Nifty & BankNifty Max Pain Today
● LiveLive max pain for NIFTY, BankNifty and SENSEX with the strike-wise pain calculation, distance from spot, and every intraday shift — recalculated every 5 minutes from NSE option chain data.
BANKNIFTY Max Pain
Expiry 25-Aug-2026 · updated 12:12 pm ISTMax Pain
57,500
Spot
57,188
Spot vs Max Pain
-0.54%
PCR
0.85
Strike-wise pain (total writer payout if expiry lands at each strike — minimum = max pain)
| Strike | Total pain (OI × pts) | |
|---|---|---|
| 57,100 | 791.3 Cr | |
| 57,200 | 775.8 Cr | |
| 57,300 | 765.5 Cr | |
| 57,400 | 760.2 Cr | |
| 57,500 | 757.7 Cr | ◀ MAX PAIN |
| 57,600 | 765.5 Cr | |
| 57,700 | 774.6 Cr | |
| 57,800 | 785.1 Cr | |
| 57,900 | 796.9 Cr |
NIFTY Max Pain
Expiry 04-Aug-2026 · updated 12:12 pm ISTMax Pain
24,350
Spot
24,367
Spot vs Max Pain
+0.07%
PCR
1.33
Strike-wise pain (total writer payout if expiry lands at each strike — minimum = max pain)
| Strike | Total pain (OI × pts) | |
|---|---|---|
| 24,150 | 1538.2 Cr | |
| 24,200 | 1206.8 Cr | |
| 24,250 | 978.9 Cr | |
| 24,300 | 821.3 Cr | |
| 24,350 | 798.2 Cr | ◀ MAX PAIN |
| 24,400 | 910.9 Cr | |
| 24,450 | 1149.7 Cr | |
| 24,500 | 1436.2 Cr | |
| 24,550 | 1810.8 Cr |
SENSEX Max Pain
Expiry 06-Aug-2026 · updated 12:12 pm ISTMax Pain
78,000
Spot
78,052
Spot vs Max Pain
+0.07%
PCR
1.20
Strike-wise pain (total writer payout if expiry lands at each strike — minimum = max pain)
| Strike | Total pain (OI × pts) | |
|---|---|---|
| 77,600 | 238.1 Cr | |
| 77,700 | 206.4 Cr | |
| 77,800 | 181.6 Cr | |
| 77,900 | 164.9 Cr | |
| 78,000 | 159.3 Cr | ◀ MAX PAIN |
| 78,100 | 175.5 Cr | |
| 78,200 | 199.6 Cr | |
| 78,300 | 229.3 Cr | |
| 78,400 | 262.7 Cr |
Does max pain actually work? We tested it.
We backtested 17 logged NIFTY, BankNifty and SENSEX expiry sessions. Spot finished closer to max pain in only 8 of 17 (47%) — a coin flip. The textbook “magnetism” claim doesn't hold, but max pain showed real value in three specific conditions (low VIX, small opening gap, and agreement with OI walls).
Read the full backtest with dataWhat is max pain?
Max pain is the strike where option buyers, as a group, lose the most if the index expires exactly there — and option writers keep the most premium. For every candidate strike we total what call writers would owe (call OI × points above each strike) plus what put writers would owe (put OI × points below each strike). The strike with the minimum payout is max pain. The table above shows this calculation live for each index.
Use it as context, not a signal: when spot sits within ~0.5% of max pain on a low-VIX expiry morning, mean-reverting “pinning” behaviour is more likely; when spot is far away or VIX is elevated, max pain regularly gets dragged to spot instead — not the other way around. Pair it with the live option chain OI walls and the OI tracker before acting on it. New to OI? Start with our open interest guide.
Frequently asked questions
What is max pain in options trading?
Max pain is the strike price at which option buyers (as a group) lose the most money if the index expires exactly there — equivalently, the strike where option writers keep the largest share of premium. It is computed mechanically from open interest across all strikes, so it is data, not opinion.
What is NIFTY max pain today?
The live NIFTY max pain strike is shown at the top of this page, recalculated every 5 minutes from the NSE option chain during market hours, along with BankNifty and SENSEX max pain.
Does the index really close at max pain on expiry?
Not reliably. We backtested 17 logged NIFTY, BankNifty and SENSEX expiry sessions: spot finished closer to max pain in only 8 of 17 (47%) — a coin flip. Max pain works best as confluence with OI walls and VIX context, never as a standalone signal.
How is max pain calculated?
For every candidate strike, add up what call writers would owe (call OI × points above each strike) plus what put writers would owe (put OI × points below each strike) if expiry landed there. The strike with the minimum total payout is max pain. The strike-wise table on this page shows this calculation live.
How often does max pain change during the day?
On quiet days it can hold one strike all session; on trending or expiry days it shifts as writers reposition. The intraday shift list on this page shows every change in the current session with timestamps.
Is this max pain calculator free?
Yes — live max pain for NIFTY, BankNifty and SENSEX is free on MarketsEasy, with no signup required. The full option chain with OI walls, PCR and Greeks is also free.
Informational and educational only — not investment advice. Max pain is derived from NSE option chain open interest and may contain errors or delays. MarketsEasy is not a SEBI-registered investment adviser.