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.

SENSEX

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.

Sensex

85267.66 +449.53 (0.53%)

L: 84956.74 H: 85320.82

Max Pain - SENSEX

12 Dec 2025 04:11 PM IST Market Closed

Expiry

Max Pain for SENSEX is 85100

Historical data for SENSEX-85100-CE

LTP (85100 CE)

510.25 154.75

Open Interest

6195 3517

Historical data for SENSEX-85100-PE

LTP (85100 PE)

244.2 -242.45

Open Interest

14561 13418

Strike 75700 has a total call value of 0 versus a total put value of 6,367,227,200,000 Combined total value = 6,367,227,200,000

Strike 75800 has a total call value of 200,000 versus a total put value of 6,283,848,400,000 Combined total value = 6,283,848,600,000

Strike 75900 has a total call value of 400,000 versus a total put value of 6,200,469,600,000 Combined total value = 6,200,470,000,000

Strike 76000 has a total call value of 600,000 versus a total put value of 6,117,090,800,000 Combined total value = 6,117,091,400,000

Strike 76100 has a total call value of 1,600,000 versus a total put value of 6,033,869,600,000 Combined total value = 6,033,871,200,000

Strike 76200 has a total call value of 2,600,000 versus a total put value of 5,950,649,200,000 Combined total value = 5,950,651,800,000

Strike 76300 has a total call value of 3,600,000 versus a total put value of 5,867,428,800,000 Combined total value = 5,867,432,400,000

Strike 76400 has a total call value of 4,600,000 versus a total put value of 5,784,208,400,000 Combined total value = 5,784,213,000,000

Strike 76500 has a total call value of 5,600,000 versus a total put value of 5,700,999,000,000 Combined total value = 5,701,004,600,000

Strike 76600 has a total call value of 6,600,000 versus a total put value of 5,617,887,000,000 Combined total value = 5,617,893,600,000

Strike 76700 has a total call value of 7,600,000 versus a total put value of 5,534,775,000,000 Combined total value = 5,534,782,600,000

Strike 76800 has a total call value of 8,600,000 versus a total put value of 5,451,663,000,000 Combined total value = 5,451,671,600,000

Strike 76900 has a total call value of 9,600,000 versus a total put value of 5,368,554,200,000 Combined total value = 5,368,563,800,000

Strike 77000 has a total call value of 10,600,000 versus a total put value of 5,285,445,400,000 Combined total value = 5,285,456,000,000

Strike 77100 has a total call value of 11,600,000 versus a total put value of 5,202,781,800,000 Combined total value = 5,202,793,400,000

Strike 77200 has a total call value of 12,600,000 versus a total put value of 5,120,130,800,000 Combined total value = 5,120,143,400,000

Strike 77300 has a total call value of 13,600,000 versus a total put value of 5,037,483,000,000 Combined total value = 5,037,496,600,000

Strike 77400 has a total call value of 14,600,000 versus a total put value of 4,954,840,400,000 Combined total value = 4,954,855,000,000

Strike 77500 has a total call value of 15,600,000 versus a total put value of 4,872,198,600,000 Combined total value = 4,872,214,200,000

Strike 77600 has a total call value of 21,800,000 versus a total put value of 4,789,635,600,000 Combined total value = 4,789,657,400,000

Strike 77700 has a total call value of 28,000,000 versus a total put value of 4,707,072,600,000 Combined total value = 4,707,100,600,000

Strike 77800 has a total call value of 34,200,000 versus a total put value of 4,624,509,600,000 Combined total value = 4,624,543,800,000

Strike 77900 has a total call value of 40,400,000 versus a total put value of 4,541,949,800,000 Combined total value = 4,541,990,200,000

Strike 78000 has a total call value of 46,600,000 versus a total put value of 4,459,393,200,000 Combined total value = 4,459,439,800,000

Strike 78100 has a total call value of 54,000,000 versus a total put value of 4,377,733,200,000 Combined total value = 4,377,787,200,000

Strike 78200 has a total call value of 61,400,000 versus a total put value of 4,296,075,000,000 Combined total value = 4,296,136,400,000

Strike 78300 has a total call value of 68,800,000 versus a total put value of 4,214,416,800,000 Combined total value = 4,214,485,600,000

Strike 78400 has a total call value of 76,200,000 versus a total put value of 4,132,770,400,000 Combined total value = 4,132,846,600,000

Strike 78500 has a total call value of 83,600,000 versus a total put value of 4,051,129,000,000 Combined total value = 4,051,212,600,000

Strike 78600 has a total call value of 91,400,000 versus a total put value of 3,969,744,400,000 Combined total value = 3,969,835,800,000

Strike 78700 has a total call value of 99,200,000 versus a total put value of 3,888,368,400,000 Combined total value = 3,888,467,600,000

Strike 78800 has a total call value of 107,000,000 versus a total put value of 3,806,992,400,000 Combined total value = 3,807,099,400,000

Strike 78900 has a total call value of 114,800,000 versus a total put value of 3,725,616,400,000 Combined total value = 3,725,731,200,000

Strike 79000 has a total call value of 122,600,000 versus a total put value of 3,644,240,400,000 Combined total value = 3,644,363,000,000

Strike 79100 has a total call value of 132,600,000 versus a total put value of 3,564,209,200,000 Combined total value = 3,564,341,800,000

Strike 79200 has a total call value of 142,600,000 versus a total put value of 3,484,179,800,000 Combined total value = 3,484,322,400,000

Strike 79300 has a total call value of 152,600,000 versus a total put value of 3,404,156,400,000 Combined total value = 3,404,309,000,000

Strike 79400 has a total call value of 162,600,000 versus a total put value of 3,324,181,000,000 Combined total value = 3,324,343,600,000

Strike 79500 has a total call value of 172,600,000 versus a total put value of 3,244,225,800,000 Combined total value = 3,244,398,400,000

Strike 79600 has a total call value of 182,600,000 versus a total put value of 3,164,520,400,000 Combined total value = 3,164,703,000,000

Strike 79700 has a total call value of 192,600,000 versus a total put value of 3,084,815,600,000 Combined total value = 3,085,008,200,000

Strike 79800 has a total call value of 202,600,000 versus a total put value of 3,005,118,400,000 Combined total value = 3,005,321,000,000

Strike 79900 has a total call value of 212,600,000 versus a total put value of 2,925,431,800,000 Combined total value = 2,925,644,400,000

Strike 80000 has a total call value of 222,600,000 versus a total put value of 2,845,774,400,000 Combined total value = 2,845,997,000,000

Strike 80100 has a total call value of 249,200,000 versus a total put value of 2,769,726,800,000 Combined total value = 2,769,976,000,000

Strike 80200 has a total call value of 275,800,000 versus a total put value of 2,693,707,200,000 Combined total value = 2,693,983,000,000

Strike 80300 has a total call value of 302,400,000 versus a total put value of 2,617,706,000,000 Combined total value = 2,618,008,400,000

Strike 80400 has a total call value of 329,000,000 versus a total put value of 2,541,735,400,000 Combined total value = 2,542,064,400,000

Strike 80500 has a total call value of 355,600,000 versus a total put value of 2,465,784,400,000 Combined total value = 2,466,140,000,000

Strike 80600 has a total call value of 382,200,000 versus a total put value of 2,390,989,200,000 Combined total value = 2,391,371,400,000

Strike 80700 has a total call value of 408,800,000 versus a total put value of 2,316,218,200,000 Combined total value = 2,316,627,000,000

Strike 80800 has a total call value of 435,400,000 versus a total put value of 2,241,472,200,000 Combined total value = 2,241,907,600,000

Strike 80900 has a total call value of 462,000,000 versus a total put value of 2,166,777,400,000 Combined total value = 2,167,239,400,000

Strike 81000 has a total call value of 488,600,000 versus a total put value of 2,092,093,200,000 Combined total value = 2,092,581,800,000

Strike 81100 has a total call value of 547,000,000 versus a total put value of 2,020,075,000,000 Combined total value = 2,020,622,000,000

