,000 Combined total value = 5,303,149,200,000

Strike 79900 has a total call value of 215,400,000 versus a total put value of 5,167,597,200,000 Combined total value = 5,167,812,600,000

Strike 80000 has a total call value of 225,600,000 versus a total put value of 5,032,299,000,000 Combined total value = 5,032,524,600,000

Strike 80100 has a total call value of 252,400,000 versus a total put value of 4,900,380,200,000 Combined total value = 4,900,632,600,000

Strike 80200 has a total call value of 279,200,000 versus a total put value of 4,768,538,000,000 Combined total value = 4,768,817,200,000

Strike 80300 has a total call value of 306,000,000 versus a total put value of 4,636,742,200,000 Combined total value = 4,637,048,200,000

Strike 80400 has a total call value of 332,800,000 versus a total put value of 4,504,985,600,000 Combined total value = 4,505,318,400,000

Strike 80500 has a total call value of 359,600,000 versus a total put value of 4,373,276,600,000 Combined total value = 4,373,636,200,000

Strike 80600 has a total call value of 386,400,000 versus a total put value of 4,242,964,600,000 Combined total value = 4,243,351,000,000

Strike 80700 has a total call value of 413,200,000 versus a total put value of 4,112,923,200,000 Combined total value = 4,113,336,400,000

Strike 80800 has a total call value of 440,000,000 versus a total put value of 3,983,192,400,000 Combined total value = 3,983,632,400,000

Strike 80900 has a total call value of 466,800,000 versus a total put value of 3,853,600,200,000 Combined total value = 3,854,067,000,000

Strike 81000 has a total call value of 493,600,000 versus a total put value of 3,724,074,400,000 Combined total value = 3,724,568,000,000

Strike 81100 has a total call value of 552,200,000 versus a total put value of 3,598,795,000,000 Combined total value = 3,599,347,200,000

Strike 81200 has a total call value of 610,800,000 versus a total put value of 3,473,582,600,000 Combined total value = 3,474,193,400,000

Strike 81300 has a total call value of 669,400,000 versus a total put value of 3,348,729,800,000 Combined total value = 3,349,399,200,000

Strike 81400 has a total call value of 728,000,000 versus a total put value of 3,223,953,400,000 Combined total value = 3,224,681,400,000

Strike 81500 has a total call value of 787,600,000 versus a total put value of 3,099,490,000,000 Combined total value = 3,100,277,600,000

Strike 81600 has a total call value of 860,200,000 versus a total put value of 2,979,492,200,000 Combined total value = 2,980,352,400,000

Strike 81700 has a total call value of 932,800,000 versus a total put value of 2,859,826,800,000 Combined total value = 2,860,759,600,000

Strike 81800 has a total call value of 1,005,400,000 versus a total put value of 2,741,213,400,000 Combined total value = 2,742,218,800,000

Strike 81900 has a total call value of 1,078,000,000 versus a total put value of 2,623,091,800,000 Combined total value = 2,624,169,800,000

Strike 82000 has a total call value of 1,150,600,000 versus a total put value of 2,505,568,000,000 Combined total value = 2,506,718,600,000

Strike 82100 has a total call value of 1,241,200,000 versus a total put value of 2,395,206,000,000 Combined total value = 2,396,447,200,000

Strike 82200 has a total call value of 1,332,000,000 versus a total put value of 2,285,335,000,000 Combined total value = 2,286,667,000,000

Strike 82300 has a total call value of 1,426,400,000 versus a total put value of 2,175,766,400,000 Combined total value = 2,177,192,800,000

Strike 82400 has a total call value of 1,523,200,000 versus a total put value of 2,066,851,400,000 Combined total value = 2,068,374,600,000

Strike 82500 has a total call value of 1,620,000,000 versus a total put value of 1,958,601,200,000 Combined total value = 1,960,221,200,000

Strike 82600 has a total call value of 2,196,000,000 versus a total put value of 1,854,776,000,000 Combined total value = 1,856,972,000,000

Strike 82700 has a total call value of 2,774,600,000 versus a total put value of 1,751,590,600,000 Combined total value = 1,754,365,200,000

Strike 82800 has a total call value of 3,356,000,000 versus a total put value of 1,649,039,600,000 Combined total value = 1,652,395,600,000

Strike 82900 has a total call value of 3,937,400,000 versus a total put value of 1,548,055,600,000 Combined total value = 1,551,993,000,000

Strike 83000 has a total call value of 4,521,000,000 versus a total put value of 1,447,753,600,000 Combined total value = 1,452,274,600,000

Strike 83100 has a total call value of 5,946,400,000 versus a total put value of 1,353,841,200,000 Combined total value = 1,359,787,600,000

Strike 83200 has a total call value of 7,376,400,000 versus a total put value of 1,261,060,000,000 Combined total value = 1,268,436,400,000

Strike 83300 has a total call value of 8,807,400,000 versus a total put value of 1,170,306,400,000 Combined total value = 1,179,113,800,000

Strike 83400 has a total call value of 10,239,600,000 versus a total put value of 1,080,970,000,000 Combined total value = 1,091,209,600,000

Strike 83500 has a total call value of 11,675,400,000 versus a total put value of 992,704,400,000 Combined total value = 1,004,379,800,000

Strike 83600 has a total call value of 13,154,800,000 versus a total put value of 908,331,800,000 Combined total value = 921,486,600,000

Strike 83700 has a total call value of 14,639,800,000 versus a total put value of 825,659,200,000 Combined total value = 840,299,000,000

Strike 83800 has a total call value of 16,165,400,000 versus a total put value of 745,355,400,000 Combined total value = 761,520,800,000

Strike 83900 has a total call value of 17,725,400,000 versus a total put value of 667,780,000,000 Combined total value = 685,505,400,000

Strike 84000 has a total call value of 19,309,800,000 versus a total put value of 591,868,600,000 Combined total value = 611,178,400,000

Strike 84100 has a total call value of 21,263,200,000 versus a total put value of 522,642,800,000 Combined total value = 543,906,000,000

Strike 84200 has a total call value of 23,309,000,000 versus a total put value of 455,736,200,000 Combined total value = 479,045,200,000

Strike 84300 has a total call value of 25,462,600,000 versus a total put value of 391,829,600,000 Combined total value = 417,292,200,000

Strike 84400 has a total call value of 27,772,600,000 versus a total put value of 330,156,200,000 Combined total value = 357,928,800,000

Strike 84500 has a total call value of 30,305,200,000 versus a total put value of 270,952,600,000 Combined total value = 301,257,800,000

Strike 84600 has a total call value of 34,216,200,000 versus a total put value of 218,751,600,000 Combined total value = 252,967,800,000

Strike 84700 has a total call value of 38,747,000,000 versus a total put value of 170,190,400,000 Combined total value = 208,937,400,000

Strike 84800 has a total call value of 44,223,000,000 versus a total put value of 125,951,200,000 Combined total value = 170,174,200,000

Strike 84900 has a total call value of 51,499,600,000 versus a total put value of 87,926,800,000 Combined total value = 139,426,400,000

Strike 85000 has a total call value of 61,884,000,000 versus a total put value of 57,307,800,000 Combined total value = 119,191,800,000

Strike 85100 has a total call value of 82,673,600,000 versus a total put value of 39,557,000,000 Combined total value = 122,230,600,000

Strike 85200 has a total call value of 108,585,200,000 versus a total put value of 27,826,800,000 Combined total value = 136,412,000,000

Strike 85300 has a total call value of 141,624,400,000 versus a total put value of 20,370,400,000 Combined total value = 161,994,800,000

Strike 85400 has a total call value of 179,325,200,000 versus a total put value of 15,674,800,000 Combined total value = 195,000,000,000

Strike 85500 has a total call value of 220,476,600,000 versus a total put value of 11,919,600,000 Combined total value = 232,396,200,000

Strike 85600 has a total call value of 268,238,400,000 versus a total put value of 9,807,000,000 Combined total value = 278,045,400,000

Strike 85700 has a total call value of 318,607,400,000 versus a total put value of 8,095,800,000 Combined total value = 326,703,200,000

Strike 85800 has a total call value of 371,285,200,000 versus a total put value of 6,723,600,000 Combined total value = 378,008,800,000

Strike 85900 has a total call value of 426,880,800,000 versus a total put value of 5,563,200,000 Combined total value = 432,444,000,000

Strike 86000 has a total call value of 484,917,800,000 versus a total put value of 4,516,200,000 Combined total value = 489,434,000,000

Strike 86100 has a total call value of 548,947,000,000 versus a total put value of 3,967,400,000 Combined total value = 552,914,400,000

Strike 86200 has a total call value of 615,044,800,000 versus a total put value of 3,465,000,000 Combined total value = 618,509,800,000

Strike 86300 has a total call value of 683,923,800,000 versus a total put value of 3,006,000,000 Combined total value = 686,929,800,000

Strike 86400 has a total call value of 755,597,600,000 versus a total put value of 2,585,800,000 Combined total value = 758,183,400,000

Strike 86500 has a total call value of 830,027,800,000 versus a total put value of 2,212,800,000 Combined total value = 832,240,600,000

Strike 86600 has a total call value of 909,764,800,000 versus a total put value of 2,051,000,000 Combined total value = 911,815,800,000

Strike 86700 has a total call value of 991,572,600,000 versus a total put value of 1,898,800,000 Combined total value = 993,471,400,000

Strike 86800 has a total call value of 1,075,452,000,000 versus a total put value of 1,773,400,000 Combined total value = 1,077,225,400,000

Strike 86900 has a total call value of 1,161,971,000,000 versus a total put value of 1,662,000,000 Combined total value = 1,163,633,000,000

Strike 87000 has a total call value of 1,250,195,800,000 versus a total put value of 1,565,600,000 Combined total value = 1,251,761,400,000

Strike 87100 has a total call value of 1,344,525,000,000 versus a total put value of 1,505,800,000 Combined total value = 1,346,030,800,000

Strike 87200 has a total call value of 1,439,913,800,000 versus a total put value of 1,447,600,000 Combined total value = 1,441,361,400,000

Strike 87300 has a total call value of 1,536,548,000,000 versus a total put value of 1,390,200,000 Combined total value = 1,537,938,200,000

Strike 87400 has a total call value of 1,634,594,400,000 versus a total put value of 1,333,600,000 Combined total value = 1,635,928,000,000

Strike 87500 has a total call value of 1,733,429,400,000 versus a total put value of 1,277,000,000 Combined total value = 1,734,706,400,000

Strike 87600 has a total call value of 1,837,713,400,000 versus a total put value of 1,220,400,000 Combined total value = 1,838,933,800,000

Strike 87700 has a total call value of 1,944,883,800,000 versus a total put value of 1,163,800,000 Combined total value = 1,946,047,600,000

Strike 87800 has a total call value of 2,053,016,400,000 versus a total put value of 1,107,200,000 Combined total value = 2,054,123,600,000

Strike 87900 has a total call value of 2,161,665,200,000 versus a total put value of 1,050,600,000 Combined total value = 2,162,715,800,000

Strike 88000 has a total call value of 2,271,072,600,000 versus a total put value of 994,000,000 Combined total value = 2,272,066,600,000

Strike 88100 has a total call value of 2,385,515,200,000 versus a total put value of 944,800,000 Combined total value = 2,386,460,000,000

Strike 88200 has a total call value of 2,500,195,200,000 versus a total put value of 895,600,000 Combined total value = 2,501,090,800,000

Strike 88300 has a total call value of 2,615,104,800,000 versus a total put value of 846,400,000 Combined total value = 2,615,951,200,000

Strike 88400 has a total call value of 2,730,637,400,000 versus a total put value of 797,200,000 Combined total value = 2,731,434,600,000

Strike 88500 has a total call value of 2,846,819,200,000 versus a total put value of 748,000,000 Combined total value = 2,847,567,200,000

Strike 88600 has a total call value of 2,966,044,000,000 versus a total put value of 698,800,000 Combined total value = 2,966,742,800,000

Strike 88700 has a total call value of 3,085,654,200,000 versus a total put value of 649,600,000 Combined total value = 3,086,303,800,000

Strike 88800 has a total call value of 3,205,702,400,000 versus a total put value of 600,400,000 Combined total value = 3,206,302,800,000

Strike 88900 has a total call value of 3,326,022,800,000 versus a total put value of 551,200,000 Combined total value = 3,326,574,000,000

Strike 89000 has a total call value of 3,446,517,800,000 versus a total put value of 502,000,000 Combined total value = 3,447,019,800,000

Strike 89100 has a total call value of 3,570,769,200,000 versus a total put value of 465,400,000 Combined total value = 3,571,234,600,000

Strike 89200 has a total call value of 3,695,124,200,000 versus a total put value of 428,800,000 Combined total value = 3,695,553,000,000

Strike 89300 has a total call value of 3,819,567,600,000 versus a total put value of 392,200,000 Combined total value = 3,819,959,800,000

Strike 89400 has a total call value of 3,944,061,400,000 versus a total put value of 355,600,000 Combined total value = 3,944,417,000,000

Strike 89500 has a total call value of 4,068,591,800,000 versus a total put value of 319,000,000 Combined total value = 4,068,910,800,000

Strike 89600 has a total call value of 4,194,363,000,000 versus a total put value of 282,400,000 Combined total value = 4,194,645,400,000

Strike 89700 has a total call value of 4,320,235,600,000 versus a total put value of 245,800,000 Combined total value = 4,320,481,400,000

Strike 89800 has a total call value of 4,446,134,200,000 versus a total put value of 209,200,000 Combined total value = 4,446,343,400,000

Strike 89900 has a total call value of 4,572,060,200,000 versus a total put value of 172,600,000 Combined total value = 4,572,232,800,000

Strike 90000 has a total call value of 4,698,042,400,000 versus a total put value of 136,000,000 Combined total value = 4,698,178,400,000

Strike 90100 has a total call value of 4,828,443,200,000 versus a total put value of 122,400,000 Combined total value = 4,828,565,600,000

Strike 90200 has a total call value of 4,958,860,800,000 versus a total put value of 108,800,000 Combined total value = 4,958,969,600,000

Strike 90300 has a total call value of 5,089,323,400,000 versus a total put value of 95,200,000 Combined total value = 5,089,418,600,000

Strike 90400 has a total call value of 5,219,793,000,000 versus a total put value of 81,600,000 Combined total value = 5,219,874,600,000

Strike 90500 has a total call value of 5,350,298,000,000 versus a total put value of 68,000,000 Combined total value = 5,350,366,000,000

Strike 90600 has a total call value of 5,480,967,200,000 versus a total put value of 54,400,000 Combined total value = 5,481,021,600,000

Strike 90700 has a total call value of 5,611,643,000,000 versus a total put value of 40,800,000 Combined total value = 5,611,683,800,000

Strike 90800 has a total call value of 5,742,324,200,000 versus a total put value of 27,200,000 Combined total value = 5,742,351,400,000

Strike 90900 has a total call value of 5,873,012,400,000 versus a total put value of 13,600,000 Combined total value = 5,873,026,000,000

Strike 91000 has a total call value of 6,003,707,200,000 versus a total put value of 0 Combined total value = 6,003,707,200,000

Strike 91100 has a total call value of 6,134,925,200,000 versus a total put value of 0 Combined total value = 6,134,925,200,000

Strike 91200 has a total call value of 6,266,143,400,000 versus a total put value of 0 Combined total value = 6,266,143,400,000

Strike 91300 has a total call value of 6,397,369,600,000 versus a total put value of 0 Combined total value = 6,397,369,600,000

Strike 91400 has a total call value of 6,528,595,800,000 versus a total put value of 0 Combined total value = 6,528,595,800,000

Strike 91500 has a total call value of 6,659,822,000,000 versus a total put value of 0 Combined total value = 6,659,822,000,000

Strike 91600 has a total call value of 6,791,167,600,000 versus a total put value of 0 Combined total value = 6,791,167,600,000

Strike 91700 has a total call value of 6,922,513,200,000 versus a total put value of 0 Combined total value = 6,922,513,200,000

Strike 91800 has a total call value of 7,053,862,000,000 versus a total put value of 0 Combined total value = 7,053,862,000,000

Strike 91900 has a total call value of 7,185,241,800,000 versus a total put value of 0 Combined total value = 7,185,241,800,000

Strike 92000 has a total call value of 7,316,649,000,000 versus a total put value of 0 Combined total value = 7,316,649,000,000

Strike 92100 has a total call value of 7,448,898,800,000 versus a total put value of 0 Combined total value = 7,448,898,800,000

Strike 92200 has a total call value of 7,581,149,200,000 versus a total put value of 0 Combined total value = 7,581,149,200,000

Strike 92300 has a total call value of 7,713,402,200,000 versus a total put value of 0 Combined total value = 7,713,402,200,000

Strike 92400 has a total call value of 7,845,661,600,000 versus a total put value of 0 Combined total value = 7,845,661,600,000

Strike 92500 has a total call value of 7,977,970,200,000 versus a total put value of 0 Combined total value = 7,977,970,200,000

Strike 92600 has a total call value of 8,110,328,000,000 versus a total put value of 0 Combined total value = 8,110,328,000,000

Strike 92700 has a total call value of 8,242,732,400,000 versus a total put value of 0 Combined total value = 8,242,732,400,000

Strike 92800 has a total call value of 8,375,147,600,000 versus a total put value of 0 Combined total value = 8,375,147,600,000

Strike 92900 has a total call value of 8,507,577,600,000 versus a total put value of 0 Combined total value = 8,507,577,600,000

Strike 93000 has a total call value of 8,640,032,400,000 versus a total put value of 0 Combined total value = 8,640,032,400,000

Strike 93100 has a total call value of 8,772,823,800,000 versus a total put value of 0 Combined total value = 8,772,823,800,000

Strike 93200 has a total call value of 8,905,785,800,000 versus a total put value of 0 Combined total value = 8,905,785,800,000

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	1149.5	1140
ABB	5249	5200
ABCAPITAL	354.75	350
ADANIENSOL	1017.75	990
ADANIENT	2287.6	2300
ADANIGREEN	1050.3	1040
ADANIPORTS	1515	1500
ALKEM	5619	5700
AMBER	6712	6700
AMBUJACEM	553	550
ANGELONE	2575	2600
APLAPOLLO	1728.1	1740
APOLLOHOSP	7062	7200
ASHOKLEY	165.64	160
ASIANPAINT	2796.6	2820
ASTRAL	1418.2	1440
AUBANK	972.2	960
AUROPHARMA	1189.3	1200
AXISBANK	1286.1	1280
BAJAJ-AUTO	8898.5	9000
BAJAJFINSV	2065.8	2060
BAJFINANCE	1011	1020
BANDHANBNK	150.2	150
BANKBARODA	283.55	290
BANKINDIA	140.74	140
BDL	1399	1440
BEL	391.2	400
BHARATFORG	1403.2	1400
BHARTIARTL	2069.2	2100
BHEL	282.4	280
BIOCON	385.95	390
BLUESTARCO	1814.7	1780
BOSCHLTD	36600	36500
BPCL	366.5	362.5
BRITANNIA	6029.5	5900
BSE	2686	2750
CAMS	752.3	780
CANBK	146.85	146
CDSL	1511.7	1560
CGPOWER	661.9	680
CHOLAFIN	1713	1700
CIPLA	1513.3	1520
COALINDIA	383.25	382.25
COFORGE	1864.4	1840
COLPAL	2169	2180
CONCOR	503.4	510
CROMPTON	252.75	260
CUMMINSIND	4517.7	4500
CYIENT	1159	1160
DABUR	497.1	500
DALBHARAT	2086.3	2020
DELHIVERY	408.7	420
DIVISLAB	6398.5	6400
DIXON	13649	13500
DLF	693.2	710
DMART	3841.3	3900
DRREDDY	1271.3	1270
EICHERMOT	7126.5	7200
ETERNAL	298.7	300
EXIDEIND	370.95	375
FEDERALBNK	264.85	260
FORTIS	863.05	880
GAIL	169.69	172.5
GLENMARK	1957.5	1940
GMRAIRPORT	105.96	102
GODREJCP	1160.7	1140
GODREJPROP	2048.8	2060
GRASIM	2822.9	2800
HAL	4315.8	4500
HAVELLS	1411.4	1420
HCLTECH	1680.2	1660
HDFCAMC	2619.4	2650
HDFCBANK	995.2	1000
HDFCLIFE	767.25	770
HEROMOTOCO	5916	6050
HFCL	65.96	68
HINDALCO	846.9	820
HINDPETRO	464.35	460
HINDUNILVR	2279.6	2300
HINDZINC	561.6	540
HUDCO	214.3	220
ICICIBANK	1363.6	1380
ICICIGI	1929.3	1960
ICICIPRULI	644.95	630
IDEA	11.55	11
IDFCFIRSTB	83.89	80
IEX	143.65	145
IIFL	573.6	560
INDHOTEL	735.25	730
INDIANB	779.5	800
INDIGO	4989	5000
INDUSINDBK	842.2	850
INDUSTOWER	411.3	410
INFY	1601.1	1600
INOXWIND	125.3	130
IOC	166.45	165
IRCTC	672.5	680
IREDA	135.36	137.5
IRFC	113.04	115
ITC	402.55	405
JINDALSTEL	1025.4	1020
JIOFIN	298.4	300
JSWENERGY	483.65	490
JSWSTEEL	1112	1140
JUBLFOOD	579.25	590
KALYANKJIL	481.55	480
KAYNES	4288.5	4400
KEI	4174.1	4100
KFINTECH	1053	1060
KOTAKBANK	2163.5	2160
KPITTECH	1232.3	1220
LAURUSLABS	1008	1000
LICHSGFIN	532.65	550
LICI	858.75	880
LODHA	1086.6	1100
LT	4079.8	4040
LTF	303.95	305
LTIM	6287	6200
LUPIN	2094.6	2080
M&M	3623.2	3700
MANAPPURAM	286.3	282.5
MANKIND	2157.6	2200
MARICO	735.75	730
MARUTI	16422	16300
MAXHEALTH	1071.9	1100
MAZDOCK	2444.9	2500
MCX	10183	10000
MFSL	1681.9	1700
MOTHERSON	120.1	116
MPHASIS	2901.9	2900
MUTHOOTFIN	3844.6	3750
NATIONALUM	277.95	270
NAUKRI	1353.9	1380
NBCC	115.62	113
NCC	161	165
NESTLEIND	1246.4	1230
NHPC	76.91	77
NMDC	77.73	75
NTPC	323.9	322.5
NUVAMA	7269.5	7200
NYKAA	247.1	255
OBEROIRLTY	1640.5	1640
OFSS	7992	8000
OIL	402.3	410
ONGC	232.34	237.5
PAGEIND	36655	37000
PATANJALI	533.45	540
PAYTM	1300.8	1300
PERSISTENT	6322.5	6300
PETRONET	268.3	273
PFC	339.45	355
PGEL	572.3	560
PHOENIXLTD	1774	1740
PIDILITIND	1481.3	1480
PIIND	3278.9	3350
PNB	117.23	120
PNBHOUSING	907.05	910
POLICYBZR	1893	1900
POLYCAB	7330.5	7300
POWERGRID	261.8	270
POWERINDIA	19410	19500
PPLPHARMA	172.32	175
PRESTIGE	1638.6	1660
RBLBANK	304.9	310
RECLTD	339.85	355
RELIANCE	1550.7	1540
RVNL	312.65	315
SAIL	130.75	132
SAMMAANCAP	148.72	155
SBICARD	866.9	880
SBILIFE	2024.9	2020
SBIN	960.95	965
SHREECEM	26265	26500
SHRIRAMFIN	855.65	840
SIEMENS	3176.2	3200
SOLARINDS	12233	12750
SONACOMS	486.6	495
SRF	3004.6	2950
SUNPHARMA	1785.6	1800
SUPREMEIND	3233.1	3300
SUZLON	52.97	54
SYNGENE	655	640
TATACONSUM	1168	1170
TATAELXSI	5081	5000
TATAMOTORS	0	320
TATAPOWER	379.35	390
TATASTEEL	172.2	170
TATATECH	658.4	670
TCS	3222.8	3200
TECHM	1581.8	1560
TIINDIA	2634.7	2650
TITAGARH	776.9	780
TITAN	3863.1	3840
TMPV	344.75	360
TORNTPHARM	3786	3750
TORNTPOWER	1289	1300
TRENT	4076.8	4200
TVSMOTOR	3623.8	3600
ULTRACEMCO	11701	11700
UNIONBANK	151.7	150
UNITDSPR	1443	1440
UNOMINDA	1235.1	1280
UPL	748.7	750
VBL	478.1	470
VEDL	542.25	530
VOLTAS	1377.5	1360
WIPRO	260.72	255
YESBANK	21.76	22
ZYDUSLIFE	920.7	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