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

198137 +5286.00 (2.74%)

L: 194681 H: 199046

Max Pain - SILVER

15 Dec 2025 04:45 PM IST

Live

Expiry

Max Pain for SILVER is 185000

Historical data for SILVER-185000-CE

LTP (185000 CE)

15100 4517

Open Interest

249 -1

Historical data for SILVER-185000-PE

LTP (185000 PE)

1746 -1046.5

Open Interest

744 -5

Strike 101000 has a total call value of 0 versus a total put value of 2,827,101,000,000 Combined total value = 2,827,101,000,000

Strike 101250 has a total call value of 0 versus a total put value of 2,816,261,250,000 Combined total value = 2,816,261,250,000

Strike 101500 has a total call value of 0 versus a total put value of 2,805,421,500,000 Combined total value = 2,805,421,500,000

Strike 101750 has a total call value of 0 versus a total put value of 2,794,581,750,000 Combined total value = 2,794,581,750,000

Strike 102000 has a total call value of 0 versus a total put value of 2,783,742,000,000 Combined total value = 2,783,742,000,000

Strike 102250 has a total call value of 0 versus a total put value of 2,772,902,250,000 Combined total value = 2,772,902,250,000

Strike 102500 has a total call value of 0 versus a total put value of 2,762,062,500,000 Combined total value = 2,762,062,500,000

Strike 102750 has a total call value of 0 versus a total put value of 2,751,222,750,000 Combined total value = 2,751,222,750,000

Strike 103000 has a total call value of 0 versus a total put value of 2,740,383,000,000 Combined total value = 2,740,383,000,000

Strike 103250 has a total call value of 0 versus a total put value of 2,729,543,250,000 Combined total value = 2,729,543,250,000

Strike 103500 has a total call value of 0 versus a total put value of 2,718,703,500,000 Combined total value = 2,718,703,500,000

Strike 103750 has a total call value of 0 versus a total put value of 2,707,863,750,000 Combined total value = 2,707,863,750,000

Strike 104000 has a total call value of 0 versus a total put value of 2,697,024,000,000 Combined total value = 2,697,024,000,000

Strike 104250 has a total call value of 0 versus a total put value of 2,686,184,250,000 Combined total value = 2,686,184,250,000

Strike 104500 has a total call value of 0 versus a total put value of 2,675,344,500,000 Combined total value = 2,675,344,500,000

Strike 104750 has a total call value of 0 versus a total put value of 2,664,504,750,000 Combined total value = 2,664,504,750,000

Strike 105000 has a total call value of 0 versus a total put value of 2,653,665,000,000 Combined total value = 2,653,665,000,000

Strike 105250 has a total call value of 0 versus a total put value of 2,642,825,250,000 Combined total value = 2,642,825,250,000

Strike 105500 has a total call value of 0 versus a total put value of 2,631,985,500,000 Combined total value = 2,631,985,500,000

Strike 105750 has a total call value of 0 versus a total put value of 2,621,145,750,000 Combined total value = 2,621,145,750,000

Strike 106000 has a total call value of 0 versus a total put value of 2,610,306,000,000 Combined total value = 2,610,306,000,000

Strike 106250 has a total call value of 0 versus a total put value of 2,599,466,250,000 Combined total value = 2,599,466,250,000

Strike 106500 has a total call value of 0 versus a total put value of 2,588,626,500,000 Combined total value = 2,588,626,500,000

Strike 106750 has a total call value of 0 versus a total put value of 2,577,786,750,000 Combined total value = 2,577,786,750,000

Strike 107000 has a total call value of 0 versus a total put value of 2,566,947,000,000 Combined total value = 2,566,947,000,000

Strike 107250 has a total call value of 0 versus a total put value of 2,556,107,250,000 Combined total value = 2,556,107,250,000

Strike 107500 has a total call value of 0 versus a total put value of 2,545,267,500,000 Combined total value = 2,545,267,500,000

Strike 107750 has a total call value of 0 versus a total put value of 2,534,427,750,000 Combined total value = 2,534,427,750,000

Strike 108000 has a total call value of 0 versus a total put value of 2,523,588,000,000 Combined total value = 2,523,588,000,000

Strike 108250 has a total call value of 0 versus a total put value of 2,512,748,250,000 Combined total value = 2,512,748,250,000

Strike 108500 has a total call value of 0 versus a total put value of 2,501,908,500,000 Combined total value = 2,501,908,500,000

Strike 108750 has a total call value of 0 versus a total put value of 2,491,068,750,000 Combined total value = 2,491,068,750,000

Strike 109000 has a total call value of 0 versus a total put value of 2,480,229,000,000 Combined total value = 2,480,229,000,000

Strike 109250 has a total call value of 0 versus a total put value of 2,469,389,250,000 Combined total value = 2,469,389,250,000

Strike 109500 has a total call value of 0 versus a total put value of 2,458,549,500,000 Combined total value = 2,458,549,500,000

Strike 109750 has a total call value of 0 versus a total put value of 2,447,709,750,000 Combined total value = 2,447,709,750,000

Strike 110000 has a total call value of 0 versus a total put value of 2,436,870,000,000 Combined total value = 2,436,870,000,000

Strike 110250 has a total call value of 0 versus a total put value of 2,426,030,250,000 Combined total value = 2,426,030,250,000

Strike 110500 has a total call value of 0 versus a total put value of 2,415,190,500,000 Combined total value = 2,415,190,500,000

Strike 110750 has a total call value of 0 versus a total put value of 2,404,350,750,000 Combined total value = 2,404,350,750,000

Strike 111000 has a total call value of 0 versus a total put value of 2,393,511,000,000 Combined total value = 2,393,511,000,000

Strike 111250 has a total call value of 0 versus a total put value of 2,382,671,250,000 Combined total value = 2,382,671,250,000

Strike 111500 has a total call value of 0 versus a total put value of 2,371,831,500,000 Combined total value = 2,371,831,500,000

Strike 111750 has a total call value of 0 versus a total put value of 2,360,991,750,000 Combined total value = 2,360,991,750,000

Strike 112000 has a total call value of 0 versus a total put value of 2,350,152,000,000 Combined total value = 2,350,152,000,000

Strike 112250 has a total call value of 0 versus a total put value of 2,339,312,250,000 Combined total value = 2,339,312,250,000

Strike 112500 has a total call value of 0 versus a total put value of 2,328,472,500,000 Combined total value = 2,328,472,500,000

Strike 112750 has a total call value of 0 versus a total put value of 2,317,632,750,000 Combined total value = 2,317,632,750,000

Strike 113000 has a total call value of 0 versus a total put value of 2,306,793,000,000 Combined total value = 2,306,793,000,000

Strike 113250 has a total call value of 0 versus a total put value of 2,295,953,250,000 Combined total value = 2,295,953,250,000

Strike 113500 has a total call value of 0 versus a total put value of 2,285,113,500,000 Combined total value = 2,285,113,500,000

Strike 113750 has a total call value of 0 versus a total put value of 2,274,273,750,000 Combined total value = 2,274,273,750,000

Strike 114000 has a total call value of 0 versus a total put value of 2,263,434,000,000 Combined total value = 2,263,434,000,000

Strike 114250 has a total call value of 0 versus a total put value of 2,252,594,250,000 Combined total value = 2,252,594,250,000

Strike 114500 has a total call value of 0 versus a total put value of 2,241,754,500,000 Combined total value = 2,241,754,500,000

Strike 114750 has a total call value of 0 versus a total put value of 2,230,914,750,000 Combined total value = 2,230,914,750,000

Strike 115000 has a total call value of 0 versus a total put value of 2,220,075,000,000 Combined total value = 2,220,075,000,000

Strike 115250 has a total call value of 0 versus a total put value of 2,209,235,250,000 Combined total value = 2,209,235,250,000

Strike 115500 has a total call value of 0 versus a total put value of 2,198,395,500,000 Combined total value = 2,198,395,500,000

Strike 115750 has a total call value of 0 versus a total put value of 2,187,555,750,000 Combined total value = 2,187,555,750,000

Strike 116000 has a total call value of 0 versus a total put value of 2,176,716,000,000 Combined total value = 2,176,716,000,000

Strike 116250 has a total call value of 0 versus a total put value of 2,165,876,250,000 Combined total value = 2,165,876,250,000

Strike 116500 has a total call value of 0 versus a total put value of 2,155,036,500,000 Combined total value = 2,155,036,500,000

Strike 116750 has a total call value of 0 versus a total put value of 2,144,196,750,000 Combined total value = 2,144,196,750,000

Strike 117000 has a total call value of 0 versus a total put value of 2,133,357,000,000 Combined total value = 2,133,357,000,000

Strike 117250 has a total call value of 0 versus a total put value of 2,122,517,250,000 Combined total value = 2,122,517,250,000

Strike 117500 has a total call value of 0 versus a total put value of 2,111,677,500,000 Combined total value = 2,111,677,500,000

Strike 117750 has a total call value of 0 versus a total put value of 2,100,837,750,000 Combined total value = 2,100,837,750,000

Strike 118000 has a total call value of 0 versus a total put value of 2,089,998,000,000 Combined total value = 2,089,998,000,000

Strike 118250 has a total call value of 0 versus a total put value of 2,079,158,250,000 Combined total value = 2,079,158,250,000

Strike 118500 has a total call value of 0 versus a total put value of 2,068,318,500,000 Combined total value = 2,068,318,500,000

Strike 118750 has a total call value of 0 versus a total put value of 2,057,478,750,000 Combined total value = 2,057,478,750,000

Strike 119000 has a total call value of 0 versus a total put value of 2,046,639,000,000 Combined total value = 2,046,639,000,000

Strike 119250 has a total call value of 0 versus a total put value of 2,035,799,250,000 Combined total value = 2,035,799,250,000

Strike 119500 has a total call value of 0 versus a total put value of 2,024,959,500,000 Combined total value = 2,024,959,500,000

Strike 119750 has a total call value of 0 versus a total put value of 2,014,119,750,000 Combined total value = 2,014,119,750,000

Strike 120000 has a total call value of 0 versus a total put value of 2,003,280,000,000 Combined total value = 2,003,280,000,000

Strike 120250 has a total call value of 0 versus a total put value of 1,992,442,500,000 Combined total value = 1,992,442,500,000

Strike 120500 has a total call value of 0 versus a total put value of 1,981,605,000,000 Combined total value = 1,981,605,000,000

Strike 120750 has a total call value of 0 versus a total put value of 1,970,767,500,000 Combined total value = 1,970,767,500,000

Strike 121000 has a total call value of 0 versus a total put value of 1,959,930,000,000 Combined total value = 1,959,930,000,000

Strike 121250 has a total call value of 0 versus a total put value of 1,949,092,500,000 Combined total value = 1,949,092,500,000

Strike 121500 has a total call value of 0 versus a total put value of 1,938,255,000,000 Combined total value = 1,938,255,000,000

Strike 121750 has a total call value of 0 versus a total put value of 1,927,417,500,000 Combined total value = 1,927,417,500,000

Strike 122000 has a total call value of 0 versus a total put value of 1,916,580,000,000 Combined total value = 1,916,580,000,000

Strike 122250 has a total call value of 0 versus a total put value of 1,905,742,500,000 Combined total value = 1,905,742,500,000

Strike 122500 has a total call value of 0 versus a total put value of 1,894,905,000,000 Combined total value = 1,894,905,000,000

Strike 122750 has a total call value of 0 versus a total put value of 1,884,067,500,000 Combined total value = 1,884,067,500,000

Strike 123000 has a total call value of 0 versus a total put value of 1,873,230,000,000 Combined total value = 1,873,230,000,000

Strike 123250 has a total call value of 0 versus a total put value of 1,862,392,500,000 Combined total value = 1,862,392,500,000

Strike 123500 has a total call value of 0 versus a total put value of 1,851,555,000,000 Combined total value = 1,851,555,000,000

Strike 123750 has a total call value of 0 versus a total put value of 1,840,717,500,000 Combined total value = 1,840,717,500,000

Strike 124000 has a total call value of 0 versus a total put value of 1,829,880,000,000 Combined total value = 1,829,880,000,000

Strike 124250 has a total call value of 0 versus a total put value of 1,819,043,250,000 Combined total value = 1,819,043,250,000

Strike 124500 has a total call value of 0 versus a total put value of 1,808,206,500,000 Combined total value = 1,808,206,500,000

Strike 124750 has a total call value of 0 versus a total put value of 1,797,369,750,000 Combined total value = 1,797,369,750,000

Strike 125000 has a total call value of 0 versus a total put value of 1,786,533,000,000 Combined total value = 1,786,533,000,000

Strike 125250 has a total call value of 0 versus a total put value of 1,775,748,750,000 Combined total value = 1,775,748,750,000

Strike 125500 has a total call value of 0 versus a total put value of 1,764,964,500,000 Combined total value = 1,764,964,500,000

Strike 125750 has a total call value of 0 versus a total put value of 1,754,180,250,000 Combined total value = 1,754,180,250,000

Strike 126000 has a total call value of 0 versus a total put value of 1,743,396,000,000 Combined total value = 1,743,396,000,000

Strike 126250 has a total call value of 0 versus a total put value of 1,732,611,750,000 Combined total value = 1,732,611,750,000

Strike 126500 has a total call value of 0 versus a total put value of 1,721,827,500,000 Combined total value = 1,721,827,500,000

Strike 126750 has a total call value of 0 versus a total put value of 1,711,043,250,000 Combined total value = 1,711,043,250,000

Strike 127000 has a total call value of 0 versus a total put value of 1,700,259,000,000 Combined total value = 1,700,259,000,000

Strike 127250 has a total call value of 0 versus a total put value of 1,689,474,750,000 Combined total value = 1,689,474,750,000

Strike 127500 has a total call value of 0 versus a total put value of 1,678,690,500,000 Combined total value = 1,678,690,500,000

Strike 127750 has a total call value of 0 versus a total put value of 1,667,906,250,000 Combined total value = 1,667,906,250,000

Strike 128000 has a total call value of 0 versus a total put value of 1,657,122,000,000 Combined total value = 1,657,122,000,000

Strike 128250 has a total call value of 0 versus a total put value of 1,646,337,750,000 Combined total value = 1,646,337,750,000

Strike 128500 has a total call value of 0 versus a total put value of 1,635,553,500,000 Combined total value = 1,635,553,500,000

Strike 128750 has a total call value of 0 versus a total put value of 1,624,769,250,000 Combined total value = 1,624,769,250,000

Strike 129000 has a total call value of 0 versus a total put value of 1,613,985,000,000 Combined total value = 1,613,985,000,000

Strike 129250 has a total call value of 0 versus a total put value of 1,603,200,750,000 Combined total value = 1,603,200,750,000

Strike 129500 has a total call value of 0 versus a total put value of 1,592,416,500,000 Combined total value = 1,592,416,500,000

Strike 129750 has a total call value of 0 versus a total put value of 1,581,632,250,000 Combined total value = 1,581,632,250,000

Strike 130000 has a total call value of 0 versus a total put value of 1,570,848,000,000 Combined total value = 1,570,848,000,000

Strike 130250 has a total call value of 0 versus a total put value of 1,560,333,750,000 Combined total value = 1,560,333,750,000

Strike 130500 has a total call value of 0 versus a total put value of 1,549,819,500,000 Combined total value = 1,549,819,500,000

Strike 130750 has a total call value of 0 versus a total put value of 1,539,305,250,000 Combined total value = 1,539,305,250,000

Strike 131000 has a total call value of 0 versus a total put value of 1,528,791,000,000 Combined total value = 1,528,791,000,000

Strike 131250 has a total call value of 0 versus a total put value of 1,518,276,750,000 Combined total value = 1,518,276,750,000

Strike 131500 has a total call value of 0 versus a total put value of 1,507,762,500,000 Combined total value = 1,507,762,500,000

Strike 131750 has a total call value of 0 versus a total put value of 1,497,248,250,000 Combined total value = 1,497,248,250,000

Strike 132000 has a total call value of 0 versus a total put value of 1,486,734,000,000 Combined total value = 1,486,734,000,000

Strike 132250 has a total call value of 0 versus a total put value of 1,476,219,750,000 Combined total value = 1,476,219,750,000

Strike 132500 has a total call value of 0 versus a total put value of 1,465,705,500,000 Combined total value = 1,465,705,500,000

Strike 132750 has a total call value of 0 versus a total put value of 1,455,191,250,000 Combined total value = 1,455,191,250,000

Strike 133000 has a total call value of 0 versus a total put value of 1,444,677,000,000 Combined total value = 1,444,677,000,000

Strike 133250 has a total call value of 0 versus a total put value of 1,434,162,750,000 Combined total value = 1,434,162,750,000

Strike 133500 has a total call value of 0 versus a total put value of 1,423,648,500,000 Combined total value = 1,423,648,500,000

Strike 133750 has a total call value of 0 versus a total put value of 1,413,134,250,000 Combined total value = 1,413,134,250,000

Strike 134000 has a total call value of 0 versus a total put value of 1,402,620,000,000 Combined total value = 1,402,620,000,000

Strike 134250 has a total call value of 0 versus a total put value of 1,392,105,750,000 Combined total value = 1,392,105,750,000

Strike 134500 has a total call value of 0 versus a total put value of 1,381,591,500,000 Combined total value = 1,381,591,500,000

Strike 134750 has a total call value of 0 versus a total put value of 1,371,077,250,000 Combined total value = 1,371,077,250,000

Strike 135000 has a total call value of 0 versus a total put value of 1,360,563,000,000 Combined total value = 1,360,563,000,000

Strike 135250 has a total call value of 17,250,000 versus a total put value of 1,350,246,750,000 Combined total value = 1,350,264,000,000

Strike 135500 has a total call value of 34,500,000 versus a total put value of 1,339,930,500,000 Combined total value = 1,339,965,000,000

Strike 135750 has a total call value of 51,750,000 versus a total put value of 1,329,614,250,000 Combined total value = 1,329,666,000,000

Strike 136000 has a total call value of 69,000,000 versus a total put value of 1,319,298,000,000 Combined total value = 1,319,367,000,000

Strike 136250 has a total call value of 86,250,000 versus a total put value of 1,308,981,750,000 Combined total value = 1,309,068,000,000

Strike 136500 has a total call value of 103,500,000 versus a total put value of 1,298,665,500,000 Combined total value = 1,298,769,000,000

Strike 136750 has a total call value of 120,750,000 versus a total put value of 1,288,349,250,000 Combined total value = 1,288,470,000,000

Strike 137000 has a total call value of 138,000,000 versus a total put value of 1,278,033,000,000 Combined total value = 1,278,171,000,000

Strike 137250 has a total call value of 155,250,000 versus a total put value of 1,267,716,750,000 Combined total value = 1,267,872,000,000

Strike 137500 has a total call value of 172,500,000 versus a total put value of 1,257,400,500,000 Combined total value = 1,257,573,000,000

Strike 137750 has a total call value of 189,750,000 versus a total put value of 1,247,084,250,000 Combined total value = 1,247,274,000,000

Strike 138000 has a total call value of 207,000,000 versus a total put value of 1,236,768,000,000 Combined total value = 1,236,975,000,000

Strike 138250 has a total call value of 224,250,000 versus a total put value of 1,226,452,500,000 Combined total value = 1,226,676,750,000

Strike 138500 has a total call value of 241,500,000 versus a total put value of 1,216,137,000,000 Combined total value = 1,216,378,500,000

Strike 138750 has a total call value of 258,750,000 versus a total put value of 1,205,821,500,000 Combined total value = 1,206,080,250,000

Strike 139000 has a total call value of 276,000,000 versus a total put value of 1,195,506,000,000 Combined total value = 1,195,782,000,000

Strike 139250 has a total call value of 293,250,000 versus a total put value of 1,185,190,500,000 Combined total value = 1,185,483,750,000

Strike 139500 has a total call value of 310,500,000 versus a total put value of 1,174,875,000,000 Combined total value = 1,175,185,500,000

Strike 139750 has a total call value of 327,750,000 versus a total put value of 1,164,559,500,000 Combined total value = 1,164,887,250,000

Strike 140000 has a total call value of 345,000,000 versus a total put value of 1,154,244,000,000 Combined total value = 1,154,589,000,000

Strike 140250 has a total call value of 371,250,000 versus a total put value of 1,144,533,750,000 Combined total value = 1,144,905,000,000

Strike 140500 has a total call value of 397,500,000 versus a total put value of 1,134,823,500,000 Combined total value = 1,135,221,000,000

Strike 140750 has a total call value of 423,750,000 versus a total put value of 1,125,113,250,000 Combined total value = 1,125,537,000,000

Strike 141000 has a total call value of 450,000,000 versus a total put value of 1,115,403,000,000 Combined total value = 1,115,853,000,000

Strike 141250 has a total call value of 476,250,000 versus a total put value of 1,105,692,750,000 Combined total value = 1,106,169,000,000

Strike 141500 has a total call value of 502,500,000 versus a total put value of 1,095,982,500,000 Combined total value = 1,096,485,000,000

Strike 141750 has a total call value of 528,750,000 versus a total put value of 1,086,272,250,000 Combined total value = 1,086,801,000,000

Strike 142000 has a total call value of 555,000,000 versus a total put value of 1,076,562,000,000 Combined total value = 1,077,117,000,000

Strike 142250 has a total call value of 581,250,000 versus a total put value of 1,066,851,750,000 Combined total value = 1,067,433,000,000

Strike 142500 has a total call value of 607,500,000 versus a total put value of 1,057,141,500,000 Combined total value = 1,057,749,000,000

Strike 142750 has a total call value of 633,750,000 versus a total put value of 1,047,431,250,000 Combined total value = 1,048,065,000,000

Strike 143000 has a total call value of 660,000,000 versus a total put value of 1,037,721,000,000 Combined total value = 1,038,381,000,000

Strike 143250 has a total call value of 686,250,000 versus a total put value of 1,028,011,500,000 Combined total value = 1,028,697,750,000

Strike 143500 has a total call value of 712,500,000 versus a total put value of 1,018,302,000,000 Combined total value = 1,019,014,500,000

Strike 143750 has a total call value of 739,500,000 versus a total put value of 1,008,592,500,000 Combined total value = 1,009,332,000,000

Strike 144000 has a total call value of 766,500,000 versus a total put value of 998,883,000,000 Combined total value = 999,649,500,000

Strike 144250 has a total call value of 793,500,000 versus a total put value of 989,173,500,000 Combined total value = 989,967,000,000

Strike 144500 has a total call value of 820,500,000 versus a total put value of 979,464,000,000 Combined total value = 980,284,500,000

Strike 144750 has a total call value of 847,500,000 versus a total put value of 969,754,500,000 Combined total value = 970,602,000,000

Strike 145000 has a total call value of 874,500,000 versus a total put value of 960,045,000,000 Combined total value = 960,919,500,000

Strike 145250 has a total call value of 909,000,000 versus a total put value of 950,745,000,000 Combined total value = 951,654,000,000

Strike 145500 has a total call value of 943,500,000 versus a total put value of 941,445,000,000 Combined total value = 942,388,500,000

Strike 145750 has a total call value of 983,250,000 versus a total put value of 932,145,000,000 Combined total value = 933,128,250,000

Strike 146000 has a total call value of 1,023,000,000 versus a total put value of 922,845,000,000 Combined total value = 923,868,000,000

Strike 146250 has a total call value of 1,062,750,000 versus a total put value of 913,546,500,000 Combined total value = 914,609,250,000

Strike 146500 has a total call value of 1,102,500,000 versus a total put value of 904,248,000,000 Combined total value = 905,350,500,000

Strike 146750 has a total call value of 1,142,250,000 versus a total put value of 894,949,500,000 Combined total value = 896,091,750,000

Strike 147000 has a total call value of 1,182,000,000 versus a total put value of 885,651,750,000 Combined total value = 886,833,750,000

Strike 147250 has a total call value of 1,221,750,000 versus a total put value of 876,354,000,000 Combined total value = 877,575,750,000

Strike 147500 has a total call value of 1,261,500,000 versus a total put value of 867,056,250,000 Combined total value = 868,317,750,000

Strike 147750 has a total call value of 1,301,250,000 versus a total put value of 857,758,500,000 Combined total value = 859,059,750,000

Strike 148000 has a total call value of 1,341,000,000 versus a total put value of 848,460,750,000 Combined total value = 849,801,750,000

Strike 148250 has a total call value of 1,383,750,000 versus a total put value of 839,163,000,000 Combined total value = 840,546,750,000

Strike 148500 has a total call value of 1,426,500,000 versus a total put value of 829,865,250,000 Combined total value = 831,291,750,000

Strike 148750 has a total call value of 1,469,250,000 versus a total put value of 820,567,500,000 Combined total value = 822,036,750,000

Strike 149000 has a total call value of 1,512,000,000 versus a total put value of 811,269,750,000 Combined total value = 812,781,750,000

Strike 149250 has a total call value of 1,554,750,000 versus a total put value of 801,972,750,000 Combined total value = 803,527,500,000

Strike 149500 has a total call value of 1,597,500,000 versus a total put value of 792,675,750,000 Combined total value = 794,273,250,000

Strike 149750 has a total call value of 1,640,250,000 versus a total put value of 783,378,750,000 Combined total value = 785,019,000,000

Strike 150000 has a total call value of 1,683,000,000 versus a total put value of 774,081,750,000 Combined total value = 775,764,750,000

Strike 150250 has a total call value of 1,798,500,000 versus a total put value of 765,939,750,000 Combined total value = 767,738,250,000

Strike 150500 has a total call value of 1,914,000,000 versus a total put value of 757,797,750,000 Combined total value = 759,711,750,000

Strike 150750 has a total call value of 2,029,500,000 versus a total put value of 749,655,750,000 Combined total value = 751,685,250,000

Strike 151000 has a total call value of 2,145,000,000 versus a total put value of 741,513,750,000 Combined total value = 743,658,750,000

Strike 151250 has a total call value of 2,260,500,000 versus a total put value of 733,479,750,000 Combined total value = 735,740,250,000

Strike 151500 has a total call value of 2,376,000,000 versus a total put value of 725,445,750,000 Combined total value = 727,821,750,000

Strike 151750 has a total call value of 2,491,500,000 versus a total put value of 717,411,750,000 Combined total value = 719,903,250,000

Strike 152000 has a total call value of 2,607,750,000 versus a total put value of 709,377,750,000 Combined total value = 711,985,500,000

Strike 152250 has a total call value of 2,730,000,000 versus a total put value of 701,442,000,000 Combined total value = 704,172,000,000

Strike 152500 has a total call value of 2,853,000,000 versus a total put value of 693,506,250,000 Combined total value = 696,359,250,000

Strike 152750 has a total call value of 2,976,000,000 versus a total put value of 685,570,500,000 Combined total value = 688,546,500,000

Strike 153000 has a total call value of 3,099,750,000 versus a total put value of 677,634,750,000 Combined total value = 680,734,500,000

Strike 153250 has a total call value of 3,226,500,000 versus a total put value of 669,790,500,000 Combined total value = 673,017,000,000

Strike 153500 has a total call value of 3,353,250,000 versus a total put value of 661,946,250,000 Combined total value = 665,299,500,000

Strike 153750 has a total call value of 3,480,000,000 versus a total put value of 654,102,000,000 Combined total value = 657,582,000,000

Strike 154000 has a total call value of 3,606,750,000 versus a total put value of 646,257,750,000 Combined total value = 649,864,500,000

Strike 154250 has a total call value of 3,740,250,000 versus a total put value of 638,511,750,000 Combined total value = 642,252,000,000

Strike 154500 has a total call value of 3,873,750,000 versus a total put value of 630,765,750,000 Combined total value = 634,639,500,000

Strike 154750 has a total call value of 4,009,500,000 versus a total put value of 623,019,750,000 Combined total value = 627,029,250,000

Strike 155000 has a total call value of 4,145,250,000 versus a total put value of 615,274,500,000 Combined total value = 619,419,750,000

Strike 155250 has a total call value of 4,336,500,000 versus a total put value of 607,947,000,000 Combined total value = 612,283,500,000

Strike 155500 has a total call value of 4,527,750,000 versus a total put value of 600,619,500,000 Combined total value = 605,147,250,000

Strike 155750 has a total call value of 4,719,000,000 versus a total put value of 593,292,000,000 Combined total value = 598,011,000,000

Strike 156000 has a total call value of 4,910,250,000 versus a total put value of 585,964,500,000 Combined total value = 590,874,750,000

Strike 156250 has a total call value of 5,106,750,000 versus a total put value of 578,752,500,000 Combined total value = 583,859,250,000

Strike 156500 has a total call value of 5,303,250,000 versus a total put value of 571,540,500,000 Combined total value = 576,843,750,000

Strike 156750 has a total call value of 5,499,750,000 versus a total put value of 564,328,500,000 Combined total value = 569,828,250,000

Strike 157000 has a total call value of 5,696,250,000 versus a total put value of 557,116,500,000 Combined total value = 562,812,750,000

Strike 157250 has a total call value of 5,893,500,000 versus a total put value of 549,980,250,000 Combined total value = 555,873,750,000

Strike 157500 has a total call value of 6,090,750,000 versus a total put value of 542,844,000,000 Combined total value = 548,934,750,000

Strike 157750 has a total call value of 6,288,000,000 versus a total put value of 535,707,750,000 Combined total value = 541,995,750,000

Strike 158000 has a total call value of 6,485,250,000 versus a total put value of 528,571,500,000 Combined total value = 535,056,750,000

Strike 158250 has a total call value of 6,687,750,000 versus a total put value of 521,516,250,000 Combined total value = 528,204,000,000

Strike 158500 has a total call value of 6,890,250,000 versus a total put value of 514,461,000,000 Combined total value = 521,351,250,000

Strike 158750 has a total call value of 7,092,750,000 versus a total put value of 507,405,750,000 Combined total value = 514,498,500,000

Strike 159000 has a total call value of 7,295,250,000 versus a total put value of 500,350,500,000 Combined total value = 507,645,750,000

Strike 159250 has a total call value of 7,506,000,000 versus a total put value of 493,392,750,000 Combined total value = 500,898,750,000

Strike 159500 has a total call value of 7,716,750,000 versus a total put value of 486,435,000,000 Combined total value = 494,151,750,000

Strike 159750 has a total call value of 7,927,500,000 versus a total put value of 479,477,250,000 Combined total value = 487,404,750,000

Strike 160000 has a total call value of 8,138,250,000 versus a total put value of 472,519,500,000 Combined total value = 480,657,750,000

Strike 160250 has a total call value of 8,604,750,000 versus a total put value of 466,326,000,000 Combined total value = 474,930,750,000

Strike 160500 has a total call value of 9,071,250,000 versus a total put value of 460,132,500,000 Combined total value = 469,203,750,000

Strike 160750 has a total call value of 9,537,750,000 versus a total put value of 453,939,000,000 Combined total value = 463,476,750,000

Strike 161000 has a total call value of 10,004,250,000 versus a total put value of 447,745,500,000 Combined total value = 457,749,750,000

Strike 161250 has a total call value of 10,476,000,000 versus a total put value of 441,639,750,000 Combined total value = 452,115,750,000

Strike 161500 has a total call value of 10,947,750,000 versus a total put value of 435,534,000,000 Combined total value = 446,481,750,000

Strike 161750 has a total call value of 11,421,000,000 versus a total put value of 429,428,250,000 Combined total value = 440,849,250,000

Strike 162000 has a total call value of 11,894,250,000 versus a total put value of 423,323,250,000 Combined total value = 435,217,500,000

Strike 162250 has a total call value of 12,378,750,000 versus a total put value of 417,330,750,000 Combined total value = 429,709,500,000

Strike 162500 has a total call value of 12,863,250,000 versus a total put value of 411,338,250,000 Combined total value = 424,201,500,000

Strike 162750 has a total call value of 13,347,750,000 versus a total put value of 405,345,750,000 Combined total value = 418,693,500,000

Strike 163000 has a total call value of 13,832,250,000 versus a total put value of 399,353,250,000 Combined total value = 413,185,500,000

Strike 163250 has a total call value of 14,329,500,000 versus a total put value of 393,425,250,000 Combined total value = 407,754,750,000

Strike 163500 has a total call value of 14,826,750,000 versus a total put value of 387,497,250,000 Combined total value = 402,324,000,000

Strike 163750 has a total call value of 15,324,000,000 versus a total put value of 381,569,250,000 Combined total value = 396,893,250,000

Strike 164000 has a total call value of 15,821,250,000 versus a total put value of 375,641,250,000 Combined total value = 391,462,500,000

Strike 164250 has a total call value of 16,360,500,000 versus a total put value of 369,774,750,000 Combined total value = 386,135,250,000

Strike 164500 has a total call value of 16,901,250,000 versus a total put value of 363,909,000,000 Combined total value = 380,810,250,000

Strike 164750 has a total call value of 17,442,000,000 versus a total put value of 358,043,250,000 Combined total value = 375,485,250,000

Strike 165000 has a total call value of 17,982,750,000 versus a total put value of 352,177,500,000 Combined total value = 370,160,250,000

Strike 165250 has a total call value of 18,617,250,000 versus a total put value of 346,862,250,000 Combined total value = 365,479,500,000

Strike 165500 has a total call value of 19,252,500,000 versus a total put value of 341,547,000,000 Combined total value = 360,799,500,000

Strike 165750 has a total call value of 19,887,750,000 versus a total put value of 336,231,750,000 Combined total value = 356,119,500,000

Strike 166000 has a total call value of 20,524,500,000 versus a total put value of 330,916,500,000 Combined total value = 351,441,000,000

Strike 166250 has a total call value of 21,171,750,000 versus a total put value of 325,650,750,000 Combined total value = 346,822,500,000

Strike 166500 has a total call value of 21,819,000,000 versus a total put value of 320,385,000,000 Combined total value = 342,204,000,000

Strike 166750 has a total call value of 22,466,250,000 versus a total put value of 315,119,250,000 Combined total value = 337,585,500,000

Strike 167000 has a total call value of 23,113,500,000 versus a total put value of 309,853,500,000 Combined total value = 332,967,000,000

Strike 167250 has a total call value of 23,781,750,000 versus a total put value of 304,635,750,000 Combined total value = 328,417,500,000

Strike 167500 has a total call value of 24,450,000,000 versus a total put value of 299,418,000,000 Combined total value = 323,868,000,000

Strike 167750 has a total call value of 25,118,250,000 versus a total put value of 294,200,250,000 Combined total value = 319,318,500,000

Strike 168000 has a total call value of 25,786,500,000 versus a total put value of 288,982,500,000 Combined total value = 314,769,000,000

Strike 168250 has a total call value of 26,470,500,000 versus a total put value of 283,822,500,000 Combined total value = 310,293,000,000

Strike 168500 has a total call value of 27,154,500,000 versus a total put value of 278,662,500,000 Combined total value = 305,817,000,000

Strike 168750 has a total call value of 27,839,250,000 versus a total put value of 273,502,500,000 Combined total value = 301,341,750,000

Strike 169000 has a total call value of 28,524,000,000 versus a total put value of 268,342,500,000 Combined total value = 296,866,500,000

Strike 169250 has a total call value of 29,223,000,000 versus a total put value of 263,199,000,000 Combined total value = 292,422,000,000

Strike 169500 has a total call value of 29,922,000,000 versus a total put value of 258,055,500,000 Combined total value = 287,977,500,000

Strike 169750 has a total call value of 30,624,750,000 versus a total put value of 252,912,000,000 Combined total value = 283,536,750,000

Strike 170000 has a total call value of 31,327,500,000 versus a total put value of 247,768,500,000 Combined total value = 279,096,000,000

Strike 170250 has a total call value of 32,288,250,000 versus a total put value of 243,472,500,000 Combined total value = 275,760,750,000

Strike 170500 has a total call value of 33,249,000,000 versus a total put value of 239,176,500,000 Combined total value = 272,425,500,000

Strike 170750 has a total call value of 34,209,750,000 versus a total put value of 234,880,500,000 Combined total value = 269,090,250,000

Strike 171000 has a total call value of 35,170,500,000 versus a total put value of 230,584,500,000 Combined total value = 265,755,000,000

Strike 171250 has a total call value of 36,144,000,000 versus a total put value of 226,298,250,000 Combined total value = 262,442,250,000

Strike 171500 has a total call value of 37,117,500,000 versus a total put value of 222,012,000,000 Combined total value = 259,129,500,000

Strike 171750 has a total call value of 38,091,000,000 versus a total put value of 217,725,750,000 Combined total value = 255,816,750,000

Strike 172000 has a total call value of 39,064,500,000 versus a total put value of 213,439,500,000 Combined total value = 252,504,000,000

Strike 172250 has a total call value of 40,044,000,000 versus a total put value of 209,183,250,000 Combined total value = 249,227,250,000

Strike 172500 has a total call value of 41,023,500,000 versus a total put value of 204,927,000,000 Combined total value = 245,950,500,000

Strike 172750 has a total call value of 42,005,250,000 versus a total put value of 200,670,750,000 Combined total value = 242,676,000,000

Strike 173000 has a total call value of 42,989,250,000 versus a total put value of 196,414,500,000 Combined total value = 239,403,750,000

Strike 173250 has a total call value of 43,982,250,000 versus a total put value of 192,196,500,000 Combined total value = 236,178,750,000

Strike 173500 has a total call value of 44,975,250,000 versus a total put value of 187,978,500,000 Combined total value = 232,953,750,000

Strike 173750 has a total call value of 45,968,250,000 versus a total put value of 183,760,500,000 Combined total value = 229,728,750,000

Strike 174000 has a total call value of 46,961,250,000 versus a total put value of 179,542,500,000 Combined total value = 226,503,750,000

Strike 174250 has a total call value of 47,963,250,000 versus a total put value of 175,368,000,000 Combined total value = 223,331,250,000

Strike 174500 has a total call value of 48,965,250,000 versus a total put value of 171,193,500,000 Combined total value = 220,158,750,000

Strike 174750 has a total call value of 49,967,250,000 versus a total put value of 167,019,000,000 Combined total value = 216,986,250,000

Strike 175000 has a total call value of 50,969,250,000 versus a total put value of 162,844,500,000 Combined total value = 213,813,750,000

Strike 175250 has a total call value of 52,144,500,000 versus a total put value of 159,276,750,000 Combined total value = 211,421,250,000

Strike 175500 has a total call value of 53,319,750,000 versus a total put value of 155,709,000,000 Combined total value = 209,028,750,000

Strike 175750 has a total call value of 54,495,000,000 versus a total put value of 152,142,000,000 Combined total value = 206,637,000,000

Strike 176000 has a total call value of 55,671,000,000 versus a total put value of 148,578,000,000 Combined total value = 204,249,000,000

Strike 176250 has a total call value of 56,870,250,000 versus a total put value of 145,042,500,000 Combined total value = 201,912,750,000

Strike 176500 has a total call value of 58,069,500,000 versus a total put value of 141,507,000,000 Combined total value = 199,576,500,000

Strike 176750 has a total call value of 59,268,750,000 versus a total put value of 137,971,500,000 Combined total value = 197,240,250,000

Strike 177000 has a total call value of 60,468,000,000 versus a total put value of 134,436,000,000 Combined total value = 194,904,000,000

Strike 177250 has a total call value of 61,686,000,000 versus a total put value of 130,966,500,000 Combined total value = 192,652,500,000

Strike 177500 has a total call value of 62,904,000,000 versus a total put value of 127,497,000,000 Combined total value = 190,401,000,000

Strike 177750 has a total call value of 64,122,000,000 versus a total put value of 124,027,500,000 Combined total value = 188,149,500,000

Strike 178000 has a total call value of 65,340,000,000 versus a total put value of 120,558,000,000 Combined total value = 185,898,000,000

Strike 178250 has a total call value of 66,592,500,000 versus a total put value of 117,177,750,000 Combined total value = 183,770,250,000

Strike 178500 has a total call value of 67,845,000,000 versus a total put value of 113,797,500,000 Combined total value = 181,642,500,000

Strike 178750 has a total call value of 69,099,750,000 versus a total put value of 110,417,250,000 Combined total value = 179,517,000,000

Strike 179000 has a total call value of 70,354,500,000 versus a total put value of 107,037,000,000 Combined total value = 177,391,500,000

Strike 179250 has a total call value of 71,725,500,000 versus a total put value of 103,734,000,000 Combined total value = 175,459,500,000

Strike 179500 has a total call value of 73,096,500,000 versus a total put value of 100,431,000,000 Combined total value = 173,527,500,000

Strike 179750 has a total call value of 74,467,500,000 versus a total put value of 97,128,000,000 Combined total value = 171,595,500,000

Strike 180000 has a total call value of 75,838,500,000 versus a total put value of 93,825,000,000 Combined total value = 169,663,500,000

Strike 180250 has a total call value of 77,350,500,000 versus a total put value of 91,352,250,000 Combined total value = 168,702,750,000

Strike 180500 has a total call value of 78,862,500,000 versus a total put value of 88,879,500,000 Combined total value = 167,742,000,000

Strike 180750 has a total call value of 80,374,500,000 versus a total put value of 86,406,750,000 Combined total value = 166,781,250,000

Strike 181000 has a total call value of 81,886,500,000 versus a total put value of 83,934,000,000 Combined total value = 165,820,500,000

Strike 181250 has a total call value of 83,425,500,000 versus a total put value of 81,486,750,000 Combined total value = 164,912,250,000

Strike 181500 has a total call value of 84,964,500,000 versus a total put value of 79,039,500,000 Combined total value = 164,004,000,000

Strike 181750 has a total call value of 86,503,500,000 versus a total put value of 76,592,250,000 Combined total value = 163,095,750,000

Strike 182000 has a total call value of 88,042,500,000 versus a total put value of 74,145,000,000 Combined total value = 162,187,500,000

Strike 182250 has a total call value of 89,684,250,000 versus a total put value of 71,784,750,000 Combined total value = 161,469,000,000

Strike 182500 has a total call value of 91,326,000,000 versus a total put value of 69,424,500,000 Combined total value = 160,750,500,000

Strike 182750 has a total call value of 92,968,500,000 versus a total put value of 67,064,250,000 Combined total value = 160,032,750,000

Strike 183000 has a total call value of 94,611,000,000 versus a total put value of 64,704,000,000 Combined total value = 159,315,000,000

Strike 183250 has a total call value of 96,351,750,000 versus a total put value of 62,425,500,000 Combined total value = 158,777,250,000

Strike 183500 has a total call value of 98,092,500,000 versus a total put value of 60,147,000,000 Combined total value = 158,239,500,000

Strike 183750 has a total call value of 99,833,250,000 versus a total put value of 57,868,500,000 Combined total value = 157,701,750,000

Strike 184000 has a total call value of 101,574,000,000 versus a total put value of 55,590,000,000 Combined total value = 157,164,000,000

Strike 184250 has a total call value of 103,346,250,000 versus a total put value of 53,361,000,000 Combined total value = 156,707,250,000

Strike 184500 has a total call value of 105,118,500,000 versus a total put value of 51,132,000,000 Combined total value = 156,250,500,000

Strike 184750 has a total call value of 106,890,750,000 versus a total put value of 48,903,000,000 Combined total value = 155,793,750,000

Strike 185000 has a total call value of 108,663,000,000 versus a total put value of 46,674,000,000 Combined total value = 155,337,000,000

Strike 185250 has a total call value of 110,622,000,000 versus a total put value of 45,003,000,000 Combined total value = 155,625,000,000

Strike 185500 has a total call value of 112,581,000,000 versus a total put value of 43,332,000,000 Combined total value = 155,913,000,000

Strike 185750 has a total call value of 114,540,000,000 versus a total put value of 41,661,000,000 Combined total value = 156,201,000,000

Strike 186000 has a total call value of 116,499,000,000 versus a total put value of 39,990,000,000 Combined total value = 156,489,000,000

Strike 186250 has a total call value of 118,466,250,000 versus a total put value of 38,357,250,000 Combined total value = 156,823,500,000

Strike 186500 has a total call value of 120,433,500,000 versus a total put value of 36,724,500,000 Combined total value = 157,158,000,000

Strike 186750 has a total call value of 122,400,750,000 versus a total put value of 35,092,500,000 Combined total value = 157,493,250,000

Strike 187000 has a total call value of 124,368,000,000 versus a total put value of 33,460,500,000 Combined total value = 157,828,500,000

Strike 187250 has a total call value of 126,351,000,000 versus a total put value of 31,862,250,000 Combined total value = 158,213,250,000

Strike 187500 has a total call value of 128,334,000,000 versus a total put value of 30,264,000,000 Combined total value = 158,598,000,000

Strike 187750 has a total call value of 130,317,000,000 versus a total put value of 28,665,750,000 Combined total value = 158,982,750,000

Strike 188000 has a total call value of 132,300,000,000 versus a total put value of 27,067,500,000 Combined total value = 159,367,500,000

Strike 188250 has a total call value of 134,314,500,000 versus a total put value of 25,542,000,000 Combined total value = 159,856,500,000

Strike 188500 has a total call value of 136,329,000,000 versus a total put value of 24,016,500,000 Combined total value = 160,345,500,000

Strike 188750 has a total call value of 138,343,500,000 versus a total put value of 22,491,000,000 Combined total value = 160,834,500,000

Strike 189000 has a total call value of 140,358,000,000 versus a total put value of 20,965,500,000 Combined total value = 161,323,500,000

Strike 189250 has a total call value of 142,394,250,000 versus a total put value of 19,535,250,000 Combined total value = 161,929,500,000

Strike 189500 has a total call value of 144,430,500,000 versus a total put value of 18,105,000,000 Combined total value = 162,535,500,000

Strike 189750 has a total call value of 146,466,750,000 versus a total put value of 16,674,750,000 Combined total value = 163,141,500,000

Strike 190000 has a total call value of 148,503,000,000 versus a total put value of 15,244,500,000 Combined total value = 163,747,500,000

Strike 190250 has a total call value of 150,858,000,000 versus a total put value of 14,469,750,000 Combined total value = 165,327,750,000

Strike 190500 has a total call value of 153,213,000,000 versus a total put value of 13,695,000,000 Combined total value = 166,908,000,000

Strike 190750 has a total call value of 155,568,000,000 versus a total put value of 12,920,250,000 Combined total value = 168,488,250,000

Strike 191000 has a total call value of 157,923,000,000 versus a total put value of 12,145,500,000 Combined total value = 170,068,500,000

Strike 191250 has a total call value of 160,313,250,000 versus a total put value of 11,413,500,000 Combined total value = 171,726,750,000

Strike 191500 has a total call value of 162,703,500,000 versus a total put value of 10,681,500,000 Combined total value = 173,385,000,000

Strike 191750 has a total call value of 165,093,750,000 versus a total put value of 9,949,500,000 Combined total value = 175,043,250,000

Strike 192000 has a total call value of 167,484,000,000 versus a total put value of 9,217,500,000 Combined total value = 176,701,500,000

Strike 192250 has a total call value of 170,139,000,000 versus a total put value of 8,550,000,000 Combined total value = 178,689,000,000

Strike 192500 has a total call value of 172,794,000,000 versus a total put value of 7,882,500,000 Combined total value = 180,676,500,000

Strike 192750 has a total call value of 175,449,000,000 versus a total put value of 7,215,000,000 Combined total value = 182,664,000,000

Strike 193000 has a total call value of 178,104,000,000 versus a total put value of 6,547,500,000 Combined total value = 184,651,500,000

Strike 193250 has a total call value of 180,917,250,000 versus a total put value of 5,952,750,000 Combined total value = 186,870,000,000

Strike 193500 has a total call value of 183,730,500,000 versus a total put value of 5,358,000,000 Combined total value = 189,088,500,000

Strike 193750 has a total call value of 186,545,250,000 versus a total put value of 4,763,250,000 Combined total value = 191,308,500,000

Strike 194000 has a total call value of 189,360,000,000 versus a total put value of 4,168,500,000 Combined total value = 193,528,500,000

Strike 194250 has a total call value of 192,240,000,000 versus a total put value of 3,639,000,000 Combined total value = 195,879,000,000

Strike 194500 has a total call value of 195,120,000,000 versus a total put value of 3,109,500,000 Combined total value = 198,229,500,000

Strike 194750 has a total call value of 198,000,000,000 versus a total put value of 2,580,000,000 Combined total value = 200,580,000,000

Strike 195000 has a total call value of 200,880,000,000 versus a total put value of 2,050,500,000 Combined total value = 202,930,500,000

Strike 195250 has a total call value of 204,326,250,000 versus a total put value of 1,824,000,000 Combined total value = 206,150,250,000

Strike 195500 has a total call value of 207,772,500,000 versus a total put value of 1,597,500,000 Combined total value = 209,370,000,000

Strike 195750 has a total call value of 211,218,750,000 versus a total put value of 1,371,000,000 Combined total value = 212,589,750,000

Strike 196000 has a total call value of 214,665,000,000 versus a total put value of 1,144,500,000 Combined total value = 215,809,500,000

Strike 196250 has a total call value of 218,163,000,000 versus a total put value of 965,250,000 Combined total value = 219,128,250,000

Strike 196500 has a total call value of 221,661,000,000 versus a total put value of 786,000,000 Combined total value = 222,447,000,000

Strike 196750 has a total call value of 225,159,000,000 versus a total put value of 606,750,000 Combined total value = 225,765,750,000

Strike 197000 has a total call value of 228,657,000,000 versus a total put value of 427,500,000 Combined total value = 229,084,500,000

Strike 197250 has a total call value of 232,293,000,000 versus a total put value of 321,000,000 Combined total value = 232,614,000,000

Strike 197500 has a total call value of 235,929,000,000 versus a total put value of 214,500,000 Combined total value = 236,143,500,000

Strike 197750 has a total call value of 239,565,000,000 versus a total put value of 108,000,000 Combined total value = 239,673,000,000

Strike 198000 has a total call value of 243,201,000,000 versus a total put value of 1,500,000 Combined total value = 243,202,500,000

Strike 198250 has a total call value of 247,223,250,000 versus a total put value of 0 Combined total value = 247,223,250,000

Strike 198500 has a total call value of 251,246,250,000 versus a total put value of 0 Combined total value = 251,246,250,000

Strike 198750 has a total call value of 255,276,750,000 versus a total put value of 0 Combined total value = 255,276,750,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1144.7	1140
ABB	5285	5200
ABCAPITAL	351.8	350
ADANIENSOL	1016.45	990
ADANIENT	2278.9	2300
ADANIGREEN	1047.6	1040
ADANIPORTS	1512.6	1500
ALKEM	5624.5	5700
AMBER	6801.5	6800
AMBUJACEM	553.45	550
ANGELONE	2582.5	2600
APLAPOLLO	1739.1	1740
APOLLOHOSP	7086.5	7200
ASHOKLEY	166.82	160
ASIANPAINT	2780.2	2800
ASTRAL	1430.6	1440
AUBANK	979.05	960
AUROPHARMA	1186.3	1200
AXISBANK	1284.8	1280
BAJAJ-AUTO	8940	9000
BAJAJFINSV	2070.5	2060
BAJFINANCE	1012.7	1020
BANDHANBNK	151.79	150
BANKBARODA	285.1	290
BANKINDIA	141.77	142
BDL	1402.6	1440
BEL	390.75	400
BHARATFORG	1414.1	1400
BHARTIARTL	2069.7	2100
BHEL	282.6	282.5
BIOCON	390.65	390
BLUESTARCO	1806.2	1780
BOSCHLTD	36400	36500
BPCL	367	365
BRITANNIA	6038	5950
BSE	2648.9	2750
CAMS	755.2	770
CANBK	148.29	148
CDSL	1517.6	1560
CGPOWER	670.15	680
CHOLAFIN	1733.7	1700
CIPLA	1508	1520
COALINDIA	384.45	382.25
COFORGE	1870	1840
COLPAL	2164.4	2180
CONCOR	502.75	510
CROMPTON	253.05	265
CUMMINSIND	4539.9	4500
CYIENT	1158	1160
DABUR	497.2	505
DALBHARAT	2103.6	2040
DELHIVERY	407.25	415
DIVISLAB	6347.5	6400
DIXON	13737	13750
DLF	697.9	710
DMART	3825.6	3900
DRREDDY	1280.6	1270
EICHERMOT	7121.5	7150
ETERNAL	298.45	300
EXIDEIND	372.45	375
FEDERALBNK	265.25	260
FORTIS	869.8	890
GAIL	169.86	175
GLENMARK	1985.6	1940
GMRAIRPORT	104.88	102
GODREJCP	1166.1	1140
GODREJPROP	2067.8	2040
GRASIM	2821	2800
HAL	4321.6	4500
HAVELLS	1412.3	1420
HCLTECH	1684	1660
HDFCAMC	2607	2640
HDFCBANK	996.1	1000
HDFCLIFE	772.7	770
HEROMOTOCO	5959.5	6050
HFCL	66	68
HINDALCO	847.85	820
HINDPETRO	466.15	460
HINDUNILVR	2293.5	2300
HINDZINC	568.05	540
HUDCO	214.85	220
ICICIBANK	1365.2	1380
ICICIGI	1951.8	1960
ICICIPRULI	648.5	630
IDEA	11.35	11
IDFCFIRSTB	83.87	82
IEX	142.32	145
IIFL	575.2	570
INDHOTEL	731.15	730
INDIANB	783.85	810
INDIGO	4965.5	5000
INDUSINDBK	851.25	850
INDUSTOWER	409.45	410
INFY	1606.8	1600
INOXWIND	125.99	130
IOC	168.55	165
IRCTC	672.5	685
IREDA	135.46	140
IRFC	113.25	115
ITC	402.3	405
JINDALSTEL	1034	1030
JIOFIN	299.6	300
JSWENERGY	486.45	490
JSWSTEEL	1114.8	1140
JUBLFOOD	577.45	590
KALYANKJIL	480.1	480
KAYNES	4197.5	4400
KEI	4167.9	4100
KFINTECH	1049.5	1060
KOTAKBANK	2181.3	2160
KPITTECH	1207.4	1220
LAURUSLABS	1004.9	1000
LICHSGFIN	531.45	550
LICI	856.9	880
LODHA	1091	1100
LT	4092.3	4040
LTF	305.1	305
LTIM	6269.5	6200
LUPIN	2092.6	2080
M&M	3608	3650
MANAPPURAM	286.25	282.5
MANKIND	2141.2	2200
MARICO	737.65	730
MARUTI	16415	16300
MAXHEALTH	1085.4	1100
MAZDOCK	2447.8	2600
MCX	10186	10100
MFSL	1698.3	1700
MOTHERSON	120.31	116
MPHASIS	2897.9	2900
MUTHOOTFIN	3856.4	3800
NATIONALUM	278.7	270
NAUKRI	1361.6	1360
NBCC	115.39	114
NCC	161.7	167.5
NESTLEIND	1243.5	1240
NHPC	77.21	78
NMDC	78.55	77
NTPC	323.95	325
NUVAMA	7274	7200
NYKAA	251.6	257.5
OBEROIRLTY	1655.9	1640
OFSS	7967.5	8000
OIL	403.55	410
ONGC	235.35	240
PAGEIND	36740	37000
PATANJALI	529.75	540
PAYTM	1310.1	1300
PERSISTENT	6297.5	6300
PETRONET	268.55	275
PFC	341.2	360
PGEL	564.75	560
PHOENIXLTD	1789.4	1760
PIDILITIND	1479.4	1480
PIIND	3245.4	3350
PNB	118.74	120
PNBHOUSING	922.05	910
POLICYBZR	1926.4	1900
POLYCAB	7339.5	7300
POWERGRID	262.2	270
POWERINDIA	19535	19500
PPLPHARMA	171.7	177.5
PRESTIGE	1655.4	1660
RBLBANK	304.3	310
RECLTD	342.5	355
RELIANCE	1556.2	1540
RVNL	313.15	315
SAIL	132.31	132
SAMMAANCAP	148.68	155
SBICARD	870	880
SBILIFE	2034.9	2020
SBIN	967.25	965
SHREECEM	26625	26500
SHRIRAMFIN	855.35	850
SIEMENS	3157.8	3200
SOLARINDS	12196	12750
SONACOMS	486.9	495
SRF	3001	2950
SUNPHARMA	1797.1	1800
SUPREMEIND	3272	3400
SUZLON	53.14	54
SYNGENE	660.35	650
TATACONSUM	1157.4	1170
TATAELXSI	5048.5	5000
TATAMOTORS	0	320
TATAPOWER	381.65	390
TATASTEEL	172.87	170
TATATECH	657.3	670
TCS	3230.2	3200
TECHM	1575.4	1560
TIINDIA	2647.7	2700
TITAGARH	789.5	800
TITAN	3866.2	3840
TMPV	347.15	360
TORNTPHARM	3782.6	3750
TORNTPOWER	1292.7	1300
TRENT	4109	4200
TVSMOTOR	3639.3	3600
ULTRACEMCO	11728	11700
UNIONBANK	153.65	152.5
UNITDSPR	1442.4	1440
UNOMINDA	1239.4	1280
UPL	765.65	750
VBL	477.6	475
VEDL	549.4	530
VOLTAS	1388.9	1360
WIPRO	261.74	255
YESBANK	21.76	22
ZYDUSLIFE	921.6	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