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 (SILVER) Max Pain Analysis | NiftyInvest

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.

Max Pain

05 Jun 2026 10:53 AM IST

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Expiry

Max-Pain

2,70,000

DFC

7D Avg

Reliability

14D Avg

Reliability

21D Avg

Reliability

Max Pain for SILVER is 270000

Historical data for SILVER-270000-CE

LTP (270000 CE)

4620 -1444.5

Open Interest

639 40

Historical data for SILVER-270000-PE

LTP (270000 PE)

14197.5 3037

Open Interest

619 31

Strike 200000 has a total call value of 0 versus a total put value of 418,875,000,000. Combined total value = 418,875,000,000

Strike 200250 has a total call value of 0 versus a total put value of 416,651,250,000. Combined total value = 416,651,250,000

Strike 200500 has a total call value of 0 versus a total put value of 414,427,500,000. Combined total value = 414,427,500,000

Strike 200750 has a total call value of 0 versus a total put value of 412,203,750,000. Combined total value = 412,203,750,000

Strike 201000 has a total call value of 0 versus a total put value of 409,980,000,000. Combined total value = 409,980,000,000

Strike 201250 has a total call value of 0 versus a total put value of 407,756,250,000. Combined total value = 407,756,250,000

Strike 201500 has a total call value of 0 versus a total put value of 405,532,500,000. Combined total value = 405,532,500,000

Strike 201750 has a total call value of 0 versus a total put value of 403,308,750,000. Combined total value = 403,308,750,000

Strike 202000 has a total call value of 0 versus a total put value of 401,085,000,000. Combined total value = 401,085,000,000

Strike 202250 has a total call value of 0 versus a total put value of 398,861,250,000. Combined total value = 398,861,250,000

Strike 202500 has a total call value of 0 versus a total put value of 396,637,500,000. Combined total value = 396,637,500,000

Strike 202750 has a total call value of 0 versus a total put value of 394,413,750,000. Combined total value = 394,413,750,000

Strike 203000 has a total call value of 0 versus a total put value of 392,190,000,000. Combined total value = 392,190,000,000

Strike 203250 has a total call value of 0 versus a total put value of 389,966,250,000. Combined total value = 389,966,250,000

Strike 203500 has a total call value of 0 versus a total put value of 387,742,500,000. Combined total value = 387,742,500,000

Strike 203750 has a total call value of 0 versus a total put value of 385,518,750,000. Combined total value = 385,518,750,000

Strike 204000 has a total call value of 0 versus a total put value of 383,295,000,000. Combined total value = 383,295,000,000

Strike 204250 has a total call value of 0 versus a total put value of 381,071,250,000. Combined total value = 381,071,250,000

Strike 204500 has a total call value of 0 versus a total put value of 378,847,500,000. Combined total value = 378,847,500,000

Strike 204750 has a total call value of 0 versus a total put value of 376,623,750,000. Combined total value = 376,623,750,000

Strike 205000 has a total call value of 0 versus a total put value of 374,400,000,000. Combined total value = 374,400,000,000

Strike 205250 has a total call value of 0 versus a total put value of 372,176,250,000. Combined total value = 372,176,250,000

Strike 205500 has a total call value of 0 versus a total put value of 369,952,500,000. Combined total value = 369,952,500,000

Strike 205750 has a total call value of 0 versus a total put value of 367,728,750,000. Combined total value = 367,728,750,000

Strike 206000 has a total call value of 0 versus a total put value of 365,505,000,000. Combined total value = 365,505,000,000

Strike 206250 has a total call value of 0 versus a total put value of 363,281,250,000. Combined total value = 363,281,250,000

Strike 206500 has a total call value of 0 versus a total put value of 361,057,500,000. Combined total value = 361,057,500,000

Strike 206750 has a total call value of 0 versus a total put value of 358,833,750,000. Combined total value = 358,833,750,000

Strike 207000 has a total call value of 0 versus a total put value of 356,610,000,000. Combined total value = 356,610,000,000

Strike 207250 has a total call value of 0 versus a total put value of 354,386,250,000. Combined total value = 354,386,250,000

Strike 207500 has a total call value of 0 versus a total put value of 352,162,500,000. Combined total value = 352,162,500,000

Strike 207750 has a total call value of 0 versus a total put value of 349,938,750,000. Combined total value = 349,938,750,000

Strike 208000 has a total call value of 0 versus a total put value of 347,715,000,000. Combined total value = 347,715,000,000

Strike 208250 has a total call value of 0 versus a total put value of 345,491,250,000. Combined total value = 345,491,250,000

Strike 208500 has a total call value of 0 versus a total put value of 343,267,500,000. Combined total value = 343,267,500,000

Strike 208750 has a total call value of 0 versus a total put value of 341,043,750,000. Combined total value = 341,043,750,000

Strike 209000 has a total call value of 0 versus a total put value of 338,820,000,000. Combined total value = 338,820,000,000

Strike 209250 has a total call value of 0 versus a total put value of 336,596,250,000. Combined total value = 336,596,250,000

Strike 209500 has a total call value of 0 versus a total put value of 334,372,500,000. Combined total value = 334,372,500,000

Strike 209750 has a total call value of 0 versus a total put value of 332,148,750,000. Combined total value = 332,148,750,000

Strike 210000 has a total call value of 0 versus a total put value of 329,925,000,000. Combined total value = 329,925,000,000

Strike 210250 has a total call value of 0 versus a total put value of 327,785,250,000. Combined total value = 327,785,250,000

Strike 210500 has a total call value of 0 versus a total put value of 325,645,500,000. Combined total value = 325,645,500,000

Strike 210750 has a total call value of 0 versus a total put value of 323,505,750,000. Combined total value = 323,505,750,000

Strike 211000 has a total call value of 0 versus a total put value of 321,366,000,000. Combined total value = 321,366,000,000

Strike 211250 has a total call value of 0 versus a total put value of 319,226,250,000. Combined total value = 319,226,250,000

Strike 211500 has a total call value of 0 versus a total put value of 317,086,500,000. Combined total value = 317,086,500,000

Strike 211750 has a total call value of 0 versus a total put value of 314,946,750,000. Combined total value = 314,946,750,000

Strike 212000 has a total call value of 0 versus a total put value of 312,807,000,000. Combined total value = 312,807,000,000

Strike 212250 has a total call value of 0 versus a total put value of 310,667,250,000. Combined total value = 310,667,250,000

Strike 212500 has a total call value of 0 versus a total put value of 308,527,500,000. Combined total value = 308,527,500,000

Strike 212750 has a total call value of 0 versus a total put value of 306,387,750,000. Combined total value = 306,387,750,000

Strike 213000 has a total call value of 0 versus a total put value of 304,248,000,000. Combined total value = 304,248,000,000

Strike 213250 has a total call value of 0 versus a total put value of 302,108,250,000. Combined total value = 302,108,250,000

Strike 213500 has a total call value of 0 versus a total put value of 299,968,500,000. Combined total value = 299,968,500,000

Strike 213750 has a total call value of 0 versus a total put value of 297,828,750,000. Combined total value = 297,828,750,000

Strike 214000 has a total call value of 0 versus a total put value of 295,689,000,000. Combined total value = 295,689,000,000

Strike 214250 has a total call value of 0 versus a total put value of 293,549,250,000. Combined total value = 293,549,250,000

Strike 214500 has a total call value of 0 versus a total put value of 291,409,500,000. Combined total value = 291,409,500,000

Strike 214750 has a total call value of 0 versus a total put value of 289,269,750,000. Combined total value = 289,269,750,000

Strike 215000 has a total call value of 0 versus a total put value of 287,130,000,000. Combined total value = 287,130,000,000

Strike 215250 has a total call value of 0 versus a total put value of 284,990,250,000. Combined total value = 284,990,250,000

Strike 215500 has a total call value of 0 versus a total put value of 282,850,500,000. Combined total value = 282,850,500,000

Strike 215750 has a total call value of 0 versus a total put value of 280,710,750,000. Combined total value = 280,710,750,000

Strike 216000 has a total call value of 0 versus a total put value of 278,571,000,000. Combined total value = 278,571,000,000

Strike 216250 has a total call value of 0 versus a total put value of 276,431,250,000. Combined total value = 276,431,250,000

Strike 216500 has a total call value of 0 versus a total put value of 274,291,500,000. Combined total value = 274,291,500,000

Strike 216750 has a total call value of 0 versus a total put value of 272,151,750,000. Combined total value = 272,151,750,000

Strike 217000 has a total call value of 0 versus a total put value of 270,012,000,000. Combined total value = 270,012,000,000

Strike 217250 has a total call value of 0 versus a total put value of 267,872,250,000. Combined total value = 267,872,250,000

Strike 217500 has a total call value of 0 versus a total put value of 265,732,500,000. Combined total value = 265,732,500,000

Strike 217750 has a total call value of 0 versus a total put value of 263,592,750,000. Combined total value = 263,592,750,000

Strike 218000 has a total call value of 0 versus a total put value of 261,453,000,000. Combined total value = 261,453,000,000

Strike 218250 has a total call value of 0 versus a total put value of 259,313,250,000. Combined total value = 259,313,250,000

Strike 218500 has a total call value of 0 versus a total put value of 257,173,500,000. Combined total value = 257,173,500,000

Strike 218750 has a total call value of 0 versus a total put value of 255,033,750,000. Combined total value = 255,033,750,000

Strike 219000 has a total call value of 0 versus a total put value of 252,894,000,000. Combined total value = 252,894,000,000

Strike 219250 has a total call value of 0 versus a total put value of 250,754,250,000. Combined total value = 250,754,250,000

Strike 219500 has a total call value of 0 versus a total put value of 248,614,500,000. Combined total value = 248,614,500,000

Strike 219750 has a total call value of 0 versus a total put value of 246,474,750,000. Combined total value = 246,474,750,000

Strike 220000 has a total call value of 0 versus a total put value of 244,335,000,000. Combined total value = 244,335,000,000

Strike 220250 has a total call value of 0 versus a total put value of 242,622,750,000. Combined total value = 242,622,750,000

Strike 220500 has a total call value of 0 versus a total put value of 240,910,500,000. Combined total value = 240,910,500,000

Strike 220750 has a total call value of 0 versus a total put value of 239,198,250,000. Combined total value = 239,198,250,000

Strike 221000 has a total call value of 0 versus a total put value of 237,486,000,000. Combined total value = 237,486,000,000

Strike 221250 has a total call value of 0 versus a total put value of 235,773,750,000. Combined total value = 235,773,750,000

Strike 221500 has a total call value of 0 versus a total put value of 234,061,500,000. Combined total value = 234,061,500,000

Strike 221750 has a total call value of 0 versus a total put value of 232,349,250,000. Combined total value = 232,349,250,000

Strike 222000 has a total call value of 0 versus a total put value of 230,637,000,000. Combined total value = 230,637,000,000

Strike 222250 has a total call value of 0 versus a total put value of 228,924,750,000. Combined total value = 228,924,750,000

Strike 222500 has a total call value of 0 versus a total put value of 227,212,500,000. Combined total value = 227,212,500,000

Strike 222750 has a total call value of 0 versus a total put value of 225,500,250,000. Combined total value = 225,500,250,000

Strike 223000 has a total call value of 0 versus a total put value of 223,788,000,000. Combined total value = 223,788,000,000

Strike 223250 has a total call value of 0 versus a total put value of 222,075,750,000. Combined total value = 222,075,750,000

Strike 223500 has a total call value of 0 versus a total put value of 220,363,500,000. Combined total value = 220,363,500,000

Strike 223750 has a total call value of 0 versus a total put value of 218,651,250,000. Combined total value = 218,651,250,000

Strike 224000 has a total call value of 0 versus a total put value of 216,939,000,000. Combined total value = 216,939,000,000

Strike 224250 has a total call value of 0 versus a total put value of 215,226,750,000. Combined total value = 215,226,750,000

Strike 224500 has a total call value of 0 versus a total put value of 213,514,500,000. Combined total value = 213,514,500,000

Strike 224750 has a total call value of 0 versus a total put value of 211,802,250,000. Combined total value = 211,802,250,000

Strike 225000 has a total call value of 0 versus a total put value of 210,090,000,000. Combined total value = 210,090,000,000

Strike 225250 has a total call value of 0 versus a total put value of 208,377,750,000. Combined total value = 208,377,750,000

Strike 225500 has a total call value of 0 versus a total put value of 206,665,500,000. Combined total value = 206,665,500,000

Strike 225750 has a total call value of 0 versus a total put value of 204,953,250,000. Combined total value = 204,953,250,000

Strike 226000 has a total call value of 0 versus a total put value of 203,241,000,000. Combined total value = 203,241,000,000

Strike 226250 has a total call value of 0 versus a total put value of 201,528,750,000. Combined total value = 201,528,750,000

Strike 226500 has a total call value of 0 versus a total put value of 199,816,500,000. Combined total value = 199,816,500,000

Strike 226750 has a total call value of 0 versus a total put value of 198,104,250,000. Combined total value = 198,104,250,000

Strike 227000 has a total call value of 0 versus a total put value of 196,392,000,000. Combined total value = 196,392,000,000

Strike 227250 has a total call value of 0 versus a total put value of 194,679,750,000. Combined total value = 194,679,750,000

Strike 227500 has a total call value of 0 versus a total put value of 192,967,500,000. Combined total value = 192,967,500,000

Strike 227750 has a total call value of 0 versus a total put value of 191,255,250,000. Combined total value = 191,255,250,000

Strike 228000 has a total call value of 0 versus a total put value of 189,543,000,000. Combined total value = 189,543,000,000

Strike 228250 has a total call value of 0 versus a total put value of 187,830,750,000. Combined total value = 187,830,750,000

Strike 228500 has a total call value of 0 versus a total put value of 186,118,500,000. Combined total value = 186,118,500,000

Strike 228750 has a total call value of 0 versus a total put value of 184,406,250,000. Combined total value = 184,406,250,000

Strike 229000 has a total call value of 0 versus a total put value of 182,694,000,000. Combined total value = 182,694,000,000

Strike 229250 has a total call value of 0 versus a total put value of 180,981,750,000. Combined total value = 180,981,750,000

Strike 229500 has a total call value of 0 versus a total put value of 179,269,500,000. Combined total value = 179,269,500,000

Strike 229750 has a total call value of 0 versus a total put value of 177,557,250,000. Combined total value = 177,557,250,000

Strike 230000 has a total call value of 0 versus a total put value of 175,845,000,000. Combined total value = 175,845,000,000

Strike 230250 has a total call value of 0 versus a total put value of 174,339,750,000. Combined total value = 174,339,750,000

Strike 230500 has a total call value of 0 versus a total put value of 172,834,500,000. Combined total value = 172,834,500,000

Strike 230750 has a total call value of 0 versus a total put value of 171,329,250,000. Combined total value = 171,329,250,000

Strike 231000 has a total call value of 0 versus a total put value of 169,824,000,000. Combined total value = 169,824,000,000

Strike 231250 has a total call value of 0 versus a total put value of 168,318,750,000. Combined total value = 168,318,750,000

Strike 231500 has a total call value of 0 versus a total put value of 166,813,500,000. Combined total value = 166,813,500,000

Strike 231750 has a total call value of 0 versus a total put value of 165,308,250,000. Combined total value = 165,308,250,000

Strike 232000 has a total call value of 0 versus a total put value of 163,803,000,000. Combined total value = 163,803,000,000

Strike 232250 has a total call value of 0 versus a total put value of 162,297,750,000. Combined total value = 162,297,750,000

Strike 232500 has a total call value of 0 versus a total put value of 160,792,500,000. Combined total value = 160,792,500,000

Strike 232750 has a total call value of 0 versus a total put value of 159,287,250,000. Combined total value = 159,287,250,000

Strike 233000 has a total call value of 0 versus a total put value of 157,782,000,000. Combined total value = 157,782,000,000

Strike 233250 has a total call value of 0 versus a total put value of 156,276,750,000. Combined total value = 156,276,750,000

Strike 233500 has a total call value of 0 versus a total put value of 154,771,500,000. Combined total value = 154,771,500,000

Strike 233750 has a total call value of 0 versus a total put value of 153,266,250,000. Combined total value = 153,266,250,000

Strike 234000 has a total call value of 0 versus a total put value of 151,761,000,000. Combined total value = 151,761,000,000

Strike 234250 has a total call value of 0 versus a total put value of 150,255,750,000. Combined total value = 150,255,750,000

Strike 234500 has a total call value of 0 versus a total put value of 148,750,500,000. Combined total value = 148,750,500,000

Strike 234750 has a total call value of 0 versus a total put value of 147,245,250,000. Combined total value = 147,245,250,000

Strike 235000 has a total call value of 0 versus a total put value of 145,740,000,000. Combined total value = 145,740,000,000

Strike 235250 has a total call value of 0 versus a total put value of 144,234,750,000. Combined total value = 144,234,750,000

Strike 235500 has a total call value of 0 versus a total put value of 142,729,500,000. Combined total value = 142,729,500,000

