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.

COALINDIA

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.

Coal India Ltd

383.15 +1.55 (0.41%)

L: 380.8 H: 385.5

Max Pain - COALINDIA

17 Dec 2025 01:47 PM IST

Live

Expiry

Max Pain for COALINDIA is 384.75

Historical data for COALINDIA-384.75-CE

LTP (384.75 CE)

3.55 0.8

Open Interest

556 238

Historical data for COALINDIA-384.75-PE

LTP (384.75 PE)

3.85 -1.15

Open Interest

180 48

Strike 309.75 has a total call value of 0 versus a total put value of 124,201,788,750 Combined total value = 124,201,788,750

Strike 310 has a total call value of 0 versus a total put value of 123,769,417,500 Combined total value = 123,769,417,500

Strike 312.5 has a total call value of 1,687,500 versus a total put value of 119,446,042,500 Combined total value = 119,447,730,000

Strike 314.75 has a total call value of 3,206,250 versus a total put value of 115,555,005,000 Combined total value = 115,558,211,250

Strike 315 has a total call value of 3,375,000 versus a total put value of 115,122,667,500 Combined total value = 115,126,042,500

Strike 317.5 has a total call value of 7,087,500 versus a total put value of 110,799,292,500 Combined total value = 110,806,380,000

Strike 319.75 has a total call value of 10,428,750 versus a total put value of 106,908,255,000 Combined total value = 106,918,683,750

Strike 320 has a total call value of 10,968,750 versus a total put value of 106,475,917,500 Combined total value = 106,486,886,250

Strike 322.5 has a total call value of 19,743,750 versus a total put value of 102,161,992,500 Combined total value = 102,181,736,250

Strike 324.75 has a total call value of 27,641,250 versus a total put value of 98,279,460,000 Combined total value = 98,307,101,250

Strike 325 has a total call value of 28,518,750 versus a total put value of 97,848,067,500 Combined total value = 97,876,586,250

Strike 327.5 has a total call value of 37,293,750 versus a total put value of 93,534,142,500 Combined total value = 93,571,436,250

Strike 329.75 has a total call value of 45,191,250 versus a total put value of 89,651,610,000 Combined total value = 89,696,801,250

Strike 330 has a total call value of 46,068,750 versus a total put value of 89,220,217,500 Combined total value = 89,266,286,250

Strike 332.5 has a total call value of 56,193,750 versus a total put value of 84,921,142,500 Combined total value = 84,977,336,250

Strike 334.75 has a total call value of 65,306,250 versus a total put value of 81,051,975,000 Combined total value = 81,117,281,250

Strike 335 has a total call value of 66,318,750 versus a total put value of 80,622,067,500 Combined total value = 80,688,386,250

Strike 337.5 has a total call value of 77,793,750 versus a total put value of 76,323,330,000 Combined total value = 76,401,123,750

Strike 339.75 has a total call value of 88,121,250 versus a total put value of 72,454,466,250 Combined total value = 72,542,587,500

Strike 340 has a total call value of 89,336,250 versus a total put value of 72,025,233,750 Combined total value = 72,114,570,000

Strike 342.25 has a total call value of 102,093,750 versus a total put value of 68,231,700,000 Combined total value = 68,333,793,750

Strike 342.5 has a total call value of 103,511,250 versus a total put value of 67,810,196,250 Combined total value = 67,913,707,500

Strike 344.75 has a total call value of 116,268,750 versus a total put value of 64,016,966,250 Combined total value = 64,133,235,000

Strike 345 has a total call value of 117,686,250 versus a total put value of 63,596,407,500 Combined total value = 63,714,093,750

Strike 347.25 has a total call value of 131,355,000 versus a total put value of 59,958,393,750 Combined total value = 60,089,748,750

Strike 347.5 has a total call value of 132,873,750 versus a total put value of 59,554,912,500 Combined total value = 59,687,786,250

Strike 349.75 has a total call value of 146,542,500 versus a total put value of 55,933,605,000 Combined total value = 56,080,147,500

Strike 350 has a total call value of 148,162,500 versus a total put value of 55,533,431,250 Combined total value = 55,681,593,750

Strike 352.25 has a total call value of 172,766,250 versus a total put value of 52,069,770,000 Combined total value = 52,242,536,250

Strike 352.5 has a total call value of 175,500,000 versus a total put value of 51,687,213,750 Combined total value = 51,862,713,750

Strike 354.75 has a total call value of 200,103,750 versus a total put value of 48,257,572,500 Combined total value = 48,457,676,250

Strike 355 has a total call value of 202,837,500 versus a total put value of 47,878,661,250 Combined total value = 48,081,498,750

Strike 357.25 has a total call value of 230,175,000 versus a total put value of 44,504,302,500 Combined total value = 44,734,477,500

Strike 357.5 has a total call value of 233,212,500 versus a total put value of 44,132,478,750 Combined total value = 44,365,691,250

Strike 359.75 has a total call value of 260,550,000 versus a total put value of 40,800,645,000 Combined total value = 41,061,195,000

Strike 360 has a total call value of 263,587,500 versus a total put value of 40,433,478,750 Combined total value = 40,697,066,250

Strike 362.25 has a total call value of 314,617,500 versus a total put value of 37,367,426,250 Combined total value = 37,682,043,750

Strike 362.5 has a total call value of 320,287,500 versus a total put value of 37,029,285,000 Combined total value = 37,349,572,500

Strike 364.75 has a total call value of 371,317,500 versus a total put value of 34,008,187,500 Combined total value = 34,379,505,000

Strike 365 has a total call value of 376,987,500 versus a total put value of 33,678,078,750 Combined total value = 34,055,066,250

Strike 367.25 has a total call value of 431,662,500 versus a total put value of 30,790,327,500 Combined total value = 31,221,990,000

Strike 367.5 has a total call value of 437,737,500 versus a total put value of 30,473,685,000 Combined total value = 30,911,422,500

Strike 369.75 has a total call value of 494,842,500 versus a total put value of 27,677,970,000 Combined total value = 28,172,812,500

Strike 370 has a total call value of 501,930,000 versus a total put value of 27,374,388,750 Combined total value = 27,876,318,750

Strike 372.25 has a total call value of 675,067,500 versus a total put value of 24,927,378,750 Combined total value = 25,602,446,250

Strike 372.5 has a total call value of 696,836,250 versus a total put value of 24,661,935,000 Combined total value = 25,358,771,250

Strike 374.75 has a total call value of 938,925,000 versus a total put value of 22,352,827,500 Combined total value = 23,291,752,500

Strike 375 has a total call value of 971,223,750 versus a total put value of 22,106,621,250 Combined total value = 23,077,845,000

Strike 377.25 has a total call value of 1,466,943,750 versus a total put value of 20,222,763,750 Combined total value = 21,689,707,500

Strike 377.5 has a total call value of 1,523,913,750 versus a total put value of 20,018,306,250 Combined total value = 21,542,220,000

Strike 379.75 has a total call value of 2,089,496,250 versus a total put value of 18,241,672,500 Combined total value = 20,331,168,750

Strike 380 has a total call value of 2,160,337,500 versus a total put value of 18,050,310,000 Combined total value = 20,210,647,500

Strike 382.25 has a total call value of 3,244,725,000 versus a total put value of 16,643,947,500 Combined total value = 19,888,672,500

Strike 382.5 has a total call value of 3,372,401,250 versus a total put value of 16,492,983,750 Combined total value = 19,865,385,000

Strike 384.75 has a total call value of 4,587,097,500 versus a total put value of 15,191,718,750 Combined total value = 19,778,816,250

Strike 385 has a total call value of 4,740,828,750 versus a total put value of 15,053,208,750 Combined total value = 19,794,037,500

Strike 387.25 has a total call value of 6,394,747,500 versus a total put value of 14,005,878,750 Combined total value = 20,400,626,250

Strike 387.5 has a total call value of 6,583,848,750 versus a total put value of 13,891,432,500 Combined total value = 20,475,281,250

Strike 389.75 has a total call value of 8,611,076,250 versus a total put value of 12,869,617,500 Combined total value = 21,480,693,750

Strike 390 has a total call value of 8,843,580,000 versus a total put value of 12,762,562,500 Combined total value = 21,606,142,500

Strike 392.25 has a total call value of 11,311,852,500 versus a total put value of 12,046,016,250 Combined total value = 23,357,868,750

Strike 392.5 has a total call value of 11,589,378,750 versus a total put value of 11,966,535,000 Combined total value = 23,555,913,750

Strike 394.75 has a total call value of 14,116,578,750 versus a total put value of 11,251,203,750 Combined total value = 25,367,782,500

Strike 395 has a total call value of 14,402,238,750 versus a total put value of 11,171,722,500 Combined total value = 25,573,961,250

Strike 397.25 has a total call value of 17,106,525,000 versus a total put value of 10,473,705,000 Combined total value = 27,580,230,000

Strike 397.5 has a total call value of 17,410,680,000 versus a total put value of 10,396,147,500 Combined total value = 27,806,827,500

Strike 399.75 has a total call value of 20,188,473,750 versus a total put value of 9,698,433,750 Combined total value = 29,886,907,500

Strike 400 has a total call value of 20,502,146,250 versus a total put value of 9,621,450,000 Combined total value = 30,123,596,250

Strike 402.25 has a total call value of 23,682,105,000 versus a total put value of 9,025,188,750 Combined total value = 32,707,293,750

Strike 402.5 has a total call value of 24,039,956,250 versus a total put value of 8,958,937,500 Combined total value = 32,998,893,750

Strike 404.75 has a total call value of 27,291,296,250 versus a total put value of 8,362,676,250 Combined total value = 35,653,972,500

Strike 405 has a total call value of 27,653,467,500 versus a total put value of 8,297,437,500 Combined total value = 35,950,905,000

Strike 407.25 has a total call value of 30,962,823,750 versus a total put value of 7,718,186,250 Combined total value = 38,681,010,000

Strike 407.5 has a total call value of 31,332,251,250 versus a total put value of 7,653,858,750 Combined total value = 38,986,110,000

Strike 409.75 has a total call value of 34,672,893,750 versus a total put value of 7,074,911,250 Combined total value = 41,747,805,000

Strike 410 has a total call value of 35,056,158,750 versus a total put value of 7,010,752,500 Combined total value = 42,066,911,250

Strike 412.5 has a total call value of 39,203,358,750 versus a total put value of 6,414,727,500 Combined total value = 45,618,086,250

Strike 414.75 has a total call value of 42,940,395,000 versus a total put value of 5,878,608,750 Combined total value = 48,819,003,750

Strike 415 has a total call value of 43,358,118,750 versus a total put value of 5,819,040,000 Combined total value = 49,177,158,750

Strike 417.5 has a total call value of 47,543,118,750 versus a total put value of 5,226,052,500 Combined total value = 52,769,171,250

Strike 419.75 has a total call value of 51,316,605,000 versus a total put value of 4,692,667,500 Combined total value = 56,009,272,500

Strike 420 has a total call value of 51,737,028,750 versus a total put value of 4,633,571,250 Combined total value = 56,370,600,000

Strike 422.5 has a total call value of 55,986,153,750 versus a total put value of 4,058,471,250 Combined total value = 60,044,625,000

Strike 424.75 has a total call value of 59,810,366,250 versus a total put value of 3,540,881,250 Combined total value = 63,351,247,500

Strike 425 has a total call value of 60,235,920,000 versus a total put value of 3,483,371,250 Combined total value = 63,719,291,250

Strike 427.5 has a total call value of 64,507,657,500 versus a total put value of 2,909,283,750 Combined total value = 67,416,941,250

Strike 429.75 has a total call value of 68,352,221,250 versus a total put value of 2,392,605,000 Combined total value = 70,744,826,250

Strike 430 has a total call value of 68,781,588,750 versus a total put value of 2,338,031,250 Combined total value = 71,119,620,000

Strike 432.5 has a total call value of 73,086,738,750 versus a total put value of 1,797,693,750 Combined total value = 74,884,432,500

Strike 434.75 has a total call value of 76,961,373,750 versus a total put value of 1,311,390,000 Combined total value = 78,272,763,750

Strike 435 has a total call value of 77,392,057,500 versus a total put value of 1,257,356,250 Combined total value = 78,649,413,750

Strike 437.5 has a total call value of 81,703,620,000 versus a total put value of 717,018,750 Combined total value = 82,420,638,750

Strike 439.75 has a total call value of 85,584,026,250 versus a total put value of 230,715,000 Combined total value = 85,814,741,250

Strike 440 has a total call value of 86,020,717,500 versus a total put value of 186,300,000 Combined total value = 86,207,017,500

Strike 442.5 has a total call value of 90,413,617,500 versus a total put value of 139,725,000 Combined total value = 90,553,342,500

Strike 445 has a total call value of 94,806,517,500 versus a total put value of 93,150,000 Combined total value = 94,899,667,500

Strike 447.5 has a total call value of 99,223,717,500 versus a total put value of 46,575,000 Combined total value = 99,270,292,500

Strike 450 has a total call value of 103,640,917,500 versus a total put value of 0 Combined total value = 103,640,917,500

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	5185	5200
ABCAPITAL	348.15	350
ADANIENSOL	983	990
ADANIENT	2227.5	2300
ADANIGREEN	1021.8	1020
ADANIPORTS	1484.9	1500
ALKEM	5595	5700
AMBER	6580	6800
AMBUJACEM	541.75	550
ANGELONE	2496.2	2600
APLAPOLLO	1762.8	1760
APOLLOHOSP	6927	7150
ASHOKLEY	165.33	160
ASIANPAINT	2776.8	2800
ASTRAL	1437.8	1460
AUBANK	991.9	960
AUROPHARMA	1191	1200
AXISBANK	1227.4	1240
BAJAJ-AUTO	8923	9000
BAJAJFINSV	2013.9	2060
BAJFINANCE	996.8	1020
BANDHANBNK	147.94	150
BANKBARODA	287.15	290
BANKINDIA	142.41	143
BDL	1328.9	1400
BEL	385.6	400
BHARATFORG	1413	1400
BHARTIARTL	2103.9	2100
BHEL	276.8	280
BIOCON	387.05	390
BLUESTARCO	1822	1780
BOSCHLTD	35935	36500
BPCL	368.45	365
BRITANNIA	6107.5	6000
BSE	2633.2	2700
CAMS	736.8	780
CANBK	150.14	150
CDSL	1479.4	1560
CGPOWER	672.5	680
CHOLAFIN	1672.7	1700
CIPLA	1495.1	1520
COALINDIA	383.15	384.75
COFORGE	1852.5	1840
COLPAL	2103.1	2180
CONCOR	498	520
CROMPTON	249.9	265
CUMMINSIND	4510.5	4500
CYIENT	1140	1160
DABUR	494.15	500
DALBHARAT	2074.1	2040
DELHIVERY	398.9	410
DIVISLAB	6302.5	6400
DIXON	13282	13750
DLF	682.3	710
DMART	3821.9	3900
DRREDDY	1269.1	1270
EICHERMOT	7152.5	7150
ETERNAL	284.95	295
EXIDEIND	364.1	375
FEDERALBNK	263.3	260
FORTIS	868.95	890
GAIL	168.64	175
GLENMARK	1945.5	1940
GMRAIRPORT	101.32	102
GODREJCP	1175.7	1160
GODREJPROP	2014.8	2080
GRASIM	2788.8	2800
HAL	4238	4450
HAVELLS	1396.8	1440
HCLTECH	1655.3	1660
HDFCAMC	2545.3	2600
HDFCBANK	981.3	995
HDFCLIFE	750.7	770
HEROMOTOCO	5815	6000
HFCL	64.69	68
HINDALCO	847.3	820
HINDPETRO	466.3	460
HINDUNILVR	2273.2	2300
HINDZINC	575.25	550
HUDCO	208.3	220
ICICIBANK	1349.2	1370
ICICIGI	1935.2	1980
ICICIPRULI	628.95	630
IDEA	11.16	11
IDFCFIRSTB	83.48	82
IEX	140.78	145
IIFL	564.75	560
INDHOTEL	712.6	730
INDIANB	773.25	820
INDIGO	4973.5	5000
INDUSINDBK	832.4	850
INDUSTOWER	406.1	410
INFY	1601.6	1600
INOXWIND	126.16	130
IOC	167.85	166
IRCTC	666.95	690
IREDA	131.95	140
IRFC	111.32	116
ITC	400.85	405
JINDALSTEL	1001.8	1020
JIOFIN	292.65	305
JSWENERGY	475.6	490
JSWSTEEL	1081.2	1120
JUBLFOOD	551.25	580
KALYANKJIL	472.6	480
KAYNES	4163.5	4400
KEI	4098	4100
KFINTECH	1032.5	1060
KOTAKBANK	2165.5	2160
KPITTECH	1171	1200
LAURUSLABS	1010	1000
LICHSGFIN	525.55	550
LICI	845.85	870
LODHA	1064.2	1100
LT	4054.1	4040
LTF	301.05	302.5
LTIM	6239.5	6150
LUPIN	2110.6	2080
M&M	3604.4	3650
MANAPPURAM	285.3	280
MANKIND	2099	2200
MARICO	739	740
MARUTI	16398	16300
MAXHEALTH	1032	1080
MAZDOCK	2359.3	2500
MCX	10067	10000
MFSL	1657.8	1680
MOTHERSON	119.62	116
MPHASIS	2866.7	2900
MUTHOOTFIN	3762	3750
NATIONALUM	279.25	270
NAUKRI	1342.2	1360
NBCC	109.95	112
NCC	155.96	165
NESTLEIND	1224.6	1240
NHPC	75.48	78
NMDC	77.25	77
NTPC	321.2	325
NUVAMA	7192	7200
NYKAA	244.35	255
OBEROIRLTY	1613.9	1640
OFSS	7742.5	8000
OIL	398.65	410
ONGC	232.58	237.5
PAGEIND	36290	37000
PATANJALI	533.2	540
PAYTM	1267.3	1300
PERSISTENT	6280.5	6300
PETRONET	268.1	278
PFC	336	355
PGEL	558.25	560
PHOENIXLTD	1779.1	1740
PIDILITIND	1451.1	1480
PIIND	3203.7	3300
PNB	119.05	120
PNBHOUSING	896.85	910
POLICYBZR	1778.6	1840
POLYCAB	7103	7200
POWERGRID	261.7	270
POWERINDIA	19185	19500
PPLPHARMA	169.3	180
PRESTIGE	1606.5	1660
RBLBANK	295.85	305
RECLTD	334.15	350
RELIANCE	1545.3	1540
RVNL	307.35	315
SAIL	129.74	132
SAMMAANCAP	149.03	155
SBICARD	831.4	870
SBILIFE	1998.9	2020
SBIN	976.1	970
SHREECEM	25980	26500
SHRIRAMFIN	861.4	850
SIEMENS	3150.2	3200
SOLARINDS	11832	12500
SONACOMS	492.15	500
SRF	3010.1	2950
SUNPHARMA	1792	1800
SUPREMEIND	3350	3400
SUZLON	51.99	54
SYNGENE	646.8	650
TATACONSUM	1180	1180
TATAELXSI	4971	5000
TATAMOTORS	0	320
TATAPOWER	378.85	390
TATASTEEL	169.94	170
TATATECH	641.7	670
TCS	3212.3	3200
TECHM	1575.9	1560
TIINDIA	2605.5	2700
TITAGARH	776.4	800
TITAN	3896.3	3880
TMPV	347.8	360
TORNTPHARM	3736.8	3750
TORNTPOWER	1282	1300
TRENT	4050.5	4200
TVSMOTOR	3636.4	3600
ULTRACEMCO	11555	11700
UNIONBANK	153.11	155
UNITDSPR	1430.1	1440
UNOMINDA	1243.4	1280
UPL	745.6	750
VBL	470.6	470
VEDL	569.75	550
VOLTAS	1382.1	1380
WIPRO	260.98	255
YESBANK	21.47	22
ZYDUSLIFE	917.5	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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