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

25966.4 +150.85 (0.58%)

L: 25880.45 H: 25993.35

Max Pain - NIFTY

21 Dec 2025 11:59 PM IST

Expiry

Max Pain for NIFTY is 26000

Historical data for NIFTY-26000-CE

LTP (26000 CE)

165 58.45

Open Interest

113918 2345

Historical data for NIFTY-26000-PE

LTP (26000 PE)

123.05 -98.6

Open Interest

113517 13998

Strike 13000 has a total call value of 0 versus a total put value of 88,574,916,000,000 Combined total value = 88,574,916,000,000

Strike 14000 has a total call value of 0 versus a total put value of 81,298,293,500,000 Combined total value = 81,298,293,500,000

Strike 15000 has a total call value of 0 versus a total put value of 74,021,671,000,000 Combined total value = 74,021,671,000,000

Strike 16000 has a total call value of 0 versus a total put value of 66,746,738,500,000 Combined total value = 66,746,738,500,000

Strike 16500 has a total call value of 17,500,000 versus a total put value of 63,110,126,000,000 Combined total value = 63,110,143,500,000

Strike 17000 has a total call value of 35,000,000 versus a total put value of 59,473,827,250,000 Combined total value = 59,473,862,250,000

Strike 18000 has a total call value of 11,065,000,000 versus a total put value of 52,214,277,250,000 Combined total value = 52,225,342,250,000

Strike 19000 has a total call value of 27,272,500,000 versus a total put value of 44,966,117,250,000 Combined total value = 44,993,389,750,000

Strike 19350 has a total call value of 33,211,125,000 versus a total put value of 42,441,267,125,000 Combined total value = 42,474,478,250,000

Strike 19400 has a total call value of 34,059,500,000 versus a total put value of 42,080,574,250,000 Combined total value = 42,114,633,750,000

Strike 19450 has a total call value of 34,907,875,000 versus a total put value of 41,719,881,375,000 Combined total value = 41,754,789,250,000

Strike 19500 has a total call value of 35,756,250,000 versus a total put value of 41,359,188,500,000 Combined total value = 41,394,944,750,000

Strike 19550 has a total call value of 36,610,000,000 versus a total put value of 40,998,495,625,000 Combined total value = 41,035,105,625,000

Strike 19600 has a total call value of 37,463,750,000 versus a total put value of 40,637,802,750,000 Combined total value = 40,675,266,500,000

Strike 19650 has a total call value of 38,317,500,000 versus a total put value of 40,277,109,875,000 Combined total value = 40,315,427,375,000

Strike 19700 has a total call value of 39,171,250,000 versus a total put value of 39,916,417,000,000 Combined total value = 39,955,588,250,000

Strike 19750 has a total call value of 40,025,000,000 versus a total put value of 39,555,724,125,000 Combined total value = 39,595,749,125,000

Strike 19800 has a total call value of 40,878,750,000 versus a total put value of 39,195,031,250,000 Combined total value = 39,235,910,000,000

Strike 19850 has a total call value of 41,732,500,000 versus a total put value of 38,834,338,375,000 Combined total value = 38,876,070,875,000

Strike 19900 has a total call value of 42,586,250,000 versus a total put value of 38,473,645,500,000 Combined total value = 38,516,231,750,000

Strike 19950 has a total call value of 43,440,000,000 versus a total put value of 38,112,952,625,000 Combined total value = 38,156,392,625,000

Strike 20000 has a total call value of 44,293,750,000 versus a total put value of 37,752,259,750,000 Combined total value = 37,796,553,500,000

Strike 20050 has a total call value of 46,387,250,000 versus a total put value of 37,394,443,250,000 Combined total value = 37,440,830,500,000

Strike 20100 has a total call value of 48,480,750,000 versus a total put value of 37,036,626,750,000 Combined total value = 37,085,107,500,000

Strike 20150 has a total call value of 50,574,250,000 versus a total put value of 36,678,810,250,000 Combined total value = 36,729,384,500,000

Strike 20200 has a total call value of 52,667,750,000 versus a total put value of 36,320,993,750,000 Combined total value = 36,373,661,500,000

Strike 20250 has a total call value of 54,761,250,000 versus a total put value of 35,963,177,250,000 Combined total value = 36,017,938,500,000

Strike 20300 has a total call value of 56,854,750,000 versus a total put value of 35,605,360,750,000 Combined total value = 35,662,215,500,000

Strike 20350 has a total call value of 58,948,250,000 versus a total put value of 35,247,544,250,000 Combined total value = 35,306,492,500,000

Strike 20400 has a total call value of 61,041,750,000 versus a total put value of 34,889,727,750,000 Combined total value = 34,950,769,500,000

Strike 20450 has a total call value of 63,135,250,000 versus a total put value of 34,531,911,250,000 Combined total value = 34,595,046,500,000

Strike 20500 has a total call value of 65,228,750,000 versus a total put value of 34,174,094,750,000 Combined total value = 34,239,323,500,000

Strike 20550 has a total call value of 67,322,250,000 versus a total put value of 33,816,278,250,000 Combined total value = 33,883,600,500,000

Strike 20600 has a total call value of 69,415,750,000 versus a total put value of 33,458,461,750,000 Combined total value = 33,527,877,500,000

Strike 20650 has a total call value of 71,509,250,000 versus a total put value of 33,100,645,250,000 Combined total value = 33,172,154,500,000

Strike 20700 has a total call value of 73,602,750,000 versus a total put value of 32,742,828,750,000 Combined total value = 32,816,431,500,000

Strike 20750 has a total call value of 75,696,250,000 versus a total put value of 32,385,012,250,000 Combined total value = 32,460,708,500,000

Strike 20800 has a total call value of 77,789,750,000 versus a total put value of 32,027,195,750,000 Combined total value = 32,104,985,500,000

Strike 20850 has a total call value of 79,883,250,000 versus a total put value of 31,669,379,250,000 Combined total value = 31,749,262,500,000

Strike 20900 has a total call value of 81,976,750,000 versus a total put value of 31,311,562,750,000 Combined total value = 31,393,539,500,000

Strike 20950 has a total call value of 84,070,250,000 versus a total put value of 30,953,746,250,000 Combined total value = 31,037,816,500,000

Strike 21000 has a total call value of 86,163,750,000 versus a total put value of 30,595,929,750,000 Combined total value = 30,682,093,500,000

Strike 21050 has a total call value of 89,986,625,000 versus a total put value of 30,245,255,500,000 Combined total value = 30,335,242,125,000

Strike 21100 has a total call value of 93,809,500,000 versus a total put value of 29,894,581,250,000 Combined total value = 29,988,390,750,000

Strike 21150 has a total call value of 97,632,375,000 versus a total put value of 29,543,907,000,000 Combined total value = 29,641,539,375,000

Strike 21200 has a total call value of 101,455,250,000 versus a total put value of 29,193,232,750,000 Combined total value = 29,294,688,000,000

Strike 21250 has a total call value of 105,278,125,000 versus a total put value of 28,842,558,500,000 Combined total value = 28,947,836,625,000

Strike 21300 has a total call value of 109,101,000,000 versus a total put value of 28,491,884,250,000 Combined total value = 28,600,985,250,000

Strike 21350 has a total call value of 112,923,875,000 versus a total put value of 28,141,210,000,000 Combined total value = 28,254,133,875,000

Strike 21400 has a total call value of 116,746,750,000 versus a total put value of 27,790,535,750,000 Combined total value = 27,907,282,500,000

Strike 21450 has a total call value of 120,569,625,000 versus a total put value of 27,439,861,500,000 Combined total value = 27,560,431,125,000

Strike 21500 has a total call value of 124,392,500,000 versus a total put value of 27,089,187,250,000 Combined total value = 27,213,579,750,000

Strike 21550 has a total call value of 128,215,375,000 versus a total put value of 26,738,513,000,000 Combined total value = 26,866,728,375,000

Strike 21600 has a total call value of 132,038,250,000 versus a total put value of 26,387,838,750,000 Combined total value = 26,519,877,000,000

Strike 21650 has a total call value of 135,861,125,000 versus a total put value of 26,037,164,500,000 Combined total value = 26,173,025,625,000

Strike 21700 has a total call value of 139,684,000,000 versus a total put value of 25,686,490,250,000 Combined total value = 25,826,174,250,000

Strike 21750 has a total call value of 143,506,875,000 versus a total put value of 25,335,816,000,000 Combined total value = 25,479,322,875,000

Strike 21800 has a total call value of 147,329,750,000 versus a total put value of 24,985,141,750,000 Combined total value = 25,132,471,500,000

Strike 21850 has a total call value of 151,152,625,000 versus a total put value of 24,634,467,500,000 Combined total value = 24,785,620,125,000

Strike 21900 has a total call value of 154,975,500,000 versus a total put value of 24,283,793,250,000 Combined total value = 24,438,768,750,000

Strike 21950 has a total call value of 158,798,375,000 versus a total put value of 23,933,119,000,000 Combined total value = 24,091,917,375,000

Strike 22000 has a total call value of 162,621,250,000 versus a total put value of 23,582,444,750,000 Combined total value = 23,745,066,000,000

Strike 22050 has a total call value of 168,253,000,000 versus a total put value of 23,239,226,625,000 Combined total value = 23,407,479,625,000

Strike 22100 has a total call value of 173,884,750,000 versus a total put value of 22,896,008,500,000 Combined total value = 23,069,893,250,000

Strike 22150 has a total call value of 179,516,500,000 versus a total put value of 22,552,790,375,000 Combined total value = 22,732,306,875,000

Strike 22200 has a total call value of 185,148,250,000 versus a total put value of 22,209,572,250,000 Combined total value = 22,394,720,500,000

Strike 22250 has a total call value of 190,780,000,000 versus a total put value of 21,866,354,125,000 Combined total value = 22,057,134,125,000

Strike 22300 has a total call value of 196,411,750,000 versus a total put value of 21,523,136,000,000 Combined total value = 21,719,547,750,000

Strike 22350 has a total call value of 202,043,500,000 versus a total put value of 21,179,917,875,000 Combined total value = 21,381,961,375,000

Strike 22400 has a total call value of 207,675,250,000 versus a total put value of 20,836,699,750,000 Combined total value = 21,044,375,000,000

Strike 22450 has a total call value of 213,307,000,000 versus a total put value of 20,493,481,625,000 Combined total value = 20,706,788,625,000

Strike 22500 has a total call value of 218,938,750,000 versus a total put value of 20,150,263,500,000 Combined total value = 20,369,202,250,000

Strike 22550 has a total call value of 224,570,500,000 versus a total put value of 19,807,045,375,000 Combined total value = 20,031,615,875,000

Strike 22600 has a total call value of 230,202,250,000 versus a total put value of 19,463,827,250,000 Combined total value = 19,694,029,500,000

Strike 22650 has a total call value of 235,834,000,000 versus a total put value of 19,120,609,125,000 Combined total value = 19,356,443,125,000

Strike 22700 has a total call value of 241,465,750,000 versus a total put value of 18,777,391,000,000 Combined total value = 19,018,856,750,000

Strike 22750 has a total call value of 247,097,500,000 versus a total put value of 18,434,172,875,000 Combined total value = 18,681,270,375,000

Strike 22800 has a total call value of 252,729,250,000 versus a total put value of 18,090,954,750,000 Combined total value = 18,343,684,000,000

Strike 22850 has a total call value of 258,361,000,000 versus a total put value of 17,747,736,625,000 Combined total value = 18,006,097,625,000

Strike 22900 has a total call value of 263,996,875,000 versus a total put value of 17,404,916,000,000 Combined total value = 17,668,912,875,000

Strike 22950 has a total call value of 269,654,500,000 versus a total put value of 17,062,730,250,000 Combined total value = 17,332,384,750,000

Strike 23000 has a total call value of 275,321,500,000 versus a total put value of 16,720,913,125,000 Combined total value = 16,996,234,625,000

Strike 23050 has a total call value of 284,335,125,000 versus a total put value of 16,395,461,250,000 Combined total value = 16,679,796,375,000

Strike 23100 has a total call value of 293,349,125,000 versus a total put value of 16,070,325,875,000 Combined total value = 16,363,675,000,000

Strike 23150 has a total call value of 302,363,875,000 versus a total put value of 15,745,563,625,000 Combined total value = 16,047,927,500,000

Strike 23200 has a total call value of 311,434,125,000 versus a total put value of 15,421,041,000,000 Combined total value = 15,732,475,125,000

Strike 23250 has a total call value of 320,506,625,000 versus a total put value of 15,096,812,000,000 Combined total value = 15,417,318,625,000

Strike 23300 has a total call value of 329,579,125,000 versus a total put value of 14,772,604,750,000 Combined total value = 15,102,183,875,000

Strike 23350 has a total call value of 338,675,250,000 versus a total put value of 14,448,475,500,000 Combined total value = 14,787,150,750,000

Strike 23400 has a total call value of 347,771,750,000 versus a total put value of 14,124,380,000,000 Combined total value = 14,472,151,750,000

Strike 23450 has a total call value of 356,868,250,000 versus a total put value of 13,800,362,125,000 Combined total value = 14,157,230,375,000

Strike 23500 has a total call value of 365,967,750,000 versus a total put value of 13,476,358,875,000 Combined total value = 13,842,326,625,000

Strike 23550 has a total call value of 375,953,000,000 versus a total put value of 13,158,162,125,000 Combined total value = 13,534,115,125,000

Strike 23600 has a total call value of 385,938,625,000 versus a total put value of 12,839,982,250,000 Combined total value = 13,225,920,875,000

Strike 23650 has a total call value of 395,936,250,000 versus a total put value of 12,521,943,000,000 Combined total value = 12,917,879,250,000

Strike 23700 has a total call value of 405,934,625,000 versus a total put value of 12,203,917,625,000 Combined total value = 12,609,852,250,000

Strike 23750 has a total call value of 415,949,125,000 versus a total put value of 11,886,247,750,000 Combined total value = 12,302,196,875,000

Strike 23800 has a total call value of 425,964,750,000 versus a total put value of 11,568,649,125,000 Combined total value = 11,994,613,875,000

Strike 23850 has a total call value of 435,997,250,000 versus a total put value of 11,253,017,000,000 Combined total value = 11,689,014,250,000

Strike 23900 has a total call value of 446,029,750,000 versus a total put value of 10,937,467,000,000 Combined total value = 11,383,496,750,000

Strike 23950 has a total call value of 456,067,500,000 versus a total put value of 10,622,477,250,000 Combined total value = 11,078,544,750,000

Strike 24000 has a total call value of 466,105,250,000 versus a total put value of 10,307,542,625,000 Combined total value = 10,773,647,875,000

Strike 24050 has a total call value of 480,748,125,000 versus a total put value of 10,009,146,250,000 Combined total value = 10,489,894,375,000

Strike 24100 has a total call value of 495,392,125,000 versus a total put value of 9,710,800,875,000 Combined total value = 10,206,193,000,000

Strike 24150 has a total call value of 510,044,750,000 versus a total put value of 9,412,855,250,000 Combined total value = 9,922,900,000,000

Strike 24200 has a total call value of 524,698,125,000 versus a total put value of 9,114,985,750,000 Combined total value = 9,639,683,875,000

Strike 24250 has a total call value of 539,378,125,000 versus a total put value of 8,818,846,500,000 Combined total value = 9,358,224,625,000

Strike 24300 has a total call value of 554,060,000,000 versus a total put value of 8,522,937,500,000 Combined total value = 9,076,997,500,000

Strike 24350 has a total call value of 568,750,125,000 versus a total put value of 8,228,167,375,000 Combined total value = 8,796,917,500,000

Strike 24400 has a total call value of 583,442,500,000 versus a total put value of 7,933,576,875,000 Combined total value = 8,517,019,375,000

Strike 24450 has a total call value of 598,149,875,000 versus a total put value of 7,640,022,875,000 Combined total value = 8,238,172,750,000

Strike 24500 has a total call value of 612,859,125,000 versus a total put value of 7,346,682,625,000 Combined total value = 7,959,541,750,000

Strike 24550 has a total call value of 628,527,625,000 versus a total put value of 7,061,862,750,000 Combined total value = 7,690,390,375,000

Strike 24600 has a total call value of 644,199,500,000 versus a total put value of 6,777,239,375,000 Combined total value = 7,421,438,875,000

Strike 24650 has a total call value of 659,907,375,000 versus a total put value of 6,495,044,500,000 Combined total value = 7,154,951,875,000

Strike 24700 has a total call value of 675,617,125,000 versus a total put value of 6,213,226,125,000 Combined total value = 6,888,843,250,000

Strike 24750 has a total call value of 691,368,875,000 versus a total put value of 5,933,749,250,000 Combined total value = 6,625,118,125,000

Strike 24800 has a total call value of 707,127,750,000 versus a total put value of 5,654,923,750,000 Combined total value = 6,362,051,500,000

Strike 24850 has a total call value of 723,016,375,000 versus a total put value of 5,382,905,625,000 Combined total value = 6,105,922,000,000

Strike 24900 has a total call value of 738,908,750,000 versus a total put value of 5,111,444,375,000 Combined total value = 5,850,353,125,000

Strike 24950 has a total call value of 754,929,375,000 versus a total put value of 4,844,200,000,000 Combined total value = 5,599,129,375,000

Strike 25000 has a total call value of 770,956,000,000 versus a total put value of 4,577,569,125,000 Combined total value = 5,348,525,125,000

Strike 25050 has a total call value of 795,049,625,000 versus a total put value of 4,339,556,000,000 Combined total value = 5,134,605,625,000

Strike 25100 has a total call value of 819,150,000,000 versus a total put value of 4,102,309,000,000 Combined total value = 4,921,459,000,000

Strike 25150 has a total call value of 843,354,250,000 versus a total put value of 3,869,050,125,000 Combined total value = 4,712,404,375,000

Strike 25200 has a total call value of 867,564,500,000 versus a total put value of 3,636,830,750,000 Combined total value = 4,504,395,250,000

Strike 25250 has a total call value of 892,164,375,000 versus a total put value of 3,412,224,250,000 Combined total value = 4,304,388,625,000

Strike 25300 has a total call value of 916,790,875,000 versus a total put value of 3,189,178,500,000 Combined total value = 4,105,969,375,000

Strike 25350 has a total call value of 941,850,500,000 versus a total put value of 2,973,783,125,000 Combined total value = 3,915,633,625,000

Strike 25400 has a total call value of 966,933,000,000 versus a total put value of 2,761,964,500,000 Combined total value = 3,728,897,500,000

Strike 25450 has a total call value of 992,938,750,000 versus a total put value of 2,560,164,375,000 Combined total value = 3,553,103,125,000

Strike 25500 has a total call value of 1,018,972,250,000 versus a total put value of 2,360,578,625,000 Combined total value = 3,379,550,875,000

Strike 25550 has a total call value of 1,048,741,500,000 versus a total put value of 2,183,476,375,000 Combined total value = 3,232,217,875,000

Strike 25600 has a total call value of 1,078,568,125,000 versus a total put value of 2,008,715,625,000 Combined total value = 3,087,283,750,000

Strike 25650 has a total call value of 1,110,478,250,000 versus a total put value of 1,844,512,250,000 Combined total value = 2,954,990,500,000

Strike 25700 has a total call value of 1,142,569,875,000 versus a total put value of 1,683,719,875,000 Combined total value = 2,826,289,750,000

Strike 25750 has a total call value of 1,178,673,250,000 versus a total put value of 1,536,972,750,000 Combined total value = 2,715,646,000,000

Strike 25800 has a total call value of 1,215,380,750,000 versus a total put value of 1,393,846,250,000 Combined total value = 2,609,227,000,000

Strike 25850 has a total call value of 1,258,669,125,000 versus a total put value of 1,265,302,750,000 Combined total value = 2,523,971,875,000

Strike 25900 has a total call value of 1,303,570,000,000 versus a total put value of 1,140,377,625,000 Combined total value = 2,443,947,625,000

Strike 25950 has a total call value of 1,358,931,875,000 versus a total put value of 1,032,248,375,000 Combined total value = 2,391,180,250,000

Strike 26000 has a total call value of 1,417,522,875,000 versus a total put value of 928,366,375,000 Combined total value = 2,345,889,250,000

Strike 26050 has a total call value of 1,518,833,125,000 versus a total put value of 867,053,250,000 Combined total value = 2,385,886,375,000

Strike 26100 has a total call value of 1,623,339,500,000 versus a total put value of 807,789,875,000 Combined total value = 2,431,129,375,000

Strike 26150 has a total call value of 1,744,033,500,000 versus a total put value of 756,663,625,000 Combined total value = 2,500,697,125,000

Strike 26200 has a total call value of 1,867,931,875,000 versus a total put value of 706,642,500,000 Combined total value = 2,574,574,375,000

Strike 26250 has a total call value of 2,009,390,375,000 versus a total put value of 665,883,125,000 Combined total value = 2,675,273,500,000

Strike 26300 has a total call value of 2,154,491,625,000 versus a total put value of 625,899,250,000 Combined total value = 2,780,390,875,000

Strike 26350 has a total call value of 2,320,381,375,000 versus a total put value of 591,350,625,000 Combined total value = 2,911,732,000,000

Strike 26400 has a total call value of 2,489,391,500,000 versus a total put value of 557,224,625,000 Combined total value = 3,046,616,125,000

Strike 26450 has a total call value of 2,672,614,875,000 versus a total put value of 526,829,125,000 Combined total value = 3,199,444,000,000

Strike 26500 has a total call value of 2,858,596,000,000 versus a total put value of 496,645,125,000 Combined total value = 3,355,241,125,000

Strike 26550 has a total call value of 3,069,212,000,000 versus a total put value of 475,316,750,000 Combined total value = 3,544,528,750,000

Strike 26600 has a total call value of 3,281,806,875,000 versus a total put value of 454,104,625,000 Combined total value = 3,735,911,500,000

Strike 26650 has a total call value of 3,501,412,375,000 versus a total put value of 434,058,375,000 Combined total value = 3,935,470,750,000

Strike 26700 has a total call value of 3,722,652,500,000 versus a total put value of 414,143,750,000 Combined total value = 4,136,796,250,000

Strike 26750 has a total call value of 3,950,380,500,000 versus a total put value of 394,753,750,000 Combined total value = 4,345,134,250,000

Strike 26800 has a total call value of 4,180,075,375,000 versus a total put value of 375,388,875,000 Combined total value = 4,555,464,250,000

Strike 26850 has a total call value of 4,417,764,875,000 versus a total put value of 356,832,125,000 Combined total value = 4,774,597,000,000

Strike 26900 has a total call value of 4,656,357,375,000 versus a total put value of 338,291,500,000 Combined total value = 4,994,648,875,000

Strike 26950 has a total call value of 4,898,812,000,000 versus a total put value of 320,001,375,000 Combined total value = 5,218,813,375,000

Strike 27000 has a total call value of 5,142,007,625,000 versus a total put value of 301,721,000,000 Combined total value = 5,443,728,625,000

Strike 27050 has a total call value of 5,418,690,750,000 versus a total put value of 289,246,500,000 Combined total value = 5,707,937,250,000

Strike 27100 has a total call value of 5,696,011,375,000 versus a total put value of 276,776,500,000 Combined total value = 5,972,787,875,000

Strike 27150 has a total call value of 5,977,326,500,000 versus a total put value of 264,410,750,000 Combined total value = 6,241,737,250,000

Strike 27200 has a total call value of 6,258,803,250,000 versus a total put value of 252,051,375,000 Combined total value = 6,510,854,625,000

Strike 27250 has a total call value of 6,544,636,375,000 versus a total put value of 240,200,125,000 Combined total value = 6,784,836,500,000

Strike 27300 has a total call value of 6,830,756,750,000 versus a total put value of 228,349,625,000 Combined total value = 7,059,106,375,000

Strike 27350 has a total call value of 7,119,949,875,000 versus a total put value of 216,664,500,000 Combined total value = 7,336,614,375,000

Strike 27400 has a total call value of 7,409,292,250,000 versus a total put value of 204,981,250,000 Combined total value = 7,614,273,500,000

Strike 27450 has a total call value of 7,702,174,625,000 versus a total put value of 193,307,750,000 Combined total value = 7,895,482,375,000

Strike 27500 has a total call value of 7,995,334,875,000 versus a total put value of 181,635,750,000 Combined total value = 8,176,970,625,000

Strike 27550 has a total call value of 8,301,040,750,000 versus a total put value of 172,863,250,000 Combined total value = 8,473,904,000,000

Strike 27600 has a total call value of 8,606,944,250,000 versus a total put value of 164,091,875,000 Combined total value = 8,771,036,125,000

Strike 27650 has a total call value of 8,914,672,500,000 versus a total put value of 155,371,500,000 Combined total value = 9,070,044,000,000

Strike 27700 has a total call value of 9,222,627,625,000 versus a total put value of 146,653,375,000 Combined total value = 9,369,281,000,000

Strike 27750 has a total call value of 9,532,256,750,000 versus a total put value of 137,973,500,000 Combined total value = 9,670,230,250,000

Strike 27800 has a total call value of 9,841,952,625,000 versus a total put value of 129,297,375,000 Combined total value = 9,971,250,000,000

Strike 27850 has a total call value of 10,153,450,000,000 versus a total put value of 120,637,750,000 Combined total value = 10,274,087,750,000

Strike 27900 has a total call value of 10,465,044,500,000 versus a total put value of 111,981,125,000 Combined total value = 10,577,025,625,000

Strike 27950 has a total call value of 10,777,502,625,000 versus a total put value of 103,327,500,000 Combined total value = 10,880,830,125,000

Strike 28000 has a total call value of 11,090,023,750,000 versus a total put value of 94,675,000,000 Combined total value = 11,184,698,750,000

Strike 28050 has a total call value of 11,416,521,125,000 versus a total put value of 90,893,625,000 Combined total value = 11,507,414,750,000

Strike 28100 has a total call value of 11,743,018,500,000 versus a total put value of 87,112,250,000 Combined total value = 11,830,130,750,000

Strike 28150 has a total call value of 12,069,515,875,000 versus a total put value of 83,330,875,000 Combined total value = 12,152,846,750,000

Strike 28200 has a total call value of 12,396,013,250,000 versus a total put value of 79,549,500,000 Combined total value = 12,475,562,750,000

Strike 28250 has a total call value of 12,722,510,625,000 versus a total put value of 75,768,125,000 Combined total value = 12,798,278,750,000

Strike 28300 has a total call value of 13,049,008,000,000 versus a total put value of 71,986,750,000 Combined total value = 13,120,994,750,000

Strike 28350 has a total call value of 13,375,505,375,000 versus a total put value of 68,205,375,000 Combined total value = 13,443,710,750,000

Strike 28400 has a total call value of 13,702,002,750,000 versus a total put value of 64,424,000,000 Combined total value = 13,766,426,750,000

Strike 28450 has a total call value of 14,028,500,125,000 versus a total put value of 60,642,625,000 Combined total value = 14,089,142,750,000

Strike 28500 has a total call value of 14,354,997,500,000 versus a total put value of 56,861,250,000 Combined total value = 14,411,858,750,000

Strike 28550 has a total call value of 14,681,494,875,000 versus a total put value of 53,079,875,000 Combined total value = 14,734,574,750,000

Strike 28600 has a total call value of 15,007,992,250,000 versus a total put value of 49,298,500,000 Combined total value = 15,057,290,750,000

Strike 28650 has a total call value of 15,334,489,625,000 versus a total put value of 45,517,125,000 Combined total value = 15,380,006,750,000

Strike 28700 has a total call value of 15,660,987,000,000 versus a total put value of 41,735,750,000 Combined total value = 15,702,722,750,000

Strike 28750 has a total call value of 15,987,484,375,000 versus a total put value of 37,954,375,000 Combined total value = 16,025,438,750,000

Strike 28800 has a total call value of 16,313,981,750,000 versus a total put value of 34,173,000,000 Combined total value = 16,348,154,750,000

Strike 28850 has a total call value of 16,640,479,125,000 versus a total put value of 30,391,625,000 Combined total value = 16,670,870,750,000

Strike 28900 has a total call value of 16,966,976,500,000 versus a total put value of 26,610,250,000 Combined total value = 16,993,586,750,000

Strike 28950 has a total call value of 17,293,473,875,000 versus a total put value of 22,828,875,000 Combined total value = 17,316,302,750,000

Strike 29000 has a total call value of 17,619,971,250,000 versus a total put value of 19,047,500,000 Combined total value = 17,639,018,750,000

Strike 29050 has a total call value of 17,951,375,625,000 versus a total put value of 18,122,500,000 Combined total value = 17,969,498,125,000

Strike 29100 has a total call value of 18,282,780,000,000 versus a total put value of 17,197,500,000 Combined total value = 18,299,977,500,000

Strike 29150 has a total call value of 18,614,184,375,000 versus a total put value of 16,272,500,000 Combined total value = 18,630,456,875,000

Strike 29200 has a total call value of 18,945,588,750,000 versus a total put value of 15,347,500,000 Combined total value = 18,960,936,250,000

Strike 29250 has a total call value of 19,276,993,125,000 versus a total put value of 14,422,500,000 Combined total value = 19,291,415,625,000

Strike 29300 has a total call value of 19,608,397,500,000 versus a total put value of 13,497,500,000 Combined total value = 19,621,895,000,000

Strike 29350 has a total call value of 19,939,801,875,000 versus a total put value of 12,572,500,000 Combined total value = 19,952,374,375,000

Strike 29400 has a total call value of 20,271,206,250,000 versus a total put value of 11,647,500,000 Combined total value = 20,282,853,750,000

Strike 29450 has a total call value of 20,602,610,625,000 versus a total put value of 10,722,500,000 Combined total value = 20,613,333,125,000

Strike 29500 has a total call value of 20,934,015,000,000 versus a total put value of 9,797,500,000 Combined total value = 20,943,812,500,000

Strike 29550 has a total call value of 21,265,419,375,000 versus a total put value of 8,872,500,000 Combined total value = 21,274,291,875,000

Strike 29600 has a total call value of 21,596,823,750,000 versus a total put value of 7,947,500,000 Combined total value = 21,604,771,250,000

Strike 29650 has a total call value of 21,928,228,125,000 versus a total put value of 7,022,500,000 Combined total value = 21,935,250,625,000

Strike 29700 has a total call value of 22,259,632,500,000 versus a total put value of 6,097,500,000 Combined total value = 22,265,730,000,000

Strike 29750 has a total call value of 22,591,036,875,000 versus a total put value of 5,172,500,000 Combined total value = 22,596,209,375,000

Strike 29800 has a total call value of 22,922,441,250,000 versus a total put value of 4,247,500,000 Combined total value = 22,926,688,750,000

Strike 29850 has a total call value of 23,253,845,625,000 versus a total put value of 3,322,500,000 Combined total value = 23,257,168,125,000

Strike 29900 has a total call value of 23,585,250,000,000 versus a total put value of 2,397,500,000 Combined total value = 23,587,647,500,000

Strike 29950 has a total call value of 23,916,654,375,000 versus a total put value of 1,472,500,000 Combined total value = 23,918,126,875,000

Strike 30000 has a total call value of 24,248,058,750,000 versus a total put value of 547,500,000 Combined total value = 24,248,606,250,000

Strike 30050 has a total call value of 24,582,120,500,000 versus a total put value of 520,125,000 Combined total value = 24,582,640,625,000

Strike 30100 has a total call value of 24,916,182,250,000 versus a total put value of 492,750,000 Combined total value = 24,916,675,000,000

Strike 30150 has a total call value of 25,250,244,000,000 versus a total put value of 465,375,000 Combined total value = 25,250,709,375,000

Strike 30200 has a total call value of 25,584,305,750,000 versus a total put value of 438,000,000 Combined total value = 25,584,743,750,000

Strike 30250 has a total call value of 25,918,367,500,000 versus a total put value of 410,625,000 Combined total value = 25,918,778,125,000

Strike 30300 has a total call value of 26,252,429,250,000 versus a total put value of 383,250,000 Combined total value = 26,252,812,500,000

Strike 30350 has a total call value of 26,586,491,000,000 versus a total put value of 355,875,000 Combined total value = 26,586,846,875,000

Strike 30400 has a total call value of 26,920,552,750,000 versus a total put value of 328,500,000 Combined total value = 26,920,881,250,000

Strike 30450 has a total call value of 27,254,614,500,000 versus a total put value of 301,125,000 Combined total value = 27,254,915,625,000

Strike 30500 has a total call value of 27,588,676,250,000 versus a total put value of 273,750,000 Combined total value = 27,588,950,000,000

Strike 30550 has a total call value of 27,922,738,000,000 versus a total put value of 246,375,000 Combined total value = 27,922,984,375,000

Strike 30600 has a total call value of 28,256,799,750,000 versus a total put value of 219,000,000 Combined total value = 28,257,018,750,000

Strike 30650 has a total call value of 28,590,861,500,000 versus a total put value of 191,625,000 Combined total value = 28,591,053,125,000

Strike 30700 has a total call value of 28,924,923,250,000 versus a total put value of 164,250,000 Combined total value = 28,925,087,500,000

Strike 30750 has a total call value of 29,258,985,000,000 versus a total put value of 136,875,000 Combined total value = 29,259,121,875,000

Strike 30800 has a total call value of 29,593,046,750,000 versus a total put value of 109,500,000 Combined total value = 29,593,156,250,000

Strike 30850 has a total call value of 29,927,108,500,000 versus a total put value of 82,125,000 Combined total value = 29,927,190,625,000

Strike 30900 has a total call value of 30,261,170,250,000 versus a total put value of 54,750,000 Combined total value = 30,261,225,000,000

Strike 30950 has a total call value of 30,595,232,000,000 versus a total put value of 27,375,000 Combined total value = 30,595,259,375,000

Strike 31000 has a total call value of 30,929,293,750,000 versus a total put value of 0 Combined total value = 30,929,293,750,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Commodity Max-Pain Table

Index Max-Pain Table

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:

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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