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

204574 +1009.00 (0.50%)

L: 202656 H: 204588

Max Pain - SILVER

19 Dec 2025 11:03 AM IST

Live

Expiry

Max Pain for SILVER is 195000

Historical data for SILVER-195000-CE

LTP (195000 CE)

10650 507

Open Interest

269 -1

Historical data for SILVER-195000-PE

LTP (195000 PE)

1229 -353.5

Open Interest

943 -58

Strike 130000 has a total call value of 0 versus a total put value of 1,446,162,000,000 Combined total value = 1,446,162,000,000

Strike 130250 has a total call value of 0 versus a total put value of 1,437,822,000,000 Combined total value = 1,437,822,000,000

Strike 130500 has a total call value of 0 versus a total put value of 1,429,482,000,000 Combined total value = 1,429,482,000,000

Strike 130750 has a total call value of 0 versus a total put value of 1,421,142,000,000 Combined total value = 1,421,142,000,000

Strike 131000 has a total call value of 0 versus a total put value of 1,412,802,000,000 Combined total value = 1,412,802,000,000

Strike 131250 has a total call value of 0 versus a total put value of 1,404,462,000,000 Combined total value = 1,404,462,000,000

Strike 131500 has a total call value of 0 versus a total put value of 1,396,122,000,000 Combined total value = 1,396,122,000,000

Strike 131750 has a total call value of 0 versus a total put value of 1,387,782,000,000 Combined total value = 1,387,782,000,000

Strike 132000 has a total call value of 0 versus a total put value of 1,379,442,000,000 Combined total value = 1,379,442,000,000

Strike 132250 has a total call value of 0 versus a total put value of 1,371,102,000,000 Combined total value = 1,371,102,000,000

Strike 132500 has a total call value of 0 versus a total put value of 1,362,762,000,000 Combined total value = 1,362,762,000,000

Strike 132750 has a total call value of 0 versus a total put value of 1,354,422,000,000 Combined total value = 1,354,422,000,000

Strike 133000 has a total call value of 0 versus a total put value of 1,346,082,000,000 Combined total value = 1,346,082,000,000

Strike 133250 has a total call value of 0 versus a total put value of 1,337,742,000,000 Combined total value = 1,337,742,000,000

Strike 133500 has a total call value of 0 versus a total put value of 1,329,402,000,000 Combined total value = 1,329,402,000,000

Strike 133750 has a total call value of 0 versus a total put value of 1,321,062,000,000 Combined total value = 1,321,062,000,000

Strike 134000 has a total call value of 0 versus a total put value of 1,312,722,000,000 Combined total value = 1,312,722,000,000

Strike 134250 has a total call value of 0 versus a total put value of 1,304,382,000,000 Combined total value = 1,304,382,000,000

Strike 134500 has a total call value of 0 versus a total put value of 1,296,042,000,000 Combined total value = 1,296,042,000,000

Strike 134750 has a total call value of 0 versus a total put value of 1,287,702,000,000 Combined total value = 1,287,702,000,000

Strike 135000 has a total call value of 0 versus a total put value of 1,279,362,000,000 Combined total value = 1,279,362,000,000

Strike 135250 has a total call value of 0 versus a total put value of 1,271,022,000,000 Combined total value = 1,271,022,000,000

Strike 135500 has a total call value of 0 versus a total put value of 1,262,682,000,000 Combined total value = 1,262,682,000,000

Strike 135750 has a total call value of 0 versus a total put value of 1,254,342,000,000 Combined total value = 1,254,342,000,000

Strike 136000 has a total call value of 0 versus a total put value of 1,246,002,000,000 Combined total value = 1,246,002,000,000

Strike 136250 has a total call value of 0 versus a total put value of 1,237,662,000,000 Combined total value = 1,237,662,000,000

Strike 136500 has a total call value of 0 versus a total put value of 1,229,322,000,000 Combined total value = 1,229,322,000,000

Strike 136750 has a total call value of 0 versus a total put value of 1,220,982,000,000 Combined total value = 1,220,982,000,000

Strike 137000 has a total call value of 0 versus a total put value of 1,212,642,000,000 Combined total value = 1,212,642,000,000

Strike 137250 has a total call value of 0 versus a total put value of 1,204,302,000,000 Combined total value = 1,204,302,000,000

Strike 137500 has a total call value of 0 versus a total put value of 1,195,962,000,000 Combined total value = 1,195,962,000,000

Strike 137750 has a total call value of 0 versus a total put value of 1,187,622,000,000 Combined total value = 1,187,622,000,000

Strike 138000 has a total call value of 0 versus a total put value of 1,179,282,000,000 Combined total value = 1,179,282,000,000

Strike 138250 has a total call value of 0 versus a total put value of 1,170,942,000,000 Combined total value = 1,170,942,000,000

Strike 138500 has a total call value of 0 versus a total put value of 1,162,602,000,000 Combined total value = 1,162,602,000,000

Strike 138750 has a total call value of 0 versus a total put value of 1,154,262,000,000 Combined total value = 1,154,262,000,000

Strike 139000 has a total call value of 0 versus a total put value of 1,145,922,000,000 Combined total value = 1,145,922,000,000

Strike 139250 has a total call value of 0 versus a total put value of 1,137,582,000,000 Combined total value = 1,137,582,000,000

Strike 139500 has a total call value of 0 versus a total put value of 1,129,242,000,000 Combined total value = 1,129,242,000,000

Strike 139750 has a total call value of 0 versus a total put value of 1,120,902,000,000 Combined total value = 1,120,902,000,000

Strike 140000 has a total call value of 0 versus a total put value of 1,112,562,000,000 Combined total value = 1,112,562,000,000

Strike 140250 has a total call value of 0 versus a total put value of 1,104,504,750,000 Combined total value = 1,104,504,750,000

Strike 140500 has a total call value of 0 versus a total put value of 1,096,447,500,000 Combined total value = 1,096,447,500,000

Strike 140750 has a total call value of 0 versus a total put value of 1,088,390,250,000 Combined total value = 1,088,390,250,000

Strike 141000 has a total call value of 0 versus a total put value of 1,080,333,000,000 Combined total value = 1,080,333,000,000

Strike 141250 has a total call value of 0 versus a total put value of 1,072,275,750,000 Combined total value = 1,072,275,750,000

Strike 141500 has a total call value of 0 versus a total put value of 1,064,218,500,000 Combined total value = 1,064,218,500,000

Strike 141750 has a total call value of 0 versus a total put value of 1,056,161,250,000 Combined total value = 1,056,161,250,000

Strike 142000 has a total call value of 0 versus a total put value of 1,048,104,000,000 Combined total value = 1,048,104,000,000

Strike 142250 has a total call value of 0 versus a total put value of 1,040,046,750,000 Combined total value = 1,040,046,750,000

Strike 142500 has a total call value of 0 versus a total put value of 1,031,989,500,000 Combined total value = 1,031,989,500,000

Strike 142750 has a total call value of 0 versus a total put value of 1,023,932,250,000 Combined total value = 1,023,932,250,000

Strike 143000 has a total call value of 0 versus a total put value of 1,015,875,000,000 Combined total value = 1,015,875,000,000

Strike 143250 has a total call value of 0 versus a total put value of 1,007,817,750,000 Combined total value = 1,007,817,750,000

Strike 143500 has a total call value of 0 versus a total put value of 999,760,500,000 Combined total value = 999,760,500,000

Strike 143750 has a total call value of 0 versus a total put value of 991,703,250,000 Combined total value = 991,703,250,000

Strike 144000 has a total call value of 0 versus a total put value of 983,646,000,000 Combined total value = 983,646,000,000

Strike 144250 has a total call value of 0 versus a total put value of 975,588,750,000 Combined total value = 975,588,750,000

Strike 144500 has a total call value of 0 versus a total put value of 967,531,500,000 Combined total value = 967,531,500,000

Strike 144750 has a total call value of 0 versus a total put value of 959,474,250,000 Combined total value = 959,474,250,000

Strike 145000 has a total call value of 0 versus a total put value of 951,417,000,000 Combined total value = 951,417,000,000

Strike 145250 has a total call value of 6,750,000 versus a total put value of 943,611,750,000 Combined total value = 943,618,500,000

Strike 145500 has a total call value of 13,500,000 versus a total put value of 935,806,500,000 Combined total value = 935,820,000,000

Strike 145750 has a total call value of 20,250,000 versus a total put value of 928,001,250,000 Combined total value = 928,021,500,000

Strike 146000 has a total call value of 27,000,000 versus a total put value of 920,196,000,000 Combined total value = 920,223,000,000

Strike 146250 has a total call value of 33,750,000 versus a total put value of 912,390,750,000 Combined total value = 912,424,500,000

Strike 146500 has a total call value of 40,500,000 versus a total put value of 904,585,500,000 Combined total value = 904,626,000,000

Strike 146750 has a total call value of 47,250,000 versus a total put value of 896,780,250,000 Combined total value = 896,827,500,000

Strike 147000 has a total call value of 54,000,000 versus a total put value of 888,975,000,000 Combined total value = 889,029,000,000

Strike 147250 has a total call value of 60,750,000 versus a total put value of 881,169,750,000 Combined total value = 881,230,500,000

Strike 147500 has a total call value of 67,500,000 versus a total put value of 873,364,500,000 Combined total value = 873,432,000,000

Strike 147750 has a total call value of 74,250,000 versus a total put value of 865,559,250,000 Combined total value = 865,633,500,000

Strike 148000 has a total call value of 81,000,000 versus a total put value of 857,754,000,000 Combined total value = 857,835,000,000

Strike 148250 has a total call value of 87,750,000 versus a total put value of 849,948,750,000 Combined total value = 850,036,500,000

Strike 148500 has a total call value of 94,500,000 versus a total put value of 842,143,500,000 Combined total value = 842,238,000,000

Strike 148750 has a total call value of 101,250,000 versus a total put value of 834,338,250,000 Combined total value = 834,439,500,000

Strike 149000 has a total call value of 108,000,000 versus a total put value of 826,533,000,000 Combined total value = 826,641,000,000

Strike 149250 has a total call value of 114,750,000 versus a total put value of 818,727,750,000 Combined total value = 818,842,500,000

Strike 149500 has a total call value of 121,500,000 versus a total put value of 810,922,500,000 Combined total value = 811,044,000,000

Strike 149750 has a total call value of 128,250,000 versus a total put value of 803,117,250,000 Combined total value = 803,245,500,000

Strike 150000 has a total call value of 135,000,000 versus a total put value of 795,312,000,000 Combined total value = 795,447,000,000

Strike 150250 has a total call value of 207,750,000 versus a total put value of 788,417,250,000 Combined total value = 788,625,000,000

Strike 150500 has a total call value of 280,500,000 versus a total put value of 781,522,500,000 Combined total value = 781,803,000,000

Strike 150750 has a total call value of 353,250,000 versus a total put value of 774,627,750,000 Combined total value = 774,981,000,000

Strike 151000 has a total call value of 426,000,000 versus a total put value of 767,733,000,000 Combined total value = 768,159,000,000

Strike 151250 has a total call value of 498,750,000 versus a total put value of 760,838,250,000 Combined total value = 761,337,000,000

Strike 151500 has a total call value of 571,500,000 versus a total put value of 753,943,500,000 Combined total value = 754,515,000,000

Strike 151750 has a total call value of 644,250,000 versus a total put value of 747,048,750,000 Combined total value = 747,693,000,000

Strike 152000 has a total call value of 717,000,000 versus a total put value of 740,154,000,000 Combined total value = 740,871,000,000

Strike 152250 has a total call value of 789,750,000 versus a total put value of 733,259,250,000 Combined total value = 734,049,000,000

Strike 152500 has a total call value of 862,500,000 versus a total put value of 726,364,500,000 Combined total value = 727,227,000,000

Strike 152750 has a total call value of 935,250,000 versus a total put value of 719,469,750,000 Combined total value = 720,405,000,000

Strike 153000 has a total call value of 1,008,000,000 versus a total put value of 712,575,000,000 Combined total value = 713,583,000,000

Strike 153250 has a total call value of 1,080,750,000 versus a total put value of 705,680,250,000 Combined total value = 706,761,000,000

Strike 153500 has a total call value of 1,153,500,000 versus a total put value of 698,785,500,000 Combined total value = 699,939,000,000

Strike 153750 has a total call value of 1,226,250,000 versus a total put value of 691,890,750,000 Combined total value = 693,117,000,000

Strike 154000 has a total call value of 1,299,000,000 versus a total put value of 684,996,000,000 Combined total value = 686,295,000,000

Strike 154250 has a total call value of 1,371,750,000 versus a total put value of 678,101,250,000 Combined total value = 679,473,000,000

Strike 154500 has a total call value of 1,444,500,000 versus a total put value of 671,206,500,000 Combined total value = 672,651,000,000

Strike 154750 has a total call value of 1,517,250,000 versus a total put value of 664,311,750,000 Combined total value = 665,829,000,000

Strike 155000 has a total call value of 1,590,000,000 versus a total put value of 657,417,000,000 Combined total value = 659,007,000,000

Strike 155250 has a total call value of 1,662,750,000 versus a total put value of 650,805,750,000 Combined total value = 652,468,500,000

Strike 155500 has a total call value of 1,735,500,000 versus a total put value of 644,194,500,000 Combined total value = 645,930,000,000

Strike 155750 has a total call value of 1,808,250,000 versus a total put value of 637,583,250,000 Combined total value = 639,391,500,000

Strike 156000 has a total call value of 1,881,000,000 versus a total put value of 630,972,000,000 Combined total value = 632,853,000,000

Strike 156250 has a total call value of 1,953,750,000 versus a total put value of 624,360,750,000 Combined total value = 626,314,500,000

Strike 156500 has a total call value of 2,026,500,000 versus a total put value of 617,749,500,000 Combined total value = 619,776,000,000

Strike 156750 has a total call value of 2,099,250,000 versus a total put value of 611,138,250,000 Combined total value = 613,237,500,000

Strike 157000 has a total call value of 2,172,000,000 versus a total put value of 604,527,000,000 Combined total value = 606,699,000,000

Strike 157250 has a total call value of 2,244,750,000 versus a total put value of 597,915,750,000 Combined total value = 600,160,500,000

Strike 157500 has a total call value of 2,317,500,000 versus a total put value of 591,304,500,000 Combined total value = 593,622,000,000

Strike 157750 has a total call value of 2,390,250,000 versus a total put value of 584,693,250,000 Combined total value = 587,083,500,000

Strike 158000 has a total call value of 2,463,000,000 versus a total put value of 578,082,000,000 Combined total value = 580,545,000,000

Strike 158250 has a total call value of 2,535,750,000 versus a total put value of 571,470,750,000 Combined total value = 574,006,500,000

Strike 158500 has a total call value of 2,608,500,000 versus a total put value of 564,859,500,000 Combined total value = 567,468,000,000

Strike 158750 has a total call value of 2,681,250,000 versus a total put value of 558,248,250,000 Combined total value = 560,929,500,000

Strike 159000 has a total call value of 2,754,000,000 versus a total put value of 551,637,000,000 Combined total value = 554,391,000,000

Strike 159250 has a total call value of 2,826,750,000 versus a total put value of 545,124,750,000 Combined total value = 547,951,500,000

Strike 159500 has a total call value of 2,899,500,000 versus a total put value of 538,612,500,000 Combined total value = 541,512,000,000

Strike 159750 has a total call value of 2,972,250,000 versus a total put value of 532,100,250,000 Combined total value = 535,072,500,000

Strike 160000 has a total call value of 3,045,000,000 versus a total put value of 525,588,000,000 Combined total value = 528,633,000,000

Strike 160250 has a total call value of 3,117,750,000 versus a total put value of 519,762,750,000 Combined total value = 522,880,500,000

Strike 160500 has a total call value of 3,190,500,000 versus a total put value of 513,937,500,000 Combined total value = 517,128,000,000

Strike 160750 has a total call value of 3,263,250,000 versus a total put value of 508,112,250,000 Combined total value = 511,375,500,000

Strike 161000 has a total call value of 3,336,000,000 versus a total put value of 502,287,000,000 Combined total value = 505,623,000,000

Strike 161250 has a total call value of 3,408,750,000 versus a total put value of 496,461,750,000 Combined total value = 499,870,500,000

Strike 161500 has a total call value of 3,481,500,000 versus a total put value of 490,636,500,000 Combined total value = 494,118,000,000

Strike 161750 has a total call value of 3,554,250,000 versus a total put value of 484,811,250,000 Combined total value = 488,365,500,000

Strike 162000 has a total call value of 3,627,000,000 versus a total put value of 478,986,000,000 Combined total value = 482,613,000,000

Strike 162250 has a total call value of 3,699,750,000 versus a total put value of 473,160,750,000 Combined total value = 476,860,500,000

Strike 162500 has a total call value of 3,772,500,000 versus a total put value of 467,335,500,000 Combined total value = 471,108,000,000

Strike 162750 has a total call value of 3,845,250,000 versus a total put value of 461,510,250,000 Combined total value = 465,355,500,000

Strike 163000 has a total call value of 3,918,000,000 versus a total put value of 455,685,000,000 Combined total value = 459,603,000,000

Strike 163250 has a total call value of 3,990,750,000 versus a total put value of 449,922,000,000 Combined total value = 453,912,750,000

Strike 163500 has a total call value of 4,063,500,000 versus a total put value of 444,159,000,000 Combined total value = 448,222,500,000

Strike 163750 has a total call value of 4,136,250,000 versus a total put value of 438,396,000,000 Combined total value = 442,532,250,000

Strike 164000 has a total call value of 4,209,000,000 versus a total put value of 432,633,000,000 Combined total value = 436,842,000,000

Strike 164250 has a total call value of 4,281,750,000 versus a total put value of 426,870,000,000 Combined total value = 431,151,750,000

Strike 164500 has a total call value of 4,354,500,000 versus a total put value of 421,107,000,000 Combined total value = 425,461,500,000

Strike 164750 has a total call value of 4,427,250,000 versus a total put value of 415,344,000,000 Combined total value = 419,771,250,000

Strike 165000 has a total call value of 4,500,000,000 versus a total put value of 409,581,000,000 Combined total value = 414,081,000,000

Strike 165250 has a total call value of 4,572,750,000 versus a total put value of 404,163,000,000 Combined total value = 408,735,750,000

Strike 165500 has a total call value of 4,645,500,000 versus a total put value of 398,745,000,000 Combined total value = 403,390,500,000

Strike 165750 has a total call value of 4,718,250,000 versus a total put value of 393,327,000,000 Combined total value = 398,045,250,000

Strike 166000 has a total call value of 4,791,000,000 versus a total put value of 387,909,000,000 Combined total value = 392,700,000,000

Strike 166250 has a total call value of 4,863,750,000 versus a total put value of 382,491,000,000 Combined total value = 387,354,750,000

Strike 166500 has a total call value of 4,936,500,000 versus a total put value of 377,073,000,000 Combined total value = 382,009,500,000

Strike 166750 has a total call value of 5,009,250,000 versus a total put value of 371,655,000,000 Combined total value = 376,664,250,000

Strike 167000 has a total call value of 5,082,000,000 versus a total put value of 366,237,000,000 Combined total value = 371,319,000,000

Strike 167250 has a total call value of 5,154,750,000 versus a total put value of 360,863,250,000 Combined total value = 366,018,000,000

Strike 167500 has a total call value of 5,227,500,000 versus a total put value of 355,489,500,000 Combined total value = 360,717,000,000

Strike 167750 has a total call value of 5,300,250,000 versus a total put value of 350,115,750,000 Combined total value = 355,416,000,000

Strike 168000 has a total call value of 5,373,000,000 versus a total put value of 344,742,000,000 Combined total value = 350,115,000,000

Strike 168250 has a total call value of 5,445,750,000 versus a total put value of 339,368,250,000 Combined total value = 344,814,000,000

Strike 168500 has a total call value of 5,518,500,000 versus a total put value of 333,994,500,000 Combined total value = 339,513,000,000

Strike 168750 has a total call value of 5,591,250,000 versus a total put value of 328,620,750,000 Combined total value = 334,212,000,000

Strike 169000 has a total call value of 5,664,000,000 versus a total put value of 323,247,000,000 Combined total value = 328,911,000,000

Strike 169250 has a total call value of 5,736,750,000 versus a total put value of 317,873,250,000 Combined total value = 323,610,000,000

Strike 169500 has a total call value of 5,809,500,000 versus a total put value of 312,499,500,000 Combined total value = 318,309,000,000

Strike 169750 has a total call value of 5,882,250,000 versus a total put value of 307,125,750,000 Combined total value = 313,008,000,000

Strike 170000 has a total call value of 5,955,000,000 versus a total put value of 301,752,000,000 Combined total value = 307,707,000,000

Strike 170250 has a total call value of 6,027,750,000 versus a total put value of 297,147,000,000 Combined total value = 303,174,750,000

Strike 170500 has a total call value of 6,100,500,000 versus a total put value of 292,542,000,000 Combined total value = 298,642,500,000

Strike 170750 has a total call value of 6,173,250,000 versus a total put value of 287,937,000,000 Combined total value = 294,110,250,000

Strike 171000 has a total call value of 6,246,000,000 versus a total put value of 283,332,000,000 Combined total value = 289,578,000,000

Strike 171250 has a total call value of 6,318,750,000 versus a total put value of 278,727,000,000 Combined total value = 285,045,750,000

Strike 171500 has a total call value of 6,391,500,000 versus a total put value of 274,122,000,000 Combined total value = 280,513,500,000

Strike 171750 has a total call value of 6,464,250,000 versus a total put value of 269,517,000,000 Combined total value = 275,981,250,000

Strike 172000 has a total call value of 6,537,000,000 versus a total put value of 264,912,000,000 Combined total value = 271,449,000,000

Strike 172250 has a total call value of 6,609,750,000 versus a total put value of 260,334,750,000 Combined total value = 266,944,500,000

Strike 172500 has a total call value of 6,682,500,000 versus a total put value of 255,757,500,000 Combined total value = 262,440,000,000

Strike 172750 has a total call value of 6,755,250,000 versus a total put value of 251,180,250,000 Combined total value = 257,935,500,000

Strike 173000 has a total call value of 6,828,000,000 versus a total put value of 246,603,000,000 Combined total value = 253,431,000,000

Strike 173250 has a total call value of 6,900,750,000 versus a total put value of 242,057,250,000 Combined total value = 248,958,000,000

Strike 173500 has a total call value of 6,973,500,000 versus a total put value of 237,511,500,000 Combined total value = 244,485,000,000

Strike 173750 has a total call value of 7,046,250,000 versus a total put value of 232,965,750,000 Combined total value = 240,012,000,000

Strike 174000 has a total call value of 7,119,000,000 versus a total put value of 228,420,000,000 Combined total value = 235,539,000,000

Strike 174250 has a total call value of 7,191,750,000 versus a total put value of 223,874,250,000 Combined total value = 231,066,000,000

Strike 174500 has a total call value of 7,264,500,000 versus a total put value of 219,328,500,000 Combined total value = 226,593,000,000

Strike 174750 has a total call value of 7,337,250,000 versus a total put value of 214,782,750,000 Combined total value = 222,120,000,000

Strike 175000 has a total call value of 7,410,000,000 versus a total put value of 210,237,000,000 Combined total value = 217,647,000,000

Strike 175250 has a total call value of 7,482,750,000 versus a total put value of 206,314,500,000 Combined total value = 213,797,250,000

Strike 175500 has a total call value of 7,555,500,000 versus a total put value of 202,392,000,000 Combined total value = 209,947,500,000

Strike 175750 has a total call value of 7,628,250,000 versus a total put value of 198,469,500,000 Combined total value = 206,097,750,000

Strike 176000 has a total call value of 7,701,000,000 versus a total put value of 194,547,000,000 Combined total value = 202,248,000,000

Strike 176250 has a total call value of 7,773,750,000 versus a total put value of 190,624,500,000 Combined total value = 198,398,250,000

Strike 176500 has a total call value of 7,846,500,000 versus a total put value of 186,702,000,000 Combined total value = 194,548,500,000

Strike 176750 has a total call value of 7,919,250,000 versus a total put value of 182,779,500,000 Combined total value = 190,698,750,000

Strike 177000 has a total call value of 7,992,000,000 versus a total put value of 178,857,000,000 Combined total value = 186,849,000,000

Strike 177250 has a total call value of 8,064,750,000 versus a total put value of 174,980,250,000 Combined total value = 183,045,000,000

Strike 177500 has a total call value of 8,137,500,000 versus a total put value of 171,103,500,000 Combined total value = 179,241,000,000

Strike 177750 has a total call value of 8,210,250,000 versus a total put value of 167,226,750,000 Combined total value = 175,437,000,000

Strike 178000 has a total call value of 8,283,000,000 versus a total put value of 163,350,000,000 Combined total value = 171,633,000,000

Strike 178250 has a total call value of 8,355,750,000 versus a total put value of 159,473,250,000 Combined total value = 167,829,000,000

Strike 178500 has a total call value of 8,428,500,000 versus a total put value of 155,596,500,000 Combined total value = 164,025,000,000

Strike 178750 has a total call value of 8,501,250,000 versus a total put value of 151,719,750,000 Combined total value = 160,221,000,000

Strike 179000 has a total call value of 8,574,000,000 versus a total put value of 147,843,000,000 Combined total value = 156,417,000,000

Strike 179250 has a total call value of 8,646,750,000 versus a total put value of 143,966,250,000 Combined total value = 152,613,000,000

Strike 179500 has a total call value of 8,719,500,000 versus a total put value of 140,089,500,000 Combined total value = 148,809,000,000

Strike 179750 has a total call value of 8,792,250,000 versus a total put value of 136,212,750,000 Combined total value = 145,005,000,000

Strike 180000 has a total call value of 8,865,000,000 versus a total put value of 132,336,000,000 Combined total value = 141,201,000,000

Strike 180250 has a total call value of 8,937,750,000 versus a total put value of 129,239,250,000 Combined total value = 138,177,000,000

Strike 180500 has a total call value of 9,010,500,000 versus a total put value of 126,142,500,000 Combined total value = 135,153,000,000

Strike 180750 has a total call value of 9,083,250,000 versus a total put value of 123,045,750,000 Combined total value = 132,129,000,000

Strike 181000 has a total call value of 9,156,000,000 versus a total put value of 119,949,000,000 Combined total value = 129,105,000,000

Strike 181250 has a total call value of 9,228,750,000 versus a total put value of 116,852,250,000 Combined total value = 126,081,000,000

Strike 181500 has a total call value of 9,301,500,000 versus a total put value of 113,755,500,000 Combined total value = 123,057,000,000

Strike 181750 has a total call value of 9,374,250,000 versus a total put value of 110,658,750,000 Combined total value = 120,033,000,000

Strike 182000 has a total call value of 9,447,000,000 versus a total put value of 107,562,000,000 Combined total value = 117,009,000,000

Strike 182250 has a total call value of 9,519,750,000 versus a total put value of 104,532,000,000 Combined total value = 114,051,750,000

Strike 182500 has a total call value of 9,592,500,000 versus a total put value of 101,502,000,000 Combined total value = 111,094,500,000

Strike 182750 has a total call value of 9,665,250,000 versus a total put value of 98,472,000,000 Combined total value = 108,137,250,000

Strike 183000 has a total call value of 9,738,000,000 versus a total put value of 95,442,000,000 Combined total value = 105,180,000,000

Strike 183250 has a total call value of 9,810,750,000 versus a total put value of 92,496,000,000 Combined total value = 102,306,750,000

Strike 183500 has a total call value of 9,883,500,000 versus a total put value of 89,550,000,000 Combined total value = 99,433,500,000

Strike 183750 has a total call value of 9,956,250,000 versus a total put value of 86,604,000,000 Combined total value = 96,560,250,000

Strike 184000 has a total call value of 10,029,000,000 versus a total put value of 83,658,000,000 Combined total value = 93,687,000,000

Strike 184250 has a total call value of 10,101,750,000 versus a total put value of 80,712,000,000 Combined total value = 90,813,750,000

Strike 184500 has a total call value of 10,174,500,000 versus a total put value of 77,766,000,000 Combined total value = 87,940,500,000

Strike 184750 has a total call value of 10,247,250,000 versus a total put value of 74,820,000,000 Combined total value = 85,067,250,000

Strike 185000 has a total call value of 10,320,000,000 versus a total put value of 71,874,000,000 Combined total value = 82,194,000,000

Strike 185250 has a total call value of 10,392,750,000 versus a total put value of 69,468,000,000 Combined total value = 79,860,750,000

Strike 185500 has a total call value of 10,465,500,000 versus a total put value of 67,062,000,000 Combined total value = 77,527,500,000

Strike 185750 has a total call value of 10,538,250,000 versus a total put value of 64,656,000,000 Combined total value = 75,194,250,000

Strike 186000 has a total call value of 10,611,000,000 versus a total put value of 62,250,000,000 Combined total value = 72,861,000,000

Strike 186250 has a total call value of 10,683,750,000 versus a total put value of 59,886,000,000 Combined total value = 70,569,750,000

Strike 186500 has a total call value of 10,756,500,000 versus a total put value of 57,522,000,000 Combined total value = 68,278,500,000

Strike 186750 has a total call value of 10,829,250,000 versus a total put value of 55,158,000,000 Combined total value = 65,987,250,000

Strike 187000 has a total call value of 10,902,000,000 versus a total put value of 52,794,000,000 Combined total value = 63,696,000,000

Strike 187250 has a total call value of 10,974,750,000 versus a total put value of 50,468,250,000 Combined total value = 61,443,000,000

Strike 187500 has a total call value of 11,047,500,000 versus a total put value of 48,142,500,000 Combined total value = 59,190,000,000

Strike 187750 has a total call value of 11,120,250,000 versus a total put value of 45,816,750,000 Combined total value = 56,937,000,000

Strike 188000 has a total call value of 11,193,000,000 versus a total put value of 43,491,000,000 Combined total value = 54,684,000,000

Strike 188250 has a total call value of 11,265,750,000 versus a total put value of 41,223,750,000 Combined total value = 52,489,500,000

Strike 188500 has a total call value of 11,338,500,000 versus a total put value of 38,956,500,000 Combined total value = 50,295,000,000

Strike 188750 has a total call value of 11,411,250,000 versus a total put value of 36,689,250,000 Combined total value = 48,100,500,000

Strike 189000 has a total call value of 11,484,000,000 versus a total put value of 34,422,000,000 Combined total value = 45,906,000,000

Strike 189250 has a total call value of 11,556,750,000 versus a total put value of 32,216,250,000 Combined total value = 43,773,000,000

Strike 189500 has a total call value of 11,629,500,000 versus a total put value of 30,010,500,000 Combined total value = 41,640,000,000

Strike 189750 has a total call value of 11,702,250,000 versus a total put value of 27,804,750,000 Combined total value = 39,507,000,000

Strike 190000 has a total call value of 11,775,000,000 versus a total put value of 25,599,000,000 Combined total value = 37,374,000,000

Strike 190250 has a total call value of 12,176,250,000 versus a total put value of 24,267,000,000 Combined total value = 36,443,250,000

Strike 190500 has a total call value of 12,577,500,000 versus a total put value of 22,935,000,000 Combined total value = 35,512,500,000

Strike 190750 has a total call value of 12,978,750,000 versus a total put value of 21,603,000,000 Combined total value = 34,581,750,000

Strike 191000 has a total call value of 13,380,000,000 versus a total put value of 20,271,000,000 Combined total value = 33,651,000,000

Strike 191250 has a total call value of 13,781,250,000 versus a total put value of 19,003,500,000 Combined total value = 32,784,750,000

Strike 191500 has a total call value of 14,182,500,000 versus a total put value of 17,736,000,000 Combined total value = 31,918,500,000

Strike 191750 has a total call value of 14,583,750,000 versus a total put value of 16,468,500,000 Combined total value = 31,052,250,000

Strike 192000 has a total call value of 14,985,000,000 versus a total put value of 15,201,000,000 Combined total value = 30,186,000,000

Strike 192250 has a total call value of 15,505,500,000 versus a total put value of 14,066,250,000 Combined total value = 29,571,750,000

Strike 192500 has a total call value of 16,026,000,000 versus a total put value of 12,931,500,000 Combined total value = 28,957,500,000

Strike 192750 has a total call value of 16,546,500,000 versus a total put value of 11,796,750,000 Combined total value = 28,343,250,000

Strike 193000 has a total call value of 17,067,000,000 versus a total put value of 10,662,000,000 Combined total value = 27,729,000,000

Strike 193250 has a total call value of 17,587,500,000 versus a total put value of 9,605,250,000 Combined total value = 27,192,750,000

Strike 193500 has a total call value of 18,108,000,000 versus a total put value of 8,548,500,000 Combined total value = 26,656,500,000

Strike 193750 has a total call value of 18,628,500,000 versus a total put value of 7,491,750,000 Combined total value = 26,120,250,000

Strike 194000 has a total call value of 19,149,000,000 versus a total put value of 6,435,000,000 Combined total value = 25,584,000,000

Strike 194250 has a total call value of 19,695,750,000 versus a total put value of 5,453,250,000 Combined total value = 25,149,000,000

Strike 194500 has a total call value of 20,242,500,000 versus a total put value of 4,471,500,000 Combined total value = 24,714,000,000

Strike 194750 has a total call value of 20,789,250,000 versus a total put value of 3,489,750,000 Combined total value = 24,279,000,000

Strike 195000 has a total call value of 21,336,000,000 versus a total put value of 2,508,000,000 Combined total value = 23,844,000,000

Strike 195250 has a total call value of 22,084,500,000 versus a total put value of 2,233,500,000 Combined total value = 24,318,000,000

Strike 195500 has a total call value of 22,833,000,000 versus a total put value of 1,959,000,000 Combined total value = 24,792,000,000

Strike 195750 has a total call value of 23,581,500,000 versus a total put value of 1,684,500,000 Combined total value = 25,266,000,000

Strike 196000 has a total call value of 24,330,000,000 versus a total put value of 1,410,000,000 Combined total value = 25,740,000,000

Strike 196250 has a total call value of 25,078,500,000 versus a total put value of 1,188,000,000 Combined total value = 26,266,500,000

Strike 196500 has a total call value of 25,827,000,000 versus a total put value of 966,000,000 Combined total value = 26,793,000,000

Strike 196750 has a total call value of 26,575,500,000 versus a total put value of 744,000,000 Combined total value = 27,319,500,000

Strike 197000 has a total call value of 27,324,000,000 versus a total put value of 522,000,000 Combined total value = 27,846,000,000

Strike 197250 has a total call value of 28,092,750,000 versus a total put value of 391,500,000 Combined total value = 28,484,250,000

Strike 197500 has a total call value of 28,861,500,000 versus a total put value of 261,000,000 Combined total value = 29,122,500,000

Strike 197750 has a total call value of 29,630,250,000 versus a total put value of 130,500,000 Combined total value = 29,760,750,000

Strike 198000 has a total call value of 30,399,000,000 versus a total put value of 0 Combined total value = 30,399,000,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1135.6	1140
ABB	5140	5200
ABCAPITAL	345.7	345
ADANIENSOL	975.05	980
ADANIENT	2229.2	2300
ADANIGREEN	1010.9	1020
ADANIPORTS	1496.5	1500
ALKEM	5519	5650
AMBER	6631.5	6800
AMBUJACEM	536.1	550
ANGELONE	2464.5	2550
APLAPOLLO	1806.2	1760
APOLLOHOSP	6960	7100
ASHOKLEY	173.5	164
ASIANPAINT	2786.2	2800
ASTRAL	1405.4	1440
AUBANK	978.95	960
AUROPHARMA	1220.1	1220
AXISBANK	1237.9	1240
BAJAJ-AUTO	8917.5	9000
BAJAJFINSV	2038.8	2060
BAJFINANCE	1004.7	1020
BANDHANBNK	149.13	152.5
BANKBARODA	289.35	290
BANKINDIA	142.31	143
BDL	1346.2	1400
BEL	390.4	400
BHARATFORG	1424.9	1400
BHARTIARTL	2091.4	2100
BHEL	273.9	280
BIOCON	398.3	395
BLUESTARCO	1802.3	1820
BOSCHLTD	35720	36000
BPCL	364.6	365
BRITANNIA	6070	6000
BSE	2703.7	2700
CAMS	749.6	770
CANBK	148.29	150
CDSL	1489.1	1540
CGPOWER	660.75	680
CHOLAFIN	1673.3	1700
CIPLA	1510.3	1520
COALINDIA	383.9	385
COFORGE	1854.7	1840
COLPAL	2083.2	2160
CONCOR	498.05	520
CROMPTON	251.25	260
CUMMINSIND	4364.1	4400
CYIENT	1146.8	1140
DABUR	492.15	500
DALBHARAT	2023.1	2040
DELHIVERY	402.6	410
DIVISLAB	6528	6500
DIXON	13200	13500
DLF	682.6	710
DMART	3767.8	3900
DRREDDY	1281.6	1270
EICHERMOT	7188.5	7100
ETERNAL	286.85	295
EXIDEIND	359.3	370
FEDERALBNK	267.3	260
FORTIS	887.7	890
GAIL	168.79	175
GLENMARK	1965.7	1940
GMRAIRPORT	101.24	102
GODREJCP	1181.8	1160
GODREJPROP	2008.5	2060
GRASIM	2820	2800
HAL	4267.8	4450
HAVELLS	1401.1	1440
HCLTECH	1648	1660
HDFCAMC	2644.5	2675
HDFCBANK	984.3	995
HDFCLIFE	756.5	770
HEROMOTOCO	5767	5900
HFCL	64.44	67
HINDALCO	849.05	820
HINDPETRO	466.1	460
HINDUNILVR	2272	2300
HINDZINC	585.75	560
HUDCO	207.88	217.5
ICICIBANK	1355.9	1370
ICICIGI	1939.9	1960
ICICIPRULI	649.15	630
IDEA	11.66	11
IDFCFIRSTB	83.89	82
IEX	139.28	145
IIFL	562.05	560
INDHOTEL	724.95	730
INDIANB	776.35	810
INDIGO	5114.5	5100
INDUSINDBK	832.1	850
INDUSTOWER	411.15	410
INFY	1649.7	1600
INOXWIND	124	130
IOC	161.38	161
IRCTC	668.5	690
IREDA	131.34	137.5
IRFC	111.19	115
ITC	401	405
JINDALSTEL	983.2	1020
JIOFIN	295.2	305
JSWENERGY	469.4	490
JSWSTEEL	1082	1120
JUBLFOOD	561.05	580
KALYANKJIL	475.8	480
KAYNES	4048	4300
KEI	4150.7	4100
KFINTECH	1063.1	1080
KOTAKBANK	2172.3	2160
KPITTECH	1168.4	1200
LAURUSLABS	1045.2	1010
LICHSGFIN	529	550
LICI	849.7	870
LODHA	1078.3	1100
LT	4077	4040
LTF	299.7	300
LTIM	6169.5	6100
LUPIN	2129.8	2100
M&M	3600	3650
MANAPPURAM	285.05	280
MANKIND	2146.6	2200
MARICO	735.1	730
MARUTI	16400	16300
MAXHEALTH	1072.4	1080
MAZDOCK	2373.3	2500
MCX	10280	10100
MFSL	1664.8	1700
MOTHERSON	119.61	116
MPHASIS	2892	2900
MUTHOOTFIN	3751.4	3750
NATIONALUM	278.05	272.5
NAUKRI	1327.2	1360
NBCC	110.6	111
NCC	153.06	162.5
NESTLEIND	1238.6	1240
NHPC	75.17	78
NMDC	75.88	77
NTPC	317.9	325
NUVAMA	7146.5	7300
NYKAA	244.2	250
OBEROIRLTY	1663.5	1660
OFSS	7673	7900
OIL	401.35	410
ONGC	232.86	237.5
PAGEIND	35515	36500
PATANJALI	562	550
PAYTM	1305.9	1300
PERSISTENT	6344.5	6300
PETRONET	269.95	278
PFC	337	355
PGEL	572.15	560
PHOENIXLTD	1810.4	1760
PIDILITIND	1450.2	1480
PIIND	3215.9	3350
PNB	119.1	120
PNBHOUSING	900.4	900
POLICYBZR	1842.7	1840
POLYCAB	7276.5	7300
POWERGRID	260.1	270
POWERINDIA	17975	18500
PPLPHARMA	168.25	175
PRESTIGE	1614.8	1640
RBLBANK	297.55	305
RECLTD	338.5	355
RELIANCE	1573.1	1550
RVNL	309.4	310
SAIL	125.51	130
SAMMAANCAP	144.91	155
SBICARD	850.05	870
SBILIFE	2015.6	2020
SBIN	979.4	970
SHREECEM	25470	26000
SHRIRAMFIN	860.25	850
SIEMENS	3095.8	3150
SOLARINDS	11780	12500
SONACOMS	485.75	495
SRF	3061.1	3000
SUNPHARMA	1748.2	1760
SUPREMEIND	3356.3	3400
SUZLON	51.87	54
SYNGENE	651.3	650
TATACONSUM	1170.7	1170
TATAELXSI	5246	5200
TATAMOTORS	0	320
TATAPOWER	375.15	390
TATASTEEL	168.27	170
TATATECH	647	670
TCS	3312.9	3240
TECHM	1602.8	1560
TIINDIA	2577	2700
TITAGARH	766.75	800
TITAN	3961	3880
TMPV	350.75	360
TORNTPHARM	3762.9	3750
TORNTPOWER	1250.4	1300
TRENT	4037.4	4200
TVSMOTOR	3645.5	3600
ULTRACEMCO	11492	11600
UNIONBANK	153.8	155
UNITDSPR	1397.3	1430
UNOMINDA	1235.4	1280
UPL	742.3	750
VBL	469.35	470
VEDL	573.1	555
VOLTAS	1402.3	1400
WIPRO	265.2	260
YESBANK	21.58	22
ZYDUSLIFE	916.35	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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