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

84618.86 +227.59 (0.27%)

L: 84150.19 H: 84619.43

Max Pain - SENSEX

11 Dec 2025 10:41 AM IST

Live

Expiry

Max Pain for SENSEX is 84500

Historical data for SENSEX-84500-CE

LTP (84500 CE)

235.45 41.6

Open Interest

167324 105223

Historical data for SENSEX-84500-PE

LTP (84500 PE)

91.65 -159.3

Open Interest

196577 158720

Strike 75700 has a total call value of 0 versus a total put value of 46,274,562,400,000 Combined total value = 46,274,562,400,000

Strike 75800 has a total call value of 7,800,000 versus a total put value of 45,679,915,800,000 Combined total value = 45,679,923,600,000

Strike 75900 has a total call value of 15,600,000 versus a total put value of 45,085,283,200,000 Combined total value = 45,085,298,800,000

Strike 76000 has a total call value of 23,400,000 versus a total put value of 44,490,658,200,000 Combined total value = 44,490,681,600,000

Strike 76100 has a total call value of 32,000,000 versus a total put value of 43,896,569,000,000 Combined total value = 43,896,601,000,000

Strike 76200 has a total call value of 40,600,000 versus a total put value of 43,302,487,400,000 Combined total value = 43,302,528,000,000

Strike 76300 has a total call value of 49,200,000 versus a total put value of 42,708,445,400,000 Combined total value = 42,708,494,600,000

Strike 76400 has a total call value of 57,800,000 versus a total put value of 42,114,410,000,000 Combined total value = 42,114,467,800,000

Strike 76500 has a total call value of 66,400,000 versus a total put value of 41,520,377,400,000 Combined total value = 41,520,443,800,000

Strike 76600 has a total call value of 75,000,000 versus a total put value of 40,926,452,600,000 Combined total value = 40,926,527,600,000

Strike 76700 has a total call value of 83,600,000 versus a total put value of 40,332,621,400,000 Combined total value = 40,332,705,000,000

Strike 76800 has a total call value of 92,200,000 versus a total put value of 39,738,803,200,000 Combined total value = 39,738,895,400,000

Strike 76900 has a total call value of 100,800,000 versus a total put value of 39,144,996,600,000 Combined total value = 39,145,097,400,000

Strike 77000 has a total call value of 109,400,000 versus a total put value of 38,551,191,400,000 Combined total value = 38,551,300,800,000

Strike 77100 has a total call value of 118,000,000 versus a total put value of 37,957,762,600,000 Combined total value = 37,957,880,600,000

Strike 77200 has a total call value of 126,600,000 versus a total put value of 37,364,336,600,000 Combined total value = 37,364,463,200,000

Strike 77300 has a total call value of 135,200,000 versus a total put value of 36,770,918,000,000 Combined total value = 36,771,053,200,000

Strike 77400 has a total call value of 143,800,000 versus a total put value of 36,177,512,200,000 Combined total value = 36,177,656,000,000

Strike 77500 has a total call value of 152,400,000 versus a total put value of 35,584,119,200,000 Combined total value = 35,584,271,600,000

Strike 77600 has a total call value of 166,200,000 versus a total put value of 34,990,751,400,000 Combined total value = 34,990,917,600,000

Strike 77700 has a total call value of 180,000,000 versus a total put value of 34,397,410,400,000 Combined total value = 34,397,590,400,000

Strike 77800 has a total call value of 193,800,000 versus a total put value of 33,804,080,800,000 Combined total value = 33,804,274,600,000

Strike 77900 has a total call value of 207,600,000 versus a total put value of 33,210,855,600,000 Combined total value = 33,211,063,200,000

Strike 78000 has a total call value of 221,400,000 versus a total put value of 32,617,647,600,000 Combined total value = 32,617,869,000,000

Strike 78100 has a total call value of 236,400,000 versus a total put value of 32,024,906,400,000 Combined total value = 32,025,142,800,000

Strike 78200 has a total call value of 251,400,000 versus a total put value of 31,432,174,200,000 Combined total value = 31,432,425,600,000

