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.

NIFTY

Q: What is Max Pain in Options Trading?

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation. The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Nifty

26046.95 +148.40 (0.57%)

L: 25938.45 H: 26057.6

Max Pain - NIFTY

12 Dec 2025 04:10 PM IST Market Closed

Expiry

Max Pain for NIFTY is 26000

Historical data for NIFTY-26000-CE

LTP (26000 CE)

284.6 61.2

Open Interest

90627.33333333333 -10669

Historical data for NIFTY-26000-PE

LTP (26000 PE)

133.15 -74.65

Open Interest

97982.66666666667 7643.333333333333

Strike 13000 has a total call value of 0 versus a total put value of 75,864,704,750,000 Combined total value = 75,864,704,750,000

Strike 14000 has a total call value of 0 versus a total put value of 69,637,119,750,000 Combined total value = 69,637,119,750,000

Strike 15000 has a total call value of 0 versus a total put value of 63,409,534,750,000 Combined total value = 63,409,534,750,000

Strike 16000 has a total call value of 0 versus a total put value of 57,183,624,750,000 Combined total value = 57,183,624,750,000

Strike 16500 has a total call value of 17,500,000 versus a total put value of 54,071,467,250,000 Combined total value = 54,071,484,750,000

Strike 17000 has a total call value of 35,000,000 versus a total put value of 50,959,659,750,000 Combined total value = 50,959,694,750,000

Strike 18000 has a total call value of 11,065,000,000 versus a total put value of 44,748,859,750,000 Combined total value = 44,759,924,750,000

Strike 19000 has a total call value of 27,370,000,000 versus a total put value of 38,551,249,750,000 Combined total value = 38,578,619,750,000

Strike 19350 has a total call value of 33,398,750,000 versus a total put value of 36,394,636,375,000 Combined total value = 36,428,035,125,000

Strike 19400 has a total call value of 34,260,000,000 versus a total put value of 36,086,548,750,000 Combined total value = 36,120,808,750,000

Strike 19450 has a total call value of 35,121,250,000 versus a total put value of 35,778,461,125,000 Combined total value = 35,813,582,375,000

Strike 19500 has a total call value of 35,982,500,000 versus a total put value of 35,470,373,500,000 Combined total value = 35,506,356,000,000

Strike 19550 has a total call value of 36,849,125,000 versus a total put value of 35,162,285,875,000 Combined total value = 35,199,135,000,000

Strike 19600 has a total call value of 37,715,750,000 versus a total put value of 34,854,198,250,000 Combined total value = 34,891,914,000,000

Strike 19650 has a total call value of 38,582,375,000 versus a total put value of 34,546,110,625,000 Combined total value = 34,584,693,000,000

Strike 19700 has a total call value of 39,449,000,000 versus a total put value of 34,238,023,000,000 Combined total value = 34,277,472,000,000

Strike 19750 has a total call value of 40,315,625,000 versus a total put value of 33,929,935,375,000 Combined total value = 33,970,251,000,000

Strike 19800 has a total call value of 41,182,250,000 versus a total put value of 33,621,847,750,000 Combined total value = 33,663,030,000,000

Strike 19850 has a total call value of 42,048,875,000 versus a total put value of 33,313,760,125,000 Combined total value = 33,355,809,000,000

Strike 19900 has a total call value of 42,915,500,000 versus a total put value of 33,005,672,500,000 Combined total value = 33,048,588,000,000

Strike 19950 has a total call value of 43,782,125,000 versus a total put value of 32,697,584,875,000 Combined total value = 32,741,367,000,000

Strike 20000 has a total call value of 44,648,750,000 versus a total put value of 32,389,497,250,000 Combined total value = 32,434,146,000,000

Strike 20050 has a total call value of 47,064,750,000 versus a total put value of 32,084,376,375,000 Combined total value = 32,131,441,125,000

Strike 20100 has a total call value of 49,480,750,000 versus a total put value of 31,779,255,500,000 Combined total value = 31,828,736,250,000

Strike 20150 has a total call value of 51,896,750,000 versus a total put value of 31,474,134,625,000 Combined total value = 31,526,031,375,000

Strike 20200 has a total call value of 54,312,750,000 versus a total put value of 31,169,013,750,000 Combined total value = 31,223,326,500,000

Strike 20250 has a total call value of 56,728,750,000 versus a total put value of 30,863,892,875,000 Combined total value = 30,920,621,625,000

Strike 20300 has a total call value of 59,144,750,000 versus a total put value of 30,558,772,000,000 Combined total value = 30,617,916,750,000

Strike 20350 has a total call value of 61,560,750,000 versus a total put value of 30,253,651,125,000 Combined total value = 30,315,211,875,000

Strike 20400 has a total call value of 63,976,750,000 versus a total put value of 29,948,530,250,000 Combined total value = 30,012,507,000,000

Strike 20450 has a total call value of 66,392,750,000 versus a total put value of 29,643,409,375,000 Combined total value = 29,709,802,125,000

Strike 20500 has a total call value of 68,808,750,000 versus a total put value of 29,338,288,500,000 Combined total value = 29,407,097,250,000

Strike 20550 has a total call value of 71,224,750,000 versus a total put value of 29,033,167,625,000 Combined total value = 29,104,392,375,000

Strike 20600 has a total call value of 73,640,750,000 versus a total put value of 28,728,046,750,000 Combined total value = 28,801,687,500,000

Strike 20650 has a total call value of 76,056,750,000 versus a total put value of 28,422,925,875,000 Combined total value = 28,498,982,625,000

Strike 20700 has a total call value of 78,472,750,000 versus a total put value of 28,117,805,000,000 Combined total value = 28,196,277,750,000

Strike 20750 has a total call value of 80,888,750,000 versus a total put value of 27,812,684,125,000 Combined total value = 27,893,572,875,000

Strike 20800 has a total call value of 83,304,750,000 versus a total put value of 27,507,563,250,000 Combined total value = 27,590,868,000,000

Strike 20850 has a total call value of 85,720,750,000 versus a total put value of 27,202,442,375,000 Combined total value = 27,288,163,125,000

Strike 20900 has a total call value of 88,136,750,000 versus a total put value of 26,897,321,500,000 Combined total value = 26,985,458,250,000

Strike 20950 has a total call value of 90,552,750,000 versus a total put value of 26,592,200,625,000 Combined total value = 26,682,753,375,000

Strike 21000 has a total call value of 92,968,750,000 versus a total put value of 26,287,079,750,000 Combined total value = 26,380,048,500,000

Strike 21050 has a total call value of 97,237,125,000 versus a total put value of 25,988,617,125,000 Combined total value = 26,085,854,250,000

Strike 21100 has a total call value of 101,505,500,000 versus a total put value of 25,690,154,500,000 Combined total value = 25,791,660,000,000

Strike 21150 has a total call value of 105,773,875,000 versus a total put value of 25,391,691,875,000 Combined total value = 25,497,465,750,000

Strike 21200 has a total call value of 110,042,250,000 versus a total put value of 25,093,229,250,000 Combined total value = 25,203,271,500,000

Strike 21250 has a total call value of 114,310,625,000 versus a total put value of 24,794,766,625,000 Combined total value = 24,909,077,250,000

Strike 21300 has a total call value of 118,579,000,000 versus a total put value of 24,496,304,000,000 Combined total value = 24,614,883,000,000

Strike 21350 has a total call value of 122,847,375,000 versus a total put value of 24,197,841,375,000 Combined total value = 24,320,688,750,000

Strike 21400 has a total call value of 127,115,750,000 versus a total put value of 23,899,378,750,000 Combined total value = 24,026,494,500,000

Strike 21450 has a total call value of 131,384,125,000 versus a total put value of 23,600,916,125,000 Combined total value = 23,732,300,250,000

Strike 21500 has a total call value of 135,652,500,000 versus a total put value of 23,302,453,500,000 Combined total value = 23,438,106,000,000

Strike 21550 has a total call value of 139,920,875,000 versus a total put value of 23,003,990,875,000 Combined total value = 23,143,911,750,000

Strike 21600 has a total call value of 144,189,250,000 versus a total put value of 22,705,528,250,000 Combined total value = 22,849,717,500,000

Strike 21650 has a total call value of 148,457,625,000 versus a total put value of 22,407,065,625,000 Combined total value = 22,555,523,250,000

Strike 21700 has a total call value of 152,726,000,000 versus a total put value of 22,108,603,000,000 Combined total value = 22,261,329,000,000

Strike 21750 has a total call value of 156,994,375,000 versus a total put value of 21,810,140,375,000 Combined total value = 21,967,134,750,000

Strike 21800 has a total call value of 161,262,750,000 versus a total put value of 21,511,677,750,000 Combined total value = 21,672,940,500,000

Strike 21850 has a total call value of 165,531,125,000 versus a total put value of 21,213,215,125,000 Combined total value = 21,378,746,250,000

Strike 21900 has a total call value of 169,799,500,000 versus a total put value of 20,914,752,500,000 Combined total value = 21,084,552,000,000

Strike 21950 has a total call value of 174,067,875,000 versus a total put value of 20,616,289,875,000 Combined total value = 20,790,357,750,000

Strike 22000 has a total call value of 178,336,250,000 versus a total put value of 20,317,827,250,000 Combined total value = 20,496,163,500,000

Strike 22050 has a total call value of 184,632,500,000 versus a total put value of 20,026,310,625,000 Combined total value = 20,210,943,125,000

Strike 22100 has a total call value of 190,928,750,000 versus a total put value of 19,734,794,000,000 Combined total value = 19,925,722,750,000

Strike 22150 has a total call value of 197,225,000,000 versus a total put value of 19,443,277,375,000 Combined total value = 19,640,502,375,000

Strike 22200 has a total call value of 203,521,250,000 versus a total put value of 19,151,760,750,000 Combined total value = 19,355,282,000,000

Strike 22250 has a total call value of 209,817,500,000 versus a total put value of 18,860,244,125,000 Combined total value = 19,070,061,625,000

Strike 22300 has a total call value of 216,113,750,000 versus a total put value of 18,568,727,500,000 Combined total value = 18,784,841,250,000

Strike 22350 has a total call value of 222,410,000,000 versus a total put value of 18,277,210,875,000 Combined total value = 18,499,620,875,000

Strike 22400 has a total call value of 228,706,250,000 versus a total put value of 17,985,694,250,000 Combined total value = 18,214,400,500,000

Strike 22450 has a total call value of 235,002,500,000 versus a total put value of 17,694,177,625,000 Combined total value = 17,929,180,125,000

Strike 22500 has a total call value of 241,298,750,000 versus a total put value of 17,402,661,000,000 Combined total value = 17,643,959,750,000

Strike 22550 has a total call value of 247,595,000,000 versus a total put value of 17,111,144,375,000 Combined total value = 17,358,739,375,000

Strike 22600 has a total call value of 253,891,250,000 versus a total put value of 16,819,627,750,000 Combined total value = 17,073,519,000,000

Strike 22650 has a total call value of 260,187,500,000 versus a total put value of 16,528,111,125,000 Combined total value = 16,788,298,625,000

Strike 22700 has a total call value of 266,483,750,000 versus a total put value of 16,236,594,500,000 Combined total value = 16,503,078,250,000

Strike 22750 has a total call value of 272,780,000,000 versus a total put value of 15,945,077,875,000 Combined total value = 16,217,857,875,000

Strike 22800 has a total call value of 279,076,250,000 versus a total put value of 15,653,561,250,000 Combined total value = 15,932,637,500,000

Strike 22850 has a total call value of 285,372,500,000 versus a total put value of 15,362,044,625,000 Combined total value = 15,647,417,125,000

Strike 22900 has a total call value of 291,672,875,000 versus a total put value of 15,070,924,750,000 Combined total value = 15,362,597,625,000

Strike 22950 has a total call value of 298,003,625,000 versus a total put value of 14,780,450,250,000 Combined total value = 15,078,453,875,000

Strike 23000 has a total call value of 304,343,750,000 versus a total put value of 14,490,342,125,000 Combined total value = 14,794,685,875,000

Strike 23050 has a total call value of 314,315,125,000 versus a total put value of 14,212,673,125,000 Combined total value = 14,526,988,250,000

Strike 23100 has a total call value of 324,286,875,000 versus a total put value of 13,935,355,875,000 Combined total value = 14,259,642,750,000

Strike 23150 has a total call value of 334,259,000,000 versus a total put value of 13,658,477,000,000 Combined total value = 13,992,736,000,000

Strike 23200 has a total call value of 344,286,625,000 versus a total put value of 13,381,864,750,000 Combined total value = 13,726,151,375,000

Strike 23250 has a total call value of 354,316,500,000 versus a total put value of 13,105,634,250,000 Combined total value = 13,459,950,750,000

Strike 23300 has a total call value of 364,346,375,000 versus a total put value of 12,829,429,250,000 Combined total value = 13,193,775,625,000

Strike 23350 has a total call value of 374,399,875,000 versus a total put value of 12,553,314,625,000 Combined total value = 12,927,714,500,000

Strike 23400 has a total call value of 384,453,750,000 versus a total put value of 12,277,209,750,000 Combined total value = 12,661,663,500,000

Strike 23450 has a total call value of 394,507,625,000 versus a total put value of 12,001,212,500,000 Combined total value = 12,395,720,125,000

Strike 23500 has a total call value of 404,565,625,000 versus a total put value of 11,725,230,250,000 Combined total value = 12,129,795,875,000

Strike 23550 has a total call value of 415,535,250,000 versus a total put value of 11,454,753,000,000 Combined total value = 11,870,288,250,000

Strike 23600 has a total call value of 426,505,250,000 versus a total put value of 11,184,295,625,000 Combined total value = 11,610,800,875,000

Strike 23650 has a total call value of 437,488,000,000 versus a total put value of 10,913,971,375,000 Combined total value = 11,351,459,375,000

Strike 23700 has a total call value of 448,471,500,000 versus a total put value of 10,643,663,625,000 Combined total value = 11,092,135,125,000

Strike 23750 has a total call value of 459,471,125,000 versus a total put value of 10,373,721,125,000 Combined total value = 10,833,192,250,000

Strike 23800 has a total call value of 470,471,500,000 versus a total put value of 10,103,795,875,000 Combined total value = 10,574,267,375,000

Strike 23850 has a total call value of 481,488,750,000 versus a total put value of 9,836,041,875,000 Combined total value = 10,317,530,625,000

Strike 23900 has a total call value of 492,506,375,000 versus a total put value of 9,568,352,375,000 Combined total value = 10,060,858,750,000

Strike 23950 has a total call value of 503,529,250,000 versus a total put value of 9,301,249,375,000 Combined total value = 9,804,778,625,000

Strike 24000 has a total call value of 514,552,500,000 versus a total put value of 9,034,217,625,000 Combined total value = 9,548,770,125,000

Strike 24050 has a total call value of 530,340,375,000 versus a total put value of 8,784,029,125,000 Combined total value = 9,314,369,500,000

Strike 24100 has a total call value of 546,129,000,000 versus a total put value of 8,533,921,250,000 Combined total value = 9,080,050,250,000

Strike 24150 has a total call value of 561,925,875,000 versus a total put value of 8,284,302,000,000 Combined total value = 8,846,227,875,000

Strike 24200 has a total call value of 577,723,500,000 versus a total put value of 8,034,746,875,000 Combined total value = 8,612,470,375,000

Strike 24250 has a total call value of 593,547,750,000 versus a total put value of 7,786,948,625,000 Combined total value = 8,380,496,375,000

