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.

GOLDM

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 Mini

132471 -156.00 (-0.12%)

L: 132060 H: 133490

Max Pain - GOLDM

17 Dec 2025 01:50 PM IST

Live

Expiry

Max Pain for GOLDM is 132000

Historical data for GOLDM-132000-CE

LTP (132000 CE)

2106 4.5

Open Interest

2731 527

Historical data for GOLDM-132000-PE

LTP (132000 PE)

1583.5 145.5

Open Interest

2489 33

Strike 115000 has a total call value of 0 versus a total put value of 4,911,559,000,000 Combined total value = 4,911,559,000,000

Strike 115100 has a total call value of 581,000,000 versus a total put value of 4,872,164,000,000 Combined total value = 4,872,745,000,000

Strike 115200 has a total call value of 1,162,000,000 versus a total put value of 4,832,769,000,000 Combined total value = 4,833,931,000,000

Strike 115300 has a total call value of 1,743,000,000 versus a total put value of 4,793,374,000,000 Combined total value = 4,795,117,000,000

Strike 115400 has a total call value of 2,324,000,000 versus a total put value of 4,753,979,000,000 Combined total value = 4,756,303,000,000

Strike 115500 has a total call value of 2,905,000,000 versus a total put value of 4,714,584,000,000 Combined total value = 4,717,489,000,000

Strike 115600 has a total call value of 3,486,000,000 versus a total put value of 4,675,189,000,000 Combined total value = 4,678,675,000,000

Strike 115700 has a total call value of 4,067,000,000 versus a total put value of 4,635,794,000,000 Combined total value = 4,639,861,000,000

Strike 115800 has a total call value of 4,648,000,000 versus a total put value of 4,596,399,000,000 Combined total value = 4,601,047,000,000

Strike 115900 has a total call value of 5,229,000,000 versus a total put value of 4,557,004,000,000 Combined total value = 4,562,233,000,000

Strike 116000 has a total call value of 5,810,000,000 versus a total put value of 4,517,609,000,000 Combined total value = 4,523,419,000,000

Strike 116100 has a total call value of 6,391,000,000 versus a total put value of 4,478,442,000,000 Combined total value = 4,484,833,000,000

Strike 116200 has a total call value of 6,972,000,000 versus a total put value of 4,439,275,000,000 Combined total value = 4,446,247,000,000

Strike 116300 has a total call value of 7,553,000,000 versus a total put value of 4,400,108,000,000 Combined total value = 4,407,661,000,000

Strike 116400 has a total call value of 8,134,000,000 versus a total put value of 4,360,941,000,000 Combined total value = 4,369,075,000,000

Strike 116500 has a total call value of 8,715,000,000 versus a total put value of 4,321,774,000,000 Combined total value = 4,330,489,000,000

Strike 116600 has a total call value of 9,296,000,000 versus a total put value of 4,282,607,000,000 Combined total value = 4,291,903,000,000

Strike 116700 has a total call value of 9,877,000,000 versus a total put value of 4,243,440,000,000 Combined total value = 4,253,317,000,000

Strike 116800 has a total call value of 10,458,000,000 versus a total put value of 4,204,273,000,000 Combined total value = 4,214,731,000,000

Strike 116900 has a total call value of 11,039,000,000 versus a total put value of 4,165,106,000,000 Combined total value = 4,176,145,000,000

Strike 117000 has a total call value of 11,620,000,000 versus a total put value of 4,125,939,000,000 Combined total value = 4,137,559,000,000

Strike 117100 has a total call value of 12,201,000,000 versus a total put value of 4,087,058,000,000 Combined total value = 4,099,259,000,000

Strike 117200 has a total call value of 12,782,000,000 versus a total put value of 4,048,177,000,000 Combined total value = 4,060,959,000,000

Strike 117300 has a total call value of 13,363,000,000 versus a total put value of 4,009,296,000,000 Combined total value = 4,022,659,000,000

Strike 117400 has a total call value of 13,944,000,000 versus a total put value of 3,970,415,000,000 Combined total value = 3,984,359,000,000

Strike 117500 has a total call value of 14,525,000,000 versus a total put value of 3,931,534,000,000 Combined total value = 3,946,059,000,000

Strike 117600 has a total call value of 15,106,000,000 versus a total put value of 3,892,653,000,000 Combined total value = 3,907,759,000,000

Strike 117700 has a total call value of 15,687,000,000 versus a total put value of 3,853,772,000,000 Combined total value = 3,869,459,000,000

Strike 117800 has a total call value of 16,268,000,000 versus a total put value of 3,814,891,000,000 Combined total value = 3,831,159,000,000

Strike 117900 has a total call value of 16,849,000,000 versus a total put value of 3,776,010,000,000 Combined total value = 3,792,859,000,000

Strike 118000 has a total call value of 17,430,000,000 versus a total put value of 3,737,129,000,000 Combined total value = 3,754,559,000,000

Strike 118100 has a total call value of 18,011,000,000 versus a total put value of 3,699,023,000,000 Combined total value = 3,717,034,000,000

Strike 118200 has a total call value of 18,592,000,000 versus a total put value of 3,660,917,000,000 Combined total value = 3,679,509,000,000

Strike 118300 has a total call value of 19,173,000,000 versus a total put value of 3,622,811,000,000 Combined total value = 3,641,984,000,000

Strike 118400 has a total call value of 19,754,000,000 versus a total put value of 3,584,705,000,000 Combined total value = 3,604,459,000,000

Strike 118500 has a total call value of 20,335,000,000 versus a total put value of 3,546,599,000,000 Combined total value = 3,566,934,000,000

Strike 118600 has a total call value of 20,916,000,000 versus a total put value of 3,508,493,000,000 Combined total value = 3,529,409,000,000

Strike 118700 has a total call value of 21,497,000,000 versus a total put value of 3,470,387,000,000 Combined total value = 3,491,884,000,000

Strike 118800 has a total call value of 22,078,000,000 versus a total put value of 3,432,281,000,000 Combined total value = 3,454,359,000,000

Strike 118900 has a total call value of 22,659,000,000 versus a total put value of 3,394,175,000,000 Combined total value = 3,416,834,000,000

Strike 119000 has a total call value of 23,240,000,000 versus a total put value of 3,356,069,000,000 Combined total value = 3,379,309,000,000

Strike 119100 has a total call value of 23,821,000,000 versus a total put value of 3,318,199,000,000 Combined total value = 3,342,020,000,000

Strike 119200 has a total call value of 24,402,000,000 versus a total put value of 3,280,329,000,000 Combined total value = 3,304,731,000,000

Strike 119300 has a total call value of 24,983,000,000 versus a total put value of 3,242,459,000,000 Combined total value = 3,267,442,000,000

Strike 119400 has a total call value of 25,564,000,000 versus a total put value of 3,204,589,000,000 Combined total value = 3,230,153,000,000

Strike 119500 has a total call value of 26,145,000,000 versus a total put value of 3,166,719,000,000 Combined total value = 3,192,864,000,000

Strike 119600 has a total call value of 26,726,000,000 versus a total put value of 3,128,849,000,000 Combined total value = 3,155,575,000,000

Strike 119700 has a total call value of 27,307,000,000 versus a total put value of 3,090,979,000,000 Combined total value = 3,118,286,000,000

Strike 119800 has a total call value of 27,888,000,000 versus a total put value of 3,053,109,000,000 Combined total value = 3,080,997,000,000

Strike 119900 has a total call value of 28,469,000,000 versus a total put value of 3,015,239,000,000 Combined total value = 3,043,708,000,000

Strike 120000 has a total call value of 29,050,000,000 versus a total put value of 2,977,369,000,000 Combined total value = 3,006,419,000,000

Strike 120100 has a total call value of 29,832,000,000 versus a total put value of 2,942,001,000,000 Combined total value = 2,971,833,000,000

Strike 120200 has a total call value of 30,614,000,000 versus a total put value of 2,906,633,000,000 Combined total value = 2,937,247,000,000

Strike 120300 has a total call value of 31,396,000,000 versus a total put value of 2,871,265,000,000 Combined total value = 2,902,661,000,000

Strike 120400 has a total call value of 32,178,000,000 versus a total put value of 2,835,897,000,000 Combined total value = 2,868,075,000,000

Strike 120500 has a total call value of 32,960,000,000 versus a total put value of 2,800,529,000,000 Combined total value = 2,833,489,000,000

Strike 120600 has a total call value of 33,742,000,000 versus a total put value of 2,765,161,000,000 Combined total value = 2,798,903,000,000

Strike 120700 has a total call value of 34,524,000,000 versus a total put value of 2,729,793,000,000 Combined total value = 2,764,317,000,000

Strike 120800 has a total call value of 35,306,000,000 versus a total put value of 2,694,425,000,000 Combined total value = 2,729,731,000,000

Strike 120900 has a total call value of 36,088,000,000 versus a total put value of 2,659,057,000,000 Combined total value = 2,695,145,000,000

Strike 121000 has a total call value of 36,870,000,000 versus a total put value of 2,623,689,000,000 Combined total value = 2,660,559,000,000

Strike 121100 has a total call value of 37,741,000,000 versus a total put value of 2,588,849,000,000 Combined total value = 2,626,590,000,000

Strike 121200 has a total call value of 38,612,000,000 versus a total put value of 2,554,009,000,000 Combined total value = 2,592,621,000,000

Strike 121300 has a total call value of 39,483,000,000 versus a total put value of 2,519,169,000,000 Combined total value = 2,558,652,000,000

Strike 121400 has a total call value of 40,354,000,000 versus a total put value of 2,484,329,000,000 Combined total value = 2,524,683,000,000

Strike 121500 has a total call value of 41,225,000,000 versus a total put value of 2,449,489,000,000 Combined total value = 2,490,714,000,000

Strike 121600 has a total call value of 42,096,000,000 versus a total put value of 2,414,649,000,000 Combined total value = 2,456,745,000,000

Strike 121700 has a total call value of 42,967,000,000 versus a total put value of 2,379,809,000,000 Combined total value = 2,422,776,000,000

Strike 121800 has a total call value of 43,838,000,000 versus a total put value of 2,344,969,000,000 Combined total value = 2,388,807,000,000

Strike 121900 has a total call value of 44,709,000,000 versus a total put value of 2,310,129,000,000 Combined total value = 2,354,838,000,000

Strike 122000 has a total call value of 45,580,000,000 versus a total put value of 2,275,289,000,000 Combined total value = 2,320,869,000,000

Strike 122100 has a total call value of 46,451,000,000 versus a total put value of 2,241,485,000,000 Combined total value = 2,287,936,000,000

Strike 122200 has a total call value of 47,322,000,000 versus a total put value of 2,207,681,000,000 Combined total value = 2,255,003,000,000

Strike 122300 has a total call value of 48,193,000,000 versus a total put value of 2,173,877,000,000 Combined total value = 2,222,070,000,000

Strike 122400 has a total call value of 49,064,000,000 versus a total put value of 2,140,073,000,000 Combined total value = 2,189,137,000,000

Strike 122500 has a total call value of 49,935,000,000 versus a total put value of 2,106,269,000,000 Combined total value = 2,156,204,000,000

Strike 122600 has a total call value of 50,806,000,000 versus a total put value of 2,072,465,000,000 Combined total value = 2,123,271,000,000

Strike 122700 has a total call value of 51,677,000,000 versus a total put value of 2,038,661,000,000 Combined total value = 2,090,338,000,000

Strike 122800 has a total call value of 52,561,000,000 versus a total put value of 2,004,857,000,000 Combined total value = 2,057,418,000,000

Strike 122900 has a total call value of 53,445,000,000 versus a total put value of 1,971,053,000,000 Combined total value = 2,024,498,000,000

Strike 123000 has a total call value of 54,329,000,000 versus a total put value of 1,937,249,000,000 Combined total value = 1,991,578,000,000

Strike 123100 has a total call value of 55,389,000,000 versus a total put value of 1,904,784,000,000 Combined total value = 1,960,173,000,000

Strike 123200 has a total call value of 56,449,000,000 versus a total put value of 1,872,319,000,000 Combined total value = 1,928,768,000,000

Strike 123300 has a total call value of 57,509,000,000 versus a total put value of 1,839,854,000,000 Combined total value = 1,897,363,000,000

Strike 123400 has a total call value of 58,569,000,000 versus a total put value of 1,807,389,000,000 Combined total value = 1,865,958,000,000

Strike 123500 has a total call value of 59,629,000,000 versus a total put value of 1,774,924,000,000 Combined total value = 1,834,553,000,000

Strike 123600 has a total call value of 60,696,000,000 versus a total put value of 1,742,459,000,000 Combined total value = 1,803,155,000,000

Strike 123700 has a total call value of 61,763,000,000 versus a total put value of 1,709,994,000,000 Combined total value = 1,771,757,000,000

Strike 123800 has a total call value of 62,830,000,000 versus a total put value of 1,677,529,000,000 Combined total value = 1,740,359,000,000

Strike 123900 has a total call value of 63,897,000,000 versus a total put value of 1,645,064,000,000 Combined total value = 1,708,961,000,000

Strike 124000 has a total call value of 64,964,000,000 versus a total put value of 1,612,599,000,000 Combined total value = 1,677,563,000,000

Strike 124100 has a total call value of 66,260,000,000 versus a total put value of 1,581,700,000,000 Combined total value = 1,647,960,000,000

Strike 124200 has a total call value of 67,556,000,000 versus a total put value of 1,550,801,000,000 Combined total value = 1,618,357,000,000

Strike 124300 has a total call value of 68,852,000,000 versus a total put value of 1,519,902,000,000 Combined total value = 1,588,754,000,000

Strike 124400 has a total call value of 70,148,000,000 versus a total put value of 1,489,003,000,000 Combined total value = 1,559,151,000,000

Strike 124500 has a total call value of 71,444,000,000 versus a total put value of 1,458,104,000,000 Combined total value = 1,529,548,000,000

Strike 124600 has a total call value of 72,740,000,000 versus a total put value of 1,427,205,000,000 Combined total value = 1,499,945,000,000

Strike 124700 has a total call value of 74,036,000,000 versus a total put value of 1,396,306,000,000 Combined total value = 1,470,342,000,000

Strike 124800 has a total call value of 75,332,000,000 versus a total put value of 1,365,407,000,000 Combined total value = 1,440,739,000,000

Strike 124900 has a total call value of 76,628,000,000 versus a total put value of 1,334,508,000,000 Combined total value = 1,411,136,000,000

Strike 125000 has a total call value of 77,924,000,000 versus a total put value of 1,303,609,000,000 Combined total value = 1,381,533,000,000

Strike 125100 has a total call value of 79,621,000,000 versus a total put value of 1,277,626,000,000 Combined total value = 1,357,247,000,000

Strike 125200 has a total call value of 81,318,000,000 versus a total put value of 1,251,643,000,000 Combined total value = 1,332,961,000,000

Strike 125300 has a total call value of 83,015,000,000 versus a total put value of 1,225,660,000,000 Combined total value = 1,308,675,000,000

Strike 125400 has a total call value of 84,712,000,000 versus a total put value of 1,199,677,000,000 Combined total value = 1,284,389,000,000

Strike 125500 has a total call value of 86,409,000,000 versus a total put value of 1,173,694,000,000 Combined total value = 1,260,103,000,000

Strike 125600 has a total call value of 88,106,000,000 versus a total put value of 1,147,780,000,000 Combined total value = 1,235,886,000,000

Strike 125700 has a total call value of 89,803,000,000 versus a total put value of 1,121,866,000,000 Combined total value = 1,211,669,000,000

Strike 125800 has a total call value of 91,500,000,000 versus a total put value of 1,095,958,000,000 Combined total value = 1,187,458,000,000

Strike 125900 has a total call value of 93,197,000,000 versus a total put value of 1,070,050,000,000 Combined total value = 1,163,247,000,000

Strike 126000 has a total call value of 94,894,000,000 versus a total put value of 1,044,142,000,000 Combined total value = 1,139,036,000,000

Strike 126100 has a total call value of 96,944,000,000 versus a total put value of 1,020,693,000,000 Combined total value = 1,117,637,000,000

Strike 126200 has a total call value of 98,994,000,000 versus a total put value of 997,244,000,000 Combined total value = 1,096,238,000,000

Strike 126300 has a total call value of 101,044,000,000 versus a total put value of 973,795,000,000 Combined total value = 1,074,839,000,000

Strike 126400 has a total call value of 103,094,000,000 versus a total put value of 950,346,000,000 Combined total value = 1,053,440,000,000

Strike 126500 has a total call value of 105,144,000,000 versus a total put value of 926,897,000,000 Combined total value = 1,032,041,000,000

Strike 126600 has a total call value of 107,194,000,000 versus a total put value of 903,666,000,000 Combined total value = 1,010,860,000,000

Strike 126700 has a total call value of 109,244,000,000 versus a total put value of 880,435,000,000 Combined total value = 989,679,000,000

Strike 126800 has a total call value of 111,294,000,000 versus a total put value of 857,204,000,000 Combined total value = 968,498,000,000

Strike 126900 has a total call value of 113,344,000,000 versus a total put value of 833,973,000,000 Combined total value = 947,317,000,000

Strike 127000 has a total call value of 115,394,000,000 versus a total put value of 810,742,000,000 Combined total value = 926,136,000,000

Strike 127100 has a total call value of 117,872,000,000 versus a total put value of 789,650,000,000 Combined total value = 907,522,000,000

Strike 127200 has a total call value of 120,350,000,000 versus a total put value of 768,558,000,000 Combined total value = 888,908,000,000

Strike 127300 has a total call value of 122,828,000,000 versus a total put value of 747,466,000,000 Combined total value = 870,294,000,000

Strike 127400 has a total call value of 125,306,000,000 versus a total put value of 726,374,000,000 Combined total value = 851,680,000,000

Strike 127500 has a total call value of 127,784,000,000 versus a total put value of 705,282,000,000 Combined total value = 833,066,000,000

Strike 127600 has a total call value of 130,262,000,000 versus a total put value of 684,709,000,000 Combined total value = 814,971,000,000

Strike 127700 has a total call value of 132,740,000,000 versus a total put value of 664,136,000,000 Combined total value = 796,876,000,000

Strike 127800 has a total call value of 135,218,000,000 versus a total put value of 643,563,000,000 Combined total value = 778,781,000,000

Strike 127900 has a total call value of 137,696,000,000 versus a total put value of 622,990,000,000 Combined total value = 760,686,000,000

Strike 128000 has a total call value of 140,174,000,000 versus a total put value of 602,417,000,000 Combined total value = 742,591,000,000

Strike 128100 has a total call value of 143,242,000,000 versus a total put value of 584,357,000,000 Combined total value = 727,599,000,000

Strike 128200 has a total call value of 146,310,000,000 versus a total put value of 566,297,000,000 Combined total value = 712,607,000,000

Strike 128300 has a total call value of 149,378,000,000 versus a total put value of 548,237,000,000 Combined total value = 697,615,000,000

Strike 128400 has a total call value of 152,446,000,000 versus a total put value of 530,177,000,000 Combined total value = 682,623,000,000

Strike 128500 has a total call value of 155,514,000,000 versus a total put value of 512,117,000,000 Combined total value = 667,631,000,000

Strike 128600 has a total call value of 158,582,000,000 versus a total put value of 494,368,000,000 Combined total value = 652,950,000,000

Strike 128700 has a total call value of 161,650,000,000 versus a total put value of 476,619,000,000 Combined total value = 638,269,000,000

Strike 128800 has a total call value of 164,718,000,000 versus a total put value of 458,870,000,000 Combined total value = 623,588,000,000

Strike 128900 has a total call value of 167,786,000,000 versus a total put value of 441,121,000,000 Combined total value = 608,907,000,000

Strike 129000 has a total call value of 170,854,000,000 versus a total put value of 423,372,000,000 Combined total value = 594,226,000,000

Strike 129100 has a total call value of 174,506,000,000 versus a total put value of 407,822,000,000 Combined total value = 582,328,000,000

Strike 129200 has a total call value of 178,158,000,000 versus a total put value of 392,272,000,000 Combined total value = 570,430,000,000

Strike 129300 has a total call value of 181,810,000,000 versus a total put value of 376,722,000,000 Combined total value = 558,532,000,000

Strike 129400 has a total call value of 185,462,000,000 versus a total put value of 361,172,000,000 Combined total value = 546,634,000,000

Strike 129500 has a total call value of 189,114,000,000 versus a total put value of 345,622,000,000 Combined total value = 534,736,000,000

Strike 129600 has a total call value of 192,872,000,000 versus a total put value of 330,368,000,000 Combined total value = 523,240,000,000

Strike 129700 has a total call value of 196,630,000,000 versus a total put value of 315,114,000,000 Combined total value = 511,744,000,000

Strike 129800 has a total call value of 200,388,000,000 versus a total put value of 299,860,000,000 Combined total value = 500,248,000,000

Strike 129900 has a total call value of 204,146,000,000 versus a total put value of 284,606,000,000 Combined total value = 488,752,000,000

Strike 130000 has a total call value of 207,904,000,000 versus a total put value of 269,352,000,000 Combined total value = 477,256,000,000

Strike 130100 has a total call value of 213,611,000,000 versus a total put value of 257,756,000,000 Combined total value = 471,367,000,000

Strike 130200 has a total call value of 219,318,000,000 versus a total put value of 246,160,000,000 Combined total value = 465,478,000,000

Strike 130300 has a total call value of 225,025,000,000 versus a total put value of 234,564,000,000 Combined total value = 459,589,000,000

Strike 130400 has a total call value of 230,732,000,000 versus a total put value of 222,968,000,000 Combined total value = 453,700,000,000

Strike 130500 has a total call value of 236,439,000,000 versus a total put value of 211,372,000,000 Combined total value = 447,811,000,000

Strike 130600 has a total call value of 242,182,000,000 versus a total put value of 199,905,000,000 Combined total value = 442,087,000,000

Strike 130700 has a total call value of 247,925,000,000 versus a total put value of 188,438,000,000 Combined total value = 436,363,000,000

Strike 130800 has a total call value of 253,668,000,000 versus a total put value of 176,971,000,000 Combined total value = 430,639,000,000

Strike 130900 has a total call value of 259,411,000,000 versus a total put value of 165,504,000,000 Combined total value = 424,915,000,000

Strike 131000 has a total call value of 265,154,000,000 versus a total put value of 154,037,000,000 Combined total value = 419,191,000,000

Strike 131100 has a total call value of 271,858,000,000 versus a total put value of 145,830,000,000 Combined total value = 417,688,000,000

Strike 131200 has a total call value of 278,562,000,000 versus a total put value of 137,623,000,000 Combined total value = 416,185,000,000

Strike 131300 has a total call value of 285,266,000,000 versus a total put value of 129,416,000,000 Combined total value = 414,682,000,000

Strike 131400 has a total call value of 291,970,000,000 versus a total put value of 121,209,000,000 Combined total value = 413,179,000,000

Strike 131500 has a total call value of 298,674,000,000 versus a total put value of 113,002,000,000 Combined total value = 411,676,000,000

Strike 131600 has a total call value of 305,681,000,000 versus a total put value of 105,684,000,000 Combined total value = 411,365,000,000

Strike 131700 has a total call value of 312,688,000,000 versus a total put value of 98,366,000,000 Combined total value = 411,054,000,000

Strike 131800 has a total call value of 319,695,000,000 versus a total put value of 91,048,000,000 Combined total value = 410,743,000,000

Strike 131900 has a total call value of 326,702,000,000 versus a total put value of 83,730,000,000 Combined total value = 410,432,000,000

Strike 132000 has a total call value of 333,709,000,000 versus a total put value of 76,412,000,000 Combined total value = 410,121,000,000

Strike 132100 has a total call value of 343,447,000,000 versus a total put value of 71,583,000,000 Combined total value = 415,030,000,000

Strike 132200 has a total call value of 353,204,000,000 versus a total put value of 66,760,000,000 Combined total value = 419,964,000,000

Strike 132300 has a total call value of 362,961,000,000 versus a total put value of 61,937,000,000 Combined total value = 424,898,000,000

Strike 132400 has a total call value of 372,718,000,000 versus a total put value of 57,114,000,000 Combined total value = 429,832,000,000

Strike 132500 has a total call value of 382,489,000,000 versus a total put value of 52,296,000,000 Combined total value = 434,785,000,000

Strike 132600 has a total call value of 393,173,000,000 versus a total put value of 47,986,000,000 Combined total value = 441,159,000,000

Strike 132700 has a total call value of 403,866,000,000 versus a total put value of 43,676,000,000 Combined total value = 447,542,000,000

Strike 132800 has a total call value of 414,559,000,000 versus a total put value of 39,366,000,000 Combined total value = 453,925,000,000

Strike 132900 has a total call value of 425,254,000,000 versus a total put value of 35,056,000,000 Combined total value = 460,310,000,000

Strike 133000 has a total call value of 435,954,000,000 versus a total put value of 30,751,000,000 Combined total value = 466,705,000,000

Strike 133100 has a total call value of 452,229,000,000 versus a total put value of 28,956,000,000 Combined total value = 481,185,000,000

Strike 133200 has a total call value of 468,517,000,000 versus a total put value of 27,161,000,000 Combined total value = 495,678,000,000

Strike 133300 has a total call value of 484,805,000,000 versus a total put value of 25,366,000,000 Combined total value = 510,171,000,000

Strike 133400 has a total call value of 501,097,000,000 versus a total put value of 23,571,000,000 Combined total value = 524,668,000,000

Strike 133500 has a total call value of 517,391,000,000 versus a total put value of 21,780,000,000 Combined total value = 539,171,000,000

Strike 133600 has a total call value of 535,577,000,000 versus a total put value of 20,076,000,000 Combined total value = 555,653,000,000

Strike 133700 has a total call value of 553,763,000,000 versus a total put value of 18,372,000,000 Combined total value = 572,135,000,000

Strike 133800 has a total call value of 571,949,000,000 versus a total put value of 16,668,000,000 Combined total value = 588,617,000,000

Strike 133900 has a total call value of 590,135,000,000 versus a total put value of 14,964,000,000 Combined total value = 605,099,000,000

Strike 134000 has a total call value of 608,321,000,000 versus a total put value of 13,260,000,000 Combined total value = 621,581,000,000

Strike 134100 has a total call value of 631,157,000,000 versus a total put value of 11,980,000,000 Combined total value = 643,137,000,000

Strike 134200 has a total call value of 653,993,000,000 versus a total put value of 10,700,000,000 Combined total value = 664,693,000,000

Strike 134300 has a total call value of 676,829,000,000 versus a total put value of 9,420,000,000 Combined total value = 686,249,000,000

Strike 134400 has a total call value of 699,665,000,000 versus a total put value of 8,140,000,000 Combined total value = 707,805,000,000

Strike 134500 has a total call value of 722,501,000,000 versus a total put value of 6,860,000,000 Combined total value = 729,361,000,000

Strike 134600 has a total call value of 746,815,000,000 versus a total put value of 5,580,000,000 Combined total value = 752,395,000,000

Strike 134700 has a total call value of 771,129,000,000 versus a total put value of 4,300,000,000 Combined total value = 775,429,000,000

Strike 134800 has a total call value of 795,443,000,000 versus a total put value of 3,020,000,000 Combined total value = 798,463,000,000

Strike 134900 has a total call value of 819,757,000,000 versus a total put value of 1,740,000,000 Combined total value = 821,497,000,000

Strike 135000 has a total call value of 844,071,000,000 versus a total put value of 460,000,000 Combined total value = 844,531,000,000

Strike 135100 has a total call value of 874,471,000,000 versus a total put value of 414,000,000 Combined total value = 874,885,000,000

Strike 135200 has a total call value of 904,871,000,000 versus a total put value of 368,000,000 Combined total value = 905,239,000,000

Strike 135300 has a total call value of 935,271,000,000 versus a total put value of 322,000,000 Combined total value = 935,593,000,000

Strike 135400 has a total call value of 965,671,000,000 versus a total put value of 276,000,000 Combined total value = 965,947,000,000

Strike 135500 has a total call value of 996,077,000,000 versus a total put value of 230,000,000 Combined total value = 996,307,000,000

Strike 135600 has a total call value of 1,026,742,000,000 versus a total put value of 184,000,000 Combined total value = 1,026,926,000,000

Strike 135700 has a total call value of 1,057,407,000,000 versus a total put value of 138,000,000 Combined total value = 1,057,545,000,000

Strike 135800 has a total call value of 1,088,072,000,000 versus a total put value of 92,000,000 Combined total value = 1,088,164,000,000

Strike 135900 has a total call value of 1,118,737,000,000 versus a total put value of 46,000,000 Combined total value = 1,118,783,000,000

Strike 136000 has a total call value of 1,149,402,000,000 versus a total put value of 0 Combined total value = 1,149,402,000,000

Strike 136100 has a total call value of 1,184,304,000,000 versus a total put value of 0 Combined total value = 1,184,304,000,000

Strike 136200 has a total call value of 1,219,206,000,000 versus a total put value of 0 Combined total value = 1,219,206,000,000

Strike 136300 has a total call value of 1,254,108,000,000 versus a total put value of 0 Combined total value = 1,254,108,000,000

Strike 136400 has a total call value of 1,289,010,000,000 versus a total put value of 0 Combined total value = 1,289,010,000,000

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	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.

Related Pages for GOLDM

GOLDM

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