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.

FINNIFTY

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.

Nifty Financial Services

27196.2 -189.35 (-0.69%)

L: 27190.7 H: 27446.7

Max Pain - FINNIFTY

17 Dec 2025 01:44 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27600

Historical data for FINNIFTY-27600-CE

LTP (27600 CE)

104.9 -77.6

Open Interest

1538 294

Historical data for FINNIFTY-27600-PE

LTP (27600 PE)

380.65 105.9

Open Interest

637 -21

Strike 23000 has a total call value of 0 versus a total put value of 240,950,125,000 Combined total value = 240,950,125,000

Strike 23100 has a total call value of 0 versus a total put value of 235,423,825,000 Combined total value = 235,423,825,000

Strike 23200 has a total call value of 0 versus a total put value of 229,897,525,000 Combined total value = 229,897,525,000

Strike 23300 has a total call value of 0 versus a total put value of 224,371,225,000 Combined total value = 224,371,225,000

Strike 23400 has a total call value of 0 versus a total put value of 218,844,925,000 Combined total value = 218,844,925,000

Strike 23500 has a total call value of 0 versus a total put value of 213,318,625,000 Combined total value = 213,318,625,000

Strike 23600 has a total call value of 0 versus a total put value of 207,807,275,000 Combined total value = 207,807,275,000

Strike 23650 has a total call value of 0 versus a total put value of 205,051,600,000 Combined total value = 205,051,600,000

Strike 23700 has a total call value of 0 versus a total put value of 202,295,925,000 Combined total value = 202,295,925,000

Strike 23750 has a total call value of 0 versus a total put value of 199,540,250,000 Combined total value = 199,540,250,000

Strike 23800 has a total call value of 0 versus a total put value of 196,784,575,000 Combined total value = 196,784,575,000

Strike 23850 has a total call value of 0 versus a total put value of 194,028,900,000 Combined total value = 194,028,900,000

Strike 23900 has a total call value of 0 versus a total put value of 191,273,225,000 Combined total value = 191,273,225,000

Strike 23950 has a total call value of 0 versus a total put value of 188,517,550,000 Combined total value = 188,517,550,000

Strike 24000 has a total call value of 0 versus a total put value of 185,761,875,000 Combined total value = 185,761,875,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 183,011,075,000 Combined total value = 183,018,875,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 180,260,275,000 Combined total value = 180,275,875,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 177,511,750,000 Combined total value = 177,535,150,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 174,763,225,000 Combined total value = 174,794,425,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 172,015,350,000 Combined total value = 172,055,000,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 169,267,475,000 Combined total value = 169,315,575,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 166,520,250,000 Combined total value = 166,576,800,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 163,773,025,000 Combined total value = 163,838,025,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 161,028,075,000 Combined total value = 161,101,525,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 158,283,125,000 Combined total value = 158,365,025,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 155,539,150,000 Combined total value = 155,629,500,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 152,795,175,000 Combined total value = 152,893,975,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 150,051,200,000 Combined total value = 150,158,450,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 147,307,225,000 Combined total value = 147,422,925,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 144,566,500,000 Combined total value = 144,690,650,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 141,825,775,000 Combined total value = 141,958,375,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 139,085,050,000 Combined total value = 139,226,100,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 136,344,325,000 Combined total value = 136,493,825,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 133,603,600,000 Combined total value = 133,761,550,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 130,862,875,000 Combined total value = 131,029,275,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 128,141,650,000 Combined total value = 128,319,100,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 125,420,425,000 Combined total value = 125,608,925,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 122,699,200,000 Combined total value = 122,898,750,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 119,977,975,000 Combined total value = 120,188,575,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 117,256,750,000 Combined total value = 117,478,400,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 114,535,525,000 Combined total value = 114,768,225,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 111,814,300,000 Combined total value = 112,058,050,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 109,093,075,000 Combined total value = 109,347,875,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 106,372,175,000 Combined total value = 106,638,025,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 103,651,275,000 Combined total value = 103,928,175,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 100,942,725,000 Combined total value = 101,230,675,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 98,234,175,000 Combined total value = 98,533,175,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 95,535,700,000 Combined total value = 95,845,750,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 92,837,225,000 Combined total value = 93,158,325,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 90,167,675,000 Combined total value = 90,499,825,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 87,498,125,000 Combined total value = 87,841,325,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 84,844,500,000 Combined total value = 85,198,750,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 82,190,875,000 Combined total value = 82,556,175,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 79,553,500,000 Combined total value = 79,929,850,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 76,916,125,000 Combined total value = 77,303,525,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 74,338,550,000 Combined total value = 74,738,625,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 71,760,975,000 Combined total value = 72,173,725,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 69,201,600,000 Combined total value = 69,627,025,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 66,642,550,000 Combined total value = 67,080,650,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 64,097,800,000 Combined total value = 64,548,575,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 61,553,050,000 Combined total value = 62,016,500,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 59,008,300,000 Combined total value = 59,484,425,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 56,463,550,000 Combined total value = 56,952,675,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 53,918,800,000 Combined total value = 54,420,925,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 51,374,050,000 Combined total value = 51,889,175,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 48,911,200,000 Combined total value = 49,442,250,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 46,448,350,000 Combined total value = 46,995,325,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 43,985,500,000 Combined total value = 44,548,400,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 41,522,650,000 Combined total value = 42,101,475,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 39,129,350,000 Combined total value = 39,724,100,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 36,748,725,000 Combined total value = 37,359,400,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 34,397,350,000 Combined total value = 35,023,950,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 32,045,975,000 Combined total value = 32,688,500,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 29,751,475,000 Combined total value = 30,409,925,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 27,456,975,000 Combined total value = 28,131,350,000

Strike 27050 has a total call value of 703,300,000 versus a total put value of 25,302,550,000 Combined total value = 26,005,850,000

Strike 27100 has a total call value of 732,225,000 versus a total put value of 23,148,450,000 Combined total value = 23,880,675,000

Strike 27150 has a total call value of 761,150,000 versus a total put value of 21,046,675,000 Combined total value = 21,807,825,000

Strike 27200 has a total call value of 790,075,000 versus a total put value of 18,953,675,000 Combined total value = 19,743,750,000

Strike 27250 has a total call value of 854,425,000 versus a total put value of 16,931,200,000 Combined total value = 17,785,625,000

Strike 27300 has a total call value of 947,050,000 versus a total put value of 14,929,200,000 Combined total value = 15,876,250,000

Strike 27350 has a total call value of 1,100,450,000 versus a total put value of 13,050,700,000 Combined total value = 14,151,150,000

Strike 27400 has a total call value of 1,279,850,000 versus a total put value of 11,203,400,000 Combined total value = 12,483,250,000

Strike 27450 has a total call value of 1,602,575,000 versus a total put value of 9,534,525,000 Combined total value = 11,137,100,000

Strike 27500 has a total call value of 1,972,100,000 versus a total put value of 7,885,800,000 Combined total value = 9,857,900,000

Strike 27550 has a total call value of 3,059,550,000 versus a total put value of 6,667,375,000 Combined total value = 9,726,925,000

Strike 27600 has a total call value of 4,190,225,000 versus a total put value of 5,491,850,000 Combined total value = 9,682,075,000

Strike 27650 has a total call value of 5,820,750,000 versus a total put value of 4,523,350,000 Combined total value = 10,344,100,000

Strike 27700 has a total call value of 7,501,650,000 versus a total put value of 3,592,550,000 Combined total value = 11,094,200,000

Strike 27750 has a total call value of 9,692,800,000 versus a total put value of 2,810,275,000 Combined total value = 12,503,075,000

Strike 27800 has a total call value of 11,944,400,000 versus a total put value of 2,056,925,000 Combined total value = 14,001,325,000

Strike 27850 has a total call value of 14,386,775,000 versus a total put value of 1,607,125,000 Combined total value = 15,993,900,000

Strike 27900 has a total call value of 16,871,725,000 versus a total put value of 1,205,100,000 Combined total value = 18,076,825,000

Strike 27950 has a total call value of 19,482,775,000 versus a total put value of 879,450,000 Combined total value = 20,362,225,000

Strike 28000 has a total call value of 22,135,100,000 versus a total put value of 568,100,000 Combined total value = 22,703,200,000

Strike 28050 has a total call value of 25,218,700,000 versus a total put value of 413,725,000 Combined total value = 25,632,425,000

Strike 28100 has a total call value of 28,354,300,000 versus a total put value of 270,075,000 Combined total value = 28,624,375,000

Strike 28150 has a total call value of 31,640,700,000 versus a total put value of 164,450,000 Combined total value = 31,805,150,000

Strike 28200 has a total call value of 34,967,075,000 versus a total put value of 65,975,000 Combined total value = 35,033,050,000

Strike 28250 has a total call value of 38,673,375,000 versus a total put value of 50,375,000 Combined total value = 38,723,750,000

Strike 28300 has a total call value of 42,435,900,000 versus a total put value of 40,300,000 Combined total value = 42,476,200,000

Strike 28350 has a total call value of 46,286,825,000 versus a total put value of 30,225,000 Combined total value = 46,317,050,000

Strike 28400 has a total call value of 50,137,750,000 versus a total put value of 20,150,000 Combined total value = 50,157,900,000

Strike 28450 has a total call value of 54,023,125,000 versus a total put value of 10,075,000 Combined total value = 54,033,200,000

Strike 28500 has a total call value of 57,925,725,000 versus a total put value of 0 Combined total value = 57,925,725,000

Strike 28550 has a total call value of 62,091,250,000 versus a total put value of 0 Combined total value = 62,091,250,000

Strike 28600 has a total call value of 66,256,775,000 versus a total put value of 0 Combined total value = 66,256,775,000

Strike 28650 has a total call value of 70,512,000,000 versus a total put value of 0 Combined total value = 70,512,000,000

Strike 28700 has a total call value of 74,793,875,000 versus a total put value of 0 Combined total value = 74,793,875,000

Strike 28750 has a total call value of 79,082,900,000 versus a total put value of 0 Combined total value = 79,082,900,000

Strike 28800 has a total call value of 83,384,275,000 versus a total put value of 0 Combined total value = 83,384,275,000

Strike 28850 has a total call value of 87,730,175,000 versus a total put value of 0 Combined total value = 87,730,175,000

Strike 28900 has a total call value of 92,077,700,000 versus a total put value of 0 Combined total value = 92,077,700,000

Strike 28950 has a total call value of 96,438,550,000 versus a total put value of 0 Combined total value = 96,438,550,000

Strike 29000 has a total call value of 100,802,650,000 versus a total put value of 0 Combined total value = 100,802,650,000

Strike 29050 has a total call value of 105,432,275,000 versus a total put value of 0 Combined total value = 105,432,275,000

Strike 29100 has a total call value of 110,069,700,000 versus a total put value of 0 Combined total value = 110,069,700,000

Strike 29150 has a total call value of 114,707,125,000 versus a total put value of 0 Combined total value = 114,707,125,000

Strike 29200 has a total call value of 119,344,550,000 versus a total put value of 0 Combined total value = 119,344,550,000

Strike 29250 has a total call value of 124,017,075,000 versus a total put value of 0 Combined total value = 124,017,075,000

Strike 29300 has a total call value of 128,689,600,000 versus a total put value of 0 Combined total value = 128,689,600,000

Strike 29350 has a total call value of 133,362,125,000 versus a total put value of 0 Combined total value = 133,362,125,000

Strike 29400 has a total call value of 138,034,650,000 versus a total put value of 0 Combined total value = 138,034,650,000

Strike 29450 has a total call value of 142,713,350,000 versus a total put value of 0 Combined total value = 142,713,350,000

Strike 29500 has a total call value of 147,392,050,000 versus a total put value of 0 Combined total value = 147,392,050,000

Strike 29550 has a total call value of 152,144,525,000 versus a total put value of 0 Combined total value = 152,144,525,000

Strike 29600 has a total call value of 156,897,000,000 versus a total put value of 0 Combined total value = 156,897,000,000

Strike 29650 has a total call value of 161,732,025,000 versus a total put value of 0 Combined total value = 161,732,025,000

Strike 29700 has a total call value of 166,567,050,000 versus a total put value of 0 Combined total value = 166,567,050,000

Strike 29750 has a total call value of 171,402,725,000 versus a total put value of 0 Combined total value = 171,402,725,000

Strike 29800 has a total call value of 176,238,400,000 versus a total put value of 0 Combined total value = 176,238,400,000

Strike 29850 has a total call value of 181,077,975,000 versus a total put value of 0 Combined total value = 181,077,975,000

Strike 29900 has a total call value of 185,917,550,000 versus a total put value of 0 Combined total value = 185,917,550,000

Strike 29950 has a total call value of 190,763,625,000 versus a total put value of 0 Combined total value = 190,763,625,000

Strike 30000 has a total call value of 195,609,700,000 versus a total put value of 0 Combined total value = 195,609,700,000

Strike 30050 has a total call value of 200,470,725,000 versus a total put value of 0 Combined total value = 200,470,725,000

Strike 30100 has a total call value of 205,331,750,000 versus a total put value of 0 Combined total value = 205,331,750,000

Strike 30150 has a total call value of 210,192,775,000 versus a total put value of 0 Combined total value = 210,192,775,000

Strike 30200 has a total call value of 215,053,800,000 versus a total put value of 0 Combined total value = 215,053,800,000

Strike 30250 has a total call value of 219,914,825,000 versus a total put value of 0 Combined total value = 219,914,825,000

Strike 30300 has a total call value of 224,775,850,000 versus a total put value of 0 Combined total value = 224,775,850,000

Strike 30350 has a total call value of 229,636,875,000 versus a total put value of 0 Combined total value = 229,636,875,000

Strike 30400 has a total call value of 234,497,900,000 versus a total put value of 0 Combined total value = 234,497,900,000

Strike 30450 has a total call value of 239,359,250,000 versus a total put value of 0 Combined total value = 239,359,250,000

Strike 30500 has a total call value of 244,220,600,000 versus a total put value of 0 Combined total value = 244,220,600,000

Strike 30550 has a total call value of 249,106,000,000 versus a total put value of 0 Combined total value = 249,106,000,000

Strike 30600 has a total call value of 253,991,400,000 versus a total put value of 0 Combined total value = 253,991,400,000

Strike 30650 has a total call value of 258,876,800,000 versus a total put value of 0 Combined total value = 258,876,800,000

Strike 30700 has a total call value of 263,762,200,000 versus a total put value of 0 Combined total value = 263,762,200,000

Strike 30750 has a total call value of 268,647,600,000 versus a total put value of 0 Combined total value = 268,647,600,000

Strike 30800 has a total call value of 273,533,000,000 versus a total put value of 0 Combined total value = 273,533,000,000

Strike 30850 has a total call value of 278,418,400,000 versus a total put value of 0 Combined total value = 278,418,400,000

Strike 30900 has a total call value of 283,303,800,000 versus a total put value of 0 Combined total value = 283,303,800,000

Strike 30950 has a total call value of 288,189,200,000 versus a total put value of 0 Combined total value = 288,189,200,000

Strike 31000 has a total call value of 293,074,600,000 versus a total put value of 0 Combined total value = 293,074,600,000

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	1125.4	1140
ABB	5180.5	5200
ABCAPITAL	348	350
ADANIENSOL	982.35	990
ADANIENT	2227.4	2300
ADANIGREEN	1021	1020
ADANIPORTS	1484.2	1500
ALKEM	5596.5	5700
AMBER	6585.5	6800
AMBUJACEM	541.35	555
ANGELONE	2495.7	2600
APLAPOLLO	1762.6	1760
APOLLOHOSP	6927	7150
ASHOKLEY	165.18	160
ASIANPAINT	2777.4	2800
ASTRAL	1437.3	1460
AUBANK	989.6	960
AUROPHARMA	1190.3	1200
AXISBANK	1229.7	1240
BAJAJ-AUTO	8921	9000
BAJAJFINSV	2012.9	2060
BAJFINANCE	995.5	1020
BANDHANBNK	148.02	150
BANKBARODA	287.45	290
BANKINDIA	142.32	143
BDL	1330.4	1400
BEL	385.95	400
BHARATFORG	1413.1	1400
BHARTIARTL	2103	2100
BHEL	276.55	280
BIOCON	386.9	390
BLUESTARCO	1822.1	1780
BOSCHLTD	35915	36500
BPCL	368.05	365
BRITANNIA	6107.5	6000
BSE	2634.2	2700
CAMS	736.4	780
CANBK	150.13	150
CDSL	1479.2	1560
CGPOWER	672.15	680
CHOLAFIN	1670.1	1700
CIPLA	1495	1520
COALINDIA	383.1	384.75
COFORGE	1852	1840
COLPAL	2103.9	2180
CONCOR	497.8	520
CROMPTON	249.8	265
CUMMINSIND	4506.5	4500
CYIENT	1140.5	1160
DABUR	494.25	500
DALBHARAT	2073.1	2040
DELHIVERY	398.4	410
DIVISLAB	6300.5	6400
DIXON	13294	13750
DLF	681.65	710
DMART	3820	3900
DRREDDY	1269	1270
EICHERMOT	7150.5	7150
ETERNAL	284.85	295
EXIDEIND	364	375
FEDERALBNK	263.25	260
FORTIS	867.7	890
GAIL	168.52	175
GLENMARK	1945.9	1940
GMRAIRPORT	101.1	102
GODREJCP	1175.6	1160
GODREJPROP	2013.6	2080
GRASIM	2792.6	2800
HAL	4235	4450
HAVELLS	1395.4	1440
HCLTECH	1655	1660
HDFCAMC	2544.4	2600
HDFCBANK	981.5	995
HDFCLIFE	750.65	770
HEROMOTOCO	5811	6000
HFCL	64.59	68
HINDALCO	846.15	820
HINDPETRO	465.85	460
HINDUNILVR	2272.9	2300
HINDZINC	574.45	550
HUDCO	208.07	220
ICICIBANK	1348.6	1370
ICICIGI	1935.7	1980
ICICIPRULI	629.25	630
IDEA	11.14	11
IDFCFIRSTB	83.45	82
IEX	140.66	145
IIFL	564.5	560
INDHOTEL	712.55	730
INDIANB	773.65	820
INDIGO	4971	5000
INDUSINDBK	834.35	850
INDUSTOWER	405.95	410
INFY	1601.7	1600
INOXWIND	126.06	130
IOC	167.78	166
IRCTC	667	690
IREDA	131.82	140
IRFC	111.28	116
ITC	400.75	405
JINDALSTEL	1000.7	1020
JIOFIN	292.75	305
JSWENERGY	475.65	490
JSWSTEEL	1079.7	1120
JUBLFOOD	550.8	580
KALYANKJIL	472.3	480
KAYNES	4160	4400
KEI	4093.2	4100
KFINTECH	1030	1060
KOTAKBANK	2165.1	2160
KPITTECH	1171.8	1200
LAURUSLABS	1009.7	1000
LICHSGFIN	525.65	550
LICI	845.5	870
LODHA	1063	1100
LT	4054.3	4040
LTF	301	302.5
LTIM	6246	6150
LUPIN	2109	2080
M&M	3600	3650
MANAPPURAM	285.45	280
MANKIND	2097.6	2200
MARICO	738.2	740
MARUTI	16393	16300
MAXHEALTH	1028.6	1080
MAZDOCK	2361.3	2500
MCX	10064	10100
MFSL	1654.5	1680
MOTHERSON	119.6	116
MPHASIS	2865.3	2900
MUTHOOTFIN	3762	3750
NATIONALUM	279	270
NAUKRI	1341.6	1360
NBCC	109.85	112
NCC	155.87	165
NESTLEIND	1227.8	1240
NHPC	75.44	78
NMDC	77.24	77
NTPC	320.85	325
NUVAMA	7185	7200
NYKAA	244.25	255
OBEROIRLTY	1614	1640
OFSS	7742.5	8000
OIL	398.8	410
ONGC	232.55	237.5
PAGEIND	36270	37000
PATANJALI	534.1	540
PAYTM	1267	1300
PERSISTENT	6280	6300
PETRONET	268.2	278
PFC	335.3	355
PGEL	557.95	560
PHOENIXLTD	1777.2	1740
PIDILITIND	1451.4	1480
PIIND	3202.2	3300
PNB	118.94	120
PNBHOUSING	896.3	910
POLICYBZR	1779.9	1840
POLYCAB	7108	7200
POWERGRID	261.35	270
POWERINDIA	19165	19500
PPLPHARMA	168.93	180
PRESTIGE	1605.8	1660
RBLBANK	295.95	305
RECLTD	333.9	350
RELIANCE	1544.8	1540
RVNL	307.2	315
SAIL	129.59	132
SAMMAANCAP	148.76	155
SBICARD	830.3	870
SBILIFE	1999	2020
SBIN	976	970
SHREECEM	25965	26500
SHRIRAMFIN	861	850
SIEMENS	3147.7	3200
SOLARINDS	11832	12500
SONACOMS	491.6	500
SRF	3017.5	2950
SUNPHARMA	1791.9	1800
SUPREMEIND	3350	3400
SUZLON	51.95	54
SYNGENE	646.85	650
TATACONSUM	1181.4	1170
TATAELXSI	4971	5000
TATAMOTORS	0	320
TATAPOWER	378.5	390
TATASTEEL	169.9	170
TATATECH	641.5	670
TCS	3213.7	3200
TECHM	1575.8	1560
TIINDIA	2605.9	2700
TITAGARH	775.3	800
TITAN	3895.1	3880
TMPV	347.7	360
TORNTPHARM	3739.9	3750
TORNTPOWER	1282	1300
TRENT	4053	4200
TVSMOTOR	3639.6	3600
ULTRACEMCO	11555	11700
UNIONBANK	153.13	155
UNITDSPR	1431	1440
UNOMINDA	1243.1	1280
UPL	745.3	750
VBL	470.5	470
VEDL	569.5	550
VOLTAS	1380	1380
WIPRO	261.07	255
YESBANK	21.48	22
ZYDUSLIFE	917.6	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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