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.

GOLD

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.

Gold

134161 -248.00 (-0.18%)

L: 133373 H: 135249

Max Pain - GOLD

17 Dec 2025 10:07 AM IST

Live

Expiry

Max Pain for GOLD is 132000

Historical data for GOLD-132000-CE

LTP (132000 CE)

3434.5 -113

Open Interest

276 111

Historical data for GOLD-132000-PE

LTP (132000 PE)

1190 85.5

Open Interest

326 15

Strike 115000 has a total call value of 0 versus a total put value of 7,416,200,000 Combined total value = 7,416,200,000

Strike 115100 has a total call value of 0 versus a total put value of 7,354,600,000 Combined total value = 7,354,600,000

Strike 115200 has a total call value of 0 versus a total put value of 7,293,000,000 Combined total value = 7,293,000,000

Strike 115300 has a total call value of 0 versus a total put value of 7,231,400,000 Combined total value = 7,231,400,000

Strike 115400 has a total call value of 0 versus a total put value of 7,169,800,000 Combined total value = 7,169,800,000

Strike 115500 has a total call value of 0 versus a total put value of 7,108,200,000 Combined total value = 7,108,200,000

Strike 115600 has a total call value of 0 versus a total put value of 7,046,600,000 Combined total value = 7,046,600,000

Strike 115700 has a total call value of 0 versus a total put value of 6,985,000,000 Combined total value = 6,985,000,000

Strike 115800 has a total call value of 0 versus a total put value of 6,923,400,000 Combined total value = 6,923,400,000

Strike 115900 has a total call value of 0 versus a total put value of 6,861,800,000 Combined total value = 6,861,800,000

Strike 116000 has a total call value of 0 versus a total put value of 6,800,200,000 Combined total value = 6,800,200,000

Strike 116100 has a total call value of 0 versus a total put value of 6,738,600,000 Combined total value = 6,738,600,000

Strike 116200 has a total call value of 0 versus a total put value of 6,677,000,000 Combined total value = 6,677,000,000

Strike 116300 has a total call value of 0 versus a total put value of 6,615,400,000 Combined total value = 6,615,400,000

Strike 116400 has a total call value of 0 versus a total put value of 6,553,800,000 Combined total value = 6,553,800,000

Strike 116500 has a total call value of 0 versus a total put value of 6,492,200,000 Combined total value = 6,492,200,000

Strike 116600 has a total call value of 0 versus a total put value of 6,430,600,000 Combined total value = 6,430,600,000

Strike 116700 has a total call value of 0 versus a total put value of 6,369,000,000 Combined total value = 6,369,000,000

Strike 116800 has a total call value of 0 versus a total put value of 6,307,400,000 Combined total value = 6,307,400,000

Strike 116900 has a total call value of 0 versus a total put value of 6,245,800,000 Combined total value = 6,245,800,000

Strike 117000 has a total call value of 0 versus a total put value of 6,184,200,000 Combined total value = 6,184,200,000

Strike 117100 has a total call value of 0 versus a total put value of 6,122,600,000 Combined total value = 6,122,600,000

Strike 117200 has a total call value of 0 versus a total put value of 6,061,000,000 Combined total value = 6,061,000,000

Strike 117300 has a total call value of 0 versus a total put value of 5,999,400,000 Combined total value = 5,999,400,000

Strike 117400 has a total call value of 0 versus a total put value of 5,937,800,000 Combined total value = 5,937,800,000

Strike 117500 has a total call value of 0 versus a total put value of 5,876,200,000 Combined total value = 5,876,200,000

Strike 117600 has a total call value of 0 versus a total put value of 5,814,600,000 Combined total value = 5,814,600,000

Strike 117700 has a total call value of 0 versus a total put value of 5,753,000,000 Combined total value = 5,753,000,000

Strike 117800 has a total call value of 0 versus a total put value of 5,691,400,000 Combined total value = 5,691,400,000

Strike 117900 has a total call value of 0 versus a total put value of 5,629,800,000 Combined total value = 5,629,800,000

Strike 118000 has a total call value of 0 versus a total put value of 5,568,200,000 Combined total value = 5,568,200,000

Strike 118100 has a total call value of 0 versus a total put value of 5,506,740,000 Combined total value = 5,506,740,000

Strike 118200 has a total call value of 0 versus a total put value of 5,445,280,000 Combined total value = 5,445,280,000

Strike 118300 has a total call value of 0 versus a total put value of 5,383,820,000 Combined total value = 5,383,820,000

Strike 118400 has a total call value of 0 versus a total put value of 5,322,360,000 Combined total value = 5,322,360,000

Strike 118500 has a total call value of 0 versus a total put value of 5,260,900,000 Combined total value = 5,260,900,000

Strike 118600 has a total call value of 0 versus a total put value of 5,199,440,000 Combined total value = 5,199,440,000

Strike 118700 has a total call value of 0 versus a total put value of 5,137,980,000 Combined total value = 5,137,980,000

Strike 118800 has a total call value of 0 versus a total put value of 5,076,520,000 Combined total value = 5,076,520,000

Strike 118900 has a total call value of 0 versus a total put value of 5,015,060,000 Combined total value = 5,015,060,000

Strike 119000 has a total call value of 0 versus a total put value of 4,953,600,000 Combined total value = 4,953,600,000

Strike 119100 has a total call value of 0 versus a total put value of 4,892,140,000 Combined total value = 4,892,140,000

Strike 119200 has a total call value of 0 versus a total put value of 4,830,680,000 Combined total value = 4,830,680,000

Strike 119300 has a total call value of 0 versus a total put value of 4,769,220,000 Combined total value = 4,769,220,000

Strike 119400 has a total call value of 0 versus a total put value of 4,707,760,000 Combined total value = 4,707,760,000

Strike 119500 has a total call value of 0 versus a total put value of 4,646,300,000 Combined total value = 4,646,300,000

Strike 119600 has a total call value of 0 versus a total put value of 4,584,840,000 Combined total value = 4,584,840,000

Strike 119700 has a total call value of 0 versus a total put value of 4,523,380,000 Combined total value = 4,523,380,000

Strike 119800 has a total call value of 0 versus a total put value of 4,461,920,000 Combined total value = 4,461,920,000

Strike 119900 has a total call value of 0 versus a total put value of 4,400,460,000 Combined total value = 4,400,460,000

Strike 120000 has a total call value of 0 versus a total put value of 4,339,000,000 Combined total value = 4,339,000,000

Strike 120100 has a total call value of 160,000 versus a total put value of 4,283,700,000 Combined total value = 4,283,860,000

Strike 120200 has a total call value of 320,000 versus a total put value of 4,228,400,000 Combined total value = 4,228,720,000

Strike 120300 has a total call value of 480,000 versus a total put value of 4,173,100,000 Combined total value = 4,173,580,000

Strike 120400 has a total call value of 640,000 versus a total put value of 4,117,800,000 Combined total value = 4,118,440,000

Strike 120500 has a total call value of 800,000 versus a total put value of 4,062,500,000 Combined total value = 4,063,300,000

Strike 120600 has a total call value of 960,000 versus a total put value of 4,007,200,000 Combined total value = 4,008,160,000

Strike 120700 has a total call value of 1,120,000 versus a total put value of 3,951,900,000 Combined total value = 3,953,020,000

Strike 120800 has a total call value of 1,280,000 versus a total put value of 3,896,600,000 Combined total value = 3,897,880,000

Strike 120900 has a total call value of 1,440,000 versus a total put value of 3,841,300,000 Combined total value = 3,842,740,000

Strike 121000 has a total call value of 1,600,000 versus a total put value of 3,786,000,000 Combined total value = 3,787,600,000

Strike 121100 has a total call value of 1,760,000 versus a total put value of 3,732,000,000 Combined total value = 3,733,760,000

Strike 121200 has a total call value of 1,920,000 versus a total put value of 3,678,000,000 Combined total value = 3,679,920,000

Strike 121300 has a total call value of 2,080,000 versus a total put value of 3,624,000,000 Combined total value = 3,626,080,000

Strike 121400 has a total call value of 2,240,000 versus a total put value of 3,570,000,000 Combined total value = 3,572,240,000

Strike 121500 has a total call value of 2,400,000 versus a total put value of 3,516,000,000 Combined total value = 3,518,400,000

Strike 121600 has a total call value of 2,560,000 versus a total put value of 3,462,000,000 Combined total value = 3,464,560,000

Strike 121700 has a total call value of 2,720,000 versus a total put value of 3,408,000,000 Combined total value = 3,410,720,000

Strike 121800 has a total call value of 2,880,000 versus a total put value of 3,354,000,000 Combined total value = 3,356,880,000

Strike 121900 has a total call value of 3,040,000 versus a total put value of 3,300,000,000 Combined total value = 3,303,040,000

Strike 122000 has a total call value of 3,200,000 versus a total put value of 3,246,000,000 Combined total value = 3,249,200,000

Strike 122100 has a total call value of 3,360,000 versus a total put value of 3,194,380,000 Combined total value = 3,197,740,000

Strike 122200 has a total call value of 3,520,000 versus a total put value of 3,142,760,000 Combined total value = 3,146,280,000

Strike 122300 has a total call value of 3,680,000 versus a total put value of 3,091,140,000 Combined total value = 3,094,820,000

Strike 122400 has a total call value of 3,840,000 versus a total put value of 3,039,520,000 Combined total value = 3,043,360,000

Strike 122500 has a total call value of 4,000,000 versus a total put value of 2,987,900,000 Combined total value = 2,991,900,000

Strike 122600 has a total call value of 4,160,000 versus a total put value of 2,936,280,000 Combined total value = 2,940,440,000

Strike 122700 has a total call value of 4,320,000 versus a total put value of 2,884,660,000 Combined total value = 2,888,980,000

Strike 122800 has a total call value of 4,480,000 versus a total put value of 2,833,040,000 Combined total value = 2,837,520,000

Strike 122900 has a total call value of 4,640,000 versus a total put value of 2,781,420,000 Combined total value = 2,786,060,000

Strike 123000 has a total call value of 4,800,000 versus a total put value of 2,729,800,000 Combined total value = 2,734,600,000

Strike 123100 has a total call value of 4,960,000 versus a total put value of 2,682,120,000 Combined total value = 2,687,080,000

Strike 123200 has a total call value of 5,120,000 versus a total put value of 2,634,440,000 Combined total value = 2,639,560,000

Strike 123300 has a total call value of 5,280,000 versus a total put value of 2,586,760,000 Combined total value = 2,592,040,000

Strike 123400 has a total call value of 5,440,000 versus a total put value of 2,539,080,000 Combined total value = 2,544,520,000

Strike 123500 has a total call value of 5,600,000 versus a total put value of 2,491,400,000 Combined total value = 2,497,000,000

Strike 123600 has a total call value of 5,760,000 versus a total put value of 2,443,720,000 Combined total value = 2,449,480,000

Strike 123700 has a total call value of 5,920,000 versus a total put value of 2,396,040,000 Combined total value = 2,401,960,000

Strike 123800 has a total call value of 6,080,000 versus a total put value of 2,348,360,000 Combined total value = 2,354,440,000

Strike 123900 has a total call value of 6,240,000 versus a total put value of 2,300,680,000 Combined total value = 2,306,920,000

Strike 124000 has a total call value of 6,400,000 versus a total put value of 2,253,000,000 Combined total value = 2,259,400,000

Strike 124100 has a total call value of 6,610,000 versus a total put value of 2,208,440,000 Combined total value = 2,215,050,000

Strike 124200 has a total call value of 6,820,000 versus a total put value of 2,163,880,000 Combined total value = 2,170,700,000

Strike 124300 has a total call value of 7,030,000 versus a total put value of 2,119,320,000 Combined total value = 2,126,350,000

Strike 124400 has a total call value of 7,240,000 versus a total put value of 2,074,760,000 Combined total value = 2,082,000,000

Strike 124500 has a total call value of 7,450,000 versus a total put value of 2,030,200,000 Combined total value = 2,037,650,000

Strike 124600 has a total call value of 7,660,000 versus a total put value of 1,985,640,000 Combined total value = 1,993,300,000

Strike 124700 has a total call value of 7,870,000 versus a total put value of 1,941,080,000 Combined total value = 1,948,950,000

Strike 124800 has a total call value of 8,080,000 versus a total put value of 1,896,520,000 Combined total value = 1,904,600,000

Strike 124900 has a total call value of 8,290,000 versus a total put value of 1,851,960,000 Combined total value = 1,860,250,000

Strike 125000 has a total call value of 8,500,000 versus a total put value of 1,807,400,000 Combined total value = 1,815,900,000

Strike 125100 has a total call value of 9,750,000 versus a total put value of 1,772,490,000 Combined total value = 1,782,240,000

Strike 125200 has a total call value of 11,000,000 versus a total put value of 1,737,580,000 Combined total value = 1,748,580,000

Strike 125300 has a total call value of 12,250,000 versus a total put value of 1,702,670,000 Combined total value = 1,714,920,000

Strike 125400 has a total call value of 13,500,000 versus a total put value of 1,667,760,000 Combined total value = 1,681,260,000

Strike 125500 has a total call value of 14,750,000 versus a total put value of 1,632,850,000 Combined total value = 1,647,600,000

Strike 125600 has a total call value of 16,000,000 versus a total put value of 1,597,940,000 Combined total value = 1,613,940,000

Strike 125700 has a total call value of 17,250,000 versus a total put value of 1,563,030,000 Combined total value = 1,580,280,000

Strike 125800 has a total call value of 18,500,000 versus a total put value of 1,528,120,000 Combined total value = 1,546,620,000

Strike 125900 has a total call value of 19,750,000 versus a total put value of 1,493,210,000 Combined total value = 1,512,960,000

Strike 126000 has a total call value of 21,000,000 versus a total put value of 1,458,300,000 Combined total value = 1,479,300,000

Strike 126100 has a total call value of 22,810,000 versus a total put value of 1,426,460,000 Combined total value = 1,449,270,000

Strike 126200 has a total call value of 24,620,000 versus a total put value of 1,394,620,000 Combined total value = 1,419,240,000

Strike 126300 has a total call value of 26,430,000 versus a total put value of 1,362,780,000 Combined total value = 1,389,210,000

Strike 126400 has a total call value of 28,240,000 versus a total put value of 1,330,940,000 Combined total value = 1,359,180,000

Strike 126500 has a total call value of 30,050,000 versus a total put value of 1,299,100,000 Combined total value = 1,329,150,000

Strike 126600 has a total call value of 31,860,000 versus a total put value of 1,267,260,000 Combined total value = 1,299,120,000

Strike 126700 has a total call value of 33,670,000 versus a total put value of 1,235,420,000 Combined total value = 1,269,090,000

Strike 126800 has a total call value of 35,480,000 versus a total put value of 1,203,580,000 Combined total value = 1,239,060,000

Strike 126900 has a total call value of 37,290,000 versus a total put value of 1,171,740,000 Combined total value = 1,209,030,000

Strike 127000 has a total call value of 39,100,000 versus a total put value of 1,139,900,000 Combined total value = 1,179,000,000

Strike 127100 has a total call value of 42,040,000 versus a total put value of 1,110,910,000 Combined total value = 1,152,950,000

Strike 127200 has a total call value of 44,980,000 versus a total put value of 1,081,920,000 Combined total value = 1,126,900,000

Strike 127300 has a total call value of 47,920,000 versus a total put value of 1,052,930,000 Combined total value = 1,100,850,000

Strike 127400 has a total call value of 50,860,000 versus a total put value of 1,023,940,000 Combined total value = 1,074,800,000

Strike 127500 has a total call value of 53,800,000 versus a total put value of 994,950,000 Combined total value = 1,048,750,000

Strike 127600 has a total call value of 56,740,000 versus a total put value of 965,960,000 Combined total value = 1,022,700,000

Strike 127700 has a total call value of 59,680,000 versus a total put value of 936,970,000 Combined total value = 996,650,000

Strike 127800 has a total call value of 62,620,000 versus a total put value of 907,980,000 Combined total value = 970,600,000

Strike 127900 has a total call value of 65,560,000 versus a total put value of 878,990,000 Combined total value = 944,550,000

Strike 128000 has a total call value of 68,500,000 versus a total put value of 850,000,000 Combined total value = 918,500,000

Strike 128100 has a total call value of 73,650,000 versus a total put value of 826,210,000 Combined total value = 899,860,000

Strike 128200 has a total call value of 78,800,000 versus a total put value of 802,420,000 Combined total value = 881,220,000

Strike 128300 has a total call value of 83,950,000 versus a total put value of 778,630,000 Combined total value = 862,580,000

Strike 128400 has a total call value of 89,100,000 versus a total put value of 754,840,000 Combined total value = 843,940,000

Strike 128500 has a total call value of 94,250,000 versus a total put value of 731,050,000 Combined total value = 825,300,000

Strike 128600 has a total call value of 99,400,000 versus a total put value of 707,260,000 Combined total value = 806,660,000

Strike 128700 has a total call value of 104,550,000 versus a total put value of 683,470,000 Combined total value = 788,020,000

Strike 128800 has a total call value of 109,700,000 versus a total put value of 659,680,000 Combined total value = 769,380,000

Strike 128900 has a total call value of 114,850,000 versus a total put value of 635,890,000 Combined total value = 750,740,000

Strike 129000 has a total call value of 120,000,000 versus a total put value of 612,100,000 Combined total value = 732,100,000

Strike 129100 has a total call value of 125,150,000 versus a total put value of 591,380,000 Combined total value = 716,530,000

Strike 129200 has a total call value of 130,300,000 versus a total put value of 570,660,000 Combined total value = 700,960,000

Strike 129300 has a total call value of 135,450,000 versus a total put value of 549,940,000 Combined total value = 685,390,000

Strike 129400 has a total call value of 140,600,000 versus a total put value of 529,220,000 Combined total value = 669,820,000

Strike 129500 has a total call value of 145,750,000 versus a total put value of 508,500,000 Combined total value = 654,250,000

Strike 129600 has a total call value of 150,900,000 versus a total put value of 487,780,000 Combined total value = 638,680,000

Strike 129700 has a total call value of 156,050,000 versus a total put value of 467,060,000 Combined total value = 623,110,000

Strike 129800 has a total call value of 161,200,000 versus a total put value of 446,340,000 Combined total value = 607,540,000

Strike 129900 has a total call value of 166,350,000 versus a total put value of 425,620,000 Combined total value = 591,970,000

Strike 130000 has a total call value of 171,500,000 versus a total put value of 404,900,000 Combined total value = 576,400,000

Strike 130100 has a total call value of 181,500,000 versus a total put value of 391,300,000 Combined total value = 572,800,000

Strike 130200 has a total call value of 191,500,000 versus a total put value of 377,700,000 Combined total value = 569,200,000

Strike 130300 has a total call value of 201,500,000 versus a total put value of 364,100,000 Combined total value = 565,600,000

Strike 130400 has a total call value of 211,500,000 versus a total put value of 350,500,000 Combined total value = 562,000,000

Strike 130500 has a total call value of 221,500,000 versus a total put value of 336,900,000 Combined total value = 558,400,000

Strike 130600 has a total call value of 231,500,000 versus a total put value of 323,300,000 Combined total value = 554,800,000

Strike 130700 has a total call value of 241,500,000 versus a total put value of 309,700,000 Combined total value = 551,200,000

Strike 130800 has a total call value of 251,500,000 versus a total put value of 296,100,000 Combined total value = 547,600,000

Strike 130900 has a total call value of 261,500,000 versus a total put value of 282,500,000 Combined total value = 544,000,000

Strike 131000 has a total call value of 271,500,000 versus a total put value of 268,900,000 Combined total value = 540,400,000

Strike 131100 has a total call value of 282,340,000 versus a total put value of 257,840,000 Combined total value = 540,180,000

Strike 131200 has a total call value of 293,180,000 versus a total put value of 246,780,000 Combined total value = 539,960,000

Strike 131300 has a total call value of 304,020,000 versus a total put value of 235,720,000 Combined total value = 539,740,000

Strike 131400 has a total call value of 314,860,000 versus a total put value of 224,660,000 Combined total value = 539,520,000

Strike 131500 has a total call value of 325,700,000 versus a total put value of 213,600,000 Combined total value = 539,300,000

Strike 131600 has a total call value of 336,540,000 versus a total put value of 202,540,000 Combined total value = 539,080,000

Strike 131700 has a total call value of 347,380,000 versus a total put value of 191,480,000 Combined total value = 538,860,000

Strike 131800 has a total call value of 358,220,000 versus a total put value of 180,420,000 Combined total value = 538,640,000

Strike 131900 has a total call value of 369,060,000 versus a total put value of 169,360,000 Combined total value = 538,420,000

Strike 132000 has a total call value of 379,900,000 versus a total put value of 158,300,000 Combined total value = 538,200,000

Strike 132100 has a total call value of 393,500,000 versus a total put value of 150,500,000 Combined total value = 544,000,000

Strike 132200 has a total call value of 407,100,000 versus a total put value of 142,700,000 Combined total value = 549,800,000

Strike 132300 has a total call value of 420,700,000 versus a total put value of 134,900,000 Combined total value = 555,600,000

Strike 132400 has a total call value of 434,300,000 versus a total put value of 127,100,000 Combined total value = 561,400,000

Strike 132500 has a total call value of 447,900,000 versus a total put value of 119,300,000 Combined total value = 567,200,000

Strike 132600 has a total call value of 461,500,000 versus a total put value of 111,560,000 Combined total value = 573,060,000

Strike 132700 has a total call value of 475,100,000 versus a total put value of 103,820,000 Combined total value = 578,920,000

Strike 132800 has a total call value of 488,700,000 versus a total put value of 96,080,000 Combined total value = 584,780,000

Strike 132900 has a total call value of 502,300,000 versus a total put value of 88,340,000 Combined total value = 590,640,000

Strike 133000 has a total call value of 515,900,000 versus a total put value of 80,600,000 Combined total value = 596,500,000

Strike 133100 has a total call value of 531,950,000 versus a total put value of 75,540,000 Combined total value = 607,490,000

Strike 133200 has a total call value of 548,000,000 versus a total put value of 70,480,000 Combined total value = 618,480,000

Strike 133300 has a total call value of 564,050,000 versus a total put value of 65,420,000 Combined total value = 629,470,000

Strike 133400 has a total call value of 580,100,000 versus a total put value of 60,360,000 Combined total value = 640,460,000

Strike 133500 has a total call value of 596,150,000 versus a total put value of 55,300,000 Combined total value = 651,450,000

Strike 133600 has a total call value of 612,200,000 versus a total put value of 50,240,000 Combined total value = 662,440,000

Strike 133700 has a total call value of 628,250,000 versus a total put value of 45,180,000 Combined total value = 673,430,000

Strike 133800 has a total call value of 644,300,000 versus a total put value of 40,120,000 Combined total value = 684,420,000

Strike 133900 has a total call value of 660,350,000 versus a total put value of 35,060,000 Combined total value = 695,410,000

Strike 134000 has a total call value of 676,400,000 versus a total put value of 30,000,000 Combined total value = 706,400,000

Strike 134100 has a total call value of 695,760,000 versus a total put value of 27,130,000 Combined total value = 722,890,000

Strike 134200 has a total call value of 715,120,000 versus a total put value of 24,260,000 Combined total value = 739,380,000

Strike 134300 has a total call value of 734,480,000 versus a total put value of 21,390,000 Combined total value = 755,870,000

Strike 134400 has a total call value of 753,840,000 versus a total put value of 18,520,000 Combined total value = 772,360,000

Strike 134500 has a total call value of 773,200,000 versus a total put value of 15,650,000 Combined total value = 788,850,000

Strike 134600 has a total call value of 792,560,000 versus a total put value of 12,920,000 Combined total value = 805,480,000

Strike 134700 has a total call value of 811,920,000 versus a total put value of 10,190,000 Combined total value = 822,110,000

Strike 134800 has a total call value of 831,280,000 versus a total put value of 7,460,000 Combined total value = 838,740,000

Strike 134900 has a total call value of 850,640,000 versus a total put value of 4,730,000 Combined total value = 855,370,000

Strike 135000 has a total call value of 870,000,000 versus a total put value of 2,000,000 Combined total value = 872,000,000

Strike 135100 has a total call value of 901,890,000 versus a total put value of 1,800,000 Combined total value = 903,690,000

Strike 135200 has a total call value of 933,780,000 versus a total put value of 1,600,000 Combined total value = 935,380,000

Strike 135300 has a total call value of 965,670,000 versus a total put value of 1,400,000 Combined total value = 967,070,000

Strike 135400 has a total call value of 997,560,000 versus a total put value of 1,200,000 Combined total value = 998,760,000

Strike 135500 has a total call value of 1,029,450,000 versus a total put value of 1,000,000 Combined total value = 1,030,450,000

Strike 135600 has a total call value of 1,061,340,000 versus a total put value of 800,000 Combined total value = 1,062,140,000

Strike 135700 has a total call value of 1,093,230,000 versus a total put value of 600,000 Combined total value = 1,093,830,000

Strike 135800 has a total call value of 1,125,120,000 versus a total put value of 400,000 Combined total value = 1,125,520,000

Strike 135900 has a total call value of 1,157,010,000 versus a total put value of 200,000 Combined total value = 1,157,210,000

Strike 136000 has a total call value of 1,188,900,000 versus a total put value of 0 Combined total value = 1,188,900,000

Strike 136100 has a total call value of 1,227,800,000 versus a total put value of 0 Combined total value = 1,227,800,000

Strike 136200 has a total call value of 1,266,700,000 versus a total put value of 0 Combined total value = 1,266,700,000

Strike 136300 has a total call value of 1,305,600,000 versus a total put value of 0 Combined total value = 1,305,600,000

Strike 136400 has a total call value of 1,344,500,000 versus a total put value of 0 Combined total value = 1,344,500,000

Strike 136500 has a total call value of 1,383,400,000 versus a total put value of 0 Combined total value = 1,383,400,000

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	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:

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.

Related Pages for GOLD

GOLD

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD