Max Pain Calculator

Enter open interest per strike from your broker's option chain for a given underlying and expiry. This tool runs the max pain arithmetic on it, nothing is fetched automatically.

Strike-wise open interest
Strike (₹) Call OI Put OI
Paste data instead of typing row by row

Paste one strike per line as copied from your broker's option chain, in the order strike, call OI, put OI (tabs, commas or spaces all work). Header rows and extra columns are ignored automatically.

Result
Max pain strike
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Total call OI-
Total put OI-
Put-Call Ratio (OI)-
Strike (₹) Call OI Put OI Total pain (₹)

Understanding Max Pain

Open interest (OI)
The total number of outstanding option contracts, at a given strike, that haven't yet been closed or exercised. High OI at a strike means a lot of capital is positioned there.
Total pain at a strike
The combined rupee value option writers would have to pay out if the underlying settled exactly at that strike: intrinsic value owed on every in-the-money call plus every in-the-money put, across every strike, weighted by OI.
Max pain point
The single strike where that total payout is at its lowest. It's the price level least costly to option writers as a group, and by the theory, the level the market is drawn toward near expiry.
The formula
For a candidate settlement price P: Total Pain(P) = Σ for every call strike K ≤ P of (P − K) × Call OI(K), plus Σ for every put strike K ≥ P of (K − P) × Put OI(K). Calculate this for every strike in the chain and take the minimum.
Limitations
Max Pain is a heuristic, not a law. It ignores hedging outside the options themselves, changes as OI shifts intraday, and can be swamped by strong directional moves or news. It tends to matter most, if at all, in the final day or two before expiry.

Common questions

What is Max Pain theory?

Max Pain theory says that at options expiry, the underlying price tends to gravitate toward the strike price at which the largest number of option holders (by open interest) lose the most money, and option writers as a group lose the least. That strike is called the max pain point.

Why would the market move toward the max pain strike?

The theory argues that large option writers have an incentive, and often the size, to hedge their positions in a way that nudges the underlying toward the strike that minimizes their payout obligations, especially in the final sessions before expiry. It's a market-structure argument, not a guaranteed mechanical rule.

Is Max Pain a reliable prediction of where price will close?

No. It's one heuristic among many, works best (when it works at all) in the last day or two before expiry, and can be overridden by news, broader market moves, or large directional positions. Treat it as one input, not a forecast.

Where do I find open interest data for each strike?

Your broker's option chain screen (or the exchange's own option chain page) shows open interest for calls and puts at every strike for a given underlying and expiry. Copy the strike, call OI and put OI figures into this calculator.

Does Max Pain change during the trading day?

Yes. Open interest shifts as traders open and close positions throughout the day, so the max pain strike calculated in the morning can differ from the one calculated in the afternoon. Recalculate close to the time you need it.

How is Max Pain different from the Put-Call Ratio (PCR)?

PCR compares total put OI to total call OI as a single sentiment gauge across the whole chain. Max Pain looks at OI strike-by-strike to find one specific price level, the point of minimum aggregate payout to option holders. They're complementary, not the same measurement.

Should I place trades based only on the max pain strike?

It's best used as one supporting data point alongside price action, other OI-based indicators and your overall view, not as a standalone signal. Position sizing and risk management still matter more than any single indicator.

Manual entry only. This calculator does not fetch live market data; every figure comes from what you paste or type in. Accuracy depends entirely on how current your open interest data is. Not investment advice.