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

85102.69 -609.68 (-0.71%)

L: 84875.59 H: 85722.97

Max Pain - SENSEX

08 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for SENSEX is 85300

Historical data for SENSEX-85300-CE

LTP (85300 CE)

263.8 -438.95

Open Interest

19086 14518

Historical data for SENSEX-85300-PE

LTP (85300 PE)

439.25 263.05

Open Interest

9642 -6151

Strike 75700 has a total call value of 0 versus a total put value of 8,527,488,200,000 Combined total value = 8,527,488,200,000

Strike 75800 has a total call value of 7,800,000 versus a total put value of 8,422,042,400,000 Combined total value = 8,422,050,200,000

Strike 75900 has a total call value of 15,600,000 versus a total put value of 8,316,596,600,000 Combined total value = 8,316,612,200,000

Strike 76000 has a total call value of 23,400,000 versus a total put value of 8,211,151,200,000 Combined total value = 8,211,174,600,000

Strike 76100 has a total call value of 32,000,000 versus a total put value of 8,105,942,400,000 Combined total value = 8,105,974,400,000

Strike 76200 has a total call value of 40,600,000 versus a total put value of 8,000,733,600,000 Combined total value = 8,000,774,200,000

Strike 76300 has a total call value of 49,200,000 versus a total put value of 7,895,524,800,000 Combined total value = 7,895,574,000,000

Strike 76400 has a total call value of 57,800,000 versus a total put value of 7,790,316,000,000 Combined total value = 7,790,373,800,000

Strike 76500 has a total call value of 66,400,000 versus a total put value of 7,685,107,200,000 Combined total value = 7,685,173,600,000

Strike 76600 has a total call value of 75,000,000 versus a total put value of 7,579,914,400,000 Combined total value = 7,579,989,400,000

Strike 76700 has a total call value of 83,600,000 versus a total put value of 7,474,722,200,000 Combined total value = 7,474,805,800,000

Strike 76800 has a total call value of 92,200,000 versus a total put value of 7,369,530,000,000 Combined total value = 7,369,622,200,000

Strike 76900 has a total call value of 100,800,000 versus a total put value of 7,264,337,800,000 Combined total value = 7,264,438,600,000

Strike 77000 has a total call value of 109,400,000 versus a total put value of 7,159,145,600,000 Combined total value = 7,159,255,000,000

Strike 77100 has a total call value of 118,000,000 versus a total put value of 7,054,020,800,000 Combined total value = 7,054,138,800,000

Strike 77200 has a total call value of 126,600,000 versus a total put value of 6,948,896,000,000 Combined total value = 6,949,022,600,000

Strike 77300 has a total call value of 135,200,000 versus a total put value of 6,843,773,200,000 Combined total value = 6,843,908,400,000

Strike 77400 has a total call value of 143,800,000 versus a total put value of 6,738,659,200,000 Combined total value = 6,738,803,000,000

Strike 77500 has a total call value of 152,400,000 versus a total put value of 6,633,549,800,000 Combined total value = 6,633,702,200,000

Strike 77600 has a total call value of 166,200,000 versus a total put value of 6,528,470,600,000 Combined total value = 6,528,636,800,000

Strike 77700 has a total call value of 180,000,000 versus a total put value of 6,423,391,800,000 Combined total value = 6,423,571,800,000

Strike 77800 has a total call value of 193,800,000 versus a total put value of 6,318,317,000,000 Combined total value = 6,318,510,800,000

Strike 77900 has a total call value of 207,600,000 versus a total put value of 6,213,243,800,000 Combined total value = 6,213,451,400,000

Strike 78000 has a total call value of 221,400,000 versus a total put value of 6,108,171,000,000 Combined total value = 6,108,392,400,000

Strike 78100 has a total call value of 236,800,000 versus a total put value of 6,003,412,200,000 Combined total value = 6,003,649,000,000

Strike 78200 has a total call value of 252,200,000 versus a total put value of 5,898,654,400,000 Combined total value = 5,898,906,600,000

Strike 78300 has a total call value of 267,600,000 versus a total put value of 5,793,897,600,000 Combined total value = 5,794,165,200,000

Strike 78400 has a total call value of 283,000,000 versus a total put value of 5,689,148,400,000 Combined total value = 5,689,431,400,000

Strike 78500 has a total call value of 298,400,000 versus a total put value of 5,584,420,200,000 Combined total value = 5,584,718,600,000

Strike 78600 has a total call value of 314,200,000 versus a total put value of 5,479,866,000,000 Combined total value = 5,480,180,200,000

Strike 78700 has a total call value of 330,000,000 versus a total put value of 5,375,330,600,000 Combined total value = 5,375,660,600,000

Strike 78800 has a total call value of 345,800,000 versus a total put value of 5,270,808,400,000 Combined total value = 5,271,154,200,000

Strike 78900 has a total call value of 361,600,000 versus a total put value of 5,166,294,200,000 Combined total value = 5,166,655,800,000

Strike 79000 has a total call value of 377,400,000 versus a total put value of 5,061,800,400,000 Combined total value = 5,062,177,800,000

Strike 79100 has a total call value of 396,200,000 versus a total put value of 4,958,138,400,000 Combined total value = 4,958,534,600,000

Strike 79200 has a total call value of 415,000,000 versus a total put value of 4,854,491,800,000 Combined total value = 4,854,906,800,000

Strike 79300 has a total call value of 433,800,000 versus a total put value of 4,750,872,000,000 Combined total value = 4,751,305,800,000

Strike 79400 has a total call value of 452,600,000 versus a total put value of 4,647,451,200,000 Combined total value = 4,647,903,800,000

Strike 79500 has a total call value of 471,400,000 versus a total put value of 4,544,081,600,000 Combined total value = 4,544,553,000,000

Strike 79600 has a total call value of 490,200,000 versus a total put value of 4,441,003,200,000 Combined total value = 4,441,493,400,000

Strike 79700 has a total call value of 509,000,000 versus a total put value of 4,337,926,200,000 Combined total value = 4,338,435,200,000

Strike 79800 has a total call value of 527,800,000 versus a total put value of 4,234,864,800,000 Combined total value = 4,235,392,600,000

Strike 79900 has a total call value of 546,600,000 versus a total put value of 4,131,813,400,000 Combined total value = 4,132,360,000,000

Strike 80000 has a total call value of 565,400,000 versus a total put value of 4,028,775,800,000 Combined total value = 4,029,341,200,000

Strike 80100 has a total call value of 597,800,000 versus a total put value of 3,927,584,400,000 Combined total value = 3,928,182,200,000

Strike 80200 has a total call value of 630,200,000 versus a total put value of 3,826,406,000,000 Combined total value = 3,827,036,200,000

Strike 80300 has a total call value of 662,600,000 versus a total put value of 3,725,239,800,000 Combined total value = 3,725,902,400,000

Strike 80400 has a total call value of 695,000,000 versus a total put value of 3,624,082,000,000 Combined total value = 3,624,777,000,000

Strike 80500 has a total call value of 727,400,000 versus a total put value of 3,522,973,800,000 Combined total value = 3,523,701,200,000

Strike 80600 has a total call value of 759,800,000 versus a total put value of 3,422,428,600,000 Combined total value = 3,423,188,400,000

Strike 80700 has a total call value of 792,200,000 versus a total put value of 3,321,897,800,000 Combined total value = 3,322,690,000,000

Strike 80800 has a total call value of 824,600,000 versus a total put value of 3,221,426,800,000 Combined total value = 3,222,251,400,000

Strike 80900 has a total call value of 857,000,000 versus a total put value of 3,120,985,400,000 Combined total value = 3,121,842,400,000

Strike 81000 has a total call value of 889,400,000 versus a total put value of 3,020,634,400,000 Combined total value = 3,021,523,800,000

Strike 81100 has a total call value of 968,400,000 versus a total put value of 2,923,410,200,000 Combined total value = 2,924,378,600,000

Strike 81200 has a total call value of 1,047,400,000 versus a total put value of 2,826,245,800,000 Combined total value = 2,827,293,200,000

Strike 81300 has a total call value of 1,126,400,000 versus a total put value of 2,729,150,200,000 Combined total value = 2,730,276,600,000

Strike 81400 has a total call value of 1,207,000,000 versus a total put value of 2,632,090,800,000 Combined total value = 2,633,297,800,000

Strike 81500 has a total call value of 1,287,600,000 versus a total put value of 2,535,149,400,000 Combined total value = 2,536,437,000,000

Strike 81600 has a total call value of 1,368,200,000 versus a total put value of 2,439,625,400,000 Combined total value = 2,440,993,600,000

Strike 81700 has a total call value of 1,448,800,000 versus a total put value of 2,344,386,600,000 Combined total value = 2,345,835,400,000

Strike 81800 has a total call value of 1,529,400,000 versus a total put value of 2,249,262,600,000 Combined total value = 2,250,792,000,000

Strike 81900 has a total call value of 1,610,000,000 versus a total put value of 2,154,329,800,000 Combined total value = 2,155,939,800,000

Strike 82000 has a total call value of 1,690,600,000 versus a total put value of 2,059,537,600,000 Combined total value = 2,061,228,200,000

Strike 82100 has a total call value of 1,784,000,000 versus a total put value of 1,970,521,400,000 Combined total value = 1,972,305,400,000

Strike 82200 has a total call value of 1,877,400,000 versus a total put value of 1,881,641,200,000 Combined total value = 1,883,518,600,000

Strike 82300 has a total call value of 1,970,800,000 versus a total put value of 1,793,138,000,000 Combined total value = 1,795,108,800,000

Strike 82400 has a total call value of 2,064,200,000 versus a total put value of 1,704,927,400,000 Combined total value = 1,706,991,600,000

Strike 82500 has a total call value of 2,160,800,000 versus a total put value of 1,617,056,400,000 Combined total value = 1,619,217,200,000

Strike 82600 has a total call value of 2,753,600,000 versus a total put value of 1,532,680,200,000 Combined total value = 1,535,433,800,000

Strike 82700 has a total call value of 3,346,800,000 versus a total put value of 1,449,052,600,000 Combined total value = 1,452,399,400,000

Strike 82800 has a total call value of 3,940,000,000 versus a total put value of 1,366,568,600,000 Combined total value = 1,370,508,600,000

Strike 82900 has a total call value of 4,546,200,000 versus a total put value of 1,284,691,400,000 Combined total value = 1,289,237,600,000

Strike 83000 has a total call value of 5,152,400,000 versus a total put value of 1,203,331,200,000 Combined total value = 1,208,483,600,000

Strike 83100 has a total call value of 6,254,000,000 versus a total put value of 1,129,507,000,000 Combined total value = 1,135,761,000,000

Strike 83200 has a total call value of 7,356,400,000 versus a total put value of 1,056,312,400,000 Combined total value = 1,063,668,800,000

Strike 83300 has a total call value of 8,459,400,000 versus a total put value of 984,026,800,000 Combined total value = 992,486,200,000

Strike 83400 has a total call value of 9,562,800,000 versus a total put value of 912,392,000,000 Combined total value = 921,954,800,000

Strike 83500 has a total call value of 10,668,600,000 versus a total put value of 841,800,000,000 Combined total value = 852,468,600,000

Strike 83600 has a total call value of 11,941,600,000 versus a total put value of 775,959,800,000 Combined total value = 787,901,400,000

Strike 83700 has a total call value of 13,224,800,000 versus a total put value of 711,555,000,000 Combined total value = 724,779,800,000

Strike 83800 has a total call value of 14,521,000,000 versus a total put value of 648,711,800,000 Combined total value = 663,232,800,000

Strike 83900 has a total call value of 15,823,200,000 versus a total put value of 587,922,400,000 Combined total value = 603,745,600,000

Strike 84000 has a total call value of 17,164,200,000 versus a total put value of 528,790,200,000 Combined total value = 545,954,400,000

Strike 84100 has a total call value of 18,812,000,000 versus a total put value of 476,214,800,000 Combined total value = 495,026,800,000

Strike 84200 has a total call value of 20,480,400,000 versus a total put value of 425,132,600,000 Combined total value = 445,613,000,000

Strike 84300 has a total call value of 22,196,800,000 versus a total put value of 375,817,600,000 Combined total value = 398,014,400,000

Strike 84400 has a total call value of 24,017,600,000 versus a total put value of 328,955,400,000 Combined total value = 352,973,000,000

Strike 84500 has a total call value of 25,951,800,000 versus a total put value of 283,645,400,000 Combined total value = 309,597,200,000

Strike 84600 has a total call value of 28,419,600,000 versus a total put value of 244,861,200,000 Combined total value = 273,280,800,000

Strike 84700 has a total call value of 31,212,000,000 versus a total put value of 207,968,800,000 Combined total value = 239,180,800,000

Strike 84800 has a total call value of 34,296,000,000 versus a total put value of 173,802,400,000 Combined total value = 208,098,400,000

Strike 84900 has a total call value of 37,919,200,000 versus a total put value of 142,279,600,000 Combined total value = 180,198,800,000

Strike 85000 has a total call value of 42,624,800,000 versus a total put value of 113,656,000,000 Combined total value = 156,280,800,000

Strike 85100 has a total call value of 52,767,600,000 versus a total put value of 92,014,600,000 Combined total value = 144,782,200,000

Strike 85200 has a total call value of 65,203,200,000 versus a total put value of 73,468,200,000 Combined total value = 138,671,400,000

Strike 85300 has a total call value of 80,875,600,000 versus a total put value of 57,442,400,000 Combined total value = 138,318,000,000

Strike 85400 has a total call value of 100,365,200,000 versus a total put value of 43,345,000,000 Combined total value = 143,710,200,000

Strike 85500 has a total call value of 124,791,000,000 versus a total put value of 31,233,400,000 Combined total value = 156,024,400,000

Strike 85600 has a total call value of 162,453,200,000 versus a total put value of 23,498,800,000 Combined total value = 185,952,000,000

Strike 85700 has a total call value of 207,349,200,000 versus a total put value of 17,863,000,000 Combined total value = 225,212,200,000

Strike 85800 has a total call value of 256,076,800,000 versus a total put value of 13,678,200,000 Combined total value = 269,755,000,000

Strike 85900 has a total call value of 311,103,600,000 versus a total put value of 10,795,200,000 Combined total value = 321,898,800,000

Strike 86000 has a total call value of 370,112,600,000 versus a total put value of 8,447,400,000 Combined total value = 378,560,000,000

Strike 86100 has a total call value of 442,115,600,000 versus a total put value of 7,308,800,000 Combined total value = 449,424,400,000

Strike 86200 has a total call value of 517,383,800,000 versus a total put value of 6,299,200,000 Combined total value = 523,683,000,000

Strike 86300 has a total call value of 595,788,200,000 versus a total put value of 5,341,000,000 Combined total value = 601,129,200,000

Strike 86400 has a total call value of 677,103,800,000 versus a total put value of 4,546,000,000 Combined total value = 681,649,800,000

Strike 86500 has a total call value of 761,751,400,000 versus a total put value of 3,809,000,000 Combined total value = 765,560,400,000

Strike 86600 has a total call value of 855,130,600,000 versus a total put value of 3,334,800,000 Combined total value = 858,465,400,000

Strike 86700 has a total call value of 952,263,600,000 versus a total put value of 2,903,600,000 Combined total value = 955,167,200,000

Strike 86800 has a total call value of 1,053,145,400,000 versus a total put value of 2,509,400,000 Combined total value = 1,055,654,800,000