Strike 24300 has a total call value of 609,372,750,000 versus a total put value of 7,539,330,375,000 Combined total value = 8,148,703,125,000

Strike 24350 has a total call value of 625,206,750,000 versus a total put value of 7,293,024,625,000 Combined total value = 7,918,231,375,000

Strike 24400 has a total call value of 641,042,625,000 versus a total put value of 7,046,893,250,000 Combined total value = 7,687,935,875,000

Strike 24450 has a total call value of 656,890,875,000 versus a total put value of 6,801,640,125,000 Combined total value = 7,458,531,000,000

Strike 24500 has a total call value of 672,740,625,000 versus a total put value of 6,556,600,000,000 Combined total value = 7,229,340,625,000

Strike 24550 has a total call value of 689,558,250,000 versus a total put value of 6,319,227,125,000 Combined total value = 7,008,785,375,000

Strike 24600 has a total call value of 706,379,250,000 versus a total put value of 6,081,966,000,000 Combined total value = 6,788,345,250,000

Strike 24650 has a total call value of 723,237,750,000 versus a total put value of 5,846,223,250,000 Combined total value = 6,569,461,000,000

Strike 24700 has a total call value of 740,097,750,000 versus a total put value of 5,610,588,125,000 Combined total value = 6,350,685,875,000

Strike 24750 has a total call value of 756,988,500,000 versus a total put value of 5,376,578,250,000 Combined total value = 6,133,566,750,000

Strike 24800 has a total call value of 773,890,125,000 versus a total put value of 5,142,778,750,000 Combined total value = 5,916,668,875,000

Strike 24850 has a total call value of 790,930,125,000 versus a total put value of 4,913,728,250,000 Combined total value = 5,704,658,375,000

Strike 24900 has a total call value of 807,973,125,000 versus a total put value of 4,684,981,875,000 Combined total value = 5,492,955,000,000

Strike 24950 has a total call value of 825,157,875,000 versus a total put value of 4,457,885,875,000 Combined total value = 5,283,043,750,000

Strike 25000 has a total call value of 842,349,000,000 versus a total put value of 4,231,188,875,000 Combined total value = 5,073,537,875,000

Strike 25050 has a total call value of 868,118,875,000 versus a total put value of 4,030,710,750,000 Combined total value = 4,898,829,625,000

Strike 25100 has a total call value of 893,895,125,000 versus a total put value of 3,830,600,125,000 Combined total value = 4,724,495,250,000

Strike 25150 has a total call value of 919,761,750,000 versus a total put value of 3,632,834,750,000 Combined total value = 4,552,596,500,000

Strike 25200 has a total call value of 945,635,125,000 versus a total put value of 3,435,470,250,000 Combined total value = 4,381,105,375,000

Strike 25250 has a total call value of 971,871,500,000 versus a total put value of 3,242,603,875,000 Combined total value = 4,214,475,375,000

Strike 25300 has a total call value of 998,130,750,000 versus a total put value of 3,050,343,125,000 Combined total value = 4,048,473,875,000

Strike 25350 has a total call value of 1,024,802,125,000 versus a total put value of 2,863,837,125,000 Combined total value = 3,888,639,250,000

Strike 25400 has a total call value of 1,051,500,500,000 versus a total put value of 2,678,020,375,000 Combined total value = 3,729,520,875,000

Strike 25450 has a total call value of 1,079,002,500,000 versus a total put value of 2,498,012,375,000 Combined total value = 3,577,014,875,000

Strike 25500 has a total call value of 1,106,528,875,000 versus a total put value of 2,319,232,875,000 Combined total value = 3,425,761,750,000

Strike 25550 has a total call value of 1,138,381,625,000 versus a total put value of 2,162,816,500,000 Combined total value = 3,301,198,125,000

Strike 25600 has a total call value of 1,170,287,250,000 versus a total put value of 2,007,627,875,000 Combined total value = 3,177,915,125,000

Strike 25650 has a total call value of 1,203,461,875,000 versus a total put value of 1,859,750,625,000 Combined total value = 3,063,212,500,000

Strike 25700 has a total call value of 1,236,773,000,000 versus a total put value of 1,712,798,875,000 Combined total value = 2,949,571,875,000

Strike 25750 has a total call value of 1,272,683,625,000 versus a total put value of 1,576,714,250,000 Combined total value = 2,849,397,875,000

Strike 25800 has a total call value of 1,308,938,875,000 versus a total put value of 1,442,619,375,000 Combined total value = 2,751,558,250,000

Strike 25850 has a total call value of 1,349,605,250,000 versus a total put value of 1,325,607,625,000 Combined total value = 2,675,212,875,000

Strike 25900 has a total call value of 1,390,954,875,000 versus a total put value of 1,210,239,125,000 Combined total value = 2,601,194,000,000

Strike 25950 has a total call value of 1,438,170,250,000 versus a total put value of 1,103,286,000,000 Combined total value = 2,541,456,250,000

Strike 26000 has a total call value of 1,486,167,875,000 versus a total put value of 998,113,750,000 Combined total value = 2,484,281,625,000

Strike 26050 has a total call value of 1,568,150,750,000 versus a total put value of 929,685,000,000 Combined total value = 2,497,835,750,000

Strike 26100 has a total call value of 1,651,305,875,000 versus a total put value of 862,458,125,000 Combined total value = 2,513,764,000,000

Strike 26150 has a total call value of 1,745,087,375,000 versus a total put value of 804,117,625,000 Combined total value = 2,549,205,000,000

Strike 26200 has a total call value of 1,840,799,750,000 versus a total put value of 747,168,750,000 Combined total value = 2,587,968,500,000

Strike 26250 has a total call value of 1,953,995,000,000 versus a total put value of 702,491,000,000 Combined total value = 2,656,486,000,000

Strike 26300 has a total call value of 2,068,871,375,000 versus a total put value of 658,685,125,000 Combined total value = 2,727,556,500,000

Strike 26350 has a total call value of 2,196,398,000,000 versus a total put value of 621,108,375,000 Combined total value = 2,817,506,375,000

Strike 26400 has a total call value of 2,325,021,125,000 versus a total put value of 583,988,750,000 Combined total value = 2,909,009,875,000

Strike 26450 has a total call value of 2,469,511,250,000 versus a total put value of 551,224,000,000 Combined total value = 3,020,735,250,000

Strike 26500 has a total call value of 2,615,265,875,000 versus a total put value of 518,792,625,000 Combined total value = 3,134,058,500,000

Strike 26550 has a total call value of 2,789,677,250,000 versus a total put value of 496,425,875,000 Combined total value = 3,286,103,125,000

Strike 26600 has a total call value of 2,965,007,750,000 versus a total put value of 474,180,625,000 Combined total value = 3,439,188,375,000

Strike 26650 has a total call value of 3,146,098,250,000 versus a total put value of 453,009,375,000 Combined total value = 3,599,107,625,000

Strike 26700 has a total call value of 3,328,055,375,000 versus a total put value of 432,055,250,000 Combined total value = 3,760,110,625,000

Strike 26750 has a total call value of 3,516,643,625,000 versus a total put value of 411,673,750,000 Combined total value = 3,928,317,375,000

Strike 26800 has a total call value of 3,706,629,500,000 versus a total put value of 391,317,375,000 Combined total value = 4,097,946,875,000

Strike 26850 has a total call value of 3,903,218,000,000 versus a total put value of 371,786,000,000 Combined total value = 4,275,004,000,000

Strike 26900 has a total call value of 4,100,471,000,000 versus a total put value of 352,276,375,000 Combined total value = 4,452,747,375,000

Strike 26950 has a total call value of 4,301,214,125,000 versus a total put value of 333,025,875,000 Combined total value = 4,634,240,000,000

Strike 27000 has a total call value of 4,502,800,625,000 versus a total put value of 313,782,125,000 Combined total value = 4,816,582,750,000

Strike 27050 has a total call value of 4,740,180,250,000 versus a total put value of 300,988,125,000 Combined total value = 5,041,168,375,000

Strike 27100 has a total call value of 4,978,210,875,000 versus a total put value of 288,197,875,000 Combined total value = 5,266,408,750,000

Strike 27150 has a total call value of 5,219,781,125,000 versus a total put value of 275,519,375,000 Combined total value = 5,495,300,500,000

Strike 27200 has a total call value of 5,461,703,500,000 versus a total put value of 262,844,250,000 Combined total value = 5,724,547,750,000

Strike 27250 has a total call value of 5,707,411,875,000 versus a total put value of 250,682,125,000 Combined total value = 5,958,094,000,000

Strike 27300 has a total call value of 5,953,445,375,000 versus a total put value of 238,521,500,000 Combined total value = 6,191,966,875,000

Strike 27350 has a total call value of 6,201,880,000,000 versus a total put value of 226,530,000,000 Combined total value = 6,428,410,000,000

Strike 27400 has a total call value of 6,450,393,000,000 versus a total put value of 214,540,000,000 Combined total value = 6,664,933,000,000

Strike 27450 has a total call value of 6,700,567,250,000 versus a total put value of 202,560,500,000 Combined total value = 6,903,127,750,000

Strike 27500 has a total call value of 6,950,842,375,000 versus a total put value of 190,582,125,000 Combined total value = 7,141,424,500,000

Strike 27550 has a total call value of 7,213,392,000,000 versus a total put value of 181,523,875,000 Combined total value = 7,394,915,875,000

Strike 27600 has a total call value of 7,476,061,250,000 versus a total put value of 172,466,750,000 Combined total value = 7,648,528,000,000

Strike 27650 has a total call value of 7,740,015,250,000 versus a total put value of 163,454,250,000 Combined total value = 7,903,469,500,000

Strike 27700 has a total call value of 8,004,058,500,000 versus a total put value of 154,444,000,000 Combined total value = 8,158,502,500,000

Strike 27750 has a total call value of 8,269,032,500,000 versus a total put value of 145,474,625,000 Combined total value = 8,414,507,125,000

Strike 27800 has a total call value of 8,534,036,500,000 versus a total put value of 136,510,875,000 Combined total value = 8,670,547,375,000

Strike 27850 has a total call value of 8,800,904,625,000 versus a total put value of 127,566,250,000 Combined total value = 8,928,470,875,000

Strike 27900 has a total call value of 9,067,795,625,000 versus a total put value of 118,625,375,000 Combined total value = 9,186,421,000,000

Strike 27950 has a total call value of 9,335,219,875,000 versus a total put value of 109,687,500,000 Combined total value = 9,444,907,375,000

Strike 28000 has a total call value of 9,602,709,375,000 versus a total put value of 100,750,000,000 Combined total value = 9,703,459,375,000

Strike 28050 has a total call value of 9,886,153,875,000 versus a total put value of 96,770,250,000 Combined total value = 9,982,924,125,000

Strike 28100 has a total call value of 10,169,598,375,000 versus a total put value of 92,790,500,000 Combined total value = 10,262,388,875,000

Strike 28150 has a total call value of 10,453,042,875,000 versus a total put value of 88,810,750,000 Combined total value = 10,541,853,625,000

Strike 28200 has a total call value of 10,736,487,375,000 versus a total put value of 84,831,000,000 Combined total value = 10,821,318,375,000

Strike 28250 has a total call value of 11,019,931,875,000 versus a total put value of 80,851,250,000 Combined total value = 11,100,783,125,000

Strike 28300 has a total call value of 11,303,376,375,000 versus a total put value of 76,871,500,000 Combined total value = 11,380,247,875,000

Strike 28350 has a total call value of 11,586,820,875,000 versus a total put value of 72,891,750,000 Combined total value = 11,659,712,625,000

Strike 28400 has a total call value of 11,870,265,375,000 versus a total put value of 68,912,000,000 Combined total value = 11,939,177,375,000

Strike 28450 has a total call value of 12,153,709,875,000 versus a total put value of 64,932,250,000 Combined total value = 12,218,642,125,000

Strike 28500 has a total call value of 12,437,154,375,000 versus a total put value of 60,952,500,000 Combined total value = 12,498,106,875,000

Strike 28550 has a total call value of 12,720,598,875,000 versus a total put value of 56,972,750,000 Combined total value = 12,777,571,625,000

Strike 28600 has a total call value of 13,004,043,375,000 versus a total put value of 52,993,000,000 Combined total value = 13,057,036,375,000

Strike 28650 has a total call value of 13,287,487,875,000 versus a total put value of 49,013,250,000 Combined total value = 13,336,501,125,000

Strike 28700 has a total call value of 13,570,932,375,000 versus a total put value of 45,033,500,000 Combined total value = 13,615,965,875,000

Strike 28750 has a total call value of 13,854,376,875,000 versus a total put value of 41,053,750,000 Combined total value = 13,895,430,625,000

Strike 28800 has a total call value of 14,137,821,375,000 versus a total put value of 37,074,000,000 Combined total value = 14,174,895,375,000

Strike 28850 has a total call value of 14,421,265,875,000 versus a total put value of 33,094,250,000 Combined total value = 14,454,360,125,000

Strike 28900 has a total call value of 14,704,710,375,000 versus a total put value of 29,114,500,000 Combined total value = 14,733,824,875,000

Strike 28950 has a total call value of 14,988,154,875,000 versus a total put value of 25,134,750,000 Combined total value = 15,013,289,625,000

Strike 29000 has a total call value of 15,271,599,375,000 versus a total put value of 21,155,000,000 Combined total value = 15,292,754,375,000

Strike 29050 has a total call value of 15,560,708,500,000 versus a total put value of 20,125,000,000 Combined total value = 15,580,833,500,000

Strike 29100 has a total call value of 15,849,817,625,000 versus a total put value of 19,095,000,000 Combined total value = 15,868,912,625,000

Strike 29150 has a total call value of 16,138,926,750,000 versus a total put value of 18,065,000,000 Combined total value = 16,156,991,750,000

Strike 29200 has a total call value of 16,428,035,875,000 versus a total put value of 17,035,000,000 Combined total value = 16,445,070,875,000

Strike 29250 has a total call value of 16,717,145,000,000 versus a total put value of 16,005,000,000 Combined total value = 16,733,150,000,000

Strike 29300 has a total call value of 17,006,254,125,000 versus a total put value of 14,975,000,000 Combined total value = 17,021,229,125,000

Strike 29350 has a total call value of 17,295,363,250,000 versus a total put value of 13,945,000,000 Combined total value = 17,309,308,250,000

Strike 29400 has a total call value of 17,584,472,375,000 versus a total put value of 12,915,000,000 Combined total value = 17,597,387,375,000

Strike 29450 has a total call value of 17,873,581,500,000 versus a total put value of 11,885,000,000 Combined total value = 17,885,466,500,000

Strike 29500 has a total call value of 18,162,690,625,000 versus a total put value of 10,855,000,000 Combined total value = 18,173,545,625,000

Strike 29550 has a total call value of 18,451,799,750,000 versus a total put value of 9,825,000,000 Combined total value = 18,461,624,750,000

Strike 29600 has a total call value of 18,740,908,875,000 versus a total put value of 8,795,000,000 Combined total value = 18,749,703,875,000

Strike 29650 has a total call value of 19,030,018,000,000 versus a total put value of 7,765,000,000 Combined total value = 19,037,783,000,000

Strike 29700 has a total call value of 19,319,127,125,000 versus a total put value of 6,735,000,000 Combined total value = 19,325,862,125,000

Strike 29750 has a total call value of 19,608,236,250,000 versus a total put value of 5,705,000,000 Combined total value = 19,613,941,250,000

Strike 29800 has a total call value of 19,897,345,375,000 versus a total put value of 4,675,000,000 Combined total value = 19,902,020,375,000

Strike 29850 has a total call value of 20,186,454,500,000 versus a total put value of 3,645,000,000 Combined total value = 20,190,099,500,000

Strike 29900 has a total call value of 20,475,563,625,000 versus a total put value of 2,615,000,000 Combined total value = 20,478,178,625,000

Strike 29950 has a total call value of 20,764,672,750,000 versus a total put value of 1,585,000,000 Combined total value = 20,766,257,750,000

Strike 30000 has a total call value of 21,053,781,875,000 versus a total put value of 555,000,000 Combined total value = 21,054,336,875,000

Strike 30050 has a total call value of 21,345,825,500,000 versus a total put value of 527,250,000 Combined total value = 21,346,352,750,000

Strike 30100 has a total call value of 21,637,869,125,000 versus a total put value of 499,500,000 Combined total value = 21,638,368,625,000

Strike 30150 has a total call value of 21,929,912,750,000 versus a total put value of 471,750,000 Combined total value = 21,930,384,500,000

Strike 30200 has a total call value of 22,221,956,375,000 versus a total put value of 444,000,000 Combined total value = 22,222,400,375,000

Strike 30250 has a total call value of 22,514,000,000,000 versus a total put value of 416,250,000 Combined total value = 22,514,416,250,000

Strike 30300 has a total call value of 22,806,043,625,000 versus a total put value of 388,500,000 Combined total value = 22,806,432,125,000

Strike 30350 has a total call value of 23,098,087,250,000 versus a total put value of 360,750,000 Combined total value = 23,098,448,000,000

Strike 30400 has a total call value of 23,390,130,875,000 versus a total put value of 333,000,000 Combined total value = 23,390,463,875,000

Strike 30450 has a total call value of 23,682,174,500,000 versus a total put value of 305,250,000 Combined total value = 23,682,479,750,000

Strike 30500 has a total call value of 23,974,218,125,000 versus a total put value of 277,500,000 Combined total value = 23,974,495,625,000

Strike 30550 has a total call value of 24,266,261,750,000 versus a total put value of 249,750,000 Combined total value = 24,266,511,500,000

Strike 30600 has a total call value of 24,558,305,375,000 versus a total put value of 222,000,000 Combined total value = 24,558,527,375,000

Strike 30650 has a total call value of 24,850,349,000,000 versus a total put value of 194,250,000 Combined total value = 24,850,543,250,000

Strike 30700 has a total call value of 25,142,392,625,000 versus a total put value of 166,500,000 Combined total value = 25,142,559,125,000

Strike 30750 has a total call value of 25,434,436,250,000 versus a total put value of 138,750,000 Combined total value = 25,434,575,000,000

Strike 30800 has a total call value of 25,726,479,875,000 versus a total put value of 111,000,000 Combined total value = 25,726,590,875,000

Strike 30850 has a total call value of 26,018,523,500,000 versus a total put value of 83,250,000 Combined total value = 26,018,606,750,000

Strike 30900 has a total call value of 26,310,567,125,000 versus a total put value of 55,500,000 Combined total value = 26,310,622,625,000

Strike 30950 has a total call value of 26,602,610,750,000 versus a total put value of 27,750,000 Combined total value = 26,602,638,500,000

Strike 31000 has a total call value of 26,894,654,375,000 versus a total put value of 0 Combined total value = 26,894,654,375,000

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	1142.2	1140
ABB	5278	5200
ABCAPITAL	362.95	350
ADANIENSOL	1011.3	990
ADANIENT	2282.4	2300
ADANIGREEN	1040.2	1020
ADANIPORTS	1522.8	1500
ALKEM	5631	5700
AMBER	6626	6700
AMBUJACEM	548.15	550
ANGELONE	2595.3	2600
APLAPOLLO	1737.9	1740
APOLLOHOSP	7101	7250
ASHOKLEY	163.86	157
ASIANPAINT	2764.8	2820
ASTRAL	1416.4	1440
AUBANK	968.05	950
AUROPHARMA	1195.1	1200
AXISBANK	1286.1	1280
BAJAJ-AUTO	9015	9100
BAJAJFINSV	2083.1	2080
BAJFINANCE	1017.3	1020
BANDHANBNK	149.57	150
BANKBARODA	284.45	290
BANKINDIA	141.12	144
BDL	1409.9	1460
BEL	389.45	400
BHARATFORG	1426.6	1400
BHARTIARTL	2083.4	2100
BHEL	285.15	282.5
BIOCON	386.35	390
BLUESTARCO	1796.7	1780
BOSCHLTD	36715	36500
BPCL	365.05	362.5
BRITANNIA	5915.5	5850
BSE	2735	2750
CAMS	755.2	780
CANBK	146.63	148
CDSL	1526.5	1580
CGPOWER	665.9	680
CHOLAFIN	1735.6	1700
CIPLA	1517.4	1520
COALINDIA	383.35	384.75
COFORGE	1851	1840
COLPAL	2161.3	2200
CONCOR	505.5	520
CROMPTON	254.1	265
CUMMINSIND	4600.2	4500
CYIENT	1167.7	1160
DABUR	495	505
DALBHARAT	2072.2	2020
DELHIVERY	412.3	420
DIVISLAB	6426.5	6400
DIXON	13379	13500
DLF	699.4	720
DMART	3843	3950
DRREDDY	1279.3	1270
EICHERMOT	7229	7200
ETERNAL	298.05	300
EXIDEIND	373.75	380
FEDERALBNK	261.35	257.5
FORTIS	874.05	890
GAIL	170.71	175
GLENMARK	1975	1940
GMRAIRPORT	104.34	102
GODREJCP	1153.8	1140
GODREJPROP	2075.1	2100
GRASIM	2836.7	2800
HAL	4302.5	4500
HAVELLS	1409.6	1440
HCLTECH	1673.2	1660
HDFCAMC	2674.7	2650
HDFCBANK	1001.5	1000
HDFCLIFE	777.5	770
HEROMOTOCO	5960	6100
HFCL	66.56	69
HINDALCO	852.1	820
HINDPETRO	459.9	455
HINDUNILVR	2260.6	2300
HINDZINC	561.65	540
HUDCO	213.69	222.5
ICICIBANK	1366	1380
ICICIGI	1937.9	1980
ICICIPRULI	647.55	630
IDEA	11.64	11
IDFCFIRSTB	82.29	80
IEX	143.2	145
IIFL	581	560
INDHOTEL	735.05	740
INDIANB	789.35	820
INDIGO	4860.5	5000
INDUSINDBK	846.15	850
INDUSTOWER	415.2	405
INFY	1598.2	1600
INOXWIND	124.61	130
IOC	163.67	164
IRCTC	674.25	690
IREDA	136.18	140
IRFC	113.82	117
ITC	400.1	405
JINDALSTEL	1029.5	1030
JIOFIN	300.75	305
JSWENERGY	482.2	490
JSWSTEEL	1125.5	1140
JUBLFOOD	583.55	600
KALYANKJIL	479.3	480
KAYNES	4265.5	4500
KEI	4067.1	4050
KFINTECH	1051.7	1060
KOTAKBANK	2176.6	2160
KPITTECH	1237.9	1220
LAURUSLABS	1012.3	1000
LICHSGFIN	532.4	550
LICI	867.6	880
LODHA	1091.1	1120
LT	4074.1	4040
LTF	307.85	302.5
LTIM	6284.5	6150
LUPIN	2113.9	2080
M&M	3679.6	3700
MANAPPURAM	287.6	280
MANKIND	2178.8	2200
MARICO	727.05	730
MARUTI	16522	16300
MAXHEALTH	1081.3	1100
MAZDOCK	2458.7	2600
MCX	10162	10000
MFSL	1719	1700
MOTHERSON	121.3	116
MPHASIS	2912.7	2900
MUTHOOTFIN	3837.6	3700
NATIONALUM	278.15	270
NAUKRI	1377.7	1380
NBCC	109.57	112
NCC	160.66	170
NESTLEIND	1238.3	1240
NHPC	77.13	78
NMDC	77.94	77
NTPC	325.05	325
NUVAMA	7352	7200
NYKAA	251.1	260
OBEROIRLTY	1659.8	1660
OFSS	7990	8100
OIL	404.35	415
ONGC	238.02	240
PAGEIND	36930	38000
PATANJALI	536.85	550
PAYTM	1304.7	1300
PERSISTENT	6336.5	6200
PETRONET	268.95	280
PFC	344.2	360
PGEL	567.1	560
PHOENIXLTD	1770.9	1740
PIDILITIND	1476.8	1480
PIIND	3311.1	3400
PNB	117.81	120
PNBHOUSING	937.1	910
POLICYBZR	1925.3	1900
POLYCAB	7276.5	7300
POWERGRID	263.6	275
POWERINDIA	19535	19500
PPLPHARMA	174.45	182.5
PRESTIGE	1660.9	1660
RBLBANK	307.6	310
RECLTD	344.4	360
RELIANCE	1556.5	1540
RVNL	313.9	315
SAIL	131.9	134
SAMMAANCAP	149.49	160
SBICARD	874.6	880
SBILIFE	2025.9	2020
SBIN	963.15	965
SHREECEM	26285	26500
SHRIRAMFIN	848	840
SIEMENS	3144.6	3200
SOLARINDS	12304	13000
SONACOMS	492.5	500
SRF	3023.6	2950
SUNPHARMA	1793.5	1800
SUPREMEIND	3221.1	3400
SUZLON	53.02	54
SYNGENE	647	650
TATACONSUM	1149.3	1170
TATAELXSI	5030.5	5100
TATAMOTORS	0	320
TATAPOWER	381.95	390
TATASTEEL	171.89	170
TATATECH	660	680
TCS	3220.5	3200
TECHM	1578.4	1540
TIINDIA	2655.6	2750
TITAGARH	778.45	800
TITAN	3880.2	3840
TMPV	347.45	360
TORNTPHARM	3791.5	3800
TORNTPOWER	1290.8	1300
TRENT	4075.4	4200
TVSMOTOR	3655.2	3600
ULTRACEMCO	11723	11700
UNIONBANK	152.74	152.5
UNITDSPR	1447.1	1440
UNOMINDA	1248.1	1280
UPL	748.35	750
VBL	479.95	470
VEDL	543.6	530
VOLTAS	1377.2	1360
WIPRO	260.6	255
YESBANK	21.92	23
ZYDUSLIFE	929.15	940

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

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