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

197442 -459.00 (-0.23%)

L: 194260 H: 197708

Max Pain - SILVER

16 Dec 2025 02:53 PM IST

Live

Expiry

Max Pain for SILVER is 190000

Historical data for SILVER-190000-CE

LTP (190000 CE)

10182.5 -402.5

Open Interest

445 -8

Historical data for SILVER-190000-PE

LTP (190000 PE)

2770 -14.5

Open Interest

869 -37

Strike 130000 has a total call value of 0 versus a total put value of 1,511,911,500,000 Combined total value = 1,511,911,500,000

Strike 130250 has a total call value of 0 versus a total put value of 1,502,313,000,000 Combined total value = 1,502,313,000,000

Strike 130500 has a total call value of 0 versus a total put value of 1,492,714,500,000 Combined total value = 1,492,714,500,000

Strike 130750 has a total call value of 0 versus a total put value of 1,483,116,000,000 Combined total value = 1,483,116,000,000

Strike 131000 has a total call value of 0 versus a total put value of 1,473,517,500,000 Combined total value = 1,473,517,500,000

Strike 131250 has a total call value of 0 versus a total put value of 1,463,919,000,000 Combined total value = 1,463,919,000,000

Strike 131500 has a total call value of 0 versus a total put value of 1,454,320,500,000 Combined total value = 1,454,320,500,000

Strike 131750 has a total call value of 0 versus a total put value of 1,444,722,000,000 Combined total value = 1,444,722,000,000

Strike 132000 has a total call value of 0 versus a total put value of 1,435,123,500,000 Combined total value = 1,435,123,500,000

Strike 132250 has a total call value of 0 versus a total put value of 1,425,525,000,000 Combined total value = 1,425,525,000,000

Strike 132500 has a total call value of 0 versus a total put value of 1,415,926,500,000 Combined total value = 1,415,926,500,000

Strike 132750 has a total call value of 0 versus a total put value of 1,406,328,000,000 Combined total value = 1,406,328,000,000

Strike 133000 has a total call value of 0 versus a total put value of 1,396,729,500,000 Combined total value = 1,396,729,500,000

Strike 133250 has a total call value of 0 versus a total put value of 1,387,131,000,000 Combined total value = 1,387,131,000,000

Strike 133500 has a total call value of 0 versus a total put value of 1,377,532,500,000 Combined total value = 1,377,532,500,000

Strike 133750 has a total call value of 0 versus a total put value of 1,367,934,000,000 Combined total value = 1,367,934,000,000

Strike 134000 has a total call value of 0 versus a total put value of 1,358,335,500,000 Combined total value = 1,358,335,500,000

Strike 134250 has a total call value of 0 versus a total put value of 1,348,737,000,000 Combined total value = 1,348,737,000,000

Strike 134500 has a total call value of 0 versus a total put value of 1,339,138,500,000 Combined total value = 1,339,138,500,000

Strike 134750 has a total call value of 0 versus a total put value of 1,329,540,000,000 Combined total value = 1,329,540,000,000

Strike 135000 has a total call value of 0 versus a total put value of 1,319,941,500,000 Combined total value = 1,319,941,500,000

Strike 135250 has a total call value of 0 versus a total put value of 1,310,514,750,000 Combined total value = 1,310,514,750,000

Strike 135500 has a total call value of 0 versus a total put value of 1,301,088,000,000 Combined total value = 1,301,088,000,000

Strike 135750 has a total call value of 0 versus a total put value of 1,291,661,250,000 Combined total value = 1,291,661,250,000

Strike 136000 has a total call value of 0 versus a total put value of 1,282,234,500,000 Combined total value = 1,282,234,500,000

Strike 136250 has a total call value of 0 versus a total put value of 1,272,807,750,000 Combined total value = 1,272,807,750,000

Strike 136500 has a total call value of 0 versus a total put value of 1,263,381,000,000 Combined total value = 1,263,381,000,000

Strike 136750 has a total call value of 0 versus a total put value of 1,253,954,250,000 Combined total value = 1,253,954,250,000

Strike 137000 has a total call value of 0 versus a total put value of 1,244,527,500,000 Combined total value = 1,244,527,500,000

Strike 137250 has a total call value of 0 versus a total put value of 1,235,100,750,000 Combined total value = 1,235,100,750,000

Strike 137500 has a total call value of 0 versus a total put value of 1,225,674,000,000 Combined total value = 1,225,674,000,000

Strike 137750 has a total call value of 0 versus a total put value of 1,216,247,250,000 Combined total value = 1,216,247,250,000

Strike 138000 has a total call value of 0 versus a total put value of 1,206,820,500,000 Combined total value = 1,206,820,500,000

Strike 138250 has a total call value of 0 versus a total put value of 1,197,393,750,000 Combined total value = 1,197,393,750,000

Strike 138500 has a total call value of 0 versus a total put value of 1,187,967,000,000 Combined total value = 1,187,967,000,000

Strike 138750 has a total call value of 0 versus a total put value of 1,178,540,250,000 Combined total value = 1,178,540,250,000

Strike 139000 has a total call value of 0 versus a total put value of 1,169,113,500,000 Combined total value = 1,169,113,500,000

Strike 139250 has a total call value of 0 versus a total put value of 1,159,686,750,000 Combined total value = 1,159,686,750,000

Strike 139500 has a total call value of 0 versus a total put value of 1,150,260,000,000 Combined total value = 1,150,260,000,000

Strike 139750 has a total call value of 0 versus a total put value of 1,140,833,250,000 Combined total value = 1,140,833,250,000

Strike 140000 has a total call value of 0 versus a total put value of 1,131,406,500,000 Combined total value = 1,131,406,500,000

Strike 140250 has a total call value of 0 versus a total put value of 1,122,438,000,000 Combined total value = 1,122,438,000,000

Strike 140500 has a total call value of 0 versus a total put value of 1,113,469,500,000 Combined total value = 1,113,469,500,000

Strike 140750 has a total call value of 0 versus a total put value of 1,104,501,000,000 Combined total value = 1,104,501,000,000

Strike 141000 has a total call value of 0 versus a total put value of 1,095,532,500,000 Combined total value = 1,095,532,500,000

Strike 141250 has a total call value of 0 versus a total put value of 1,086,564,000,000 Combined total value = 1,086,564,000,000

Strike 141500 has a total call value of 0 versus a total put value of 1,077,595,500,000 Combined total value = 1,077,595,500,000

Strike 141750 has a total call value of 0 versus a total put value of 1,068,627,000,000 Combined total value = 1,068,627,000,000

Strike 142000 has a total call value of 0 versus a total put value of 1,059,658,500,000 Combined total value = 1,059,658,500,000

Strike 142250 has a total call value of 0 versus a total put value of 1,050,690,000,000 Combined total value = 1,050,690,000,000

Strike 142500 has a total call value of 0 versus a total put value of 1,041,721,500,000 Combined total value = 1,041,721,500,000

Strike 142750 has a total call value of 0 versus a total put value of 1,032,753,000,000 Combined total value = 1,032,753,000,000

Strike 143000 has a total call value of 0 versus a total put value of 1,023,784,500,000 Combined total value = 1,023,784,500,000

Strike 143250 has a total call value of 0 versus a total put value of 1,014,816,000,000 Combined total value = 1,014,816,000,000

Strike 143500 has a total call value of 0 versus a total put value of 1,005,847,500,000 Combined total value = 1,005,847,500,000

Strike 143750 has a total call value of 0 versus a total put value of 996,879,000,000 Combined total value = 996,879,000,000

Strike 144000 has a total call value of 0 versus a total put value of 987,910,500,000 Combined total value = 987,910,500,000

Strike 144250 has a total call value of 0 versus a total put value of 978,942,000,000 Combined total value = 978,942,000,000

Strike 144500 has a total call value of 0 versus a total put value of 969,973,500,000 Combined total value = 969,973,500,000

Strike 144750 has a total call value of 0 versus a total put value of 961,005,000,000 Combined total value = 961,005,000,000

Strike 145000 has a total call value of 0 versus a total put value of 952,036,500,000 Combined total value = 952,036,500,000

Strike 145250 has a total call value of 0 versus a total put value of 943,471,500,000 Combined total value = 943,471,500,000

Strike 145500 has a total call value of 0 versus a total put value of 934,906,500,000 Combined total value = 934,906,500,000

Strike 145750 has a total call value of 0 versus a total put value of 926,341,500,000 Combined total value = 926,341,500,000

Strike 146000 has a total call value of 0 versus a total put value of 917,776,500,000 Combined total value = 917,776,500,000

Strike 146250 has a total call value of 0 versus a total put value of 909,211,500,000 Combined total value = 909,211,500,000

Strike 146500 has a total call value of 0 versus a total put value of 900,646,500,000 Combined total value = 900,646,500,000

Strike 146750 has a total call value of 0 versus a total put value of 892,081,500,000 Combined total value = 892,081,500,000

Strike 147000 has a total call value of 0 versus a total put value of 883,516,500,000 Combined total value = 883,516,500,000

Strike 147250 has a total call value of 0 versus a total put value of 874,951,500,000 Combined total value = 874,951,500,000

Strike 147500 has a total call value of 0 versus a total put value of 866,386,500,000 Combined total value = 866,386,500,000

Strike 147750 has a total call value of 0 versus a total put value of 857,821,500,000 Combined total value = 857,821,500,000

Strike 148000 has a total call value of 0 versus a total put value of 849,256,500,000 Combined total value = 849,256,500,000

Strike 148250 has a total call value of 0 versus a total put value of 840,691,500,000 Combined total value = 840,691,500,000

Strike 148500 has a total call value of 0 versus a total put value of 832,126,500,000 Combined total value = 832,126,500,000

Strike 148750 has a total call value of 0 versus a total put value of 823,561,500,000 Combined total value = 823,561,500,000

Strike 149000 has a total call value of 0 versus a total put value of 814,996,500,000 Combined total value = 814,996,500,000

Strike 149250 has a total call value of 0 versus a total put value of 806,431,500,000 Combined total value = 806,431,500,000

Strike 149500 has a total call value of 0 versus a total put value of 797,866,500,000 Combined total value = 797,866,500,000

Strike 149750 has a total call value of 0 versus a total put value of 789,301,500,000 Combined total value = 789,301,500,000

Strike 150000 has a total call value of 0 versus a total put value of 780,736,500,000 Combined total value = 780,736,500,000

Strike 150250 has a total call value of 72,000,000 versus a total put value of 773,313,750,000 Combined total value = 773,385,750,000

Strike 150500 has a total call value of 144,000,000 versus a total put value of 765,891,000,000 Combined total value = 766,035,000,000

Strike 150750 has a total call value of 216,000,000 versus a total put value of 758,468,250,000 Combined total value = 758,684,250,000

Strike 151000 has a total call value of 288,000,000 versus a total put value of 751,045,500,000 Combined total value = 751,333,500,000

Strike 151250 has a total call value of 360,000,000 versus a total put value of 743,622,750,000 Combined total value = 743,982,750,000

Strike 151500 has a total call value of 432,000,000 versus a total put value of 736,200,000,000 Combined total value = 736,632,000,000

Strike 151750 has a total call value of 504,000,000 versus a total put value of 728,777,250,000 Combined total value = 729,281,250,000

Strike 152000 has a total call value of 576,000,000 versus a total put value of 721,354,500,000 Combined total value = 721,930,500,000

Strike 152250 has a total call value of 648,000,000 versus a total put value of 713,931,750,000 Combined total value = 714,579,750,000

Strike 152500 has a total call value of 720,000,000 versus a total put value of 706,509,000,000 Combined total value = 707,229,000,000

Strike 152750 has a total call value of 792,000,000 versus a total put value of 699,086,250,000 Combined total value = 699,878,250,000

Strike 153000 has a total call value of 864,000,000 versus a total put value of 691,663,500,000 Combined total value = 692,527,500,000

Strike 153250 has a total call value of 936,000,000 versus a total put value of 684,240,750,000 Combined total value = 685,176,750,000

Strike 153500 has a total call value of 1,008,000,000 versus a total put value of 676,818,000,000 Combined total value = 677,826,000,000

Strike 153750 has a total call value of 1,080,000,000 versus a total put value of 669,395,250,000 Combined total value = 670,475,250,000

Strike 154000 has a total call value of 1,152,000,000 versus a total put value of 661,972,500,000 Combined total value = 663,124,500,000

Strike 154250 has a total call value of 1,224,000,000 versus a total put value of 654,645,000,000 Combined total value = 655,869,000,000

Strike 154500 has a total call value of 1,296,000,000 versus a total put value of 647,317,500,000 Combined total value = 648,613,500,000

Strike 154750 has a total call value of 1,368,000,000 versus a total put value of 639,990,000,000 Combined total value = 641,358,000,000

Strike 155000 has a total call value of 1,440,000,000 versus a total put value of 632,662,500,000 Combined total value = 634,102,500,000

Strike 155250 has a total call value of 1,512,000,000 versus a total put value of 625,747,500,000 Combined total value = 627,259,500,000

Strike 155500 has a total call value of 1,584,000,000 versus a total put value of 618,832,500,000 Combined total value = 620,416,500,000

Strike 155750 has a total call value of 1,656,000,000 versus a total put value of 611,917,500,000 Combined total value = 613,573,500,000

Strike 156000 has a total call value of 1,728,000,000 versus a total put value of 605,002,500,000 Combined total value = 606,730,500,000

Strike 156250 has a total call value of 1,800,000,000 versus a total put value of 598,203,000,000 Combined total value = 600,003,000,000

Strike 156500 has a total call value of 1,872,000,000 versus a total put value of 591,403,500,000 Combined total value = 593,275,500,000

Strike 156750 has a total call value of 1,944,000,000 versus a total put value of 584,604,000,000 Combined total value = 586,548,000,000

Strike 157000 has a total call value of 2,016,000,000 versus a total put value of 577,804,500,000 Combined total value = 579,820,500,000

Strike 157250 has a total call value of 2,088,000,000 versus a total put value of 571,005,000,000 Combined total value = 573,093,000,000

Strike 157500 has a total call value of 2,160,000,000 versus a total put value of 564,205,500,000 Combined total value = 566,365,500,000

Strike 157750 has a total call value of 2,232,000,000 versus a total put value of 557,406,000,000 Combined total value = 559,638,000,000

Strike 158000 has a total call value of 2,304,000,000 versus a total put value of 550,606,500,000 Combined total value = 552,910,500,000

Strike 158250 has a total call value of 2,376,000,000 versus a total put value of 543,807,000,000 Combined total value = 546,183,000,000

Strike 158500 has a total call value of 2,448,000,000 versus a total put value of 537,007,500,000 Combined total value = 539,455,500,000

Strike 158750 has a total call value of 2,520,000,000 versus a total put value of 530,208,000,000 Combined total value = 532,728,000,000

Strike 159000 has a total call value of 2,592,000,000 versus a total put value of 523,408,500,000 Combined total value = 526,000,500,000

Strike 159250 has a total call value of 2,664,000,000 versus a total put value of 516,609,000,000 Combined total value = 519,273,000,000

Strike 159500 has a total call value of 2,736,000,000 versus a total put value of 509,809,500,000 Combined total value = 512,545,500,000

Strike 159750 has a total call value of 2,808,000,000 versus a total put value of 503,010,000,000 Combined total value = 505,818,000,000

Strike 160000 has a total call value of 2,880,000,000 versus a total put value of 496,210,500,000 Combined total value = 499,090,500,000

Strike 160250 has a total call value of 2,952,000,000 versus a total put value of 490,143,750,000 Combined total value = 493,095,750,000

Strike 160500 has a total call value of 3,024,000,000 versus a total put value of 484,077,000,000 Combined total value = 487,101,000,000

Strike 160750 has a total call value of 3,096,000,000 versus a total put value of 478,010,250,000 Combined total value = 481,106,250,000

Strike 161000 has a total call value of 3,168,000,000 versus a total put value of 471,943,500,000 Combined total value = 475,111,500,000

Strike 161250 has a total call value of 3,240,000,000 versus a total put value of 465,876,750,000 Combined total value = 469,116,750,000

Strike 161500 has a total call value of 3,312,000,000 versus a total put value of 459,810,000,000 Combined total value = 463,122,000,000

Strike 161750 has a total call value of 3,384,000,000 versus a total put value of 453,743,250,000 Combined total value = 457,127,250,000

Strike 162000 has a total call value of 3,456,000,000 versus a total put value of 447,676,500,000 Combined total value = 451,132,500,000

Strike 162250 has a total call value of 3,528,000,000 versus a total put value of 441,723,000,000 Combined total value = 445,251,000,000

Strike 162500 has a total call value of 3,600,000,000 versus a total put value of 435,769,500,000 Combined total value = 439,369,500,000

Strike 162750 has a total call value of 3,672,000,000 versus a total put value of 429,816,000,000 Combined total value = 433,488,000,000

Strike 163000 has a total call value of 3,744,000,000 versus a total put value of 423,862,500,000 Combined total value = 427,606,500,000

Strike 163250 has a total call value of 3,816,000,000 versus a total put value of 417,909,000,000 Combined total value = 421,725,000,000

Strike 163500 has a total call value of 3,888,000,000 versus a total put value of 411,955,500,000 Combined total value = 415,843,500,000

Strike 163750 has a total call value of 3,960,000,000 versus a total put value of 406,002,000,000 Combined total value = 409,962,000,000

Strike 164000 has a total call value of 4,032,000,000 versus a total put value of 400,048,500,000 Combined total value = 404,080,500,000

Strike 164250 has a total call value of 4,104,000,000 versus a total put value of 394,095,000,000 Combined total value = 398,199,000,000

Strike 164500 has a total call value of 4,176,000,000 versus a total put value of 388,141,500,000 Combined total value = 392,317,500,000

Strike 164750 has a total call value of 4,248,000,000 versus a total put value of 382,188,000,000 Combined total value = 386,436,000,000

Strike 165000 has a total call value of 4,320,000,000 versus a total put value of 376,234,500,000 Combined total value = 380,554,500,000

Strike 165250 has a total call value of 4,485,000,000 versus a total put value of 370,863,000,000 Combined total value = 375,348,000,000

Strike 165500 has a total call value of 4,650,000,000 versus a total put value of 365,491,500,000 Combined total value = 370,141,500,000

Strike 165750 has a total call value of 4,815,000,000 versus a total put value of 360,120,000,000 Combined total value = 364,935,000,000

Strike 166000 has a total call value of 4,980,000,000 versus a total put value of 354,748,500,000 Combined total value = 359,728,500,000

Strike 166250 has a total call value of 5,145,000,000 versus a total put value of 349,377,000,000 Combined total value = 354,522,000,000

Strike 166500 has a total call value of 5,310,000,000 versus a total put value of 344,005,500,000 Combined total value = 349,315,500,000

Strike 166750 has a total call value of 5,475,000,000 versus a total put value of 338,634,000,000 Combined total value = 344,109,000,000

Strike 167000 has a total call value of 5,640,000,000 versus a total put value of 333,262,500,000 Combined total value = 338,902,500,000

Strike 167250 has a total call value of 5,805,000,000 versus a total put value of 327,891,000,000 Combined total value = 333,696,000,000

Strike 167500 has a total call value of 5,970,000,000 versus a total put value of 322,519,500,000 Combined total value = 328,489,500,000

Strike 167750 has a total call value of 6,135,000,000 versus a total put value of 317,148,000,000 Combined total value = 323,283,000,000

Strike 168000 has a total call value of 6,300,000,000 versus a total put value of 311,776,500,000 Combined total value = 318,076,500,000

Strike 168250 has a total call value of 6,465,000,000 versus a total put value of 306,459,000,000 Combined total value = 312,924,000,000

Strike 168500 has a total call value of 6,630,000,000 versus a total put value of 301,141,500,000 Combined total value = 307,771,500,000

Strike 168750 has a total call value of 6,795,000,000 versus a total put value of 295,824,000,000 Combined total value = 302,619,000,000

Strike 169000 has a total call value of 6,960,000,000 versus a total put value of 290,506,500,000 Combined total value = 297,466,500,000

Strike 169250 has a total call value of 7,125,000,000 versus a total put value of 285,202,500,000 Combined total value = 292,327,500,000

Strike 169500 has a total call value of 7,290,000,000 versus a total put value of 279,898,500,000 Combined total value = 287,188,500,000

Strike 169750 has a total call value of 7,455,000,000 versus a total put value of 274,594,500,000 Combined total value = 282,049,500,000

Strike 170000 has a total call value of 7,620,000,000 versus a total put value of 269,290,500,000 Combined total value = 276,910,500,000

Strike 170250 has a total call value of 8,039,250,000 versus a total put value of 264,852,750,000 Combined total value = 272,892,000,000

Strike 170500 has a total call value of 8,458,500,000 versus a total put value of 260,415,000,000 Combined total value = 268,873,500,000

Strike 170750 has a total call value of 8,877,750,000 versus a total put value of 255,977,250,000 Combined total value = 264,855,000,000

Strike 171000 has a total call value of 9,297,000,000 versus a total put value of 251,539,500,000 Combined total value = 260,836,500,000

Strike 171250 has a total call value of 9,716,250,000 versus a total put value of 247,111,500,000 Combined total value = 256,827,750,000

Strike 171500 has a total call value of 10,135,500,000 versus a total put value of 242,683,500,000 Combined total value = 252,819,000,000

Strike 171750 has a total call value of 10,554,750,000 versus a total put value of 238,255,500,000 Combined total value = 248,810,250,000

Strike 172000 has a total call value of 10,974,000,000 versus a total put value of 233,827,500,000 Combined total value = 244,801,500,000

Strike 172250 has a total call value of 11,393,250,000 versus a total put value of 229,429,500,000 Combined total value = 240,822,750,000

Strike 172500 has a total call value of 11,812,500,000 versus a total put value of 225,031,500,000 Combined total value = 236,844,000,000

Strike 172750 has a total call value of 12,231,750,000 versus a total put value of 220,633,500,000 Combined total value = 232,865,250,000

Strike 173000 has a total call value of 12,651,000,000 versus a total put value of 216,235,500,000 Combined total value = 228,886,500,000

Strike 173250 has a total call value of 13,070,250,000 versus a total put value of 211,837,500,000 Combined total value = 224,907,750,000

Strike 173500 has a total call value of 13,489,500,000 versus a total put value of 207,439,500,000 Combined total value = 220,929,000,000

Strike 173750 has a total call value of 13,908,750,000 versus a total put value of 203,041,500,000 Combined total value = 216,950,250,000

Strike 174000 has a total call value of 14,328,000,000 versus a total put value of 198,643,500,000 Combined total value = 212,971,500,000

Strike 174250 has a total call value of 14,747,250,000 versus a total put value of 194,289,000,000 Combined total value = 209,036,250,000

Strike 174500 has a total call value of 15,166,500,000 versus a total put value of 189,934,500,000 Combined total value = 205,101,000,000

Strike 174750 has a total call value of 15,585,750,000 versus a total put value of 185,580,000,000 Combined total value = 201,165,750,000

Strike 175000 has a total call value of 16,005,000,000 versus a total put value of 181,225,500,000 Combined total value = 197,230,500,000

Strike 175250 has a total call value of 16,424,250,000 versus a total put value of 177,417,750,000 Combined total value = 193,842,000,000

Strike 175500 has a total call value of 16,843,500,000 versus a total put value of 173,610,000,000 Combined total value = 190,453,500,000

Strike 175750 has a total call value of 17,262,750,000 versus a total put value of 169,802,250,000 Combined total value = 187,065,000,000

Strike 176000 has a total call value of 17,682,000,000 versus a total put value of 165,994,500,000 Combined total value = 183,676,500,000

Strike 176250 has a total call value of 18,101,250,000 versus a total put value of 162,207,750,000 Combined total value = 180,309,000,000

Strike 176500 has a total call value of 18,520,500,000 versus a total put value of 158,421,000,000 Combined total value = 176,941,500,000

Strike 176750 has a total call value of 18,939,750,000 versus a total put value of 154,634,250,000 Combined total value = 173,574,000,000

Strike 177000 has a total call value of 19,359,000,000 versus a total put value of 150,847,500,000 Combined total value = 170,206,500,000

Strike 177250 has a total call value of 19,778,250,000 versus a total put value of 147,128,250,000 Combined total value = 166,906,500,000

Strike 177500 has a total call value of 20,197,500,000 versus a total put value of 143,409,000,000 Combined total value = 163,606,500,000

Strike 177750 has a total call value of 20,616,750,000 versus a total put value of 139,689,750,000 Combined total value = 160,306,500,000

Strike 178000 has a total call value of 21,036,000,000 versus a total put value of 135,970,500,000 Combined total value = 157,006,500,000

Strike 178250 has a total call value of 21,488,250,000 versus a total put value of 132,336,000,000 Combined total value = 153,824,250,000

Strike 178500 has a total call value of 21,940,500,000 versus a total put value of 128,701,500,000 Combined total value = 150,642,000,000

Strike 178750 has a total call value of 22,392,750,000 versus a total put value of 125,067,000,000 Combined total value = 147,459,750,000

Strike 179000 has a total call value of 22,845,000,000 versus a total put value of 121,432,500,000 Combined total value = 144,277,500,000

Strike 179250 has a total call value of 23,412,750,000 versus a total put value of 117,868,500,000 Combined total value = 141,281,250,000

Strike 179500 has a total call value of 23,980,500,000 versus a total put value of 114,304,500,000 Combined total value = 138,285,000,000

Strike 179750 has a total call value of 24,548,250,000 versus a total put value of 110,740,500,000 Combined total value = 135,288,750,000

Strike 180000 has a total call value of 25,116,000,000 versus a total put value of 107,176,500,000 Combined total value = 132,292,500,000

Strike 180250 has a total call value of 25,822,500,000 versus a total put value of 104,412,000,000 Combined total value = 130,234,500,000

Strike 180500 has a total call value of 26,529,000,000 versus a total put value of 101,647,500,000 Combined total value = 128,176,500,000

Strike 180750 has a total call value of 27,235,500,000 versus a total put value of 98,883,000,000 Combined total value = 126,118,500,000

Strike 181000 has a total call value of 27,942,000,000 versus a total put value of 96,118,500,000 Combined total value = 124,060,500,000

Strike 181250 has a total call value of 28,648,500,000 versus a total put value of 93,428,250,000 Combined total value = 122,076,750,000

Strike 181500 has a total call value of 29,355,000,000 versus a total put value of 90,738,000,000 Combined total value = 120,093,000,000

Strike 181750 has a total call value of 30,061,500,000 versus a total put value of 88,047,750,000 Combined total value = 118,109,250,000

Strike 182000 has a total call value of 30,768,000,000 versus a total put value of 85,357,500,000 Combined total value = 116,125,500,000

Strike 182250 has a total call value of 31,474,500,000 versus a total put value of 82,760,250,000 Combined total value = 114,234,750,000

Strike 182500 has a total call value of 32,181,000,000 versus a total put value of 80,163,000,000 Combined total value = 112,344,000,000

Strike 182750 has a total call value of 32,887,500,000 versus a total put value of 77,565,750,000 Combined total value = 110,453,250,000

Strike 183000 has a total call value of 33,594,000,000 versus a total put value of 74,968,500,000 Combined total value = 108,562,500,000

Strike 183250 has a total call value of 34,300,500,000 versus a total put value of 72,469,500,000 Combined total value = 106,770,000,000

Strike 183500 has a total call value of 35,007,000,000 versus a total put value of 69,970,500,000 Combined total value = 104,977,500,000

Strike 183750 has a total call value of 35,713,500,000 versus a total put value of 67,471,500,000 Combined total value = 103,185,000,000

Strike 184000 has a total call value of 36,420,000,000 versus a total put value of 64,972,500,000 Combined total value = 101,392,500,000

Strike 184250 has a total call value of 37,126,500,000 versus a total put value of 62,539,500,000 Combined total value = 99,666,000,000

Strike 184500 has a total call value of 37,833,000,000 versus a total put value of 60,106,500,000 Combined total value = 97,939,500,000

Strike 184750 has a total call value of 38,539,500,000 versus a total put value of 57,673,500,000 Combined total value = 96,213,000,000

Strike 185000 has a total call value of 39,246,000,000 versus a total put value of 55,240,500,000 Combined total value = 94,486,500,000

Strike 185250 has a total call value of 40,131,000,000 versus a total put value of 53,344,500,000 Combined total value = 93,475,500,000

Strike 185500 has a total call value of 41,016,000,000 versus a total put value of 51,448,500,000 Combined total value = 92,464,500,000

Strike 185750 has a total call value of 41,901,000,000 versus a total put value of 49,552,500,000 Combined total value = 91,453,500,000

Strike 186000 has a total call value of 42,786,000,000 versus a total put value of 47,656,500,000 Combined total value = 90,442,500,000

Strike 186250 has a total call value of 43,680,750,000 versus a total put value of 45,808,500,000 Combined total value = 89,489,250,000

Strike 186500 has a total call value of 44,575,500,000 versus a total put value of 43,960,500,000 Combined total value = 88,536,000,000

Strike 186750 has a total call value of 45,470,250,000 versus a total put value of 42,112,500,000 Combined total value = 87,582,750,000

Strike 187000 has a total call value of 46,365,000,000 versus a total put value of 40,264,500,000 Combined total value = 86,629,500,000

Strike 187250 has a total call value of 47,259,750,000 versus a total put value of 38,453,250,000 Combined total value = 85,713,000,000

Strike 187500 has a total call value of 48,154,500,000 versus a total put value of 36,642,000,000 Combined total value = 84,796,500,000

Strike 187750 has a total call value of 49,049,250,000 versus a total put value of 34,830,750,000 Combined total value = 83,880,000,000

Strike 188000 has a total call value of 49,944,000,000 versus a total put value of 33,019,500,000 Combined total value = 82,963,500,000

Strike 188250 has a total call value of 50,868,000,000 versus a total put value of 31,281,000,000 Combined total value = 82,149,000,000

Strike 188500 has a total call value of 51,792,000,000 versus a total put value of 29,542,500,000 Combined total value = 81,334,500,000

Strike 188750 has a total call value of 52,716,000,000 versus a total put value of 27,804,000,000 Combined total value = 80,520,000,000

Strike 189000 has a total call value of 53,640,000,000 versus a total put value of 26,065,500,000 Combined total value = 79,705,500,000

Strike 189250 has a total call value of 54,583,500,000 versus a total put value of 24,426,000,000 Combined total value = 79,009,500,000

Strike 189500 has a total call value of 55,527,000,000 versus a total put value of 22,786,500,000 Combined total value = 78,313,500,000

Strike 189750 has a total call value of 56,470,500,000 versus a total put value of 21,147,000,000 Combined total value = 77,617,500,000

Strike 190000 has a total call value of 57,414,000,000 versus a total put value of 19,507,500,000 Combined total value = 76,921,500,000

Strike 190250 has a total call value of 58,691,250,000 versus a total put value of 18,519,750,000 Combined total value = 77,211,000,000

Strike 190500 has a total call value of 59,968,500,000 versus a total put value of 17,532,000,000 Combined total value = 77,500,500,000

Strike 190750 has a total call value of 61,245,750,000 versus a total put value of 16,544,250,000 Combined total value = 77,790,000,000

Strike 191000 has a total call value of 62,523,000,000 versus a total put value of 15,556,500,000 Combined total value = 78,079,500,000

Strike 191250 has a total call value of 63,838,500,000 versus a total put value of 14,613,750,000 Combined total value = 78,452,250,000

Strike 191500 has a total call value of 65,154,000,000 versus a total put value of 13,671,000,000 Combined total value = 78,825,000,000

Strike 191750 has a total call value of 66,469,500,000 versus a total put value of 12,728,250,000 Combined total value = 79,197,750,000

Strike 192000 has a total call value of 67,785,000,000 versus a total put value of 11,785,500,000 Combined total value = 79,570,500,000

Strike 192250 has a total call value of 69,336,000,000 versus a total put value of 10,935,750,000 Combined total value = 80,271,750,000

Strike 192500 has a total call value of 70,887,000,000 versus a total put value of 10,086,000,000 Combined total value = 80,973,000,000

Strike 192750 has a total call value of 72,438,000,000 versus a total put value of 9,236,250,000 Combined total value = 81,674,250,000

Strike 193000 has a total call value of 73,989,000,000 versus a total put value of 8,386,500,000 Combined total value = 82,375,500,000

Strike 193250 has a total call value of 75,687,000,000 versus a total put value of 7,589,250,000 Combined total value = 83,276,250,000

Strike 193500 has a total call value of 77,385,000,000 versus a total put value of 6,792,000,000 Combined total value = 84,177,000,000

Strike 193750 has a total call value of 79,083,000,000 versus a total put value of 5,994,750,000 Combined total value = 85,077,750,000

Strike 194000 has a total call value of 80,781,000,000 versus a total put value of 5,197,500,000 Combined total value = 85,978,500,000

Strike 194250 has a total call value of 82,548,000,000 versus a total put value of 4,531,500,000 Combined total value = 87,079,500,000

Strike 194500 has a total call value of 84,315,000,000 versus a total put value of 3,865,500,000 Combined total value = 88,180,500,000

Strike 194750 has a total call value of 86,082,000,000 versus a total put value of 3,199,500,000 Combined total value = 89,281,500,000

Strike 195000 has a total call value of 87,849,000,000 versus a total put value of 2,533,500,000 Combined total value = 90,382,500,000

Strike 195250 has a total call value of 90,177,750,000 versus a total put value of 2,241,750,000 Combined total value = 92,419,500,000

Strike 195500 has a total call value of 92,506,500,000 versus a total put value of 1,950,000,000 Combined total value = 94,456,500,000

Strike 195750 has a total call value of 94,835,250,000 versus a total put value of 1,659,000,000 Combined total value = 96,494,250,000

Strike 196000 has a total call value of 97,164,000,000 versus a total put value of 1,368,000,000 Combined total value = 98,532,000,000

Strike 196250 has a total call value of 99,580,500,000 versus a total put value of 1,146,750,000 Combined total value = 100,727,250,000

Strike 196500 has a total call value of 101,997,000,000 versus a total put value of 925,500,000 Combined total value = 102,922,500,000

Strike 196750 has a total call value of 104,413,500,000 versus a total put value of 704,250,000 Combined total value = 105,117,750,000

Strike 197000 has a total call value of 106,830,000,000 versus a total put value of 483,750,000 Combined total value = 107,313,750,000

Strike 197250 has a total call value of 109,442,250,000 versus a total put value of 363,000,000 Combined total value = 109,805,250,000

Strike 197500 has a total call value of 112,054,500,000 versus a total put value of 242,250,000 Combined total value = 112,296,750,000

Strike 197750 has a total call value of 114,666,750,000 versus a total put value of 121,500,000 Combined total value = 114,788,250,000

Strike 198000 has a total call value of 117,279,000,000 versus a total put value of 750,000 Combined total value = 117,279,750,000

Strike 198250 has a total call value of 120,327,750,000 versus a total put value of 0 Combined total value = 120,327,750,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1128.7	1140
ABB	5243.5	5200
ABCAPITAL	348.25	350
ADANIENSOL	995.5	990
ADANIENT	2248	2300
ADANIGREEN	1027.1	1020
ADANIPORTS	1502.2	1500
ALKEM	5657	5700
AMBER	6778.5	6800
AMBUJACEM	549.25	550
ANGELONE	2533.9	2600
APLAPOLLO	1731	1740
APOLLOHOSP	7045.5	7200
ASHOKLEY	167.69	160
ASIANPAINT	2792.5	2800
ASTRAL	1462.6	1460
AUBANK	981.1	960
AUROPHARMA	1179.4	1200
AXISBANK	1222.5	1240
BAJAJ-AUTO	9018	9000
BAJAJFINSV	2039.7	2060
BAJFINANCE	999.4	1020
BANDHANBNK	149.42	150
BANKBARODA	282.35	290
BANKINDIA	139.8	143
BDL	1354.9	1400
BEL	388.1	400
BHARATFORG	1418.6	1400
BHARTIARTL	2101.8	2100
BHEL	278.6	280
BIOCON	384.9	390
BLUESTARCO	1815.3	1780
BOSCHLTD	36220	36500
BPCL	367	362.5
BRITANNIA	6072	6000
BSE	2600.3	2700
CAMS	754.5	780
CANBK	147.32	148
CDSL	1503.6	1560
CGPOWER	672.65	680
CHOLAFIN	1716.5	1700
CIPLA	1498.5	1520
COALINDIA	381.75	384.75
COFORGE	1854.7	1840
COLPAL	2162.1	2180
CONCOR	500.05	520
CROMPTON	253	265
CUMMINSIND	4489.5	4500
CYIENT	1151.8	1160
DABUR	497.65	505
DALBHARAT	2059.9	2040
DELHIVERY	402.15	410
DIVISLAB	6303	6400
DIXON	13646	13750
DLF	691.1	720
DMART	3844.8	3900
DRREDDY	1280.6	1270
EICHERMOT	7086	7100
ETERNAL	285.6	295
EXIDEIND	366.1	375
FEDERALBNK	262.4	260
FORTIS	876.8	890
GAIL	168.11	175
GLENMARK	1966.5	1940
GMRAIRPORT	103.25	102
GODREJCP	1184.1	1160
GODREJPROP	2024.3	2080
GRASIM	2802.5	2800
HAL	4257.8	4500
HAVELLS	1415.1	1440
HCLTECH	1651	1660
HDFCAMC	2579.7	2625
HDFCBANK	994.9	1000
HDFCLIFE	765.7	770
HEROMOTOCO	5948	6050
HFCL	65.67	68
HINDALCO	837.3	820
HINDPETRO	463.8	460
HINDUNILVR	2285.2	2300
HINDZINC	567.4	540
HUDCO	211.32	220
ICICIBANK	1364.3	1380
ICICIGI	1947.5	1980
ICICIPRULI	640.5	630
IDEA	11.29	11
IDFCFIRSTB	83.5	81
IEX	140.52	145
IIFL	567.4	560
INDHOTEL	724.35	740
INDIANB	774	820
INDIGO	4978.5	5000
INDUSINDBK	844.5	850
INDUSTOWER	407.8	410
INFY	1592	1600
INOXWIND	126.1	130
IOC	167.57	165
IRCTC	670.7	690
IREDA	133.78	140
IRFC	112.25	116
ITC	402.25	405
JINDALSTEL	1014.3	1030
JIOFIN	295.65	305
JSWENERGY	477	490
JSWSTEEL	1085.1	1130
JUBLFOOD	561.15	580
KALYANKJIL	478.25	480
KAYNES	4177.5	4400
KEI	4153.6	4100
KFINTECH	1033.8	1060
KOTAKBANK	2183.9	2160
KPITTECH	1171.2	1200
LAURUSLABS	998.6	1000
LICHSGFIN	526.5	550
LICI	854.35	880
LODHA	1075.1	1120
LT	4063.7	4040
LTF	300.4	302.5
LTIM	6212	6150
LUPIN	2089	2080
M&M	3628.6	3650
MANAPPURAM	283.55	280
MANKIND	2108.3	2200
MARICO	738.65	740
MARUTI	16389	16300
MAXHEALTH	1074.7	1100
MAZDOCK	2409.8	2600
MCX	10155	10100
MFSL	1672.8	1700
MOTHERSON	119.8	116
MPHASIS	2854.1	2900
MUTHOOTFIN	3835.9	3750
NATIONALUM	276.3	270
NAUKRI	1345.8	1360
NBCC	111.83	113
NCC	158.22	167.5
NESTLEIND	1244	1240
NHPC	75.92	78
NMDC	77.1	77
NTPC	321.25	325
NUVAMA	7213	7200
NYKAA	246.7	255
OBEROIRLTY	1633	1660
OFSS	7854	8000
OIL	401.8	410
ONGC	232.36	240
PAGEIND	36330	37500
PATANJALI	535.75	545
PAYTM	1280.1	1300
PERSISTENT	6195	6200
PETRONET	264.85	277.5
PFC	335.35	355
PGEL	570.65	560
PHOENIXLTD	1779.4	1740
PIDILITIND	1471.9	1480
PIIND	3253.4	3350
PNB	117.01	120
PNBHOUSING	912.05	910
POLICYBZR	1820.2	1860
POLYCAB	7334	7300
POWERGRID	261.5	270
POWERINDIA	19290	19500
PPLPHARMA	169	180
PRESTIGE	1630.5	1660
RBLBANK	299.55	310
RECLTD	335.55	355
RELIANCE	1543.5	1540
RVNL	309.65	315
SAIL	128.79	132
SAMMAANCAP	146.58	155
SBICARD	849.8	870
SBILIFE	2040.6	2020
SBIN	964.05	970
SHREECEM	25975	26500
SHRIRAMFIN	852.8	850
SIEMENS	3152.5	3200
SOLARINDS	11937	12500
SONACOMS	484.85	500
SRF	3015	2950
SUNPHARMA	1784.5	1800
SUPREMEIND	3410.2	3400
SUZLON	52.42	54
SYNGENE	647.25	650
TATACONSUM	1169.8	1170
TATAELXSI	4997.5	5100
TATAMOTORS	0	320
TATAPOWER	379.55	390
TATASTEEL	169.97	170
TATATECH	650.3	680
TCS	3208.4	3200
TECHM	1575.9	1540
TIINDIA	2622.7	2700
TITAGARH	791.15	800
TITAN	3919.7	3860
TMPV	345.75	360
TORNTPHARM	3774	3800
TORNTPOWER	1281.5	1300
TRENT	4102	4200
TVSMOTOR	3615.9	3600
ULTRACEMCO	11545	11700
UNIONBANK	152.87	152.5
UNITDSPR	1448.7	1440
UNOMINDA	1259.7	1280
UPL	750	750
VBL	477.7	470
VEDL	564.55	540
VOLTAS	1396.6	1380
WIPRO	259.2	255
YESBANK	21.45	22
ZYDUSLIFE	917.95	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.

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