Strike 235750 has a total call value of 0 versus a total put value of 141,224,250,000. Combined total value = 141,224,250,000

Strike 236000 has a total call value of 0 versus a total put value of 139,719,000,000. Combined total value = 139,719,000,000

Strike 236250 has a total call value of 0 versus a total put value of 138,213,750,000. Combined total value = 138,213,750,000

Strike 236500 has a total call value of 0 versus a total put value of 136,708,500,000. Combined total value = 136,708,500,000

Strike 236750 has a total call value of 0 versus a total put value of 135,203,250,000. Combined total value = 135,203,250,000

Strike 237000 has a total call value of 0 versus a total put value of 133,698,000,000. Combined total value = 133,698,000,000

Strike 237250 has a total call value of 0 versus a total put value of 132,192,750,000. Combined total value = 132,192,750,000

Strike 237500 has a total call value of 0 versus a total put value of 130,687,500,000. Combined total value = 130,687,500,000

Strike 237750 has a total call value of 0 versus a total put value of 129,182,250,000. Combined total value = 129,182,250,000

Strike 238000 has a total call value of 0 versus a total put value of 127,677,000,000. Combined total value = 127,677,000,000

Strike 238250 has a total call value of 0 versus a total put value of 126,171,750,000. Combined total value = 126,171,750,000

Strike 238500 has a total call value of 0 versus a total put value of 124,666,500,000. Combined total value = 124,666,500,000

Strike 238750 has a total call value of 0 versus a total put value of 123,161,250,000. Combined total value = 123,161,250,000

Strike 239000 has a total call value of 0 versus a total put value of 121,656,000,000. Combined total value = 121,656,000,000

Strike 239250 has a total call value of 0 versus a total put value of 120,150,750,000. Combined total value = 120,150,750,000

Strike 239500 has a total call value of 0 versus a total put value of 118,645,500,000. Combined total value = 118,645,500,000

Strike 239750 has a total call value of 0 versus a total put value of 117,140,250,000. Combined total value = 117,140,250,000

Strike 240000 has a total call value of 0 versus a total put value of 115,635,000,000. Combined total value = 115,635,000,000

Strike 240250 has a total call value of 0 versus a total put value of 114,322,500,000. Combined total value = 114,322,500,000

Strike 240500 has a total call value of 0 versus a total put value of 113,010,000,000. Combined total value = 113,010,000,000

Strike 240750 has a total call value of 0 versus a total put value of 111,697,500,000. Combined total value = 111,697,500,000

Strike 241000 has a total call value of 0 versus a total put value of 110,385,000,000. Combined total value = 110,385,000,000

Strike 241250 has a total call value of 0 versus a total put value of 109,072,500,000. Combined total value = 109,072,500,000

Strike 241500 has a total call value of 0 versus a total put value of 107,760,000,000. Combined total value = 107,760,000,000

Strike 241750 has a total call value of 0 versus a total put value of 106,447,500,000. Combined total value = 106,447,500,000

Strike 242000 has a total call value of 0 versus a total put value of 105,135,000,000. Combined total value = 105,135,000,000

Strike 242250 has a total call value of 0 versus a total put value of 103,822,500,000. Combined total value = 103,822,500,000

Strike 242500 has a total call value of 0 versus a total put value of 102,510,000,000. Combined total value = 102,510,000,000

Strike 242750 has a total call value of 0 versus a total put value of 101,197,500,000. Combined total value = 101,197,500,000

Strike 243000 has a total call value of 0 versus a total put value of 99,885,000,000. Combined total value = 99,885,000,000

Strike 243250 has a total call value of 0 versus a total put value of 98,572,500,000. Combined total value = 98,572,500,000

Strike 243500 has a total call value of 0 versus a total put value of 97,260,000,000. Combined total value = 97,260,000,000

Strike 243750 has a total call value of 0 versus a total put value of 95,947,500,000. Combined total value = 95,947,500,000

Strike 244000 has a total call value of 0 versus a total put value of 94,635,000,000. Combined total value = 94,635,000,000

Strike 244250 has a total call value of 0 versus a total put value of 93,322,500,000. Combined total value = 93,322,500,000

Strike 244500 has a total call value of 0 versus a total put value of 92,010,000,000. Combined total value = 92,010,000,000

Strike 244750 has a total call value of 0 versus a total put value of 90,697,500,000. Combined total value = 90,697,500,000

Strike 245000 has a total call value of 0 versus a total put value of 89,385,000,000. Combined total value = 89,385,000,000

Strike 245250 has a total call value of 0 versus a total put value of 88,152,750,000. Combined total value = 88,152,750,000

Strike 245500 has a total call value of 0 versus a total put value of 86,920,500,000. Combined total value = 86,920,500,000

Strike 245750 has a total call value of 0 versus a total put value of 85,688,250,000. Combined total value = 85,688,250,000

Strike 246000 has a total call value of 0 versus a total put value of 84,456,000,000. Combined total value = 84,456,000,000

Strike 246250 has a total call value of 0 versus a total put value of 83,223,750,000. Combined total value = 83,223,750,000

Strike 246500 has a total call value of 0 versus a total put value of 81,991,500,000. Combined total value = 81,991,500,000

Strike 246750 has a total call value of 0 versus a total put value of 80,759,250,000. Combined total value = 80,759,250,000

Strike 247000 has a total call value of 0 versus a total put value of 79,527,000,000. Combined total value = 79,527,000,000

Strike 247250 has a total call value of 0 versus a total put value of 78,294,750,000. Combined total value = 78,294,750,000

Strike 247500 has a total call value of 0 versus a total put value of 77,062,500,000. Combined total value = 77,062,500,000

Strike 247750 has a total call value of 0 versus a total put value of 75,830,250,000. Combined total value = 75,830,250,000

Strike 248000 has a total call value of 0 versus a total put value of 74,598,000,000. Combined total value = 74,598,000,000

Strike 248250 has a total call value of 0 versus a total put value of 73,365,750,000. Combined total value = 73,365,750,000

Strike 248500 has a total call value of 0 versus a total put value of 72,133,500,000. Combined total value = 72,133,500,000

Strike 248750 has a total call value of 0 versus a total put value of 70,901,250,000. Combined total value = 70,901,250,000

Strike 249000 has a total call value of 0 versus a total put value of 69,669,000,000. Combined total value = 69,669,000,000

Strike 249250 has a total call value of 0 versus a total put value of 68,436,750,000. Combined total value = 68,436,750,000

Strike 249500 has a total call value of 0 versus a total put value of 67,204,500,000. Combined total value = 67,204,500,000

Strike 249750 has a total call value of 0 versus a total put value of 65,972,250,000. Combined total value = 65,972,250,000

Strike 250000 has a total call value of 0 versus a total put value of 64,740,000,000. Combined total value = 64,740,000,000

Strike 250250 has a total call value of 98,250,000 versus a total put value of 63,832,500,000. Combined total value = 63,930,750,000

Strike 250500 has a total call value of 196,500,000 versus a total put value of 62,925,000,000. Combined total value = 63,121,500,000

Strike 250750 has a total call value of 294,750,000 versus a total put value of 62,017,500,000. Combined total value = 62,312,250,000

Strike 251000 has a total call value of 393,000,000 versus a total put value of 61,110,000,000. Combined total value = 61,503,000,000

Strike 251250 has a total call value of 491,250,000 versus a total put value of 60,202,500,000. Combined total value = 60,693,750,000

Strike 251500 has a total call value of 589,500,000 versus a total put value of 59,295,000,000. Combined total value = 59,884,500,000

Strike 251750 has a total call value of 687,750,000 versus a total put value of 58,387,500,000. Combined total value = 59,075,250,000

Strike 252000 has a total call value of 786,000,000 versus a total put value of 57,480,000,000. Combined total value = 58,266,000,000

Strike 252250 has a total call value of 884,250,000 versus a total put value of 56,572,500,000. Combined total value = 57,456,750,000

Strike 252500 has a total call value of 982,500,000 versus a total put value of 55,665,000,000. Combined total value = 56,647,500,000

Strike 252750 has a total call value of 1,080,750,000 versus a total put value of 54,757,500,000. Combined total value = 55,838,250,000

Strike 253000 has a total call value of 1,179,000,000 versus a total put value of 53,850,000,000. Combined total value = 55,029,000,000

Strike 253250 has a total call value of 1,277,250,000 versus a total put value of 52,942,500,000. Combined total value = 54,219,750,000

Strike 253500 has a total call value of 1,375,500,000 versus a total put value of 52,035,000,000. Combined total value = 53,410,500,000

Strike 253750 has a total call value of 1,473,750,000 versus a total put value of 51,127,500,000. Combined total value = 52,601,250,000

Strike 254000 has a total call value of 1,572,000,000 versus a total put value of 50,220,000,000. Combined total value = 51,792,000,000

Strike 254250 has a total call value of 1,670,250,000 versus a total put value of 49,312,500,000. Combined total value = 50,982,750,000

Strike 254500 has a total call value of 1,768,500,000 versus a total put value of 48,405,000,000. Combined total value = 50,173,500,000

Strike 254750 has a total call value of 1,866,750,000 versus a total put value of 47,497,500,000. Combined total value = 49,364,250,000

Strike 255000 has a total call value of 1,965,000,000 versus a total put value of 46,590,000,000. Combined total value = 48,555,000,000

Strike 255250 has a total call value of 2,076,750,000 versus a total put value of 45,739,500,000. Combined total value = 47,816,250,000

Strike 255500 has a total call value of 2,188,500,000 versus a total put value of 44,889,000,000. Combined total value = 47,077,500,000

Strike 255750 has a total call value of 2,300,250,000 versus a total put value of 44,038,500,000. Combined total value = 46,338,750,000

Strike 256000 has a total call value of 2,412,000,000 versus a total put value of 43,188,000,000. Combined total value = 45,600,000,000

Strike 256250 has a total call value of 2,523,750,000 versus a total put value of 42,337,500,000. Combined total value = 44,861,250,000

Strike 256500 has a total call value of 2,635,500,000 versus a total put value of 41,487,000,000. Combined total value = 44,122,500,000

Strike 256750 has a total call value of 2,747,250,000 versus a total put value of 40,636,500,000. Combined total value = 43,383,750,000

Strike 257000 has a total call value of 2,859,000,000 versus a total put value of 39,786,000,000. Combined total value = 42,645,000,000

Strike 257250 has a total call value of 2,970,750,000 versus a total put value of 38,935,500,000. Combined total value = 41,906,250,000

Strike 257500 has a total call value of 3,082,500,000 versus a total put value of 38,085,000,000. Combined total value = 41,167,500,000

Strike 257750 has a total call value of 3,194,250,000 versus a total put value of 37,234,500,000. Combined total value = 40,428,750,000

Strike 258000 has a total call value of 3,306,000,000 versus a total put value of 36,384,000,000. Combined total value = 39,690,000,000

Strike 258250 has a total call value of 3,417,750,000 versus a total put value of 35,533,500,000. Combined total value = 38,951,250,000

Strike 258500 has a total call value of 3,529,500,000 versus a total put value of 34,683,000,000. Combined total value = 38,212,500,000

Strike 258750 has a total call value of 3,641,250,000 versus a total put value of 33,832,500,000. Combined total value = 37,473,750,000

Strike 259000 has a total call value of 3,753,000,000 versus a total put value of 32,982,000,000. Combined total value = 36,735,000,000

Strike 259250 has a total call value of 3,864,750,000 versus a total put value of 32,131,500,000. Combined total value = 35,996,250,000

Strike 259500 has a total call value of 3,976,500,000 versus a total put value of 31,281,000,000. Combined total value = 35,257,500,000

Strike 259750 has a total call value of 4,088,250,000 versus a total put value of 30,430,500,000. Combined total value = 34,518,750,000

Strike 260000 has a total call value of 4,200,000,000 versus a total put value of 29,580,000,000. Combined total value = 33,780,000,000

Strike 260250 has a total call value of 4,516,500,000 versus a total put value of 28,960,500,000. Combined total value = 33,477,000,000

Strike 260500 has a total call value of 4,833,000,000 versus a total put value of 28,341,000,000. Combined total value = 33,174,000,000

Strike 260750 has a total call value of 5,149,500,000 versus a total put value of 27,721,500,000. Combined total value = 32,871,000,000

Strike 261000 has a total call value of 5,466,000,000 versus a total put value of 27,102,000,000. Combined total value = 32,568,000,000

Strike 261250 has a total call value of 5,782,500,000 versus a total put value of 26,482,500,000. Combined total value = 32,265,000,000

Strike 261500 has a total call value of 6,099,000,000 versus a total put value of 25,863,000,000. Combined total value = 31,962,000,000

Strike 261750 has a total call value of 6,415,500,000 versus a total put value of 25,243,500,000. Combined total value = 31,659,000,000

Strike 262000 has a total call value of 6,732,000,000 versus a total put value of 24,624,000,000. Combined total value = 31,356,000,000

Strike 262250 has a total call value of 7,048,500,000 versus a total put value of 24,004,500,000. Combined total value = 31,053,000,000

Strike 262500 has a total call value of 7,365,000,000 versus a total put value of 23,385,000,000. Combined total value = 30,750,000,000

Strike 262750 has a total call value of 7,681,500,000 versus a total put value of 22,765,500,000. Combined total value = 30,447,000,000

Strike 263000 has a total call value of 7,998,000,000 versus a total put value of 22,146,000,000. Combined total value = 30,144,000,000

Strike 263250 has a total call value of 8,314,500,000 versus a total put value of 21,526,500,000. Combined total value = 29,841,000,000

Strike 263500 has a total call value of 8,631,000,000 versus a total put value of 20,907,000,000. Combined total value = 29,538,000,000

Strike 263750 has a total call value of 8,947,500,000 versus a total put value of 20,287,500,000. Combined total value = 29,235,000,000

Strike 264000 has a total call value of 9,264,000,000 versus a total put value of 19,668,000,000. Combined total value = 28,932,000,000

Strike 264250 has a total call value of 9,580,500,000 versus a total put value of 19,048,500,000. Combined total value = 28,629,000,000

Strike 264500 has a total call value of 9,897,000,000 versus a total put value of 18,429,000,000. Combined total value = 28,326,000,000

Strike 264750 has a total call value of 10,213,500,000 versus a total put value of 17,809,500,000. Combined total value = 28,023,000,000

Strike 265000 has a total call value of 10,530,000,000 versus a total put value of 17,190,000,000. Combined total value = 27,720,000,000

Strike 265250 has a total call value of 10,908,750,000 versus a total put value of 16,610,250,000. Combined total value = 27,519,000,000

Strike 265500 has a total call value of 11,287,500,000 versus a total put value of 16,030,500,000. Combined total value = 27,318,000,000

Strike 265750 has a total call value of 11,666,250,000 versus a total put value of 15,450,750,000. Combined total value = 27,117,000,000

Strike 266000 has a total call value of 12,045,000,000 versus a total put value of 14,871,000,000. Combined total value = 26,916,000,000

Strike 266250 has a total call value of 12,423,750,000 versus a total put value of 14,291,250,000. Combined total value = 26,715,000,000

Strike 266500 has a total call value of 12,802,500,000 versus a total put value of 13,711,500,000. Combined total value = 26,514,000,000

Strike 266750 has a total call value of 13,181,250,000 versus a total put value of 13,131,750,000. Combined total value = 26,313,000,000

Strike 267000 has a total call value of 13,560,000,000 versus a total put value of 12,552,000,000. Combined total value = 26,112,000,000

Strike 267250 has a total call value of 13,938,750,000 versus a total put value of 11,972,250,000. Combined total value = 25,911,000,000

Strike 267500 has a total call value of 14,317,500,000 versus a total put value of 11,392,500,000. Combined total value = 25,710,000,000

Strike 267750 has a total call value of 14,696,250,000 versus a total put value of 10,812,750,000. Combined total value = 25,509,000,000

Strike 268000 has a total call value of 15,075,000,000 versus a total put value of 10,233,000,000. Combined total value = 25,308,000,000

Strike 268250 has a total call value of 15,453,750,000 versus a total put value of 9,653,250,000. Combined total value = 25,107,000,000

Strike 268500 has a total call value of 15,832,500,000 versus a total put value of 9,073,500,000. Combined total value = 24,906,000,000

Strike 268750 has a total call value of 16,211,250,000 versus a total put value of 8,493,750,000. Combined total value = 24,705,000,000

Strike 269000 has a total call value of 16,590,000,000 versus a total put value of 7,914,000,000. Combined total value = 24,504,000,000

Strike 269250 has a total call value of 16,968,750,000 versus a total put value of 7,334,250,000. Combined total value = 24,303,000,000

Strike 269500 has a total call value of 17,347,500,000 versus a total put value of 6,754,500,000. Combined total value = 24,102,000,000

Strike 269750 has a total call value of 17,726,250,000 versus a total put value of 6,174,750,000. Combined total value = 23,901,000,000

Strike 270000 has a total call value of 18,105,000,000 versus a total put value of 5,595,000,000. Combined total value = 23,700,000,000

Strike 270250 has a total call value of 18,963,000,000 versus a total put value of 5,479,500,000. Combined total value = 24,442,500,000

Strike 270500 has a total call value of 19,821,000,000 versus a total put value of 5,364,000,000. Combined total value = 25,185,000,000

Strike 270750 has a total call value of 20,679,000,000 versus a total put value of 5,248,500,000. Combined total value = 25,927,500,000

Strike 271000 has a total call value of 21,537,000,000 versus a total put value of 5,133,000,000. Combined total value = 26,670,000,000

Strike 271250 has a total call value of 22,395,000,000 versus a total put value of 5,017,500,000. Combined total value = 27,412,500,000

Strike 271500 has a total call value of 23,253,000,000 versus a total put value of 4,902,000,000. Combined total value = 28,155,000,000

Strike 271750 has a total call value of 24,111,000,000 versus a total put value of 4,786,500,000. Combined total value = 28,897,500,000

Strike 272000 has a total call value of 24,969,000,000 versus a total put value of 4,671,000,000. Combined total value = 29,640,000,000

Strike 272250 has a total call value of 25,827,000,000 versus a total put value of 4,555,500,000. Combined total value = 30,382,500,000

Strike 272500 has a total call value of 26,685,000,000 versus a total put value of 4,440,000,000. Combined total value = 31,125,000,000

Strike 272750 has a total call value of 27,543,000,000 versus a total put value of 4,324,500,000. Combined total value = 31,867,500,000

Strike 273000 has a total call value of 28,401,000,000 versus a total put value of 4,209,000,000. Combined total value = 32,610,000,000

Strike 273250 has a total call value of 29,259,000,000 versus a total put value of 4,093,500,000. Combined total value = 33,352,500,000

Strike 273500 has a total call value of 30,117,000,000 versus a total put value of 3,978,000,000. Combined total value = 34,095,000,000

Strike 273750 has a total call value of 30,975,000,000 versus a total put value of 3,862,500,000. Combined total value = 34,837,500,000

Strike 274000 has a total call value of 31,833,000,000 versus a total put value of 3,747,000,000. Combined total value = 35,580,000,000

Strike 274250 has a total call value of 32,691,000,000 versus a total put value of 3,631,500,000. Combined total value = 36,322,500,000

Strike 274500 has a total call value of 33,549,000,000 versus a total put value of 3,516,000,000. Combined total value = 37,065,000,000

Strike 274750 has a total call value of 34,407,000,000 versus a total put value of 3,400,500,000. Combined total value = 37,807,500,000

Strike 275000 has a total call value of 35,265,000,000 versus a total put value of 3,285,000,000. Combined total value = 38,550,000,000

Strike 275250 has a total call value of 36,291,750,000 versus a total put value of 3,169,500,000. Combined total value = 39,461,250,000

Strike 275500 has a total call value of 37,318,500,000 versus a total put value of 3,054,000,000. Combined total value = 40,372,500,000

Strike 275750 has a total call value of 38,345,250,000 versus a total put value of 2,938,500,000. Combined total value = 41,283,750,000

Strike 276000 has a total call value of 39,372,000,000 versus a total put value of 2,823,000,000. Combined total value = 42,195,000,000

Strike 276250 has a total call value of 40,398,750,000 versus a total put value of 2,707,500,000. Combined total value = 43,106,250,000

Strike 276500 has a total call value of 41,425,500,000 versus a total put value of 2,592,000,000. Combined total value = 44,017,500,000

Strike 276750 has a total call value of 42,452,250,000 versus a total put value of 2,476,500,000. Combined total value = 44,928,750,000

Strike 277000 has a total call value of 43,479,000,000 versus a total put value of 2,361,000,000. Combined total value = 45,840,000,000

Strike 277250 has a total call value of 44,505,750,000 versus a total put value of 2,245,500,000. Combined total value = 46,751,250,000

Strike 277500 has a total call value of 45,532,500,000 versus a total put value of 2,130,000,000. Combined total value = 47,662,500,000

Strike 277750 has a total call value of 46,559,250,000 versus a total put value of 2,014,500,000. Combined total value = 48,573,750,000

Strike 278000 has a total call value of 47,586,000,000 versus a total put value of 1,899,000,000. Combined total value = 49,485,000,000

Strike 278250 has a total call value of 48,612,750,000 versus a total put value of 1,783,500,000. Combined total value = 50,396,250,000

Strike 278500 has a total call value of 49,639,500,000 versus a total put value of 1,668,000,000. Combined total value = 51,307,500,000

Strike 278750 has a total call value of 50,666,250,000 versus a total put value of 1,552,500,000. Combined total value = 52,218,750,000

Strike 279000 has a total call value of 51,693,000,000 versus a total put value of 1,437,000,000. Combined total value = 53,130,000,000

Strike 279250 has a total call value of 52,719,750,000 versus a total put value of 1,321,500,000. Combined total value = 54,041,250,000

Strike 279500 has a total call value of 53,746,500,000 versus a total put value of 1,206,000,000. Combined total value = 54,952,500,000

Strike 279750 has a total call value of 54,773,250,000 versus a total put value of 1,090,500,000. Combined total value = 55,863,750,000

Strike 280000 has a total call value of 55,800,000,000 versus a total put value of 975,000,000. Combined total value = 56,775,000,000

Strike 280250 has a total call value of 57,549,750,000 versus a total put value of 953,250,000. Combined total value = 58,503,000,000

Strike 280500 has a total call value of 59,299,500,000 versus a total put value of 931,500,000. Combined total value = 60,231,000,000

Strike 280750 has a total call value of 61,049,250,000 versus a total put value of 909,750,000. Combined total value = 61,959,000,000

Strike 281000 has a total call value of 62,799,000,000 versus a total put value of 888,000,000. Combined total value = 63,687,000,000

Strike 281250 has a total call value of 64,548,750,000 versus a total put value of 866,250,000. Combined total value = 65,415,000,000

Strike 281500 has a total call value of 66,298,500,000 versus a total put value of 844,500,000. Combined total value = 67,143,000,000

Strike 281750 has a total call value of 68,048,250,000 versus a total put value of 822,750,000. Combined total value = 68,871,000,000

Strike 282000 has a total call value of 69,798,000,000 versus a total put value of 801,000,000. Combined total value = 70,599,000,000

Strike 282250 has a total call value of 71,547,750,000 versus a total put value of 779,250,000. Combined total value = 72,327,000,000

Strike 282500 has a total call value of 73,297,500,000 versus a total put value of 757,500,000. Combined total value = 74,055,000,000

Strike 282750 has a total call value of 75,047,250,000 versus a total put value of 735,750,000. Combined total value = 75,783,000,000

Strike 283000 has a total call value of 76,797,000,000 versus a total put value of 714,000,000. Combined total value = 77,511,000,000

Strike 283250 has a total call value of 78,546,750,000 versus a total put value of 692,250,000. Combined total value = 79,239,000,000

Strike 283500 has a total call value of 80,296,500,000 versus a total put value of 670,500,000. Combined total value = 80,967,000,000

Strike 283750 has a total call value of 82,046,250,000 versus a total put value of 648,750,000. Combined total value = 82,695,000,000

Strike 284000 has a total call value of 83,796,000,000 versus a total put value of 627,000,000. Combined total value = 84,423,000,000

Strike 284250 has a total call value of 85,545,750,000 versus a total put value of 605,250,000. Combined total value = 86,151,000,000

Strike 284500 has a total call value of 87,295,500,000 versus a total put value of 583,500,000. Combined total value = 87,879,000,000

Strike 284750 has a total call value of 89,045,250,000 versus a total put value of 561,750,000. Combined total value = 89,607,000,000

Strike 285000 has a total call value of 90,795,000,000 versus a total put value of 540,000,000. Combined total value = 91,335,000,000

Strike 285250 has a total call value of 92,607,000,000 versus a total put value of 518,250,000. Combined total value = 93,125,250,000

Strike 285500 has a total call value of 94,419,000,000 versus a total put value of 496,500,000. Combined total value = 94,915,500,000

Strike 285750 has a total call value of 96,231,000,000 versus a total put value of 474,750,000. Combined total value = 96,705,750,000

Strike 286000 has a total call value of 98,043,000,000 versus a total put value of 453,000,000. Combined total value = 98,496,000,000

Strike 286250 has a total call value of 99,855,000,000 versus a total put value of 431,250,000. Combined total value = 100,286,250,000

Strike 286500 has a total call value of 101,667,000,000 versus a total put value of 409,500,000. Combined total value = 102,076,500,000

Strike 286750 has a total call value of 103,479,000,000 versus a total put value of 387,750,000. Combined total value = 103,866,750,000

Strike 287000 has a total call value of 105,291,000,000 versus a total put value of 366,000,000. Combined total value = 105,657,000,000

Strike 287250 has a total call value of 107,103,000,000 versus a total put value of 344,250,000. Combined total value = 107,447,250,000

Strike 287500 has a total call value of 108,915,000,000 versus a total put value of 322,500,000. Combined total value = 109,237,500,000

Strike 287750 has a total call value of 110,727,000,000 versus a total put value of 300,750,000. Combined total value = 111,027,750,000

Strike 288000 has a total call value of 112,539,000,000 versus a total put value of 279,000,000. Combined total value = 112,818,000,000

Strike 288250 has a total call value of 114,351,000,000 versus a total put value of 257,250,000. Combined total value = 114,608,250,000

Strike 288500 has a total call value of 116,163,000,000 versus a total put value of 235,500,000. Combined total value = 116,398,500,000

Strike 288750 has a total call value of 117,975,000,000 versus a total put value of 213,750,000. Combined total value = 118,188,750,000

Strike 289000 has a total call value of 119,787,000,000 versus a total put value of 192,000,000. Combined total value = 119,979,000,000

Strike 289250 has a total call value of 121,599,000,000 versus a total put value of 170,250,000. Combined total value = 121,769,250,000

Strike 289500 has a total call value of 123,411,000,000 versus a total put value of 148,500,000. Combined total value = 123,559,500,000

Strike 289750 has a total call value of 125,223,000,000 versus a total put value of 126,750,000. Combined total value = 125,349,750,000

Strike 290000 has a total call value of 127,035,000,000 versus a total put value of 105,000,000. Combined total value = 127,140,000,000

Strike 290250 has a total call value of 129,094,500,000 versus a total put value of 99,750,000. Combined total value = 129,194,250,000

Strike 290500 has a total call value of 131,154,000,000 versus a total put value of 94,500,000. Combined total value = 131,248,500,000

Strike 290750 has a total call value of 133,213,500,000 versus a total put value of 89,250,000. Combined total value = 133,302,750,000

Strike 291000 has a total call value of 135,273,000,000 versus a total put value of 84,000,000. Combined total value = 135,357,000,000

Strike 291250 has a total call value of 137,332,500,000 versus a total put value of 78,750,000. Combined total value = 137,411,250,000

Strike 291500 has a total call value of 139,392,000,000 versus a total put value of 73,500,000. Combined total value = 139,465,500,000

Strike 291750 has a total call value of 141,451,500,000 versus a total put value of 68,250,000. Combined total value = 141,519,750,000

Strike 292000 has a total call value of 143,511,000,000 versus a total put value of 63,000,000. Combined total value = 143,574,000,000

Strike 292250 has a total call value of 145,570,500,000 versus a total put value of 57,750,000. Combined total value = 145,628,250,000

Strike 292500 has a total call value of 147,630,000,000 versus a total put value of 52,500,000. Combined total value = 147,682,500,000

Strike 292750 has a total call value of 149,689,500,000 versus a total put value of 47,250,000. Combined total value = 149,736,750,000

Strike 293000 has a total call value of 151,749,000,000 versus a total put value of 42,000,000. Combined total value = 151,791,000,000

Strike 293250 has a total call value of 153,808,500,000 versus a total put value of 36,750,000. Combined total value = 153,845,250,000

Strike 293500 has a total call value of 155,868,000,000 versus a total put value of 31,500,000. Combined total value = 155,899,500,000

Strike 293750 has a total call value of 157,927,500,000 versus a total put value of 26,250,000. Combined total value = 157,953,750,000

Strike 294000 has a total call value of 159,987,000,000 versus a total put value of 21,000,000. Combined total value = 160,008,000,000

Strike 294250 has a total call value of 162,046,500,000 versus a total put value of 15,750,000. Combined total value = 162,062,250,000

Strike 294500 has a total call value of 164,106,000,000 versus a total put value of 10,500,000. Combined total value = 164,116,500,000

Strike 294750 has a total call value of 166,165,500,000 versus a total put value of 5,250,000. Combined total value = 166,170,750,000

Strike 295000 has a total call value of 168,225,000,000 versus a total put value of 0. Combined total value = 168,225,000,000

Strike 295250 has a total call value of 170,284,500,000 versus a total put value of 0. Combined total value = 170,284,500,000

Strike 295500 has a total call value of 172,344,000,000 versus a total put value of 0. Combined total value = 172,344,000,000

Strike 295750 has a total call value of 174,403,500,000 versus a total put value of 0. Combined total value = 174,403,500,000

Strike 296000 has a total call value of 176,463,000,000 versus a total put value of 0. Combined total value = 176,463,000,000

Strike 296250 has a total call value of 178,522,500,000 versus a total put value of 0. Combined total value = 178,522,500,000

Strike 296500 has a total call value of 180,582,000,000 versus a total put value of 0. Combined total value = 180,582,000,000

Strike 296750 has a total call value of 182,641,500,000 versus a total put value of 0. Combined total value = 182,641,500,000

Strike 297000 has a total call value of 184,701,000,000 versus a total put value of 0. Combined total value = 184,701,000,000

Strike 297250 has a total call value of 186,760,500,000 versus a total put value of 0. Combined total value = 186,760,500,000

Strike 297500 has a total call value of 188,820,000,000 versus a total put value of 0. Combined total value = 188,820,000,000

Strike 297750 has a total call value of 190,879,500,000 versus a total put value of 0. Combined total value = 190,879,500,000

Strike 298000 has a total call value of 192,939,000,000 versus a total put value of 0. Combined total value = 192,939,000,000

Strike 298250 has a total call value of 194,998,500,000 versus a total put value of 0. Combined total value = 194,998,500,000

Strike 298500 has a total call value of 197,058,000,000 versus a total put value of 0. Combined total value = 197,058,000,000

Strike 298750 has a total call value of 199,117,500,000 versus a total put value of 0. Combined total value = 199,117,500,000

Strike 299000 has a total call value of 201,177,000,000 versus a total put value of 0. Combined total value = 201,177,000,000

Strike 299250 has a total call value of 203,236,500,000 versus a total put value of 0. Combined total value = 203,236,500,000

Strike 299500 has a total call value of 205,296,000,000 versus a total put value of 0. Combined total value = 205,296,000,000

Strike 299750 has a total call value of 207,355,500,000 versus a total put value of 0. Combined total value = 207,355,500,000

Strike 300000 has a total call value of 209,415,000,000 versus a total put value of 0. Combined total value = 209,415,000,000

Strike 300250 has a total call value of 212,045,250,000 versus a total put value of 0. Combined total value = 212,045,250,000

Strike 300500 has a total call value of 214,675,500,000 versus a total put value of 0. Combined total value = 214,675,500,000

Strike 300750 has a total call value of 217,305,750,000 versus a total put value of 0. Combined total value = 217,305,750,000

Strike 301000 has a total call value of 219,936,000,000 versus a total put value of 0. Combined total value = 219,936,000,000

Strike 301250 has a total call value of 222,566,250,000 versus a total put value of 0. Combined total value = 222,566,250,000

Strike 301500 has a total call value of 225,196,500,000 versus a total put value of 0. Combined total value = 225,196,500,000

Strike 301750 has a total call value of 227,826,750,000 versus a total put value of 0. Combined total value = 227,826,750,000

Strike 302000 has a total call value of 230,457,000,000 versus a total put value of 0. Combined total value = 230,457,000,000

Strike 302250 has a total call value of 233,087,250,000 versus a total put value of 0. Combined total value = 233,087,250,000

Strike 302500 has a total call value of 235,717,500,000 versus a total put value of 0. Combined total value = 235,717,500,000

Strike 302750 has a total call value of 238,347,750,000 versus a total put value of 0. Combined total value = 238,347,750,000

Strike 303000 has a total call value of 240,978,000,000 versus a total put value of 0. Combined total value = 240,978,000,000

Strike 303250 has a total call value of 243,608,250,000 versus a total put value of 0. Combined total value = 243,608,250,000

Strike 303500 has a total call value of 246,238,500,000 versus a total put value of 0. Combined total value = 246,238,500,000

Strike 303750 has a total call value of 248,868,750,000 versus a total put value of 0. Combined total value = 248,868,750,000

Strike 304000 has a total call value of 251,499,000,000 versus a total put value of 0. Combined total value = 251,499,000,000

Strike 304250 has a total call value of 254,129,250,000 versus a total put value of 0. Combined total value = 254,129,250,000