Strike 81200 has a total call value of 605,400,000 versus a total put value of 1,948,100,600,000 Combined total value = 1,948,706,000,000

Strike 81300 has a total call value of 663,800,000 versus a total put value of 1,876,405,200,000 Combined total value = 1,877,069,000,000

Strike 81400 has a total call value of 722,200,000 versus a total put value of 1,804,765,200,000 Combined total value = 1,805,487,400,000

Strike 81500 has a total call value of 781,600,000 versus a total put value of 1,733,400,600,000 Combined total value = 1,734,182,200,000

Strike 81600 has a total call value of 854,000,000 versus a total put value of 1,664,849,200,000 Combined total value = 1,665,703,200,000

Strike 81700 has a total call value of 926,400,000 versus a total put value of 1,596,574,200,000 Combined total value = 1,597,500,600,000

Strike 81800 has a total call value of 998,800,000 versus a total put value of 1,528,624,400,000 Combined total value = 1,529,623,200,000

Strike 81900 has a total call value of 1,071,200,000 versus a total put value of 1,460,957,000,000 Combined total value = 1,462,028,200,000

Strike 82000 has a total call value of 1,143,600,000 versus a total put value of 1,393,408,200,000 Combined total value = 1,394,551,800,000

Strike 82100 has a total call value of 1,234,000,000 versus a total put value of 1,331,410,800,000 Combined total value = 1,332,644,800,000

Strike 82200 has a total call value of 1,324,600,000 versus a total put value of 1,269,830,800,000 Combined total value = 1,271,155,400,000

Strike 82300 has a total call value of 1,418,800,000 versus a total put value of 1,208,437,600,000 Combined total value = 1,209,856,400,000

Strike 82400 has a total call value of 1,515,400,000 versus a total put value of 1,147,304,200,000 Combined total value = 1,148,819,600,000

Strike 82500 has a total call value of 1,612,000,000 versus a total put value of 1,086,487,800,000 Combined total value = 1,088,099,800,000

Strike 82600 has a total call value of 2,191,800,000 versus a total put value of 1,028,412,400,000 Combined total value = 1,030,604,200,000

Strike 82700 has a total call value of 2,774,200,000 versus a total put value of 970,728,400,000 Combined total value = 973,502,600,000

Strike 82800 has a total call value of 3,359,400,000 versus a total put value of 913,408,200,000 Combined total value = 916,767,600,000

Strike 82900 has a total call value of 3,944,600,000 versus a total put value of 856,766,000,000 Combined total value = 860,710,600,000

Strike 83000 has a total call value of 4,532,000,000 versus a total put value of 800,555,600,000 Combined total value = 805,087,600,000

Strike 83100 has a total call value of 5,965,000,000 versus a total put value of 748,503,600,000 Combined total value = 754,468,600,000

Strike 83200 has a total call value of 7,398,000,000 versus a total put value of 697,183,400,000 Combined total value = 704,581,400,000

Strike 83300 has a total call value of 8,831,800,000 versus a total put value of 646,986,800,000 Combined total value = 655,818,600,000

Strike 83400 has a total call value of 10,266,800,000 versus a total put value of 597,728,400,000 Combined total value = 607,995,200,000

Strike 83500 has a total call value of 11,704,400,000 versus a total put value of 549,142,800,000 Combined total value = 560,847,200,000

Strike 83600 has a total call value of 13,164,800,000 versus a total put value of 503,693,200,000 Combined total value = 516,858,000,000

Strike 83700 has a total call value of 14,632,600,000 versus a total put value of 458,960,800,000 Combined total value = 473,593,400,000

Strike 83800 has a total call value of 16,144,400,000 versus a total put value of 416,117,800,000 Combined total value = 432,262,200,000

Strike 83900 has a total call value of 17,690,600,000 versus a total put value of 375,039,600,000 Combined total value = 392,730,200,000

Strike 84000 has a total call value of 19,261,800,000 versus a total put value of 334,977,400,000 Combined total value = 354,239,200,000

Strike 84100 has a total call value of 21,127,400,000 versus a total put value of 298,912,200,000 Combined total value = 320,039,600,000