Strike 78300 has a total call value of 266,400,000 versus a total put value of 30,839,456,800,000 Combined total value = 30,839,723,200,000

Strike 78400 has a total call value of 281,400,000 versus a total put value of 30,246,759,800,000 Combined total value = 30,247,041,200,000

Strike 78500 has a total call value of 296,400,000 versus a total put value of 29,654,131,000,000 Combined total value = 29,654,427,400,000

Strike 78600 has a total call value of 311,800,000 versus a total put value of 29,061,737,400,000 Combined total value = 29,062,049,200,000

Strike 78700 has a total call value of 327,200,000 versus a total put value of 28,469,376,600,000 Combined total value = 28,469,703,800,000

Strike 78800 has a total call value of 342,600,000 versus a total put value of 27,877,026,000,000 Combined total value = 27,877,368,600,000

Strike 78900 has a total call value of 358,000,000 versus a total put value of 27,284,701,200,000 Combined total value = 27,285,059,200,000

Strike 79000 has a total call value of 373,400,000 versus a total put value of 26,692,416,800,000 Combined total value = 26,692,790,200,000

Strike 79100 has a total call value of 391,800,000 versus a total put value of 26,101,691,400,000 Combined total value = 26,102,083,200,000

Strike 79200 has a total call value of 410,200,000 versus a total put value of 25,510,990,400,000 Combined total value = 25,511,400,600,000

Strike 79300 has a total call value of 428,600,000 versus a total put value of 24,920,340,400,000 Combined total value = 24,920,769,000,000

Strike 79400 has a total call value of 447,000,000 versus a total put value of 24,329,749,600,000 Combined total value = 24,330,196,600,000

Strike 79500 has a total call value of 465,400,000 versus a total put value of 23,739,300,200,000 Combined total value = 23,739,765,600,000

Strike 79600 has a total call value of 483,800,000 versus a total put value of 23,154,881,800,000 Combined total value = 23,155,365,600,000

Strike 79700 has a total call value of 502,200,000 versus a total put value of 22,570,552,200,000 Combined total value = 22,571,054,400,000

Strike 79800 has a total call value of 520,600,000 versus a total put value of 21,986,299,800,000 Combined total value = 21,986,820,400,000

Strike 79900 has a total call value of 539,000,000 versus a total put value of 21,402,168,600,000 Combined total value = 21,402,707,600,000

Strike 80000 has a total call value of 557,400,000 versus a total put value of 20,818,195,600,000 Combined total value = 20,818,753,000,000

Strike 80100 has a total call value of 586,200,000 versus a total put value of 20,240,244,600,000 Combined total value = 20,240,830,800,000

Strike 80200 has a total call value of 615,000,000 versus a total put value of 19,662,400,600,000 Combined total value = 19,663,015,600,000

Strike 80300 has a total call value of 643,800,000 versus a total put value of 19,084,674,800,000 Combined total value = 19,085,318,600,000

Strike 80400 has a total call value of 672,600,000 versus a total put value of 18,507,213,000,000 Combined total value = 18,507,885,600,000

Strike 80500 has a total call value of 701,400,000 versus a total put value of 17,930,112,200,000 Combined total value = 17,930,813,600,000

Strike 80600 has a total call value of 730,200,000 versus a total put value of 17,355,785,800,000 Combined total value = 17,356,516,000,000

Strike 80700 has a total call value of 759,000,000 versus a total put value of 16,781,938,600,000 Combined total value = 16,782,697,600,000

Strike 80800 has a total call value of 787,800,000 versus a total put value of 16,208,320,800,000 Combined total value = 16,209,108,600,000

Strike 80900 has a total call value of 816,600,000 versus a total put value of 15,635,447,600,000 Combined total value = 15,636,264,200,000

Strike 81000 has a total call value of 845,400,000 versus a total put value of 15,063,135,000,000 Combined total value = 15,063,980,400,000

Strike 81100 has a total call value of 910,200,000 versus a total put value of 14,503,869,400,000 Combined total value = 14,504,779,600,000

Strike 81200 has a total call value of 975,000,000 versus a total put value of 13,945,357,000,000 Combined total value = 13,946,332,000,000

Strike 81300 has a total call value of 1,039,800,000 versus a total put value of 13,388,300,600,000 Combined total value = 13,389,340,400,000

Strike 81400 has a total call value of 1,106,200,000 versus a total put value of 12,831,923,400,000 Combined total value = 12,833,029,600,000

Strike 81500 has a total call value of 1,172,600,000 versus a total put value of 12,276,653,200,000 Combined total value = 12,277,825,800,000

Strike 81600 has a total call value of 1,239,000,000 versus a total put value of 11,729,664,600,000 Combined total value = 11,730,903,600,000

Strike 81700 has a total call value of 1,305,400,000 versus a total put value of 11,184,047,600,000 Combined total value = 11,185,353,000,000

Strike 81800 has a total call value of 1,371,800,000 versus a total put value of 10,640,406,600,000 Combined total value = 10,641,778,400,000

Strike 81900 has a total call value of 1,438,200,000 versus a total put value of 10,100,128,200,000 Combined total value = 10,101,566,400,000

Strike 82000 has a total call value of 1,504,600,000 versus a total put value of 9,562,609,400,000 Combined total value = 9,564,114,000,000

Strike 82100 has a total call value of 1,584,000,000 versus a total put value of 9,046,182,400,000 Combined total value = 9,047,766,400,000

Strike 82200 has a total call value of 1,663,400,000 versus a total put value of 8,531,704,000,000 Combined total value = 8,533,367,400,000

Strike 82300 has a total call value of 1,742,800,000 versus a total put value of 8,020,943,800,000 Combined total value = 8,022,686,600,000

Strike 82400 has a total call value of 1,822,200,000 versus a total put value of 7,515,183,000,000 Combined total value = 7,517,005,200,000

Strike 82500 has a total call value of 1,904,800,000 versus a total put value of 7,014,440,400,000 Combined total value = 7,016,345,200,000

Strike 82600 has a total call value of 2,228,600,000 versus a total put value of 6,534,254,600,000 Combined total value = 6,536,483,200,000

Strike 82700 has a total call value of 2,552,800,000 versus a total put value of 6,059,053,800,000 Combined total value = 6,061,606,600,000

Strike 82800 has a total call value of 2,877,000,000 versus a total put value of 5,589,962,200,000 Combined total value = 5,592,839,200,000

Strike 82900 has a total call value of 3,214,800,000 versus a total put value of 5,127,133,800,000 Combined total value = 5,130,348,600,000

Strike 83000 has a total call value of 3,557,200,000 versus a total put value of 4,669,769,800,000 Combined total value = 4,673,327,000,000

Strike 83100 has a total call value of 4,226,000,000 versus a total put value of 4,241,298,600,000 Combined total value = 4,245,524,600,000

Strike 83200 has a total call value of 4,901,800,000 versus a total put value of 3,819,977,800,000 Combined total value = 3,824,879,600,000

Strike 83300 has a total call value of 5,584,000,000 versus a total put value of 3,406,562,400,000 Combined total value = 3,412,146,400,000

Strike 83400 has a total call value of 6,286,200,000 versus a total put value of 3,005,696,400,000 Combined total value = 3,011,982,600,000

Strike 83500 has a total call value of 7,007,000,000 versus a total put value of 2,615,772,200,000 Combined total value = 2,622,779,200,000

Strike 83600 has a total call value of 8,105,400,000 versus a total put value of 2,249,558,600,000 Combined total value = 2,257,664,000,000

Strike 83700 has a total call value of 9,292,400,000 versus a total put value of 1,899,774,600,000 Combined total value = 1,909,067,000,000

Strike 83800 has a total call value of 10,635,800,000 versus a total put value of 1,569,602,200,000 Combined total value = 1,580,238,000,000

Strike 83900 has a total call value of 12,381,200,000 versus a total put value of 1,261,418,200,000 Combined total value = 1,273,799,400,000

Strike 84000 has a total call value of 14,602,000,000 versus a total put value of 974,695,400,000 Combined total value = 989,297,400,000

Strike 84100 has a total call value of 19,973,600,000 versus a total put value of 752,955,400,000 Combined total value = 772,929,000,000

Strike 84200 has a total call value of 27,000,800,000 versus a total put value of 560,828,600,000 Combined total value = 587,829,400,000

Strike 84300 has a total call value of 37,348,400,000 versus a total put value of 406,891,800,000 Combined total value = 444,240,200,000

Strike 84400 has a total call value of 54,115,800,000 versus a total put value of 287,115,400,000 Combined total value = 341,231,200,000

Strike 84500 has a total call value of 83,346,400,000 versus a total put value of 200,855,800,000 Combined total value = 284,202,200,000

Strike 84600 has a total call value of 146,041,800,000 versus a total put value of 153,911,600,000 Combined total value = 299,953,400,000

Strike 84700 has a total call value of 239,098,400,000 versus a total put value of 122,298,600,000 Combined total value = 361,397,000,000

Strike 84800 has a total call value of 361,508,200,000 versus a total put value of 98,117,800,000 Combined total value = 459,626,000,000

Strike 84900 has a total call value of 517,162,600,000 versus a total put value of 79,048,400,000 Combined total value = 596,211,000,000

Strike 85000 has a total call value of 700,759,600,000 versus a total put value of 62,286,800,000 Combined total value = 763,046,400,000

Strike 85100 has a total call value of 950,003,400,000 versus a total put value of 50,710,200,000 Combined total value = 1,000,713,600,000

Strike 85200 has a total call value of 1,224,766,600,000 versus a total put value of 41,459,000,000 Combined total value = 1,266,225,600,000

Strike 85300 has a total call value of 1,528,750,200,000 versus a total put value of 33,142,000,000 Combined total value = 1,561,892,200,000

Strike 85400 has a total call value of 1,856,859,000,000 versus a total put value of 25,646,000,000 Combined total value = 1,882,505,000,000

Strike 85500 has a total call value of 2,204,718,800,000 versus a total put value of 19,098,800,000 Combined total value = 2,223,817,600,000

Strike 85600 has a total call value of 2,590,302,800,000 versus a total put value of 14,662,200,000 Combined total value = 2,604,965,000,000

Strike 85700 has a total call value of 2,992,247,600,000 versus a total put value of 11,275,400,000 Combined total value = 3,003,523,000,000

Strike 85800 has a total call value of 3,409,053,800,000 versus a total put value of 8,706,800,000 Combined total value = 3,417,760,600,000

Strike 85900 has a total call value of 3,841,907,000,000 versus a total put value of 6,996,400,000 Combined total value = 3,848,903,400,000

Strike 86000 has a total call value of 4,285,157,600,000 versus a total put value of 5,600,000,000 Combined total value = 4,290,757,600,000

Strike 86100 has a total call value of 4,760,083,800,000 versus a total put value of 4,848,200,000 Combined total value = 4,764,932,000,000

Strike 86200 has a total call value of 5,242,976,400,000 versus a total put value of 4,182,200,000 Combined total value = 5,247,158,600,000

Strike 86300 has a total call value of 5,736,156,600,000 versus a total put value of 3,577,600,000 Combined total value = 5,739,734,200,000

Strike 86400 has a total call value of 6,239,033,800,000 versus a total put value of 3,102,000,000 Combined total value = 6,242,135,800,000

Strike 86500 has a total call value of 6,750,952,600,000 versus a total put value of 2,665,600,000 Combined total value = 6,753,618,200,000

Strike 86600 has a total call value of 7,296,379,400,000 versus a total put value of 2,378,800,000 Combined total value = 7,298,758,200,000

Strike 86700 has a total call value of 7,845,945,400,000 versus a total put value of 2,132,600,000 Combined total value = 7,848,078,000,000

Strike 86800 has a total call value of 8,403,277,600,000 versus a total put value of 1,910,800,000 Combined total value = 8,405,188,400,000

Strike 86900 has a total call value of 8,966,935,400,000 versus a total put value of 1,703,600,000 Combined total value = 8,968,639,000,000

Strike 87000 has a total call value of 9,535,207,400,000 versus a total put value of 1,503,000,000 Combined total value = 9,536,710,400,000

Strike 87100 has a total call value of 10,132,572,600,000 versus a total put value of 1,424,400,000 Combined total value = 10,133,997,000,000

Strike 87200 has a total call value of 10,732,223,600,000 versus a total put value of 1,348,800,000 Combined total value = 10,733,572,400,000

Strike 87300 has a total call value of 11,335,568,400,000 versus a total put value of 1,277,200,000 Combined total value = 11,336,845,600,000

Strike 87400 has a total call value of 11,941,380,400,000 versus a total put value of 1,209,600,000 Combined total value = 11,942,590,000,000

Strike 87500 has a total call value of 12,549,344,200,000 versus a total put value of 1,144,000,000 Combined total value = 12,550,488,200,000

Strike 87600 has a total call value of 13,169,532,200,000 versus a total put value of 1,084,400,000 Combined total value = 13,170,616,600,000

Strike 87700 has a total call value of 13,791,297,000,000 versus a total put value of 1,027,600,000 Combined total value = 13,792,324,600,000

Strike 87800 has a total call value of 14,414,397,400,000 versus a total put value of 978,200,000 Combined total value = 14,415,375,600,000

Strike 87900 has a total call value of 15,039,719,400,000 versus a total put value of 929,000,000 Combined total value = 15,040,648,400,000

Strike 88000 has a total call value of 15,667,362,600,000 versus a total put value of 880,000,000 Combined total value = 15,668,242,600,000

Strike 88100 has a total call value of 16,313,858,000,000 versus a total put value of 836,400,000 Combined total value = 16,314,694,400,000

Strike 88200 has a total call value of 16,961,765,200,000 versus a total put value of 792,800,000 Combined total value = 16,962,558,000,000

Strike 88300 has a total call value of 17,611,102,000,000 versus a total put value of 749,200,000 Combined total value = 17,611,851,200,000

Strike 88400 has a total call value of 18,261,704,000,000 versus a total put value of 705,600,000 Combined total value = 18,262,409,600,000

Strike 88500 has a total call value of 18,913,510,400,000 versus a total put value of 662,000,000 Combined total value = 18,914,172,400,000

Strike 88600 has a total call value of 19,578,418,800,000 versus a total put value of 618,400,000 Combined total value = 19,579,037,200,000

Strike 88700 has a total call value of 20,244,305,200,000 versus a total put value of 574,800,000 Combined total value = 20,244,880,000,000

Strike 88800 has a total call value of 20,911,812,200,000 versus a total put value of 531,200,000 Combined total value = 20,912,343,400,000

Strike 88900 has a total call value of 21,580,021,200,000 versus a total put value of 487,600,000 Combined total value = 21,580,508,800,000

Strike 89000 has a total call value of 22,248,701,400,000 versus a total put value of 444,000,000 Combined total value = 22,249,145,400,000

Strike 89100 has a total call value of 22,928,041,000,000 versus a total put value of 412,200,000 Combined total value = 22,928,453,200,000

Strike 89200 has a total call value of 23,607,753,200,000 versus a total put value of 380,400,000 Combined total value = 23,608,133,600,000

Strike 89300 has a total call value of 24,287,674,200,000 versus a total put value of 348,600,000 Combined total value = 24,288,022,800,000

Strike 89400 has a total call value of 24,967,738,800,000 versus a total put value of 316,800,000 Combined total value = 24,968,055,600,000

Strike 89500 has a total call value of 25,648,058,000,000 versus a total put value of 285,000,000 Combined total value = 25,648,343,000,000

Strike 89600 has a total call value of 26,331,873,600,000 versus a total put value of 253,200,000 Combined total value = 26,332,126,800,000

Strike 89700 has a total call value of 27,015,734,600,000 versus a total put value of 221,400,000 Combined total value = 27,015,956,000,000

Strike 89800 has a total call value of 27,699,673,200,000 versus a total put value of 189,600,000 Combined total value = 27,699,862,800,000

Strike 89900 has a total call value of 28,383,665,600,000 versus a total put value of 157,800,000 Combined total value = 28,383,823,400,000

Strike 90000 has a total call value of 29,067,749,200,000 versus a total put value of 126,000,000 Combined total value = 29,067,875,200,000

Strike 90100 has a total call value of 29,759,543,000,000 versus a total put value of 113,400,000 Combined total value = 29,759,656,400,000

Strike 90200 has a total call value of 30,451,414,600,000 versus a total put value of 100,800,000 Combined total value = 30,451,515,400,000

Strike 90300 has a total call value of 31,143,382,200,000 versus a total put value of 88,200,000 Combined total value = 31,143,470,400,000

Strike 90400 has a total call value of 31,835,425,600,000 versus a total put value of 75,600,000 Combined total value = 31,835,501,200,000

Strike 90500 has a total call value of 32,527,518,400,000 versus a total put value of 63,000,000 Combined total value = 32,527,581,400,000

Strike 90600 has a total call value of 33,221,146,600,000 versus a total put value of 50,400,000 Combined total value = 33,221,197,000,000

Strike 90700 has a total call value of 33,914,812,800,000 versus a total put value of 37,800,000 Combined total value = 33,914,850,600,000

Strike 90800 has a total call value of 34,608,508,400,000 versus a total put value of 25,200,000 Combined total value = 34,608,533,600,000

Strike 90900 has a total call value of 35,302,244,400,000 versus a total put value of 12,600,000 Combined total value = 35,302,257,000,000

Strike 91000 has a total call value of 35,996,071,000,000 versus a total put value of 0 Combined total value = 35,996,071,000,000

Strike 91100 has a total call value of 36,691,146,000,000 versus a total put value of 0 Combined total value = 36,691,146,000,000

Strike 91200 has a total call value of 37,386,285,200,000 versus a total put value of 0 Combined total value = 37,386,285,200,000

Strike 91300 has a total call value of 38,081,435,400,000 versus a total put value of 0 Combined total value = 38,081,435,400,000

Strike 91400 has a total call value of 38,776,602,600,000 versus a total put value of 0 Combined total value = 38,776,602,600,000

Strike 91500 has a total call value of 39,471,849,600,000 versus a total put value of 0 Combined total value = 39,471,849,600,000

Strike 91600 has a total call value of 40,167,164,400,000 versus a total put value of 0 Combined total value = 40,167,164,400,000

Strike 91700 has a total call value of 40,862,503,600,000 versus a total put value of 0 Combined total value = 40,862,503,600,000

Strike 91800 has a total call value of 41,557,870,200,000 versus a total put value of 0 Combined total value = 41,557,870,200,000

Strike 91900 has a total call value of 42,253,271,000,000 versus a total put value of 0 Combined total value = 42,253,271,000,000

Strike 92000 has a total call value of 42,948,682,600,000 versus a total put value of 0 Combined total value = 42,948,682,600,000

Strike 92100 has a total call value of 43,645,304,800,000 versus a total put value of 0 Combined total value = 43,645,304,800,000

Strike 92200 has a total call value of 44,341,962,000,000 versus a total put value of 0 Combined total value = 44,341,962,000,000

Strike 92300 has a total call value of 45,038,656,000,000 versus a total put value of 0 Combined total value = 45,038,656,000,000

Strike 92400 has a total call value of 45,735,379,800,000 versus a total put value of 0 Combined total value = 45,735,379,800,000

Strike 92500 has a total call value of 46,432,149,200,000 versus a total put value of 0 Combined total value = 46,432,149,200,000

Strike 92600 has a total call value of 47,129,759,000,000 versus a total put value of 0 Combined total value = 47,129,759,000,000

Strike 92700 has a total call value of 47,827,387,600,000 versus a total put value of 0 Combined total value = 47,827,387,600,000

Strike 92800 has a total call value of 48,525,059,800,000 versus a total put value of 0 Combined total value = 48,525,059,800,000

Strike 92900 has a total call value of 49,222,801,400,000 versus a total put value of 0 Combined total value = 49,222,801,400,000

Strike 93000 has a total call value of 49,920,566,400,000 versus a total put value of 0 Combined total value = 49,920,566,400,000

Strike 93100 has a total call value of 50,619,462,000,000 versus a total put value of 0 Combined total value = 50,619,462,000,000

Strike 93200 has a total call value of 51,318,596,600,000 versus a total put value of 0 Combined total value = 51,318,596,600,000

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	1120	1140
ABB	5213.5	5200
ABCAPITAL	359.25	350
ADANIENSOL	997.05	980
ADANIENT	2226	2300
ADANIGREEN	995.8	1020
ADANIPORTS	1505	1500
ALKEM	5621	5700
AMBER	6565.5	6700
AMBUJACEM	530.2	550
ANGELONE	2529	2600
APLAPOLLO	1718.4	1740
APOLLOHOSP	7057	7250
ASHOKLEY	160.13	156
ASIANPAINT	2780.2	2840
ASTRAL	1399.4	1440
AUBANK	978.55	960
AUROPHARMA	1185.7	1200
AXISBANK	1279.6	1280
BAJAJ-AUTO	9033	9100
BAJAJFINSV	2071.6	2080
BAJFINANCE	1020.5	1020
BANDHANBNK	142.94	150
BANKBARODA	285.6	290
BANKINDIA	141.5	144
BDL	1414.5	1460
BEL	389.4	400
BHARATFORG	1400.6	1400
BHARTIARTL	2049.5	2100
BHEL	278	280
BIOCON	381.65	390
BLUESTARCO	1742.8	1760
BOSCHLTD	36720	37000
BPCL	352.6	360
BRITANNIA	5838	5850
BSE	2660.8	2750
CAMS	749.5	780
CANBK	147.3	148
CDSL	1506.5	1560
CGPOWER	664.65	680
CHOLAFIN	1742.5	1700
CIPLA	1505.9	1520
COALINDIA	383.8	382.25
COFORGE	1841.9	1840
COLPAL	2145	2200
CONCOR	506.05	520
CROMPTON	250.55	265
CUMMINSIND	4575	4500
CYIENT	1145	1160
DABUR	500.05	510
DALBHARAT	1950.8	2000
DELHIVERY	407.4	420
DIVISLAB	6390.5	6400
DIXON	12844	13500
DLF	688	720
DMART	3816.2	3950
DRREDDY	1265.8	1260
EICHERMOT	7280	7200
ETERNAL	289.85	300
EXIDEIND	373.5	380
FEDERALBNK	260.6	255
FORTIS	858	900
GAIL	169.3	175
GLENMARK	1963	1940
GMRAIRPORT	98.16	101
GODREJCP	1142.1	1140
GODREJPROP	2021.7	2080
GRASIM	2781.9	2760
HAL	4307	4500
HAVELLS	1394.4	1440
HCLTECH	1664.7	1660
HDFCAMC	2654	2650
HDFCBANK	995.1	1000
HDFCLIFE	764.8	770
HEROMOTOCO	5978	6100
HFCL	68.08	70
HINDALCO	826.8	810
HINDPETRO	447.8	455
HINDUNILVR	2307.3	2340
HINDZINC	525	505
HUDCO	213.66	225
ICICIBANK	1361.2	1380
ICICIGI	1921.5	1980
ICICIPRULI	637.85	630
IDEA	11.01	10
IDFCFIRSTB	81.39	80
IEX	140.4	145
IIFL	574.75	560
INDHOTEL	723.95	740
INDIANB	784.4	820
INDIGO	4798	5000
INDUSINDBK	837.05	850
INDUSTOWER	409	405
INFY	1591.9	1600
INOXWIND	122.15	130
IOC	161.83	164
IRCTC	669.35	690
IREDA	134.47	140
IRFC	113.42	117
ITC	402.3	405
JINDALSTEL	1010.3	1020
JIOFIN	296.15	305
JSWENERGY	458.9	480
JSWSTEEL	1106.8	1140
JUBLFOOD	586.75	600
KALYANKJIL	469.7	480
KAYNES	4005.5	4400
KEI	3995	4050
KFINTECH	1064.7	1080
KOTAKBANK	2172	2140
KPITTECH	1206.6	1220
LAURUSLABS	1026.5	1000
LICHSGFIN	533.5	550
LICI	858	890
LODHA	1084.5	1120
LT	4009	4000
LTF	304.35	302.5
LTIM	6283	6150
LUPIN	2068	2060
M&M	3626.5	3700
MANAPPURAM	280.5	280
MANKIND	2164.2	2200
MARICO	726.55	730
MARUTI	16220	16100
MAXHEALTH	1083.9	1120
MAZDOCK	2464	2600
MCX	9974	10000
MFSL	1695.9	1700
MOTHERSON	118.4	115
MPHASIS	2873.5	2900
MUTHOOTFIN	3763.5	3700
NATIONALUM	264.95	265
NAUKRI	1332.9	1360
NBCC	107.61	112
NCC	160.33	170
NESTLEIND	1217.4	1240
NHPC	76.39	78
NMDC	75.2	76
NTPC	322.7	325
NUVAMA	7208	7200
NYKAA	245.95	257.5
OBEROIRLTY	1646.3	1660
OFSS	7960	8100
OIL	402.6	415
ONGC	240.32	241.5
PAGEIND	36920	38000
PATANJALI	535.55	550
PAYTM	1282.4	1300
PERSISTENT	6108	6200
PETRONET	270.05	280
PFC	343.2	360
PGEL	549.35	560
PHOENIXLTD	1736.4	1740
PIDILITIND	1468	1480
PIIND	3358	3400
PNB	117.45	120
PNBHOUSING	884.6	900
POLICYBZR	1915.2	1900
POLYCAB	7223.5	7300
POWERGRID	265.8	275
POWERINDIA	19090	19500
PPLPHARMA	171.16	182.5
PRESTIGE	1660	1660
RBLBANK	308.15	310
RECLTD	343.75	360
RELIANCE	1535.1	1540
RVNL	314.8	315
SAIL	129.66	134
SAMMAANCAP	145.79	160
SBICARD	874.65	880
SBILIFE	2007.8	2020
SBIN	961.4	965
SHREECEM	26125	26500
SHRIRAMFIN	848.7	840
SIEMENS	3178.6	3300
SOLARINDS	12493	13000
SONACOMS	486.15	500
SRF	2941.7	2900
SUNPHARMA	1792.3	1800
SUPREMEIND	3235	3400
SUZLON	52.15	54
SYNGENE	632.8	640
TATACONSUM	1147.5	1170
TATAELXSI	4911.5	5000
TATAMOTORS	0	320
TATAPOWER	381.95	390
TATASTEEL	164.83	170
TATATECH	647.7	680
TCS	3182.9	3200
TECHM	1556.8	1540
TIINDIA	2621.7	2700
TITAGARH	761.6	800
TITAN	3821.3	3840
TMPV	344.1	360
TORNTPHARM	3782.8	3750
TORNTPOWER	1293.5	1300
TRENT	3979.4	4200
TVSMOTOR	3607.2	3600
ULTRACEMCO	11414	11600
UNIONBANK	150.29	152.5
UNITDSPR	1438.4	1440
UNOMINDA	1232.9	1280
UPL	747.8	750
VBL	470.65	470
VEDL	532.85	520
VOLTAS	1347.8	1360
WIPRO	259.68	255
YESBANK	21.88	23
ZYDUSLIFE	926.5	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