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

204100 +535.00 (0.26%)

L: 202656 H: 204247

Max Pain - SILVER

19 Dec 2025 10:28 AM IST

Live

Expiry

Max Pain for SILVER is 195000

Historical data for SILVER-195000-CE

LTP (195000 CE)

10068 -75

Open Interest

269 -1

Historical data for SILVER-195000-PE

LTP (195000 PE)

1164.5 -418

Open Interest

934 -67

Strike 130000 has a total call value of 0 versus a total put value of 1,395,114,000,000 Combined total value = 1,395,114,000,000

Strike 130250 has a total call value of 0 versus a total put value of 1,387,107,000,000 Combined total value = 1,387,107,000,000

Strike 130500 has a total call value of 0 versus a total put value of 1,379,100,000,000 Combined total value = 1,379,100,000,000

Strike 130750 has a total call value of 0 versus a total put value of 1,371,093,000,000 Combined total value = 1,371,093,000,000

Strike 131000 has a total call value of 0 versus a total put value of 1,363,086,000,000 Combined total value = 1,363,086,000,000

Strike 131250 has a total call value of 0 versus a total put value of 1,355,079,000,000 Combined total value = 1,355,079,000,000

Strike 131500 has a total call value of 0 versus a total put value of 1,347,072,000,000 Combined total value = 1,347,072,000,000

Strike 131750 has a total call value of 0 versus a total put value of 1,339,065,000,000 Combined total value = 1,339,065,000,000

Strike 132000 has a total call value of 0 versus a total put value of 1,331,058,000,000 Combined total value = 1,331,058,000,000

Strike 132250 has a total call value of 0 versus a total put value of 1,323,051,000,000 Combined total value = 1,323,051,000,000

Strike 132500 has a total call value of 0 versus a total put value of 1,315,044,000,000 Combined total value = 1,315,044,000,000

Strike 132750 has a total call value of 0 versus a total put value of 1,307,037,000,000 Combined total value = 1,307,037,000,000

Strike 133000 has a total call value of 0 versus a total put value of 1,299,030,000,000 Combined total value = 1,299,030,000,000

Strike 133250 has a total call value of 0 versus a total put value of 1,291,023,000,000 Combined total value = 1,291,023,000,000

Strike 133500 has a total call value of 0 versus a total put value of 1,283,016,000,000 Combined total value = 1,283,016,000,000

Strike 133750 has a total call value of 0 versus a total put value of 1,275,009,000,000 Combined total value = 1,275,009,000,000

Strike 134000 has a total call value of 0 versus a total put value of 1,267,002,000,000 Combined total value = 1,267,002,000,000

Strike 134250 has a total call value of 0 versus a total put value of 1,258,995,000,000 Combined total value = 1,258,995,000,000

Strike 134500 has a total call value of 0 versus a total put value of 1,250,988,000,000 Combined total value = 1,250,988,000,000

Strike 134750 has a total call value of 0 versus a total put value of 1,242,981,000,000 Combined total value = 1,242,981,000,000

Strike 135000 has a total call value of 0 versus a total put value of 1,234,974,000,000 Combined total value = 1,234,974,000,000

Strike 135250 has a total call value of 0 versus a total put value of 1,226,967,000,000 Combined total value = 1,226,967,000,000

Strike 135500 has a total call value of 0 versus a total put value of 1,218,960,000,000 Combined total value = 1,218,960,000,000

Strike 135750 has a total call value of 0 versus a total put value of 1,210,953,000,000 Combined total value = 1,210,953,000,000

Strike 136000 has a total call value of 0 versus a total put value of 1,202,946,000,000 Combined total value = 1,202,946,000,000

Strike 136250 has a total call value of 0 versus a total put value of 1,194,939,000,000 Combined total value = 1,194,939,000,000

Strike 136500 has a total call value of 0 versus a total put value of 1,186,932,000,000 Combined total value = 1,186,932,000,000

Strike 136750 has a total call value of 0 versus a total put value of 1,178,925,000,000 Combined total value = 1,178,925,000,000

Strike 137000 has a total call value of 0 versus a total put value of 1,170,918,000,000 Combined total value = 1,170,918,000,000

Strike 137250 has a total call value of 0 versus a total put value of 1,162,911,000,000 Combined total value = 1,162,911,000,000

Strike 137500 has a total call value of 0 versus a total put value of 1,154,904,000,000 Combined total value = 1,154,904,000,000

Strike 137750 has a total call value of 0 versus a total put value of 1,146,897,000,000 Combined total value = 1,146,897,000,000

Strike 138000 has a total call value of 0 versus a total put value of 1,138,890,000,000 Combined total value = 1,138,890,000,000

Strike 138250 has a total call value of 0 versus a total put value of 1,130,883,000,000 Combined total value = 1,130,883,000,000

Strike 138500 has a total call value of 0 versus a total put value of 1,122,876,000,000 Combined total value = 1,122,876,000,000

Strike 138750 has a total call value of 0 versus a total put value of 1,114,869,000,000 Combined total value = 1,114,869,000,000

