Max Pain
Calculator
Enter strike-wise call and put open interest and find the expiry price where option writers pay out the least — the max pain strike.
Open interest by strike
| Strike (₹) | Call OI | Put OI |
|---|
Payout per strike = Σ callOI·max(0, E−k) + Σ putOI·max(0, k−E), for each candidate expiry price E.
How it's calculated
Max pain is the expiry price at which option writers (sellers) collectively pay out the least to buyers — equivalently, the price at which the total intrinsic value of all open contracts is smallest.
The method is exhaustive. For every strike in your table treated as a candidate expiry price E, the calculator sums the writers' payout:
- Calls are in the money when E is above their strike, so each call contributes callOI × max(0, E − strike).
- Puts are in the money when E is below their strike, so each put contributes putOI × max(0, strike − E).
The candidate E with the minimum total payout is the max pain strike. Because the function is piecewise-linear, the minimum always sits on one of the listed strikes, so testing every strike is exact. Add as many strikes as you like; blank or non-numeric cells are treated as zero.
FAQ
What is max pain?
It is the expiry price at which option buyers, in aggregate, lose the most and writers pay out the least — the strike where the combined intrinsic value of all open calls and puts hits its minimum.
How is the max pain strike calculated?
For each candidate expiry price E you add up every call's OI times max(0, E − strike) and every put's OI times max(0, strike − E). The strike with the smallest total is max pain.
Is max pain a reliable signal?
It is a tendency, not a rule. Prices often drift toward max pain into expiry due to hedging, but a strong trend or fresh news easily overrides it. Use it as context, not a standalone trade.
Live max pain on every chain
TradePulse computes max pain automatically from live NSE open interest across every F&O instrument — free to start.