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

2232 -15.90 (-0.71%)

L: 2225.2 H: 2255

Max Pain - ADANIENT

17 Dec 2025 10:11 AM IST

Live

Expiry

Max Pain for ADANIENT is 2300

Historical data for ADANIENT-2300-CE

LTP (2300 CE)

22.2 -8.55

Open Interest

8461 379

Historical data for ADANIENT-2300-PE

LTP (2300 PE)

83.05 10.65

Open Interest

3479 12

Strike 1840 has a total call value of 0 versus a total put value of 352,148,894,415 Combined total value = 352,148,894,415

Strike 1860 has a total call value of 0 versus a total put value of 335,761,388,415 Combined total value = 335,761,388,415

Strike 1880 has a total call value of 0 versus a total put value of 319,373,882,415 Combined total value = 319,373,882,415

Strike 1900 has a total call value of 0 versus a total put value of 303,043,232,415 Combined total value = 303,043,232,415

Strike 1900.2 has a total call value of 0 versus a total put value of 302,879,925,915 Combined total value = 302,879,925,915

Strike 1920 has a total call value of 19,578,240 versus a total put value of 287,000,749,635 Combined total value = 287,020,327,875

Strike 1938.95 has a total call value of 38,316,000 versus a total put value of 271,834,289,580 Combined total value = 271,872,605,580

Strike 1940 has a total call value of 39,354,240 versus a total put value of 271,002,334,890 Combined total value = 271,041,689,130

Strike 1960 has a total call value of 59,130,240 versus a total put value of 255,186,478,890 Combined total value = 255,245,609,130

Strike 1977.75 has a total call value of 76,681,440 versus a total put value of 241,217,369,115 Combined total value = 241,294,050,555

Strike 1980 has a total call value of 78,906,240 versus a total put value of 239,453,589,390 Combined total value = 239,532,495,630

Strike 2000 has a total call value of 98,682,240 versus a total put value of 223,775,547,390 Combined total value = 223,874,229,630

Strike 2016.55 has a total call value of 123,229,200 versus a total put value of 211,310,294,265 Combined total value = 211,433,523,465

Strike 2020 has a total call value of 128,346,240 versus a total put value of 208,725,549,435 Combined total value = 208,853,895,675

Strike 2035.9 has a total call value of 151,929,120 versus a total put value of 196,844,199,705 Combined total value = 196,996,128,825

Strike 2040 has a total call value of 158,010,240 versus a total put value of 193,795,151,475 Combined total value = 193,953,161,715

Strike 2055.3 has a total call value of 180,703,200 versus a total put value of 182,423,614,665 Combined total value = 182,604,317,865

Strike 2060 has a total call value of 187,674,240 versus a total put value of 178,976,871,075 Combined total value = 179,164,545,315

Strike 2074.7 has a total call value of 209,477,280 versus a total put value of 168,248,412,705 Combined total value = 168,457,889,985

Strike 2080 has a total call value of 217,338,240 versus a total put value of 164,398,016,235 Combined total value = 164,615,354,475

Strike 2094.1 has a total call value of 239,994,120 versus a total put value of 154,266,045,285 Combined total value = 154,506,039,405

Strike 2100 has a total call value of 249,838,860 versus a total put value of 150,043,381,065 Combined total value = 150,293,219,925

Strike 2113.5 has a total call value of 348,703,410 versus a total put value of 140,921,144,865 Combined total value = 141,269,848,275

Strike 2120 has a total call value of 396,505,710 versus a total put value of 136,555,268,415 Combined total value = 136,951,774,125

Strike 2132.85 has a total call value of 491,404,245 versus a total put value of 128,158,137,795 Combined total value = 128,649,542,040

Strike 2140 has a total call value of 553,486,980 versus a total put value of 123,642,668,265 Combined total value = 124,196,155,245

Strike 2152.25 has a total call value of 678,400,230 versus a total put value of 115,988,892,765 Combined total value = 116,667,292,995

Strike 2160 has a total call value of 757,426,980 versus a total put value of 111,231,482,415 Combined total value = 111,988,909,395

Strike 2171.65 has a total call value of 903,940,875 versus a total put value of 104,199,175,440 Combined total value = 105,103,116,315

Strike 2180 has a total call value of 1,008,952,980 versus a total put value of 99,167,624,925 Combined total value = 100,176,577,905

Strike 2191.05 has a total call value of 1,203,576,630 versus a total put value of 92,662,414,785 Combined total value = 93,865,991,415

Strike 2200 has a total call value of 1,361,212,980 versus a total put value of 87,447,970,260 Combined total value = 88,809,183,240

Strike 2210.45 has a total call value of 1,976,992,815 versus a total put value of 82,016,385,255 Combined total value = 83,993,378,070

Strike 2220 has a total call value of 2,539,738,980 versus a total put value of 77,126,070,915 Combined total value = 79,665,809,895

Strike 2229.8 has a total call value of 3,262,873,140 versus a total put value of 72,297,908,835 Combined total value = 75,560,781,975

Strike 2240 has a total call value of 4,099,991,220 versus a total put value of 67,499,293,335 Combined total value = 71,599,284,555

Strike 2249.2 has a total call value of 5,089,854,180 versus a total put value of 63,411,346,935 Combined total value = 68,501,201,115

Strike 2260 has a total call value of 6,318,944,940 versus a total put value of 58,612,453,335 Combined total value = 64,931,398,275

Strike 2268.6 has a total call value of 8,247,685,860 versus a total put value of 55,065,090,075 Combined total value = 63,312,775,935

Strike 2280 has a total call value of 10,869,204,780 versus a total put value of 50,362,771,335 Combined total value = 61,231,976,115

Strike 2288 has a total call value of 12,988,203,180 versus a total put value of 47,244,590,535 Combined total value = 60,232,793,715

Strike 2300 has a total call value of 16,251,243,180 versus a total put value of 42,567,319,335 Combined total value = 58,818,562,515

Strike 2307.35 has a total call value of 20,171,475,195 versus a total put value of 40,492,623,810 Combined total value = 60,664,099,005

Strike 2320 has a total call value of 27,070,595,445 versus a total put value of 37,007,493,150 Combined total value = 64,078,088,595

Strike 2326.75 has a total call value of 30,963,647,820 versus a total put value of 35,229,599,850 Combined total value = 66,193,247,670

Strike 2340 has a total call value of 38,883,565,020 versus a total put value of 32,026,668,075 Combined total value = 70,910,233,095

Strike 2346.15 has a total call value of 42,852,826,065 versus a total put value of 30,648,534,255 Combined total value = 73,501,360,320

Strike 2360 has a total call value of 52,034,387,175 versus a total put value of 27,662,622,450 Combined total value = 79,697,009,625

Strike 2365.55 has a total call value of 55,964,538,090 versus a total put value of 26,562,310,530 Combined total value = 82,526,848,620

Strike 2380 has a total call value of 66,428,382,765 versus a total put value of 23,917,661,415 Combined total value = 90,346,044,180

Strike 2384.95 has a total call value of 70,145,036,310 versus a total put value of 23,042,452,905 Combined total value = 93,187,489,215

Strike 2400 has a total call value of 81,518,176,830 versus a total put value of 20,393,091,540 Combined total value = 101,911,268,370

Strike 2404.3 has a total call value of 85,588,649,280 versus a total put value of 19,826,400,990 Combined total value = 105,415,050,270

Strike 2420 has a total call value of 100,602,937,650 versus a total put value of 17,828,150,520 Combined total value = 118,431,088,170

Strike 2423.7 has a total call value of 104,187,297,480 versus a total put value of 17,364,428,040 Combined total value = 121,551,725,520

Strike 2440 has a total call value of 120,439,721,040 versus a total put value of 15,761,750,100 Combined total value = 136,201,471,140

Strike 2443.1 has a total call value of 123,624,738,540 versus a total put value of 15,472,081,140 Combined total value = 139,096,819,680

Strike 2460 has a total call value of 141,128,695,530 versus a total put value of 13,892,918,100 Combined total value = 155,021,613,630

Strike 2462.5 has a total call value of 143,780,997,030 versus a total put value of 13,676,695,350 Combined total value = 157,457,692,380

Strike 2480 has a total call value of 162,494,191,530 versus a total put value of 12,218,292,600 Combined total value = 174,712,484,130

Strike 2481.9 has a total call value of 164,547,104,100 versus a total put value of 12,061,478,190 Combined total value = 176,608,582,290

Strike 2500 has a total call value of 184,238,586,420 versus a total put value of 10,643,118,750 Combined total value = 194,881,705,170

Strike 2501.25 has a total call value of 185,747,935,545 versus a total put value of 10,581,280,125 Combined total value = 196,329,215,670

Strike 2520 has a total call value of 208,516,793,670 versus a total put value of 9,667,026,375 Combined total value = 218,183,820,045

Strike 2520.65 has a total call value of 209,309,086,665 versus a total put value of 9,636,376,665 Combined total value = 218,945,463,330

Strike 2540 has a total call value of 233,179,647,210 versus a total put value of 8,723,958,375 Combined total value = 241,903,605,585

Strike 2540.05 has a total call value of 233,241,882,900 versus a total put value of 8,721,600,705 Combined total value = 241,963,483,605

Strike 2559.45 has a total call value of 257,486,443,140 versus a total put value of 7,807,424,205 Combined total value = 265,293,867,345

Strike 2560 has a total call value of 258,173,788,920 versus a total put value of 7,781,506,830 Combined total value = 265,955,295,750

Strike 2578.85 has a total call value of 282,019,323,555 versus a total put value of 6,893,830,170 Combined total value = 288,913,153,725

Strike 2580 has a total call value of 283,474,090,920 versus a total put value of 6,840,030,180 Combined total value = 290,314,121,100

Strike 2598.2 has a total call value of 306,497,365,740 versus a total put value of 5,988,586,860 Combined total value = 312,485,952,600

Strike 2600 has a total call value of 308,774,392,920 versus a total put value of 5,904,990,000 Combined total value = 314,679,382,920

Strike 2617.6 has a total call value of 331,703,775,000 versus a total put value of 5,211,050,160 Combined total value = 336,914,825,160

Strike 2620 has a total call value of 334,868,478,840 versus a total put value of 5,126,507,760 Combined total value = 339,994,986,600

Strike 2637 has a total call value of 357,285,131,040 versus a total put value of 4,529,766,960 Combined total value = 361,814,898,000

Strike 2640 has a total call value of 361,241,010,840 versus a total put value of 4,424,459,760 Combined total value = 365,665,470,600

Strike 2656.4 has a total call value of 382,982,028,360 versus a total put value of 3,849,793,920 Combined total value = 386,831,822,280

Strike 2660 has a total call value of 387,754,446,840 versus a total put value of 3,723,647,760 Combined total value = 391,478,094,600

Strike 2675.8 has a total call value of 408,700,061,280 versus a total put value of 3,170,494,500 Combined total value = 411,870,555,780

Strike 2680 has a total call value of 414,267,882,840 versus a total put value of 3,023,453,760 Combined total value = 417,291,336,600

Strike 2695.15 has a total call value of 434,397,219,705 versus a total put value of 2,493,056,805 Combined total value = 436,890,276,510

Strike 2700 has a total call value of 440,841,264,840 versus a total put value of 2,323,259,760 Combined total value = 443,164,524,600

Strike 2714.55 has a total call value of 460,502,503,785 versus a total put value of 1,830,503,640 Combined total value = 462,333,007,425

Strike 2720 has a total call value of 467,943,815,520 versus a total put value of 1,747,648,380 Combined total value = 469,691,463,900

Strike 2733.95 has a total call value of 486,990,842,805 versus a total put value of 1,538,586,705 Combined total value = 488,529,429,510

Strike 2740 has a total call value of 495,251,381,520 versus a total put value of 1,448,479,215 Combined total value = 496,699,860,735

Strike 2753.35 has a total call value of 513,479,181,825 versus a total put value of 1,249,646,985 Combined total value = 514,728,828,810

Strike 2760 has a total call value of 522,558,947,520 versus a total put value of 1,151,219,670 Combined total value = 523,710,167,190

Strike 2780 has a total call value of 549,866,513,520 versus a total put value of 855,815,670 Combined total value = 550,722,329,190

Strike 2792.1 has a total call value of 566,387,590,950 versus a total put value of 677,096,250 Combined total value = 567,064,687,200

Strike 2800 has a total call value of 577,257,565,140 versus a total put value of 561,144,000 Combined total value = 577,818,709,140

Strike 2820 has a total call value of 604,921,099,140 versus a total put value of 280,572,000 Combined total value = 605,201,671,140

Strike 2840 has a total call value of 632,584,633,140 versus a total put value of 0 Combined total value = 632,584,633,140

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	1137.9	1140
ABB	5231	5200
ABCAPITAL	348.2	350
ADANIENSOL	987.85	990
ADANIENT	2232	2300
ADANIGREEN	1021.2	1020
ADANIPORTS	1491.7	1500
ALKEM	5673.5	5700
AMBER	6731	6800
AMBUJACEM	546.45	555
ANGELONE	2520.4	2600
APLAPOLLO	1721.6	1740
APOLLOHOSP	7007.5	7200
ASHOKLEY	165.92	160
ASIANPAINT	2801.3	2800
ASTRAL	1444.4	1460
AUBANK	994	960
AUROPHARMA	1182.5	1200
AXISBANK	1229	1240
BAJAJ-AUTO	8944.5	9000
BAJAJFINSV	2030.6	2060
BAJFINANCE	1002.7	1020
BANDHANBNK	149.33	150
BANKBARODA	285.2	290
BANKINDIA	141.47	143
BDL	1339.2	1400
BEL	386.25	400
BHARATFORG	1402.5	1400
BHARTIARTL	2099.8	2100
BHEL	278	280
BIOCON	385.9	390
BLUESTARCO	1815	1780
BOSCHLTD	36295	36500
BPCL	368.35	365
BRITANNIA	6109	6000
BSE	2649	2700
CAMS	750.1	780
CANBK	150.21	149
CDSL	1489.3	1560
CGPOWER	682.85	680
CHOLAFIN	1709.5	1700
CIPLA	1495.3	1520
COALINDIA	383.8	384.75
COFORGE	1870.6	1840
COLPAL	2123	2180
CONCOR	498.4	520
CROMPTON	251.8	265
CUMMINSIND	4505.3	4500
CYIENT	1138.3	1160
DABUR	496.55	500
DALBHARAT	2047.6	2040
DELHIVERY	402.55	410
DIVISLAB	6362.5	6400
DIXON	13398	13750
DLF	684.8	710
DMART	3842.7	3900
DRREDDY	1271.7	1270
EICHERMOT	7151	7100
ETERNAL	286	295
EXIDEIND	361.9	375
FEDERALBNK	264.1	260
FORTIS	873.2	890
GAIL	169.62	175
GLENMARK	1958.8	1940
GMRAIRPORT	102.82	102
GODREJCP	1186.1	1160
GODREJPROP	2020.7	2080
GRASIM	2789.2	2800
HAL	4232	4450
HAVELLS	1397.8	1440
HCLTECH	1658.7	1660
HDFCAMC	2575.9	2620
HDFCBANK	988	1000
HDFCLIFE	756.5	770
HEROMOTOCO	5889	6000
HFCL	64.88	68
HINDALCO	845.55	820
HINDPETRO	468	460
HINDUNILVR	2281.3	2300
HINDZINC	583.8	550
HUDCO	210.1	220
ICICIBANK	1347.1	1370
ICICIGI	1947.6	1980
ICICIPRULI	635.45	630
IDEA	11.32	11
IDFCFIRSTB	83.45	82
IEX	140.82	145
IIFL	568.3	560
INDHOTEL	723.85	740
INDIANB	777.55	820
INDIGO	4951	5000
INDUSINDBK	837.9	850
INDUSTOWER	407.1	410
INFY	1598.1	1600
INOXWIND	126.35	130
IOC	168.3	166
IRCTC	668.35	690
IREDA	133.14	140
IRFC	111.75	116
ITC	402.1	405
JINDALSTEL	1007.6	1020
JIOFIN	294	305
JSWENERGY	480.7	490
JSWSTEEL	1086.3	1130
JUBLFOOD	556.25	580
KALYANKJIL	477.9	480
KAYNES	4197	4400
KEI	4082.2	4100
KFINTECH	1029.7	1060
KOTAKBANK	2179.3	2160
KPITTECH	1168.1	1200
LAURUSLABS	1012.1	1000
LICHSGFIN	526.65	550
LICI	856.1	880
LODHA	1076.6	1100
LT	4057.8	4040
LTF	302.3	302.5
LTIM	6228.5	6200
LUPIN	2116.1	2080
M&M	3614.4	3700
MANAPPURAM	284.8	280
MANKIND	2101.6	2200
MARICO	738.4	740
MARUTI	16412	16300
MAXHEALTH	1056.2	1100
MAZDOCK	2384.7	2550
MCX	10159	10100
MFSL	1661.8	1700
MOTHERSON	119.6	116
MPHASIS	2865.5	2900
MUTHOOTFIN	3834.8	3800
NATIONALUM	279.6	270
NAUKRI	1351.7	1360
NBCC	110.96	112
NCC	157.28	167.5
NESTLEIND	1237.7	1240
NHPC	75.49	78
NMDC	77.31	77
NTPC	321.35	325
NUVAMA	7223	7200
NYKAA	245.95	255
OBEROIRLTY	1627.8	1640
OFSS	7804	8000
OIL	402	410
ONGC	231.81	239
PAGEIND	36160	37000
PATANJALI	536	540
PAYTM	1279.1	1300
PERSISTENT	6302	6300
PETRONET	267.15	278
PFC	337.5	355
PGEL	563	560
PHOENIXLTD	1785.1	1740
PIDILITIND	1461	1480
PIIND	3221.8	3350
PNB	118.36	120
PNBHOUSING	910.85	910
POLICYBZR	1789.4	1840
POLYCAB	7100	7200
POWERGRID	261.15	270
POWERINDIA	19430	19500
PPLPHARMA	169	180
PRESTIGE	1606.3	1660
RBLBANK	296.9	310
RECLTD	335.35	350
RELIANCE	1543.7	1540
RVNL	308.4	315
SAIL	129.69	133
SAMMAANCAP	145.08	155
SBICARD	839.2	870
SBILIFE	2012.3	2020
SBIN	976.4	970
SHREECEM	26120	26500
SHRIRAMFIN	859	850
SIEMENS	3153.6	3200
SOLARINDS	11908	12500
SONACOMS	486.2	500
SRF	3009.4	2950
SUNPHARMA	1777.6	1800
SUPREMEIND	3370.5	3400
SUZLON	52.38	54
SYNGENE	644.1	650
TATACONSUM	1178.6	1170
TATAELXSI	5007	5100
TATAMOTORS	0	320
TATAPOWER	381.1	390
TATASTEEL	170.6	170
TATATECH	648.65	670
TCS	3225	3200
TECHM	1578.8	1540
TIINDIA	2627.2	2700
TITAGARH	782.35	800
TITAN	3929.9	3880
TMPV	348.05	360
TORNTPHARM	3743.2	3750
TORNTPOWER	1295.5	1300
TRENT	4082.8	4200
TVSMOTOR	3636.8	3600
ULTRACEMCO	11524	11700
UNIONBANK	153.61	155
UNITDSPR	1445.1	1440
UNOMINDA	1256.3	1280
UPL	749.3	750
VBL	474.2	470
VEDL	571.5	550
VOLTAS	1389	1380
WIPRO	260.97	255
YESBANK	21.55	22
ZYDUSLIFE	917.4	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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