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

26027.3 -19.65 (-0.08%)

L: 25904.75 H: 26047.15

Max Pain - NIFTY

15 Dec 2025 04:10 PM IST Market Closed

Expiry

Max Pain for NIFTY is 26000

Historical data for NIFTY-26000-CE

LTP (26000 CE)

250.3 -32.45

Open Interest

93811.33333333333 -23092.666666666668

Historical data for NIFTY-26000-PE

LTP (26000 PE)

142.5 7.25

Open Interest

101334 4470.333333333333

Strike 13000 has a total call value of 0 versus a total put value of 78,464,128,000,000 Combined total value = 78,464,128,000,000

Strike 14000 has a total call value of 0 versus a total put value of 72,031,313,000,000 Combined total value = 72,031,313,000,000

Strike 15000 has a total call value of 0 versus a total put value of 65,598,498,000,000 Combined total value = 65,598,498,000,000

Strike 16000 has a total call value of 0 versus a total put value of 59,167,373,000,000 Combined total value = 59,167,373,000,000

Strike 16500 has a total call value of 0 versus a total put value of 55,952,608,000,000 Combined total value = 55,952,608,000,000

Strike 17000 has a total call value of 0 versus a total put value of 52,738,170,500,000 Combined total value = 52,738,170,500,000

Strike 18000 has a total call value of 10,995,000,000 versus a total put value of 46,322,170,500,000 Combined total value = 46,333,165,500,000

Strike 19000 has a total call value of 27,265,000,000 versus a total put value of 39,918,498,000,000 Combined total value = 39,945,763,000,000

Strike 19350 has a total call value of 32,959,500,000 versus a total put value of 37,689,621,000,000 Combined total value = 37,722,580,500,000

Strike 19400 has a total call value of 33,773,000,000 versus a total put value of 37,371,210,000,000 Combined total value = 37,404,983,000,000

Strike 19450 has a total call value of 34,586,500,000 versus a total put value of 37,052,799,000,000 Combined total value = 37,087,385,500,000

Strike 19500 has a total call value of 35,400,000,000 versus a total put value of 36,734,388,000,000 Combined total value = 36,769,788,000,000

Strike 19550 has a total call value of 36,213,500,000 versus a total put value of 36,415,977,000,000 Combined total value = 36,452,190,500,000

Strike 19600 has a total call value of 37,027,000,000 versus a total put value of 36,097,566,000,000 Combined total value = 36,134,593,000,000

Strike 19650 has a total call value of 37,840,500,000 versus a total put value of 35,779,155,000,000 Combined total value = 35,816,995,500,000

Strike 19700 has a total call value of 38,654,000,000 versus a total put value of 35,460,744,000,000 Combined total value = 35,499,398,000,000

Strike 19750 has a total call value of 39,467,500,000 versus a total put value of 35,142,333,000,000 Combined total value = 35,181,800,500,000

Strike 19800 has a total call value of 40,281,000,000 versus a total put value of 34,823,922,000,000 Combined total value = 34,864,203,000,000

Strike 19850 has a total call value of 41,094,500,000 versus a total put value of 34,505,511,000,000 Combined total value = 34,546,605,500,000

Strike 19900 has a total call value of 41,908,000,000 versus a total put value of 34,187,100,000,000 Combined total value = 34,229,008,000,000

Strike 19950 has a total call value of 42,721,500,000 versus a total put value of 33,868,689,000,000 Combined total value = 33,911,410,500,000

Strike 20000 has a total call value of 43,535,000,000 versus a total put value of 33,550,278,000,000 Combined total value = 33,593,813,000,000

Strike 20050 has a total call value of 45,878,375,000 versus a total put value of 33,234,816,500,000 Combined total value = 33,280,694,875,000

Strike 20100 has a total call value of 48,221,750,000 versus a total put value of 32,919,355,000,000 Combined total value = 32,967,576,750,000

Strike 20150 has a total call value of 50,565,125,000 versus a total put value of 32,603,893,500,000 Combined total value = 32,654,458,625,000

Strike 20200 has a total call value of 52,908,500,000 versus a total put value of 32,288,432,000,000 Combined total value = 32,341,340,500,000

Strike 20250 has a total call value of 55,251,875,000 versus a total put value of 31,972,970,500,000 Combined total value = 32,028,222,375,000

Strike 20300 has a total call value of 57,595,250,000 versus a total put value of 31,657,509,000,000 Combined total value = 31,715,104,250,000

Strike 20350 has a total call value of 59,938,625,000 versus a total put value of 31,342,047,500,000 Combined total value = 31,401,986,125,000

Strike 20400 has a total call value of 62,282,000,000 versus a total put value of 31,026,586,000,000 Combined total value = 31,088,868,000,000

Strike 20450 has a total call value of 64,625,375,000 versus a total put value of 30,711,124,500,000 Combined total value = 30,775,749,875,000

Strike 20500 has a total call value of 66,968,750,000 versus a total put value of 30,395,663,000,000 Combined total value = 30,462,631,750,000

Strike 20550 has a total call value of 69,312,125,000 versus a total put value of 30,080,201,500,000 Combined total value = 30,149,513,625,000

Strike 20600 has a total call value of 71,655,500,000 versus a total put value of 29,764,740,000,000 Combined total value = 29,836,395,500,000

Strike 20650 has a total call value of 73,998,875,000 versus a total put value of 29,449,278,500,000 Combined total value = 29,523,277,375,000

Strike 20700 has a total call value of 76,342,250,000 versus a total put value of 29,133,817,000,000 Combined total value = 29,210,159,250,000

Strike 20750 has a total call value of 78,685,625,000 versus a total put value of 28,818,355,500,000 Combined total value = 28,897,041,125,000

Strike 20800 has a total call value of 81,029,000,000 versus a total put value of 28,502,894,000,000 Combined total value = 28,583,923,000,000

Strike 20850 has a total call value of 83,372,375,000 versus a total put value of 28,187,432,500,000 Combined total value = 28,270,804,875,000

Strike 20900 has a total call value of 85,715,750,000 versus a total put value of 27,871,971,000,000 Combined total value = 27,957,686,750,000

Strike 20950 has a total call value of 88,059,125,000 versus a total put value of 27,556,509,500,000 Combined total value = 27,644,568,625,000

Strike 21000 has a total call value of 90,402,500,000 versus a total put value of 27,241,048,000,000 Combined total value = 27,331,450,500,000

Strike 21050 has a total call value of 94,590,750,000 versus a total put value of 26,932,238,375,000 Combined total value = 27,026,829,125,000

Strike 21100 has a total call value of 98,779,000,000 versus a total put value of 26,623,428,750,000 Combined total value = 26,722,207,750,000

Strike 21150 has a total call value of 102,967,250,000 versus a total put value of 26,314,619,125,000 Combined total value = 26,417,586,375,000

Strike 21200 has a total call value of 107,155,500,000 versus a total put value of 26,005,809,500,000 Combined total value = 26,112,965,000,000

Strike 21250 has a total call value of 111,343,750,000 versus a total put value of 25,696,999,875,000 Combined total value = 25,808,343,625,000

Strike 21300 has a total call value of 115,532,000,000 versus a total put value of 25,388,190,250,000 Combined total value = 25,503,722,250,000

Strike 21350 has a total call value of 119,720,250,000 versus a total put value of 25,079,380,625,000 Combined total value = 25,199,100,875,000

Strike 21400 has a total call value of 123,908,500,000 versus a total put value of 24,770,571,000,000 Combined total value = 24,894,479,500,000

Strike 21450 has a total call value of 128,096,750,000 versus a total put value of 24,461,761,375,000 Combined total value = 24,589,858,125,000

Strike 21500 has a total call value of 132,285,000,000 versus a total put value of 24,152,951,750,000 Combined total value = 24,285,236,750,000

Strike 21550 has a total call value of 136,473,250,000 versus a total put value of 23,844,142,125,000 Combined total value = 23,980,615,375,000

Strike 21600 has a total call value of 140,661,500,000 versus a total put value of 23,535,332,500,000 Combined total value = 23,675,994,000,000

Strike 21650 has a total call value of 144,849,750,000 versus a total put value of 23,226,522,875,000 Combined total value = 23,371,372,625,000

Strike 21700 has a total call value of 149,038,000,000 versus a total put value of 22,917,713,250,000 Combined total value = 23,066,751,250,000

Strike 21750 has a total call value of 153,226,250,000 versus a total put value of 22,608,903,625,000 Combined total value = 22,762,129,875,000

Strike 21800 has a total call value of 157,414,500,000 versus a total put value of 22,300,094,000,000 Combined total value = 22,457,508,500,000

Strike 21850 has a total call value of 161,602,750,000 versus a total put value of 21,991,284,375,000 Combined total value = 22,152,887,125,000

Strike 21900 has a total call value of 165,791,000,000 versus a total put value of 21,682,474,750,000 Combined total value = 21,848,265,750,000

Strike 21950 has a total call value of 169,979,250,000 versus a total put value of 21,373,665,125,000 Combined total value = 21,543,644,375,000

Strike 22000 has a total call value of 174,167,500,000 versus a total put value of 21,064,855,500,000 Combined total value = 21,239,023,000,000

Strike 22050 has a total call value of 180,366,750,000 versus a total put value of 20,763,159,875,000 Combined total value = 20,943,526,625,000

Strike 22100 has a total call value of 186,566,000,000 versus a total put value of 20,461,464,250,000 Combined total value = 20,648,030,250,000

Strike 22150 has a total call value of 192,765,250,000 versus a total put value of 20,159,768,625,000 Combined total value = 20,352,533,875,000

Strike 22200 has a total call value of 198,964,500,000 versus a total put value of 19,858,073,000,000 Combined total value = 20,057,037,500,000

Strike 22250 has a total call value of 205,163,750,000 versus a total put value of 19,556,377,375,000 Combined total value = 19,761,541,125,000

Strike 22300 has a total call value of 211,363,000,000 versus a total put value of 19,254,681,750,000 Combined total value = 19,466,044,750,000

Strike 22350 has a total call value of 217,562,250,000 versus a total put value of 18,952,986,125,000 Combined total value = 19,170,548,375,000

Strike 22400 has a total call value of 223,761,500,000 versus a total put value of 18,651,290,500,000 Combined total value = 18,875,052,000,000

Strike 22450 has a total call value of 229,960,750,000 versus a total put value of 18,349,594,875,000 Combined total value = 18,579,555,625,000

