[--[65.84.65.76]--]

ULTRACEMCO

Ultratech Cement Limited
11510 +49.00 (0.43%)
L: 11442 H: 11529
Max Pain - ULTRACEMCO
19 Dec 2025 02:30 PM IST
Live


Strike  9800  has a total call value of 0  versus a total put value of  87,145,000,000 Combined total value = 87,145,000,000

Strike  9900  has a total call value of 0  versus a total put value of  81,302,500,000 Combined total value = 81,302,500,000

Strike  10000  has a total call value of 0  versus a total put value of  75,460,000,000 Combined total value = 75,460,000,000

Strike  10100  has a total call value of 500,000  versus a total put value of  69,643,000,000 Combined total value = 69,643,500,000

Strike  10200  has a total call value of 1,000,000  versus a total put value of  63,826,000,000 Combined total value = 63,827,000,000

Strike  10300  has a total call value of 1,500,000  versus a total put value of  58,021,000,000 Combined total value = 58,022,500,000

Strike  10400  has a total call value of 2,000,000  versus a total put value of  52,216,000,000 Combined total value = 52,218,000,000

Strike  10500  has a total call value of 2,500,000  versus a total put value of  46,417,000,000 Combined total value = 46,419,500,000

Strike  10600  has a total call value of 3,000,000  versus a total put value of  40,659,500,000 Combined total value = 40,662,500,000

Strike  10700  has a total call value of 3,500,000  versus a total put value of  35,336,500,000 Combined total value = 35,340,000,000

Strike  10800  has a total call value of 4,000,000  versus a total put value of  30,014,000,000 Combined total value = 30,018,000,000

Strike  10900  has a total call value of 5,000,000  versus a total put value of  25,642,500,000 Combined total value = 25,647,500,000

Strike  11000  has a total call value of 6,000,000  versus a total put value of  21,292,000,000 Combined total value = 21,298,000,000

Strike  11100  has a total call value of 54,500,000  versus a total put value of  17,434,500,000 Combined total value = 17,489,000,000

Strike  11200  has a total call value of 103,000,000  versus a total put value of  14,001,500,000 Combined total value = 14,104,500,000

Strike  11300  has a total call value of 177,000,000  versus a total put value of  11,115,000,000 Combined total value = 11,292,000,000

Strike  11400  has a total call value of 296,500,000  versus a total put value of  8,503,500,000 Combined total value = 8,800,000,000

Strike  11500  has a total call value of 514,500,000  versus a total put value of  6,166,500,000 Combined total value = 6,681,000,000

Strike  11600  has a total call value of 1,766,000,000  versus a total put value of  4,431,000,000 Combined total value = 6,197,000,000

Strike  11700  has a total call value of 3,860,500,000  versus a total put value of  3,069,000,000 Combined total value = 6,929,500,000

Strike  11800  has a total call value of 7,054,000,000  versus a total put value of  2,133,000,000 Combined total value = 9,187,000,000

Strike  11900  has a total call value of 11,310,000,000  versus a total put value of  1,529,000,000 Combined total value = 12,839,000,000

Strike  12000  has a total call value of 16,193,000,000  versus a total put value of  1,003,000,000 Combined total value = 17,196,000,000

Strike  12100  has a total call value of 22,877,500,000  versus a total put value of  833,000,000 Combined total value = 23,710,500,000

Strike  12200  has a total call value of 29,941,500,000  versus a total put value of  674,000,000 Combined total value = 30,615,500,000

Strike  12300  has a total call value of 37,308,500,000  versus a total put value of  540,500,000 Combined total value = 37,849,000,000

Strike  12400  has a total call value of 45,254,000,000  versus a total put value of  431,500,000 Combined total value = 45,685,500,000

Strike  12500  has a total call value of 53,235,000,000  versus a total put value of  329,500,000 Combined total value = 53,564,500,000

Strike  12600  has a total call value of 61,722,000,000  versus a total put value of  263,000,000 Combined total value = 61,985,000,000

Strike  12700  has a total call value of 70,825,000,000  versus a total put value of  196,500,000 Combined total value = 71,021,500,000

Strike  12800  has a total call value of 79,944,500,000  versus a total put value of  131,000,000 Combined total value = 80,075,500,000

Strike  12900  has a total call value of 89,722,000,000  versus a total put value of  65,500,000 Combined total value = 89,787,500,000

Strike  13000  has a total call value of 99,540,500,000  versus a total put value of  0 Combined total value = 99,540,500,000

Strike  13100  has a total call value of 109,637,500,000  versus a total put value of  0 Combined total value = 109,637,500,000

Strike  13200  has a total call value of 119,738,500,000  versus a total put value of  0 Combined total value = 119,738,500,000

Strike  13300  has a total call value of 129,863,500,000  versus a total put value of  0 Combined total value = 129,863,500,000

Strike  13400  has a total call value of 140,012,000,000  versus a total put value of  0 Combined total value = 140,012,000,000

Strike  13500  has a total call value of 150,189,500,000  versus a total put value of  0 Combined total value = 150,189,500,000

Strike  13600  has a total call value of 160,367,000,000  versus a total put value of  0 Combined total value = 160,367,000,000

Strike  13700  has a total call value of 170,653,500,000  versus a total put value of  0 Combined total value = 170,653,500,000

Strike  13800  has a total call value of 180,940,000,000  versus a total put value of  0 Combined total value = 180,940,000,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1131.7 1140
ABB 5148 5200
ABCAPITAL 348.1 345
ADANIENSOL 983 980
ADANIENT 2228.5 2300
ADANIGREEN 1018.4 1020
ADANIPORTS 1493.4 1500
ALKEM 5540 5650
AMBER 6659.5 6800
AMBUJACEM 539.6 550
ANGELONE 2508 2550
APLAPOLLO 1812.2 1760
APOLLOHOSP 6994.5 7100
ASHOKLEY 173.17 164
ASIANPAINT 2790.1 2800
ASTRAL 1420.8 1440
AUBANK 982.6 960
AUROPHARMA 1221 1220
AXISBANK 1232.4 1240
BAJAJ-AUTO 8980 9000
BAJAJFINSV 2039.7 2060
BAJFINANCE 1006 1020
BANDHANBNK 149.72 150
BANKBARODA 290.8 290
BANKINDIA 142.73 143
BDL 1360.5 1400
BEL 391.85 400
BHARATFORG 1432.1 1400
BHARTIARTL 2093.6 2100
BHEL 274.3 280
BIOCON 396.25 395
BLUESTARCO 1769 1780
BOSCHLTD 35690 36000
BPCL 362.95 365
BRITANNIA 6090 6000
BSE 2693.4 2700
CAMS 754.5 770
CANBK 147.66 150
CDSL 1493.3 1540
CGPOWER 670.8 680
CHOLAFIN 1636.5 1700
CIPLA 1510.5 1520
COALINDIA 385 385
COFORGE 1845.2 1840
COLPAL 2101.6 2160
CONCOR 499.15 520
CROMPTON 253.2 260
CUMMINSIND 4369 4400
CYIENT 1156 1140
DABUR 493.5 500
DALBHARAT 2019.4 2020
DELHIVERY 405.1 410
DIVISLAB 6442.5 6450
DIXON 13138 13500
DLF 686.5 710
DMART 3817.6 3900
DRREDDY 1272.3 1270
EICHERMOT 7209.5 7150
ETERNAL 286.8 295
EXIDEIND 361.9 370
FEDERALBNK 267.25 260
FORTIS 889 890
GAIL 168.87 175
GLENMARK 1981.2 1940
GMRAIRPORT 101.16 102
GODREJCP 1184.5 1160
GODREJPROP 2033.5 2060
GRASIM 2814.7 2800
HAL 4298.4 4500
HAVELLS 1411.9 1440
HCLTECH 1642.5 1660
HDFCAMC 2668.7 2660
HDFCBANK 987.2 995
HDFCLIFE 762.8 770
HEROMOTOCO 5742.5 5850
HFCL 64.05 67
HINDALCO 851.5 820
HINDPETRO 466.55 460
HINDUNILVR 2282.4 2300
HINDZINC 587.5 560
HUDCO 209.32 217.5
ICICIBANK 1355.5 1370
ICICIGI 1947.7 1960
ICICIPRULI 648.95 630
IDEA 11.64 11
IDFCFIRSTB 84.59 82
IEX 141.1 145
IIFL 560.8 560
INDHOTEL 730 730
INDIANB 777.45 810
INDIGO 5145.5 5100
INDUSINDBK 842.7 850
INDUSTOWER 411.35 410
INFY 1633.8 1600
INOXWIND 125.34 130
IOC 161.32 161
IRCTC 671.7 690
IREDA 132.18 140
IRFC 112.5 116
ITC 401.75 405
JINDALSTEL 988.2 1020
JIOFIN 297.05 305
JSWENERGY 476.8 490
JSWSTEEL 1078.4 1120
JUBLFOOD 563.3 580
KALYANKJIL 477.95 480
KAYNES 4149 4300
KEI 4242.1 4100
KFINTECH 1075.7 1080
KOTAKBANK 2162.9 2160
KPITTECH 1221.4 1200
LAURUSLABS 1038.9 1010
LICHSGFIN 530.4 550
LICI 848.9 870
LODHA 1083.6 1120
LT 4078 4040
LTF 299.2 300
LTIM 6191.5 6100
LUPIN 2119.8 2100
M&M 3605.5 3650
MANAPPURAM 290.35 282.5
MANKIND 2159 2200
MARICO 741.85 740
MARUTI 16447 16300
MAXHEALTH 1080.7 1100
MAZDOCK 2398.2 2500
MCX 10295 10100
MFSL 1681.1 1680
MOTHERSON 119.69 117
MPHASIS 2887.6 2900
MUTHOOTFIN 3764.7 3750
NATIONALUM 277.7 272.5
NAUKRI 1338.9 1360
NBCC 112.85 111
NCC 154.61 165
NESTLEIND 1241.5 1240
NHPC 76.23 78
NMDC 75.99 77
NTPC 319.05 325
NUVAMA 7098 7200
NYKAA 248.85 252.5
OBEROIRLTY 1669.9 1660
OFSS 7745 8000
OIL 406.2 410
ONGC 232.46 237.5
PAGEIND 35790 36500
PATANJALI 559.1 550
PAYTM 1324.9 1300
PERSISTENT 6349 6300
PETRONET 273.05 280
PFC 336.8 355
PGEL 580.6 560
PHOENIXLTD 1827.4 1760
PIDILITIND 1454 1480
PIIND 3229.9 3350
PNB 119.3 120
PNBHOUSING 913.65 900
POLICYBZR 1882.9 1860
POLYCAB 7397 7300
POWERGRID 262.95 270
POWERINDIA 18355 18500
PPLPHARMA 170.55 175
PRESTIGE 1617.9 1640
RBLBANK 299.65 305
RECLTD 338.15 350
RELIANCE 1566.9 1550
RVNL 315.35 315
SAIL 125.38 130
SAMMAANCAP 144.43 155
SBICARD 864.45 870
SBILIFE 2029 2020
SBIN 978.6 970
SHREECEM 25595 26000
SHRIRAMFIN 898.7 880
SIEMENS 3100.8 3150
SOLARINDS 11864 12500
SONACOMS 498.65 500
SRF 3075 3000
SUNPHARMA 1748 1760
SUPREMEIND 3370.4 3400
SUZLON 52.2 54
SYNGENE 649.8 650
TATACONSUM 1185 1180
TATAELXSI 5433.5 5300
TATAMOTORS 0 320
TATAPOWER 378.85 390
TATASTEEL 168.69 170
TATATECH 652.15 670
TCS 3296.8 3240
TECHM 1611.8 1560
TIINDIA 2618.5 2700
TITAGARH 778.25 800
TITAN 3935 3880
TMPV 352 360
TORNTPHARM 3778.4 3750
TORNTPOWER 1278.2 1300
TRENT 4065.3 4200
TVSMOTOR 3663.9 3600
ULTRACEMCO 11510 11600
UNIONBANK 153.42 155
UNITDSPR 1407.6 1430
UNOMINDA 1259 1280
UPL 746.05 750
VBL 469 470
VEDL 576.6 555
VOLTAS 1371.1 1380
WIPRO 264.71 260
YESBANK 21.58 22
ZYDUSLIFE 913.95 930

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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.