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

203050 -515.00 (-0.25%)

L: 202656 H: 203588

Max Pain - SILVER

19 Dec 2025 09:37 AM IST

Live

Expiry

Max Pain for SILVER is 195000

Historical data for SILVER-195000-CE

LTP (195000 CE)

9647.5 -495.5

Open Interest

269 -1

Historical data for SILVER-195000-PE

LTP (195000 PE)

1450 -132.5

Open Interest

936 -65

Strike 150000 has a total call value of 0 versus a total put value of 682,068,000,000 Combined total value = 682,068,000,000

Strike 150250 has a total call value of 0 versus a total put value of 676,101,000,000 Combined total value = 676,101,000,000

Strike 150500 has a total call value of 0 versus a total put value of 670,134,000,000 Combined total value = 670,134,000,000

Strike 150750 has a total call value of 0 versus a total put value of 664,167,000,000 Combined total value = 664,167,000,000

Strike 151000 has a total call value of 0 versus a total put value of 658,200,000,000 Combined total value = 658,200,000,000

Strike 151250 has a total call value of 0 versus a total put value of 652,233,000,000 Combined total value = 652,233,000,000

Strike 151500 has a total call value of 0 versus a total put value of 646,266,000,000 Combined total value = 646,266,000,000

Strike 151750 has a total call value of 0 versus a total put value of 640,299,000,000 Combined total value = 640,299,000,000

Strike 152000 has a total call value of 0 versus a total put value of 634,332,000,000 Combined total value = 634,332,000,000

Strike 152250 has a total call value of 0 versus a total put value of 628,365,000,000 Combined total value = 628,365,000,000

Strike 152500 has a total call value of 0 versus a total put value of 622,398,000,000 Combined total value = 622,398,000,000

Strike 152750 has a total call value of 0 versus a total put value of 616,431,000,000 Combined total value = 616,431,000,000

Strike 153000 has a total call value of 0 versus a total put value of 610,464,000,000 Combined total value = 610,464,000,000

Strike 153250 has a total call value of 0 versus a total put value of 604,497,000,000 Combined total value = 604,497,000,000

Strike 153500 has a total call value of 0 versus a total put value of 598,530,000,000 Combined total value = 598,530,000,000

Strike 153750 has a total call value of 0 versus a total put value of 592,563,000,000 Combined total value = 592,563,000,000

Strike 154000 has a total call value of 0 versus a total put value of 586,596,000,000 Combined total value = 586,596,000,000

Strike 154250 has a total call value of 0 versus a total put value of 580,629,000,000 Combined total value = 580,629,000,000

Strike 154500 has a total call value of 0 versus a total put value of 574,662,000,000 Combined total value = 574,662,000,000

Strike 154750 has a total call value of 0 versus a total put value of 568,695,000,000 Combined total value = 568,695,000,000

Strike 155000 has a total call value of 0 versus a total put value of 562,728,000,000 Combined total value = 562,728,000,000

Strike 155250 has a total call value of 0 versus a total put value of 557,044,500,000 Combined total value = 557,044,500,000

Strike 155500 has a total call value of 0 versus a total put value of 551,361,000,000 Combined total value = 551,361,000,000

Strike 155750 has a total call value of 0 versus a total put value of 545,677,500,000 Combined total value = 545,677,500,000

Strike 156000 has a total call value of 0 versus a total put value of 539,994,000,000 Combined total value = 539,994,000,000

Strike 156250 has a total call value of 0 versus a total put value of 534,310,500,000 Combined total value = 534,310,500,000

Strike 156500 has a total call value of 0 versus a total put value of 528,627,000,000 Combined total value = 528,627,000,000

Strike 156750 has a total call value of 0 versus a total put value of 522,943,500,000 Combined total value = 522,943,500,000

Strike 157000 has a total call value of 0 versus a total put value of 517,260,000,000 Combined total value = 517,260,000,000

Strike 157250 has a total call value of 0 versus a total put value of 511,576,500,000 Combined total value = 511,576,500,000

Strike 157500 has a total call value of 0 versus a total put value of 505,893,000,000 Combined total value = 505,893,000,000

Strike 157750 has a total call value of 0 versus a total put value of 500,209,500,000 Combined total value = 500,209,500,000

Strike 158000 has a total call value of 0 versus a total put value of 494,526,000,000 Combined total value = 494,526,000,000

Strike 158250 has a total call value of 0 versus a total put value of 488,842,500,000 Combined total value = 488,842,500,000

Strike 158500 has a total call value of 0 versus a total put value of 483,159,000,000 Combined total value = 483,159,000,000

Strike 158750 has a total call value of 0 versus a total put value of 477,475,500,000 Combined total value = 477,475,500,000

Strike 159000 has a total call value of 0 versus a total put value of 471,792,000,000 Combined total value = 471,792,000,000

Strike 159250 has a total call value of 0 versus a total put value of 466,108,500,000 Combined total value = 466,108,500,000

Strike 159500 has a total call value of 0 versus a total put value of 460,425,000,000 Combined total value = 460,425,000,000

Strike 159750 has a total call value of 0 versus a total put value of 454,741,500,000 Combined total value = 454,741,500,000

Strike 160000 has a total call value of 0 versus a total put value of 449,058,000,000 Combined total value = 449,058,000,000

Strike 160250 has a total call value of 0 versus a total put value of 444,016,500,000 Combined total value = 444,016,500,000

Strike 160500 has a total call value of 0 versus a total put value of 438,975,000,000 Combined total value = 438,975,000,000

Strike 160750 has a total call value of 0 versus a total put value of 433,933,500,000 Combined total value = 433,933,500,000

Strike 161000 has a total call value of 0 versus a total put value of 428,892,000,000 Combined total value = 428,892,000,000

Strike 161250 has a total call value of 0 versus a total put value of 423,850,500,000 Combined total value = 423,850,500,000

Strike 161500 has a total call value of 0 versus a total put value of 418,809,000,000 Combined total value = 418,809,000,000

Strike 161750 has a total call value of 0 versus a total put value of 413,767,500,000 Combined total value = 413,767,500,000

Strike 162000 has a total call value of 0 versus a total put value of 408,726,000,000 Combined total value = 408,726,000,000

Strike 162250 has a total call value of 0 versus a total put value of 403,684,500,000 Combined total value = 403,684,500,000

Strike 162500 has a total call value of 0 versus a total put value of 398,643,000,000 Combined total value = 398,643,000,000

Strike 162750 has a total call value of 0 versus a total put value of 393,601,500,000 Combined total value = 393,601,500,000

Strike 163000 has a total call value of 0 versus a total put value of 388,560,000,000 Combined total value = 388,560,000,000

Strike 163250 has a total call value of 0 versus a total put value of 383,518,500,000 Combined total value = 383,518,500,000

Strike 163500 has a total call value of 0 versus a total put value of 378,477,000,000 Combined total value = 378,477,000,000

Strike 163750 has a total call value of 0 versus a total put value of 373,435,500,000 Combined total value = 373,435,500,000

Strike 164000 has a total call value of 0 versus a total put value of 368,394,000,000 Combined total value = 368,394,000,000

Strike 164250 has a total call value of 0 versus a total put value of 363,352,500,000 Combined total value = 363,352,500,000

Strike 164500 has a total call value of 0 versus a total put value of 358,311,000,000 Combined total value = 358,311,000,000

Strike 164750 has a total call value of 0 versus a total put value of 353,269,500,000 Combined total value = 353,269,500,000

Strike 165000 has a total call value of 0 versus a total put value of 348,228,000,000 Combined total value = 348,228,000,000

Strike 165250 has a total call value of 0 versus a total put value of 343,541,250,000 Combined total value = 343,541,250,000

Strike 165500 has a total call value of 0 versus a total put value of 338,854,500,000 Combined total value = 338,854,500,000

Strike 165750 has a total call value of 0 versus a total put value of 334,167,750,000 Combined total value = 334,167,750,000

Strike 166000 has a total call value of 0 versus a total put value of 329,481,000,000 Combined total value = 329,481,000,000

Strike 166250 has a total call value of 0 versus a total put value of 324,794,250,000 Combined total value = 324,794,250,000

Strike 166500 has a total call value of 0 versus a total put value of 320,107,500,000 Combined total value = 320,107,500,000

Strike 166750 has a total call value of 0 versus a total put value of 315,420,750,000 Combined total value = 315,420,750,000

Strike 167000 has a total call value of 0 versus a total put value of 310,734,000,000 Combined total value = 310,734,000,000

Strike 167250 has a total call value of 0 versus a total put value of 306,047,250,000 Combined total value = 306,047,250,000

Strike 167500 has a total call value of 0 versus a total put value of 301,360,500,000 Combined total value = 301,360,500,000

Strike 167750 has a total call value of 0 versus a total put value of 296,673,750,000 Combined total value = 296,673,750,000

Strike 168000 has a total call value of 0 versus a total put value of 291,987,000,000 Combined total value = 291,987,000,000

Strike 168250 has a total call value of 0 versus a total put value of 287,300,250,000 Combined total value = 287,300,250,000

Strike 168500 has a total call value of 0 versus a total put value of 282,613,500,000 Combined total value = 282,613,500,000

Strike 168750 has a total call value of 0 versus a total put value of 277,926,750,000 Combined total value = 277,926,750,000

Strike 169000 has a total call value of 0 versus a total put value of 273,240,000,000 Combined total value = 273,240,000,000

Strike 169250 has a total call value of 0 versus a total put value of 268,553,250,000 Combined total value = 268,553,250,000

Strike 169500 has a total call value of 0 versus a total put value of 263,866,500,000 Combined total value = 263,866,500,000

Strike 169750 has a total call value of 0 versus a total put value of 259,179,750,000 Combined total value = 259,179,750,000

Strike 170000 has a total call value of 0 versus a total put value of 254,493,000,000 Combined total value = 254,493,000,000

Strike 170250 has a total call value of 0 versus a total put value of 250,563,000,000 Combined total value = 250,563,000,000

Strike 170500 has a total call value of 0 versus a total put value of 246,633,000,000 Combined total value = 246,633,000,000

Strike 170750 has a total call value of 0 versus a total put value of 242,703,000,000 Combined total value = 242,703,000,000

Strike 171000 has a total call value of 0 versus a total put value of 238,773,000,000 Combined total value = 238,773,000,000

Strike 171250 has a total call value of 0 versus a total put value of 234,843,000,000 Combined total value = 234,843,000,000

Strike 171500 has a total call value of 0 versus a total put value of 230,913,000,000 Combined total value = 230,913,000,000

Strike 171750 has a total call value of 0 versus a total put value of 226,983,000,000 Combined total value = 226,983,000,000

Strike 172000 has a total call value of 0 versus a total put value of 223,053,000,000 Combined total value = 223,053,000,000

Strike 172250 has a total call value of 0 versus a total put value of 219,123,000,000 Combined total value = 219,123,000,000

Strike 172500 has a total call value of 0 versus a total put value of 215,193,000,000 Combined total value = 215,193,000,000

Strike 172750 has a total call value of 0 versus a total put value of 211,263,000,000 Combined total value = 211,263,000,000

Strike 173000 has a total call value of 0 versus a total put value of 207,333,000,000 Combined total value = 207,333,000,000

Strike 173250 has a total call value of 0 versus a total put value of 203,436,000,000 Combined total value = 203,436,000,000

Strike 173500 has a total call value of 0 versus a total put value of 199,539,000,000 Combined total value = 199,539,000,000

Strike 173750 has a total call value of 0 versus a total put value of 195,642,000,000 Combined total value = 195,642,000,000

Strike 174000 has a total call value of 0 versus a total put value of 191,745,000,000 Combined total value = 191,745,000,000

Strike 174250 has a total call value of 0 versus a total put value of 187,848,000,000 Combined total value = 187,848,000,000

Strike 174500 has a total call value of 0 versus a total put value of 183,951,000,000 Combined total value = 183,951,000,000

Strike 174750 has a total call value of 0 versus a total put value of 180,054,000,000 Combined total value = 180,054,000,000

Strike 175000 has a total call value of 0 versus a total put value of 176,157,000,000 Combined total value = 176,157,000,000

Strike 175250 has a total call value of 0 versus a total put value of 172,918,500,000 Combined total value = 172,918,500,000

Strike 175500 has a total call value of 0 versus a total put value of 169,680,000,000 Combined total value = 169,680,000,000

Strike 175750 has a total call value of 0 versus a total put value of 166,441,500,000 Combined total value = 166,441,500,000

Strike 176000 has a total call value of 0 versus a total put value of 163,203,000,000 Combined total value = 163,203,000,000

Strike 176250 has a total call value of 0 versus a total put value of 159,964,500,000 Combined total value = 159,964,500,000

Strike 176500 has a total call value of 0 versus a total put value of 156,726,000,000 Combined total value = 156,726,000,000

Strike 176750 has a total call value of 0 versus a total put value of 153,487,500,000 Combined total value = 153,487,500,000

Strike 177000 has a total call value of 0 versus a total put value of 150,249,000,000 Combined total value = 150,249,000,000

Strike 177250 has a total call value of 0 versus a total put value of 147,010,500,000 Combined total value = 147,010,500,000

Strike 177500 has a total call value of 0 versus a total put value of 143,772,000,000 Combined total value = 143,772,000,000

Strike 177750 has a total call value of 0 versus a total put value of 140,533,500,000 Combined total value = 140,533,500,000

Strike 178000 has a total call value of 0 versus a total put value of 137,295,000,000 Combined total value = 137,295,000,000

Strike 178250 has a total call value of 0 versus a total put value of 134,056,500,000 Combined total value = 134,056,500,000

Strike 178500 has a total call value of 0 versus a total put value of 130,818,000,000 Combined total value = 130,818,000,000

Strike 178750 has a total call value of 0 versus a total put value of 127,579,500,000 Combined total value = 127,579,500,000

Strike 179000 has a total call value of 0 versus a total put value of 124,341,000,000 Combined total value = 124,341,000,000

Strike 179250 has a total call value of 0 versus a total put value of 121,102,500,000 Combined total value = 121,102,500,000

Strike 179500 has a total call value of 0 versus a total put value of 117,864,000,000 Combined total value = 117,864,000,000

Strike 179750 has a total call value of 0 versus a total put value of 114,625,500,000 Combined total value = 114,625,500,000

Strike 180000 has a total call value of 0 versus a total put value of 111,387,000,000 Combined total value = 111,387,000,000

Strike 180250 has a total call value of 0 versus a total put value of 108,914,250,000 Combined total value = 108,914,250,000

Strike 180500 has a total call value of 0 versus a total put value of 106,441,500,000 Combined total value = 106,441,500,000

Strike 180750 has a total call value of 0 versus a total put value of 103,968,750,000 Combined total value = 103,968,750,000

Strike 181000 has a total call value of 0 versus a total put value of 101,496,000,000 Combined total value = 101,496,000,000

Strike 181250 has a total call value of 0 versus a total put value of 99,023,250,000 Combined total value = 99,023,250,000

Strike 181500 has a total call value of 0 versus a total put value of 96,550,500,000 Combined total value = 96,550,500,000

Strike 181750 has a total call value of 0 versus a total put value of 94,077,750,000 Combined total value = 94,077,750,000

Strike 182000 has a total call value of 0 versus a total put value of 91,605,000,000 Combined total value = 91,605,000,000

Strike 182250 has a total call value of 0 versus a total put value of 89,132,250,000 Combined total value = 89,132,250,000

Strike 182500 has a total call value of 0 versus a total put value of 86,659,500,000 Combined total value = 86,659,500,000

Strike 182750 has a total call value of 0 versus a total put value of 84,186,750,000 Combined total value = 84,186,750,000

Strike 183000 has a total call value of 0 versus a total put value of 81,714,000,000 Combined total value = 81,714,000,000

Strike 183250 has a total call value of 0 versus a total put value of 79,241,250,000 Combined total value = 79,241,250,000

Strike 183500 has a total call value of 0 versus a total put value of 76,768,500,000 Combined total value = 76,768,500,000

Strike 183750 has a total call value of 0 versus a total put value of 74,295,750,000 Combined total value = 74,295,750,000

Strike 184000 has a total call value of 0 versus a total put value of 71,823,000,000 Combined total value = 71,823,000,000

Strike 184250 has a total call value of 0 versus a total put value of 69,350,250,000 Combined total value = 69,350,250,000

Strike 184500 has a total call value of 0 versus a total put value of 66,877,500,000 Combined total value = 66,877,500,000

Strike 184750 has a total call value of 0 versus a total put value of 64,404,750,000 Combined total value = 64,404,750,000

Strike 185000 has a total call value of 0 versus a total put value of 61,932,000,000 Combined total value = 61,932,000,000

Strike 185250 has a total call value of 0 versus a total put value of 59,976,000,000 Combined total value = 59,976,000,000

Strike 185500 has a total call value of 0 versus a total put value of 58,020,000,000 Combined total value = 58,020,000,000

Strike 185750 has a total call value of 0 versus a total put value of 56,064,000,000 Combined total value = 56,064,000,000

Strike 186000 has a total call value of 0 versus a total put value of 54,108,000,000 Combined total value = 54,108,000,000

Strike 186250 has a total call value of 0 versus a total put value of 52,152,000,000 Combined total value = 52,152,000,000

Strike 186500 has a total call value of 0 versus a total put value of 50,196,000,000 Combined total value = 50,196,000,000

Strike 186750 has a total call value of 0 versus a total put value of 48,240,000,000 Combined total value = 48,240,000,000

Strike 187000 has a total call value of 0 versus a total put value of 46,284,000,000 Combined total value = 46,284,000,000

Strike 187250 has a total call value of 0 versus a total put value of 44,328,000,000 Combined total value = 44,328,000,000

Strike 187500 has a total call value of 0 versus a total put value of 42,372,000,000 Combined total value = 42,372,000,000

Strike 187750 has a total call value of 0 versus a total put value of 40,416,000,000 Combined total value = 40,416,000,000

Strike 188000 has a total call value of 0 versus a total put value of 38,460,000,000 Combined total value = 38,460,000,000

Strike 188250 has a total call value of 0 versus a total put value of 36,504,000,000 Combined total value = 36,504,000,000

Strike 188500 has a total call value of 0 versus a total put value of 34,548,000,000 Combined total value = 34,548,000,000

Strike 188750 has a total call value of 0 versus a total put value of 32,592,000,000 Combined total value = 32,592,000,000

Strike 189000 has a total call value of 0 versus a total put value of 30,636,000,000 Combined total value = 30,636,000,000

Strike 189250 has a total call value of 0 versus a total put value of 28,680,000,000 Combined total value = 28,680,000,000

Strike 189500 has a total call value of 0 versus a total put value of 26,724,000,000 Combined total value = 26,724,000,000

Strike 189750 has a total call value of 0 versus a total put value of 24,768,000,000 Combined total value = 24,768,000,000

Strike 190000 has a total call value of 0 versus a total put value of 22,812,000,000 Combined total value = 22,812,000,000

Strike 190250 has a total call value of 327,750,000 versus a total put value of 21,721,500,000 Combined total value = 22,049,250,000

Strike 190500 has a total call value of 655,500,000 versus a total put value of 20,631,000,000 Combined total value = 21,286,500,000

Strike 190750 has a total call value of 983,250,000 versus a total put value of 19,540,500,000 Combined total value = 20,523,750,000

Strike 191000 has a total call value of 1,311,000,000 versus a total put value of 18,450,000,000 Combined total value = 19,761,000,000

Strike 191250 has a total call value of 1,638,750,000 versus a total put value of 17,359,500,000 Combined total value = 18,998,250,000

Strike 191500 has a total call value of 1,966,500,000 versus a total put value of 16,269,000,000 Combined total value = 18,235,500,000

Strike 191750 has a total call value of 2,294,250,000 versus a total put value of 15,178,500,000 Combined total value = 17,472,750,000

Strike 192000 has a total call value of 2,622,000,000 versus a total put value of 14,088,000,000 Combined total value = 16,710,000,000

Strike 192250 has a total call value of 2,949,750,000 versus a total put value of 13,118,250,000 Combined total value = 16,068,000,000

Strike 192500 has a total call value of 3,277,500,000 versus a total put value of 12,148,500,000 Combined total value = 15,426,000,000

Strike 192750 has a total call value of 3,605,250,000 versus a total put value of 11,178,750,000 Combined total value = 14,784,000,000

Strike 193000 has a total call value of 3,933,000,000 versus a total put value of 10,209,000,000 Combined total value = 14,142,000,000

Strike 193250 has a total call value of 4,260,750,000 versus a total put value of 9,239,250,000 Combined total value = 13,500,000,000

Strike 193500 has a total call value of 4,588,500,000 versus a total put value of 8,269,500,000 Combined total value = 12,858,000,000

Strike 193750 has a total call value of 4,916,250,000 versus a total put value of 7,299,750,000 Combined total value = 12,216,000,000

Strike 194000 has a total call value of 5,244,000,000 versus a total put value of 6,330,000,000 Combined total value = 11,574,000,000

Strike 194250 has a total call value of 5,571,750,000 versus a total put value of 5,360,250,000 Combined total value = 10,932,000,000

Strike 194500 has a total call value of 5,899,500,000 versus a total put value of 4,390,500,000 Combined total value = 10,290,000,000

Strike 194750 has a total call value of 6,227,250,000 versus a total put value of 3,420,750,000 Combined total value = 9,648,000,000

Strike 195000 has a total call value of 6,555,000,000 versus a total put value of 2,451,000,000 Combined total value = 9,006,000,000

Strike 195250 has a total call value of 7,084,500,000 versus a total put value of 2,183,250,000 Combined total value = 9,267,750,000

Strike 195500 has a total call value of 7,614,000,000 versus a total put value of 1,915,500,000 Combined total value = 9,529,500,000

Strike 195750 has a total call value of 8,143,500,000 versus a total put value of 1,647,750,000 Combined total value = 9,791,250,000

Strike 196000 has a total call value of 8,673,000,000 versus a total put value of 1,380,000,000 Combined total value = 10,053,000,000

Strike 196250 has a total call value of 9,202,500,000 versus a total put value of 1,165,500,000 Combined total value = 10,368,000,000

Strike 196500 has a total call value of 9,732,000,000 versus a total put value of 951,000,000 Combined total value = 10,683,000,000

Strike 196750 has a total call value of 10,261,500,000 versus a total put value of 736,500,000 Combined total value = 10,998,000,000

Strike 197000 has a total call value of 10,791,000,000 versus a total put value of 522,000,000 Combined total value = 11,313,000,000

Strike 197250 has a total call value of 11,320,500,000 versus a total put value of 391,500,000 Combined total value = 11,712,000,000

Strike 197500 has a total call value of 11,850,000,000 versus a total put value of 261,000,000 Combined total value = 12,111,000,000

Strike 197750 has a total call value of 12,379,500,000 versus a total put value of 130,500,000 Combined total value = 12,510,000,000

Strike 198000 has a total call value of 12,909,000,000 versus a total put value of 0 Combined total value = 12,909,000,000

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	1141	1140
ABB	5163	5200
ABCAPITAL	345	345
ADANIENSOL	980.6	980
ADANIENT	2245.4	2300
ADANIGREEN	1016.8	1020
ADANIPORTS	1500.1	1500
ALKEM	5575.5	5650
AMBER	6663	6800
AMBUJACEM	537.7	550
ANGELONE	2481.5	2550
APLAPOLLO	1803.9	1760
APOLLOHOSP	6956	7100
ASHOKLEY	172.05	162
ASIANPAINT	2775.4	2800
ASTRAL	1418.6	1440
AUBANK	986.75	960
AUROPHARMA	1235	1220
AXISBANK	1239	1240
BAJAJ-AUTO	8886.5	9000
BAJAJFINSV	2050.4	2060
BAJFINANCE	1010.7	1020
BANDHANBNK	148.99	150
BANKBARODA	290.6	290
BANKINDIA	142.95	143
BDL	1354.2	1400
BEL	389.75	400
BHARATFORG	1423.3	1400
BHARTIARTL	2095.7	2100
BHEL	276.2	280
BIOCON	398.65	395
BLUESTARCO	1854.8	1800
BOSCHLTD	35815	36000
BPCL	366.15	365
BRITANNIA	6019.5	6000
BSE	2723.1	2700
CAMS	755.7	770
CANBK	149.9	150
CDSL	1498.1	1540
CGPOWER	665.85	680
CHOLAFIN	1681.8	1700
CIPLA	1510	1520
COALINDIA	385.9	384.75
COFORGE	1847.2	1840
COLPAL	2088	2160
CONCOR	500.65	520
CROMPTON	254.65	265
CUMMINSIND	4403	4400
CYIENT	1147.6	1140
DABUR	493.25	500
DALBHARAT	2020.6	2040
DELHIVERY	403.7	410
DIVISLAB	6570.5	6450
DIXON	13360	13500
DLF	685.4	710
DMART	3780.8	3900
DRREDDY	1287.8	1270
EICHERMOT	7160.5	7100
ETERNAL	287.9	295
EXIDEIND	361.25	370
FEDERALBNK	266.3	260
FORTIS	876.65	890
GAIL	168.58	175
GLENMARK	1987.3	1940
GMRAIRPORT	101.62	102
GODREJCP	1178	1160
GODREJPROP	2022.3	2060
GRASIM	2827.6	2800
HAL	4282.1	4450
HAVELLS	1412.4	1440
HCLTECH	1659.3	1660
HDFCAMC	2698.2	2700
HDFCBANK	983.2	990
HDFCLIFE	757	770
HEROMOTOCO	5779.5	5900
HFCL	64.93	67
HINDALCO	861.65	820
HINDPETRO	464.1	460
HINDUNILVR	2273.3	2300
HINDZINC	584.1	555
HUDCO	208.62	217.5
ICICIBANK	1357.2	1380
ICICIGI	1945.6	1960
ICICIPRULI	649.65	630
IDEA	11.5	11
IDFCFIRSTB	83.97	82
IEX	140.38	145
IIFL	566.2	560
INDHOTEL	730.1	730
INDIANB	782.9	820
INDIGO	5129	5100
INDUSINDBK	836.3	850
INDUSTOWER	411.65	410
INFY	1644.2	1600
INOXWIND	125.15	130
IOC	161.24	161
IRCTC	669.6	690
IREDA	132.22	140
IRFC	111.5	115
ITC	401.15	405
JINDALSTEL	995.5	1020
JIOFIN	296.5	305
JSWENERGY	473.05	490
JSWSTEEL	1084.7	1120
JUBLFOOD	559.8	580
KALYANKJIL	474.75	480
KAYNES	4065	4300
KEI	4172.5	4100
KFINTECH	1079.3	1060
KOTAKBANK	2169.1	2160
KPITTECH	1169.1	1200
LAURUSLABS	1040.7	1000
LICHSGFIN	530.25	550
LICI	849.4	870
LODHA	1087.5	1100
LT	4065.7	4040
LTF	301.3	300
LTIM	6054	6100
LUPIN	2142.5	2100
M&M	3588.3	3650
MANAPPURAM	286.05	280
MANKIND	2162.7	2200
MARICO	735.35	730
MARUTI	16381	16300
MAXHEALTH	1064.9	1080
MAZDOCK	2387.2	2500
MCX	10329	10100
MFSL	1682.2	1680
MOTHERSON	118.76	115
MPHASIS	2873.5	2900
MUTHOOTFIN	3732.7	3750
NATIONALUM	280.55	270
NAUKRI	1331.1	1360
NBCC	109.21	111
NCC	153.75	165
NESTLEIND	1234.5	1240
NHPC	75.32	78
NMDC	76.33	77
NTPC	319.75	325
NUVAMA	7237.5	7300
NYKAA	244.55	252.5
OBEROIRLTY	1675.5	1660
OFSS	7689.5	8000
OIL	402	410
ONGC	232.28	237.5
PAGEIND	35830	37000
PATANJALI	553.95	550
PAYTM	1306.4	1300
PERSISTENT	6315	6300
PETRONET	269.2	278
PFC	337.8	355
PGEL	573.5	560
PHOENIXLTD	1807.5	1760
PIDILITIND	1453	1480
PIIND	3215.3	3350
PNB	119.46	120
PNBHOUSING	904.6	900
POLICYBZR	1839.7	1840
POLYCAB	7287.5	7200
POWERGRID	260.35	270
POWERINDIA	18355	19000
PPLPHARMA	169.86	175
PRESTIGE	1621	1640
RBLBANK	299.85	305
RECLTD	340.4	350
RELIANCE	1567.6	1550
RVNL	310.3	310
SAIL	125.96	131
SAMMAANCAP	145.84	152.5
SBICARD	856.5	870
SBILIFE	2019.8	2020
SBIN	981.05	970
SHREECEM	25440	26250
SHRIRAMFIN	862.2	850
SIEMENS	3103.4	3150
SOLARINDS	11804	12500
SONACOMS	491.55	500
SRF	3043.3	3000
SUNPHARMA	1755.2	1760
SUPREMEIND	3369.9	3400
SUZLON	52.01	54
SYNGENE	661.35	650
TATACONSUM	1177.5	1170
TATAELXSI	5164.5	5100
TATAMOTORS	0	320
TATAPOWER	376.25	390
TATASTEEL	169.44	170
TATATECH	647.6	670
TCS	3310	3220
TECHM	1604.2	1560
TIINDIA	2606	2700
TITAGARH	775.35	800
TITAN	3931.1	3880
TMPV	352.4	360
TORNTPHARM	3787.6	3750
TORNTPOWER	1264.8	1300
TRENT	4061.3	4200
TVSMOTOR	3616.4	3600
ULTRACEMCO	11516	11600
UNIONBANK	155.2	155
UNITDSPR	1396	1430
UNOMINDA	1237.5	1280
UPL	748.45	750
VBL	474.35	470
VEDL	577.4	555
VOLTAS	1411.7	1400
WIPRO	265.39	260
YESBANK	21.57	22
ZYDUSLIFE	924.55	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

Related Pages for SILVER

SILVER

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