Strike 22500 has a total call value of 236,160,000,000 versus a total put value of 18,047,899,250,000 Combined total value = 18,284,059,250,000

Strike 22550 has a total call value of 242,359,250,000 versus a total put value of 17,746,203,625,000 Combined total value = 17,988,562,875,000

Strike 22600 has a total call value of 248,558,500,000 versus a total put value of 17,444,508,000,000 Combined total value = 17,693,066,500,000

Strike 22650 has a total call value of 254,757,750,000 versus a total put value of 17,142,812,375,000 Combined total value = 17,397,570,125,000

Strike 22700 has a total call value of 260,957,000,000 versus a total put value of 16,841,116,750,000 Combined total value = 17,102,073,750,000

Strike 22750 has a total call value of 267,156,250,000 versus a total put value of 16,539,421,125,000 Combined total value = 16,806,577,375,000

Strike 22800 has a total call value of 273,355,500,000 versus a total put value of 16,237,725,500,000 Combined total value = 16,511,081,000,000

Strike 22850 has a total call value of 279,554,750,000 versus a total put value of 15,936,029,875,000 Combined total value = 16,215,584,625,000

Strike 22900 has a total call value of 285,758,125,000 versus a total put value of 15,634,720,875,000 Combined total value = 15,920,479,000,000

Strike 22950 has a total call value of 291,961,500,000 versus a total put value of 15,334,052,000,000 Combined total value = 15,626,013,500,000

Strike 23000 has a total call value of 298,164,875,000 versus a total put value of 15,033,383,125,000 Combined total value = 15,331,548,000,000

Strike 23050 has a total call value of 307,975,500,000 versus a total put value of 14,745,542,000,000 Combined total value = 15,053,517,500,000

Strike 23100 has a total call value of 317,786,500,000 versus a total put value of 14,458,052,625,000 Combined total value = 14,775,839,125,000

Strike 23150 has a total call value of 327,597,500,000 versus a total put value of 14,170,994,125,000 Combined total value = 14,498,591,625,000

Strike 23200 has a total call value of 337,464,000,000 versus a total put value of 13,884,201,500,000 Combined total value = 14,221,665,500,000

Strike 23250 has a total call value of 347,330,500,000 versus a total put value of 13,597,785,000,000 Combined total value = 13,945,115,500,000

Strike 23300 has a total call value of 357,197,000,000 versus a total put value of 13,311,394,375,000 Combined total value = 13,668,591,375,000

Strike 23350 has a total call value of 367,087,125,000 versus a total put value of 13,025,093,750,000 Combined total value = 13,392,180,875,000

Strike 23400 has a total call value of 376,977,250,000 versus a total put value of 12,738,806,250,000 Combined total value = 13,115,783,500,000

Strike 23450 has a total call value of 386,867,375,000 versus a total put value of 12,452,624,875,000 Combined total value = 12,839,492,250,000

Strike 23500 has a total call value of 396,760,875,000 versus a total put value of 12,166,458,125,000 Combined total value = 12,563,219,000,000

Strike 23550 has a total call value of 407,562,625,000 versus a total put value of 11,885,848,125,000 Combined total value = 12,293,410,750,000

Strike 23600 has a total call value of 418,364,750,000 versus a total put value of 11,605,255,375,000 Combined total value = 12,023,620,125,000

Strike 23650 has a total call value of 429,166,875,000 versus a total put value of 11,324,795,000,000 Combined total value = 11,753,961,875,000

Strike 23700 has a total call value of 439,969,750,000 versus a total put value of 11,044,351,125,000 Combined total value = 11,484,320,875,000

Strike 23750 has a total call value of 450,772,625,000 versus a total put value of 10,764,267,625,000 Combined total value = 11,215,040,250,000

Strike 23800 has a total call value of 461,576,250,000 versus a total put value of 10,484,206,625,000 Combined total value = 10,945,782,875,000

Strike 23850 has a total call value of 472,396,750,000 versus a total put value of 10,206,243,750,000 Combined total value = 10,678,640,500,000

Strike 23900 has a total call value of 483,217,625,000 versus a total put value of 9,928,345,375,000 Combined total value = 10,411,563,000,000

Strike 23950 has a total call value of 494,043,750,000 versus a total put value of 9,651,003,875,000 Combined total value = 10,145,047,625,000

Strike 24000 has a total call value of 504,870,250,000 versus a total put value of 9,373,717,875,000 Combined total value = 9,878,588,125,000

Strike 24050 has a total call value of 520,451,625,000 versus a total put value of 9,112,848,500,000 Combined total value = 9,633,300,125,000

Strike 24100 has a total call value of 536,033,750,000 versus a total put value of 8,852,053,375,000 Combined total value = 9,388,087,125,000

Strike 24150 has a total call value of 551,624,125,000 versus a total put value of 8,591,608,875,000 Combined total value = 9,143,233,000,000

Strike 24200 has a total call value of 567,215,250,000 versus a total put value of 8,331,224,750,000 Combined total value = 8,898,440,000,000

Strike 24250 has a total call value of 582,833,000,000 versus a total put value of 8,072,445,250,000 Combined total value = 8,655,278,250,000

Strike 24300 has a total call value of 598,451,875,000 versus a total put value of 7,813,877,250,000 Combined total value = 8,412,329,125,000

Strike 24350 has a total call value of 614,079,375,000 versus a total put value of 7,556,563,625,000 Combined total value = 8,170,643,000,000

Strike 24400 has a total call value of 629,708,750,000 versus a total put value of 7,299,424,000,000 Combined total value = 7,929,132,750,000

Strike 24450 has a total call value of 645,353,125,000 versus a total put value of 7,043,333,250,000 Combined total value = 7,688,686,375,000

Strike 24500 has a total call value of 660,999,375,000 versus a total put value of 6,787,436,750,000 Combined total value = 7,448,436,125,000

Strike 24550 has a total call value of 677,593,250,000 versus a total put value of 6,539,081,875,000 Combined total value = 7,216,675,125,000

Strike 24600 has a total call value of 694,190,500,000 versus a total put value of 6,290,838,750,000 Combined total value = 6,985,029,250,000

Strike 24650 has a total call value of 710,827,875,000 versus a total put value of 6,044,228,375,000 Combined total value = 6,755,056,250,000

Strike 24700 has a total call value of 727,467,125,000 versus a total put value of 5,797,738,000,000 Combined total value = 6,525,205,125,000

Strike 24750 has a total call value of 744,136,750,000 versus a total put value of 5,553,057,375,000 Combined total value = 6,297,194,125,000

Strike 24800 has a total call value of 760,816,875,000 versus a total put value of 5,308,663,250,000 Combined total value = 6,069,480,125,000

Strike 24850 has a total call value of 777,636,500,000 versus a total put value of 5,068,895,500,000 Combined total value = 5,846,532,000,000

Strike 24900 has a total call value of 794,459,500,000 versus a total put value of 4,829,377,875,000 Combined total value = 5,623,837,375,000

Strike 24950 has a total call value of 811,419,750,000 versus a total put value of 4,591,772,375,000 Combined total value = 5,403,192,125,000

Strike 25000 has a total call value of 828,387,125,000 versus a total put value of 4,354,532,500,000 Combined total value = 5,182,919,625,000

Strike 25050 has a total call value of 853,951,000,000 versus a total put value of 4,143,390,500,000 Combined total value = 4,997,341,500,000

Strike 25100 has a total call value of 879,521,625,000 versus a total put value of 3,932,638,125,000 Combined total value = 4,812,159,750,000

Strike 25150 has a total call value of 905,183,000,000 versus a total put value of 3,724,880,125,000 Combined total value = 4,630,063,125,000

Strike 25200 has a total call value of 930,851,500,000 versus a total put value of 3,517,560,500,000 Combined total value = 4,448,412,000,000

Strike 25250 has a total call value of 956,884,500,000 versus a total put value of 3,314,789,625,000 Combined total value = 4,271,674,125,000

Strike 25300 has a total call value of 982,937,750,000 versus a total put value of 3,112,711,750,000 Combined total value = 4,095,649,500,000

Strike 25350 has a total call value of 1,009,389,625,000 versus a total put value of 2,916,843,875,000 Combined total value = 3,926,233,500,000

Strike 25400 has a total call value of 1,035,865,875,000 versus a total put value of 2,721,942,750,000 Combined total value = 3,757,808,625,000

Strike 25450 has a total call value of 1,063,165,625,000 versus a total put value of 2,532,952,375,000 Combined total value = 3,596,118,000,000

Strike 25500 has a total call value of 1,090,488,250,000 versus a total put value of 2,345,184,125,000 Combined total value = 3,435,672,375,000

Strike 25550 has a total call value of 1,122,101,250,000 versus a total put value of 2,181,284,250,000 Combined total value = 3,303,385,500,000

Strike 25600 has a total call value of 1,153,766,000,000 versus a total put value of 2,018,720,125,000 Combined total value = 3,172,486,125,000

Strike 25650 has a total call value of 1,186,664,125,000 versus a total put value of 1,863,605,375,000 Combined total value = 3,050,269,500,000

Strike 25700 has a total call value of 1,219,708,125,000 versus a total put value of 1,709,521,125,000 Combined total value = 2,929,229,250,000

Strike 25750 has a total call value of 1,255,886,750,000 versus a total put value of 1,573,005,625,000 Combined total value = 2,828,892,375,000

Strike 25800 has a total call value of 1,292,414,500,000 versus a total put value of 1,439,709,875,000 Combined total value = 2,732,124,375,000

Strike 25850 has a total call value of 1,333,063,500,000 versus a total put value of 1,320,489,375,000 Combined total value = 2,653,552,875,000

Strike 25900 has a total call value of 1,374,344,750,000 versus a total put value of 1,202,897,500,000 Combined total value = 2,577,242,250,000

Strike 25950 has a total call value of 1,421,456,500,000 versus a total put value of 1,095,341,750,000 Combined total value = 2,516,798,250,000

Strike 26000 has a total call value of 1,469,485,500,000 versus a total put value of 989,644,500,000 Combined total value = 2,459,130,000,000

Strike 26050 has a total call value of 1,552,693,750,000 versus a total put value of 921,947,500,000 Combined total value = 2,474,641,250,000

Strike 26100 has a total call value of 1,637,239,625,000 versus a total put value of 855,597,125,000 Combined total value = 2,492,836,750,000

Strike 26150 has a total call value of 1,732,420,875,000 versus a total put value of 798,288,375,000 Combined total value = 2,530,709,250,000

Strike 26200 has a total call value of 1,829,458,375,000 versus a total put value of 742,299,625,000 Combined total value = 2,571,758,000,000

Strike 26250 has a total call value of 1,944,216,875,000 versus a total put value of 698,198,375,000 Combined total value = 2,642,415,250,000

Strike 26300 has a total call value of 2,060,777,625,000 versus a total put value of 655,018,125,000 Combined total value = 2,715,795,750,000

Strike 26350 has a total call value of 2,190,440,125,000 versus a total put value of 617,993,875,000 Combined total value = 2,808,434,000,000

Strike 26400 has a total call value of 2,322,546,875,000 versus a total put value of 581,415,125,000 Combined total value = 2,903,962,000,000

Strike 26450 has a total call value of 2,472,537,000,000 versus a total put value of 548,848,875,000 Combined total value = 3,021,385,875,000

Strike 26500 has a total call value of 2,625,225,250,000 versus a total put value of 516,620,500,000 Combined total value = 3,141,845,750,000

Strike 26550 has a total call value of 2,804,608,625,000 versus a total put value of 494,295,125,000 Combined total value = 3,298,903,750,000

Strike 26600 has a total call value of 2,985,255,750,000 versus a total put value of 472,090,125,000 Combined total value = 3,457,345,875,000

Strike 26650 has a total call value of 3,171,766,375,000 versus a total put value of 450,968,125,000 Combined total value = 3,622,734,500,000

Strike 26700 has a total call value of 3,359,265,875,000 versus a total put value of 430,063,250,000 Combined total value = 3,789,329,125,000

Strike 26750 has a total call value of 3,553,373,250,000 versus a total put value of 409,739,250,000 Combined total value = 3,963,112,500,000

Strike 26800 has a total call value of 3,748,843,000,000 versus a total put value of 389,440,375,000 Combined total value = 4,138,283,375,000

Strike 26850 has a total call value of 3,951,147,125,000 versus a total put value of 369,951,125,000 Combined total value = 4,321,098,250,000

Strike 26900 has a total call value of 4,154,143,500,000 versus a total put value of 350,483,625,000 Combined total value = 4,504,627,125,000

Strike 26950 has a total call value of 4,360,517,500,000 versus a total put value of 331,271,125,000 Combined total value = 4,691,788,625,000

Strike 27000 has a total call value of 4,567,754,375,000 versus a total put value of 312,065,750,000 Combined total value = 4,879,820,125,000

Strike 27050 has a total call value of 4,810,591,875,000 versus a total put value of 299,220,375,000 Combined total value = 5,109,812,250,000

Strike 27100 has a total call value of 5,054,071,750,000 versus a total put value of 286,378,375,000 Combined total value = 5,340,450,125,000

Strike 27150 has a total call value of 5,301,171,500,000 versus a total put value of 273,645,875,000 Combined total value = 5,574,817,375,000

Strike 27200 has a total call value of 5,548,618,125,000 versus a total put value of 260,916,000,000 Combined total value = 5,809,534,125,000

Strike 27250 has a total call value of 5,799,715,375,000 versus a total put value of 248,698,000,000 Combined total value = 6,048,413,375,000

Strike 27300 has a total call value of 6,051,141,125,000 versus a total put value of 236,481,500,000 Combined total value = 6,287,622,625,000

Strike 27350 has a total call value of 6,305,427,000,000 versus a total put value of 224,430,750,000 Combined total value = 6,529,857,750,000

Strike 27400 has a total call value of 6,559,781,875,000 versus a total put value of 212,381,500,000 Combined total value = 6,772,163,375,000

Strike 27450 has a total call value of 6,816,155,000,000 versus a total put value of 200,342,750,000 Combined total value = 7,016,497,750,000

Strike 27500 has a total call value of 7,072,640,250,000 versus a total put value of 188,304,750,000 Combined total value = 7,260,945,000,000

Strike 27550 has a total call value of 7,341,117,625,000 versus a total put value of 179,204,500,000 Combined total value = 7,520,322,125,000

Strike 27600 has a total call value of 7,609,736,750,000 versus a total put value of 170,104,250,000 Combined total value = 7,779,841,000,000

Strike 27650 has a total call value of 7,879,356,375,000 versus a total put value of 161,048,625,000 Combined total value = 8,040,405,000,000

Strike 27700 has a total call value of 8,149,061,875,000 versus a total put value of 151,994,875,000 Combined total value = 8,301,056,750,000

Strike 27750 has a total call value of 8,419,482,875,000 versus a total put value of 142,981,250,000 Combined total value = 8,562,464,125,000

Strike 27800 has a total call value of 8,689,934,625,000 versus a total put value of 133,972,500,000 Combined total value = 8,823,907,125,000

Strike 27850 has a total call value of 8,962,169,875,000 versus a total put value of 124,981,750,000 Combined total value = 9,087,151,625,000

Strike 27900 has a total call value of 9,234,423,875,000 versus a total put value of 115,994,375,000 Combined total value = 9,350,418,250,000

Strike 27950 has a total call value of 9,507,223,125,000 versus a total put value of 107,007,000,000 Combined total value = 9,614,230,125,000

Strike 28000 has a total call value of 9,780,077,125,000 versus a total put value of 98,020,000,000 Combined total value = 9,878,097,125,000

Strike 28050 has a total call value of 10,068,721,500,000 versus a total put value of 94,102,875,000 Combined total value = 10,162,824,375,000

Strike 28100 has a total call value of 10,357,365,875,000 versus a total put value of 90,185,750,000 Combined total value = 10,447,551,625,000

Strike 28150 has a total call value of 10,646,010,250,000 versus a total put value of 86,268,625,000 Combined total value = 10,732,278,875,000

Strike 28200 has a total call value of 10,934,654,625,000 versus a total put value of 82,351,500,000 Combined total value = 11,017,006,125,000

Strike 28250 has a total call value of 11,223,299,000,000 versus a total put value of 78,434,375,000 Combined total value = 11,301,733,375,000

Strike 28300 has a total call value of 11,511,943,375,000 versus a total put value of 74,517,250,000 Combined total value = 11,586,460,625,000

Strike 28350 has a total call value of 11,800,587,750,000 versus a total put value of 70,600,125,000 Combined total value = 11,871,187,875,000

Strike 28400 has a total call value of 12,089,232,125,000 versus a total put value of 66,683,000,000 Combined total value = 12,155,915,125,000

Strike 28450 has a total call value of 12,377,876,500,000 versus a total put value of 62,765,875,000 Combined total value = 12,440,642,375,000

Strike 28500 has a total call value of 12,666,520,875,000 versus a total put value of 58,848,750,000 Combined total value = 12,725,369,625,000

Strike 28550 has a total call value of 12,955,165,250,000 versus a total put value of 54,931,625,000 Combined total value = 13,010,096,875,000

Strike 28600 has a total call value of 13,243,809,625,000 versus a total put value of 51,014,500,000 Combined total value = 13,294,824,125,000

Strike 28650 has a total call value of 13,532,454,000,000 versus a total put value of 47,097,375,000 Combined total value = 13,579,551,375,000

Strike 28700 has a total call value of 13,821,098,375,000 versus a total put value of 43,180,250,000 Combined total value = 13,864,278,625,000

Strike 28750 has a total call value of 14,109,742,750,000 versus a total put value of 39,263,125,000 Combined total value = 14,149,005,875,000

Strike 28800 has a total call value of 14,398,387,125,000 versus a total put value of 35,346,000,000 Combined total value = 14,433,733,125,000

Strike 28850 has a total call value of 14,687,031,500,000 versus a total put value of 31,428,875,000 Combined total value = 14,718,460,375,000

Strike 28900 has a total call value of 14,975,675,875,000 versus a total put value of 27,511,750,000 Combined total value = 15,003,187,625,000

Strike 28950 has a total call value of 15,264,320,250,000 versus a total put value of 23,594,625,000 Combined total value = 15,287,914,875,000

Strike 29000 has a total call value of 15,552,964,625,000 versus a total put value of 19,677,500,000 Combined total value = 15,572,642,125,000

Strike 29050 has a total call value of 15,846,693,375,000 versus a total put value of 18,693,625,000 Combined total value = 15,865,387,000,000

Strike 29100 has a total call value of 16,140,422,125,000 versus a total put value of 17,709,750,000 Combined total value = 16,158,131,875,000

Strike 29150 has a total call value of 16,434,150,875,000 versus a total put value of 16,725,875,000 Combined total value = 16,450,876,750,000

Strike 29200 has a total call value of 16,727,879,625,000 versus a total put value of 15,742,000,000 Combined total value = 16,743,621,625,000

Strike 29250 has a total call value of 17,021,608,375,000 versus a total put value of 14,758,125,000 Combined total value = 17,036,366,500,000

Strike 29300 has a total call value of 17,315,337,125,000 versus a total put value of 13,774,250,000 Combined total value = 17,329,111,375,000

Strike 29350 has a total call value of 17,609,065,875,000 versus a total put value of 12,790,375,000 Combined total value = 17,621,856,250,000

Strike 29400 has a total call value of 17,902,794,625,000 versus a total put value of 11,806,500,000 Combined total value = 17,914,601,125,000

Strike 29450 has a total call value of 18,196,523,375,000 versus a total put value of 10,822,625,000 Combined total value = 18,207,346,000,000

Strike 29500 has a total call value of 18,490,252,125,000 versus a total put value of 9,838,750,000 Combined total value = 18,500,090,875,000

Strike 29550 has a total call value of 18,783,980,875,000 versus a total put value of 8,854,875,000 Combined total value = 18,792,835,750,000

Strike 29600 has a total call value of 19,077,709,625,000 versus a total put value of 7,871,000,000 Combined total value = 19,085,580,625,000

Strike 29650 has a total call value of 19,371,438,375,000 versus a total put value of 6,887,125,000 Combined total value = 19,378,325,500,000

Strike 29700 has a total call value of 19,665,167,125,000 versus a total put value of 5,903,250,000 Combined total value = 19,671,070,375,000

Strike 29750 has a total call value of 19,958,895,875,000 versus a total put value of 4,919,375,000 Combined total value = 19,963,815,250,000

Strike 29800 has a total call value of 20,252,624,625,000 versus a total put value of 3,935,500,000 Combined total value = 20,256,560,125,000

Strike 29850 has a total call value of 20,546,353,375,000 versus a total put value of 2,951,625,000 Combined total value = 20,549,305,000,000

Strike 29900 has a total call value of 20,840,082,125,000 versus a total put value of 1,967,750,000 Combined total value = 20,842,049,875,000

Strike 29950 has a total call value of 21,133,810,875,000 versus a total put value of 983,875,000 Combined total value = 21,134,794,750,000

Strike 30000 has a total call value of 21,427,539,625,000 versus a total put value of 0 Combined total value = 21,427,539,625,000

Strike 30050 has a total call value of 21,724,165,750,000 versus a total put value of 0 Combined total value = 21,724,165,750,000

Strike 30100 has a total call value of 22,020,791,875,000 versus a total put value of 0 Combined total value = 22,020,791,875,000

Strike 30150 has a total call value of 22,317,418,000,000 versus a total put value of 0 Combined total value = 22,317,418,000,000

Strike 30200 has a total call value of 22,614,044,125,000 versus a total put value of 0 Combined total value = 22,614,044,125,000

Strike 30250 has a total call value of 22,910,670,250,000 versus a total put value of 0 Combined total value = 22,910,670,250,000

Strike 30300 has a total call value of 23,207,296,375,000 versus a total put value of 0 Combined total value = 23,207,296,375,000

Strike 30350 has a total call value of 23,503,922,500,000 versus a total put value of 0 Combined total value = 23,503,922,500,000

Strike 30400 has a total call value of 23,800,548,625,000 versus a total put value of 0 Combined total value = 23,800,548,625,000

Strike 30450 has a total call value of 24,097,174,750,000 versus a total put value of 0 Combined total value = 24,097,174,750,000

Strike 30500 has a total call value of 24,393,800,875,000 versus a total put value of 0 Combined total value = 24,393,800,875,000

Strike 30550 has a total call value of 24,690,427,000,000 versus a total put value of 0 Combined total value = 24,690,427,000,000

Strike 30600 has a total call value of 24,987,053,125,000 versus a total put value of 0 Combined total value = 24,987,053,125,000

Strike 30650 has a total call value of 25,283,679,250,000 versus a total put value of 0 Combined total value = 25,283,679,250,000

Strike 30700 has a total call value of 25,580,305,375,000 versus a total put value of 0 Combined total value = 25,580,305,375,000

Strike 30750 has a total call value of 25,876,931,500,000 versus a total put value of 0 Combined total value = 25,876,931,500,000

Strike 30800 has a total call value of 26,173,557,625,000 versus a total put value of 0 Combined total value = 26,173,557,625,000

Strike 30850 has a total call value of 26,470,183,750,000 versus a total put value of 0 Combined total value = 26,470,183,750,000

Strike 30900 has a total call value of 26,766,809,875,000 versus a total put value of 0 Combined total value = 26,766,809,875,000

Strike 30950 has a total call value of 27,063,436,000,000 versus a total put value of 0 Combined total value = 27,063,436,000,000

Strike 31000 has a total call value of 27,360,062,125,000 versus a total put value of 0 Combined total value = 27,360,062,125,000

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	1144.7	1140
ABB	5285	5200
ABCAPITAL	351.8	350
ADANIENSOL	1016.45	990
ADANIENT	2278.9	2300
ADANIGREEN	1047.6	1040
ADANIPORTS	1512.6	1500
ALKEM	5624.5	5700
AMBER	6801.5	6800
AMBUJACEM	553.45	550
ANGELONE	2582.5	2600
APLAPOLLO	1739.1	1740
APOLLOHOSP	7086.5	7200
ASHOKLEY	166.82	160
ASIANPAINT	2780.2	2800
ASTRAL	1430.6	1440
AUBANK	979.05	960
AUROPHARMA	1186.3	1200
AXISBANK	1284.8	1280
BAJAJ-AUTO	8940	9000
BAJAJFINSV	2070.5	2060
BAJFINANCE	1012.7	1020
BANDHANBNK	151.79	150
BANKBARODA	285.1	290
BANKINDIA	141.77	142
BDL	1402.6	1440
BEL	390.75	400
BHARATFORG	1414.1	1400
BHARTIARTL	2069.7	2100
BHEL	282.6	282.5
BIOCON	390.65	390
BLUESTARCO	1806.2	1780
BOSCHLTD	36400	36500
BPCL	367	365
BRITANNIA	6038	5950
BSE	2648.9	2750
CAMS	755.2	770
CANBK	148.29	148
CDSL	1517.6	1560
CGPOWER	670.15	680
CHOLAFIN	1733.7	1700
CIPLA	1508	1520
COALINDIA	384.45	382.25
COFORGE	1870	1840
COLPAL	2164.4	2180
CONCOR	502.75	510
CROMPTON	253.05	265
CUMMINSIND	4539.9	4500
CYIENT	1158	1160
DABUR	497.2	505
DALBHARAT	2103.6	2040
DELHIVERY	407.25	415
DIVISLAB	6347.5	6400
DIXON	13737	13750
DLF	697.9	710
DMART	3825.6	3900
DRREDDY	1280.6	1270
EICHERMOT	7121.5	7150
ETERNAL	298.45	300
EXIDEIND	372.45	375
FEDERALBNK	265.25	260
FORTIS	869.8	890
GAIL	169.86	175
GLENMARK	1985.6	1940
GMRAIRPORT	104.88	102
GODREJCP	1166.1	1140
GODREJPROP	2067.8	2040
GRASIM	2821	2800
HAL	4321.6	4500
HAVELLS	1412.3	1420
HCLTECH	1684	1660
HDFCAMC	2607	2640
HDFCBANK	996.1	1000
HDFCLIFE	772.7	770
HEROMOTOCO	5959.5	6050
HFCL	66	68
HINDALCO	847.85	820
HINDPETRO	466.15	460
HINDUNILVR	2293.5	2300
HINDZINC	568.05	540
HUDCO	214.85	220
ICICIBANK	1365.2	1380
ICICIGI	1951.8	1960
ICICIPRULI	648.5	630
IDEA	11.35	11
IDFCFIRSTB	83.87	82
IEX	142.32	145
IIFL	575.2	570
INDHOTEL	731.15	730
INDIANB	783.85	810
INDIGO	4965.5	5000
INDUSINDBK	851.25	850
INDUSTOWER	409.45	410
INFY	1606.8	1600
INOXWIND	125.99	130
IOC	168.55	165
IRCTC	672.5	685
IREDA	135.46	140
IRFC	113.25	115
ITC	402.3	405
JINDALSTEL	1034	1030
JIOFIN	299.6	300
JSWENERGY	486.45	490
JSWSTEEL	1114.8	1140
JUBLFOOD	577.45	590
KALYANKJIL	480.1	480
KAYNES	4197.5	4400
KEI	4167.9	4100
KFINTECH	1049.5	1060
KOTAKBANK	2181.3	2160
KPITTECH	1207.4	1220
LAURUSLABS	1004.9	1000
LICHSGFIN	531.45	550
LICI	856.9	880
LODHA	1091	1100
LT	4092.3	4040
LTF	305.1	305
LTIM	6269.5	6200
LUPIN	2092.6	2080
M&M	3608	3650
MANAPPURAM	286.25	282.5
MANKIND	2141.2	2200
MARICO	737.65	730
MARUTI	16415	16300
MAXHEALTH	1085.4	1100
MAZDOCK	2447.8	2600
MCX	10186	10100
MFSL	1698.3	1700
MOTHERSON	120.31	116
MPHASIS	2897.9	2900
MUTHOOTFIN	3856.4	3800
NATIONALUM	278.7	270
NAUKRI	1361.6	1360
NBCC	115.39	114
NCC	161.7	167.5
NESTLEIND	1243.5	1240
NHPC	77.21	78
NMDC	78.55	77
NTPC	323.95	325
NUVAMA	7274	7200
NYKAA	251.6	257.5
OBEROIRLTY	1655.9	1640
OFSS	7967.5	8000
OIL	403.55	410
ONGC	235.35	240
PAGEIND	36740	37000
PATANJALI	529.75	540
PAYTM	1310.1	1300
PERSISTENT	6297.5	6300
PETRONET	268.55	275
PFC	341.2	360
PGEL	564.75	560
PHOENIXLTD	1789.4	1760
PIDILITIND	1479.4	1480
PIIND	3245.4	3350
PNB	118.74	120
PNBHOUSING	922.05	910
POLICYBZR	1926.4	1900
POLYCAB	7339.5	7300
POWERGRID	262.2	270
POWERINDIA	19535	19500
PPLPHARMA	171.7	177.5
PRESTIGE	1655.4	1660
RBLBANK	304.3	310
RECLTD	342.5	355
RELIANCE	1556.2	1540
RVNL	313.15	315
SAIL	132.31	132
SAMMAANCAP	148.68	155
SBICARD	870	880
SBILIFE	2034.9	2020
SBIN	967.25	965
SHREECEM	26625	26500
SHRIRAMFIN	855.35	850
SIEMENS	3157.8	3200
SOLARINDS	12196	12750
SONACOMS	486.9	495
SRF	3001	2950
SUNPHARMA	1797.1	1800
SUPREMEIND	3272	3400
SUZLON	53.14	54
SYNGENE	660.35	650
TATACONSUM	1157.4	1170
TATAELXSI	5048.5	5000
TATAMOTORS	0	320
TATAPOWER	381.65	390
TATASTEEL	172.87	170
TATATECH	657.3	670
TCS	3230.2	3200
TECHM	1575.4	1560
TIINDIA	2647.7	2700
TITAGARH	789.5	800
TITAN	3866.2	3840
TMPV	347.15	360
TORNTPHARM	3782.6	3750
TORNTPOWER	1292.7	1300
TRENT	4109	4200
TVSMOTOR	3639.3	3600
ULTRACEMCO	11728	11700
UNIONBANK	153.65	152.5
UNITDSPR	1442.4	1440
UNOMINDA	1239.4	1280
UPL	765.65	750
VBL	477.6	475
VEDL	549.4	530
VOLTAS	1388.9	1360
WIPRO	261.74	255
YESBANK	21.76	22
ZYDUSLIFE	921.6	930

Note:

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Max Pain becomes increasingly relevant as option expiration approaches:

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

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

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