Strike 86900 has a total call value of 1,156,946,000,000 versus a total put value of 2,131,000,000 Combined total value = 1,159,077,000,000

Strike 87000 has a total call value of 1,263,255,200,000 versus a total put value of 1,759,800,000 Combined total value = 1,265,015,000,000

Strike 87100 has a total call value of 1,379,802,800,000 versus a total put value of 1,670,000,000 Combined total value = 1,381,472,800,000

Strike 87200 has a total call value of 1,498,670,000,000 versus a total put value of 1,583,800,000 Combined total value = 1,500,253,800,000

Strike 87300 has a total call value of 1,619,720,400,000 versus a total put value of 1,501,400,000 Combined total value = 1,621,221,800,000

Strike 87400 has a total call value of 1,742,825,800,000 versus a total put value of 1,423,200,000 Combined total value = 1,744,249,000,000

Strike 87500 has a total call value of 1,868,810,200,000 versus a total put value of 1,347,000,000 Combined total value = 1,870,157,200,000

Strike 87600 has a total call value of 2,003,948,200,000 versus a total put value of 1,278,000,000 Combined total value = 2,005,226,200,000

Strike 87700 has a total call value of 2,140,950,000,000 versus a total put value of 1,211,800,000 Combined total value = 2,142,161,800,000

Strike 87800 has a total call value of 2,279,814,200,000 versus a total put value of 1,153,000,000 Combined total value = 2,280,967,200,000

Strike 87900 has a total call value of 2,420,102,600,000 versus a total put value of 1,094,400,000 Combined total value = 2,421,197,000,000

Strike 88000 has a total call value of 2,561,275,600,000 versus a total put value of 1,036,000,000 Combined total value = 2,562,311,600,000

Strike 88100 has a total call value of 2,714,112,800,000 versus a total put value of 984,600,000 Combined total value = 2,715,097,400,000

Strike 88200 has a total call value of 2,867,487,400,000 versus a total put value of 933,200,000 Combined total value = 2,868,420,600,000

Strike 88300 has a total call value of 3,021,578,600,000 versus a total put value of 881,800,000 Combined total value = 3,022,460,400,000

Strike 88400 has a total call value of 3,176,710,200,000 versus a total put value of 830,400,000 Combined total value = 3,177,540,600,000

Strike 88500 has a total call value of 3,332,440,200,000 versus a total put value of 779,000,000 Combined total value = 3,333,219,200,000

Strike 88600 has a total call value of 3,492,585,800,000 versus a total put value of 727,600,000 Combined total value = 3,493,313,400,000

Strike 88700 has a total call value of 3,654,738,000,000 versus a total put value of 676,200,000 Combined total value = 3,655,414,200,000

Strike 88800 has a total call value of 3,817,232,200,000 versus a total put value of 624,800,000 Combined total value = 3,817,857,000,000

Strike 88900 has a total call value of 3,980,034,800,000 versus a total put value of 573,400,000 Combined total value = 3,980,608,200,000

Strike 89000 has a total call value of 4,143,002,200,000 versus a total put value of 522,000,000 Combined total value = 4,143,524,200,000

Strike 89100 has a total call value of 4,311,675,200,000 versus a total put value of 483,600,000 Combined total value = 4,312,158,800,000

Strike 89200 has a total call value of 4,480,561,000,000 versus a total put value of 445,200,000 Combined total value = 4,481,006,200,000

Strike 89300 has a total call value of 4,649,568,200,000 versus a total put value of 406,800,000 Combined total value = 4,649,975,000,000

Strike 89400 has a total call value of 4,818,632,800,000 versus a total put value of 368,400,000 Combined total value = 4,819,001,200,000

Strike 89500 has a total call value of 4,987,823,200,000 versus a total put value of 330,000,000 Combined total value = 4,988,153,200,000

Strike 89600 has a total call value of 5,159,129,800,000 versus a total put value of 291,600,000 Combined total value = 5,159,421,400,000

Strike 89700 has a total call value of 5,330,527,200,000 versus a total put value of 253,200,000 Combined total value = 5,330,780,400,000

Strike 89800 has a total call value of 5,501,976,200,000 versus a total put value of 214,800,000 Combined total value = 5,502,191,000,000

Strike 89900 has a total call value of 5,673,441,400,000 versus a total put value of 176,400,000 Combined total value = 5,673,617,800,000

Strike 90000 has a total call value of 5,845,041,400,000 versus a total put value of 138,000,000 Combined total value = 5,845,179,400,000

Strike 90100 has a total call value of 6,020,059,000,000 versus a total put value of 124,200,000 Combined total value = 6,020,183,200,000

Strike 90200 has a total call value of 6,195,112,200,000 versus a total put value of 110,400,000 Combined total value = 6,195,222,600,000

Strike 90300 has a total call value of 6,370,200,800,000 versus a total put value of 96,600,000 Combined total value = 6,370,297,400,000

Strike 90400 has a total call value of 6,545,317,400,000 versus a total put value of 82,800,000 Combined total value = 6,545,400,200,000

Strike 90500 has a total call value of 6,720,480,200,000 versus a total put value of 69,000,000 Combined total value = 6,720,549,200,000

Strike 90600 has a total call value of 6,896,803,400,000 versus a total put value of 55,200,000 Combined total value = 6,896,858,600,000

Strike 90700 has a total call value of 7,073,155,200,000 versus a total put value of 41,400,000 Combined total value = 7,073,196,600,000

Strike 90800 has a total call value of 7,249,512,800,000 versus a total put value of 27,600,000 Combined total value = 7,249,540,400,000

Strike 90900 has a total call value of 7,425,947,800,000 versus a total put value of 13,800,000 Combined total value = 7,425,961,600,000

Strike 91000 has a total call value of 7,602,392,600,000 versus a total put value of 0 Combined total value = 7,602,392,600,000

Strike 91100 has a total call value of 7,780,192,000,000 versus a total put value of 0 Combined total value = 7,780,192,000,000

Strike 91200 has a total call value of 7,958,053,400,000 versus a total put value of 0 Combined total value = 7,958,053,400,000

Strike 91300 has a total call value of 8,135,921,000,000 versus a total put value of 0 Combined total value = 8,135,921,000,000

Strike 91400 has a total call value of 8,313,806,400,000 versus a total put value of 0 Combined total value = 8,313,806,400,000

Strike 91500 has a total call value of 8,491,698,200,000 versus a total put value of 0 Combined total value = 8,491,698,200,000

Strike 91600 has a total call value of 8,669,713,600,000 versus a total put value of 0 Combined total value = 8,669,713,600,000

Strike 91700 has a total call value of 8,847,736,000,000 versus a total put value of 0 Combined total value = 8,847,736,000,000

Strike 91800 has a total call value of 9,025,781,800,000 versus a total put value of 0 Combined total value = 9,025,781,800,000

Strike 91900 has a total call value of 9,203,866,000,000 versus a total put value of 0 Combined total value = 9,203,866,000,000

Strike 92000 has a total call value of 9,381,956,800,000 versus a total put value of 0 Combined total value = 9,381,956,800,000

Strike 92100 has a total call value of 9,561,765,600,000 versus a total put value of 0 Combined total value = 9,561,765,600,000

Strike 92200 has a total call value of 9,741,603,400,000 versus a total put value of 0 Combined total value = 9,741,603,400,000

Strike 92300 has a total call value of 9,921,448,000,000 versus a total put value of 0 Combined total value = 9,921,448,000,000

Strike 92400 has a total call value of 10,101,310,200,000 versus a total put value of 0 Combined total value = 10,101,310,200,000

Strike 92500 has a total call value of 10,281,181,000,000 versus a total put value of 0 Combined total value = 10,281,181,000,000

Strike 92600 has a total call value of 10,461,876,000,000 versus a total put value of 0 Combined total value = 10,461,876,000,000

Strike 92700 has a total call value of 10,642,585,600,000 versus a total put value of 0 Combined total value = 10,642,585,600,000

Strike 92800 has a total call value of 10,823,337,000,000 versus a total put value of 0 Combined total value = 10,823,337,000,000

Strike 92900 has a total call value of 11,004,140,800,000 versus a total put value of 0 Combined total value = 11,004,140,800,000

Strike 93000 has a total call value of 11,184,982,400,000 versus a total put value of 0 Combined total value = 11,184,982,400,000

Strike 93100 has a total call value of 11,366,864,800,000 versus a total put value of 0 Combined total value = 11,366,864,800,000

Strike 93200 has a total call value of 11,548,833,800,000 versus a total put value of 0 Combined total value = 11,548,833,800,000

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	1128.2	1140
ABB	5057.5	5200
ABCAPITAL	357.1	345
ADANIENSOL	960.5	980
ADANIENT	2216.2	2300
ADANIGREEN	993.8	1020
ADANIPORTS	1480.5	1500
ALKEM	5599	5700
AMBER	6451	6500
AMBUJACEM	528.95	550
ANGELONE	2542.6	2600
APLAPOLLO	1736.1	1760
APOLLOHOSP	7096	7300
ASHOKLEY	159.28	157
ASIANPAINT	2928.3	2900
ASTRAL	1433.3	1460
AUBANK	952.55	940
AUROPHARMA	1177.4	1220
AXISBANK	1273.8	1270
BAJAJ-AUTO	9026	9100
BAJAJFINSV	2059.2	2080
BAJFINANCE	1026.4	1030
BANDHANBNK	135.47	150
BANKBARODA	285.2	290
BANKINDIA	138.15	145
BDL	1423.1	1500
BEL	386.4	405
BHARATFORG	1373.6	1400
BHARTIARTL	2086.2	2100
BHEL	269.7	282.5
BIOCON	383.8	395
BLUESTARCO	1723.2	1760
BOSCHLTD	36595	36500
BPCL	357.55	360
BRITANNIA	5847.5	5900
BSE	2798.8	2800
CAMS	753.4	780
CANBK	142.84	149
CDSL	1520.9	1580
CGPOWER	647.15	680
CHOLAFIN	1724.4	1700
CIPLA	1497.6	1520
COALINDIA	377.35	380
COFORGE	1951.3	1860
COLPAL	2146.4	2200
CONCOR	500.15	520
CROMPTON	252.7	270
CUMMINSIND	4467	4450
CYIENT	1141.9	1160
DABUR	504.45	515
DALBHARAT	1993.8	2000
DELHIVERY	398.05	420
DIVISLAB	6328.5	6450
DIXON	13563	14250
DLF	687.45	720
DMART	3867.6	4000
DRREDDY	1266.5	1270
EICHERMOT	7142	7100
ETERNAL	285.25	300
EXIDEIND	373.25	380
FEDERALBNK	257.45	255
FORTIS	860.8	900
GAIL	166.81	175
GLENMARK	1921.9	1940
GMRAIRPORT	98.71	102
GODREJCP	1121.6	1140
GODREJPROP	1975.1	2060
GRASIM	2744.2	2760
HAL	4287.1	4500
HAVELLS	1407.3	1440
HCLTECH	1688.6	1660
HDFCAMC	2551.5	2650
HDFCBANK	1003.1	1000
HDFCLIFE	764.05	770
HEROMOTOCO	6167	6200
HFCL	66.49	70
HINDALCO	819.45	800
HINDPETRO	445.95	455
HINDUNILVR	2314	2340
HINDZINC	490.45	490
HUDCO	212.79	225
ICICIBANK	1389.6	1390
ICICIGI	1961.1	2000
ICICIPRULI	616.25	620
IDEA	10.29	10
IDFCFIRSTB	79.12	80
IEX	141.91	145
IIFL	554.65	560
INDHOTEL	718.1	740
INDIANB	779.1	830
INDIGO	4923.5	5200
INDUSINDBK	841.4	860
INDUSTOWER	403	410
INFY	1610.8	1600
INOXWIND	124.48	135
IOC	162.1	164
IRCTC	661.3	690
IREDA	131.21	140
IRFC	111.36	117
ITC	402.3	405
JINDALSTEL	997.5	1020
JIOFIN	297.2	310
JSWENERGY	453.85	480
JSWSTEEL	1119.1	1150
JUBLFOOD	584.2	600
KALYANKJIL	475.05	490
KAYNES	3807	5000
KEI	4095.2	4050
KFINTECH	1042	1080
KOTAKBANK	2131.6	2120
KPITTECH	1220.5	1240
LAURUSLABS	1004.1	1000
LICHSGFIN	522.8	550
LICI	857.55	890
LODHA	1072	1140
LT	3996.7	4020
LTF	299.3	300
LTIM	6256	6150
LUPIN	2070.7	2060
M&M	3681.7	3700
MANAPPURAM	271.75	280
MANKIND	2185.5	2250
MARICO	729.3	730
MARUTI	16187	16100
MAXHEALTH	1079.4	1120
MAZDOCK	2483.7	2650
MCX	10183	10100
MFSL	1695.3	1700
MOTHERSON	115.3	115
MPHASIS	2896.8	2900
MUTHOOTFIN	3775.7	3700
NATIONALUM	268.35	265
NAUKRI	1372.1	1380
NBCC	107.98	114
NCC	162.89	172.5
NESTLEIND	1214.8	1250
NHPC	76.43	78
NMDC	74.66	76
NTPC	319.5	325
NUVAMA	7127	7200
NYKAA	252.6	260
OBEROIRLTY	1610	1660
OFSS	8026	8200
OIL	403.95	415
ONGC	238.52	244
PAGEIND	37235	38000
PATANJALI	547.85	550
PAYTM	1321	1320
PERSISTENT	6347	6400
PETRONET	270.8	280
PFC	342.45	365
PGEL	529.6	550
PHOENIXLTD	1721.1	1740
PIDILITIND	1456.1	1480
PIIND	3329.7	3450
PNB	116	121
PNBHOUSING	873.15	900
POLICYBZR	1913.9	1880
POLYCAB	7025	7300
POWERGRID	265.2	275
POWERINDIA	19040	20000
PPLPHARMA	174.65	185
PRESTIGE	1610	1660
RBLBANK	300	310
RECLTD	342.6	360
RELIANCE	1543	1540
RVNL	307.15	310
SAIL	129.75	135
SAMMAANCAP	141.43	160
SBICARD	870.1	880
SBILIFE	2020.7	2020
SBIN	956.4	970
SHREECEM	26135	26500
SHRIRAMFIN	834.25	840
SIEMENS	3204.2	3300
SOLARINDS	12436	13250
SONACOMS	486.35	500
SRF	2831.9	2900
SUNPHARMA	1796.2	1800
SUPREMEIND	3348.4	3500
SUZLON	51.78	54
SYNGENE	632.15	640
TATACONSUM	1145.8	1170
TATAELXSI	5034.5	5200
TATAMOTORS	0	320
TATAPOWER	374.15	390
TATASTEEL	163.47	170
TATATECH	650.85	680
TCS	3236.5	3200
TECHM	1591.8	1540
TIINDIA	2566.8	2750
TITAGARH	763.05	820
TITAN	3767	3840
TMPV	348.3	360
TORNTPHARM	3760	3750
TORNTPOWER	1255.1	1300
TRENT	4090.5	4300
TVSMOTOR	3612.7	3550
ULTRACEMCO	11540	11700
UNIONBANK	148.36	152.5
UNITDSPR	1429.4	1440
UNOMINDA	1258.2	1300
UPL	739.85	750
VBL	469.8	470
VEDL	511.25	520
VOLTAS	1322.5	1360
WIPRO	261.38	255
YESBANK	21.9	23
ZYDUSLIFE	924.6	940

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