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

85187.68 -79.98 (-0.09%)

L: 84840.32 H: 85275.64

Max Pain - SENSEX

15 Dec 2025 01:58 PM IST

Live

Expiry

Max Pain for SENSEX is 85100

Historical data for SENSEX-85100-CE

LTP (85100 CE)

403.05 -110.35

Open Interest

16908 10713

Historical data for SENSEX-85100-PE

LTP (85100 PE)

275.95 23.3

Open Interest

37608 23047

Strike 75700 has a total call value of 0 versus a total put value of 12,759,439,400,000 Combined total value = 12,759,439,400,000

Strike 75800 has a total call value of 200,000 versus a total put value of 12,598,361,800,000 Combined total value = 12,598,362,000,000

Strike 75900 has a total call value of 400,000 versus a total put value of 12,437,284,200,000 Combined total value = 12,437,284,600,000

Strike 76000 has a total call value of 600,000 versus a total put value of 12,276,206,600,000 Combined total value = 12,276,207,200,000

Strike 76100 has a total call value of 1,600,000 versus a total put value of 12,115,295,400,000 Combined total value = 12,115,297,000,000

Strike 76200 has a total call value of 2,600,000 versus a total put value of 11,954,384,600,000 Combined total value = 11,954,387,200,000

Strike 76300 has a total call value of 3,600,000 versus a total put value of 11,793,473,800,000 Combined total value = 11,793,477,400,000

Strike 76400 has a total call value of 4,600,000 versus a total put value of 11,632,563,000,000 Combined total value = 11,632,567,600,000

Strike 76500 has a total call value of 5,600,000 versus a total put value of 11,471,663,200,000 Combined total value = 11,471,668,800,000

Strike 76600 has a total call value of 6,600,000 versus a total put value of 11,310,895,800,000 Combined total value = 11,310,902,400,000

Strike 76700 has a total call value of 7,600,000 versus a total put value of 11,150,128,400,000 Combined total value = 11,150,136,000,000

Strike 76800 has a total call value of 8,600,000 versus a total put value of 10,989,366,400,000 Combined total value = 10,989,375,000,000

Strike 76900 has a total call value of 9,600,000 versus a total put value of 10,828,614,200,000 Combined total value = 10,828,623,800,000

Strike 77000 has a total call value of 10,600,000 versus a total put value of 10,667,895,000,000 Combined total value = 10,667,905,600,000

Strike 77100 has a total call value of 11,600,000 versus a total put value of 10,507,851,200,000 Combined total value = 10,507,862,800,000

Strike 77200 has a total call value of 12,600,000 versus a total put value of 10,347,817,400,000 Combined total value = 10,347,830,000,000

Strike 77300 has a total call value of 13,600,000 versus a total put value of 10,187,786,800,000 Combined total value = 10,187,800,400,000

Strike 77400 has a total call value of 14,600,000 versus a total put value of 10,027,762,200,000 Combined total value = 10,027,776,800,000

Strike 77500 has a total call value of 15,600,000 versus a total put value of 9,867,738,200,000 Combined total value = 9,867,753,800,000

Strike 77600 has a total call value of 21,800,000 versus a total put value of 9,707,848,800,000 Combined total value = 9,707,870,600,000

Strike 77700 has a total call value of 28,000,000 versus a total put value of 9,547,959,400,000 Combined total value = 9,547,987,400,000

Strike 77800 has a total call value of 34,200,000 versus a total put value of 9,388,070,000,000 Combined total value = 9,388,104,200,000

Strike 77900 has a total call value of 40,400,000 versus a total put value of 9,228,183,400,000 Combined total value = 9,228,223,800,000

Strike 78000 has a total call value of 46,600,000 versus a total put value of 9,068,301,000,000 Combined total value = 9,068,347,600,000

Strike 78100 has a total call value of 54,000,000 versus a total put value of 8,909,602,000,000 Combined total value = 8,909,656,000,000

Strike 78200 has a total call value of 61,400,000 versus a total put value of 8,750,908,000,000 Combined total value = 8,750,969,400,000

Strike 78300 has a total call value of 68,800,000 versus a total put value of 8,592,214,000,000 Combined total value = 8,592,282,800,000

Strike 78400 has a total call value of 76,200,000 versus a total put value of 8,433,539,600,000 Combined total value = 8,433,615,800,000

Strike 78500 has a total call value of 83,600,000 versus a total put value of 8,274,877,200,000 Combined total value = 8,274,960,800,000

Strike 78600 has a total call value of 91,600,000 versus a total put value of 8,116,548,200,000 Combined total value = 8,116,639,800,000

Strike 78700 has a total call value of 99,600,000 versus a total put value of 7,958,233,400,000 Combined total value = 7,958,333,000,000

Strike 78800 has a total call value of 107,600,000 versus a total put value of 7,799,918,600,000 Combined total value = 7,800,026,200,000

Strike 78900 has a total call value of 115,600,000 versus a total put value of 7,641,604,200,000 Combined total value = 7,641,719,800,000

Strike 79000 has a total call value of 123,600,000 versus a total put value of 7,483,290,800,000 Combined total value = 7,483,414,400,000

Strike 79100 has a total call value of 133,800,000 versus a total put value of 7,325,803,000,000 Combined total value = 7,325,936,800,000

Strike 79200 has a total call value of 144,000,000 versus a total put value of 7,168,329,800,000 Combined total value = 7,168,473,800,000

Strike 79300 has a total call value of 154,200,000 versus a total put value of 7,010,887,000,000 Combined total value = 7,011,041,200,000

Strike 79400 has a total call value of 164,400,000 versus a total put value of 6,853,486,200,000 Combined total value = 6,853,650,600,000

Strike 79500 has a total call value of 174,600,000 versus a total put value of 6,696,109,800,000 Combined total value = 6,696,284,400,000

Strike 79600 has a total call value of 184,800,000 versus a total put value of 6,539,214,800,000 Combined total value = 6,539,399,600,000

Strike 79700 has a total call value of 195,000,000 versus a total put value of 6,382,328,000,000 Combined total value = 6,382,523,000,000

Strike 79800 has a total call value of 205,200,000 versus a total put value of 6,225,460,800,000 Combined total value = 6,225,666,000,000

Strike 79900 has a total call value of 215,400,000 versus a total put value of 6,068,620,400,000 Combined total value = 6,068,835,800,000

Strike 80000 has a total call value of 225,600,000 versus a total put value of 5,911,809,000,000 Combined total value = 5,912,034,600,000

Strike 80100 has a total call value of 252,400,000 versus a total put value of 5,758,942,400,000 Combined total value = 5,759,194,800,000

Strike 80200 has a total call value of 279,200,000 versus a total put value of 5,606,154,600,000 Combined total value = 5,606,433,800,000

Strike 80300 has a total call value of 306,000,000 versus a total put value of 5,453,407,600,000 Combined total value = 5,453,713,600,000

Strike 80400 has a total call value of 332,800,000 versus a total put value of 5,300,702,200,000 Combined total value = 5,301,035,000,000

Strike 80500 has a total call value of 359,600,000 versus a total put value of 5,148,047,400,000 Combined total value = 5,148,407,000,000

Strike 80600 has a total call value of 386,400,000 versus a total put value of 4,997,244,600,000 Combined total value = 4,997,631,000,000

Strike 80700 has a total call value of 413,200,000 versus a total put value of 4,847,330,600,000 Combined total value = 4,847,743,800,000

Strike 80800 has a total call value of 440,000,000 versus a total put value of 4,697,902,600,000 Combined total value = 4,698,342,600,000

Strike 80900 has a total call value of 466,800,000 versus a total put value of 4,548,658,000,000 Combined total value = 4,549,124,800,000

Strike 81000 has a total call value of 493,600,000 versus a total put value of 4,399,470,800,000 Combined total value = 4,399,964,400,000

Strike 81100 has a total call value of 552,200,000 versus a total put value of 4,254,880,000,000 Combined total value = 4,255,432,200,000

Strike 81200 has a total call value of 610,800,000 versus a total put value of 4,110,366,400,000 Combined total value = 4,110,977,200,000

Strike 81300 has a total call value of 669,400,000 versus a total put value of 3,966,312,400,000 Combined total value = 3,966,981,800,000

Strike 81400 has a total call value of 728,000,000 versus a total put value of 3,822,367,200,000 Combined total value = 3,823,095,200,000

Strike 81500 has a total call value of 787,600,000 versus a total put value of 3,678,751,400,000 Combined total value = 3,679,539,000,000

Strike 81600 has a total call value of 860,200,000 versus a total put value of 3,539,808,200,000 Combined total value = 3,540,668,400,000

Strike 81700 has a total call value of 932,800,000 versus a total put value of 3,401,119,400,000 Combined total value = 3,402,052,200,000

Strike 81800 has a total call value of 1,005,400,000 versus a total put value of 3,263,269,800,000 Combined total value = 3,264,275,200,000

Strike 81900 has a total call value of 1,078,000,000 versus a total put value of 3,126,081,600,000 Combined total value = 3,127,159,600,000

Strike 82000 has a total call value of 1,150,600,000 versus a total put value of 2,989,626,400,000 Combined total value = 2,990,777,000,000

Strike 82100 has a total call value of 1,241,200,000 versus a total put value of 2,860,049,600,000 Combined total value = 2,861,290,800,000

Strike 82200 has a total call value of 1,332,000,000 versus a total put value of 2,731,004,600,000 Combined total value = 2,732,336,600,000

Strike 82300 has a total call value of 1,425,400,000 versus a total put value of 2,602,456,800,000 Combined total value = 2,603,882,200,000

Strike 82400 has a total call value of 1,521,200,000 versus a total put value of 2,475,018,400,000 Combined total value = 2,476,539,600,000

Strike 82500 has a total call value of 1,617,000,000 versus a total put value of 2,348,103,600,000 Combined total value = 2,349,720,600,000

Strike 82600 has a total call value of 2,184,200,000 versus a total put value of 2,226,435,000,000 Combined total value = 2,228,619,200,000

Strike 82700 has a total call value of 2,754,000,000 versus a total put value of 2,105,435,200,000 Combined total value = 2,108,189,200,000

Strike 82800 has a total call value of 3,326,600,000 versus a total put value of 1,985,181,200,000 Combined total value = 1,988,507,800,000

Strike 82900 has a total call value of 3,899,200,000 versus a total put value of 1,866,326,000,000 Combined total value = 1,870,225,200,000

Strike 83000 has a total call value of 4,474,000,000 versus a total put value of 1,748,736,200,000 Combined total value = 1,753,210,200,000

Strike 83100 has a total call value of 5,890,600,000 versus a total put value of 1,638,851,800,000 Combined total value = 1,644,742,400,000

Strike 83200 has a total call value of 7,312,800,000 versus a total put value of 1,530,140,000,000 Combined total value = 1,537,452,800,000

Strike 83300 has a total call value of 8,736,000,000 versus a total put value of 1,423,503,400,000 Combined total value = 1,432,239,400,000

Strike 83400 has a total call value of 10,162,200,000 versus a total put value of 1,318,450,200,000 Combined total value = 1,328,612,400,000

Strike 83500 has a total call value of 11,592,000,000 versus a total put value of 1,215,236,200,000 Combined total value = 1,226,828,200,000

Strike 83600 has a total call value of 13,063,400,000 versus a total put value of 1,116,159,200,000 Combined total value = 1,129,222,600,000

Strike 83700 has a total call value of 14,540,000,000 versus a total put value of 1,018,732,800,000 Combined total value = 1,033,272,800,000

Strike 83800 has a total call value of 16,055,400,000 versus a total put value of 923,630,600,000 Combined total value = 939,686,000,000

Strike 83900 has a total call value of 17,604,000,000 versus a total put value of 831,549,400,000 Combined total value = 849,153,400,000

Strike 84000 has a total call value of 19,178,200,000 versus a total put value of 741,392,400,000 Combined total value = 760,570,600,000

Strike 84100 has a total call value of 21,080,800,000 versus a total put value of 657,328,600,000 Combined total value = 678,409,400,000

Strike 84200 has a total call value of 23,069,800,000 versus a total put value of 575,952,200,000 Combined total value = 599,022,000,000

Strike 84300 has a total call value of 25,165,600,000 versus a total put value of 497,235,600,000 Combined total value = 522,401,200,000

Strike 84400 has a total call value of 27,367,400,000 versus a total put value of 421,567,400,000 Combined total value = 448,934,800,000

Strike 84500 has a total call value of 29,732,200,000 versus a total put value of 349,052,800,000 Combined total value = 378,785,000,000

Strike 84600 has a total call value of 33,549,600,000 versus a total put value of 285,060,000,000 Combined total value = 318,609,600,000

Strike 84700 has a total call value of 37,847,000,000 versus a total put value of 224,962,200,000 Combined total value = 262,809,200,000

Strike 84800 has a total call value of 42,780,200,000 versus a total put value of 169,532,800,000 Combined total value = 212,313,000,000

Strike 84900 has a total call value of 49,235,800,000 versus a total put value of 120,604,200,000 Combined total value = 169,840,000,000

Strike 85000 has a total call value of 57,909,000,000 versus a total put value of 79,664,000,000 Combined total value = 137,573,000,000

Strike 85100 has a total call value of 74,081,800,000 versus a total put value of 53,484,400,000 Combined total value = 127,566,200,000

Strike 85200 has a total call value of 93,636,200,000 versus a total put value of 34,826,400,000 Combined total value = 128,462,600,000

Strike 85300 has a total call value of 120,009,000,000 versus a total put value of 24,252,000,000 Combined total value = 144,261,000,000

Strike 85400 has a total call value of 152,491,000,000 versus a total put value of 17,785,400,000 Combined total value = 170,276,400,000

Strike 85500 has a total call value of 188,620,800,000 versus a total put value of 12,913,200,000 Combined total value = 201,534,000,000

Strike 85600 has a total call value of 231,362,800,000 versus a total put value of 10,330,800,000 Combined total value = 241,693,600,000

Strike 85700 has a total call value of 277,020,600,000 versus a total put value of 8,357,400,000 Combined total value = 285,378,000,000

Strike 85800 has a total call value of 325,018,200,000 versus a total put value of 6,836,200,000 Combined total value = 331,854,400,000

Strike 85900 has a total call value of 375,868,000,000 versus a total put value of 5,589,800,000 Combined total value = 381,457,800,000

Strike 86000 has a total call value of 428,647,000,000 versus a total put value of 4,497,800,000 Combined total value = 433,144,800,000

Strike 86100 has a total call value of 487,517,200,000 versus a total put value of 3,923,200,000 Combined total value = 491,440,400,000

Strike 86200 has a total call value of 548,955,000,000 versus a total put value of 3,417,600,000 Combined total value = 552,372,600,000

Strike 86300 has a total call value of 613,103,200,000 versus a total put value of 2,965,600,000 Combined total value = 616,068,800,000

Strike 86400 has a total call value of 679,379,400,000 versus a total put value of 2,556,600,000 Combined total value = 681,936,000,000

Strike 86500 has a total call value of 748,957,600,000 versus a total put value of 2,194,000,000 Combined total value = 751,151,600,000

Strike 86600 has a total call value of 824,552,400,000 versus a total put value of 2,035,600,000 Combined total value = 826,588,000,000

Strike 86700 has a total call value of 902,296,600,000 versus a total put value of 1,886,000,000 Combined total value = 904,182,600,000

Strike 86800 has a total call value of 982,468,600,000 versus a total put value of 1,762,200,000 Combined total value = 984,230,800,000

Strike 86900 has a total call value of 1,065,198,600,000 versus a total put value of 1,656,400,000 Combined total value = 1,066,855,000,000

Strike 87000 has a total call value of 1,149,814,000,000 versus a total put value of 1,565,600,000 Combined total value = 1,151,379,600,000

Strike 87100 has a total call value of 1,241,035,000,000 versus a total put value of 1,505,800,000 Combined total value = 1,242,540,800,000

Strike 87200 has a total call value of 1,333,356,800,000 versus a total put value of 1,447,600,000 Combined total value = 1,334,804,400,000

Strike 87300 has a total call value of 1,426,980,400,000 versus a total put value of 1,390,200,000 Combined total value = 1,428,370,600,000

Strike 87400 has a total call value of 1,522,073,200,000 versus a total put value of 1,333,600,000 Combined total value = 1,523,406,800,000

Strike 87500 has a total call value of 1,617,958,600,000 versus a total put value of 1,277,000,000 Combined total value = 1,619,235,600,000

Strike 87600 has a total call value of 1,719,426,800,000 versus a total put value of 1,220,400,000 Combined total value = 1,720,647,200,000

Strike 87700 has a total call value of 1,823,678,200,000 versus a total put value of 1,163,800,000 Combined total value = 1,824,842,000,000

Strike 87800 has a total call value of 1,929,157,600,000 versus a total put value of 1,107,200,000 Combined total value = 1,930,264,800,000

Strike 87900 has a total call value of 2,035,399,600,000 versus a total put value of 1,050,600,000 Combined total value = 2,036,450,200,000

Strike 88000 has a total call value of 2,142,670,800,000 versus a total put value of 994,000,000 Combined total value = 2,143,664,800,000

Strike 88100 has a total call value of 2,255,683,200,000 versus a total put value of 944,800,000 Combined total value = 2,256,628,000,000

Strike 88200 has a total call value of 2,368,955,800,000 versus a total put value of 895,600,000 Combined total value = 2,369,851,400,000

Strike 88300 has a total call value of 2,482,352,600,000 versus a total put value of 846,400,000 Combined total value = 2,483,199,000,000

Strike 88400 has a total call value of 2,596,179,000,000 versus a total put value of 797,200,000 Combined total value = 2,596,976,200,000

Strike 88500 has a total call value of 2,710,801,200,000 versus a total put value of 748,000,000 Combined total value = 2,711,549,200,000

Strike 88600 has a total call value of 2,828,714,000,000 versus a total put value of 698,800,000 Combined total value = 2,829,412,800,000

Strike 88700 has a total call value of 2,947,038,000,000 versus a total put value of 649,600,000 Combined total value = 2,947,687,600,000

Strike 88800 has a total call value of 3,065,814,400,000 versus a total put value of 600,400,000 Combined total value = 3,066,414,800,000

Strike 88900 has a total call value of 3,185,126,400,000 versus a total put value of 551,200,000 Combined total value = 3,185,677,600,000

Strike 89000 has a total call value of 3,304,920,000,000 versus a total put value of 502,000,000 Combined total value = 3,305,422,000,000

Strike 89100 has a total call value of 3,428,597,600,000 versus a total put value of 465,400,000 Combined total value = 3,429,063,000,000

Strike 89200 has a total call value of 3,552,325,800,000 versus a total put value of 428,800,000 Combined total value = 3,552,754,600,000

Strike 89300 has a total call value of 3,676,179,600,000 versus a total put value of 392,200,000 Combined total value = 3,676,571,800,000

Strike 89400 has a total call value of 3,800,085,600,000 versus a total put value of 355,600,000 Combined total value = 3,800,441,200,000

Strike 89500 has a total call value of 3,924,056,400,000 versus a total put value of 319,000,000 Combined total value = 3,924,375,400,000

Strike 89600 has a total call value of 4,049,390,800,000 versus a total put value of 282,400,000 Combined total value = 4,049,673,200,000

