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.

SILVER

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.

Silver

252002 -723.00 (-0.29%)

L: 243670 H: 256330

Max Pain - SILVER

09 Jan 2026 11:58 PM IST

Expiry

Max-Pain

2,35,000

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for SILVER is 235000

Historical data for SILVER-235000-CE

LTP (235000 CE)

22884.5 -746

Open Interest

437 -6

Historical data for SILVER-235000-PE

LTP (235000 PE)

4917.5 -151.5

Open Interest

552 -11

Strike 150000 has a total call value of 0 versus a total put value of 1,418,930,250,000 Combined total value = 1,418,930,250,000

Strike 150250 has a total call value of 750,000 versus a total put value of 1,413,315,750,000 Combined total value = 1,413,316,500,000

Strike 150500 has a total call value of 1,500,000 versus a total put value of 1,407,701,250,000 Combined total value = 1,407,702,750,000

Strike 150750 has a total call value of 2,250,000 versus a total put value of 1,402,086,750,000 Combined total value = 1,402,089,000,000

Strike 151000 has a total call value of 3,000,000 versus a total put value of 1,396,472,250,000 Combined total value = 1,396,475,250,000

Strike 151250 has a total call value of 3,750,000 versus a total put value of 1,390,857,750,000 Combined total value = 1,390,861,500,000

Strike 151500 has a total call value of 4,500,000 versus a total put value of 1,385,243,250,000 Combined total value = 1,385,247,750,000

Strike 151750 has a total call value of 5,250,000 versus a total put value of 1,379,628,750,000 Combined total value = 1,379,634,000,000

Strike 152000 has a total call value of 6,000,000 versus a total put value of 1,374,014,250,000 Combined total value = 1,374,020,250,000

Strike 152250 has a total call value of 6,750,000 versus a total put value of 1,368,399,750,000 Combined total value = 1,368,406,500,000

Strike 152500 has a total call value of 7,500,000 versus a total put value of 1,362,785,250,000 Combined total value = 1,362,792,750,000

Strike 152750 has a total call value of 8,250,000 versus a total put value of 1,357,170,750,000 Combined total value = 1,357,179,000,000

Strike 153000 has a total call value of 9,000,000 versus a total put value of 1,351,556,250,000 Combined total value = 1,351,565,250,000

Strike 153250 has a total call value of 9,750,000 versus a total put value of 1,345,941,750,000 Combined total value = 1,345,951,500,000

Strike 153500 has a total call value of 10,500,000 versus a total put value of 1,340,327,250,000 Combined total value = 1,340,337,750,000

Strike 153750 has a total call value of 11,250,000 versus a total put value of 1,334,712,750,000 Combined total value = 1,334,724,000,000

Strike 154000 has a total call value of 12,000,000 versus a total put value of 1,329,098,250,000 Combined total value = 1,329,110,250,000

Strike 154250 has a total call value of 12,750,000 versus a total put value of 1,323,483,750,000 Combined total value = 1,323,496,500,000

Strike 154500 has a total call value of 13,500,000 versus a total put value of 1,317,869,250,000 Combined total value = 1,317,882,750,000

Strike 154750 has a total call value of 14,250,000 versus a total put value of 1,312,254,750,000 Combined total value = 1,312,269,000,000

Strike 155000 has a total call value of 15,000,000 versus a total put value of 1,306,640,250,000 Combined total value = 1,306,655,250,000

Strike 155250 has a total call value of 15,750,000 versus a total put value of 1,301,025,750,000 Combined total value = 1,301,041,500,000

Strike 155500 has a total call value of 16,500,000 versus a total put value of 1,295,411,250,000 Combined total value = 1,295,427,750,000

Strike 155750 has a total call value of 17,250,000 versus a total put value of 1,289,796,750,000 Combined total value = 1,289,814,000,000

Strike 156000 has a total call value of 18,000,000 versus a total put value of 1,284,182,250,000 Combined total value = 1,284,200,250,000

Strike 156250 has a total call value of 18,750,000 versus a total put value of 1,278,567,750,000 Combined total value = 1,278,586,500,000

Strike 156500 has a total call value of 19,500,000 versus a total put value of 1,272,953,250,000 Combined total value = 1,272,972,750,000

Strike 156750 has a total call value of 20,250,000 versus a total put value of 1,267,338,750,000 Combined total value = 1,267,359,000,000

Strike 157000 has a total call value of 21,000,000 versus a total put value of 1,261,724,250,000 Combined total value = 1,261,745,250,000

Strike 157250 has a total call value of 21,750,000 versus a total put value of 1,256,109,750,000 Combined total value = 1,256,131,500,000

Strike 157500 has a total call value of 22,500,000 versus a total put value of 1,250,495,250,000 Combined total value = 1,250,517,750,000

Strike 157750 has a total call value of 23,250,000 versus a total put value of 1,244,880,750,000 Combined total value = 1,244,904,000,000

Strike 158000 has a total call value of 24,000,000 versus a total put value of 1,239,266,250,000 Combined total value = 1,239,290,250,000

Strike 158250 has a total call value of 24,750,000 versus a total put value of 1,233,651,750,000 Combined total value = 1,233,676,500,000

Strike 158500 has a total call value of 25,500,000 versus a total put value of 1,228,037,250,000 Combined total value = 1,228,062,750,000

Strike 158750 has a total call value of 26,250,000 versus a total put value of 1,222,422,750,000 Combined total value = 1,222,449,000,000

Strike 159000 has a total call value of 27,000,000 versus a total put value of 1,216,808,250,000 Combined total value = 1,216,835,250,000

Strike 159250 has a total call value of 27,750,000 versus a total put value of 1,211,193,750,000 Combined total value = 1,211,221,500,000

Strike 159500 has a total call value of 28,500,000 versus a total put value of 1,205,579,250,000 Combined total value = 1,205,607,750,000

Strike 159750 has a total call value of 29,250,000 versus a total put value of 1,199,964,750,000 Combined total value = 1,199,994,000,000

Strike 160000 has a total call value of 30,000,000 versus a total put value of 1,194,350,250,000 Combined total value = 1,194,380,250,000

Strike 160250 has a total call value of 30,750,000 versus a total put value of 1,188,806,250,000 Combined total value = 1,188,837,000,000

Strike 160500 has a total call value of 31,500,000 versus a total put value of 1,183,262,250,000 Combined total value = 1,183,293,750,000

Strike 160750 has a total call value of 32,250,000 versus a total put value of 1,177,718,250,000 Combined total value = 1,177,750,500,000

Strike 161000 has a total call value of 33,000,000 versus a total put value of 1,172,174,250,000 Combined total value = 1,172,207,250,000

Strike 161250 has a total call value of 33,750,000 versus a total put value of 1,166,630,250,000 Combined total value = 1,166,664,000,000

Strike 161500 has a total call value of 34,500,000 versus a total put value of 1,161,086,250,000 Combined total value = 1,161,120,750,000

Strike 161750 has a total call value of 35,250,000 versus a total put value of 1,155,542,250,000 Combined total value = 1,155,577,500,000

Strike 162000 has a total call value of 36,000,000 versus a total put value of 1,149,998,250,000 Combined total value = 1,150,034,250,000

Strike 162250 has a total call value of 36,750,000 versus a total put value of 1,144,454,250,000 Combined total value = 1,144,491,000,000

Strike 162500 has a total call value of 37,500,000 versus a total put value of 1,138,910,250,000 Combined total value = 1,138,947,750,000

Strike 162750 has a total call value of 38,250,000 versus a total put value of 1,133,366,250,000 Combined total value = 1,133,404,500,000

Strike 163000 has a total call value of 39,000,000 versus a total put value of 1,127,822,250,000 Combined total value = 1,127,861,250,000

Strike 163250 has a total call value of 39,750,000 versus a total put value of 1,122,278,250,000 Combined total value = 1,122,318,000,000

