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

188100 +6358.00 (3.50%)

L: 180100 H: 188665

Max Pain - SILVER

09 Dec 2025 11:59 PM IST Market Closed

Expiry

Max Pain for SILVER is 179000

Historical data for SILVER-179000-CE

LTP (179000 CE)

11629.5 295.5

Open Interest

258 -82

Historical data for SILVER-179000-PE

LTP (179000 PE)

2440.5 -87

Open Interest

236 18

Strike 130000 has a total call value of 0 versus a total put value of 1,249,383,000,000 Combined total value = 1,249,383,000,000

Strike 130250 has a total call value of 0 versus a total put value of 1,239,842,250,000 Combined total value = 1,239,842,250,000

Strike 130500 has a total call value of 0 versus a total put value of 1,230,301,500,000 Combined total value = 1,230,301,500,000

Strike 130750 has a total call value of 0 versus a total put value of 1,220,760,750,000 Combined total value = 1,220,760,750,000

Strike 131000 has a total call value of 0 versus a total put value of 1,211,220,000,000 Combined total value = 1,211,220,000,000

Strike 131250 has a total call value of 0 versus a total put value of 1,201,679,250,000 Combined total value = 1,201,679,250,000

Strike 131500 has a total call value of 0 versus a total put value of 1,192,138,500,000 Combined total value = 1,192,138,500,000

Strike 131750 has a total call value of 0 versus a total put value of 1,182,597,750,000 Combined total value = 1,182,597,750,000

Strike 132000 has a total call value of 0 versus a total put value of 1,173,057,000,000 Combined total value = 1,173,057,000,000

Strike 132250 has a total call value of 0 versus a total put value of 1,163,516,250,000 Combined total value = 1,163,516,250,000

Strike 132500 has a total call value of 0 versus a total put value of 1,153,975,500,000 Combined total value = 1,153,975,500,000

Strike 132750 has a total call value of 0 versus a total put value of 1,144,434,750,000 Combined total value = 1,144,434,750,000

Strike 133000 has a total call value of 0 versus a total put value of 1,134,894,000,000 Combined total value = 1,134,894,000,000

Strike 133250 has a total call value of 0 versus a total put value of 1,125,353,250,000 Combined total value = 1,125,353,250,000

Strike 133500 has a total call value of 0 versus a total put value of 1,115,812,500,000 Combined total value = 1,115,812,500,000

Strike 133750 has a total call value of 0 versus a total put value of 1,106,271,750,000 Combined total value = 1,106,271,750,000

Strike 134000 has a total call value of 0 versus a total put value of 1,096,731,000,000 Combined total value = 1,096,731,000,000

Strike 134250 has a total call value of 0 versus a total put value of 1,087,190,250,000 Combined total value = 1,087,190,250,000

Strike 134500 has a total call value of 0 versus a total put value of 1,077,649,500,000 Combined total value = 1,077,649,500,000

Strike 134750 has a total call value of 0 versus a total put value of 1,068,108,750,000 Combined total value = 1,068,108,750,000

Strike 135000 has a total call value of 0 versus a total put value of 1,058,568,000,000 Combined total value = 1,058,568,000,000

Strike 135250 has a total call value of 0 versus a total put value of 1,049,255,250,000 Combined total value = 1,049,255,250,000

Strike 135500 has a total call value of 0 versus a total put value of 1,039,942,500,000 Combined total value = 1,039,942,500,000

Strike 135750 has a total call value of 0 versus a total put value of 1,030,629,750,000 Combined total value = 1,030,629,750,000

Strike 136000 has a total call value of 0 versus a total put value of 1,021,317,000,000 Combined total value = 1,021,317,000,000

Strike 136250 has a total call value of 0 versus a total put value of 1,012,004,250,000 Combined total value = 1,012,004,250,000

Strike 136500 has a total call value of 0 versus a total put value of 1,002,691,500,000 Combined total value = 1,002,691,500,000

Strike 136750 has a total call value of 0 versus a total put value of 993,378,750,000 Combined total value = 993,378,750,000

Strike 137000 has a total call value of 0 versus a total put value of 984,066,000,000 Combined total value = 984,066,000,000

Strike 137250 has a total call value of 0 versus a total put value of 974,753,250,000 Combined total value = 974,753,250,000

Strike 137500 has a total call value of 0 versus a total put value of 965,440,500,000 Combined total value = 965,440,500,000

Strike 137750 has a total call value of 0 versus a total put value of 956,127,750,000 Combined total value = 956,127,750,000

Strike 138000 has a total call value of 0 versus a total put value of 946,815,000,000 Combined total value = 946,815,000,000

Strike 138250 has a total call value of 0 versus a total put value of 937,502,250,000 Combined total value = 937,502,250,000

Strike 138500 has a total call value of 0 versus a total put value of 928,189,500,000 Combined total value = 928,189,500,000

Strike 138750 has a total call value of 0 versus a total put value of 918,876,750,000 Combined total value = 918,876,750,000

Strike 139000 has a total call value of 0 versus a total put value of 909,564,000,000 Combined total value = 909,564,000,000

Strike 139250 has a total call value of 0 versus a total put value of 900,251,250,000 Combined total value = 900,251,250,000

Strike 139500 has a total call value of 0 versus a total put value of 890,938,500,000 Combined total value = 890,938,500,000

Strike 139750 has a total call value of 0 versus a total put value of 881,625,750,000 Combined total value = 881,625,750,000

Strike 140000 has a total call value of 0 versus a total put value of 872,313,000,000 Combined total value = 872,313,000,000

Strike 140250 has a total call value of 0 versus a total put value of 863,687,250,000 Combined total value = 863,687,250,000

Strike 140500 has a total call value of 0 versus a total put value of 855,061,500,000 Combined total value = 855,061,500,000

Strike 140750 has a total call value of 0 versus a total put value of 846,435,750,000 Combined total value = 846,435,750,000

Strike 141000 has a total call value of 0 versus a total put value of 837,810,000,000 Combined total value = 837,810,000,000

Strike 141250 has a total call value of 0 versus a total put value of 829,184,250,000 Combined total value = 829,184,250,000

Strike 141500 has a total call value of 0 versus a total put value of 820,558,500,000 Combined total value = 820,558,500,000

Strike 141750 has a total call value of 0 versus a total put value of 811,932,750,000 Combined total value = 811,932,750,000

Strike 142000 has a total call value of 0 versus a total put value of 803,307,000,000 Combined total value = 803,307,000,000

Strike 142250 has a total call value of 0 versus a total put value of 794,681,250,000 Combined total value = 794,681,250,000

Strike 142500 has a total call value of 0 versus a total put value of 786,055,500,000 Combined total value = 786,055,500,000

Strike 142750 has a total call value of 0 versus a total put value of 777,429,750,000 Combined total value = 777,429,750,000

Strike 143000 has a total call value of 0 versus a total put value of 768,804,000,000 Combined total value = 768,804,000,000

Strike 143250 has a total call value of 0 versus a total put value of 760,178,250,000 Combined total value = 760,178,250,000

Strike 143500 has a total call value of 0 versus a total put value of 751,552,500,000 Combined total value = 751,552,500,000

Strike 143750 has a total call value of 0 versus a total put value of 742,926,750,000 Combined total value = 742,926,750,000

Strike 144000 has a total call value of 0 versus a total put value of 734,301,000,000 Combined total value = 734,301,000,000

Strike 144250 has a total call value of 0 versus a total put value of 725,675,250,000 Combined total value = 725,675,250,000

Strike 144500 has a total call value of 0 versus a total put value of 717,049,500,000 Combined total value = 717,049,500,000

Strike 144750 has a total call value of 0 versus a total put value of 708,423,750,000 Combined total value = 708,423,750,000

Strike 145000 has a total call value of 0 versus a total put value of 699,798,000,000 Combined total value = 699,798,000,000

Strike 145250 has a total call value of 9,000,000 versus a total put value of 691,530,000,000 Combined total value = 691,539,000,000

Strike 145500 has a total call value of 18,000,000 versus a total put value of 683,262,000,000 Combined total value = 683,280,000,000

Strike 145750 has a total call value of 32,250,000 versus a total put value of 674,994,000,000 Combined total value = 675,026,250,000

Strike 146000 has a total call value of 46,500,000 versus a total put value of 666,726,000,000 Combined total value = 666,772,500,000

Strike 146250 has a total call value of 60,750,000 versus a total put value of 658,458,000,000 Combined total value = 658,518,750,000

Strike 146500 has a total call value of 75,000,000 versus a total put value of 650,190,000,000 Combined total value = 650,265,000,000

Strike 146750 has a total call value of 89,250,000 versus a total put value of 641,922,000,000 Combined total value = 642,011,250,000

Strike 147000 has a total call value of 103,500,000 versus a total put value of 633,654,000,000 Combined total value = 633,757,500,000

Strike 147250 has a total call value of 117,750,000 versus a total put value of 625,386,000,000 Combined total value = 625,503,750,000

Strike 147500 has a total call value of 132,000,000 versus a total put value of 617,118,000,000 Combined total value = 617,250,000,000

Strike 147750 has a total call value of 146,250,000 versus a total put value of 608,850,000,000 Combined total value = 608,996,250,000

Strike 148000 has a total call value of 160,500,000 versus a total put value of 600,582,000,000 Combined total value = 600,742,500,000

Strike 148250 has a total call value of 174,750,000 versus a total put value of 592,314,000,000 Combined total value = 592,488,750,000

Strike 148500 has a total call value of 189,000,000 versus a total put value of 584,046,000,000 Combined total value = 584,235,000,000

Strike 148750 has a total call value of 203,250,000 versus a total put value of 575,778,000,000 Combined total value = 575,981,250,000

Strike 149000 has a total call value of 217,500,000 versus a total put value of 567,510,000,000 Combined total value = 567,727,500,000

Strike 149250 has a total call value of 231,750,000 versus a total put value of 559,242,000,000 Combined total value = 559,473,750,000

Strike 149500 has a total call value of 246,000,000 versus a total put value of 550,974,000,000 Combined total value = 551,220,000,000

Strike 149750 has a total call value of 260,250,000 versus a total put value of 542,706,000,000 Combined total value = 542,966,250,000

Strike 150000 has a total call value of 274,500,000 versus a total put value of 534,438,000,000 Combined total value = 534,712,500,000

Strike 150250 has a total call value of 632,250,000 versus a total put value of 527,278,500,000 Combined total value = 527,910,750,000

Strike 150500 has a total call value of 990,000,000 versus a total put value of 520,119,000,000 Combined total value = 521,109,000,000

Strike 150750 has a total call value of 1,347,750,000 versus a total put value of 512,959,500,000 Combined total value = 514,307,250,000

Strike 151000 has a total call value of 1,705,500,000 versus a total put value of 505,800,000,000 Combined total value = 507,505,500,000

Strike 151250 has a total call value of 2,063,250,000 versus a total put value of 498,767,250,000 Combined total value = 500,830,500,000

Strike 151500 has a total call value of 2,421,000,000 versus a total put value of 491,734,500,000 Combined total value = 494,155,500,000

Strike 151750 has a total call value of 2,778,750,000 versus a total put value of 484,701,750,000 Combined total value = 487,480,500,000

Strike 152000 has a total call value of 3,136,500,000 versus a total put value of 477,669,000,000 Combined total value = 480,805,500,000

Strike 152250 has a total call value of 3,494,250,000 versus a total put value of 470,741,250,000 Combined total value = 474,235,500,000

Strike 152500 has a total call value of 3,852,000,000 versus a total put value of 463,813,500,000 Combined total value = 467,665,500,000

Strike 152750 has a total call value of 4,209,750,000 versus a total put value of 456,885,750,000 Combined total value = 461,095,500,000

Strike 153000 has a total call value of 4,567,500,000 versus a total put value of 449,958,000,000 Combined total value = 454,525,500,000

Strike 153250 has a total call value of 4,925,250,000 versus a total put value of 443,136,750,000 Combined total value = 448,062,000,000

Strike 153500 has a total call value of 5,283,000,000 versus a total put value of 436,315,500,000 Combined total value = 441,598,500,000

Strike 153750 has a total call value of 5,640,750,000 versus a total put value of 429,494,250,000 Combined total value = 435,135,000,000

Strike 154000 has a total call value of 5,998,500,000 versus a total put value of 422,673,000,000 Combined total value = 428,671,500,000

Strike 154250 has a total call value of 6,356,250,000 versus a total put value of 415,953,750,000 Combined total value = 422,310,000,000

Strike 154500 has a total call value of 6,714,000,000 versus a total put value of 409,234,500,000 Combined total value = 415,948,500,000

Strike 154750 has a total call value of 7,071,750,000 versus a total put value of 402,515,250,000 Combined total value = 409,587,000,000

Strike 155000 has a total call value of 7,429,500,000 versus a total put value of 395,796,000,000 Combined total value = 403,225,500,000

Strike 155250 has a total call value of 7,851,750,000 versus a total put value of 389,621,250,000 Combined total value = 397,473,000,000

Strike 155500 has a total call value of 8,274,000,000 versus a total put value of 383,446,500,000 Combined total value = 391,720,500,000

Strike 155750 has a total call value of 8,696,250,000 versus a total put value of 377,271,750,000 Combined total value = 385,968,000,000

Strike 156000 has a total call value of 9,118,500,000 versus a total put value of 371,097,000,000 Combined total value = 380,215,500,000

Strike 156250 has a total call value of 9,540,750,000 versus a total put value of 365,046,000,000 Combined total value = 374,586,750,000

Strike 156500 has a total call value of 9,963,000,000 versus a total put value of 358,995,000,000 Combined total value = 368,958,000,000

Strike 156750 has a total call value of 10,385,250,000 versus a total put value of 352,944,000,000 Combined total value = 363,329,250,000

Strike 157000 has a total call value of 10,807,500,000 versus a total put value of 346,893,000,000 Combined total value = 357,700,500,000

Strike 157250 has a total call value of 11,229,750,000 versus a total put value of 340,920,000,000 Combined total value = 352,149,750,000

Strike 157500 has a total call value of 11,652,000,000 versus a total put value of 334,947,000,000 Combined total value = 346,599,000,000

Strike 157750 has a total call value of 12,074,250,000 versus a total put value of 328,974,000,000 Combined total value = 341,048,250,000

Strike 158000 has a total call value of 12,496,500,000 versus a total put value of 323,001,000,000 Combined total value = 335,497,500,000

Strike 158250 has a total call value of 12,918,750,000 versus a total put value of 317,110,500,000 Combined total value = 330,029,250,000

Strike 158500 has a total call value of 13,341,000,000 versus a total put value of 311,220,000,000 Combined total value = 324,561,000,000

Strike 158750 has a total call value of 13,763,250,000 versus a total put value of 305,329,500,000 Combined total value = 319,092,750,000

Strike 159000 has a total call value of 14,185,500,000 versus a total put value of 299,439,000,000 Combined total value = 313,624,500,000

Strike 159250 has a total call value of 14,607,750,000 versus a total put value of 293,643,000,000 Combined total value = 308,250,750,000

Strike 159500 has a total call value of 15,030,000,000 versus a total put value of 287,847,000,000 Combined total value = 302,877,000,000

Strike 159750 has a total call value of 15,452,250,000 versus a total put value of 282,051,000,000 Combined total value = 297,503,250,000

Strike 160000 has a total call value of 15,874,500,000 versus a total put value of 276,255,000,000 Combined total value = 292,129,500,000

Strike 160250 has a total call value of 16,537,500,000 versus a total put value of 271,408,500,000 Combined total value = 287,946,000,000

Strike 160500 has a total call value of 17,200,500,000 versus a total put value of 266,562,000,000 Combined total value = 283,762,500,000

Strike 160750 has a total call value of 17,863,500,000 versus a total put value of 261,715,500,000 Combined total value = 279,579,000,000

Strike 161000 has a total call value of 18,526,500,000 versus a total put value of 256,869,000,000 Combined total value = 275,395,500,000

Strike 161250 has a total call value of 19,189,500,000 versus a total put value of 252,114,750,000 Combined total value = 271,304,250,000

Strike 161500 has a total call value of 19,852,500,000 versus a total put value of 247,360,500,000 Combined total value = 267,213,000,000

Strike 161750 has a total call value of 20,515,500,000 versus a total put value of 242,606,250,000 Combined total value = 263,121,750,000

Strike 162000 has a total call value of 21,178,500,000 versus a total put value of 237,852,000,000 Combined total value = 259,030,500,000

Strike 162250 has a total call value of 21,856,500,000 versus a total put value of 233,221,500,000 Combined total value = 255,078,000,000

Strike 162500 has a total call value of 22,534,500,000 versus a total put value of 228,591,000,000 Combined total value = 251,125,500,000

Strike 162750 has a total call value of 23,212,500,000 versus a total put value of 223,960,500,000 Combined total value = 247,173,000,000

Strike 163000 has a total call value of 23,890,500,000 versus a total put value of 219,330,000,000 Combined total value = 243,220,500,000

Strike 163250 has a total call value of 24,582,000,000 versus a total put value of 214,758,750,000 Combined total value = 239,340,750,000

Strike 163500 has a total call value of 25,273,500,000 versus a total put value of 210,187,500,000 Combined total value = 235,461,000,000

Strike 163750 has a total call value of 25,965,000,000 versus a total put value of 205,616,250,000 Combined total value = 231,581,250,000

Strike 164000 has a total call value of 26,656,500,000 versus a total put value of 201,045,000,000 Combined total value = 227,701,500,000

Strike 164250 has a total call value of 27,348,000,000 versus a total put value of 196,547,250,000 Combined total value = 223,895,250,000

Strike 164500 has a total call value of 28,039,500,000 versus a total put value of 192,049,500,000 Combined total value = 220,089,000,000

Strike 164750 has a total call value of 28,731,000,000 versus a total put value of 187,551,750,000 Combined total value = 216,282,750,000

Strike 165000 has a total call value of 29,422,500,000 versus a total put value of 183,054,000,000 Combined total value = 212,476,500,000

Strike 165250 has a total call value of 30,240,000,000 versus a total put value of 179,311,500,000 Combined total value = 209,551,500,000

Strike 165500 has a total call value of 31,057,500,000 versus a total put value of 175,569,000,000 Combined total value = 206,626,500,000

Strike 165750 has a total call value of 31,875,000,000 versus a total put value of 171,826,500,000 Combined total value = 203,701,500,000

Strike 166000 has a total call value of 32,692,500,000 versus a total put value of 168,084,000,000 Combined total value = 200,776,500,000

Strike 166250 has a total call value of 33,525,750,000 versus a total put value of 164,385,000,000 Combined total value = 197,910,750,000

Strike 166500 has a total call value of 34,359,000,000 versus a total put value of 160,686,000,000 Combined total value = 195,045,000,000

Strike 166750 has a total call value of 35,192,250,000 versus a total put value of 156,987,000,000 Combined total value = 192,179,250,000

Strike 167000 has a total call value of 36,025,500,000 versus a total put value of 153,288,000,000 Combined total value = 189,313,500,000

Strike 167250 has a total call value of 36,858,750,000 versus a total put value of 149,655,750,000 Combined total value = 186,514,500,000

Strike 167500 has a total call value of 37,692,000,000 versus a total put value of 146,023,500,000 Combined total value = 183,715,500,000

Strike 167750 has a total call value of 38,525,250,000 versus a total put value of 142,391,250,000 Combined total value = 180,916,500,000

Strike 168000 has a total call value of 39,358,500,000 versus a total put value of 138,759,000,000 Combined total value = 178,117,500,000

Strike 168250 has a total call value of 40,191,750,000 versus a total put value of 135,190,500,000 Combined total value = 175,382,250,000

Strike 168500 has a total call value of 41,025,000,000 versus a total put value of 131,622,000,000 Combined total value = 172,647,000,000

Strike 168750 has a total call value of 41,858,250,000 versus a total put value of 128,053,500,000 Combined total value = 169,911,750,000

Strike 169000 has a total call value of 42,691,500,000 versus a total put value of 124,485,000,000 Combined total value = 167,176,500,000

Strike 169250 has a total call value of 43,524,750,000 versus a total put value of 120,942,000,000 Combined total value = 164,466,750,000

Strike 169500 has a total call value of 44,358,000,000 versus a total put value of 117,399,000,000 Combined total value = 161,757,000,000

Strike 169750 has a total call value of 45,191,250,000 versus a total put value of 113,856,000,000 Combined total value = 159,047,250,000

Strike 170000 has a total call value of 46,024,500,000 versus a total put value of 110,313,000,000 Combined total value = 156,337,500,000

Strike 170250 has a total call value of 47,220,750,000 versus a total put value of 107,615,250,000 Combined total value = 154,836,000,000

Strike 170500 has a total call value of 48,417,000,000 versus a total put value of 104,917,500,000 Combined total value = 153,334,500,000

Strike 170750 has a total call value of 49,613,250,000 versus a total put value of 102,219,750,000 Combined total value = 151,833,000,000

Strike 171000 has a total call value of 50,809,500,000 versus a total put value of 99,522,000,000 Combined total value = 150,331,500,000

Strike 171250 has a total call value of 52,005,750,000 versus a total put value of 96,861,750,000 Combined total value = 148,867,500,000

Strike 171500 has a total call value of 53,202,000,000 versus a total put value of 94,201,500,000 Combined total value = 147,403,500,000

Strike 171750 has a total call value of 54,398,250,000 versus a total put value of 91,541,250,000 Combined total value = 145,939,500,000

Strike 172000 has a total call value of 55,594,500,000 versus a total put value of 88,881,000,000 Combined total value = 144,475,500,000

Strike 172250 has a total call value of 56,796,000,000 versus a total put value of 86,279,250,000 Combined total value = 143,075,250,000

Strike 172500 has a total call value of 57,997,500,000 versus a total put value of 83,677,500,000 Combined total value = 141,675,000,000

Strike 172750 has a total call value of 59,199,000,000 versus a total put value of 81,075,750,000 Combined total value = 140,274,750,000

Strike 173000 has a total call value of 60,400,500,000 versus a total put value of 78,474,000,000 Combined total value = 138,874,500,000

Strike 173250 has a total call value of 61,602,000,000 versus a total put value of 75,913,500,000 Combined total value = 137,515,500,000

Strike 173500 has a total call value of 62,803,500,000 versus a total put value of 73,353,000,000 Combined total value = 136,156,500,000

Strike 173750 has a total call value of 64,005,000,000 versus a total put value of 70,792,500,000 Combined total value = 134,797,500,000

Strike 174000 has a total call value of 65,206,500,000 versus a total put value of 68,232,000,000 Combined total value = 133,438,500,000

Strike 174250 has a total call value of 66,418,500,000 versus a total put value of 65,730,750,000 Combined total value = 132,149,250,000

Strike 174500 has a total call value of 67,630,500,000 versus a total put value of 63,229,500,000 Combined total value = 130,860,000,000

Strike 174750 has a total call value of 68,842,500,000 versus a total put value of 60,728,250,000 Combined total value = 129,570,750,000

Strike 175000 has a total call value of 70,054,500,000 versus a total put value of 58,227,000,000 Combined total value = 128,281,500,000

Strike 175250 has a total call value of 71,497,500,000 versus a total put value of 56,270,250,000 Combined total value = 127,767,750,000

Strike 175500 has a total call value of 72,940,500,000 versus a total put value of 54,313,500,000 Combined total value = 127,254,000,000

Strike 175750 has a total call value of 74,383,500,000 versus a total put value of 52,356,750,000 Combined total value = 126,740,250,000

Strike 176000 has a total call value of 75,826,500,000 versus a total put value of 50,400,000,000 Combined total value = 126,226,500,000

Strike 176250 has a total call value of 77,292,000,000 versus a total put value of 48,485,250,000 Combined total value = 125,777,250,000

Strike 176500 has a total call value of 78,757,500,000 versus a total put value of 46,570,500,000 Combined total value = 125,328,000,000

Strike 176750 has a total call value of 80,223,000,000 versus a total put value of 44,655,750,000 Combined total value = 124,878,750,000

Strike 177000 has a total call value of 81,688,500,000 versus a total put value of 42,741,000,000 Combined total value = 124,429,500,000

Strike 177250 has a total call value of 83,175,750,000 versus a total put value of 40,889,250,000 Combined total value = 124,065,000,000

Strike 177500 has a total call value of 84,663,000,000 versus a total put value of 39,037,500,000 Combined total value = 123,700,500,000

Strike 177750 has a total call value of 86,150,250,000 versus a total put value of 37,185,750,000 Combined total value = 123,336,000,000

Strike 178000 has a total call value of 87,637,500,000 versus a total put value of 35,334,000,000 Combined total value = 122,971,500,000

Strike 178250 has a total call value of 89,161,500,000 versus a total put value of 33,569,250,000 Combined total value = 122,730,750,000

Strike 178500 has a total call value of 90,685,500,000 versus a total put value of 31,804,500,000 Combined total value = 122,490,000,000

Strike 178750 has a total call value of 92,209,500,000 versus a total put value of 30,039,750,000 Combined total value = 122,249,250,000

Strike 179000 has a total call value of 93,733,500,000 versus a total put value of 28,275,000,000 Combined total value = 122,008,500,000

Strike 179250 has a total call value of 95,451,000,000 versus a total put value of 26,687,250,000 Combined total value = 122,138,250,000

Strike 179500 has a total call value of 97,168,500,000 versus a total put value of 25,099,500,000 Combined total value = 122,268,000,000

Strike 179750 has a total call value of 98,886,000,000 versus a total put value of 23,511,750,000 Combined total value = 122,397,750,000

Strike 180000 has a total call value of 100,603,500,000 versus a total put value of 21,924,000,000 Combined total value = 122,527,500,000

Strike 180250 has a total call value of 102,666,000,000 versus a total put value of 20,964,750,000 Combined total value = 123,630,750,000

Strike 180500 has a total call value of 104,728,500,000 versus a total put value of 20,005,500,000 Combined total value = 124,734,000,000

Strike 180750 has a total call value of 106,791,000,000 versus a total put value of 19,046,250,000 Combined total value = 125,837,250,000

Strike 181000 has a total call value of 108,853,500,000 versus a total put value of 18,087,000,000 Combined total value = 126,940,500,000

Strike 181250 has a total call value of 110,962,500,000 versus a total put value of 17,150,250,000 Combined total value = 128,112,750,000

Strike 181500 has a total call value of 113,071,500,000 versus a total put value of 16,213,500,000 Combined total value = 129,285,000,000

Strike 181750 has a total call value of 115,180,500,000 versus a total put value of 15,276,750,000 Combined total value = 130,457,250,000

Strike 182000 has a total call value of 117,289,500,000 versus a total put value of 14,340,000,000 Combined total value = 131,629,500,000

Strike 182250 has a total call value of 119,533,500,000 versus a total put value of 13,506,000,000 Combined total value = 133,039,500,000

Strike 182500 has a total call value of 121,777,500,000 versus a total put value of 12,672,000,000 Combined total value = 134,449,500,000

Strike 182750 has a total call value of 124,021,500,000 versus a total put value of 11,838,000,000 Combined total value = 135,859,500,000

Strike 183000 has a total call value of 126,265,500,000 versus a total put value of 11,004,000,000 Combined total value = 137,269,500,000

Strike 183250 has a total call value of 128,668,500,000 versus a total put value of 10,261,500,000 Combined total value = 138,930,000,000

Strike 183500 has a total call value of 131,071,500,000 versus a total put value of 9,519,000,000 Combined total value = 140,590,500,000

Strike 183750 has a total call value of 133,474,500,000 versus a total put value of 8,776,500,000 Combined total value = 142,251,000,000

Strike 184000 has a total call value of 135,877,500,000 versus a total put value of 8,034,000,000 Combined total value = 143,911,500,000

Strike 184250 has a total call value of 138,343,500,000 versus a total put value of 7,351,500,000 Combined total value = 145,695,000,000

Strike 184500 has a total call value of 140,809,500,000 versus a total put value of 6,669,000,000 Combined total value = 147,478,500,000

Strike 184750 has a total call value of 143,275,500,000 versus a total put value of 5,986,500,000 Combined total value = 149,262,000,000

Strike 185000 has a total call value of 145,741,500,000 versus a total put value of 5,304,000,000 Combined total value = 151,045,500,000

Strike 185250 has a total call value of 148,909,500,000 versus a total put value of 4,968,750,000 Combined total value = 153,878,250,000

Strike 185500 has a total call value of 152,077,500,000 versus a total put value of 4,633,500,000 Combined total value = 156,711,000,000

Strike 185750 has a total call value of 155,245,500,000 versus a total put value of 4,298,250,000 Combined total value = 159,543,750,000

Strike 186000 has a total call value of 158,413,500,000 versus a total put value of 3,963,000,000 Combined total value = 162,376,500,000

Strike 186250 has a total call value of 161,625,000,000 versus a total put value of 3,677,250,000 Combined total value = 165,302,250,000

Strike 186500 has a total call value of 164,836,500,000 versus a total put value of 3,391,500,000 Combined total value = 168,228,000,000

Strike 186750 has a total call value of 168,048,000,000 versus a total put value of 3,105,750,000 Combined total value = 171,153,750,000

Strike 187000 has a total call value of 171,259,500,000 versus a total put value of 2,820,000,000 Combined total value = 174,079,500,000

Strike 187250 has a total call value of 174,513,750,000 versus a total put value of 2,568,000,000 Combined total value = 177,081,750,000

Strike 187500 has a total call value of 177,768,000,000 versus a total put value of 2,316,000,000 Combined total value = 180,084,000,000

Strike 187750 has a total call value of 181,022,250,000 versus a total put value of 2,064,000,000 Combined total value = 183,086,250,000

Strike 188000 has a total call value of 184,276,500,000 versus a total put value of 1,812,000,000 Combined total value = 186,088,500,000

Strike 188250 has a total call value of 187,574,250,000 versus a total put value of 1,596,000,000 Combined total value = 189,170,250,000

Strike 188500 has a total call value of 190,872,000,000 versus a total put value of 1,380,000,000 Combined total value = 192,252,000,000

Strike 188750 has a total call value of 194,169,750,000 versus a total put value of 1,164,000,000 Combined total value = 195,333,750,000

Strike 189000 has a total call value of 197,467,500,000 versus a total put value of 948,000,000 Combined total value = 198,415,500,000

Strike 189250 has a total call value of 200,780,250,000 versus a total put value of 741,000,000 Combined total value = 201,521,250,000

Strike 189500 has a total call value of 204,093,000,000 versus a total put value of 534,000,000 Combined total value = 204,627,000,000

Strike 189750 has a total call value of 207,405,750,000 versus a total put value of 327,000,000 Combined total value = 207,732,750,000

Strike 190000 has a total call value of 210,718,500,000 versus a total put value of 120,000,000 Combined total value = 210,838,500,000

Strike 190250 has a total call value of 214,591,500,000 versus a total put value of 105,000,000 Combined total value = 214,696,500,000

Strike 190500 has a total call value of 218,464,500,000 versus a total put value of 90,000,000 Combined total value = 218,554,500,000

Strike 190750 has a total call value of 222,337,500,000 versus a total put value of 75,000,000 Combined total value = 222,412,500,000

Strike 191000 has a total call value of 226,210,500,000 versus a total put value of 60,000,000 Combined total value = 226,270,500,000

Strike 191250 has a total call value of 230,096,250,000 versus a total put value of 45,000,000 Combined total value = 230,141,250,000

Strike 191500 has a total call value of 233,982,000,000 versus a total put value of 30,000,000 Combined total value = 234,012,000,000

Strike 191750 has a total call value of 237,867,750,000 versus a total put value of 15,000,000 Combined total value = 237,882,750,000

Strike 192000 has a total call value of 241,753,500,000 versus a total put value of 0 Combined total value = 241,753,500,000

Strike 192250 has a total call value of 246,247,500,000 versus a total put value of 0 Combined total value = 246,247,500,000

Strike 192500 has a total call value of 250,741,500,000 versus a total put value of 0 Combined total value = 250,741,500,000

Strike 192750 has a total call value of 255,235,500,000 versus a total put value of 0 Combined total value = 255,235,500,000

Strike 193000 has a total call value of 259,729,500,000 versus a total put value of 0 Combined total value = 259,729,500,000

Strike 193250 has a total call value of 264,378,750,000 versus a total put value of 0 Combined total value = 264,378,750,000

Strike 193500 has a total call value of 269,028,000,000 versus a total put value of 0 Combined total value = 269,028,000,000

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	1117.9	1140
ABB	5117	5150
ABCAPITAL	364.05	350
ADANIENSOL	974.6	970
ADANIENT	2245.2	2300
ADANIGREEN	998.9	1020
ADANIPORTS	1497.2	1500
ALKEM	5667.5	5700
AMBER	6682.5	6500
AMBUJACEM	533.05	550
ANGELONE	2533.5	2600
APLAPOLLO	1740.8	1740
APOLLOHOSP	7091	7300
ASHOKLEY	159.58	156
ASIANPAINT	2796	2840
ASTRAL	1428.4	1460
AUBANK	972.05	950
AUROPHARMA	1163.6	1220
AXISBANK	1275.9	1270
BAJAJ-AUTO	8961	9100
BAJAJFINSV	2069.5	2080
BAJFINANCE	1016.7	1020
BANDHANBNK	141	150
BANKBARODA	289.85	290
BANKINDIA	141.64	145
BDL	1427.4	1480
BEL	389.45	405
BHARATFORG	1383.3	1400
BHARTIARTL	2089.7	2100
BHEL	277	280
BIOCON	383.65	395
BLUESTARCO	1738.6	1760
BOSCHLTD	36780	36500
BPCL	355.05	362.5
BRITANNIA	5884	5850
BSE	2715.8	2800
CAMS	749.5	780
CANBK	146.19	147
CDSL	1517.2	1580
CGPOWER	667.8	680
CHOLAFIN	1731.2	1700
CIPLA	1490.6	1520
COALINDIA	379.35	380
COFORGE	1873.5	1860
COLPAL	2158.9	2180
CONCOR	505.65	520
CROMPTON	253.15	265
CUMMINSIND	4479.1	4450
CYIENT	1131.6	1160
DABUR	503.6	510
DALBHARAT	1968	2000
DELHIVERY	415.3	420
DIVISLAB	6294	6400
DIXON	13517	14000
DLF	690.05	720
DMART	3910	4000
DRREDDY	1246.2	1260
EICHERMOT	7123	7100
ETERNAL	291.7	300
EXIDEIND	373.4	380
FEDERALBNK	260.85	255
FORTIS	863.85	900
GAIL	167.89	175
GLENMARK	1938.5	1940
GMRAIRPORT	100.41	102
GODREJCP	1128.8	1140
GODREJPROP	2043	2080
GRASIM	2746	2760
HAL	4303	4500
HAVELLS	1419.8	1440
HCLTECH	1657.6	1660
HDFCAMC	2558.9	2640
HDFCBANK	997.1	1000
HDFCLIFE	762.9	770
HEROMOTOCO	6001	6100
HFCL	67.21	70
HINDALCO	812.9	800
HINDPETRO	448.75	455
HINDUNILVR	2306.5	2340
HINDZINC	491.45	490
HUDCO	213.48	225
ICICIBANK	1375.2	1380
ICICIGI	1945.3	2000
ICICIPRULI	623.6	620
IDEA	10.74	10
IDFCFIRSTB	80.91	80
IEX	141.19	145
IIFL	567.25	560
INDHOTEL	727.75	730
INDIANB	793.9	820
INDIGO	4967.5	5050
INDUSINDBK	844.35	860
INDUSTOWER	403.05	405
INFY	1599	1600
INOXWIND	124.32	135
IOC	163.01	163
IRCTC	669.95	685
IREDA	134.46	140
IRFC	113.64	117
ITC	401.05	405
JINDALSTEL	1002.8	1020
JIOFIN	293.2	305
JSWENERGY	451.2	480
JSWSTEEL	1107.8	1140
JUBLFOOD	583.5	600
KALYANKJIL	473.35	480
KAYNES	4331	5000
KEI	4073	4050
KFINTECH	1039.6	1080
KOTAKBANK	2127.7	2120
KPITTECH	1206.1	1220
LAURUSLABS	1021.4	1000
LICHSGFIN	533.2	550
LICI	860.95	890
LODHA	1076	1140
LT	3997.5	4000
LTF	307.3	302.5
LTIM	6245.5	6200
LUPIN	2051.8	2060
M&M	3635.9	3700
MANAPPURAM	275.2	280
MANKIND	2180.4	2250
MARICO	730.5	730
MARUTI	16020	16100
MAXHEALTH	1074.7	1120
MAZDOCK	2489.1	2600
MCX	10358	10100
MFSL	1690.9	1700
MOTHERSON	116.75	115
MPHASIS	2878.8	2900
MUTHOOTFIN	3742.1	3700
NATIONALUM	265.65	265
NAUKRI	1376.3	1380
NBCC	108.1	112
NCC	162.68	170
NESTLEIND	1215.8	1240
NHPC	76.47	78
NMDC	74.83	76
NTPC	319.85	325
NUVAMA	7074	7200
NYKAA	252.95	257.5
OBEROIRLTY	1628	1640
OFSS	8062	8200
OIL	401.9	415
ONGC	239.84	240
PAGEIND	37195	38000
PATANJALI	539	550
PAYTM	1316.7	1300
PERSISTENT	6302	6300
PETRONET	269.25	280
PFC	342.5	360
PGEL	556.45	560
PHOENIXLTD	1739.2	1720
PIDILITIND	1459.8	1480
PIIND	3343	3400
PNB	117.83	120
PNBHOUSING	882.6	900
POLICYBZR	1957.3	1900
POLYCAB	7194	7300
POWERGRID	264.55	272.5
POWERINDIA	19500	19500
PPLPHARMA	173.34	182.5
PRESTIGE	1632.9	1660
RBLBANK	304.1	310
RECLTD	342.85	360
RELIANCE	1529.4	1540
RVNL	312.7	315
SAIL	129.15	134
SAMMAANCAP	141.59	160
SBICARD	865.35	880
SBILIFE	2006.2	2020
SBIN	959.35	965
SHREECEM	26100	26500
SHRIRAMFIN	846.7	840
SIEMENS	3142.8	3300
SOLARINDS	12588	13000
SONACOMS	479.15	500
SRF	2894.8	2900
SUNPHARMA	1776	1800
SUPREMEIND	3329.6	3400
SUZLON	52.55	54
SYNGENE	627.15	640
TATACONSUM	1146.7	1160
TATAELXSI	4979.5	5200
TATAMOTORS	0	320
TATAPOWER	376.25	390
TATASTEEL	160.67	170
TATATECH	652.1	680
TCS	3208.3	3200
TECHM	1561.6	1540
TIINDIA	2655.4	2750
TITAGARH	773.85	800
TITAN	3849	3840
TMPV	344.7	360
TORNTPHARM	3763.9	3750
TORNTPOWER	1259	1300
TRENT	4085.4	4300
TVSMOTOR	3614.5	3550
ULTRACEMCO	11414	11700
UNIONBANK	150.43	152.5
UNITDSPR	1435.4	1440
UNOMINDA	1231.7	1300
UPL	739.7	750
VBL	471.55	470
VEDL	516.15	520
VOLTAS	1335.9	1360
WIPRO	257.41	255
YESBANK	22.02	23
ZYDUSLIFE	920.25	930

Note:

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

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