Strike 84200 has a total call value of 23,043,400,000 versus a total put value of 263,833,600,000 Combined total value = 286,877,000,000

Strike 84300 has a total call value of 25,053,000,000 versus a total put value of 230,448,000,000 Combined total value = 255,501,000,000

Strike 84400 has a total call value of 27,188,800,000 versus a total put value of 198,452,400,000 Combined total value = 225,641,200,000

Strike 84500 has a total call value of 29,440,800,000 versus a total put value of 167,738,000,000 Combined total value = 197,178,800,000

Strike 84600 has a total call value of 32,662,400,000 versus a total put value of 140,878,000,000 Combined total value = 173,540,400,000

Strike 84700 has a total call value of 36,281,800,000 versus a total put value of 115,565,000,000 Combined total value = 151,846,800,000

Strike 84800 has a total call value of 40,363,000,000 versus a total put value of 91,849,200,000 Combined total value = 132,212,200,000

Strike 84900 has a total call value of 45,174,600,000 versus a total put value of 70,792,600,000 Combined total value = 115,967,200,000

Strike 85000 has a total call value of 50,778,400,000 versus a total put value of 52,004,000,000 Combined total value = 102,782,400,000

Strike 85100 has a total call value of 60,294,800,000 versus a total put value of 38,434,800,000 Combined total value = 98,729,600,000

Strike 85200 has a total call value of 71,050,200,000 versus a total put value of 27,777,800,000 Combined total value = 98,828,000,000

Strike 85300 has a total call value of 85,212,200,000 versus a total put value of 20,532,400,000 Combined total value = 105,744,600,000

Strike 85400 has a total call value of 102,088,800,000 versus a total put value of 15,993,800,000 Combined total value = 118,082,600,000

Strike 85500 has a total call value of 120,803,600,000 versus a total put value of 12,282,000,000 Combined total value = 133,085,600,000

Strike 85600 has a total call value of 142,818,800,000 versus a total put value of 9,983,000,000 Combined total value = 152,801,800,000

Strike 85700 has a total call value of 166,338,200,000 versus a total put value of 8,165,000,000 Combined total value = 174,503,200,000

Strike 85800 has a total call value of 191,467,800,000 versus a total put value of 6,670,800,000 Combined total value = 198,138,600,000

Strike 85900 has a total call value of 218,091,600,000 versus a total put value of 5,583,400,000 Combined total value = 223,675,000,000

Strike 86000 has a total call value of 245,634,400,000 versus a total put value of 4,577,000,000 Combined total value = 250,211,400,000

Strike 86100 has a total call value of 276,941,600,000 versus a total put value of 4,017,000,000 Combined total value = 280,958,600,000

Strike 86200 has a total call value of 309,216,000,000 versus a total put value of 3,495,800,000 Combined total value = 312,711,800,000

Strike 86300 has a total call value of 342,882,000,000 versus a total put value of 3,024,400,000 Combined total value = 345,906,400,000

Strike 86400 has a total call value of 378,232,200,000 versus a total put value of 2,597,800,000 Combined total value = 380,830,000,000

Strike 86500 has a total call value of 414,759,400,000 versus a total put value of 2,219,400,000 Combined total value = 416,978,800,000

Strike 86600 has a total call value of 455,558,600,000 versus a total put value of 2,054,800,000 Combined total value = 457,613,400,000

Strike 86700 has a total call value of 497,474,200,000 versus a total put value of 1,899,800,000 Combined total value = 499,374,000,000

Strike 86800 has a total call value of 540,830,400,000 versus a total put value of 1,771,600,000 Combined total value = 542,602,000,000

Strike 86900 has a total call value of 585,594,000,000 versus a total put value of 1,657,600,000 Combined total value = 587,251,600,000

Strike 87000 has a total call value of 631,606,400,000 versus a total put value of 1,565,400,000 Combined total value = 633,171,800,000

Strike 87100 has a total call value of 682,465,800,000 versus a total put value of 1,505,800,000 Combined total value = 683,971,600,000

Strike 87200 has a total call value of 734,188,600,000 versus a total put value of 1,447,600,000 Combined total value = 735,636,200,000