Strike 163500 has a total call value of 40,500,000 versus a total put value of 1,116,734,250,000 Combined total value = 1,116,774,750,000

Strike 163750 has a total call value of 41,250,000 versus a total put value of 1,111,190,250,000 Combined total value = 1,111,231,500,000

Strike 164000 has a total call value of 42,000,000 versus a total put value of 1,105,646,250,000 Combined total value = 1,105,688,250,000

Strike 164250 has a total call value of 42,750,000 versus a total put value of 1,100,102,250,000 Combined total value = 1,100,145,000,000

Strike 164500 has a total call value of 43,500,000 versus a total put value of 1,094,558,250,000 Combined total value = 1,094,601,750,000

Strike 164750 has a total call value of 44,250,000 versus a total put value of 1,089,014,250,000 Combined total value = 1,089,058,500,000

Strike 165000 has a total call value of 45,000,000 versus a total put value of 1,083,470,250,000 Combined total value = 1,083,515,250,000

Strike 165250 has a total call value of 45,750,000 versus a total put value of 1,077,930,000,000 Combined total value = 1,077,975,750,000

Strike 165500 has a total call value of 46,500,000 versus a total put value of 1,072,389,750,000 Combined total value = 1,072,436,250,000

Strike 165750 has a total call value of 47,250,000 versus a total put value of 1,066,849,500,000 Combined total value = 1,066,896,750,000

Strike 166000 has a total call value of 48,000,000 versus a total put value of 1,061,309,250,000 Combined total value = 1,061,357,250,000

Strike 166250 has a total call value of 48,750,000 versus a total put value of 1,055,769,000,000 Combined total value = 1,055,817,750,000

Strike 166500 has a total call value of 49,500,000 versus a total put value of 1,050,228,750,000 Combined total value = 1,050,278,250,000

Strike 166750 has a total call value of 50,250,000 versus a total put value of 1,044,688,500,000 Combined total value = 1,044,738,750,000

Strike 167000 has a total call value of 51,000,000 versus a total put value of 1,039,148,250,000 Combined total value = 1,039,199,250,000

Strike 167250 has a total call value of 51,750,000 versus a total put value of 1,033,608,000,000 Combined total value = 1,033,659,750,000

Strike 167500 has a total call value of 52,500,000 versus a total put value of 1,028,067,750,000 Combined total value = 1,028,120,250,000

Strike 167750 has a total call value of 53,250,000 versus a total put value of 1,022,527,500,000 Combined total value = 1,022,580,750,000

Strike 168000 has a total call value of 54,000,000 versus a total put value of 1,016,987,250,000 Combined total value = 1,017,041,250,000

Strike 168250 has a total call value of 54,750,000 versus a total put value of 1,011,447,000,000 Combined total value = 1,011,501,750,000

Strike 168500 has a total call value of 55,500,000 versus a total put value of 1,005,906,750,000 Combined total value = 1,005,962,250,000

Strike 168750 has a total call value of 56,250,000 versus a total put value of 1,000,366,500,000 Combined total value = 1,000,422,750,000

Strike 169000 has a total call value of 57,000,000 versus a total put value of 994,826,250,000 Combined total value = 994,883,250,000

Strike 169250 has a total call value of 57,750,000 versus a total put value of 989,286,000,000 Combined total value = 989,343,750,000

Strike 169500 has a total call value of 58,500,000 versus a total put value of 983,745,750,000 Combined total value = 983,804,250,000

Strike 169750 has a total call value of 59,250,000 versus a total put value of 978,205,500,000 Combined total value = 978,264,750,000

Strike 170000 has a total call value of 60,000,000 versus a total put value of 972,665,250,000 Combined total value = 972,725,250,000

Strike 170250 has a total call value of 60,750,000 versus a total put value of 967,297,500,000 Combined total value = 967,358,250,000

Strike 170500 has a total call value of 61,500,000 versus a total put value of 961,929,750,000 Combined total value = 961,991,250,000

Strike 170750 has a total call value of 62,250,000 versus a total put value of 956,562,000,000 Combined total value = 956,624,250,000

Strike 171000 has a total call value of 63,000,000 versus a total put value of 951,194,250,000 Combined total value = 951,257,250,000

Strike 171250 has a total call value of 63,750,000 versus a total put value of 945,826,500,000 Combined total value = 945,890,250,000

Strike 171500 has a total call value of 64,500,000 versus a total put value of 940,458,750,000 Combined total value = 940,523,250,000

Strike 171750 has a total call value of 65,250,000 versus a total put value of 935,091,000,000 Combined total value = 935,156,250,000

Strike 172000 has a total call value of 66,000,000 versus a total put value of 929,723,250,000 Combined total value = 929,789,250,000

Strike 172250 has a total call value of 66,750,000 versus a total put value of 924,355,500,000 Combined total value = 924,422,250,000

Strike 172500 has a total call value of 67,500,000 versus a total put value of 918,987,750,000 Combined total value = 919,055,250,000

Strike 172750 has a total call value of 68,250,000 versus a total put value of 913,620,000,000 Combined total value = 913,688,250,000

Strike 173000 has a total call value of 69,000,000 versus a total put value of 908,252,250,000 Combined total value = 908,321,250,000

Strike 173250 has a total call value of 69,750,000 versus a total put value of 902,884,500,000 Combined total value = 902,954,250,000

Strike 173500 has a total call value of 70,500,000 versus a total put value of 897,516,750,000 Combined total value = 897,587,250,000

Strike 173750 has a total call value of 71,250,000 versus a total put value of 892,149,000,000 Combined total value = 892,220,250,000

Strike 174000 has a total call value of 72,000,000 versus a total put value of 886,781,250,000 Combined total value = 886,853,250,000

Strike 174250 has a total call value of 72,750,000 versus a total put value of 881,413,500,000 Combined total value = 881,486,250,000

Strike 174500 has a total call value of 73,500,000 versus a total put value of 876,045,750,000 Combined total value = 876,119,250,000

Strike 174750 has a total call value of 74,250,000 versus a total put value of 870,678,000,000 Combined total value = 870,752,250,000

Strike 175000 has a total call value of 75,000,000 versus a total put value of 865,310,250,000 Combined total value = 865,385,250,000

Strike 175250 has a total call value of 75,750,000 versus a total put value of 860,046,750,000 Combined total value = 860,122,500,000

Strike 175500 has a total call value of 76,500,000 versus a total put value of 854,783,250,000 Combined total value = 854,859,750,000

Strike 175750 has a total call value of 77,250,000 versus a total put value of 849,519,750,000 Combined total value = 849,597,000,000

Strike 176000 has a total call value of 78,000,000 versus a total put value of 844,256,250,000 Combined total value = 844,334,250,000

Strike 176250 has a total call value of 78,750,000 versus a total put value of 838,992,750,000 Combined total value = 839,071,500,000

Strike 176500 has a total call value of 79,500,000 versus a total put value of 833,729,250,000 Combined total value = 833,808,750,000

Strike 176750 has a total call value of 80,250,000 versus a total put value of 828,465,750,000 Combined total value = 828,546,000,000

Strike 177000 has a total call value of 81,000,000 versus a total put value of 823,202,250,000 Combined total value = 823,283,250,000

Strike 177250 has a total call value of 81,750,000 versus a total put value of 817,938,750,000 Combined total value = 818,020,500,000

Strike 177500 has a total call value of 82,500,000 versus a total put value of 812,675,250,000 Combined total value = 812,757,750,000

Strike 177750 has a total call value of 83,250,000 versus a total put value of 807,411,750,000 Combined total value = 807,495,000,000

Strike 178000 has a total call value of 84,000,000 versus a total put value of 802,148,250,000 Combined total value = 802,232,250,000

Strike 178250 has a total call value of 84,750,000 versus a total put value of 796,884,750,000 Combined total value = 796,969,500,000

Strike 178500 has a total call value of 85,500,000 versus a total put value of 791,621,250,000 Combined total value = 791,706,750,000

Strike 178750 has a total call value of 86,250,000 versus a total put value of 786,357,750,000 Combined total value = 786,444,000,000

Strike 179000 has a total call value of 87,000,000 versus a total put value of 781,094,250,000 Combined total value = 781,181,250,000

Strike 179250 has a total call value of 87,750,000 versus a total put value of 775,830,750,000 Combined total value = 775,918,500,000

Strike 179500 has a total call value of 88,500,000 versus a total put value of 770,567,250,000 Combined total value = 770,655,750,000

Strike 179750 has a total call value of 89,250,000 versus a total put value of 765,303,750,000 Combined total value = 765,393,000,000

Strike 180000 has a total call value of 90,000,000 versus a total put value of 760,040,250,000 Combined total value = 760,130,250,000

Strike 180250 has a total call value of 90,750,000 versus a total put value of 755,160,000,000 Combined total value = 755,250,750,000

Strike 180500 has a total call value of 91,500,000 versus a total put value of 750,279,750,000 Combined total value = 750,371,250,000

Strike 180750 has a total call value of 92,250,000 versus a total put value of 745,399,500,000 Combined total value = 745,491,750,000

Strike 181000 has a total call value of 93,000,000 versus a total put value of 740,519,250,000 Combined total value = 740,612,250,000

Strike 181250 has a total call value of 93,750,000 versus a total put value of 735,639,000,000 Combined total value = 735,732,750,000

Strike 181500 has a total call value of 94,500,000 versus a total put value of 730,758,750,000 Combined total value = 730,853,250,000

Strike 181750 has a total call value of 95,250,000 versus a total put value of 725,878,500,000 Combined total value = 725,973,750,000

Strike 182000 has a total call value of 96,000,000 versus a total put value of 720,998,250,000 Combined total value = 721,094,250,000

Strike 182250 has a total call value of 96,750,000 versus a total put value of 716,118,000,000 Combined total value = 716,214,750,000

Strike 182500 has a total call value of 97,500,000 versus a total put value of 711,237,750,000 Combined total value = 711,335,250,000

Strike 182750 has a total call value of 98,250,000 versus a total put value of 706,357,500,000 Combined total value = 706,455,750,000

Strike 183000 has a total call value of 99,000,000 versus a total put value of 701,477,250,000 Combined total value = 701,576,250,000

Strike 183250 has a total call value of 99,750,000 versus a total put value of 696,597,000,000 Combined total value = 696,696,750,000

Strike 183500 has a total call value of 100,500,000 versus a total put value of 691,716,750,000 Combined total value = 691,817,250,000

Strike 183750 has a total call value of 101,250,000 versus a total put value of 686,836,500,000 Combined total value = 686,937,750,000

Strike 184000 has a total call value of 102,000,000 versus a total put value of 681,956,250,000 Combined total value = 682,058,250,000

Strike 184250 has a total call value of 102,750,000 versus a total put value of 677,076,000,000 Combined total value = 677,178,750,000

Strike 184500 has a total call value of 103,500,000 versus a total put value of 672,195,750,000 Combined total value = 672,299,250,000

Strike 184750 has a total call value of 104,250,000 versus a total put value of 667,315,500,000 Combined total value = 667,419,750,000

Strike 185000 has a total call value of 105,000,000 versus a total put value of 662,435,250,000 Combined total value = 662,540,250,000

Strike 185250 has a total call value of 105,750,000 versus a total put value of 657,761,250,000 Combined total value = 657,867,000,000

Strike 185500 has a total call value of 106,500,000 versus a total put value of 653,087,250,000 Combined total value = 653,193,750,000

Strike 185750 has a total call value of 107,250,000 versus a total put value of 648,413,250,000 Combined total value = 648,520,500,000

Strike 186000 has a total call value of 108,000,000 versus a total put value of 643,739,250,000 Combined total value = 643,847,250,000

Strike 186250 has a total call value of 108,750,000 versus a total put value of 639,065,250,000 Combined total value = 639,174,000,000

Strike 186500 has a total call value of 109,500,000 versus a total put value of 634,391,250,000 Combined total value = 634,500,750,000

Strike 186750 has a total call value of 110,250,000 versus a total put value of 629,717,250,000 Combined total value = 629,827,500,000

Strike 187000 has a total call value of 111,000,000 versus a total put value of 625,043,250,000 Combined total value = 625,154,250,000

Strike 187250 has a total call value of 111,750,000 versus a total put value of 620,369,250,000 Combined total value = 620,481,000,000

Strike 187500 has a total call value of 112,500,000 versus a total put value of 615,695,250,000 Combined total value = 615,807,750,000

Strike 187750 has a total call value of 113,250,000 versus a total put value of 611,021,250,000 Combined total value = 611,134,500,000

Strike 188000 has a total call value of 114,000,000 versus a total put value of 606,347,250,000 Combined total value = 606,461,250,000

Strike 188250 has a total call value of 114,750,000 versus a total put value of 601,673,250,000 Combined total value = 601,788,000,000

Strike 188500 has a total call value of 115,500,000 versus a total put value of 596,999,250,000 Combined total value = 597,114,750,000

Strike 188750 has a total call value of 116,250,000 versus a total put value of 592,325,250,000 Combined total value = 592,441,500,000

Strike 189000 has a total call value of 117,000,000 versus a total put value of 587,651,250,000 Combined total value = 587,768,250,000

Strike 189250 has a total call value of 117,750,000 versus a total put value of 582,977,250,000 Combined total value = 583,095,000,000

Strike 189500 has a total call value of 118,500,000 versus a total put value of 578,303,250,000 Combined total value = 578,421,750,000

Strike 189750 has a total call value of 119,250,000 versus a total put value of 573,629,250,000 Combined total value = 573,748,500,000

Strike 190000 has a total call value of 120,000,000 versus a total put value of 568,955,250,000 Combined total value = 569,075,250,000

Strike 190250 has a total call value of 156,750,000 versus a total put value of 564,582,000,000 Combined total value = 564,738,750,000

Strike 190500 has a total call value of 193,500,000 versus a total put value of 560,208,750,000 Combined total value = 560,402,250,000

Strike 190750 has a total call value of 230,250,000 versus a total put value of 555,835,500,000 Combined total value = 556,065,750,000

Strike 191000 has a total call value of 267,000,000 versus a total put value of 551,462,250,000 Combined total value = 551,729,250,000

Strike 191250 has a total call value of 303,750,000 versus a total put value of 547,089,000,000 Combined total value = 547,392,750,000

Strike 191500 has a total call value of 340,500,000 versus a total put value of 542,715,750,000 Combined total value = 543,056,250,000

Strike 191750 has a total call value of 377,250,000 versus a total put value of 538,342,500,000 Combined total value = 538,719,750,000

Strike 192000 has a total call value of 414,000,000 versus a total put value of 533,969,250,000 Combined total value = 534,383,250,000

Strike 192250 has a total call value of 450,750,000 versus a total put value of 529,596,000,000 Combined total value = 530,046,750,000

Strike 192500 has a total call value of 487,500,000 versus a total put value of 525,222,750,000 Combined total value = 525,710,250,000

Strike 192750 has a total call value of 524,250,000 versus a total put value of 520,849,500,000 Combined total value = 521,373,750,000

Strike 193000 has a total call value of 561,000,000 versus a total put value of 516,476,250,000 Combined total value = 517,037,250,000

Strike 193250 has a total call value of 597,750,000 versus a total put value of 512,103,000,000 Combined total value = 512,700,750,000

Strike 193500 has a total call value of 634,500,000 versus a total put value of 507,729,750,000 Combined total value = 508,364,250,000

Strike 193750 has a total call value of 671,250,000 versus a total put value of 503,356,500,000 Combined total value = 504,027,750,000

Strike 194000 has a total call value of 708,000,000 versus a total put value of 498,983,250,000 Combined total value = 499,691,250,000

Strike 194250 has a total call value of 744,750,000 versus a total put value of 494,610,000,000 Combined total value = 495,354,750,000

Strike 194500 has a total call value of 781,500,000 versus a total put value of 490,236,750,000 Combined total value = 491,018,250,000

Strike 194750 has a total call value of 818,250,000 versus a total put value of 485,863,500,000 Combined total value = 486,681,750,000

Strike 195000 has a total call value of 855,000,000 versus a total put value of 481,490,250,000 Combined total value = 482,345,250,000

Strike 195250 has a total call value of 891,750,000 versus a total put value of 477,393,000,000 Combined total value = 478,284,750,000

Strike 195500 has a total call value of 928,500,000 versus a total put value of 473,295,750,000 Combined total value = 474,224,250,000

Strike 195750 has a total call value of 965,250,000 versus a total put value of 469,198,500,000 Combined total value = 470,163,750,000

Strike 196000 has a total call value of 1,002,000,000 versus a total put value of 465,101,250,000 Combined total value = 466,103,250,000

Strike 196250 has a total call value of 1,038,750,000 versus a total put value of 461,004,000,000 Combined total value = 462,042,750,000

Strike 196500 has a total call value of 1,075,500,000 versus a total put value of 456,906,750,000 Combined total value = 457,982,250,000

Strike 196750 has a total call value of 1,112,250,000 versus a total put value of 452,809,500,000 Combined total value = 453,921,750,000

Strike 197000 has a total call value of 1,149,000,000 versus a total put value of 448,712,250,000 Combined total value = 449,861,250,000

Strike 197250 has a total call value of 1,185,750,000 versus a total put value of 444,615,000,000 Combined total value = 445,800,750,000

Strike 197500 has a total call value of 1,222,500,000 versus a total put value of 440,517,750,000 Combined total value = 441,740,250,000

Strike 197750 has a total call value of 1,259,250,000 versus a total put value of 436,420,500,000 Combined total value = 437,679,750,000

Strike 198000 has a total call value of 1,296,000,000 versus a total put value of 432,323,250,000 Combined total value = 433,619,250,000

Strike 198250 has a total call value of 1,332,750,000 versus a total put value of 428,226,000,000 Combined total value = 429,558,750,000

Strike 198500 has a total call value of 1,369,500,000 versus a total put value of 424,128,750,000 Combined total value = 425,498,250,000

Strike 198750 has a total call value of 1,406,250,000 versus a total put value of 420,031,500,000 Combined total value = 421,437,750,000

Strike 199000 has a total call value of 1,443,000,000 versus a total put value of 415,934,250,000 Combined total value = 417,377,250,000

Strike 199250 has a total call value of 1,479,750,000 versus a total put value of 411,837,000,000 Combined total value = 413,316,750,000

Strike 199500 has a total call value of 1,516,500,000 versus a total put value of 407,739,750,000 Combined total value = 409,256,250,000

Strike 199750 has a total call value of 1,553,250,000 versus a total put value of 403,642,500,000 Combined total value = 405,195,750,000

Strike 200000 has a total call value of 1,590,000,000 versus a total put value of 399,545,250,000 Combined total value = 401,135,250,000

Strike 200250 has a total call value of 1,626,750,000 versus a total put value of 396,249,750,000 Combined total value = 397,876,500,000

Strike 200500 has a total call value of 1,663,500,000 versus a total put value of 392,954,250,000 Combined total value = 394,617,750,000

Strike 200750 has a total call value of 1,700,250,000 versus a total put value of 389,658,750,000 Combined total value = 391,359,000,000

Strike 201000 has a total call value of 1,737,000,000 versus a total put value of 386,363,250,000 Combined total value = 388,100,250,000

Strike 201250 has a total call value of 1,773,750,000 versus a total put value of 383,067,750,000 Combined total value = 384,841,500,000

Strike 201500 has a total call value of 1,810,500,000 versus a total put value of 379,772,250,000 Combined total value = 381,582,750,000

Strike 201750 has a total call value of 1,847,250,000 versus a total put value of 376,476,750,000 Combined total value = 378,324,000,000

Strike 202000 has a total call value of 1,884,000,000 versus a total put value of 373,181,250,000 Combined total value = 375,065,250,000

Strike 202250 has a total call value of 1,920,750,000 versus a total put value of 369,885,750,000 Combined total value = 371,806,500,000

Strike 202500 has a total call value of 1,957,500,000 versus a total put value of 366,590,250,000 Combined total value = 368,547,750,000

Strike 202750 has a total call value of 1,994,250,000 versus a total put value of 363,294,750,000 Combined total value = 365,289,000,000

Strike 203000 has a total call value of 2,031,000,000 versus a total put value of 359,999,250,000 Combined total value = 362,030,250,000

Strike 203250 has a total call value of 2,067,750,000 versus a total put value of 356,703,750,000 Combined total value = 358,771,500,000

Strike 203500 has a total call value of 2,104,500,000 versus a total put value of 353,408,250,000 Combined total value = 355,512,750,000

Strike 203750 has a total call value of 2,141,250,000 versus a total put value of 350,112,750,000 Combined total value = 352,254,000,000

Strike 204000 has a total call value of 2,178,000,000 versus a total put value of 346,817,250,000 Combined total value = 348,995,250,000

Strike 204250 has a total call value of 2,214,750,000 versus a total put value of 343,521,750,000 Combined total value = 345,736,500,000

Strike 204500 has a total call value of 2,251,500,000 versus a total put value of 340,226,250,000 Combined total value = 342,477,750,000

Strike 204750 has a total call value of 2,288,250,000 versus a total put value of 336,930,750,000 Combined total value = 339,219,000,000

Strike 205000 has a total call value of 2,325,000,000 versus a total put value of 333,635,250,000 Combined total value = 335,960,250,000

Strike 205250 has a total call value of 2,361,750,000 versus a total put value of 330,549,750,000 Combined total value = 332,911,500,000

Strike 205500 has a total call value of 2,398,500,000 versus a total put value of 327,464,250,000 Combined total value = 329,862,750,000

Strike 205750 has a total call value of 2,435,250,000 versus a total put value of 324,378,750,000 Combined total value = 326,814,000,000

Strike 206000 has a total call value of 2,472,000,000 versus a total put value of 321,293,250,000 Combined total value = 323,765,250,000

Strike 206250 has a total call value of 2,508,750,000 versus a total put value of 318,207,750,000 Combined total value = 320,716,500,000

Strike 206500 has a total call value of 2,545,500,000 versus a total put value of 315,122,250,000 Combined total value = 317,667,750,000

Strike 206750 has a total call value of 2,582,250,000 versus a total put value of 312,036,750,000 Combined total value = 314,619,000,000

Strike 207000 has a total call value of 2,619,000,000 versus a total put value of 308,951,250,000 Combined total value = 311,570,250,000

Strike 207250 has a total call value of 2,655,750,000 versus a total put value of 305,865,750,000 Combined total value = 308,521,500,000

Strike 207500 has a total call value of 2,692,500,000 versus a total put value of 302,780,250,000 Combined total value = 305,472,750,000

Strike 207750 has a total call value of 2,729,250,000 versus a total put value of 299,694,750,000 Combined total value = 302,424,000,000

Strike 208000 has a total call value of 2,766,000,000 versus a total put value of 296,609,250,000 Combined total value = 299,375,250,000

Strike 208250 has a total call value of 2,802,750,000 versus a total put value of 293,523,750,000 Combined total value = 296,326,500,000

Strike 208500 has a total call value of 2,839,500,000 versus a total put value of 290,438,250,000 Combined total value = 293,277,750,000

Strike 208750 has a total call value of 2,876,250,000 versus a total put value of 287,352,750,000 Combined total value = 290,229,000,000

Strike 209000 has a total call value of 2,913,000,000 versus a total put value of 284,267,250,000 Combined total value = 287,180,250,000

Strike 209250 has a total call value of 2,949,750,000 versus a total put value of 281,181,750,000 Combined total value = 284,131,500,000

Strike 209500 has a total call value of 2,986,500,000 versus a total put value of 278,096,250,000 Combined total value = 281,082,750,000

Strike 209750 has a total call value of 3,023,250,000 versus a total put value of 275,010,750,000 Combined total value = 278,034,000,000

Strike 210000 has a total call value of 3,060,000,000 versus a total put value of 271,925,250,000 Combined total value = 274,985,250,000

Strike 210250 has a total call value of 3,147,000,000 versus a total put value of 269,235,750,000 Combined total value = 272,382,750,000

Strike 210500 has a total call value of 3,234,000,000 versus a total put value of 266,546,250,000 Combined total value = 269,780,250,000

Strike 210750 has a total call value of 3,321,000,000 versus a total put value of 263,856,750,000 Combined total value = 267,177,750,000

Strike 211000 has a total call value of 3,408,000,000 versus a total put value of 261,167,250,000 Combined total value = 264,575,250,000

Strike 211250 has a total call value of 3,495,000,000 versus a total put value of 258,477,750,000 Combined total value = 261,972,750,000

Strike 211500 has a total call value of 3,582,000,000 versus a total put value of 255,788,250,000 Combined total value = 259,370,250,000

Strike 211750 has a total call value of 3,669,000,000 versus a total put value of 253,099,500,000 Combined total value = 256,768,500,000

Strike 212000 has a total call value of 3,756,000,000 versus a total put value of 250,410,750,000 Combined total value = 254,166,750,000

Strike 212250 has a total call value of 3,843,000,000 versus a total put value of 247,722,000,000 Combined total value = 251,565,000,000

Strike 212500 has a total call value of 3,930,000,000 versus a total put value of 245,033,250,000 Combined total value = 248,963,250,000

Strike 212750 has a total call value of 4,017,000,000 versus a total put value of 242,344,500,000 Combined total value = 246,361,500,000

Strike 213000 has a total call value of 4,104,000,000 versus a total put value of 239,655,750,000 Combined total value = 243,759,750,000

Strike 213250 has a total call value of 4,191,000,000 versus a total put value of 236,967,000,000 Combined total value = 241,158,000,000

Strike 213500 has a total call value of 4,278,000,000 versus a total put value of 234,278,250,000 Combined total value = 238,556,250,000

Strike 213750 has a total call value of 4,365,000,000 versus a total put value of 231,589,500,000 Combined total value = 235,954,500,000

Strike 214000 has a total call value of 4,452,000,000 versus a total put value of 228,900,750,000 Combined total value = 233,352,750,000

Strike 214250 has a total call value of 4,539,000,000 versus a total put value of 226,212,750,000 Combined total value = 230,751,750,000

Strike 214500 has a total call value of 4,626,000,000 versus a total put value of 223,524,750,000 Combined total value = 228,150,750,000

Strike 214750 has a total call value of 4,713,000,000 versus a total put value of 220,836,750,000 Combined total value = 225,549,750,000

Strike 215000 has a total call value of 4,800,000,000 versus a total put value of 218,148,750,000 Combined total value = 222,948,750,000

Strike 215250 has a total call value of 5,009,250,000 versus a total put value of 215,621,250,000 Combined total value = 220,630,500,000

Strike 215500 has a total call value of 5,218,500,000 versus a total put value of 213,093,750,000 Combined total value = 218,312,250,000

Strike 215750 has a total call value of 5,427,750,000 versus a total put value of 210,566,250,000 Combined total value = 215,994,000,000

Strike 216000 has a total call value of 5,637,000,000 versus a total put value of 208,038,750,000 Combined total value = 213,675,750,000

Strike 216250 has a total call value of 5,856,000,000 versus a total put value of 205,515,750,000 Combined total value = 211,371,750,000

Strike 216500 has a total call value of 6,075,000,000 versus a total put value of 202,992,750,000 Combined total value = 209,067,750,000

Strike 216750 has a total call value of 6,294,000,000 versus a total put value of 200,469,750,000 Combined total value = 206,763,750,000

Strike 217000 has a total call value of 6,513,000,000 versus a total put value of 197,946,750,000 Combined total value = 204,459,750,000

Strike 217250 has a total call value of 6,732,000,000 versus a total put value of 195,423,750,000 Combined total value = 202,155,750,000

Strike 217500 has a total call value of 6,951,000,000 versus a total put value of 192,900,750,000 Combined total value = 199,851,750,000

Strike 217750 has a total call value of 7,170,000,000 versus a total put value of 190,377,750,000 Combined total value = 197,547,750,000

Strike 218000 has a total call value of 7,389,000,000 versus a total put value of 187,854,750,000 Combined total value = 195,243,750,000

Strike 218250 has a total call value of 7,608,000,000 versus a total put value of 185,335,500,000 Combined total value = 192,943,500,000

Strike 218500 has a total call value of 7,827,000,000 versus a total put value of 182,816,250,000 Combined total value = 190,643,250,000

Strike 218750 has a total call value of 8,046,000,000 versus a total put value of 180,297,000,000 Combined total value = 188,343,000,000

Strike 219000 has a total call value of 8,265,000,000 versus a total put value of 177,777,750,000 Combined total value = 186,042,750,000

Strike 219250 has a total call value of 8,484,000,000 versus a total put value of 175,258,500,000 Combined total value = 183,742,500,000

Strike 219500 has a total call value of 8,703,000,000 versus a total put value of 172,739,250,000 Combined total value = 181,442,250,000

Strike 219750 has a total call value of 8,922,000,000 versus a total put value of 170,220,000,000 Combined total value = 179,142,000,000

Strike 220000 has a total call value of 9,141,000,000 versus a total put value of 167,700,750,000 Combined total value = 176,841,750,000

Strike 220250 has a total call value of 9,497,250,000 versus a total put value of 165,525,000,000 Combined total value = 175,022,250,000

Strike 220500 has a total call value of 9,853,500,000 versus a total put value of 163,349,250,000 Combined total value = 173,202,750,000

Strike 220750 has a total call value of 10,209,750,000 versus a total put value of 161,173,500,000 Combined total value = 171,383,250,000

Strike 221000 has a total call value of 10,566,000,000 versus a total put value of 158,997,750,000 Combined total value = 169,563,750,000

Strike 221250 has a total call value of 10,922,250,000 versus a total put value of 156,822,000,000 Combined total value = 167,744,250,000

Strike 221500 has a total call value of 11,278,500,000 versus a total put value of 154,646,250,000 Combined total value = 165,924,750,000

Strike 221750 has a total call value of 11,634,750,000 versus a total put value of 152,470,500,000 Combined total value = 164,105,250,000

Strike 222000 has a total call value of 11,991,000,000 versus a total put value of 150,294,750,000 Combined total value = 162,285,750,000

Strike 222250 has a total call value of 12,347,250,000 versus a total put value of 148,122,000,000 Combined total value = 160,469,250,000

Strike 222500 has a total call value of 12,703,500,000 versus a total put value of 145,949,250,000 Combined total value = 158,652,750,000

Strike 222750 has a total call value of 13,059,750,000 versus a total put value of 143,776,500,000 Combined total value = 156,836,250,000

Strike 223000 has a total call value of 13,416,000,000 versus a total put value of 141,603,750,000 Combined total value = 155,019,750,000

Strike 223250 has a total call value of 13,772,250,000 versus a total put value of 139,431,000,000 Combined total value = 153,203,250,000

Strike 223500 has a total call value of 14,128,500,000 versus a total put value of 137,258,250,000 Combined total value = 151,386,750,000

Strike 223750 has a total call value of 14,484,750,000 versus a total put value of 135,085,500,000 Combined total value = 149,570,250,000

Strike 224000 has a total call value of 14,841,000,000 versus a total put value of 132,912,750,000 Combined total value = 147,753,750,000

Strike 224250 has a total call value of 15,197,250,000 versus a total put value of 130,740,000,000 Combined total value = 145,937,250,000

Strike 224500 has a total call value of 15,553,500,000 versus a total put value of 128,567,250,000 Combined total value = 144,120,750,000

Strike 224750 has a total call value of 15,909,750,000 versus a total put value of 126,394,500,000 Combined total value = 142,304,250,000

Strike 225000 has a total call value of 16,266,000,000 versus a total put value of 124,221,750,000 Combined total value = 140,487,750,000

Strike 225250 has a total call value of 16,740,750,000 versus a total put value of 122,245,500,000 Combined total value = 138,986,250,000

Strike 225500 has a total call value of 17,215,500,000 versus a total put value of 120,269,250,000 Combined total value = 137,484,750,000

Strike 225750 has a total call value of 17,690,250,000 versus a total put value of 118,293,000,000 Combined total value = 135,983,250,000

Strike 226000 has a total call value of 18,165,000,000 versus a total put value of 116,316,750,000 Combined total value = 134,481,750,000

Strike 226250 has a total call value of 18,639,750,000 versus a total put value of 114,348,000,000 Combined total value = 132,987,750,000

Strike 226500 has a total call value of 19,114,500,000 versus a total put value of 112,379,250,000 Combined total value = 131,493,750,000

Strike 226750 has a total call value of 19,589,250,000 versus a total put value of 110,410,500,000 Combined total value = 129,999,750,000

Strike 227000 has a total call value of 20,064,000,000 versus a total put value of 108,441,750,000 Combined total value = 128,505,750,000

Strike 227250 has a total call value of 20,538,750,000 versus a total put value of 106,473,000,000 Combined total value = 127,011,750,000

Strike 227500 has a total call value of 21,013,500,000 versus a total put value of 104,504,250,000 Combined total value = 125,517,750,000

Strike 227750 has a total call value of 21,488,250,000 versus a total put value of 102,535,500,000 Combined total value = 124,023,750,000

Strike 228000 has a total call value of 21,963,000,000 versus a total put value of 100,566,750,000 Combined total value = 122,529,750,000

Strike 228250 has a total call value of 22,455,000,000 versus a total put value of 98,598,000,000 Combined total value = 121,053,000,000

Strike 228500 has a total call value of 22,947,000,000 versus a total put value of 96,629,250,000 Combined total value = 119,576,250,000

Strike 228750 has a total call value of 23,439,000,000 versus a total put value of 94,660,500,000 Combined total value = 118,099,500,000

Strike 229000 has a total call value of 23,931,000,000 versus a total put value of 92,691,750,000 Combined total value = 116,622,750,000

Strike 229250 has a total call value of 24,538,500,000 versus a total put value of 90,762,750,000 Combined total value = 115,301,250,000

Strike 229500 has a total call value of 25,146,000,000 versus a total put value of 88,833,750,000 Combined total value = 113,979,750,000

Strike 229750 has a total call value of 25,753,500,000 versus a total put value of 86,904,750,000 Combined total value = 112,658,250,000

Strike 230000 has a total call value of 26,361,000,000 versus a total put value of 84,975,750,000 Combined total value = 111,336,750,000

Strike 230250 has a total call value of 27,258,750,000 versus a total put value of 83,414,250,000 Combined total value = 110,673,000,000

Strike 230500 has a total call value of 28,156,500,000 versus a total put value of 81,852,750,000 Combined total value = 110,009,250,000

Strike 230750 has a total call value of 29,054,250,000 versus a total put value of 80,291,250,000 Combined total value = 109,345,500,000

Strike 231000 has a total call value of 29,952,000,000 versus a total put value of 78,729,750,000 Combined total value = 108,681,750,000

Strike 231250 has a total call value of 30,849,750,000 versus a total put value of 77,168,250,000 Combined total value = 108,018,000,000

Strike 231500 has a total call value of 31,747,500,000 versus a total put value of 75,606,750,000 Combined total value = 107,354,250,000

Strike 231750 has a total call value of 32,645,250,000 versus a total put value of 74,045,250,000 Combined total value = 106,690,500,000

Strike 232000 has a total call value of 33,543,000,000 versus a total put value of 72,483,750,000 Combined total value = 106,026,750,000

Strike 232250 has a total call value of 34,440,750,000 versus a total put value of 70,933,500,000 Combined total value = 105,374,250,000

Strike 232500 has a total call value of 35,338,500,000 versus a total put value of 69,383,250,000 Combined total value = 104,721,750,000

Strike 232750 has a total call value of 36,236,250,000 versus a total put value of 67,833,000,000 Combined total value = 104,069,250,000

Strike 233000 has a total call value of 37,134,000,000 versus a total put value of 66,282,750,000 Combined total value = 103,416,750,000

Strike 233250 has a total call value of 38,078,250,000 versus a total put value of 64,791,750,000 Combined total value = 102,870,000,000

Strike 233500 has a total call value of 39,022,500,000 versus a total put value of 63,300,750,000 Combined total value = 102,323,250,000

Strike 233750 has a total call value of 39,966,750,000 versus a total put value of 61,809,750,000 Combined total value = 101,776,500,000

Strike 234000 has a total call value of 40,911,000,000 versus a total put value of 60,318,750,000 Combined total value = 101,229,750,000

Strike 234250 has a total call value of 41,855,250,000 versus a total put value of 58,827,750,000 Combined total value = 100,683,000,000

Strike 234500 has a total call value of 42,799,500,000 versus a total put value of 57,336,750,000 Combined total value = 100,136,250,000

Strike 234750 has a total call value of 43,743,750,000 versus a total put value of 55,845,750,000 Combined total value = 99,589,500,000

Strike 235000 has a total call value of 44,688,000,000 versus a total put value of 54,354,750,000 Combined total value = 99,042,750,000

Strike 235250 has a total call value of 45,960,000,000 versus a total put value of 53,277,750,000 Combined total value = 99,237,750,000

Strike 235500 has a total call value of 47,232,000,000 versus a total put value of 52,200,750,000 Combined total value = 99,432,750,000

Strike 235750 has a total call value of 48,504,000,000 versus a total put value of 51,123,750,000 Combined total value = 99,627,750,000

Strike 236000 has a total call value of 49,776,000,000 versus a total put value of 50,046,750,000 Combined total value = 99,822,750,000

Strike 236250 has a total call value of 51,048,000,000 versus a total put value of 48,969,750,000 Combined total value = 100,017,750,000

Strike 236500 has a total call value of 52,320,000,000 versus a total put value of 47,892,750,000 Combined total value = 100,212,750,000

Strike 236750 has a total call value of 53,592,000,000 versus a total put value of 46,815,750,000 Combined total value = 100,407,750,000

Strike 237000 has a total call value of 54,864,000,000 versus a total put value of 45,738,750,000 Combined total value = 100,602,750,000

Strike 237250 has a total call value of 56,136,000,000 versus a total put value of 44,661,750,000 Combined total value = 100,797,750,000

Strike 237500 has a total call value of 57,408,000,000 versus a total put value of 43,584,750,000 Combined total value = 100,992,750,000

Strike 237750 has a total call value of 58,680,000,000 versus a total put value of 42,507,750,000 Combined total value = 101,187,750,000

Strike 238000 has a total call value of 59,952,000,000 versus a total put value of 41,430,750,000 Combined total value = 101,382,750,000

Strike 238250 has a total call value of 61,224,000,000 versus a total put value of 40,364,250,000 Combined total value = 101,588,250,000

Strike 238500 has a total call value of 62,496,000,000 versus a total put value of 39,297,750,000 Combined total value = 101,793,750,000

Strike 238750 has a total call value of 63,768,000,000 versus a total put value of 38,231,250,000 Combined total value = 101,999,250,000

Strike 239000 has a total call value of 65,040,000,000 versus a total put value of 37,164,750,000 Combined total value = 102,204,750,000

Strike 239250 has a total call value of 66,312,000,000 versus a total put value of 36,098,250,000 Combined total value = 102,410,250,000

Strike 239500 has a total call value of 67,584,000,000 versus a total put value of 35,031,750,000 Combined total value = 102,615,750,000

Strike 239750 has a total call value of 68,856,000,000 versus a total put value of 33,965,250,000 Combined total value = 102,821,250,000

Strike 240000 has a total call value of 70,128,000,000 versus a total put value of 32,898,750,000 Combined total value = 103,026,750,000

Strike 240250 has a total call value of 71,726,250,000 versus a total put value of 32,182,500,000 Combined total value = 103,908,750,000

Strike 240500 has a total call value of 73,324,500,000 versus a total put value of 31,466,250,000 Combined total value = 104,790,750,000

Strike 240750 has a total call value of 74,922,750,000 versus a total put value of 30,750,000,000 Combined total value = 105,672,750,000

Strike 241000 has a total call value of 76,521,000,000 versus a total put value of 30,033,750,000 Combined total value = 106,554,750,000

Strike 241250 has a total call value of 78,119,250,000 versus a total put value of 29,317,500,000 Combined total value = 107,436,750,000

Strike 241500 has a total call value of 79,717,500,000 versus a total put value of 28,601,250,000 Combined total value = 108,318,750,000

Strike 241750 has a total call value of 81,315,750,000 versus a total put value of 27,885,000,000 Combined total value = 109,200,750,000

Strike 242000 has a total call value of 82,914,000,000 versus a total put value of 27,168,750,000 Combined total value = 110,082,750,000

Strike 242250 has a total call value of 84,512,250,000 versus a total put value of 26,458,500,000 Combined total value = 110,970,750,000

Strike 242500 has a total call value of 86,110,500,000 versus a total put value of 25,748,250,000 Combined total value = 111,858,750,000

Strike 242750 has a total call value of 87,708,750,000 versus a total put value of 25,038,000,000 Combined total value = 112,746,750,000

Strike 243000 has a total call value of 89,307,000,000 versus a total put value of 24,327,750,000 Combined total value = 113,634,750,000

Strike 243250 has a total call value of 90,908,250,000 versus a total put value of 23,617,500,000 Combined total value = 114,525,750,000

Strike 243500 has a total call value of 92,509,500,000 versus a total put value of 22,907,250,000 Combined total value = 115,416,750,000

Strike 243750 has a total call value of 94,110,750,000 versus a total put value of 22,197,000,000 Combined total value = 116,307,750,000

Strike 244000 has a total call value of 95,712,000,000 versus a total put value of 21,486,750,000 Combined total value = 117,198,750,000

Strike 244250 has a total call value of 97,319,250,000 versus a total put value of 20,778,000,000 Combined total value = 118,097,250,000

Strike 244500 has a total call value of 98,926,500,000 versus a total put value of 20,069,250,000 Combined total value = 118,995,750,000

Strike 244750 has a total call value of 100,533,750,000 versus a total put value of 19,360,500,000 Combined total value = 119,894,250,000

Strike 245000 has a total call value of 102,141,000,000 versus a total put value of 18,651,750,000 Combined total value = 120,792,750,000

Strike 245250 has a total call value of 103,905,000,000 versus a total put value of 18,079,500,000 Combined total value = 121,984,500,000

Strike 245500 has a total call value of 105,669,000,000 versus a total put value of 17,507,250,000 Combined total value = 123,176,250,000

Strike 245750 has a total call value of 107,433,000,000 versus a total put value of 16,935,000,000 Combined total value = 124,368,000,000

Strike 246000 has a total call value of 109,197,000,000 versus a total put value of 16,362,750,000 Combined total value = 125,559,750,000

Strike 246250 has a total call value of 110,966,250,000 versus a total put value of 15,790,500,000 Combined total value = 126,756,750,000

Strike 246500 has a total call value of 112,735,500,000 versus a total put value of 15,218,250,000 Combined total value = 127,953,750,000

Strike 246750 has a total call value of 114,504,750,000 versus a total put value of 14,646,000,000 Combined total value = 129,150,750,000

Strike 247000 has a total call value of 116,274,000,000 versus a total put value of 14,074,500,000 Combined total value = 130,348,500,000

Strike 247250 has a total call value of 118,048,500,000 versus a total put value of 13,509,750,000 Combined total value = 131,558,250,000

Strike 247500 has a total call value of 119,823,000,000 versus a total put value of 12,945,000,000 Combined total value = 132,768,000,000

Strike 247750 has a total call value of 121,598,250,000 versus a total put value of 12,380,250,000 Combined total value = 133,978,500,000

Strike 248000 has a total call value of 123,373,500,000 versus a total put value of 11,815,500,000 Combined total value = 135,189,000,000

Strike 248250 has a total call value of 125,180,250,000 versus a total put value of 11,262,750,000 Combined total value = 136,443,000,000

Strike 248500 has a total call value of 126,987,750,000 versus a total put value of 10,710,000,000 Combined total value = 137,697,750,000

Strike 248750 has a total call value of 128,795,250,000 versus a total put value of 10,157,250,000 Combined total value = 138,952,500,000

Strike 249000 has a total call value of 130,602,750,000 versus a total put value of 9,604,500,000 Combined total value = 140,207,250,000

Strike 249250 has a total call value of 132,603,000,000 versus a total put value of 9,094,500,000 Combined total value = 141,697,500,000

Strike 249500 has a total call value of 134,603,250,000 versus a total put value of 8,584,500,000 Combined total value = 143,187,750,000

Strike 249750 has a total call value of 136,603,500,000 versus a total put value of 8,074,500,000 Combined total value = 144,678,000,000

Strike 250000 has a total call value of 138,603,750,000 versus a total put value of 7,564,500,000 Combined total value = 146,168,250,000

Strike 250250 has a total call value of 141,109,500,000 versus a total put value of 7,302,750,000 Combined total value = 148,412,250,000

Strike 250500 has a total call value of 143,615,250,000 versus a total put value of 7,041,000,000 Combined total value = 150,656,250,000

Strike 250750 has a total call value of 146,121,000,000 versus a total put value of 6,779,250,000 Combined total value = 152,900,250,000

Strike 251000 has a total call value of 148,626,750,000 versus a total put value of 6,519,000,000 Combined total value = 155,145,750,000

Strike 251250 has a total call value of 151,136,250,000 versus a total put value of 6,258,750,000 Combined total value = 157,395,000,000

Strike 251500 has a total call value of 153,645,750,000 versus a total put value of 5,998,500,000 Combined total value = 159,644,250,000

Strike 251750 has a total call value of 156,155,250,000 versus a total put value of 5,738,250,000 Combined total value = 161,893,500,000

Strike 252000 has a total call value of 158,664,750,000 versus a total put value of 5,478,000,000 Combined total value = 164,142,750,000

Strike 252250 has a total call value of 161,176,500,000 versus a total put value of 5,217,750,000 Combined total value = 166,394,250,000

Strike 252500 has a total call value of 163,688,250,000 versus a total put value of 4,957,500,000 Combined total value = 168,645,750,000

Strike 252750 has a total call value of 166,200,000,000 versus a total put value of 4,697,250,000 Combined total value = 170,897,250,000

Strike 253000 has a total call value of 168,711,750,000 versus a total put value of 4,437,000,000 Combined total value = 173,148,750,000

Strike 253250 has a total call value of 171,223,500,000 versus a total put value of 4,176,750,000 Combined total value = 175,400,250,000

Strike 253500 has a total call value of 173,735,250,000 versus a total put value of 3,916,500,000 Combined total value = 177,651,750,000

Strike 253750 has a total call value of 176,247,000,000 versus a total put value of 3,656,250,000 Combined total value = 179,903,250,000

Strike 254000 has a total call value of 178,758,750,000 versus a total put value of 3,396,000,000 Combined total value = 182,154,750,000

Strike 254250 has a total call value of 181,287,750,000 versus a total put value of 3,135,750,000 Combined total value = 184,423,500,000

Strike 254500 has a total call value of 183,816,750,000 versus a total put value of 2,875,500,000 Combined total value = 186,692,250,000

Strike 254750 has a total call value of 186,345,750,000 versus a total put value of 2,615,250,000 Combined total value = 188,961,000,000

Strike 255000 has a total call value of 188,874,750,000 versus a total put value of 2,355,000,000 Combined total value = 191,229,750,000

Strike 255250 has a total call value of 191,688,750,000 versus a total put value of 2,237,250,000 Combined total value = 193,926,000,000

Strike 255500 has a total call value of 194,502,750,000 versus a total put value of 2,119,500,000 Combined total value = 196,622,250,000

Strike 255750 has a total call value of 197,316,750,000 versus a total put value of 2,001,750,000 Combined total value = 199,318,500,000

Strike 256000 has a total call value of 200,130,750,000 versus a total put value of 1,884,000,000 Combined total value = 202,014,750,000

Strike 256250 has a total call value of 202,944,750,000 versus a total put value of 1,766,250,000 Combined total value = 204,711,000,000

Strike 256500 has a total call value of 205,758,750,000 versus a total put value of 1,648,500,000 Combined total value = 207,407,250,000

Strike 256750 has a total call value of 208,572,750,000 versus a total put value of 1,530,750,000 Combined total value = 210,103,500,000

Strike 257000 has a total call value of 211,386,750,000 versus a total put value of 1,413,000,000 Combined total value = 212,799,750,000

Strike 257250 has a total call value of 214,200,750,000 versus a total put value of 1,295,250,000 Combined total value = 215,496,000,000

Strike 257500 has a total call value of 217,014,750,000 versus a total put value of 1,177,500,000 Combined total value = 218,192,250,000

Strike 257750 has a total call value of 219,828,750,000 versus a total put value of 1,059,750,000 Combined total value = 220,888,500,000

Strike 258000 has a total call value of 222,642,750,000 versus a total put value of 942,000,000 Combined total value = 223,584,750,000

Strike 258250 has a total call value of 225,462,750,000 versus a total put value of 824,250,000 Combined total value = 226,287,000,000

Strike 258500 has a total call value of 228,282,750,000 versus a total put value of 706,500,000 Combined total value = 228,989,250,000

Strike 258750 has a total call value of 231,102,750,000 versus a total put value of 588,750,000 Combined total value = 231,691,500,000

Strike 259000 has a total call value of 233,922,750,000 versus a total put value of 471,000,000 Combined total value = 234,393,750,000

Strike 259250 has a total call value of 236,742,750,000 versus a total put value of 353,250,000 Combined total value = 237,096,000,000

Strike 259500 has a total call value of 239,562,750,000 versus a total put value of 235,500,000 Combined total value = 239,798,250,000

Strike 259750 has a total call value of 242,382,750,000 versus a total put value of 117,750,000 Combined total value = 242,500,500,000

Strike 260000 has a total call value of 245,202,750,000 versus a total put value of 0 Combined total value = 245,202,750,000

Strike 260250 has a total call value of 248,748,750,000 versus a total put value of 0 Combined total value = 248,748,750,000

Strike 260500 has a total call value of 252,294,750,000 versus a total put value of 0 Combined total value = 252,294,750,000

Strike 260750 has a total call value of 255,840,750,000 versus a total put value of 0 Combined total value = 255,840,750,000

Strike 261000 has a total call value of 259,386,750,000 versus a total put value of 0 Combined total value = 259,386,750,000

Strike 261250 has a total call value of 262,994,250,000 versus a total put value of 0 Combined total value = 262,994,250,000

Strike 261500 has a total call value of 266,601,750,000 versus a total put value of 0 Combined total value = 266,601,750,000

Strike 261750 has a total call value of 270,209,250,000 versus a total put value of 0 Combined total value = 270,209,250,000

Strike 262000 has a total call value of 273,816,750,000 versus a total put value of 0 Combined total value = 273,816,750,000

Strike 262250 has a total call value of 277,424,250,000 versus a total put value of 0 Combined total value = 277,424,250,000

Strike 262500 has a total call value of 281,031,750,000 versus a total put value of 0 Combined total value = 281,031,750,000

Strike 262750 has a total call value of 284,639,250,000 versus a total put value of 0 Combined total value = 284,639,250,000

Strike 263000 has a total call value of 288,246,750,000 versus a total put value of 0 Combined total value = 288,246,750,000

Strike 263250 has a total call value of 291,854,250,000 versus a total put value of 0 Combined total value = 291,854,250,000

Strike 263500 has a total call value of 295,461,750,000 versus a total put value of 0 Combined total value = 295,461,750,000

Strike 263750 has a total call value of 299,069,250,000 versus a total put value of 0 Combined total value = 299,069,250,000

Strike 264000 has a total call value of 302,676,750,000 versus a total put value of 0 Combined total value = 302,676,750,000

Strike 264250 has a total call value of 306,284,250,000 versus a total put value of 0 Combined total value = 306,284,250,000

Strike 264500 has a total call value of 309,891,750,000 versus a total put value of 0 Combined total value = 309,891,750,000

Strike 264750 has a total call value of 313,499,250,000 versus a total put value of 0 Combined total value = 313,499,250,000

Strike 265000 has a total call value of 317,106,750,000 versus a total put value of 0 Combined total value = 317,106,750,000

Strike 265250 has a total call value of 320,891,250,000 versus a total put value of 0 Combined total value = 320,891,250,000

Strike 265500 has a total call value of 324,675,750,000 versus a total put value of 0 Combined total value = 324,675,750,000

Strike 265750 has a total call value of 328,460,250,000 versus a total put value of 0 Combined total value = 328,460,250,000

Strike 266000 has a total call value of 332,244,750,000 versus a total put value of 0 Combined total value = 332,244,750,000

Strike 266250 has a total call value of 336,038,250,000 versus a total put value of 0 Combined total value = 336,038,250,000

Strike 266500 has a total call value of 339,831,750,000 versus a total put value of 0 Combined total value = 339,831,750,000

Strike 266750 has a total call value of 343,625,250,000 versus a total put value of 0 Combined total value = 343,625,250,000

Strike 267000 has a total call value of 347,418,750,000 versus a total put value of 0 Combined total value = 347,418,750,000

Strike 267250 has a total call value of 351,212,250,000 versus a total put value of 0 Combined total value = 351,212,250,000

Strike 267500 has a total call value of 355,005,750,000 versus a total put value of 0 Combined total value = 355,005,750,000

Strike 267750 has a total call value of 358,799,250,000 versus a total put value of 0 Combined total value = 358,799,250,000

Strike 268000 has a total call value of 362,592,750,000 versus a total put value of 0 Combined total value = 362,592,750,000

Max-Pain Table for Commodity

Stock Max-Pain Index Max-Pain

LTP > Max Pain Bearish

LTP < Max Pain Bullish

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 SILVER

SILVER

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJAJHLDNG

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

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD