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Nifty Max Pain

The Nifty max pain page shows the max pain strike for the selected NIFTY expiry, with the OI put-call ratio and the strikes with the highest call and put open interest. It sits on top of the live Nifty straddle chart, so the two can be read together.

ShowsMax pain, OI PCR, highest put OI strike, highest call OI strike, number of strikes used, snapshot time
DataFull option chain open interest for one expiry
InstrumentsNIFTY on this page; the Max Pain card on the straddle chart covers the symbol selected there
UpdatesRecomputed as open interest changes during market hours; the snapshot time is shown
HistoryNot rebuilt for past days
Open itquintalmind.com/nifty-max-pain (opens without signing in)

What max pain means​

Max pain is the expiry price at which option writers, as a group, would pay out the least. If the index settles at a price, every call below that price and every put above it ends in the money. Max pain is the strike where the total of that payout, across all open contracts, is lowest.

How the code computes it​

  1. Take every strike of one expiry that has open interest. Strikes with no OI on either side are dropped. Mixing expiries is not allowed, because they settle on different days.
  2. For each listed strike K, add up:
    • each call strike below K: call OI × (K − call strike)
    • each put strike above K: put OI × (put strike − K)
  3. The strike with the smallest total is max pain. Only listed strikes are candidates, never a price between two strikes.
  4. If fewer than 3 strikes have open interest, no figure is shown.

From the same data:

  • OI PCR = total put OI ÷ total call OI.
  • Highest put OI strike and Highest call OI strike are the strikes with the most open put and call contracts.

Lot size multiplies every total equally, so it does not change the answer and is not used.

What you see​

  • The Nifty Max Pain panel with Expiry, Max pain, OI PCR, Highest put OI strike and Highest call OI strike.
  • A note with the number of strikes with OI and the snapshot time.
  • The full Nifty straddle chart below, whose stat bar also carries a Max Pain card with days to expiry.

If the feed has too little open interest, or outside market hours, the panel can say max pain is unavailable even when the chart shows an archived session.

How to use it​

  1. Sign in with your broker and open Nifty Max Pain, or open the link directly; it opens without signing in.
  2. Pick the Expiry. Max pain, PCR and both OI strikes refer to that expiry, and the old reading clears until the new one arrives.
  3. Read the panel next to the straddle premium. Max pain is an index level; the straddle is an option premium, so they are on different scales.
  4. For another index, open the straddle chart, choose the symbol and read its Max Pain card.

FAQ​

Where can I see Nifty max pain today?​

At quintalmind.com/nifty-max-pain. It shows max pain, the OI put-call ratio and the highest call and put OI strikes for the selected Nifty expiry, beside the live straddle chart. It opens without signing in.

How is max pain calculated?​

For each listed strike, Quintal Mind adds up what every open call and put would be worth at expiry if the index settled there, weighted by open interest. The strike with the smallest total is max pain. Only one expiry is used at a time.

Does max pain predict the expiry price?​

No. It summarises current open interest and changes as open interest changes. It is not a forecast of the settlement price.

Can I see max pain for other indices?​

Yes. The Max Pain card on the straddle chart shows the max pain of whichever symbol and expiry are selected there.

Quintal Mind shows market data and analytics for information only. Nothing here is investment advice, and Quintal Mind does not place orders.

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