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.

SILVERM

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 Mini

183690 -265.00 (-0.14%)

L: 181361 H: 183975

Max Pain - SILVERM

08 Dec 2025 12:21 PM IST

Live

Expiry

Max Pain for SILVERM is 175000

Historical data for SILVERM-175000-CE

LTP (175000 CE)

11277 -423

Open Interest

1735 -31

Historical data for SILVERM-175000-PE

LTP (175000 PE)

2695.5 -128

Open Interest

2391 131

Strike 130000 has a total call value of 0 versus a total put value of 612,887,625,000 Combined total value = 612,887,625,000

Strike 130250 has a total call value of 0 versus a total put value of 608,216,125,000 Combined total value = 608,216,125,000

Strike 130500 has a total call value of 0 versus a total put value of 603,544,625,000 Combined total value = 603,544,625,000

Strike 130750 has a total call value of 0 versus a total put value of 598,873,125,000 Combined total value = 598,873,125,000

Strike 131000 has a total call value of 0 versus a total put value of 594,201,625,000 Combined total value = 594,201,625,000

Strike 131250 has a total call value of 0 versus a total put value of 589,530,125,000 Combined total value = 589,530,125,000

Strike 131500 has a total call value of 0 versus a total put value of 584,858,625,000 Combined total value = 584,858,625,000

Strike 131750 has a total call value of 0 versus a total put value of 580,187,125,000 Combined total value = 580,187,125,000

Strike 132000 has a total call value of 0 versus a total put value of 575,515,625,000 Combined total value = 575,515,625,000

Strike 132250 has a total call value of 0 versus a total put value of 570,844,125,000 Combined total value = 570,844,125,000

Strike 132500 has a total call value of 0 versus a total put value of 566,172,625,000 Combined total value = 566,172,625,000

Strike 132750 has a total call value of 0 versus a total put value of 561,501,125,000 Combined total value = 561,501,125,000

Strike 133000 has a total call value of 0 versus a total put value of 556,829,625,000 Combined total value = 556,829,625,000

Strike 133250 has a total call value of 0 versus a total put value of 552,158,125,000 Combined total value = 552,158,125,000

Strike 133500 has a total call value of 0 versus a total put value of 547,486,625,000 Combined total value = 547,486,625,000

Strike 133750 has a total call value of 0 versus a total put value of 542,815,125,000 Combined total value = 542,815,125,000

Strike 134000 has a total call value of 0 versus a total put value of 538,143,625,000 Combined total value = 538,143,625,000

Strike 134250 has a total call value of 0 versus a total put value of 533,472,125,000 Combined total value = 533,472,125,000

Strike 134500 has a total call value of 0 versus a total put value of 528,800,625,000 Combined total value = 528,800,625,000

Strike 134750 has a total call value of 0 versus a total put value of 524,129,125,000 Combined total value = 524,129,125,000

Strike 135000 has a total call value of 0 versus a total put value of 519,457,625,000 Combined total value = 519,457,625,000

Strike 135250 has a total call value of 0 versus a total put value of 514,854,250,000 Combined total value = 514,854,250,000

Strike 135500 has a total call value of 0 versus a total put value of 510,250,875,000 Combined total value = 510,250,875,000

Strike 135750 has a total call value of 0 versus a total put value of 505,647,500,000 Combined total value = 505,647,500,000

Strike 136000 has a total call value of 0 versus a total put value of 501,044,125,000 Combined total value = 501,044,125,000

Strike 136250 has a total call value of 0 versus a total put value of 496,440,750,000 Combined total value = 496,440,750,000

Strike 136500 has a total call value of 0 versus a total put value of 491,837,375,000 Combined total value = 491,837,375,000

Strike 136750 has a total call value of 0 versus a total put value of 487,234,000,000 Combined total value = 487,234,000,000

Strike 137000 has a total call value of 0 versus a total put value of 482,630,625,000 Combined total value = 482,630,625,000

Strike 137250 has a total call value of 0 versus a total put value of 478,027,250,000 Combined total value = 478,027,250,000

Strike 137500 has a total call value of 0 versus a total put value of 473,423,875,000 Combined total value = 473,423,875,000

Strike 137750 has a total call value of 0 versus a total put value of 468,820,500,000 Combined total value = 468,820,500,000

Strike 138000 has a total call value of 0 versus a total put value of 464,217,125,000 Combined total value = 464,217,125,000

Strike 138250 has a total call value of 0 versus a total put value of 459,613,750,000 Combined total value = 459,613,750,000

Strike 138500 has a total call value of 0 versus a total put value of 455,010,375,000 Combined total value = 455,010,375,000

Strike 138750 has a total call value of 0 versus a total put value of 450,407,000,000 Combined total value = 450,407,000,000

Strike 139000 has a total call value of 0 versus a total put value of 445,803,625,000 Combined total value = 445,803,625,000

Strike 139250 has a total call value of 0 versus a total put value of 441,200,250,000 Combined total value = 441,200,250,000

Strike 139500 has a total call value of 0 versus a total put value of 436,596,875,000 Combined total value = 436,596,875,000

Strike 139750 has a total call value of 0 versus a total put value of 431,993,500,000 Combined total value = 431,993,500,000

Strike 140000 has a total call value of 0 versus a total put value of 427,390,125,000 Combined total value = 427,390,125,000

Strike 140250 has a total call value of 0 versus a total put value of 422,991,500,000 Combined total value = 422,991,500,000

Strike 140500 has a total call value of 0 versus a total put value of 418,592,875,000 Combined total value = 418,592,875,000

Strike 140750 has a total call value of 0 versus a total put value of 414,194,250,000 Combined total value = 414,194,250,000

Strike 141000 has a total call value of 0 versus a total put value of 409,795,625,000 Combined total value = 409,795,625,000

Strike 141250 has a total call value of 0 versus a total put value of 405,397,000,000 Combined total value = 405,397,000,000

Strike 141500 has a total call value of 0 versus a total put value of 400,998,375,000 Combined total value = 400,998,375,000

Strike 141750 has a total call value of 0 versus a total put value of 396,599,750,000 Combined total value = 396,599,750,000

Strike 142000 has a total call value of 0 versus a total put value of 392,201,125,000 Combined total value = 392,201,125,000

Strike 142250 has a total call value of 0 versus a total put value of 387,802,500,000 Combined total value = 387,802,500,000

Strike 142500 has a total call value of 0 versus a total put value of 383,403,875,000 Combined total value = 383,403,875,000

Strike 142750 has a total call value of 0 versus a total put value of 379,005,250,000 Combined total value = 379,005,250,000

Strike 143000 has a total call value of 0 versus a total put value of 374,606,625,000 Combined total value = 374,606,625,000

Strike 143250 has a total call value of 0 versus a total put value of 370,208,000,000 Combined total value = 370,208,000,000

Strike 143500 has a total call value of 0 versus a total put value of 365,809,375,000 Combined total value = 365,809,375,000

Strike 143750 has a total call value of 0 versus a total put value of 361,410,750,000 Combined total value = 361,410,750,000

Strike 144000 has a total call value of 0 versus a total put value of 357,012,125,000 Combined total value = 357,012,125,000

Strike 144250 has a total call value of 0 versus a total put value of 352,613,500,000 Combined total value = 352,613,500,000

Strike 144500 has a total call value of 0 versus a total put value of 348,214,875,000 Combined total value = 348,214,875,000

Strike 144750 has a total call value of 0 versus a total put value of 343,816,250,000 Combined total value = 343,816,250,000

Strike 145000 has a total call value of 0 versus a total put value of 339,417,625,000 Combined total value = 339,417,625,000

Strike 145250 has a total call value of 0 versus a total put value of 335,206,750,000 Combined total value = 335,206,750,000

Strike 145500 has a total call value of 0 versus a total put value of 330,995,875,000 Combined total value = 330,995,875,000

Strike 145750 has a total call value of 0 versus a total put value of 326,785,000,000 Combined total value = 326,785,000,000

Strike 146000 has a total call value of 0 versus a total put value of 322,574,125,000 Combined total value = 322,574,125,000

Strike 146250 has a total call value of 0 versus a total put value of 318,363,250,000 Combined total value = 318,363,250,000

Strike 146500 has a total call value of 0 versus a total put value of 314,152,375,000 Combined total value = 314,152,375,000

Strike 146750 has a total call value of 0 versus a total put value of 309,941,500,000 Combined total value = 309,941,500,000

Strike 147000 has a total call value of 0 versus a total put value of 305,730,625,000 Combined total value = 305,730,625,000

Strike 147250 has a total call value of 0 versus a total put value of 301,519,750,000 Combined total value = 301,519,750,000

Strike 147500 has a total call value of 0 versus a total put value of 297,308,875,000 Combined total value = 297,308,875,000

Strike 147750 has a total call value of 0 versus a total put value of 293,098,000,000 Combined total value = 293,098,000,000

Strike 148000 has a total call value of 0 versus a total put value of 288,887,125,000 Combined total value = 288,887,125,000

Strike 148250 has a total call value of 0 versus a total put value of 284,687,375,000 Combined total value = 284,687,375,000

Strike 148500 has a total call value of 0 versus a total put value of 280,487,625,000 Combined total value = 280,487,625,000

Strike 148750 has a total call value of 0 versus a total put value of 276,287,875,000 Combined total value = 276,287,875,000

Strike 149000 has a total call value of 0 versus a total put value of 272,088,125,000 Combined total value = 272,088,125,000

Strike 149250 has a total call value of 0 versus a total put value of 267,907,000,000 Combined total value = 267,907,000,000

Strike 149500 has a total call value of 0 versus a total put value of 263,725,875,000 Combined total value = 263,725,875,000

Strike 149750 has a total call value of 0 versus a total put value of 259,544,750,000 Combined total value = 259,544,750,000

Strike 150000 has a total call value of 0 versus a total put value of 255,363,625,000 Combined total value = 255,363,625,000

Strike 150250 has a total call value of 0 versus a total put value of 251,592,875,000 Combined total value = 251,592,875,000

Strike 150500 has a total call value of 0 versus a total put value of 247,822,125,000 Combined total value = 247,822,125,000

Strike 150750 has a total call value of 0 versus a total put value of 244,051,375,000 Combined total value = 244,051,375,000

Strike 151000 has a total call value of 0 versus a total put value of 240,280,625,000 Combined total value = 240,280,625,000

Strike 151250 has a total call value of 875,000 versus a total put value of 236,551,125,000 Combined total value = 236,552,000,000

Strike 151500 has a total call value of 1,750,000 versus a total put value of 232,821,625,000 Combined total value = 232,823,375,000

Strike 151750 has a total call value of 2,625,000 versus a total put value of 229,092,125,000 Combined total value = 229,094,750,000

Strike 152000 has a total call value of 3,500,000 versus a total put value of 225,362,625,000 Combined total value = 225,366,125,000

Strike 152250 has a total call value of 4,375,000 versus a total put value of 221,695,250,000 Combined total value = 221,699,625,000

Strike 152500 has a total call value of 5,250,000 versus a total put value of 218,027,875,000 Combined total value = 218,033,125,000

Strike 152750 has a total call value of 6,125,000 versus a total put value of 214,360,500,000 Combined total value = 214,366,625,000

Strike 153000 has a total call value of 7,000,000 versus a total put value of 210,693,125,000 Combined total value = 210,700,125,000

Strike 153250 has a total call value of 7,875,000 versus a total put value of 207,091,125,000 Combined total value = 207,099,000,000

Strike 153500 has a total call value of 8,750,000 versus a total put value of 203,489,125,000 Combined total value = 203,497,875,000

Strike 153750 has a total call value of 9,625,000 versus a total put value of 199,887,125,000 Combined total value = 199,896,750,000

Strike 154000 has a total call value of 10,500,000 versus a total put value of 196,285,125,000 Combined total value = 196,295,625,000

Strike 154250 has a total call value of 11,375,000 versus a total put value of 192,736,125,000 Combined total value = 192,747,500,000

Strike 154500 has a total call value of 12,250,000 versus a total put value of 189,187,125,000 Combined total value = 189,199,375,000

Strike 154750 has a total call value of 13,125,000 versus a total put value of 185,638,125,000 Combined total value = 185,651,250,000

Strike 155000 has a total call value of 14,000,000 versus a total put value of 182,089,125,000 Combined total value = 182,103,125,000

Strike 155250 has a total call value of 274,625,000 versus a total put value of 178,926,375,000 Combined total value = 179,201,000,000

Strike 155500 has a total call value of 535,250,000 versus a total put value of 175,763,625,000 Combined total value = 176,298,875,000

Strike 155750 has a total call value of 795,875,000 versus a total put value of 172,600,875,000 Combined total value = 173,396,750,000

Strike 156000 has a total call value of 1,056,500,000 versus a total put value of 169,438,125,000 Combined total value = 170,494,625,000

Strike 156250 has a total call value of 1,336,750,000 versus a total put value of 166,334,625,000 Combined total value = 167,671,375,000

Strike 156500 has a total call value of 1,617,000,000 versus a total put value of 163,231,125,000 Combined total value = 164,848,125,000

Strike 156750 has a total call value of 1,897,250,000 versus a total put value of 160,127,625,000 Combined total value = 162,024,875,000

Strike 157000 has a total call value of 2,177,500,000 versus a total put value of 157,024,125,000 Combined total value = 159,201,625,000

Strike 157250 has a total call value of 2,457,750,000 versus a total put value of 153,992,750,000 Combined total value = 156,450,500,000

Strike 157500 has a total call value of 2,738,000,000 versus a total put value of 150,961,375,000 Combined total value = 153,699,375,000

Strike 157750 has a total call value of 3,018,250,000 versus a total put value of 147,930,000,000 Combined total value = 150,948,250,000

Strike 158000 has a total call value of 3,298,500,000 versus a total put value of 144,898,625,000 Combined total value = 148,197,125,000

Strike 158250 has a total call value of 3,592,500,000 versus a total put value of 141,963,875,000 Combined total value = 145,556,375,000

Strike 158500 has a total call value of 3,886,500,000 versus a total put value of 139,029,125,000 Combined total value = 142,915,625,000

Strike 158750 has a total call value of 4,180,500,000 versus a total put value of 136,094,375,000 Combined total value = 140,274,875,000

Strike 159000 has a total call value of 4,474,500,000 versus a total put value of 133,159,625,000 Combined total value = 137,634,125,000

Strike 159250 has a total call value of 4,768,500,000 versus a total put value of 130,281,250,000 Combined total value = 135,049,750,000

Strike 159500 has a total call value of 5,062,500,000 versus a total put value of 127,402,875,000 Combined total value = 132,465,375,000

Strike 159750 has a total call value of 5,356,500,000 versus a total put value of 124,524,500,000 Combined total value = 129,881,000,000

Strike 160000 has a total call value of 5,650,500,000 versus a total put value of 121,646,125,000 Combined total value = 127,296,625,000

Strike 160250 has a total call value of 6,040,125,000 versus a total put value of 119,247,250,000 Combined total value = 125,287,375,000

Strike 160500 has a total call value of 6,429,750,000 versus a total put value of 116,848,375,000 Combined total value = 123,278,125,000

Strike 160750 has a total call value of 6,819,375,000 versus a total put value of 114,449,500,000 Combined total value = 121,268,875,000

Strike 161000 has a total call value of 7,209,000,000 versus a total put value of 112,050,625,000 Combined total value = 119,259,625,000

Strike 161250 has a total call value of 7,598,625,000 versus a total put value of 109,712,500,000 Combined total value = 117,311,125,000

Strike 161500 has a total call value of 7,988,250,000 versus a total put value of 107,374,375,000 Combined total value = 115,362,625,000

Strike 161750 has a total call value of 8,377,875,000 versus a total put value of 105,036,250,000 Combined total value = 113,414,125,000

Strike 162000 has a total call value of 8,767,500,000 versus a total put value of 102,698,125,000 Combined total value = 111,465,625,000

Strike 162250 has a total call value of 9,157,125,000 versus a total put value of 100,439,500,000 Combined total value = 109,596,625,000

Strike 162500 has a total call value of 9,546,750,000 versus a total put value of 98,180,875,000 Combined total value = 107,727,625,000

Strike 162750 has a total call value of 9,936,375,000 versus a total put value of 95,922,250,000 Combined total value = 105,858,625,000

Strike 163000 has a total call value of 10,326,000,000 versus a total put value of 93,663,625,000 Combined total value = 103,989,625,000

Strike 163250 has a total call value of 10,731,625,000 versus a total put value of 91,459,125,000 Combined total value = 102,190,750,000

Strike 163500 has a total call value of 11,137,250,000 versus a total put value of 89,254,625,000 Combined total value = 100,391,875,000

Strike 163750 has a total call value of 11,542,875,000 versus a total put value of 87,050,125,000 Combined total value = 98,593,000,000

Strike 164000 has a total call value of 11,948,500,000 versus a total put value of 84,845,625,000 Combined total value = 96,794,125,000

Strike 164250 has a total call value of 12,354,125,000 versus a total put value of 82,691,625,000 Combined total value = 95,045,750,000

Strike 164500 has a total call value of 12,759,750,000 versus a total put value of 80,537,625,000 Combined total value = 93,297,375,000

Strike 164750 has a total call value of 13,165,375,000 versus a total put value of 78,383,625,000 Combined total value = 91,549,000,000

Strike 165000 has a total call value of 13,571,000,000 versus a total put value of 76,229,625,000 Combined total value = 89,800,625,000

Strike 165250 has a total call value of 14,111,125,000 versus a total put value of 74,415,625,000 Combined total value = 88,526,750,000

Strike 165500 has a total call value of 14,651,250,000 versus a total put value of 72,601,625,000 Combined total value = 87,252,875,000

Strike 165750 has a total call value of 15,191,375,000 versus a total put value of 70,787,625,000 Combined total value = 85,979,000,000

Strike 166000 has a total call value of 15,731,500,000 versus a total put value of 68,973,625,000 Combined total value = 84,705,125,000

Strike 166250 has a total call value of 16,271,625,000 versus a total put value of 67,204,875,000 Combined total value = 83,476,500,000

Strike 166500 has a total call value of 16,811,750,000 versus a total put value of 65,436,125,000 Combined total value = 82,247,875,000

Strike 166750 has a total call value of 17,351,875,000 versus a total put value of 63,667,625,000 Combined total value = 81,019,500,000

Strike 167000 has a total call value of 17,892,000,000 versus a total put value of 61,899,125,000 Combined total value = 79,791,125,000

Strike 167250 has a total call value of 18,447,625,000 versus a total put value of 60,169,750,000 Combined total value = 78,617,375,000

Strike 167500 has a total call value of 19,003,250,000 versus a total put value of 58,440,375,000 Combined total value = 77,443,625,000

Strike 167750 has a total call value of 19,558,875,000 versus a total put value of 56,711,000,000 Combined total value = 76,269,875,000

Strike 168000 has a total call value of 20,114,500,000 versus a total put value of 54,981,625,000 Combined total value = 75,096,125,000

Strike 168250 has a total call value of 20,670,125,000 versus a total put value of 53,309,875,000 Combined total value = 73,980,000,000

Strike 168500 has a total call value of 21,225,750,000 versus a total put value of 51,638,125,000 Combined total value = 72,863,875,000

Strike 168750 has a total call value of 21,781,375,000 versus a total put value of 49,966,375,000 Combined total value = 71,747,750,000

Strike 169000 has a total call value of 22,337,000,000 versus a total put value of 48,294,625,000 Combined total value = 70,631,625,000

Strike 169250 has a total call value of 22,892,625,000 versus a total put value of 46,653,000,000 Combined total value = 69,545,625,000

Strike 169500 has a total call value of 23,448,250,000 versus a total put value of 45,011,375,000 Combined total value = 68,459,625,000

Strike 169750 has a total call value of 24,003,875,000 versus a total put value of 43,369,750,000 Combined total value = 67,373,625,000

Strike 170000 has a total call value of 24,559,500,000 versus a total put value of 41,728,125,000 Combined total value = 66,287,625,000

Strike 170250 has a total call value of 25,316,000,000 versus a total put value of 40,511,500,000 Combined total value = 65,827,500,000

Strike 170500 has a total call value of 26,072,500,000 versus a total put value of 39,294,875,000 Combined total value = 65,367,375,000

Strike 170750 has a total call value of 26,829,000,000 versus a total put value of 38,078,250,000 Combined total value = 64,907,250,000

Strike 171000 has a total call value of 27,585,500,000 versus a total put value of 36,861,625,000 Combined total value = 64,447,125,000

Strike 171250 has a total call value of 28,342,000,000 versus a total put value of 35,678,875,000 Combined total value = 64,020,875,000

Strike 171500 has a total call value of 29,098,500,000 versus a total put value of 34,496,125,000 Combined total value = 63,594,625,000

Strike 171750 has a total call value of 29,855,000,000 versus a total put value of 33,313,375,000 Combined total value = 63,168,375,000

Strike 172000 has a total call value of 30,611,500,000 versus a total put value of 32,130,625,000 Combined total value = 62,742,125,000

Strike 172250 has a total call value of 31,387,500,000 versus a total put value of 30,987,125,000 Combined total value = 62,374,625,000

Strike 172500 has a total call value of 32,163,500,000 versus a total put value of 29,843,625,000 Combined total value = 62,007,125,000

Strike 172750 has a total call value of 32,939,500,000 versus a total put value of 28,700,125,000 Combined total value = 61,639,625,000

Strike 173000 has a total call value of 33,715,500,000 versus a total put value of 27,556,625,000 Combined total value = 61,272,125,000

Strike 173250 has a total call value of 34,491,500,000 versus a total put value of 26,450,250,000 Combined total value = 60,941,750,000

Strike 173500 has a total call value of 35,267,500,000 versus a total put value of 25,343,875,000 Combined total value = 60,611,375,000

Strike 173750 has a total call value of 36,043,500,000 versus a total put value of 24,237,500,000 Combined total value = 60,281,000,000

Strike 174000 has a total call value of 36,819,500,000 versus a total put value of 23,131,125,000 Combined total value = 59,950,625,000

Strike 174250 has a total call value of 37,606,500,000 versus a total put value of 22,057,000,000 Combined total value = 59,663,500,000

Strike 174500 has a total call value of 38,393,500,000 versus a total put value of 20,982,875,000 Combined total value = 59,376,375,000

Strike 174750 has a total call value of 39,180,500,000 versus a total put value of 19,908,750,000 Combined total value = 59,089,250,000

Strike 175000 has a total call value of 39,967,500,000 versus a total put value of 18,834,625,000 Combined total value = 58,802,125,000

Strike 175250 has a total call value of 40,971,375,000 versus a total put value of 18,059,375,000 Combined total value = 59,030,750,000

Strike 175500 has a total call value of 41,975,250,000 versus a total put value of 17,284,125,000 Combined total value = 59,259,375,000

Strike 175750 has a total call value of 42,979,125,000 versus a total put value of 16,508,875,000 Combined total value = 59,488,000,000

Strike 176000 has a total call value of 43,983,000,000 versus a total put value of 15,733,625,000 Combined total value = 59,716,625,000

Strike 176250 has a total call value of 45,000,125,000 versus a total put value of 14,989,875,000 Combined total value = 59,990,000,000

Strike 176500 has a total call value of 46,017,250,000 versus a total put value of 14,246,125,000 Combined total value = 60,263,375,000

Strike 176750 has a total call value of 47,034,375,000 versus a total put value of 13,502,375,000 Combined total value = 60,536,750,000

Strike 177000 has a total call value of 48,051,500,000 versus a total put value of 12,758,625,000 Combined total value = 60,810,125,000

Strike 177250 has a total call value of 49,068,625,000 versus a total put value of 12,077,125,000 Combined total value = 61,145,750,000

Strike 177500 has a total call value of 50,085,750,000 versus a total put value of 11,395,625,000 Combined total value = 61,481,375,000

Strike 177750 has a total call value of 51,102,875,000 versus a total put value of 10,714,125,000 Combined total value = 61,817,000,000

Strike 178000 has a total call value of 52,120,000,000 versus a total put value of 10,032,625,000 Combined total value = 62,152,625,000

Strike 178250 has a total call value of 53,180,375,000 versus a total put value of 9,400,250,000 Combined total value = 62,580,625,000

Strike 178500 has a total call value of 54,240,750,000 versus a total put value of 8,767,875,000 Combined total value = 63,008,625,000

Strike 178750 has a total call value of 55,301,125,000 versus a total put value of 8,135,500,000 Combined total value = 63,436,625,000

Strike 179000 has a total call value of 56,361,500,000 versus a total put value of 7,503,125,000 Combined total value = 63,864,625,000

Strike 179250 has a total call value of 57,609,625,000 versus a total put value of 6,922,125,000 Combined total value = 64,531,750,000

Strike 179500 has a total call value of 58,857,750,000 versus a total put value of 6,341,125,000 Combined total value = 65,198,875,000

Strike 179750 has a total call value of 60,157,375,000 versus a total put value of 5,760,125,000 Combined total value = 65,917,500,000

Strike 180000 has a total call value of 61,457,000,000 versus a total put value of 5,179,125,000 Combined total value = 66,636,125,000

Strike 180250 has a total call value of 62,963,125,000 versus a total put value of 4,849,750,000 Combined total value = 67,812,875,000

Strike 180500 has a total call value of 64,469,250,000 versus a total put value of 4,520,375,000 Combined total value = 68,989,625,000

Strike 180750 has a total call value of 65,975,375,000 versus a total put value of 4,191,000,000 Combined total value = 70,166,375,000

Strike 181000 has a total call value of 67,481,500,000 versus a total put value of 3,861,625,000 Combined total value = 71,343,125,000

Strike 181250 has a total call value of 69,037,500,000 versus a total put value of 3,565,500,000 Combined total value = 72,603,000,000

Strike 181500 has a total call value of 70,593,500,000 versus a total put value of 3,269,375,000 Combined total value = 73,862,875,000

Strike 181750 has a total call value of 72,149,500,000 versus a total put value of 2,973,250,000 Combined total value = 75,122,750,000

Strike 182000 has a total call value of 73,705,500,000 versus a total put value of 2,677,375,000 Combined total value = 76,382,875,000

Strike 182250 has a total call value of 75,342,125,000 versus a total put value of 2,450,125,000 Combined total value = 77,792,250,000

Strike 182500 has a total call value of 76,978,750,000 versus a total put value of 2,222,875,000 Combined total value = 79,201,625,000

Strike 182750 has a total call value of 78,616,125,000 versus a total put value of 1,996,625,000 Combined total value = 80,612,750,000

Strike 183000 has a total call value of 80,253,500,000 versus a total put value of 1,770,375,000 Combined total value = 82,023,875,000

Strike 183250 has a total call value of 82,032,125,000 versus a total put value of 1,605,750,000 Combined total value = 83,637,875,000

Strike 183500 has a total call value of 83,810,750,000 versus a total put value of 1,441,500,000 Combined total value = 85,252,250,000

Strike 183750 has a total call value of 85,591,500,000 versus a total put value of 1,277,250,000 Combined total value = 86,868,750,000

Strike 184000 has a total call value of 87,372,250,000 versus a total put value of 1,113,000,000 Combined total value = 88,485,250,000

Strike 184250 has a total call value of 89,277,250,000 versus a total put value of 991,625,000 Combined total value = 90,268,875,000

Strike 184500 has a total call value of 91,182,250,000 versus a total put value of 870,250,000 Combined total value = 92,052,500,000

Strike 184750 has a total call value of 93,087,250,000 versus a total put value of 748,875,000 Combined total value = 93,836,125,000

Strike 185000 has a total call value of 94,992,250,000 versus a total put value of 627,500,000 Combined total value = 95,619,750,000

Strike 185250 has a total call value of 97,339,250,000 versus a total put value of 590,125,000 Combined total value = 97,929,375,000

Strike 185500 has a total call value of 99,686,250,000 versus a total put value of 552,750,000 Combined total value = 100,239,000,000

Strike 185750 has a total call value of 102,033,250,000 versus a total put value of 515,375,000 Combined total value = 102,548,625,000

Strike 186000 has a total call value of 104,380,250,000 versus a total put value of 478,000,000 Combined total value = 104,858,250,000

Strike 186250 has a total call value of 106,776,875,000 versus a total put value of 448,125,000 Combined total value = 107,225,000,000

Strike 186500 has a total call value of 109,173,500,000 versus a total put value of 418,250,000 Combined total value = 109,591,750,000

Strike 186750 has a total call value of 111,570,125,000 versus a total put value of 388,375,000 Combined total value = 111,958,500,000

Strike 187000 has a total call value of 113,966,750,000 versus a total put value of 358,500,000 Combined total value = 114,325,250,000

Strike 187250 has a total call value of 116,404,875,000 versus a total put value of 328,625,000 Combined total value = 116,733,500,000

Strike 187500 has a total call value of 118,843,000,000 versus a total put value of 298,750,000 Combined total value = 119,141,750,000

Strike 187750 has a total call value of 121,281,125,000 versus a total put value of 268,875,000 Combined total value = 121,550,000,000

Strike 188000 has a total call value of 123,719,250,000 versus a total put value of 239,000,000 Combined total value = 123,958,250,000

Strike 188250 has a total call value of 126,190,625,000 versus a total put value of 209,125,000 Combined total value = 126,399,750,000

Strike 188500 has a total call value of 128,662,000,000 versus a total put value of 179,250,000 Combined total value = 128,841,250,000

Strike 188750 has a total call value of 131,133,375,000 versus a total put value of 149,375,000 Combined total value = 131,282,750,000

Strike 189000 has a total call value of 133,604,750,000 versus a total put value of 119,500,000 Combined total value = 133,724,250,000

Strike 189250 has a total call value of 136,102,750,000 versus a total put value of 89,625,000 Combined total value = 136,192,375,000

Strike 189500 has a total call value of 138,600,750,000 versus a total put value of 59,750,000 Combined total value = 138,660,500,000

Strike 189750 has a total call value of 141,098,750,000 versus a total put value of 29,875,000 Combined total value = 141,128,625,000

Strike 190000 has a total call value of 143,596,750,000 versus a total put value of 0 Combined total value = 143,596,750,000

Strike 190250 has a total call value of 146,441,250,000 versus a total put value of 0 Combined total value = 146,441,250,000

Strike 190500 has a total call value of 149,285,750,000 versus a total put value of 0 Combined total value = 149,285,750,000

Strike 190750 has a total call value of 152,130,250,000 versus a total put value of 0 Combined total value = 152,130,250,000

Strike 191000 has a total call value of 154,974,750,000 versus a total put value of 0 Combined total value = 154,974,750,000

Strike 191250 has a total call value of 157,842,000,000 versus a total put value of 0 Combined total value = 157,842,000,000

Strike 191500 has a total call value of 160,709,250,000 versus a total put value of 0 Combined total value = 160,709,250,000

Strike 191750 has a total call value of 163,576,500,000 versus a total put value of 0 Combined total value = 163,576,500,000

Strike 192000 has a total call value of 166,443,750,000 versus a total put value of 0 Combined total value = 166,443,750,000

Strike 192250 has a total call value of 169,527,000,000 versus a total put value of 0 Combined total value = 169,527,000,000

Strike 192500 has a total call value of 172,610,250,000 versus a total put value of 0 Combined total value = 172,610,250,000

Strike 192750 has a total call value of 175,738,500,000 versus a total put value of 0 Combined total value = 175,738,500,000

Strike 193000 has a total call value of 178,866,750,000 versus a total put value of 0 Combined total value = 178,866,750,000

Strike 193250 has a total call value of 182,161,750,000 versus a total put value of 0 Combined total value = 182,161,750,000

Strike 193500 has a total call value of 185,456,750,000 versus a total put value of 0 Combined total value = 185,456,750,000

Strike 193750 has a total call value of 188,751,750,000 versus a total put value of 0 Combined total value = 188,751,750,000

Strike 194000 has a total call value of 192,046,750,000 versus a total put value of 0 Combined total value = 192,046,750,000

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	1142.4	1140
ABB	5125	5200
ABCAPITAL	355.3	345
ADANIENSOL	964.55	980
ADANIENT	2235	2300
ADANIGREEN	1004	1040
ADANIPORTS	1492.2	1500
ALKEM	5688	5700
AMBER	6496	6500
AMBUJACEM	532.8	550
ANGELONE	2549.5	2650
APLAPOLLO	1733	1760
APOLLOHOSP	7120.5	7300
ASHOKLEY	159.56	157
ASIANPAINT	2940	2920
ASTRAL	1425.5	1460
AUBANK	954.15	940
AUROPHARMA	1193.8	1220
AXISBANK	1270.1	1280
BAJAJ-AUTO	9006	9100
BAJAJFINSV	2071.8	2080
BAJFINANCE	1029.2	1030
BANDHANBNK	138.55	150
BANKBARODA	285.25	290
BANKINDIA	138.8	145
BDL	1451.6	1500
BEL	391.9	410
BHARATFORG	1377	1400
BHARTIARTL	2089.2	2100
BHEL	271.8	285
BIOCON	387.1	400
BLUESTARCO	1711.7	1760
BOSCHLTD	36650	36500
BPCL	359.85	360
BRITANNIA	5861	5900
BSE	2838.4	2800
CAMS	751.9	780
CANBK	143.87	150
CDSL	1531.3	1600
CGPOWER	652.6	680
CHOLAFIN	1727.6	1700
CIPLA	1511	1520
COALINDIA	377.2	380
COFORGE	1940.6	1860
COLPAL	2150.9	2200
CONCOR	508.1	520
CROMPTON	254.6	270
CUMMINSIND	4464.5	4450
CYIENT	1147.2	1160
DABUR	504.1	515
DALBHARAT	1994.3	2000
DELHIVERY	400.5	420
DIVISLAB	6379.5	6450
DIXON	13716	14250
DLF	691.75	730
DMART	3892	4000
DRREDDY	1269.4	1270
EICHERMOT	7191.5	7100
ETERNAL	285.7	300
EXIDEIND	374.1	380
FEDERALBNK	256.55	255
FORTIS	861.05	900
GAIL	166.93	175
GLENMARK	1945.9	1940
GMRAIRPORT	100.49	102
GODREJCP	1123.7	1140
GODREJPROP	1984.4	2080
GRASIM	2746.4	2760
HAL	4370.7	4500
HAVELLS	1413.8	1440
HCLTECH	1690.5	1660
HDFCAMC	2573.4	2650
HDFCBANK	1004.6	1000
HDFCLIFE	772.95	770
HEROMOTOCO	6199	6200
HFCL	67.55	70
HINDALCO	824.15	800
HINDPETRO	447.1	455
HINDUNILVR	2335	2340
HINDZINC	493.8	490
HUDCO	216.25	230
ICICIBANK	1390.3	1390
ICICIGI	1964.7	2000
ICICIPRULI	627.55	620
IDEA	10.41	10
IDFCFIRSTB	79.8	80
IEX	142.77	145
IIFL	554.7	560
INDHOTEL	725.85	740
INDIANB	786.45	830
INDIGO	4963.5	5300
INDUSINDBK	846.65	860
INDUSTOWER	404.5	410
INFY	1618.7	1600
INOXWIND	126.24	137.5
IOC	162.81	165
IRCTC	669.85	690
IREDA	131.29	140
IRFC	112.1	118
ITC	404.65	405
JINDALSTEL	997.8	1030
JIOFIN	298.15	310
JSWENERGY	460.45	480
JSWSTEEL	1138.9	1150
JUBLFOOD	584.55	600
KALYANKJIL	480.85	490
KAYNES	4095	5000
KEI	4110	4100
KFINTECH	1054.2	1080
KOTAKBANK	2143.4	2120
KPITTECH	1232.1	1240
LAURUSLABS	1014.4	1000
LICHSGFIN	531.9	550
LICI	862.15	900
LODHA	1082.9	1140
LT	4001.7	4020
LTF	301.5	302.5
LTIM	6279	6150
LUPIN	2080.4	2080
M&M	3689.6	3700
MANAPPURAM	272.45	280
MANKIND	2191	2250
MARICO	731.55	730
MARUTI	16170	16100
MAXHEALTH	1082.4	1120
MAZDOCK	2522.5	2650
MCX	10277	10100
MFSL	1691.8	1700
MOTHERSON	116.01	115
MPHASIS	2883.3	2900
MUTHOOTFIN	3761.3	3700
NATIONALUM	271.35	265
NAUKRI	1365.9	1380
NBCC	109.23	115
NCC	164.04	175
NESTLEIND	1228	1260
NHPC	76.68	78
NMDC	75.13	76
NTPC	320.85	325
NUVAMA	7220	7200
NYKAA	252.25	260
OBEROIRLTY	1620.5	1660
OFSS	8053	8200
OIL	408.1	420
ONGC	241.01	244
PAGEIND	37170	38000
PATANJALI	545.55	550
PAYTM	1339.4	1320
PERSISTENT	6360	6400
PETRONET	272.5	280
PFC	345.4	365
PGEL	532.5	560
PHOENIXLTD	1714.7	1740
PIDILITIND	1461.7	1480
PIIND	3327	3450
PNB	117.59	122
PNBHOUSING	883.65	900
POLICYBZR	1917.1	1880
POLYCAB	7091.5	7300
POWERGRID	265.85	275
POWERINDIA	18685	20000
PPLPHARMA	174.7	185
PRESTIGE	1624.9	1680
RBLBANK	300.8	310
RECLTD	344.75	360
RELIANCE	1542.8	1540
RVNL	305.35	315
SAIL	130.26	135
SAMMAANCAP	142.81	160
SBICARD	879.45	880
SBILIFE	2028.6	2020
SBIN	958	970
SHREECEM	26205	26500
SHRIRAMFIN	842.45	840
SIEMENS	3260	3300
SOLARINDS	12610	13250
SONACOMS	487.9	500
SRF	2833.7	2900
SUNPHARMA	1799.5	1800
SUPREMEIND	3321.4	3500
SUZLON	52.17	55
SYNGENE	630.25	650
TATACONSUM	1155	1170
TATAELXSI	5129	5300
TATAMOTORS	0	320
TATAPOWER	377.3	390
TATASTEEL	165.43	170
TATATECH	656.6	680
TCS	3245	3200
TECHM	1579.8	1520
TIINDIA	2601	2800
TITAGARH	768.65	820
TITAN	3804.1	3860
TMPV	351.1	360
TORNTPHARM	3762.2	3750
TORNTPOWER	1259.2	1300
TRENT	4145.8	4300
TVSMOTOR	3602.8	3600
ULTRACEMCO	11599	11700
UNIONBANK	148.67	152.5
UNITDSPR	1437.2	1450
UNOMINDA	1264.8	1300
UPL	746.45	750
VBL	469.5	470
VEDL	517.9	520
VOLTAS	1318.8	1360
WIPRO	260.75	255
YESBANK	22.12	23
ZYDUSLIFE	930.8	940

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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