Strike 304500 has a total call value of 256,759,500,000 versus a total put value of 0. Combined total value = 256,759,500,000

Strike 304750 has a total call value of 259,389,750,000 versus a total put value of 0. Combined total value = 259,389,750,000

Strike 305000 has a total call value of 262,020,000,000 versus a total put value of 0. Combined total value = 262,020,000,000

Strike 305250 has a total call value of 264,650,250,000 versus a total put value of 0. Combined total value = 264,650,250,000

Strike 305500 has a total call value of 267,280,500,000 versus a total put value of 0. Combined total value = 267,280,500,000

Strike 305750 has a total call value of 269,910,750,000 versus a total put value of 0. Combined total value = 269,910,750,000

Strike 306000 has a total call value of 272,541,000,000 versus a total put value of 0. Combined total value = 272,541,000,000

Strike 306250 has a total call value of 275,171,250,000 versus a total put value of 0. Combined total value = 275,171,250,000

Strike 306500 has a total call value of 277,801,500,000 versus a total put value of 0. Combined total value = 277,801,500,000

Strike 306750 has a total call value of 280,431,750,000 versus a total put value of 0. Combined total value = 280,431,750,000

Strike 307000 has a total call value of 283,062,000,000 versus a total put value of 0. Combined total value = 283,062,000,000

Strike 307250 has a total call value of 285,692,250,000 versus a total put value of 0. Combined total value = 285,692,250,000

Strike 307500 has a total call value of 288,322,500,000 versus a total put value of 0. Combined total value = 288,322,500,000

Strike 307750 has a total call value of 290,952,750,000 versus a total put value of 0. Combined total value = 290,952,750,000

Strike 308000 has a total call value of 293,583,000,000 versus a total put value of 0. Combined total value = 293,583,000,000

Strike 308250 has a total call value of 296,213,250,000 versus a total put value of 0. Combined total value = 296,213,250,000

Strike 308500 has a total call value of 298,843,500,000 versus a total put value of 0. Combined total value = 298,843,500,000

Strike 308750 has a total call value of 301,473,750,000 versus a total put value of 0. Combined total value = 301,473,750,000

Strike 309000 has a total call value of 304,104,000,000 versus a total put value of 0. Combined total value = 304,104,000,000

Strike 309250 has a total call value of 306,734,250,000 versus a total put value of 0. Combined total value = 306,734,250,000

Strike 309500 has a total call value of 309,364,500,000 versus a total put value of 0. Combined total value = 309,364,500,000

Strike 309750 has a total call value of 311,994,750,000 versus a total put value of 0. Combined total value = 311,994,750,000

Strike 310000 has a total call value of 314,625,000,000 versus a total put value of 0. Combined total value = 314,625,000,000

Strike 310250 has a total call value of 317,331,750,000 versus a total put value of 0. Combined total value = 317,331,750,000

Strike 310500 has a total call value of 320,038,500,000 versus a total put value of 0. Combined total value = 320,038,500,000

Strike 310750 has a total call value of 322,745,250,000 versus a total put value of 0. Combined total value = 322,745,250,000

Strike 311000 has a total call value of 325,452,000,000 versus a total put value of 0. Combined total value = 325,452,000,000

Strike 311250 has a total call value of 328,158,750,000 versus a total put value of 0. Combined total value = 328,158,750,000

Strike 311500 has a total call value of 330,865,500,000 versus a total put value of 0. Combined total value = 330,865,500,000

Strike 311750 has a total call value of 333,572,250,000 versus a total put value of 0. Combined total value = 333,572,250,000

Strike 312000 has a total call value of 336,279,000,000 versus a total put value of 0. Combined total value = 336,279,000,000

Strike 312250 has a total call value of 338,985,750,000 versus a total put value of 0. Combined total value = 338,985,750,000

Strike 312500 has a total call value of 341,692,500,000 versus a total put value of 0. Combined total value = 341,692,500,000

Strike 312750 has a total call value of 344,399,250,000 versus a total put value of 0. Combined total value = 344,399,250,000

Strike 313000 has a total call value of 347,106,000,000 versus a total put value of 0. Combined total value = 347,106,000,000

Strike 313250 has a total call value of 349,812,750,000 versus a total put value of 0. Combined total value = 349,812,750,000

Strike 313500 has a total call value of 352,519,500,000 versus a total put value of 0. Combined total value = 352,519,500,000

Strike 313750 has a total call value of 355,226,250,000 versus a total put value of 0. Combined total value = 355,226,250,000

Strike 314000 has a total call value of 357,933,000,000 versus a total put value of 0. Combined total value = 357,933,000,000

Strike 314250 has a total call value of 360,639,750,000 versus a total put value of 0. Combined total value = 360,639,750,000

Strike 314500 has a total call value of 363,346,500,000 versus a total put value of 0. Combined total value = 363,346,500,000

Strike 314750 has a total call value of 366,053,250,000 versus a total put value of 0. Combined total value = 366,053,250,000

Strike 315000 has a total call value of 368,760,000,000 versus a total put value of 0. Combined total value = 368,760,000,000

Strike 315250 has a total call value of 371,466,750,000 versus a total put value of 0. Combined total value = 371,466,750,000

Strike 315500 has a total call value of 374,173,500,000 versus a total put value of 0. Combined total value = 374,173,500,000

Strike 315750 has a total call value of 376,880,250,000 versus a total put value of 0. Combined total value = 376,880,250,000

Strike 316000 has a total call value of 379,587,000,000 versus a total put value of 0. Combined total value = 379,587,000,000

Strike 316250 has a total call value of 382,293,750,000 versus a total put value of 0. Combined total value = 382,293,750,000

Strike 316500 has a total call value of 385,000,500,000 versus a total put value of 0. Combined total value = 385,000,500,000

Strike 316750 has a total call value of 387,707,250,000 versus a total put value of 0. Combined total value = 387,707,250,000

Strike 317000 has a total call value of 390,414,000,000 versus a total put value of 0. Combined total value = 390,414,000,000

Strike 317250 has a total call value of 393,120,750,000 versus a total put value of 0. Combined total value = 393,120,750,000

Strike 317500 has a total call value of 395,827,500,000 versus a total put value of 0. Combined total value = 395,827,500,000

Strike 317750 has a total call value of 398,534,250,000 versus a total put value of 0. Combined total value = 398,534,250,000

Strike 318000 has a total call value of 401,241,000,000 versus a total put value of 0. Combined total value = 401,241,000,000

Strike 318250 has a total call value of 403,947,750,000 versus a total put value of 0. Combined total value = 403,947,750,000

Strike 318500 has a total call value of 406,654,500,000 versus a total put value of 0. Combined total value = 406,654,500,000

Strike 318750 has a total call value of 409,361,250,000 versus a total put value of 0. Combined total value = 409,361,250,000

Strike 319000 has a total call value of 412,068,000,000 versus a total put value of 0. Combined total value = 412,068,000,000

Strike 319250 has a total call value of 414,774,750,000 versus a total put value of 0. Combined total value = 414,774,750,000

Strike 319500 has a total call value of 417,481,500,000 versus a total put value of 0. Combined total value = 417,481,500,000

Strike 319750 has a total call value of 420,188,250,000 versus a total put value of 0. Combined total value = 420,188,250,000

Strike 320000 has a total call value of 422,895,000,000 versus a total put value of 0. Combined total value = 422,895,000,000

Strike 320250 has a total call value of 425,803,500,000 versus a total put value of 0. Combined total value = 425,803,500,000

Strike 320500 has a total call value of 428,712,000,000 versus a total put value of 0. Combined total value = 428,712,000,000

Strike 320750 has a total call value of 431,620,500,000 versus a total put value of 0. Combined total value = 431,620,500,000

Strike 321000 has a total call value of 434,529,000,000 versus a total put value of 0. Combined total value = 434,529,000,000

Strike 321250 has a total call value of 437,437,500,000 versus a total put value of 0. Combined total value = 437,437,500,000

Strike 321500 has a total call value of 440,346,000,000 versus a total put value of 0. Combined total value = 440,346,000,000

Strike 321750 has a total call value of 443,254,500,000 versus a total put value of 0. Combined total value = 443,254,500,000

Strike 322000 has a total call value of 446,163,000,000 versus a total put value of 0. Combined total value = 446,163,000,000

Strike 322250 has a total call value of 449,071,500,000 versus a total put value of 0. Combined total value = 449,071,500,000

Strike 322500 has a total call value of 451,980,000,000 versus a total put value of 0. Combined total value = 451,980,000,000

Strike 322750 has a total call value of 454,888,500,000 versus a total put value of 0. Combined total value = 454,888,500,000

Strike 323000 has a total call value of 457,797,000,000 versus a total put value of 0. Combined total value = 457,797,000,000

Strike 323250 has a total call value of 460,705,500,000 versus a total put value of 0. Combined total value = 460,705,500,000

Strike 323500 has a total call value of 463,614,000,000 versus a total put value of 0. Combined total value = 463,614,000,000

Strike 323750 has a total call value of 466,522,500,000 versus a total put value of 0. Combined total value = 466,522,500,000

Strike 324000 has a total call value of 469,431,000,000 versus a total put value of 0. Combined total value = 469,431,000,000

Strike 324250 has a total call value of 472,339,500,000 versus a total put value of 0. Combined total value = 472,339,500,000

Strike 324500 has a total call value of 475,248,000,000 versus a total put value of 0. Combined total value = 475,248,000,000

Strike 324750 has a total call value of 478,156,500,000 versus a total put value of 0. Combined total value = 478,156,500,000

Strike 325000 has a total call value of 481,065,000,000 versus a total put value of 0. Combined total value = 481,065,000,000

Strike 325250 has a total call value of 483,973,500,000 versus a total put value of 0. Combined total value = 483,973,500,000

Strike 325500 has a total call value of 486,882,000,000 versus a total put value of 0. Combined total value = 486,882,000,000

Strike 325750 has a total call value of 489,790,500,000 versus a total put value of 0. Combined total value = 489,790,500,000

Strike 326000 has a total call value of 492,699,000,000 versus a total put value of 0. Combined total value = 492,699,000,000

Strike 326250 has a total call value of 495,607,500,000 versus a total put value of 0. Combined total value = 495,607,500,000

Strike 326500 has a total call value of 498,516,000,000 versus a total put value of 0. Combined total value = 498,516,000,000

Strike 326750 has a total call value of 501,424,500,000 versus a total put value of 0. Combined total value = 501,424,500,000

Strike 327000 has a total call value of 504,333,000,000 versus a total put value of 0. Combined total value = 504,333,000,000

Strike 327250 has a total call value of 507,241,500,000 versus a total put value of 0. Combined total value = 507,241,500,000

Strike 327500 has a total call value of 510,150,000,000 versus a total put value of 0. Combined total value = 510,150,000,000

Strike 327750 has a total call value of 513,058,500,000 versus a total put value of 0. Combined total value = 513,058,500,000

Strike 328000 has a total call value of 515,967,000,000 versus a total put value of 0. Combined total value = 515,967,000,000

Strike 328250 has a total call value of 518,875,500,000 versus a total put value of 0. Combined total value = 518,875,500,000

Strike 328500 has a total call value of 521,784,000,000 versus a total put value of 0. Combined total value = 521,784,000,000

Strike 328750 has a total call value of 524,692,500,000 versus a total put value of 0. Combined total value = 524,692,500,000

Strike 329000 has a total call value of 527,601,000,000 versus a total put value of 0. Combined total value = 527,601,000,000

Strike 329250 has a total call value of 530,509,500,000 versus a total put value of 0. Combined total value = 530,509,500,000

Strike 329500 has a total call value of 533,418,000,000 versus a total put value of 0. Combined total value = 533,418,000,000

Strike 329750 has a total call value of 536,326,500,000 versus a total put value of 0. Combined total value = 536,326,500,000

Strike 330000 has a total call value of 539,235,000,000 versus a total put value of 0. Combined total value = 539,235,000,000

Strike 330250 has a total call value of 542,143,500,000 versus a total put value of 0. Combined total value = 542,143,500,000

Strike 330500 has a total call value of 545,052,000,000 versus a total put value of 0. Combined total value = 545,052,000,000

Strike 330750 has a total call value of 547,960,500,000 versus a total put value of 0. Combined total value = 547,960,500,000

Strike 331000 has a total call value of 550,869,000,000 versus a total put value of 0. Combined total value = 550,869,000,000

Strike 331250 has a total call value of 553,777,500,000 versus a total put value of 0. Combined total value = 553,777,500,000

Strike 331500 has a total call value of 556,686,000,000 versus a total put value of 0. Combined total value = 556,686,000,000

Strike 331750 has a total call value of 559,594,500,000 versus a total put value of 0. Combined total value = 559,594,500,000

Strike 332000 has a total call value of 562,503,000,000 versus a total put value of 0. Combined total value = 562,503,000,000

Strike 332250 has a total call value of 565,411,500,000 versus a total put value of 0. Combined total value = 565,411,500,000

Strike 332500 has a total call value of 568,320,000,000 versus a total put value of 0. Combined total value = 568,320,000,000

Strike 332750 has a total call value of 571,228,500,000 versus a total put value of 0. Combined total value = 571,228,500,000

Strike 333000 has a total call value of 574,137,000,000 versus a total put value of 0. Combined total value = 574,137,000,000

Strike 333250 has a total call value of 577,045,500,000 versus a total put value of 0. Combined total value = 577,045,500,000

Strike 333500 has a total call value of 579,954,000,000 versus a total put value of 0. Combined total value = 579,954,000,000

Strike 333750 has a total call value of 582,862,500,000 versus a total put value of 0. Combined total value = 582,862,500,000

Strike 334000 has a total call value of 585,771,000,000 versus a total put value of 0. Combined total value = 585,771,000,000

Strike 334250 has a total call value of 588,679,500,000 versus a total put value of 0. Combined total value = 588,679,500,000

Strike 334500 has a total call value of 591,588,000,000 versus a total put value of 0. Combined total value = 591,588,000,000

Strike 334750 has a total call value of 594,496,500,000 versus a total put value of 0. Combined total value = 594,496,500,000

Strike 335000 has a total call value of 597,405,000,000 versus a total put value of 0. Combined total value = 597,405,000,000

Strike 335250 has a total call value of 600,313,500,000 versus a total put value of 0. Combined total value = 600,313,500,000

Strike 335500 has a total call value of 603,222,000,000 versus a total put value of 0. Combined total value = 603,222,000,000

Strike 335750 has a total call value of 606,130,500,000 versus a total put value of 0. Combined total value = 606,130,500,000

Strike 336000 has a total call value of 609,039,000,000 versus a total put value of 0. Combined total value = 609,039,000,000

Strike 336250 has a total call value of 611,947,500,000 versus a total put value of 0. Combined total value = 611,947,500,000

Strike 336500 has a total call value of 614,856,000,000 versus a total put value of 0. Combined total value = 614,856,000,000

Strike 336750 has a total call value of 617,764,500,000 versus a total put value of 0. Combined total value = 617,764,500,000

Strike 337000 has a total call value of 620,673,000,000 versus a total put value of 0. Combined total value = 620,673,000,000

Strike 337250 has a total call value of 623,581,500,000 versus a total put value of 0. Combined total value = 623,581,500,000

Strike 337500 has a total call value of 626,490,000,000 versus a total put value of 0. Combined total value = 626,490,000,000

Strike 337750 has a total call value of 629,398,500,000 versus a total put value of 0. Combined total value = 629,398,500,000

Strike 338000 has a total call value of 632,307,000,000 versus a total put value of 0. Combined total value = 632,307,000,000

Strike 338250 has a total call value of 635,215,500,000 versus a total put value of 0. Combined total value = 635,215,500,000

Strike 338500 has a total call value of 638,124,000,000 versus a total put value of 0. Combined total value = 638,124,000,000

Strike 338750 has a total call value of 641,032,500,000 versus a total put value of 0. Combined total value = 641,032,500,000

Strike 339000 has a total call value of 643,941,000,000 versus a total put value of 0. Combined total value = 643,941,000,000

Strike 339250 has a total call value of 646,849,500,000 versus a total put value of 0. Combined total value = 646,849,500,000

Strike 339500 has a total call value of 649,758,000,000 versus a total put value of 0. Combined total value = 649,758,000,000

Strike 339750 has a total call value of 652,666,500,000 versus a total put value of 0. Combined total value = 652,666,500,000

Strike 340000 has a total call value of 655,575,000,000 versus a total put value of 0. Combined total value = 655,575,000,000

Max-Pain Table for Commodity

Stock Max-Pain Index Max-Pain

LTP > Max Pain Bearish

LTP < Max Pain Bullish

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

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Frequently Asked Questions

What is Max Pain in Options Trading?

How is Max Pain Calculated?

How Can Traders Use Max Pain in Their Strategy?

What Does Max Pain Indicate About Stock Price Movement?

How Often Does Max Pain Change?

What's the Difference Between Max Pain and Spot Price?

Is Max Pain Always Accurate for Predicting Stock Price?

When is Max Pain Most Relevant for Options Trading?

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