Strike 89700 has a total call value of 4,174,829,200,000 versus a total put value of 245,800,000 Combined total value = 4,175,075,000,000

Strike 89800 has a total call value of 4,300,292,000,000 versus a total put value of 209,200,000 Combined total value = 4,300,501,200,000

Strike 89900 has a total call value of 4,425,779,600,000 versus a total put value of 172,600,000 Combined total value = 4,425,952,200,000

Strike 90000 has a total call value of 4,551,320,800,000 versus a total put value of 136,000,000 Combined total value = 4,551,456,800,000

Strike 90100 has a total call value of 4,680,959,000,000 versus a total put value of 122,400,000 Combined total value = 4,681,081,400,000

Strike 90200 has a total call value of 4,810,610,000,000 versus a total put value of 108,800,000 Combined total value = 4,810,718,800,000

Strike 90300 has a total call value of 4,940,298,000,000 versus a total put value of 95,200,000 Combined total value = 4,940,393,200,000

Strike 90400 has a total call value of 5,069,992,800,000 versus a total put value of 81,600,000 Combined total value = 5,070,074,400,000

Strike 90500 has a total call value of 5,199,716,200,000 versus a total put value of 68,000,000 Combined total value = 5,199,784,200,000

Strike 90600 has a total call value of 5,329,781,600,000 versus a total put value of 54,400,000 Combined total value = 5,329,836,000,000

Strike 90700 has a total call value of 5,459,853,600,000 versus a total put value of 40,800,000 Combined total value = 5,459,894,400,000

Strike 90800 has a total call value of 5,589,929,800,000 versus a total put value of 27,200,000 Combined total value = 5,589,957,000,000

Strike 90900 has a total call value of 5,720,017,200,000 versus a total put value of 13,600,000 Combined total value = 5,720,030,800,000

Strike 91000 has a total call value of 5,850,190,200,000 versus a total put value of 0 Combined total value = 5,850,190,200,000

Strike 91100 has a total call value of 5,980,930,400,000 versus a total put value of 0 Combined total value = 5,980,930,400,000

Strike 91200 has a total call value of 6,111,670,800,000 versus a total put value of 0 Combined total value = 6,111,670,800,000

Strike 91300 has a total call value of 6,242,417,800,000 versus a total put value of 0 Combined total value = 6,242,417,800,000

Strike 91400 has a total call value of 6,373,164,800,000 versus a total put value of 0 Combined total value = 6,373,164,800,000

Strike 91500 has a total call value of 6,503,911,800,000 versus a total put value of 0 Combined total value = 6,503,911,800,000

Strike 91600 has a total call value of 6,634,762,200,000 versus a total put value of 0 Combined total value = 6,634,762,200,000

Strike 91700 has a total call value of 6,765,612,600,000 versus a total put value of 0 Combined total value = 6,765,612,600,000

Strike 91800 has a total call value of 6,896,465,200,000 versus a total put value of 0 Combined total value = 6,896,465,200,000

Strike 91900 has a total call value of 7,027,347,000,000 versus a total put value of 0 Combined total value = 7,027,347,000,000

Strike 92000 has a total call value of 7,158,244,400,000 versus a total put value of 0 Combined total value = 7,158,244,400,000

Strike 92100 has a total call value of 7,289,987,400,000 versus a total put value of 0 Combined total value = 7,289,987,400,000

Strike 92200 has a total call value of 7,421,731,000,000 versus a total put value of 0 Combined total value = 7,421,731,000,000

Strike 92300 has a total call value of 7,553,478,800,000 versus a total put value of 0 Combined total value = 7,553,478,800,000

Strike 92400 has a total call value of 7,685,234,800,000 versus a total put value of 0 Combined total value = 7,685,234,800,000

Strike 92500 has a total call value of 7,817,038,600,000 versus a total put value of 0 Combined total value = 7,817,038,600,000

Strike 92600 has a total call value of 7,948,878,600,000 versus a total put value of 0 Combined total value = 7,948,878,600,000

Strike 92700 has a total call value of 8,080,777,400,000 versus a total put value of 0 Combined total value = 8,080,777,400,000

Strike 92800 has a total call value of 8,212,686,000,000 versus a total put value of 0 Combined total value = 8,212,686,000,000

Strike 92900 has a total call value of 8,344,610,000,000 versus a total put value of 0 Combined total value = 8,344,610,000,000

Strike 93000 has a total call value of 8,476,558,400,000 versus a total put value of 0 Combined total value = 8,476,558,400,000

Strike 93100 has a total call value of 8,608,907,400,000 versus a total put value of 0 Combined total value = 8,608,907,400,000

Strike 93200 has a total call value of 8,741,425,200,000 versus a total put value of 0 Combined total value = 8,741,425,200,000

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	1136.8	1140
ABB	5279.5	5200
ABCAPITAL	353.1	350
ADANIENSOL	1015	990
ADANIENT	2282.3	2300
ADANIGREEN	1048.8	1040
ADANIPORTS	1513.9	1500
ALKEM	5616	5700
AMBER	6838	6800
AMBUJACEM	554.55	550
ANGELONE	2572.4	2600
APLAPOLLO	1733.1	1740
APOLLOHOSP	7077.5	7200
ASHOKLEY	166.85	160
ASIANPAINT	2780	2800
ASTRAL	1427.3	1440
AUBANK	979.55	960
AUROPHARMA	1188.9	1200
AXISBANK	1283	1280
BAJAJ-AUTO	8970	9000
BAJAJFINSV	2070.8	2060
BAJFINANCE	1011.2	1020
BANDHANBNK	150.01	150
BANKBARODA	285.35	290
BANKINDIA	141.74	142
BDL	1401	1440
BEL	390.3	400
BHARATFORG	1407.3	1400
BHARTIARTL	2077.2	2100
BHEL	282.6	282.5
BIOCON	384.95	390
BLUESTARCO	1809.3	1780
BOSCHLTD	36375	36500
BPCL	365.35	365
BRITANNIA	6052	5950
BSE	2659.2	2750
CAMS	756.7	770
CANBK	148.34	148
CDSL	1513.4	1560
CGPOWER	668.9	680
CHOLAFIN	1732.2	1700
CIPLA	1506.5	1520
COALINDIA	384.1	382.25
COFORGE	1860.6	1840
COLPAL	2166.8	2180
CONCOR	503.2	510
CROMPTON	253.15	265
CUMMINSIND	4545.6	4500
CYIENT	1154.3	1160
DABUR	496.8	500
DALBHARAT	2101.3	2040
DELHIVERY	408.65	415
DIVISLAB	6373.5	6400
DIXON	13742	13750
DLF	697	710
DMART	3824.6	3900
DRREDDY	1279	1270
EICHERMOT	7115.5	7150
ETERNAL	298.2	300
EXIDEIND	371	375
FEDERALBNK	265.3	260
FORTIS	867.9	880
GAIL	169.99	175
GLENMARK	1974.6	1940
GMRAIRPORT	104.83	102
GODREJCP	1161.7	1140
GODREJPROP	2072.4	2040
GRASIM	2826.7	2800
HAL	4330	4500
HAVELLS	1413.7	1420
HCLTECH	1683.3	1660
HDFCAMC	2610.4	2650
HDFCBANK	996.4	1000
HDFCLIFE	770.55	770
HEROMOTOCO	5956.5	6050
HFCL	66.35	68
HINDALCO	847.55	820
HINDPETRO	466.35	460
HINDUNILVR	2296.2	2300
HINDZINC	565.85	540
HUDCO	215.31	220
ICICIBANK	1365.5	1380
ICICIGI	1939.8	1960
ICICIPRULI	646.9	630
IDEA	11.44	11
IDFCFIRSTB	84.08	81
IEX	142.9	145
IIFL	577.2	560
INDHOTEL	733.2	730
INDIANB	784.05	800
INDIGO	4977.5	5000
INDUSINDBK	850.85	850
INDUSTOWER	408.75	410
INFY	1608.1	1600
INOXWIND	125.07	130
IOC	167.2	165
IRCTC	672.9	680
IREDA	135.4	140
IRFC	113.3	115
ITC	403.1	405
JINDALSTEL	1032.4	1020
JIOFIN	299.3	300
JSWENERGY	485.5	490
JSWSTEEL	1117	1140
JUBLFOOD	576.15	590
KALYANKJIL	480	480
KAYNES	4233	4400
KEI	4170.1	4100
KFINTECH	1048.2	1060
KOTAKBANK	2175	2160
KPITTECH	1213.8	1220
LAURUSLABS	1005.6	1000
LICHSGFIN	531	550
LICI	858.3	880
LODHA	1099.2	1100
LT	4079.2	4040
LTF	305.1	305
LTIM	6282	6200
LUPIN	2091.6	2080
M&M	3611.7	3650
MANAPPURAM	285.85	282.5
MANKIND	2148.5	2200
MARICO	737.55	730
MARUTI	16420	16300
MAXHEALTH	1080.6	1100
MAZDOCK	2449.6	2550
MCX	10189	10100
MFSL	1697.7	1700
MOTHERSON	120.31	116
MPHASIS	2890.5	2900
MUTHOOTFIN	3858.1	3800
NATIONALUM	279.15	270
NAUKRI	1360	1360
NBCC	115.75	114
NCC	161.66	167.5
NESTLEIND	1239.8	1240
NHPC	77.04	77
NMDC	77.9	77
NTPC	324.1	325
NUVAMA	7272.5	7200
NYKAA	250.8	255
OBEROIRLTY	1651.9	1640
OFSS	7950.5	8000
OIL	402.8	410
ONGC	233.82	240
PAGEIND	36720	37000
PATANJALI	532.1	540
PAYTM	1300	1300
PERSISTENT	6302.5	6300
PETRONET	268.6	275
PFC	339.7	360
PGEL	568.6	560
PHOENIXLTD	1782.3	1760
PIDILITIND	1477.9	1480
PIIND	3250.3	3350
PNB	118.45	120
PNBHOUSING	920.95	910
POLICYBZR	1912.7	1900
POLYCAB	7327	7300
POWERGRID	262.2	270
POWERINDIA	19450	19500
PPLPHARMA	171.89	177.5
PRESTIGE	1636.1	1660
RBLBANK	304.5	310
RECLTD	341.15	355
RELIANCE	1554.6	1540
RVNL	313.1	315
SAIL	131.95	132
SAMMAANCAP	148.91	155
SBICARD	869.5	880
SBILIFE	2030	2020
SBIN	967.15	965
SHREECEM	26390	26500
SHRIRAMFIN	864.25	850
SIEMENS	3146.1	3200
SOLARINDS	12181	12750
SONACOMS	489.45	490
SRF	2992	2950
SUNPHARMA	1795.8	1800
SUPREMEIND	3281.4	3400
SUZLON	53.17	54
SYNGENE	658.15	650
TATACONSUM	1159.2	1170
TATAELXSI	5052	5000
TATAMOTORS	0	320
TATAPOWER	380.7	390
TATASTEEL	172.64	170
TATATECH	656.75	670
TCS	3220.1	3200
TECHM	1576.4	1560
TIINDIA	2630	2700
TITAGARH	791.5	800
TITAN	3863.9	3840
TMPV	345.8	360
TORNTPHARM	3782.1	3750
TORNTPOWER	1287.9	1300
TRENT	4080	4200
TVSMOTOR	3639.8	3600
ULTRACEMCO	11704	11700
UNIONBANK	152.51	152.5
UNITDSPR	1443.9	1440
UNOMINDA	1236.2	1280
UPL	766.8	750
VBL	474.95	475
VEDL	548.85	530
VOLTAS	1385.4	1360
WIPRO	260.37	257.5
YESBANK	21.8	22
ZYDUSLIFE	922.05	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