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ADANIENT

Adani Enterprises Limited
2239 +9.70 (0.44%)
L: 2210 H: 2250
Max Pain - ADANIENT
21 Dec 2025 04:12 PM IST


Strike  1840  has a total call value of 0  versus a total put value of  371,421,187,335 Combined total value = 371,421,187,335

Strike  1860  has a total call value of 0  versus a total put value of  353,145,691,335 Combined total value = 353,145,691,335

Strike  1880  has a total call value of 0  versus a total put value of  334,870,195,335 Combined total value = 334,870,195,335

Strike  1900  has a total call value of 0  versus a total put value of  316,642,903,335 Combined total value = 316,642,903,335

Strike  1900.2  has a total call value of 0  versus a total put value of  316,460,630,415 Combined total value = 316,460,630,415

Strike  1920  has a total call value of 18,966,420  versus a total put value of  298,711,732,215 Combined total value = 298,730,698,635

Strike  1938.95  has a total call value of 37,118,625  versus a total put value of  281,768,112,735 Combined total value = 281,805,231,360

Strike  1940  has a total call value of 38,124,420  versus a total put value of  280,839,666,615 Combined total value = 280,877,791,035

Strike  1960  has a total call value of 57,282,420  versus a total put value of  263,190,822,615 Combined total value = 263,248,105,035

Strike  1977.75  has a total call value of 74,285,145  versus a total put value of  247,634,426,190 Combined total value = 247,708,711,335

Strike  1980  has a total call value of 76,440,420  versus a total put value of  245,677,297,440 Combined total value = 245,753,737,860

Strike  2000  has a total call value of 95,598,420  versus a total put value of  228,280,597,440 Combined total value = 228,376,195,860

Strike  2016.55  has a total call value of 119,122,590  versus a total put value of  215,294,232,810 Combined total value = 215,413,355,400

Strike  2020  has a total call value of 124,026,420  versus a total put value of  212,608,106,625 Combined total value = 212,732,133,045

Strike  2035.9  has a total call value of 146,626,680  versus a total put value of  200,300,791,125 Combined total value = 200,447,417,805

Strike  2040  has a total call value of 152,454,420  versus a total put value of  197,142,409,425 Combined total value = 197,294,863,845

Strike  2055.3  has a total call value of 174,201,840  versus a total put value of  185,401,166,475 Combined total value = 185,575,368,315

Strike  2060  has a total call value of 180,882,420  versus a total put value of  181,828,508,475 Combined total value = 182,009,390,895

Strike  2074.7  has a total call value of 201,777,000  versus a total put value of  170,715,771,525 Combined total value = 170,917,548,525

Strike  2080  has a total call value of 209,310,420  versus a total put value of  166,729,773,495 Combined total value = 166,939,083,915

Strike  2094.1  has a total call value of 231,094,920  versus a total put value of  156,267,113,835 Combined total value = 156,498,208,755

Strike  2100  has a total call value of 240,210,420  versus a total put value of  151,904,800,155 Combined total value = 152,145,010,575

Strike  2113.5  has a total call value of 332,400,570  versus a total put value of  142,628,635,605 Combined total value = 142,961,036,175

Strike  2120  has a total call value of 376,989,270  versus a total put value of  138,190,252,305 Combined total value = 138,567,241,575

Strike  2132.85  has a total call value of 465,931,830  versus a total put value of  129,766,121,265 Combined total value = 130,232,053,095

Strike  2140  has a total call value of 526,468,020  versus a total put value of  125,233,860,675 Combined total value = 125,760,328,695

Strike  2152.25  has a total call value of 647,217,495  versus a total put value of  117,560,780,400 Combined total value = 118,207,997,895

Strike  2160  has a total call value of 723,610,020  versus a total put value of  112,779,901,500 Combined total value = 113,503,511,520

Strike  2171.65  has a total call value of 865,084,125  versus a total put value of  105,723,835,515 Combined total value = 106,588,919,640

Strike  2180  has a total call value of 966,484,020  versus a total put value of  100,681,964,400 Combined total value = 101,648,448,420

Strike  2191.05  has a total call value of 1,151,547,210  versus a total put value of  94,158,657,675 Combined total value = 95,310,204,885

Strike  2200  has a total call value of 1,301,440,020  versus a total put value of  88,922,641,860 Combined total value = 90,224,081,880

Strike  2210.45  has a total call value of 2,041,215,375  versus a total put value of  83,392,570,830 Combined total value = 85,433,786,205

Strike  2220  has a total call value of 2,717,278,020  versus a total put value of  78,421,105,365 Combined total value = 81,138,383,385

Strike  2229.8  has a total call value of 3,595,153,200  versus a total put value of  73,552,365,405 Combined total value = 77,147,518,605

Strike  2240  has a total call value of 4,624,215,900  versus a total put value of  68,705,527,365 Combined total value = 73,329,743,265

Strike  2249.2  has a total call value of 5,835,248,700  versus a total put value of  64,663,634,325 Combined total value = 70,498,883,025

Strike  2260  has a total call value of 7,346,666,580  versus a total put value of  59,918,803,365 Combined total value = 67,265,469,945

Strike  2268.6  has a total call value of 9,651,695,340  versus a total put value of  56,414,755,725 Combined total value = 66,066,451,065

Strike  2280  has a total call value of 12,790,684,200  versus a total put value of  51,769,855,365 Combined total value = 64,560,539,565

Strike  2288  has a total call value of 15,270,841,800  versus a total put value of  48,671,944,965 Combined total value = 63,942,786,765

Strike  2300  has a total call value of 19,081,553,400  versus a total put value of  44,025,079,365 Combined total value = 63,106,632,765

Strike  2307.35  has a total call value of 23,344,729,065  versus a total put value of  41,927,218,110 Combined total value = 65,271,947,175

Strike  2320  has a total call value of 30,825,877,080  versus a total put value of  38,401,044,525 Combined total value = 69,226,921,605

Strike  2326.75  has a total call value of 35,021,363,205  versus a total put value of  36,599,999,400 Combined total value = 71,621,362,605

Strike  2340  has a total call value of 43,549,276,530  versus a total put value of  33,346,708,350 Combined total value = 76,895,984,880

Strike  2346.15  has a total call value of 47,752,850,730  versus a total put value of  31,937,218,755 Combined total value = 79,690,069,485

Strike  2360  has a total call value of 57,461,664,720  versus a total put value of  28,881,120,690 Combined total value = 86,342,785,410

Strike  2365.55  has a total call value of 61,612,529,700  versus a total put value of  27,747,195,750 Combined total value = 89,359,725,450

Strike  2380  has a total call value of 72,656,830,875  versus a total put value of  25,014,585,150 Combined total value = 97,671,416,025

Strike  2384.95  has a total call value of 76,563,913,395  versus a total put value of  24,109,397,460 Combined total value = 100,673,310,855

Strike  2400  has a total call value of 88,536,961,965  versus a total put value of  21,368,887,275 Combined total value = 109,905,849,240

Strike  2404.3  has a total call value of 92,855,369,835  versus a total put value of  20,767,783,395 Combined total value = 113,623,153,230

Strike  2420  has a total call value of 108,755,505,585  versus a total put value of  18,643,399,125 Combined total value = 127,398,904,710

Strike  2423.7  has a total call value of 112,555,834,785  versus a total put value of  18,150,636,825 Combined total value = 130,706,471,610

Strike  2440  has a total call value of 129,701,768,925  versus a total put value of  16,418,012,025 Combined total value = 146,119,780,950

Strike  2443.1  has a total call value of 133,051,545,225  versus a total put value of  16,103,246,085 Combined total value = 149,154,791,310

Strike  2460  has a total call value of 151,427,592,915  versus a total put value of  14,387,264,025 Combined total value = 165,814,856,940

Strike  2462.5  has a total call value of 154,203,803,415  versus a total put value of  14,150,570,025 Combined total value = 168,354,373,440

Strike  2480  has a total call value of 173,820,591,165  versus a total put value of  12,548,868,525 Combined total value = 186,369,459,690

Strike  2481.9  has a total call value of 175,971,784,275  versus a total put value of  12,376,261,125 Combined total value = 188,348,045,400

Strike  2500  has a total call value of 196,630,838,295  versus a total put value of  10,807,452,675 Combined total value = 207,438,290,970

Strike  2501.25  has a total call value of 198,202,373,670  versus a total put value of  10,734,258,300 Combined total value = 208,936,631,970

Strike  2520  has a total call value of 221,888,961,795  versus a total put value of  9,649,668,300 Combined total value = 231,538,630,095

Strike  2520.65  has a total call value of 222,712,205,775  versus a total put value of  9,613,113,600 Combined total value = 232,325,319,375

Strike  2540  has a total call value of 247,509,534,570  versus a total put value of  8,703,684,885 Combined total value = 256,213,219,455

Strike  2540.05  has a total call value of 247,573,953,345  versus a total put value of  8,701,334,940 Combined total value = 256,275,288,285

Strike  2559.45  has a total call value of 272,676,340,845  versus a total put value of  7,790,155,740 Combined total value = 280,466,496,585

Strike  2560  has a total call value of 273,388,006,470  versus a total put value of  7,764,442,305 Combined total value = 281,152,448,775

Strike  2578.85  has a total call value of 298,014,044,205  versus a total put value of  6,883,755,225 Combined total value = 304,897,799,430

Strike  2580  has a total call value of 299,516,428,470  versus a total put value of  6,830,310,585 Combined total value = 306,346,739,055

Strike  2598.2  has a total call value of 323,293,292,490  versus a total put value of  5,984,491,065 Combined total value = 329,277,783,555

Strike  2600  has a total call value of 325,651,691,730  versus a total put value of  5,901,450,405 Combined total value = 331,553,142,135

Strike  2617.6  has a total call value of 349,207,577,490  versus a total put value of  5,208,054,405 Combined total value = 354,415,631,895

Strike  2620  has a total call value of 352,454,524,770  versus a total put value of  5,123,586,165 Combined total value = 357,578,110,935

Strike  2637  has a total call value of 375,453,734,670  versus a total put value of  4,527,370,665 Combined total value = 379,981,105,335

Strike  2640  has a total call value of 379,512,418,770  versus a total put value of  4,422,156,165 Combined total value = 383,934,574,935

Strike  2656.4  has a total call value of 401,763,236,850  versus a total put value of  3,847,997,085 Combined total value = 405,611,233,935

Strike  2660  has a total call value of 406,647,562,770  versus a total put value of  3,721,962,165 Combined total value = 410,369,524,935

Strike  2675.8  has a total call value of 428,084,326,530  versus a total put value of  3,169,297,125 Combined total value = 431,253,623,655

Strike  2680  has a total call value of 433,782,706,770  versus a total put value of  3,022,386,165 Combined total value = 436,805,092,935

Strike  2695.15  has a total call value of 454,382,519,310  versus a total put value of  2,492,457,345 Combined total value = 456,874,976,655

Strike  2700  has a total call value of 460,977,178,770  versus a total put value of  2,322,810,165 Combined total value = 463,299,988,935

Strike  2714.55  has a total call value of 480,978,311,535  versus a total put value of  1,830,503,640 Combined total value = 482,808,815,175

Strike  2720  has a total call value of 488,532,454,620  versus a total put value of  1,747,648,380 Combined total value = 490,280,103,000

Strike  2733.95  has a total call value of 507,868,288,755  versus a total put value of  1,538,586,705 Combined total value = 509,406,875,460

Strike  2740  has a total call value of 516,254,080,620  versus a total put value of  1,448,479,215 Combined total value = 517,702,559,835

Strike  2753.35  has a total call value of 534,758,265,975  versus a total put value of  1,249,646,985 Combined total value = 536,007,912,960

Strike  2760  has a total call value of 543,975,706,620  versus a total put value of  1,151,219,670 Combined total value = 545,126,926,290

Strike  2780  has a total call value of 571,697,332,620  versus a total put value of  855,815,670 Combined total value = 572,553,148,290

Strike  2792.1  has a total call value of 588,468,916,350  versus a total put value of  677,096,250 Combined total value = 589,146,012,600

Strike  2800  has a total call value of 599,499,026,700  versus a total put value of  561,144,000 Combined total value = 600,060,170,700

Strike  2820  has a total call value of 627,516,056,700  versus a total put value of  280,572,000 Combined total value = 627,796,628,700

Strike  2840  has a total call value of 655,533,086,700  versus a total put value of  0 Combined total value = 655,533,086,700

Max-Pain Table for Stocks
LTP > Max Pain Bearish
LTP < Max Pain Bullish
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:

  1. For each strike price: Calculate the difference between the current stock price and the strike price.
  2. Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
  3. Sum the values: Add together the dollar value for put options and call options at each strike price.
  4. Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
  5. 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.