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BHARTIARTL

Bharti Airtel Limited
2097 -5.00 (-0.24%)
L: 2096.8 H: 2128
Max Pain - BHARTIARTL
17 Dec 2025 10:06 AM IST
Live


Strike  1520  has a total call value of 0  versus a total put value of  492,303,300,000 Combined total value = 492,303,300,000

Strike  1540  has a total call value of 0  versus a total put value of  473,798,250,000 Combined total value = 473,798,250,000

Strike  1560  has a total call value of 0  versus a total put value of  455,293,200,000 Combined total value = 455,293,200,000

Strike  1580  has a total call value of 0  versus a total put value of  436,788,150,000 Combined total value = 436,788,150,000

Strike  1600  has a total call value of 0  versus a total put value of  418,283,100,000 Combined total value = 418,283,100,000

Strike  1620  has a total call value of 0  versus a total put value of  399,778,050,000 Combined total value = 399,778,050,000

Strike  1640  has a total call value of 0  versus a total put value of  381,273,000,000 Combined total value = 381,273,000,000

Strike  1660  has a total call value of 0  versus a total put value of  362,767,950,000 Combined total value = 362,767,950,000

Strike  1680  has a total call value of 0  versus a total put value of  344,262,900,000 Combined total value = 344,262,900,000

Strike  1700  has a total call value of 0  versus a total put value of  325,757,850,000 Combined total value = 325,757,850,000

Strike  1720  has a total call value of 0  versus a total put value of  307,252,800,000 Combined total value = 307,252,800,000

Strike  1740  has a total call value of 22,800,000  versus a total put value of  288,747,750,000 Combined total value = 288,770,550,000

Strike  1760  has a total call value of 45,600,000  versus a total put value of  270,242,700,000 Combined total value = 270,288,300,000

Strike  1780  has a total call value of 68,400,000  versus a total put value of  251,737,650,000 Combined total value = 251,806,050,000

Strike  1800  has a total call value of 91,200,000  versus a total put value of  233,232,600,000 Combined total value = 233,323,800,000

Strike  1820  has a total call value of 140,600,000  versus a total put value of  214,885,250,000 Combined total value = 215,025,850,000

Strike  1840  has a total call value of 190,950,000  versus a total put value of  196,540,750,000 Combined total value = 196,731,700,000

Strike  1860  has a total call value of 242,250,000  versus a total put value of  178,315,950,000 Combined total value = 178,558,200,000

Strike  1880  has a total call value of 294,500,000  versus a total put value of  160,216,550,000 Combined total value = 160,511,050,000

Strike  1900  has a total call value of 347,700,000  versus a total put value of  142,191,250,000 Combined total value = 142,538,950,000

Strike  1920  has a total call value of 969,000,000  versus a total put value of  124,869,900,000 Combined total value = 125,838,900,000

Strike  1940  has a total call value of 1,593,150,000  versus a total put value of  108,348,450,000 Combined total value = 109,941,600,000

Strike  1960  has a total call value of 2,347,450,000  versus a total put value of  92,947,050,000 Combined total value = 95,294,500,000

Strike  1980  has a total call value of 3,112,200,000  versus a total put value of  78,306,600,000 Combined total value = 81,418,800,000

Strike  2000  has a total call value of 3,883,600,000  versus a total put value of  63,989,150,000 Combined total value = 67,872,750,000

Strike  2020  has a total call value of 5,123,350,000  versus a total put value of  51,771,200,000 Combined total value = 56,894,550,000

Strike  2040  has a total call value of 6,585,400,000  versus a total put value of  40,620,100,000 Combined total value = 47,205,500,000

Strike  2060  has a total call value of 8,343,850,000  versus a total put value of  30,982,350,000 Combined total value = 39,326,200,000

Strike  2080  has a total call value of 10,775,850,000  versus a total put value of  22,908,300,000 Combined total value = 33,684,150,000

Strike  2100  has a total call value of 14,507,450,000  versus a total put value of  16,582,250,000 Combined total value = 31,089,700,000

Strike  2120  has a total call value of 23,810,800,000  versus a total put value of  12,207,500,000 Combined total value = 36,018,300,000

Strike  2140  has a total call value of 36,981,600,000  versus a total put value of  9,039,250,000 Combined total value = 46,020,850,000

Strike  2160  has a total call value of 54,139,550,000  versus a total put value of  7,032,850,000 Combined total value = 61,172,400,000

Strike  2180  has a total call value of 74,769,750,000  versus a total put value of  5,575,550,000 Combined total value = 80,345,300,000

Strike  2200  has a total call value of 97,883,250,000  versus a total put value of  4,292,100,000 Combined total value = 102,175,350,000

Strike  2220  has a total call value of 127,145,150,000  versus a total put value of  3,496,000,000 Combined total value = 130,641,150,000

Strike  2240  has a total call value of 158,011,600,000  versus a total put value of  2,790,150,000 Combined total value = 160,801,750,000

Strike  2260  has a total call value of 190,397,100,000  versus a total put value of  2,142,250,000 Combined total value = 192,539,350,000

Strike  2280  has a total call value of 223,501,750,000  versus a total put value of  1,597,900,000 Combined total value = 225,099,650,000

Strike  2300  has a total call value of 257,068,100,000  versus a total put value of  1,184,650,000 Combined total value = 258,252,750,000

Strike  2320  has a total call value of 292,738,700,000  versus a total put value of  1,007,000,000 Combined total value = 293,745,700,000

Strike  2340  has a total call value of 329,079,050,000  versus a total put value of  831,250,000 Combined total value = 329,910,300,000

Strike  2360  has a total call value of 365,731,950,000  versus a total put value of  655,500,000 Combined total value = 366,387,450,000

Strike  2380  has a total call value of 402,636,600,000  versus a total put value of  479,750,000 Combined total value = 403,116,350,000

Strike  2400  has a total call value of 439,541,250,000  versus a total put value of  304,000,000 Combined total value = 439,845,250,000

Strike  2420  has a total call value of 477,296,150,000  versus a total put value of  152,000,000 Combined total value = 477,448,150,000

Strike  2440  has a total call value of 515,051,050,000  versus a total put value of  0 Combined total value = 515,051,050,000

Max-Pain Table for Stocks
  Note:- click on symbol to see more detailed view
Max Pain Table (Stocks)
Symbol Symbol Ltp Max Pain
360ONE 1135.1 1140
ABB 5229.5 5200
ABCAPITAL 347.95 350
ADANIENSOL 987.75 990
ADANIENT 2226.4 2300
ADANIGREEN 1021.4 1020
ADANIPORTS 1490.4 1500
ALKEM 5673.5 5700
AMBER 6746.5 6800
AMBUJACEM 546.25 555
ANGELONE 2515.8 2600
APLAPOLLO 1721.1 1740
APOLLOHOSP 7013 7200
ASHOKLEY 165.8 160
ASIANPAINT 2799.8 2800
ASTRAL 1443.8 1460
AUBANK 992.6 960
AUROPHARMA 1182 1200
AXISBANK 1226.7 1240
BAJAJ-AUTO 8941.5 9000
BAJAJFINSV 2030.1 2060
BAJFINANCE 1005.1 1020
BANDHANBNK 150.03 150
BANKBARODA 285.05 290
BANKINDIA 141.29 143
BDL 1339.4 1400
BEL 386.15 400
BHARATFORG 1402.4 1400
BHARTIARTL 2097 2100
BHEL 277.85 280
BIOCON 385.95 390
BLUESTARCO 1812.8 1780
BOSCHLTD 36240 36500
BPCL 369.65 365
BRITANNIA 6107.5 6000
BSE 2642 2700
CAMS 751 780
CANBK 150.04 149
CDSL 1487.9 1560
CGPOWER 680.95 680
CHOLAFIN 1710 1700
CIPLA 1495.2 1520
COALINDIA 383.9 384.75
COFORGE 1870.1 1840
COLPAL 2125.4 2180
CONCOR 498.15 520
CROMPTON 251.85 265
CUMMINSIND 4499.5 4500
CYIENT 1138 1160
DABUR 496.25 505
DALBHARAT 2047.8 2040
DELHIVERY 400.9 410
DIVISLAB 6360.5 6400
DIXON 13359 13750
DLF 684.6 710
DMART 3842 3900
DRREDDY 1270.8 1270
EICHERMOT 7149 7100
ETERNAL 285.1 295
EXIDEIND 362.3 375
FEDERALBNK 263.75 260
FORTIS 874.6 890
GAIL 169.24 175
GLENMARK 1963.2 1940
GMRAIRPORT 102.59 102
GODREJCP 1186.3 1160
GODREJPROP 2021.2 2080
GRASIM 2787 2800
HAL 4234.3 4450
HAVELLS 1397.1 1440
HCLTECH 1656.7 1660
HDFCAMC 2572 2620
HDFCBANK 987 1000
HDFCLIFE 755.05 770
HEROMOTOCO 5891 6000
HFCL 64.78 68
HINDALCO 844.4 820
HINDPETRO 468.65 460
HINDUNILVR 2281.7 2300
HINDZINC 581.3 550
HUDCO 210.22 220
ICICIBANK 1347 1370
ICICIGI 1946.2 1980
ICICIPRULI 635.8 630
IDEA 11.29 11
IDFCFIRSTB 83.47 82
IEX 140.7 145
IIFL 566.8 560
INDHOTEL 723.7 740
INDIANB 776.65 820
INDIGO 4949 5000
INDUSINDBK 838.35 850
INDUSTOWER 406 410
INFY 1596.4 1600
INOXWIND 126.4 130
IOC 168.35 166
IRCTC 668.15 690
IREDA 133.08 140
IRFC 111.71 116
ITC 401.85 405
JINDALSTEL 1006 1020
JIOFIN 293.5 305
JSWENERGY 477.6 490
JSWSTEEL 1085.2 1130
JUBLFOOD 556.15 580
KALYANKJIL 478.5 480
KAYNES 4196.5 4400
KEI 4069.9 4100
KFINTECH 1027.8 1060
KOTAKBANK 2177.1 2160
KPITTECH 1168.7 1200
LAURUSLABS 1012.4 1000
LICHSGFIN 526 550
LICI 856 880
LODHA 1075.8 1100
LT 4057.4 4040
LTF 302.2 302.5
LTIM 6222 6200
LUPIN 2116.6 2080
M&M 3619.8 3650
MANAPPURAM 284.5 280
MANKIND 2104.1 2200
MARICO 737.2 740
MARUTI 16406 16300
MAXHEALTH 1059.6 1100
MAZDOCK 2386.4 2550
MCX 10158 10100
MFSL 1659.2 1700
MOTHERSON 119.66 116
MPHASIS 2870 2900
MUTHOOTFIN 3829 3800
NATIONALUM 279.3 270
NAUKRI 1354.5 1360
NBCC 110.8 112
NCC 157.26 167.5
NESTLEIND 1236 1240
NHPC 75.45 78
NMDC 77.28 77
NTPC 321.35 325
NUVAMA 7224.5 7200
NYKAA 245.9 255
OBEROIRLTY 1628.6 1640
OFSS 7808.5 8000
OIL 402 410
ONGC 231.7 239
PAGEIND 36160 37000
PATANJALI 535.6 545
PAYTM 1276.6 1300
PERSISTENT 6301 6300
PETRONET 267.45 278
PFC 337.3 355
PGEL 563 560
PHOENIXLTD 1784.8 1740
PIDILITIND 1460.8 1480
PIIND 3226.4 3350
PNB 118.3 120
PNBHOUSING 909.8 910
POLICYBZR 1787.8 1840
POLYCAB 7089 7200
POWERGRID 261.25 270
POWERINDIA 19430 19500
PPLPHARMA 169.03 180
PRESTIGE 1606.5 1660
RBLBANK 297.8 310
RECLTD 335.05 350
RELIANCE 1542.5 1540
RVNL 307.8 315
SAIL 129.68 133
SAMMAANCAP 145.11 155
SBICARD 838.8 870
SBILIFE 2019.8 2020
SBIN 974.6 970
SHREECEM 26105 26500
SHRIRAMFIN 857.65 850
SIEMENS 3150.8 3200
SOLARINDS 11894 12500
SONACOMS 486 500
SRF 3006.2 2950
SUNPHARMA 1777.5 1800
SUPREMEIND 3377.6 3400
SUZLON 52.38 54
SYNGENE 644.6 650
TATACONSUM 1176.6 1170
TATAELXSI 5007 5100
TATAMOTORS 0 320
TATAPOWER 381.4 390
TATASTEEL 170.35 170
TATATECH 648.3 670
TCS 3221.2 3200
TECHM 1577.3 1540
TIINDIA 2632.2 2700
TITAGARH 784.15 800
TITAN 3928.1 3880
TMPV 348.2 360
TORNTPHARM 3745.1 3750
TORNTPOWER 1295 1300
TRENT 4080.2 4200
TVSMOTOR 3638.6 3600
ULTRACEMCO 11531 11700
UNIONBANK 153.44 155
UNITDSPR 1444.4 1440
UNOMINDA 1256.1 1280
UPL 749.15 750
VBL 474 470
VEDL 568.85 550
VOLTAS 1387.4 1380
WIPRO 260.77 255
YESBANK 21.54 22
ZYDUSLIFE 917.35 930

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.