Strike 139000 has a total call value of 0 versus a total put value of 1,106,862,000,000 Combined total value = 1,106,862,000,000

Strike 139250 has a total call value of 0 versus a total put value of 1,098,855,000,000 Combined total value = 1,098,855,000,000

Strike 139500 has a total call value of 0 versus a total put value of 1,090,848,000,000 Combined total value = 1,090,848,000,000

Strike 139750 has a total call value of 0 versus a total put value of 1,082,841,000,000 Combined total value = 1,082,841,000,000

Strike 140000 has a total call value of 0 versus a total put value of 1,074,834,000,000 Combined total value = 1,074,834,000,000

Strike 140250 has a total call value of 0 versus a total put value of 1,067,111,250,000 Combined total value = 1,067,111,250,000

Strike 140500 has a total call value of 0 versus a total put value of 1,059,388,500,000 Combined total value = 1,059,388,500,000

Strike 140750 has a total call value of 0 versus a total put value of 1,051,665,750,000 Combined total value = 1,051,665,750,000

Strike 141000 has a total call value of 0 versus a total put value of 1,043,943,000,000 Combined total value = 1,043,943,000,000

Strike 141250 has a total call value of 0 versus a total put value of 1,036,220,250,000 Combined total value = 1,036,220,250,000

Strike 141500 has a total call value of 0 versus a total put value of 1,028,497,500,000 Combined total value = 1,028,497,500,000

Strike 141750 has a total call value of 0 versus a total put value of 1,020,774,750,000 Combined total value = 1,020,774,750,000

Strike 142000 has a total call value of 0 versus a total put value of 1,013,052,000,000 Combined total value = 1,013,052,000,000

Strike 142250 has a total call value of 0 versus a total put value of 1,005,329,250,000 Combined total value = 1,005,329,250,000

Strike 142500 has a total call value of 0 versus a total put value of 997,606,500,000 Combined total value = 997,606,500,000

Strike 142750 has a total call value of 0 versus a total put value of 989,883,750,000 Combined total value = 989,883,750,000

Strike 143000 has a total call value of 0 versus a total put value of 982,161,000,000 Combined total value = 982,161,000,000

Strike 143250 has a total call value of 0 versus a total put value of 974,438,250,000 Combined total value = 974,438,250,000

Strike 143500 has a total call value of 0 versus a total put value of 966,715,500,000 Combined total value = 966,715,500,000

Strike 143750 has a total call value of 0 versus a total put value of 958,992,750,000 Combined total value = 958,992,750,000

Strike 144000 has a total call value of 0 versus a total put value of 951,270,000,000 Combined total value = 951,270,000,000

Strike 144250 has a total call value of 0 versus a total put value of 943,547,250,000 Combined total value = 943,547,250,000

Strike 144500 has a total call value of 0 versus a total put value of 935,824,500,000 Combined total value = 935,824,500,000

Strike 144750 has a total call value of 0 versus a total put value of 928,101,750,000 Combined total value = 928,101,750,000

Strike 145000 has a total call value of 0 versus a total put value of 920,379,000,000 Combined total value = 920,379,000,000

Strike 145250 has a total call value of 0 versus a total put value of 912,904,500,000 Combined total value = 912,904,500,000

Strike 145500 has a total call value of 0 versus a total put value of 905,430,000,000 Combined total value = 905,430,000,000

Strike 145750 has a total call value of 0 versus a total put value of 897,955,500,000 Combined total value = 897,955,500,000

Strike 146000 has a total call value of 0 versus a total put value of 890,481,000,000 Combined total value = 890,481,000,000

Strike 146250 has a total call value of 0 versus a total put value of 883,006,500,000 Combined total value = 883,006,500,000

Strike 146500 has a total call value of 0 versus a total put value of 875,532,000,000 Combined total value = 875,532,000,000

Strike 146750 has a total call value of 0 versus a total put value of 868,057,500,000 Combined total value = 868,057,500,000

Strike 147000 has a total call value of 0 versus a total put value of 860,583,000,000 Combined total value = 860,583,000,000

Strike 147250 has a total call value of 0 versus a total put value of 853,108,500,000 Combined total value = 853,108,500,000

Strike 147500 has a total call value of 0 versus a total put value of 845,634,000,000 Combined total value = 845,634,000,000

Strike 147750 has a total call value of 0 versus a total put value of 838,159,500,000 Combined total value = 838,159,500,000

Strike 148000 has a total call value of 0 versus a total put value of 830,685,000,000 Combined total value = 830,685,000,000

Strike 148250 has a total call value of 0 versus a total put value of 823,210,500,000 Combined total value = 823,210,500,000

Strike 148500 has a total call value of 0 versus a total put value of 815,736,000,000 Combined total value = 815,736,000,000

Strike 148750 has a total call value of 0 versus a total put value of 808,261,500,000 Combined total value = 808,261,500,000

Strike 149000 has a total call value of 0 versus a total put value of 800,787,000,000 Combined total value = 800,787,000,000

Strike 149250 has a total call value of 0 versus a total put value of 793,312,500,000 Combined total value = 793,312,500,000

Strike 149500 has a total call value of 0 versus a total put value of 785,838,000,000 Combined total value = 785,838,000,000

Strike 149750 has a total call value of 0 versus a total put value of 778,363,500,000 Combined total value = 778,363,500,000

Strike 150000 has a total call value of 0 versus a total put value of 770,889,000,000 Combined total value = 770,889,000,000

Strike 150250 has a total call value of 0 versus a total put value of 764,343,000,000 Combined total value = 764,343,000,000

Strike 150500 has a total call value of 0 versus a total put value of 757,797,000,000 Combined total value = 757,797,000,000

Strike 150750 has a total call value of 0 versus a total put value of 751,251,000,000 Combined total value = 751,251,000,000

Strike 151000 has a total call value of 0 versus a total put value of 744,705,000,000 Combined total value = 744,705,000,000

Strike 151250 has a total call value of 0 versus a total put value of 738,159,000,000 Combined total value = 738,159,000,000

Strike 151500 has a total call value of 0 versus a total put value of 731,613,000,000 Combined total value = 731,613,000,000

Strike 151750 has a total call value of 0 versus a total put value of 725,067,000,000 Combined total value = 725,067,000,000

Strike 152000 has a total call value of 0 versus a total put value of 718,521,000,000 Combined total value = 718,521,000,000

Strike 152250 has a total call value of 0 versus a total put value of 711,975,000,000 Combined total value = 711,975,000,000

Strike 152500 has a total call value of 0 versus a total put value of 705,429,000,000 Combined total value = 705,429,000,000

Strike 152750 has a total call value of 0 versus a total put value of 698,883,000,000 Combined total value = 698,883,000,000

Strike 153000 has a total call value of 0 versus a total put value of 692,337,000,000 Combined total value = 692,337,000,000

Strike 153250 has a total call value of 0 versus a total put value of 685,791,000,000 Combined total value = 685,791,000,000

Strike 153500 has a total call value of 0 versus a total put value of 679,245,000,000 Combined total value = 679,245,000,000

Strike 153750 has a total call value of 0 versus a total put value of 672,699,000,000 Combined total value = 672,699,000,000

Strike 154000 has a total call value of 0 versus a total put value of 666,153,000,000 Combined total value = 666,153,000,000

Strike 154250 has a total call value of 0 versus a total put value of 659,607,000,000 Combined total value = 659,607,000,000

Strike 154500 has a total call value of 0 versus a total put value of 653,061,000,000 Combined total value = 653,061,000,000

Strike 154750 has a total call value of 0 versus a total put value of 646,515,000,000 Combined total value = 646,515,000,000

Strike 155000 has a total call value of 0 versus a total put value of 639,969,000,000 Combined total value = 639,969,000,000

Strike 155250 has a total call value of 0 versus a total put value of 633,705,750,000 Combined total value = 633,705,750,000

Strike 155500 has a total call value of 0 versus a total put value of 627,442,500,000 Combined total value = 627,442,500,000

Strike 155750 has a total call value of 0 versus a total put value of 621,179,250,000 Combined total value = 621,179,250,000

Strike 156000 has a total call value of 0 versus a total put value of 614,916,000,000 Combined total value = 614,916,000,000

Strike 156250 has a total call value of 0 versus a total put value of 608,652,750,000 Combined total value = 608,652,750,000

Strike 156500 has a total call value of 0 versus a total put value of 602,389,500,000 Combined total value = 602,389,500,000

Strike 156750 has a total call value of 0 versus a total put value of 596,126,250,000 Combined total value = 596,126,250,000

Strike 157000 has a total call value of 0 versus a total put value of 589,863,000,000 Combined total value = 589,863,000,000

Strike 157250 has a total call value of 0 versus a total put value of 583,599,750,000 Combined total value = 583,599,750,000

Strike 157500 has a total call value of 0 versus a total put value of 577,336,500,000 Combined total value = 577,336,500,000

Strike 157750 has a total call value of 0 versus a total put value of 571,073,250,000 Combined total value = 571,073,250,000

Strike 158000 has a total call value of 0 versus a total put value of 564,810,000,000 Combined total value = 564,810,000,000

Strike 158250 has a total call value of 0 versus a total put value of 558,546,750,000 Combined total value = 558,546,750,000

Strike 158500 has a total call value of 0 versus a total put value of 552,283,500,000 Combined total value = 552,283,500,000

Strike 158750 has a total call value of 0 versus a total put value of 546,020,250,000 Combined total value = 546,020,250,000

Strike 159000 has a total call value of 0 versus a total put value of 539,757,000,000 Combined total value = 539,757,000,000

Strike 159250 has a total call value of 0 versus a total put value of 533,493,750,000 Combined total value = 533,493,750,000

Strike 159500 has a total call value of 0 versus a total put value of 527,230,500,000 Combined total value = 527,230,500,000

Strike 159750 has a total call value of 0 versus a total put value of 520,967,250,000 Combined total value = 520,967,250,000

Strike 160000 has a total call value of 0 versus a total put value of 514,704,000,000 Combined total value = 514,704,000,000

Strike 160250 has a total call value of 0 versus a total put value of 509,081,250,000 Combined total value = 509,081,250,000

Strike 160500 has a total call value of 0 versus a total put value of 503,458,500,000 Combined total value = 503,458,500,000

Strike 160750 has a total call value of 0 versus a total put value of 497,835,750,000 Combined total value = 497,835,750,000

Strike 161000 has a total call value of 0 versus a total put value of 492,213,000,000 Combined total value = 492,213,000,000

Strike 161250 has a total call value of 0 versus a total put value of 486,590,250,000 Combined total value = 486,590,250,000

Strike 161500 has a total call value of 0 versus a total put value of 480,967,500,000 Combined total value = 480,967,500,000

Strike 161750 has a total call value of 0 versus a total put value of 475,344,750,000 Combined total value = 475,344,750,000

Strike 162000 has a total call value of 0 versus a total put value of 469,722,000,000 Combined total value = 469,722,000,000

Strike 162250 has a total call value of 0 versus a total put value of 464,099,250,000 Combined total value = 464,099,250,000

Strike 162500 has a total call value of 0 versus a total put value of 458,476,500,000 Combined total value = 458,476,500,000

Strike 162750 has a total call value of 0 versus a total put value of 452,853,750,000 Combined total value = 452,853,750,000

Strike 163000 has a total call value of 0 versus a total put value of 447,231,000,000 Combined total value = 447,231,000,000

Strike 163250 has a total call value of 0 versus a total put value of 441,608,250,000 Combined total value = 441,608,250,000

Strike 163500 has a total call value of 0 versus a total put value of 435,985,500,000 Combined total value = 435,985,500,000

Strike 163750 has a total call value of 0 versus a total put value of 430,362,750,000 Combined total value = 430,362,750,000

Strike 164000 has a total call value of 0 versus a total put value of 424,740,000,000 Combined total value = 424,740,000,000

Strike 164250 has a total call value of 0 versus a total put value of 419,117,250,000 Combined total value = 419,117,250,000

Strike 164500 has a total call value of 0 versus a total put value of 413,494,500,000 Combined total value = 413,494,500,000

Strike 164750 has a total call value of 0 versus a total put value of 407,871,750,000 Combined total value = 407,871,750,000

Strike 165000 has a total call value of 0 versus a total put value of 402,249,000,000 Combined total value = 402,249,000,000

Strike 165250 has a total call value of 0 versus a total put value of 396,973,500,000 Combined total value = 396,973,500,000

Strike 165500 has a total call value of 0 versus a total put value of 391,698,000,000 Combined total value = 391,698,000,000

Strike 165750 has a total call value of 0 versus a total put value of 386,422,500,000 Combined total value = 386,422,500,000

Strike 166000 has a total call value of 0 versus a total put value of 381,147,000,000 Combined total value = 381,147,000,000

Strike 166250 has a total call value of 0 versus a total put value of 375,871,500,000 Combined total value = 375,871,500,000

Strike 166500 has a total call value of 0 versus a total put value of 370,596,000,000 Combined total value = 370,596,000,000

Strike 166750 has a total call value of 0 versus a total put value of 365,320,500,000 Combined total value = 365,320,500,000

Strike 167000 has a total call value of 0 versus a total put value of 360,045,000,000 Combined total value = 360,045,000,000

Strike 167250 has a total call value of 0 versus a total put value of 354,769,500,000 Combined total value = 354,769,500,000

Strike 167500 has a total call value of 0 versus a total put value of 349,494,000,000 Combined total value = 349,494,000,000

Strike 167750 has a total call value of 0 versus a total put value of 344,218,500,000 Combined total value = 344,218,500,000

Strike 168000 has a total call value of 0 versus a total put value of 338,943,000,000 Combined total value = 338,943,000,000

Strike 168250 has a total call value of 0 versus a total put value of 333,667,500,000 Combined total value = 333,667,500,000

Strike 168500 has a total call value of 0 versus a total put value of 328,392,000,000 Combined total value = 328,392,000,000

Strike 168750 has a total call value of 0 versus a total put value of 323,116,500,000 Combined total value = 323,116,500,000

Strike 169000 has a total call value of 0 versus a total put value of 317,841,000,000 Combined total value = 317,841,000,000

Strike 169250 has a total call value of 0 versus a total put value of 312,565,500,000 Combined total value = 312,565,500,000

Strike 169500 has a total call value of 0 versus a total put value of 307,290,000,000 Combined total value = 307,290,000,000

Strike 169750 has a total call value of 0 versus a total put value of 302,014,500,000 Combined total value = 302,014,500,000

Strike 170000 has a total call value of 0 versus a total put value of 296,739,000,000 Combined total value = 296,739,000,000

Strike 170250 has a total call value of 0 versus a total put value of 292,234,500,000 Combined total value = 292,234,500,000

Strike 170500 has a total call value of 0 versus a total put value of 287,730,000,000 Combined total value = 287,730,000,000

Strike 170750 has a total call value of 0 versus a total put value of 283,225,500,000 Combined total value = 283,225,500,000

Strike 171000 has a total call value of 0 versus a total put value of 278,721,000,000 Combined total value = 278,721,000,000

Strike 171250 has a total call value of 0 versus a total put value of 274,216,500,000 Combined total value = 274,216,500,000

Strike 171500 has a total call value of 0 versus a total put value of 269,712,000,000 Combined total value = 269,712,000,000

Strike 171750 has a total call value of 0 versus a total put value of 265,207,500,000 Combined total value = 265,207,500,000

Strike 172000 has a total call value of 0 versus a total put value of 260,703,000,000 Combined total value = 260,703,000,000

Strike 172250 has a total call value of 0 versus a total put value of 256,198,500,000 Combined total value = 256,198,500,000

Strike 172500 has a total call value of 0 versus a total put value of 251,694,000,000 Combined total value = 251,694,000,000

Strike 172750 has a total call value of 0 versus a total put value of 247,189,500,000 Combined total value = 247,189,500,000

Strike 173000 has a total call value of 0 versus a total put value of 242,685,000,000 Combined total value = 242,685,000,000

Strike 173250 has a total call value of 0 versus a total put value of 238,212,000,000 Combined total value = 238,212,000,000

Strike 173500 has a total call value of 0 versus a total put value of 233,739,000,000 Combined total value = 233,739,000,000

Strike 173750 has a total call value of 0 versus a total put value of 229,266,000,000 Combined total value = 229,266,000,000

Strike 174000 has a total call value of 0 versus a total put value of 224,793,000,000 Combined total value = 224,793,000,000

Strike 174250 has a total call value of 0 versus a total put value of 220,320,000,000 Combined total value = 220,320,000,000

Strike 174500 has a total call value of 0 versus a total put value of 215,847,000,000 Combined total value = 215,847,000,000

Strike 174750 has a total call value of 0 versus a total put value of 211,374,000,000 Combined total value = 211,374,000,000

Strike 175000 has a total call value of 0 versus a total put value of 206,901,000,000 Combined total value = 206,901,000,000

Strike 175250 has a total call value of 0 versus a total put value of 203,061,750,000 Combined total value = 203,061,750,000

Strike 175500 has a total call value of 0 versus a total put value of 199,222,500,000 Combined total value = 199,222,500,000

Strike 175750 has a total call value of 0 versus a total put value of 195,383,250,000 Combined total value = 195,383,250,000

Strike 176000 has a total call value of 0 versus a total put value of 191,544,000,000 Combined total value = 191,544,000,000

Strike 176250 has a total call value of 0 versus a total put value of 187,704,750,000 Combined total value = 187,704,750,000

Strike 176500 has a total call value of 0 versus a total put value of 183,865,500,000 Combined total value = 183,865,500,000

Strike 176750 has a total call value of 0 versus a total put value of 180,026,250,000 Combined total value = 180,026,250,000

Strike 177000 has a total call value of 0 versus a total put value of 176,187,000,000 Combined total value = 176,187,000,000

Strike 177250 has a total call value of 0 versus a total put value of 172,393,500,000 Combined total value = 172,393,500,000

Strike 177500 has a total call value of 0 versus a total put value of 168,600,000,000 Combined total value = 168,600,000,000

Strike 177750 has a total call value of 0 versus a total put value of 164,806,500,000 Combined total value = 164,806,500,000

Strike 178000 has a total call value of 0 versus a total put value of 161,013,000,000 Combined total value = 161,013,000,000

Strike 178250 has a total call value of 0 versus a total put value of 157,219,500,000 Combined total value = 157,219,500,000

Strike 178500 has a total call value of 0 versus a total put value of 153,426,000,000 Combined total value = 153,426,000,000

Strike 178750 has a total call value of 0 versus a total put value of 149,632,500,000 Combined total value = 149,632,500,000

Strike 179000 has a total call value of 0 versus a total put value of 145,839,000,000 Combined total value = 145,839,000,000

Strike 179250 has a total call value of 0 versus a total put value of 142,045,500,000 Combined total value = 142,045,500,000

Strike 179500 has a total call value of 0 versus a total put value of 138,252,000,000 Combined total value = 138,252,000,000

Strike 179750 has a total call value of 0 versus a total put value of 134,458,500,000 Combined total value = 134,458,500,000

Strike 180000 has a total call value of 0 versus a total put value of 130,665,000,000 Combined total value = 130,665,000,000

Strike 180250 has a total call value of 0 versus a total put value of 127,659,000,000 Combined total value = 127,659,000,000

Strike 180500 has a total call value of 0 versus a total put value of 124,653,000,000 Combined total value = 124,653,000,000

Strike 180750 has a total call value of 0 versus a total put value of 121,647,000,000 Combined total value = 121,647,000,000

Strike 181000 has a total call value of 0 versus a total put value of 118,641,000,000 Combined total value = 118,641,000,000

Strike 181250 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 181500 has a total call value of 0 versus a total put value of 112,629,000,000 Combined total value = 112,629,000,000

Strike 181750 has a total call value of 0 versus a total put value of 109,623,000,000 Combined total value = 109,623,000,000

Strike 182000 has a total call value of 0 versus a total put value of 106,617,000,000 Combined total value = 106,617,000,000

Strike 182250 has a total call value of 0 versus a total put value of 103,611,000,000 Combined total value = 103,611,000,000

Strike 182500 has a total call value of 0 versus a total put value of 100,605,000,000 Combined total value = 100,605,000,000

Strike 182750 has a total call value of 0 versus a total put value of 97,599,000,000 Combined total value = 97,599,000,000

Strike 183000 has a total call value of 0 versus a total put value of 94,593,000,000 Combined total value = 94,593,000,000

Strike 183250 has a total call value of 0 versus a total put value of 91,671,750,000 Combined total value = 91,671,750,000

Strike 183500 has a total call value of 0 versus a total put value of 88,750,500,000 Combined total value = 88,750,500,000

Strike 183750 has a total call value of 0 versus a total put value of 85,829,250,000 Combined total value = 85,829,250,000

Strike 184000 has a total call value of 0 versus a total put value of 82,908,000,000 Combined total value = 82,908,000,000

Strike 184250 has a total call value of 0 versus a total put value of 79,986,750,000 Combined total value = 79,986,750,000

Strike 184500 has a total call value of 0 versus a total put value of 77,065,500,000 Combined total value = 77,065,500,000

Strike 184750 has a total call value of 0 versus a total put value of 74,144,250,000 Combined total value = 74,144,250,000

Strike 185000 has a total call value of 0 versus a total put value of 71,223,000,000 Combined total value = 71,223,000,000

Strike 185250 has a total call value of 0 versus a total put value of 68,835,750,000 Combined total value = 68,835,750,000

Strike 185500 has a total call value of 0 versus a total put value of 66,448,500,000 Combined total value = 66,448,500,000

Strike 185750 has a total call value of 0 versus a total put value of 64,061,250,000 Combined total value = 64,061,250,000

Strike 186000 has a total call value of 0 versus a total put value of 61,674,000,000 Combined total value = 61,674,000,000

Strike 186250 has a total call value of 0 versus a total put value of 59,328,750,000 Combined total value = 59,328,750,000

Strike 186500 has a total call value of 0 versus a total put value of 56,983,500,000 Combined total value = 56,983,500,000

Strike 186750 has a total call value of 0 versus a total put value of 54,638,250,000 Combined total value = 54,638,250,000

Strike 187000 has a total call value of 0 versus a total put value of 52,293,000,000 Combined total value = 52,293,000,000

Strike 187250 has a total call value of 0 versus a total put value of 49,986,000,000 Combined total value = 49,986,000,000

Strike 187500 has a total call value of 0 versus a total put value of 47,679,000,000 Combined total value = 47,679,000,000

Strike 187750 has a total call value of 0 versus a total put value of 45,372,000,000 Combined total value = 45,372,000,000

Strike 188000 has a total call value of 0 versus a total put value of 43,065,000,000 Combined total value = 43,065,000,000

Strike 188250 has a total call value of 0 versus a total put value of 40,816,500,000 Combined total value = 40,816,500,000

Strike 188500 has a total call value of 0 versus a total put value of 38,568,000,000 Combined total value = 38,568,000,000

Strike 188750 has a total call value of 0 versus a total put value of 36,319,500,000 Combined total value = 36,319,500,000

Strike 189000 has a total call value of 0 versus a total put value of 34,071,000,000 Combined total value = 34,071,000,000

Strike 189250 has a total call value of 0 versus a total put value of 31,884,000,000 Combined total value = 31,884,000,000

Strike 189500 has a total call value of 0 versus a total put value of 29,697,000,000 Combined total value = 29,697,000,000

Strike 189750 has a total call value of 0 versus a total put value of 27,510,000,000 Combined total value = 27,510,000,000

Strike 190000 has a total call value of 0 versus a total put value of 25,323,000,000 Combined total value = 25,323,000,000

Strike 190250 has a total call value of 328,500,000 versus a total put value of 24,003,000,000 Combined total value = 24,331,500,000

Strike 190500 has a total call value of 657,000,000 versus a total put value of 22,683,000,000 Combined total value = 23,340,000,000

Strike 190750 has a total call value of 985,500,000 versus a total put value of 21,363,000,000 Combined total value = 22,348,500,000

Strike 191000 has a total call value of 1,314,000,000 versus a total put value of 20,043,000,000 Combined total value = 21,357,000,000

Strike 191250 has a total call value of 1,642,500,000 versus a total put value of 18,787,500,000 Combined total value = 20,430,000,000

Strike 191500 has a total call value of 1,971,000,000 versus a total put value of 17,532,000,000 Combined total value = 19,503,000,000

Strike 191750 has a total call value of 2,299,500,000 versus a total put value of 16,276,500,000 Combined total value = 18,576,000,000

Strike 192000 has a total call value of 2,628,000,000 versus a total put value of 15,021,000,000 Combined total value = 17,649,000,000

Strike 192250 has a total call value of 2,956,500,000 versus a total put value of 13,898,250,000 Combined total value = 16,854,750,000

Strike 192500 has a total call value of 3,285,000,000 versus a total put value of 12,775,500,000 Combined total value = 16,060,500,000

Strike 192750 has a total call value of 3,613,500,000 versus a total put value of 11,652,750,000 Combined total value = 15,266,250,000

Strike 193000 has a total call value of 3,942,000,000 versus a total put value of 10,530,000,000 Combined total value = 14,472,000,000

Strike 193250 has a total call value of 4,270,500,000 versus a total put value of 9,486,750,000 Combined total value = 13,757,250,000

Strike 193500 has a total call value of 4,599,000,000 versus a total put value of 8,443,500,000 Combined total value = 13,042,500,000

Strike 193750 has a total call value of 4,927,500,000 versus a total put value of 7,400,250,000 Combined total value = 12,327,750,000

Strike 194000 has a total call value of 5,256,000,000 versus a total put value of 6,357,000,000 Combined total value = 11,613,000,000

Strike 194250 has a total call value of 5,610,750,000 versus a total put value of 5,385,750,000 Combined total value = 10,996,500,000

Strike 194500 has a total call value of 5,965,500,000 versus a total put value of 4,414,500,000 Combined total value = 10,380,000,000

Strike 194750 has a total call value of 6,320,250,000 versus a total put value of 3,443,250,000 Combined total value = 9,763,500,000

Strike 195000 has a total call value of 6,675,000,000 versus a total put value of 2,472,000,000 Combined total value = 9,147,000,000

Strike 195250 has a total call value of 7,231,500,000 versus a total put value of 2,201,250,000 Combined total value = 9,432,750,000

Strike 195500 has a total call value of 7,788,000,000 versus a total put value of 1,930,500,000 Combined total value = 9,718,500,000

Strike 195750 has a total call value of 8,344,500,000 versus a total put value of 1,659,750,000 Combined total value = 10,004,250,000

Strike 196000 has a total call value of 8,901,000,000 versus a total put value of 1,389,000,000 Combined total value = 10,290,000,000

Strike 196250 has a total call value of 9,457,500,000 versus a total put value of 1,170,000,000 Combined total value = 10,627,500,000

Strike 196500 has a total call value of 10,014,000,000 versus a total put value of 951,000,000 Combined total value = 10,965,000,000

Strike 196750 has a total call value of 10,570,500,000 versus a total put value of 732,000,000 Combined total value = 11,302,500,000

Strike 197000 has a total call value of 11,127,000,000 versus a total put value of 513,000,000 Combined total value = 11,640,000,000

Strike 197250 has a total call value of 11,703,750,000 versus a total put value of 384,750,000 Combined total value = 12,088,500,000

Strike 197500 has a total call value of 12,280,500,000 versus a total put value of 256,500,000 Combined total value = 12,537,000,000

Strike 197750 has a total call value of 12,857,250,000 versus a total put value of 128,250,000 Combined total value = 12,985,500,000

Strike 198000 has a total call value of 13,434,000,000 versus a total put value of 0 Combined total value = 13,434,000,000

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	1136.2	1140
ABB	5134	5200
ABCAPITAL	346.4	345
ADANIENSOL	976.55	980
ADANIENT	2231	2300
ADANIGREEN	1013.1	1020
ADANIPORTS	1500	1500
ALKEM	5548	5650
AMBER	6630	6800
AMBUJACEM	536.9	550
ANGELONE	2466.9	2550
APLAPOLLO	1805.7	1760
APOLLOHOSP	6968.5	7100
ASHOKLEY	173.75	163
ASIANPAINT	2783.9	2800
ASTRAL	1407.3	1440
AUBANK	982	960
AUROPHARMA	1228.1	1220
AXISBANK	1237.2	1240
BAJAJ-AUTO	8913	9000
BAJAJFINSV	2048.8	2060
BAJFINANCE	1009	1020
BANDHANBNK	149.75	152.5
BANKBARODA	289.1	290
BANKINDIA	142.39	143
BDL	1346.2	1400
BEL	390.5	400
BHARATFORG	1424.8	1400
BHARTIARTL	2087.6	2100
BHEL	274.75	280
BIOCON	400.3	395
BLUESTARCO	1829.3	1800
BOSCHLTD	35805	36000
BPCL	365.85	365
BRITANNIA	6060.5	6000
BSE	2716.8	2700
CAMS	755.8	770
CANBK	148.93	150
CDSL	1493.8	1540
CGPOWER	662.95	680
CHOLAFIN	1678.9	1700
CIPLA	1509.2	1520
COALINDIA	384.05	385
COFORGE	1856.5	1840
COLPAL	2084.8	2160
CONCOR	498.2	520
CROMPTON	252.35	260
CUMMINSIND	4397.1	4450
CYIENT	1147.1	1140
DABUR	493.4	500
DALBHARAT	2024	2040
DELHIVERY	403.7	410
DIVISLAB	6573.5	6500
DIXON	13259	13500
DLF	684.2	710
DMART	3770	3900
DRREDDY	1287.6	1270
EICHERMOT	7208	7100
ETERNAL	286.1	295
EXIDEIND	360.7	370
FEDERALBNK	266.55	260
FORTIS	885	890
GAIL	168.35	175
GLENMARK	1980	1940
GMRAIRPORT	101.44	102
GODREJCP	1187.5	1160
GODREJPROP	2009.8	2060
GRASIM	2819	2800
HAL	4281.9	4450
HAVELLS	1405.1	1440
HCLTECH	1650.1	1660
HDFCAMC	2676	2680
HDFCBANK	987	990
HDFCLIFE	756.95	770
HEROMOTOCO	5758.5	5900
HFCL	64.41	67
HINDALCO	861	820
HINDPETRO	466.05	460
HINDUNILVR	2273	2300
HINDZINC	585.9	560
HUDCO	207.9	217.5
ICICIBANK	1355.4	1370
ICICIGI	1933.2	1960
ICICIPRULI	649.65	630
IDEA	11.62	11
IDFCFIRSTB	83.86	82
IEX	139.89	145
IIFL	563.05	560
INDHOTEL	725.7	730
INDIANB	776.5	820
INDIGO	5122	5100
INDUSINDBK	834.3	850
INDUSTOWER	411.05	410
INFY	1648.4	1600
INOXWIND	124.37	130
IOC	161.52	161
IRCTC	668.75	690
IREDA	131.41	137.5
IRFC	111.2	115
ITC	401.15	405
JINDALSTEL	993	1020
JIOFIN	295.3	305
JSWENERGY	470.5	490
JSWSTEEL	1085.1	1120
JUBLFOOD	560.5	580
KALYANKJIL	474.9	480
KAYNES	4037	4300
KEI	4167.9	4100
KFINTECH	1070.5	1080
KOTAKBANK	2167.9	2160
KPITTECH	1166.8	1200
LAURUSLABS	1044	1010
LICHSGFIN	529.2	550
LICI	847.3	870
LODHA	1077.5	1100
LT	4078.7	4040
LTF	300.7	300
LTIM	6178	6100
LUPIN	2141.8	2100
M&M	3593.4	3650
MANAPPURAM	285.5	280
MANKIND	2155.5	2200
MARICO	736.75	730
MARUTI	16404	16300
MAXHEALTH	1073.6	1080
MAZDOCK	2377.1	2500
MCX	10332	10100
MFSL	1670	1700
MOTHERSON	119.74	116
MPHASIS	2891.5	2900
MUTHOOTFIN	3736.8	3750
NATIONALUM	280.8	270
NAUKRI	1332.4	1360
NBCC	110.45	111
NCC	153.42	165
NESTLEIND	1238.5	1240
NHPC	74.93	78
NMDC	76.3	77
NTPC	318.1	325
NUVAMA	7141.5	7300
NYKAA	244.2	250
OBEROIRLTY	1668.8	1660
OFSS	7687	7900
OIL	402.25	410
ONGC	232.61	237.5
PAGEIND	35550	37000
PATANJALI	558.8	550
PAYTM	1307.2	1300
PERSISTENT	6332.5	6300
PETRONET	270.55	278
PFC	336.6	355
PGEL	571.95	560
PHOENIXLTD	1813.4	1760
PIDILITIND	1451.4	1480
PIIND	3206.5	3350
PNB	119.2	120
PNBHOUSING	899.85	900
POLICYBZR	1836	1840
POLYCAB	7290.5	7300
POWERGRID	260.35	270
POWERINDIA	18060	18500
PPLPHARMA	169.9	175
PRESTIGE	1615.2	1640
RBLBANK	299	305
RECLTD	338.9	355
RELIANCE	1565.9	1550
RVNL	309.95	310
SAIL	125.92	130
SAMMAANCAP	145.55	155
SBICARD	852.75	870
SBILIFE	2024	2020
SBIN	980.9	970
SHREECEM	25565	26000
SHRIRAMFIN	860	850
SIEMENS	3096.7	3150
SOLARINDS	11742	12500
SONACOMS	485.75	495
SRF	3058.2	3000
SUNPHARMA	1750.5	1760
SUPREMEIND	3339.6	3400
SUZLON	51.82	54
SYNGENE	659.55	650
TATACONSUM	1174.4	1170
TATAELXSI	5216	5100
TATAMOTORS	0	320
TATAPOWER	375.65	390
TATASTEEL	168.95	170
TATATECH	647.25	670
TCS	3312.3	3240
TECHM	1603.3	1560
TIINDIA	2587.2	2700
TITAGARH	769.9	800
TITAN	3938	3880
TMPV	350.75	360
TORNTPHARM	3764.2	3750
TORNTPOWER	1258.3	1300
TRENT	4042.2	4200
TVSMOTOR	3624.1	3600
ULTRACEMCO	11499	11600
UNIONBANK	154.13	155
UNITDSPR	1397	1430
UNOMINDA	1239.8	1280
UPL	746.4	750
VBL	471.6	470
VEDL	574.55	555
VOLTAS	1403.9	1400
WIPRO	265.14	260
YESBANK	21.58	22
ZYDUSLIFE	919.65	930

Note:

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

Related Pages for SILVER

SILVER

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD