IOC
Indian Oil Corp Ltd
IOC
135.72
Strike 112 has a total call value of 0 versus a total put value of 82,777,500,000. Combined total value = 82,777,500,000
Strike 113 has a total call value of 0 versus a total put value of 80,120,137,500. Combined total value = 80,120,137,500
Strike 114 has a total call value of 0 versus a total put value of 77,462,775,000. Combined total value = 77,462,775,000
Strike 115 has a total call value of 0 versus a total put value of 74,889,262,500. Combined total value = 74,889,262,500
Strike 116 has a total call value of 0 versus a total put value of 72,315,750,000. Combined total value = 72,315,750,000
Strike 117 has a total call value of 0 versus a total put value of 69,742,237,500. Combined total value = 69,742,237,500
Strike 118 has a total call value of 0 versus a total put value of 67,168,725,000. Combined total value = 67,168,725,000
Strike 119 has a total call value of 1,462,500 versus a total put value of 64,595,212,500. Combined total value = 64,596,675,000
Strike 120 has a total call value of 2,925,000 versus a total put value of 62,021,700,000. Combined total value = 62,024,625,000
Strike 121 has a total call value of 63,375,000 versus a total put value of 59,588,100,000. Combined total value = 59,651,475,000
Strike 122 has a total call value of 123,825,000 versus a total put value of 57,154,500,000. Combined total value = 57,278,325,000
Strike 123 has a total call value of 184,275,000 versus a total put value of 54,768,675,000. Combined total value = 54,952,950,000
Strike 124 has a total call value of 244,725,000 versus a total put value of 52,382,850,000. Combined total value = 52,627,575,000
Strike 125 has a total call value of 307,125,000 versus a total put value of 50,045,287,500. Combined total value = 50,352,412,500
Strike 126 has a total call value of 369,525,000 versus a total put value of 47,715,525,000. Combined total value = 48,085,050,000
Strike 127 has a total call value of 432,412,500 versus a total put value of 45,417,450,000. Combined total value = 45,849,862,500
Strike 128 has a total call value of 495,300,000 versus a total put value of 43,136,437,500. Combined total value = 43,631,737,500
Strike 129 has a total call value of 558,187,500 versus a total put value of 40,885,162,500. Combined total value = 41,443,350,000
Strike 130 has a total call value of 621,075,000 versus a total put value of 38,648,512,500. Combined total value = 39,269,587,500
Strike 131 has a total call value of 736,612,500 versus a total put value of 36,588,825,000. Combined total value = 37,325,437,500
Strike 132 has a total call value of 852,150,000 versus a total put value of 34,555,462,500. Combined total value = 35,407,612,500
Strike 133 has a total call value of 989,625,000 versus a total put value of 32,567,437,500. Combined total value = 33,557,062,500
Strike 134 has a total call value of 1,128,562,500 versus a total put value of 30,609,637,500. Combined total value = 31,738,200,000
Strike 135 has a total call value of 1,267,500,000 versus a total put value of 28,684,987,500. Combined total value = 29,952,487,500
Strike 136 has a total call value of 1,508,325,000 versus a total put value of 27,013,837,500. Combined total value = 28,522,162,500
Strike 137 has a total call value of 1,776,937,500 versus a total put value of 25,390,950,000. Combined total value = 27,167,887,500
Strike 138 has a total call value of 2,100,637,500 versus a total put value of 23,860,200,000. Combined total value = 25,960,837,500
Strike 139 has a total call value of 2,498,437,500 versus a total put value of 22,425,975,000. Combined total value = 24,924,412,500
Strike 140 has a total call value of 2,958,150,000 versus a total put value of 21,061,950,000. Combined total value = 24,020,100,000
Strike 141 has a total call value of 4,157,887,500 versus a total put value of 20,124,000,000. Combined total value = 24,281,887,500
Strike 142 has a total call value of 5,433,675,000 versus a total put value of 19,270,875,000. Combined total value = 24,704,550,000
Strike 143 has a total call value of 6,783,075,000 versus a total put value of 18,435,300,000. Combined total value = 25,218,375,000
Strike 144 has a total call value of 8,170,012,500 versus a total put value of 17,601,675,000. Combined total value = 25,771,687,500
Strike 145 has a total call value of 9,582,300,000 versus a total put value of 16,770,487,500. Combined total value = 26,352,787,500
Strike 146 has a total call value of 11,168,137,500 versus a total put value of 16,027,537,500. Combined total value = 27,195,675,000
Strike 147 has a total call value of 12,781,762,500 versus a total put value of 15,294,825,000. Combined total value = 28,076,587,500
Strike 148 has a total call value of 14,430,000,000 versus a total put value of 14,578,200,000. Combined total value = 29,008,200,000
Strike 149 has a total call value of 16,099,200,000 versus a total put value of 13,866,450,000. Combined total value = 29,965,650,000
Strike 150 has a total call value of 17,794,725,000 versus a total put value of 13,158,112,500. Combined total value = 30,952,837,500
Strike 151 has a total call value of 19,934,850,000 versus a total put value of 12,555,562,500. Combined total value = 32,490,412,500
Strike 152 has a total call value of 22,090,087,500 versus a total put value of 11,954,962,500. Combined total value = 34,045,050,000
Strike 153 has a total call value of 24,269,700,000 versus a total put value of 11,358,262,500. Combined total value = 35,627,962,500
Strike 154 has a total call value of 26,480,025,000 versus a total put value of 10,761,562,500. Combined total value = 37,241,587,500
Strike 155 has a total call value of 28,718,625,000 versus a total put value of 10,167,787,500. Combined total value = 38,886,412,500
Strike 156 has a total call value of 31,105,912,500 versus a total put value of 9,595,950,000. Combined total value = 40,701,862,500
Strike 157 has a total call value of 33,514,162,500 versus a total put value of 9,024,112,500. Combined total value = 42,538,275,000
Strike 158 has a total call value of 35,942,887,500 versus a total put value of 8,458,125,000. Combined total value = 44,401,012,500
Strike 159 has a total call value of 38,389,162,500 versus a total put value of 7,894,575,000. Combined total value = 46,283,737,500
Strike 160 has a total call value of 40,841,287,500 versus a total put value of 7,341,262,500. Combined total value = 48,182,550,000
Strike 161 has a total call value of 43,655,137,500 versus a total put value of 6,883,012,500. Combined total value = 50,538,150,000
Strike 162 has a total call value of 46,469,962,500 versus a total put value of 6,424,762,500. Combined total value = 52,894,725,000
Strike 163 has a total call value of 49,284,787,500 versus a total put value of 5,967,487,500. Combined total value = 55,252,275,000
Strike 164 has a total call value of 52,117,162,500 versus a total put value of 5,514,112,500. Combined total value = 57,631,275,000
Strike 165 has a total call value of 54,949,537,500 versus a total put value of 5,062,200,000. Combined total value = 60,011,737,500
Strike 166 has a total call value of 57,923,287,500 versus a total put value of 4,664,400,000. Combined total value = 62,587,687,500
Strike 167 has a total call value of 60,903,862,500 versus a total put value of 4,266,600,000. Combined total value = 65,170,462,500
Strike 168 has a total call value of 63,884,437,500 versus a total put value of 3,872,212,500. Combined total value = 67,756,650,000
Strike 169 has a total call value of 66,866,962,500 versus a total put value of 3,477,825,000. Combined total value = 70,344,787,500
Strike 170 has a total call value of 69,852,900,000 versus a total put value of 3,083,437,500. Combined total value = 72,936,337,500
Strike 171 has a total call value of 73,038,712,500 versus a total put value of 2,799,225,000. Combined total value = 75,837,937,500
Strike 172 has a total call value of 76,225,500,000 versus a total put value of 2,515,012,500. Combined total value = 78,740,512,500
Strike 173 has a total call value of 79,413,750,000 versus a total put value of 2,230,800,000. Combined total value = 81,644,550,000
Strike 174 has a total call value of 82,602,000,000 versus a total put value of 1,948,537,500. Combined total value = 84,550,537,500
Strike 175 has a total call value of 85,791,712,500 versus a total put value of 1,666,762,500. Combined total value = 87,458,475,000
Strike 176 has a total call value of 89,045,287,500 versus a total put value of 1,432,275,000. Combined total value = 90,477,562,500
Strike 177 has a total call value of 92,300,812,500 versus a total put value of 1,197,787,500. Combined total value = 93,498,600,000
Strike 178 has a total call value of 95,557,312,500 versus a total put value of 963,300,000. Combined total value = 96,520,612,500
Strike 179 has a total call value of 98,813,812,500 versus a total put value of 729,787,500. Combined total value = 99,543,600,000
Strike 180 has a total call value of 102,070,312,500 versus a total put value of 496,275,000. Combined total value = 102,566,587,500
Strike 181 has a total call value of 105,519,862,500 versus a total put value of 453,862,500. Combined total value = 105,973,725,000
Strike 182 has a total call value of 108,971,362,500 versus a total put value of 411,450,000. Combined total value = 109,382,812,500
Strike 183 has a total call value of 112,430,175,000 versus a total put value of 369,037,500. Combined total value = 112,799,212,500
Strike 184 has a total call value of 115,888,987,500 versus a total put value of 326,625,000. Combined total value = 116,215,612,500
Strike 185 has a total call value of 119,347,800,000 versus a total put value of 284,212,500. Combined total value = 119,632,012,500
Strike 186 has a total call value of 122,814,412,500 versus a total put value of 242,775,000. Combined total value = 123,057,187,500
Strike 187 has a total call value of 126,281,025,000 versus a total put value of 201,337,500. Combined total value = 126,482,362,500
Strike 188 has a total call value of 129,747,637,500 versus a total put value of 159,900,000. Combined total value = 129,907,537,500
Strike 189 has a total call value of 133,214,250,000 versus a total put value of 118,950,000. Combined total value = 133,333,200,000
Strike 190 has a total call value of 136,680,862,500 versus a total put value of 78,000,000. Combined total value = 136,758,862,500
Strike 191 has a total call value of 140,245,950,000 versus a total put value of 70,687,500. Combined total value = 140,316,637,500
Strike 192 has a total call value of 143,811,037,500 versus a total put value of 63,375,000. Combined total value = 143,874,412,500
Strike 193 has a total call value of 147,376,125,000 versus a total put value of 56,062,500. Combined total value = 147,432,187,500
Strike 194 has a total call value of 150,941,212,500 versus a total put value of 48,750,000. Combined total value = 150,989,962,500
Strike 195 has a total call value of 154,506,300,000 versus a total put value of 41,437,500. Combined total value = 154,547,737,500
Strike 196 has a total call value of 158,071,875,000 versus a total put value of 34,125,000. Combined total value = 158,106,000,000
Strike 197 has a total call value of 161,637,450,000 versus a total put value of 26,812,500. Combined total value = 161,664,262,500
Strike 198 has a total call value of 165,203,025,000 versus a total put value of 19,500,000. Combined total value = 165,222,525,000
Strike 199 has a total call value of 168,769,575,000 versus a total put value of 12,187,500. Combined total value = 168,781,762,500
Strike 200 has a total call value of 172,336,125,000 versus a total put value of 4,875,000. Combined total value = 172,341,000,000
Strike 201 has a total call value of 175,938,750,000 versus a total put value of 4,387,500. Combined total value = 175,943,137,500
Strike 202 has a total call value of 179,541,375,000 versus a total put value of 3,900,000. Combined total value = 179,545,275,000
Strike 203 has a total call value of 183,144,000,000 versus a total put value of 3,412,500. Combined total value = 183,147,412,500
Strike 204 has a total call value of 186,746,625,000 versus a total put value of 2,925,000. Combined total value = 186,749,550,000
Strike 205 has a total call value of 190,352,175,000 versus a total put value of 2,437,500. Combined total value = 190,354,612,500
Strike 206 has a total call value of 193,957,725,000 versus a total put value of 1,950,000. Combined total value = 193,959,675,000
Strike 207 has a total call value of 197,563,275,000 versus a total put value of 1,462,500. Combined total value = 197,564,737,500
Strike 208 has a total call value of 201,168,825,000 versus a total put value of 975,000. Combined total value = 201,169,800,000
Strike 209 has a total call value of 204,774,375,000 versus a total put value of 487,500. Combined total value = 204,774,862,500
Strike 210 has a total call value of 208,379,925,000 versus a total put value of 0. Combined total value = 208,379,925,000
Max-Pain Table for Stocks
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.
