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.

ADANIENT

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.

Adani Enterprises Limited

2227.5 -20.40 (-0.91%)

L: 2222.9 H: 2255

Max Pain - ADANIENT

17 Dec 2025 01:41 PM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

20.95 -9.8

Open Interest

8487 405

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

81.25 8.85

Open Interest

3440 -27

Strike 1840 has a total call value of 0 versus a total put value of 350,406,653,535 Combined total value = 350,406,653,535

Strike 1860 has a total call value of 0 versus a total put value of 334,017,293,535 Combined total value = 334,017,293,535

Strike 1880 has a total call value of 0 versus a total put value of 317,627,933,535 Combined total value = 317,627,933,535

Strike 1900 has a total call value of 0 versus a total put value of 301,295,429,535 Combined total value = 301,295,429,535

Strike 1900.2 has a total call value of 0 versus a total put value of 301,132,104,495 Combined total value = 301,132,104,495

Strike 1920 has a total call value of 19,578,240 versus a total put value of 285,251,092,755 Combined total value = 285,270,670,995

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 270,082,876,035 Combined total value = 270,121,192,035

Strike 1940 has a total call value of 39,354,240 versus a total put value of 269,250,824,010 Combined total value = 269,290,178,250

Strike 1960 has a total call value of 59,130,240 versus a total put value of 253,433,114,010 Combined total value = 253,492,244,250

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 239,468,392,035 Combined total value = 239,545,073,475

Strike 1980 has a total call value of 78,906,240 versus a total put value of 237,705,168,510 Combined total value = 237,784,074,750

Strike 2000 has a total call value of 98,682,240 versus a total put value of 222,032,070,510 Combined total value = 222,130,752,750

Strike 2016.55 has a total call value of 122,717,805 versus a total put value of 209,593,409,925 Combined total value = 209,716,127,730

Strike 2020 has a total call value of 127,728,240 versus a total put value of 207,014,208,555 Combined total value = 207,141,936,795

Strike 2035.9 has a total call value of 150,819,810 versus a total put value of 195,170,198,385 Combined total value = 195,321,018,195

Strike 2040 has a total call value of 156,774,240 versus a total put value of 192,130,778,595 Combined total value = 192,287,552,835

Strike 2055.3 has a total call value of 178,994,430 versus a total put value of 180,796,590,615 Combined total value = 180,975,585,045

Strike 2060 has a total call value of 185,820,240 versus a total put value of 177,359,141,745 Combined total value = 177,544,961,985

Strike 2074.7 has a total call value of 207,169,050 versus a total put value of 166,658,391,405 Combined total value = 166,865,560,455

Strike 2080 has a total call value of 214,866,240 versus a total put value of 162,817,821,135 Combined total value = 163,032,687,375

Strike 2094.1 has a total call value of 237,086,430 versus a total put value of 152,712,427,275 Combined total value = 152,949,513,705

Strike 2100 has a total call value of 246,748,860 versus a total put value of 148,501,795,515 Combined total value = 148,748,544,375

Strike 2113.5 has a total call value of 349,784,910 versus a total put value of 139,471,332,315 Combined total value = 139,821,117,225

Strike 2120 has a total call value of 399,595,710 versus a total put value of 135,148,236,915 Combined total value = 135,547,832,625

Strike 2132.85 has a total call value of 498,464,895 versus a total put value of 126,867,446,340 Combined total value = 127,365,911,235

Strike 2140 has a total call value of 562,094,175 versus a total put value of 122,415,385,155 Combined total value = 122,977,479,330

Strike 2152.25 has a total call value of 689,657,100 versus a total put value of 114,866,839,605 Combined total value = 115,556,496,705

Strike 2160 has a total call value of 770,360,175 versus a total put value of 110,177,919,105 Combined total value = 110,948,279,280

Strike 2171.65 has a total call value of 919,033,980 versus a total put value of 103,245,327,975 Combined total value = 104,164,361,955

Strike 2180 has a total call value of 1,025,594,175 versus a total put value of 98,284,731,585 Combined total value = 99,310,325,760

Strike 2191.05 has a total call value of 1,223,290,830 versus a total put value of 91,879,223,385 Combined total value = 93,102,514,215

Strike 2200 has a total call value of 1,383,416,175 versus a total put value of 86,745,532,920 Combined total value = 88,128,949,095

Strike 2210.45 has a total call value of 1,991,123,385 versus a total put value of 81,370,456,290 Combined total value = 83,361,579,675

Strike 2220 has a total call value of 2,546,492,175 versus a total put value of 76,532,373,765 Combined total value = 79,078,865,940

Strike 2229.8 has a total call value of 3,256,302,255 versus a total put value of 71,756,599,545 Combined total value = 75,012,901,800

Strike 2240 has a total call value of 4,089,953,355 versus a total put value of 67,017,237,885 Combined total value = 71,107,191,240

Strike 2249.2 has a total call value of 5,081,521,995 versus a total put value of 62,987,284,605 Combined total value = 68,068,806,600

Strike 2260 has a total call value of 6,320,290,635 versus a total put value of 58,256,469,885 Combined total value = 64,576,760,520

Strike 2268.6 has a total call value of 8,268,962,055 versus a total put value of 54,735,680,625 Combined total value = 63,004,642,680

Strike 2280 has a total call value of 10,915,843,695 versus a total put value of 50,068,587,885 Combined total value = 60,984,431,580

Strike 2288 has a total call value of 13,049,921,295 versus a total put value of 46,971,666,285 Combined total value = 60,021,587,580

Strike 2300 has a total call value of 16,337,804,895 versus a total put value of 42,326,283,885 Combined total value = 58,664,088,780

Strike 2307.35 has a total call value of 20,279,158,605 versus a total put value of 40,262,262,765 Combined total value = 60,541,421,370

Strike 2320 has a total call value of 27,215,022,045 versus a total put value of 36,795,503,700 Combined total value = 64,010,525,745

Strike 2326.75 has a total call value of 31,124,760,420 versus a total put value of 35,032,419,225 Combined total value = 66,157,179,645

Strike 2340 has a total call value of 39,085,210,695 versus a total put value of 31,856,100,075 Combined total value = 70,941,310,770

Strike 2346.15 has a total call value of 43,071,004,785 versus a total put value of 30,488,798,250 Combined total value = 73,559,803,035

Strike 2360 has a total call value of 52,290,226,815 versus a total put value of 27,527,280,450 Combined total value = 79,817,507,265

Strike 2365.55 has a total call value of 56,237,355,735 versus a total put value of 26,436,743,745 Combined total value = 82,674,099,480

Strike 2380 has a total call value of 66,744,957,900 versus a total put value of 23,817,545,415 Combined total value = 90,562,503,315

Strike 2384.95 has a total call value of 70,477,365,810 versus a total put value of 22,951,055,340 Combined total value = 93,428,421,150

Strike 2400 has a total call value of 81,900,266,145 versus a total put value of 20,328,201,540 Combined total value = 102,228,467,685

Strike 2404.3 has a total call value of 85,983,626,985 versus a total put value of 19,763,902,650 Combined total value = 105,747,529,635

Strike 2420 has a total call value of 101,043,517,575 versus a total put value of 17,774,384,520 Combined total value = 118,817,902,095

Strike 2423.7 has a total call value of 104,637,824,115 versus a total put value of 17,312,719,980 Combined total value = 121,950,544,095

Strike 2440 has a total call value of 120,907,372,455 versus a total put value of 15,719,108,100 Combined total value = 136,626,480,555

Strike 2443.1 has a total call value of 124,094,976,285 versus a total put value of 15,430,875,990 Combined total value = 139,525,852,275

Strike 2460 has a total call value of 141,613,032,945 versus a total put value of 13,859,546,100 Combined total value = 155,472,579,045

Strike 2462.5 has a total call value of 144,265,334,445 versus a total put value of 13,644,327,600 Combined total value = 157,909,662,045

Strike 2480 has a total call value of 162,978,528,945 versus a total put value of 12,192,954,600 Combined total value = 175,171,483,545

Strike 2481.9 has a total call value of 165,032,028,615 versus a total put value of 12,036,786,000 Combined total value = 177,068,814,615

Strike 2500 has a total call value of 184,729,103,835 versus a total put value of 10,624,578,750 Combined total value = 195,353,682,585

Strike 2501.25 has a total call value of 186,236,328,585 versus a total put value of 10,562,971,875 Combined total value = 196,799,300,460

Strike 2520 has a total call value of 208,933,344,210 versus a total put value of 9,652,194,375 Combined total value = 218,585,538,585

Strike 2520.65 has a total call value of 209,722,765,050 versus a total put value of 9,621,665,175 Combined total value = 219,344,430,225

Strike 2540 has a total call value of 233,507,225,835 versus a total put value of 8,712,834,375 Combined total value = 242,220,060,210

Strike 2540.05 has a total call value of 233,569,158,705 versus a total put value of 8,710,485,975 Combined total value = 242,279,644,680

Strike 2559.45 has a total call value of 257,690,829,645 versus a total put value of 7,799,906,235 Combined total value = 265,490,735,880

Strike 2560 has a total call value of 258,374,691,450 versus a total put value of 7,774,090,830 Combined total value = 266,148,782,280

Strike 2578.85 has a total call value of 282,097,908,435 versus a total put value of 6,889,908,960 Combined total value = 288,987,817,395

Strike 2580 has a total call value of 283,545,213,450 versus a total put value of 6,836,322,180 Combined total value = 290,381,535,630

Strike 2598.2 has a total call value of 306,450,388,470 versus a total put value of 5,988,253,140 Combined total value = 312,438,641,610

Strike 2600 has a total call value of 308,723,077,290 versus a total put value of 5,904,990,000 Combined total value = 314,628,067,290

Strike 2617.6 has a total call value of 331,594,268,490 versus a total put value of 5,211,050,160 Combined total value = 336,805,318,650

Strike 2620 has a total call value of 334,750,666,410 versus a total put value of 5,126,507,760 Combined total value = 339,877,174,170

Strike 2637 has a total call value of 357,108,485,010 versus a total put value of 4,529,766,960 Combined total value = 361,638,251,970

Strike 2640 has a total call value of 361,053,982,410 versus a total put value of 4,424,459,760 Combined total value = 365,478,442,170

Strike 2656.4 has a total call value of 382,738,242,810 versus a total put value of 3,849,793,920 Combined total value = 386,588,036,730

Strike 2660 has a total call value of 387,498,202,410 versus a total put value of 3,723,647,760 Combined total value = 391,221,850,170

Strike 2675.8 has a total call value of 408,389,136,210 versus a total put value of 3,170,494,500 Combined total value = 411,559,630,710

Strike 2680 has a total call value of 413,942,422,410 versus a total put value of 3,023,453,760 Combined total value = 416,965,876,170

Strike 2695.15 has a total call value of 434,019,328,155 versus a total put value of 2,493,056,805 Combined total value = 436,512,384,960

Strike 2700 has a total call value of 440,446,588,410 versus a total put value of 2,323,259,760 Combined total value = 442,769,848,170

Strike 2714.55 has a total call value of 460,029,148,230 versus a total put value of 1,830,503,640 Combined total value = 461,859,651,870

Strike 2720 has a total call value of 467,440,989,090 versus a total put value of 1,747,648,380 Combined total value = 469,188,637,470

Strike 2733.95 has a total call value of 486,412,581,750 versus a total put value of 1,538,586,705 Combined total value = 487,951,168,455

Strike 2740 has a total call value of 494,640,405,090 versus a total put value of 1,448,479,215 Combined total value = 496,088,884,305

Strike 2753.35 has a total call value of 512,796,015,270 versus a total put value of 1,249,646,985 Combined total value = 514,045,662,255

Strike 2760 has a total call value of 521,839,821,090 versus a total put value of 1,151,219,670 Combined total value = 522,991,040,760

Strike 2780 has a total call value of 549,039,237,090 versus a total put value of 855,815,670 Combined total value = 549,895,052,760

Strike 2792.1 has a total call value of 565,494,883,770 versus a total put value of 677,096,250 Combined total value = 566,171,980,020

Strike 2800 has a total call value of 576,321,894,600 versus a total put value of 561,144,000 Combined total value = 576,883,038,600

Strike 2820 has a total call value of 603,853,794,600 versus a total put value of 280,572,000 Combined total value = 604,134,366,600

Strike 2840 has a total call value of 631,385,694,600 versus a total put value of 0 Combined total value = 631,385,694,600

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	1125	1140
ABB	5182.5	5200
ABCAPITAL	347.8	350
ADANIENSOL	982.85	990
ADANIENT	2227.5	2300
ADANIGREEN	1021.5	1020
ADANIPORTS	1484.7	1500
ALKEM	5596	5700
AMBER	6589.5	6800
AMBUJACEM	541.35	555
ANGELONE	2494.5	2600
APLAPOLLO	1763.8	1760
APOLLOHOSP	6926.5	7150
ASHOKLEY	165.23	160
ASIANPAINT	2777	2800
ASTRAL	1437.1	1460
AUBANK	988.95	960
AUROPHARMA	1190.5	1200
AXISBANK	1229.6	1240
BAJAJ-AUTO	8924	9000
BAJAJFINSV	2012.5	2060
BAJFINANCE	995.5	1020
BANDHANBNK	147.99	150
BANKBARODA	287.35	290
BANKINDIA	142.33	143
BDL	1330.2	1400
BEL	385.95	400
BHARATFORG	1413.1	1400
BHARTIARTL	2102.8	2100
BHEL	276.55	280
BIOCON	386.9	390
BLUESTARCO	1821.3	1780
BOSCHLTD	35910	36500
BPCL	368.05	365
BRITANNIA	6109.5	6000
BSE	2634.6	2700
CAMS	736.7	780
CANBK	150.13	150
CDSL	1479.6	1560
CGPOWER	672.15	680
CHOLAFIN	1668.9	1700
CIPLA	1495	1520
COALINDIA	383.05	384.75
COFORGE	1853	1840
COLPAL	2103.7	2180
CONCOR	497.85	520
CROMPTON	249.8	265
CUMMINSIND	4507.6	4500
CYIENT	1139.7	1160
DABUR	494.25	500
DALBHARAT	2073.2	2040
DELHIVERY	398.05	410
DIVISLAB	6301.5	6400
DIXON	13300	13750
DLF	681.65	710
DMART	3820	3900
DRREDDY	1268.9	1270
EICHERMOT	7150.5	7150
ETERNAL	285.05	295
EXIDEIND	364	375
FEDERALBNK	263.35	260
FORTIS	867.95	890
GAIL	168.51	175
GLENMARK	1945.8	1940
GMRAIRPORT	101.15	102
GODREJCP	1175.6	1160
GODREJPROP	2013.2	2080
GRASIM	2792.2	2800
HAL	4236.5	4450
HAVELLS	1395	1440
HCLTECH	1655.1	1660
HDFCAMC	2545	2600
HDFCBANK	981.4	995
HDFCLIFE	750.7	770
HEROMOTOCO	5812	6000
HFCL	64.62	68
HINDALCO	846.05	820
HINDPETRO	465.9	460
HINDUNILVR	2273.1	2300
HINDZINC	574.7	550
HUDCO	208.1	220
ICICIBANK	1348.8	1370
ICICIGI	1936.7	1980
ICICIPRULI	628.8	630
IDEA	11.13	11
IDFCFIRSTB	83.45	82
IEX	140.66	145
IIFL	564.5	560
INDHOTEL	712.55	730
INDIANB	773.6	820
INDIGO	4972	5000
INDUSINDBK	833.05	850
INDUSTOWER	405.9	410
INFY	1602.4	1600
INOXWIND	126.08	130
IOC	167.77	166
IRCTC	667	690
IREDA	131.87	140
IRFC	111.29	116
ITC	400.65	405
JINDALSTEL	1000.9	1020
JIOFIN	292.75	305
JSWENERGY	475.45	490
JSWSTEEL	1079.7	1120
JUBLFOOD	551	580
KALYANKJIL	472.5	480
KAYNES	4166	4400
KEI	4091.8	4100
KFINTECH	1030.2	1060
KOTAKBANK	2164.9	2160
KPITTECH	1171.8	1200
LAURUSLABS	1009.9	1000
LICHSGFIN	525.65	550
LICI	845.3	870
LODHA	1063.4	1100
LT	4055.8	4040
LTF	301	302.5
LTIM	6246.5	6150
LUPIN	2109.4	2080
M&M	3601.9	3650
MANAPPURAM	285.2	280
MANKIND	2098.7	2200
MARICO	738.05	740
MARUTI	16399	16300
MAXHEALTH	1029.2	1080
MAZDOCK	2360.9	2500
MCX	10064	10100
MFSL	1654.7	1680
MOTHERSON	119.64	116
MPHASIS	2865.5	2900
MUTHOOTFIN	3760	3750
NATIONALUM	279.05	270
NAUKRI	1341.4	1360
NBCC	109.85	112
NCC	155.92	165
NESTLEIND	1228.7	1240
NHPC	75.48	78
NMDC	77.24	77
NTPC	320.9	325
NUVAMA	7184	7200
NYKAA	244.25	255
OBEROIRLTY	1614	1640
OFSS	7743	8000
OIL	398.5	410
ONGC	232.66	237.5
PAGEIND	36295	37000
PATANJALI	534.1	540
PAYTM	1267.1	1300
PERSISTENT	6282.5	6300
PETRONET	268.2	278
PFC	335.25	355
PGEL	558	560
PHOENIXLTD	1779	1740
PIDILITIND	1451	1480
PIIND	3202.2	3300
PNB	118.98	120
PNBHOUSING	896.3	910
POLICYBZR	1779.7	1840
POLYCAB	7104	7200
POWERGRID	261.6	270
POWERINDIA	19165	19500
PPLPHARMA	168.84	180
PRESTIGE	1605.7	1660
RBLBANK	295.85	305
RECLTD	333.9	350
RELIANCE	1545	1540
RVNL	307.35	315
SAIL	129.66	132
SAMMAANCAP	148.82	155
SBICARD	830.7	870
SBILIFE	1998.9	2020
SBIN	976.05	970
SHREECEM	25960	26500
SHRIRAMFIN	862	850
SIEMENS	3150	3200
SOLARINDS	11835	12500
SONACOMS	491.85	500
SRF	3016.6	2950
SUNPHARMA	1791.9	1800
SUPREMEIND	3347.8	3400
SUZLON	51.97	54
SYNGENE	646.8	650
TATACONSUM	1182	1170
TATAELXSI	4971	5000
TATAMOTORS	0	320
TATAPOWER	378.45	390
TATASTEEL	169.93	170
TATATECH	641.7	670
TCS	3215.3	3200
TECHM	1576	1560
TIINDIA	2605.5	2700
TITAGARH	775.5	800
TITAN	3895.1	3880
TMPV	347.65	360
TORNTPHARM	3738.7	3750
TORNTPOWER	1282.8	1300
TRENT	4052.9	4200
TVSMOTOR	3639.8	3600
ULTRACEMCO	11558	11700
UNIONBANK	153.11	155
UNITDSPR	1431.1	1440
UNOMINDA	1243.2	1280
UPL	745.45	750
VBL	470.65	470
VEDL	569.1	550
VOLTAS	1380	1380
WIPRO	261.05	255
YESBANK	21.49	22
ZYDUSLIFE	917.8	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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