Strike 87300 has a total call value of 786,672,200,000 versus a total put value of 1,390,200,000 Combined total value = 788,062,400,000

Strike 87400 has a total call value of 840,298,000,000 versus a total put value of 1,333,600,000 Combined total value = 841,631,600,000

Strike 87500 has a total call value of 894,595,400,000 versus a total put value of 1,277,000,000 Combined total value = 895,872,400,000

Strike 87600 has a total call value of 952,461,200,000 versus a total put value of 1,220,400,000 Combined total value = 953,681,600,000

Strike 87700 has a total call value of 1,013,231,200,000 versus a total put value of 1,163,800,000 Combined total value = 1,014,395,000,000

Strike 87800 has a total call value of 1,075,036,200,000 versus a total put value of 1,107,200,000 Combined total value = 1,076,143,400,000

Strike 87900 has a total call value of 1,137,318,000,000 versus a total put value of 1,050,600,000 Combined total value = 1,138,368,600,000

Strike 88000 has a total call value of 1,200,172,000,000 versus a total put value of 994,000,000 Combined total value = 1,201,166,000,000

Strike 88100 has a total call value of 1,269,017,800,000 versus a total put value of 944,800,000 Combined total value = 1,269,962,600,000

Strike 88200 has a total call value of 1,338,176,800,000 versus a total put value of 895,600,000 Combined total value = 1,339,072,400,000

Strike 88300 has a total call value of 1,407,453,400,000 versus a total put value of 846,400,000 Combined total value = 1,408,299,800,000

Strike 88400 has a total call value of 1,476,842,000,000 versus a total put value of 797,200,000 Combined total value = 1,477,639,200,000

Strike 88500 has a total call value of 1,546,424,400,000 versus a total put value of 748,000,000 Combined total value = 1,547,172,400,000

Strike 88600 has a total call value of 1,618,035,600,000 versus a total put value of 698,800,000 Combined total value = 1,618,734,400,000

Strike 88700 has a total call value of 1,689,763,600,000 versus a total put value of 649,600,000 Combined total value = 1,690,413,200,000

Strike 88800 has a total call value of 1,761,590,400,000 versus a total put value of 600,400,000 Combined total value = 1,762,190,800,000

Strike 88900 has a total call value of 1,833,659,400,000 versus a total put value of 551,200,000 Combined total value = 1,834,210,600,000

Strike 89000 has a total call value of 1,905,917,800,000 versus a total put value of 502,000,000 Combined total value = 1,906,419,800,000

Strike 89100 has a total call value of 1,980,746,200,000 versus a total put value of 465,400,000 Combined total value = 1,981,211,600,000

Strike 89200 has a total call value of 2,055,620,000,000 versus a total put value of 428,800,000 Combined total value = 2,056,048,800,000

Strike 89300 has a total call value of 2,130,573,400,000 versus a total put value of 392,200,000 Combined total value = 2,130,965,600,000

Strike 89400 has a total call value of 2,205,572,000,000 versus a total put value of 355,600,000 Combined total value = 2,205,927,600,000

Strike 89500 has a total call value of 2,280,612,800,000 versus a total put value of 319,000,000 Combined total value = 2,280,931,800,000

Strike 89600 has a total call value of 2,356,649,600,000 versus a total put value of 282,400,000 Combined total value = 2,356,932,000,000

Strike 89700 has a total call value of 2,432,779,200,000 versus a total put value of 245,800,000 Combined total value = 2,433,025,000,000

Strike 89800 has a total call value of 2,508,920,800,000 versus a total put value of 209,200,000 Combined total value = 2,509,130,000,000

Strike 89900 has a total call value of 2,585,075,800,000 versus a total put value of 172,600,000 Combined total value = 2,585,248,400,000

Strike 90000 has a total call value of 2,661,285,800,000 versus a total put value of 136,000,000 Combined total value = 2,661,421,800,000

Strike 90100 has a total call value of 2,740,878,600,000 versus a total put value of 122,400,000 Combined total value = 2,741,001,000,000

Strike 90200 has a total call value of 2,820,484,600,000 versus a total put value of 108,800,000 Combined total value = 2,820,593,400,000

Strike 90300 has a total call value of 2,900,158,000,000 versus a total put value of 95,200,000 Combined total value = 2,900,253,200,000

Strike 90400 has a total call value of 2,979,834,200,000 versus a total put value of 81,600,000 Combined total value = 2,979,915,800,000

Strike 90500 has a total call value of 3,059,542,000,000 versus a total put value of 68,000,000 Combined total value = 3,059,610,000,000

Strike 90600 has a total call value of 3,139,500,400,000 versus a total put value of 54,400,000 Combined total value = 3,139,554,800,000

Strike 90700 has a total call value of 3,219,465,400,000 versus a total put value of 40,800,000 Combined total value = 3,219,506,200,000

Strike 90800 has a total call value of 3,299,438,400,000 versus a total put value of 27,200,000 Combined total value = 3,299,465,600,000

Strike 90900 has a total call value of 3,379,415,800,000 versus a total put value of 13,600,000 Combined total value = 3,379,429,400,000

Strike 91000 has a total call value of 3,459,396,600,000 versus a total put value of 0 Combined total value = 3,459,396,600,000

Strike 91100 has a total call value of 3,539,819,800,000 versus a total put value of 0 Combined total value = 3,539,819,800,000

Strike 91200 has a total call value of 3,620,243,200,000 versus a total put value of 0 Combined total value = 3,620,243,200,000

Strike 91300 has a total call value of 3,700,672,800,000 versus a total put value of 0 Combined total value = 3,700,672,800,000

Strike 91400 has a total call value of 3,781,102,400,000 versus a total put value of 0 Combined total value = 3,781,102,400,000

Strike 91500 has a total call value of 3,861,532,000,000 versus a total put value of 0 Combined total value = 3,861,532,000,000

Strike 91600 has a total call value of 3,941,998,200,000 versus a total put value of 0 Combined total value = 3,941,998,200,000

Strike 91700 has a total call value of 4,022,464,400,000 versus a total put value of 0 Combined total value = 4,022,464,400,000

Strike 91800 has a total call value of 4,102,932,000,000 versus a total put value of 0 Combined total value = 4,102,932,000,000

Strike 91900 has a total call value of 4,183,423,200,000 versus a total put value of 0 Combined total value = 4,183,423,200,000

Strike 92000 has a total call value of 4,263,915,200,000 versus a total put value of 0 Combined total value = 4,263,915,200,000

Strike 92100 has a total call value of 4,345,203,600,000 versus a total put value of 0 Combined total value = 4,345,203,600,000

Strike 92200 has a total call value of 4,426,492,600,000 versus a total put value of 0 Combined total value = 4,426,492,600,000

Strike 92300 has a total call value of 4,507,784,000,000 versus a total put value of 0 Combined total value = 4,507,784,000,000

Strike 92400 has a total call value of 4,589,084,600,000 versus a total put value of 0 Combined total value = 4,589,084,600,000

Strike 92500 has a total call value of 4,670,434,800,000 versus a total put value of 0 Combined total value = 4,670,434,800,000

Strike 92600 has a total call value of 4,751,813,000,000 versus a total put value of 0 Combined total value = 4,751,813,000,000

Strike 92700 has a total call value of 4,833,195,200,000 versus a total put value of 0 Combined total value = 4,833,195,200,000

Strike 92800 has a total call value of 4,914,588,200,000 versus a total put value of 0 Combined total value = 4,914,588,200,000

Strike 92900 has a total call value of 4,995,995,600,000 versus a total put value of 0 Combined total value = 4,995,995,600,000

Strike 93000 has a total call value of 5,077,427,200,000 versus a total put value of 0 Combined total value = 5,077,427,200,000

Strike 93100 has a total call value of 5,159,163,400,000 versus a total put value of 0 Combined total value = 5,159,163,400,000

Strike 93200 has a total call value of 5,241,072,600,000 versus a total put value of 0 Combined total value = 5,241,072,600,000

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.

Related Pages for SENSEX

SENSEX

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD