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

84715.95 +36.09 (0.04%)

L: 84649.25 H: 84870.42

Max Pain - SENSEX

17 Dec 2025 09:15 AM IST

Live

Expiry

Max Pain for SENSEX is 84800

Historical data for SENSEX-84800-CE

LTP (84800 CE)

206.6 -45

Open Interest

46345 0

Historical data for SENSEX-84800-PE

LTP (84800 PE)

288 21.3

Open Interest

25955 0

Strike 75700 has a total call value of 0 versus a total put value of 12,550,657,400,000 Combined total value = 12,550,657,400,000

Strike 75800 has a total call value of 200,000 versus a total put value of 12,382,617,000,000 Combined total value = 12,382,617,200,000

Strike 75900 has a total call value of 400,000 versus a total put value of 12,214,617,000,000 Combined total value = 12,214,617,400,000

Strike 76000 has a total call value of 600,000 versus a total put value of 12,046,617,000,000 Combined total value = 12,046,617,600,000

Strike 76100 has a total call value of 1,600,000 versus a total put value of 11,879,600,000,000 Combined total value = 11,879,601,600,000

Strike 76200 has a total call value of 2,600,000 versus a total put value of 11,712,584,000,000 Combined total value = 11,712,586,600,000

Strike 76300 has a total call value of 3,600,000 versus a total put value of 11,545,569,200,000 Combined total value = 11,545,572,800,000

Strike 76400 has a total call value of 4,600,000 versus a total put value of 11,378,554,400,000 Combined total value = 11,378,559,000,000

Strike 76500 has a total call value of 5,600,000 versus a total put value of 11,211,555,800,000 Combined total value = 11,211,561,400,000

Strike 76600 has a total call value of 6,600,000 versus a total put value of 11,045,419,000,000 Combined total value = 11,045,425,600,000

Strike 76700 has a total call value of 7,600,000 versus a total put value of 10,879,283,400,000 Combined total value = 10,879,291,000,000

Strike 76800 has a total call value of 8,600,000 versus a total put value of 10,713,150,000,000 Combined total value = 10,713,158,600,000

Strike 76900 has a total call value of 9,600,000 versus a total put value of 10,547,026,000,000 Combined total value = 10,547,035,600,000

Strike 77000 has a total call value of 10,600,000 versus a total put value of 10,380,905,600,000 Combined total value = 10,380,916,200,000

Strike 77100 has a total call value of 11,600,000 versus a total put value of 10,216,327,400,000 Combined total value = 10,216,339,000,000

Strike 77200 has a total call value of 12,600,000 versus a total put value of 10,051,757,800,000 Combined total value = 10,051,770,400,000

Strike 77300 has a total call value of 13,600,000 versus a total put value of 9,887,201,400,000 Combined total value = 9,887,215,000,000

Strike 77400 has a total call value of 14,600,000 versus a total put value of 9,722,652,600,000 Combined total value = 9,722,667,200,000

Strike 77500 has a total call value of 15,600,000 versus a total put value of 9,558,107,400,000 Combined total value = 9,558,123,000,000

Strike 77600 has a total call value of 21,800,000 versus a total put value of 9,394,371,000,000 Combined total value = 9,394,392,800,000

Strike 77700 has a total call value of 28,000,000 versus a total put value of 9,230,635,400,000 Combined total value = 9,230,663,400,000

Strike 77800 has a total call value of 34,200,000 versus a total put value of 9,066,900,000,000 Combined total value = 9,066,934,200,000

Strike 77900 has a total call value of 40,400,000 versus a total put value of 8,903,171,600,000 Combined total value = 8,903,212,000,000

Strike 78000 has a total call value of 46,600,000 versus a total put value of 8,739,449,600,000 Combined total value = 8,739,496,200,000

Strike 78100 has a total call value of 54,000,000 versus a total put value of 8,576,759,600,000 Combined total value = 8,576,813,600,000

Strike 78200 has a total call value of 61,400,000 versus a total put value of 8,414,084,200,000 Combined total value = 8,414,145,600,000

Strike 78300 has a total call value of 68,800,000 versus a total put value of 8,251,413,200,000 Combined total value = 8,251,482,000,000

Strike 78400 has a total call value of 76,200,000 versus a total put value of 8,088,751,400,000 Combined total value = 8,088,827,600,000

Strike 78500 has a total call value of 83,600,000 versus a total put value of 7,926,093,800,000 Combined total value = 7,926,177,400,000

Strike 78600 has a total call value of 91,600,000 versus a total put value of 7,763,664,000,000 Combined total value = 7,763,755,600,000

Strike 78700 has a total call value of 99,600,000 versus a total put value of 7,601,239,400,000 Combined total value = 7,601,339,000,000

Strike 78800 has a total call value of 107,600,000 versus a total put value of 7,438,820,400,000 Combined total value = 7,438,928,000,000

Strike 78900 has a total call value of 115,600,000 versus a total put value of 7,276,402,000,000 Combined total value = 7,276,517,600,000

Strike 79000 has a total call value of 123,600,000 versus a total put value of 7,113,984,200,000 Combined total value = 7,114,107,800,000

Strike 79100 has a total call value of 133,800,000 versus a total put value of 6,952,452,000,000 Combined total value = 6,952,585,800,000

Strike 79200 has a total call value of 144,000,000 versus a total put value of 6,790,928,800,000 Combined total value = 6,791,072,800,000

Strike 79300 has a total call value of 154,200,000 versus a total put value of 6,629,421,200,000 Combined total value = 6,629,575,400,000

Strike 79400 has a total call value of 164,400,000 versus a total put value of 6,467,943,800,000 Combined total value = 6,468,108,200,000

Strike 79500 has a total call value of 174,600,000 versus a total put value of 6,306,487,400,000 Combined total value = 6,306,662,000,000

Strike 79600 has a total call value of 184,800,000 versus a total put value of 6,145,686,200,000 Combined total value = 6,145,871,000,000

Strike 79700 has a total call value of 195,000,000 versus a total put value of 5,984,921,000,000 Combined total value = 5,985,116,000,000

Strike 79800 has a total call value of 205,200,000 versus a total put value of 5,824,173,400,000 Combined total value = 5,824,378,600,000

Strike 79900 has a total call value of 215,400,000 versus a total put value of 5,663,450,600,000 Combined total value = 5,663,666,000,000

Strike 80000 has a total call value of 225,600,000 versus a total put value of 5,502,786,600,000 Combined total value = 5,503,012,200,000

Strike 80100 has a total call value of 252,400,000 versus a total put value of 5,346,168,200,000 Combined total value = 5,346,420,600,000

Strike 80200 has a total call value of 279,200,000 versus a total put value of 5,189,563,800,000 Combined total value = 5,189,843,000,000

Strike 80300 has a total call value of 306,000,000 versus a total put value of 5,033,063,800,000 Combined total value = 5,033,369,800,000

Strike 80400 has a total call value of 332,800,000 versus a total put value of 4,876,628,000,000 Combined total value = 4,876,960,800,000

Strike 80500 has a total call value of 359,600,000 versus a total put value of 4,720,229,600,000 Combined total value = 4,720,589,200,000

Strike 80600 has a total call value of 386,400,000 versus a total put value of 4,565,326,200,000 Combined total value = 4,565,712,600,000

Strike 80700 has a total call value of 413,200,000 versus a total put value of 4,410,562,000,000 Combined total value = 4,410,975,200,000

Strike 80800 has a total call value of 440,000,000 versus a total put value of 4,255,872,000,000 Combined total value = 4,256,312,000,000

Strike 80900 has a total call value of 466,800,000 versus a total put value of 4,101,349,400,000 Combined total value = 4,101,816,200,000

Strike 81000 has a total call value of 493,600,000 versus a total put value of 3,946,868,000,000 Combined total value = 3,947,361,600,000

Strike 81100 has a total call value of 552,400,000 versus a total put value of 3,798,131,800,000 Combined total value = 3,798,684,200,000

Strike 81200 has a total call value of 611,200,000 versus a total put value of 3,649,468,600,000 Combined total value = 3,650,079,800,000

Strike 81300 has a total call value of 670,000,000 versus a total put value of 3,501,222,600,000 Combined total value = 3,501,892,600,000

Strike 81400 has a total call value of 728,800,000 versus a total put value of 3,353,087,400,000 Combined total value = 3,353,816,200,000

Strike 81500 has a total call value of 788,600,000 versus a total put value of 3,205,200,800,000 Combined total value = 3,205,989,400,000

Strike 81600 has a total call value of 861,400,000 versus a total put value of 3,062,231,400,000 Combined total value = 3,063,092,800,000

Strike 81700 has a total call value of 934,200,000 versus a total put value of 2,919,427,800,000 Combined total value = 2,920,362,000,000

Strike 81800 has a total call value of 1,007,000,000 versus a total put value of 2,776,924,600,000 Combined total value = 2,777,931,600,000

Strike 81900 has a total call value of 1,079,800,000 versus a total put value of 2,634,810,200,000 Combined total value = 2,635,890,000,000

Strike 82000 has a total call value of 1,152,600,000 versus a total put value of 2,493,424,000,000 Combined total value = 2,494,576,600,000

Strike 82100 has a total call value of 1,243,000,000 versus a total put value of 2,363,776,600,000 Combined total value = 2,365,019,600,000

Strike 82200 has a total call value of 1,333,600,000 versus a total put value of 2,234,295,600,000 Combined total value = 2,235,629,200,000

Strike 82300 has a total call value of 1,425,600,000 versus a total put value of 2,105,372,200,000 Combined total value = 2,106,797,800,000

Strike 82400 has a total call value of 1,520,000,000 versus a total put value of 1,977,306,400,000 Combined total value = 1,978,826,400,000

Strike 82500 has a total call value of 1,614,400,000 versus a total put value of 1,849,795,000,000 Combined total value = 1,851,409,400,000

Strike 82600 has a total call value of 2,179,400,000 versus a total put value of 1,728,027,000,000 Combined total value = 1,730,206,400,000

Strike 82700 has a total call value of 2,747,200,000 versus a total put value of 1,606,908,800,000 Combined total value = 1,609,656,000,000

Strike 82800 has a total call value of 3,318,000,000 versus a total put value of 1,486,785,000,000 Combined total value = 1,490,103,000,000

Strike 82900 has a total call value of 3,888,800,000 versus a total put value of 1,368,808,200,000 Combined total value = 1,372,697,000,000

Strike 83000 has a total call value of 4,462,800,000 versus a total put value of 1,251,852,200,000 Combined total value = 1,256,315,000,000

Strike 83100 has a total call value of 5,664,600,000 versus a total put value of 1,147,316,200,000 Combined total value = 1,152,980,800,000

Strike 83200 has a total call value of 6,872,400,000 versus a total put value of 1,045,586,800,000 Combined total value = 1,052,459,200,000

Strike 83300 has a total call value of 8,081,200,000 versus a total put value of 946,943,200,000 Combined total value = 955,024,400,000

Strike 83400 has a total call value of 9,293,200,000 versus a total put value of 852,665,400,000 Combined total value = 861,958,600,000

Strike 83500 has a total call value of 10,508,600,000 versus a total put value of 762,149,800,000 Combined total value = 772,658,400,000

Strike 83600 has a total call value of 11,772,400,000 versus a total put value of 679,358,800,000 Combined total value = 691,131,200,000

Strike 83700 has a total call value of 13,042,600,000 versus a total put value of 598,949,800,000 Combined total value = 611,992,400,000

Strike 83800 has a total call value of 14,349,800,000 versus a total put value of 522,250,600,000 Combined total value = 536,600,400,000

Strike 83900 has a total call value of 15,712,000,000 versus a total put value of 449,321,200,000 Combined total value = 465,033,200,000

Strike 84000 has a total call value of 17,125,200,000 versus a total put value of 378,965,800,000 Combined total value = 396,091,000,000

Strike 84100 has a total call value of 19,088,200,000 versus a total put value of 321,925,000,000 Combined total value = 341,013,200,000

Strike 84200 has a total call value of 21,182,400,000 versus a total put value of 268,686,600,000 Combined total value = 289,869,000,000

Strike 84300 has a total call value of 24,170,800,000 versus a total put value of 220,027,000,000 Combined total value = 244,197,800,000

Strike 84400 has a total call value of 27,673,200,000 versus a total put value of 174,779,400,000 Combined total value = 202,452,600,000

Strike 84500 has a total call value of 31,846,200,000 versus a total put value of 133,064,400,000 Combined total value = 164,910,600,000

Strike 84600 has a total call value of 39,800,400,000 versus a total put value of 101,451,800,000 Combined total value = 141,252,200,000

Strike 84700 has a total call value of 50,831,600,000 versus a total put value of 76,003,200,000 Combined total value = 126,834,800,000

Strike 84800 has a total call value of 67,939,400,000 versus a total put value of 56,013,200,000 Combined total value = 123,952,600,000

Strike 84900 has a total call value of 94,316,200,000 versus a total put value of 41,214,200,000 Combined total value = 135,530,400,000

Strike 85000 has a total call value of 129,775,200,000 versus a total put value of 28,850,000,000 Combined total value = 158,625,200,000

Strike 85100 has a total call value of 183,225,200,000 versus a total put value of 22,887,200,000 Combined total value = 206,112,400,000

Strike 85200 has a total call value of 242,613,200,000 versus a total put value of 18,486,600,000 Combined total value = 261,099,800,000

Strike 85300 has a total call value of 311,618,200,000 versus a total put value of 15,138,200,000 Combined total value = 326,756,400,000

Strike 85400 has a total call value of 388,359,400,000 versus a total put value of 12,460,600,000 Combined total value = 400,820,000,000

Strike 85500 has a total call value of 471,556,400,000 versus a total put value of 10,123,000,000 Combined total value = 481,679,400,000

Strike 85600 has a total call value of 572,591,400,000 versus a total put value of 8,410,800,000 Combined total value = 581,002,200,000

Strike 85700 has a total call value of 679,294,200,000 versus a total put value of 7,075,400,000 Combined total value = 686,369,600,000

Strike 85800 has a total call value of 793,856,800,000 versus a total put value of 5,994,400,000 Combined total value = 799,851,200,000

Strike 85900 has a total call value of 916,577,200,000 versus a total put value of 5,063,800,000 Combined total value = 921,641,000,000

Strike 86000 has a total call value of 1,044,496,000,000 versus a total put value of 4,198,000,000 Combined total value = 1,048,694,000,000

Strike 86100 has a total call value of 1,187,002,000,000 versus a total put value of 3,707,600,000 Combined total value = 1,190,709,600,000

Strike 86200 has a total call value of 1,333,790,800,000 versus a total put value of 3,267,600,000 Combined total value = 1,337,058,400,000

Strike 86300 has a total call value of 1,485,513,600,000 versus a total put value of 2,858,400,000 Combined total value = 1,488,372,000,000

Strike 86400 has a total call value of 1,641,647,600,000 versus a total put value of 2,487,800,000 Combined total value = 1,644,135,400,000

Strike 86500 has a total call value of 1,800,334,200,000 versus a total put value of 2,161,800,000 Combined total value = 1,802,496,000,000

Strike 86600 has a total call value of 1,973,469,000,000 versus a total put value of 2,012,000,000 Combined total value = 1,975,481,000,000

Strike 86700 has a total call value of 2,149,279,200,000 versus a total put value of 1,870,200,000 Combined total value = 2,151,149,400,000

Strike 86800 has a total call value of 2,329,164,400,000 versus a total put value of 1,753,400,000 Combined total value = 2,330,917,800,000

Strike 86900 has a total call value of 2,511,340,200,000 versus a total put value of 1,651,200,000 Combined total value = 2,512,991,400,000

Strike 87000 has a total call value of 2,695,667,800,000 versus a total put value of 1,563,600,000 Combined total value = 2,697,231,400,000

Strike 87100 has a total call value of 2,899,655,800,000 versus a total put value of 1,504,000,000 Combined total value = 2,901,159,800,000

Strike 87200 has a total call value of 3,105,885,400,000 versus a total put value of 1,446,000,000 Combined total value = 3,107,331,400,000

Strike 87300 has a total call value of 3,315,251,800,000 versus a total put value of 1,388,800,000 Combined total value = 3,316,640,600,000

Strike 87400 has a total call value of 3,527,168,800,000 versus a total put value of 1,332,400,000 Combined total value = 3,528,501,200,000

Strike 87500 has a total call value of 3,740,205,800,000 versus a total put value of 1,276,000,000 Combined total value = 3,741,481,800,000

Strike 87600 has a total call value of 3,966,199,000,000 versus a total put value of 1,219,600,000 Combined total value = 3,967,418,600,000

Strike 87700 has a total call value of 4,193,940,000,000 versus a total put value of 1,163,200,000 Combined total value = 4,195,103,200,000

Strike 87800 has a total call value of 4,423,342,800,000 versus a total put value of 1,106,800,000 Combined total value = 4,424,449,600,000

Strike 87900 has a total call value of 4,654,263,800,000 versus a total put value of 1,050,400,000 Combined total value = 4,655,314,200,000

Strike 88000 has a total call value of 4,887,091,600,000 versus a total put value of 994,000,000 Combined total value = 4,888,085,600,000

Strike 88100 has a total call value of 5,131,442,600,000 versus a total put value of 944,800,000 Combined total value = 5,132,387,400,000

Strike 88200 has a total call value of 5,376,151,400,000 versus a total put value of 895,600,000 Combined total value = 5,377,047,000,000

Strike 88300 has a total call value of 5,621,401,000,000 versus a total put value of 846,400,000 Combined total value = 5,622,247,400,000

Strike 88400 has a total call value of 5,866,833,600,000 versus a total put value of 797,200,000 Combined total value = 5,867,630,800,000

Strike 88500 has a total call value of 6,112,731,000,000 versus a total put value of 748,000,000 Combined total value = 6,113,479,000,000

Strike 88600 has a total call value of 6,362,993,400,000 versus a total put value of 698,800,000 Combined total value = 6,363,692,200,000

Strike 88700 has a total call value of 6,613,505,800,000 versus a total put value of 649,600,000 Combined total value = 6,614,155,400,000

Strike 88800 has a total call value of 6,864,183,400,000 versus a total put value of 600,400,000 Combined total value = 6,864,783,800,000

Strike 88900 has a total call value of 7,115,226,200,000 versus a total put value of 551,200,000 Combined total value = 7,115,777,400,000

Strike 89000 has a total call value of 7,366,445,000,000 versus a total put value of 502,000,000 Combined total value = 7,366,947,000,000

Strike 89100 has a total call value of 7,623,927,200,000 versus a total put value of 465,400,000 Combined total value = 7,624,392,600,000

Strike 89200 has a total call value of 7,881,470,600,000 versus a total put value of 428,800,000 Combined total value = 7,881,899,400,000

Strike 89300 has a total call value of 8,139,187,600,000 versus a total put value of 392,200,000 Combined total value = 8,139,579,800,000

Strike 89400 has a total call value of 8,397,158,800,000 versus a total put value of 355,600,000 Combined total value = 8,397,514,400,000

Strike 89500 has a total call value of 8,655,261,000,000 versus a total put value of 319,000,000 Combined total value = 8,655,580,000,000

Strike 89600 has a total call value of 8,914,865,600,000 versus a total put value of 282,400,000 Combined total value = 8,915,148,000,000

Strike 89700 has a total call value of 9,174,637,400,000 versus a total put value of 245,800,000 Combined total value = 9,174,883,200,000

Strike 89800 has a total call value of 9,434,426,200,000 versus a total put value of 209,200,000 Combined total value = 9,434,635,400,000

Strike 89900 has a total call value of 9,694,338,400,000 versus a total put value of 172,600,000 Combined total value = 9,694,511,000,000

Strike 90000 has a total call value of 9,954,323,400,000 versus a total put value of 136,000,000 Combined total value = 9,954,459,400,000

Strike 90100 has a total call value of 10,219,482,600,000 versus a total put value of 122,400,000 Combined total value = 10,219,605,000,000

Strike 90200 has a total call value of 10,484,731,200,000 versus a total put value of 108,800,000 Combined total value = 10,484,840,000,000

Strike 90300 has a total call value of 10,750,016,600,000 versus a total put value of 95,200,000 Combined total value = 10,750,111,800,000

Strike 90400 has a total call value of 11,015,310,000,000 versus a total put value of 81,600,000 Combined total value = 11,015,391,600,000

Strike 90500 has a total call value of 11,280,668,000,000 versus a total put value of 68,000,000 Combined total value = 11,280,736,000,000

Strike 90600 has a total call value of 11,546,418,400,000 versus a total put value of 54,400,000 Combined total value = 11,546,472,800,000

Strike 90700 has a total call value of 11,812,236,000,000 versus a total put value of 40,800,000 Combined total value = 11,812,276,800,000

Strike 90800 has a total call value of 12,078,064,200,000 versus a total put value of 27,200,000 Combined total value = 12,078,091,400,000

Strike 90900 has a total call value of 12,343,923,800,000 versus a total put value of 13,600,000 Combined total value = 12,343,937,400,000

Strike 91000 has a total call value of 12,609,824,200,000 versus a total put value of 0 Combined total value = 12,609,824,200,000

Strike 91100 has a total call value of 12,876,661,800,000 versus a total put value of 0 Combined total value = 12,876,661,800,000

Strike 91200 has a total call value of 13,143,502,000,000 versus a total put value of 0 Combined total value = 13,143,502,000,000

Strike 91300 has a total call value of 13,410,349,800,000 versus a total put value of 0 Combined total value = 13,410,349,800,000

Strike 91400 has a total call value of 13,677,200,600,000 versus a total put value of 0 Combined total value = 13,677,200,600,000

Strike 91500 has a total call value of 13,944,053,200,000 versus a total put value of 0 Combined total value = 13,944,053,200,000

Strike 91600 has a total call value of 14,211,048,600,000 versus a total put value of 0 Combined total value = 14,211,048,600,000

Strike 91700 has a total call value of 14,478,086,400,000 versus a total put value of 0 Combined total value = 14,478,086,400,000

Strike 91800 has a total call value of 14,745,126,400,000 versus a total put value of 0 Combined total value = 14,745,126,400,000

Strike 91900 has a total call value of 15,012,207,200,000 versus a total put value of 0 Combined total value = 15,012,207,200,000

Strike 92000 has a total call value of 15,279,306,400,000 versus a total put value of 0 Combined total value = 15,279,306,400,000

Strike 92100 has a total call value of 15,547,410,800,000 versus a total put value of 0 Combined total value = 15,547,410,800,000

Strike 92200 has a total call value of 15,815,522,000,000 versus a total put value of 0 Combined total value = 15,815,522,000,000

Strike 92300 has a total call value of 16,083,638,800,000 versus a total put value of 0 Combined total value = 16,083,638,800,000

Strike 92400 has a total call value of 16,351,768,800,000 versus a total put value of 0 Combined total value = 16,351,768,800,000

Strike 92500 has a total call value of 16,619,942,400,000 versus a total put value of 0 Combined total value = 16,619,942,400,000

Strike 92600 has a total call value of 16,888,220,400,000 versus a total put value of 0 Combined total value = 16,888,220,400,000

Strike 92700 has a total call value of 17,156,541,600,000 versus a total put value of 0 Combined total value = 17,156,541,600,000

Strike 92800 has a total call value of 17,424,872,200,000 versus a total put value of 0 Combined total value = 17,424,872,200,000

Strike 92900 has a total call value of 17,693,255,800,000 versus a total put value of 0 Combined total value = 17,693,255,800,000

Strike 93000 has a total call value of 17,961,696,000,000 versus a total put value of 0 Combined total value = 17,961,696,000,000

Strike 93100 has a total call value of 18,231,986,600,000 versus a total put value of 0 Combined total value = 18,231,986,600,000

Strike 93200 has a total call value of 18,502,449,200,000 versus a total put value of 0 Combined total value = 18,502,449,200,000

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	1137.8	1140
ABB	5239	5200
ABCAPITAL	349.5	350
ADANIENSOL	989.5	990
ADANIENT	2246.6	2300
ADANIGREEN	1024	1020
ADANIPORTS	1493.3	1500
ALKEM	5684	5700
AMBER	6770.5	6800
AMBUJACEM	548.4	555
ANGELONE	2540.6	2600
APLAPOLLO	1731.3	1740
APOLLOHOSP	7071	7200
ASHOKLEY	166.29	160
ASIANPAINT	2797.7	2800
ASTRAL	1460	1460
AUBANK	985.9	960
AUROPHARMA	1175.5	1200
AXISBANK	1226.4	1240
BAJAJ-AUTO	8996.5	9000
BAJAJFINSV	2033.6	2060
BAJFINANCE	1000.1	1020
BANDHANBNK	149.94	150
BANKBARODA	283.65	290
BANKINDIA	140.48	143
BDL	1348	1400
BEL	386.4	400
BHARATFORG	1412.3	1400
BHARTIARTL	2115.7	2100
BHEL	279	280
BIOCON	385	390
BLUESTARCO	1815.1	1780
BOSCHLTD	36165	36500
BPCL	370.15	362.5
BRITANNIA	6087	6000
BSE	2621.2	2700
CAMS	752.1	780
CANBK	147.89	148
CDSL	1503.6	1560
CGPOWER	679.8	680
CHOLAFIN	1721.6	1700
CIPLA	1500	1520
COALINDIA	381.7	384.75
COFORGE	1876	1840
COLPAL	2133.9	2180
CONCOR	500.95	520
CROMPTON	252.8	265
CUMMINSIND	4494.9	4500
CYIENT	1142.1	1160
DABUR	495.75	505
DALBHARAT	2062.6	2040
DELHIVERY	399.95	410
DIVISLAB	6335.5	6400
DIXON	13544	13750
DLF	690.45	720
DMART	3844.5	3900
DRREDDY	1272.8	1270
EICHERMOT	7138.5	7100
ETERNAL	286.7	295
EXIDEIND	365	375
FEDERALBNK	261.8	260
FORTIS	875.45	890
GAIL	169.07	175
GLENMARK	1956.2	1940
GMRAIRPORT	103.31	102
GODREJCP	1186.7	1160
GODREJPROP	2026.1	2080
GRASIM	2789.6	2800
HAL	4255.6	4500
HAVELLS	1407.1	1440
HCLTECH	1653.5	1660
HDFCAMC	2586.7	2620
HDFCBANK	990.9	1000
HDFCLIFE	758.95	770
HEROMOTOCO	5967.5	6050
HFCL	65.38	68
HINDALCO	844	820
HINDPETRO	467.55	460
HINDUNILVR	2281.6	2300
HINDZINC	580.25	540
HUDCO	210.6	220
ICICIBANK	1356	1380
ICICIGI	1956.7	1980
ICICIPRULI	638.05	630
IDEA	11.27	11
IDFCFIRSTB	83.6	81
IEX	140.1	145
IIFL	568.3	560
INDHOTEL	723.85	740
INDIANB	775.1	820
INDIGO	4986	5000
INDUSINDBK	841.45	850
INDUSTOWER	407.25	410
INFY	1592	1600
INOXWIND	126.86	130
IOC	168.27	166
IRCTC	670.65	690
IREDA	133.48	140
IRFC	111.85	116
ITC	402.6	405
JINDALSTEL	1008.3	1020
JIOFIN	295.65	305
JSWENERGY	478.35	490
JSWSTEEL	1087.2	1130
JUBLFOOD	559.25	580
KALYANKJIL	478.8	480
KAYNES	4215	4400
KEI	4088.1	4100
KFINTECH	1036.5	1060
KOTAKBANK	2181.8	2160
KPITTECH	1167.1	1200
LAURUSLABS	1007.8	1000
LICHSGFIN	528.35	550
LICI	856	880
LODHA	1091	1120
LT	4052.1	4040
LTF	305.4	302.5
LTIM	6249	6150
LUPIN	2125	2080
M&M	3637.3	3650
MANAPPURAM	285.55	280
MANKIND	2111.9	2200
MARICO	737.2	740
MARUTI	16401	16200
MAXHEALTH	1070.8	1100
MAZDOCK	2402.8	2550
MCX	10192	10100
MFSL	1666.8	1700
MOTHERSON	119.25	116
MPHASIS	2880	2900
MUTHOOTFIN	3849.4	3750
NATIONALUM	278.45	270
NAUKRI	1346.8	1360
NBCC	111.65	112
NCC	157.01	167.5
NESTLEIND	1237.8	1240
NHPC	75.24	78
NMDC	77.02	77
NTPC	321.2	325
NUVAMA	7192	7200
NYKAA	246.3	255
OBEROIRLTY	1647.8	1640
OFSS	7820	8000
OIL	399.5	410
ONGC	230.48	240
PAGEIND	36335	37500
PATANJALI	536.95	545
PAYTM	1287.1	1300
PERSISTENT	6275	6200
PETRONET	266.65	277.5
PFC	337.2	355
PGEL	566.75	560
PHOENIXLTD	1786.1	1740
PIDILITIND	1469	1480
PIIND	3249.5	3350
PNB	117.52	120
PNBHOUSING	914.2	910
POLICYBZR	1795.3	1840
POLYCAB	7094	7300
POWERGRID	260.9	270
POWERINDIA	19350	19500
PPLPHARMA	169	180
PRESTIGE	1619.4	1660
RBLBANK	302.9	310
RECLTD	336.1	350
RELIANCE	1545.4	1540
RVNL	310	315
SAIL	129.72	133
SAMMAANCAP	147.23	155
SBICARD	847.3	870
SBILIFE	2037	2020
SBIN	968.95	965
SHREECEM	26030	26500
SHRIRAMFIN	866.6	850
SIEMENS	3164.9	3200
SOLARINDS	11889	12500
SONACOMS	483.1	500
SRF	3006.7	2950
SUNPHARMA	1781.4	1800
SUPREMEIND	3390.3	3400
SUZLON	52.5	54
SYNGENE	645.8	650
TATACONSUM	1174.2	1170
TATAELXSI	4995	5100
TATAMOTORS	0	320
TATAPOWER	380.85	390
TATASTEEL	170.68	170
TATATECH	649.65	670
TCS	3217.4	3200
TECHM	1576.6	1540
TIINDIA	2615.7	2700
TITAGARH	785.7	800
TITAN	3933.5	3880
TMPV	346.8	360
TORNTPHARM	3752	3800
TORNTPOWER	1279.2	1300
TRENT	4106.5	4200
TVSMOTOR	3645	3600
ULTRACEMCO	11549	11700
UNIONBANK	153.06	152.5
UNITDSPR	1455.2	1440
UNOMINDA	1263.6	1280
UPL	752.2	750
VBL	475.75	470
VEDL	574.3	545
VOLTAS	1388.8	1380
WIPRO	259.36	255
YESBANK	21.56	22
ZYDUSLIFE	916	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