Coal India Limited Max Pain Analysis
What is Max Pain?
Max Pain theory states the underlying gravitates toward the strike where option writers face minimum collective loss at expiry. For COALINDIA, that strike is ₹410. Spot at ₹415.35 is 1.3% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
The current max‑pain strike for COALINDIA is ₹410. Max pain indicates the strike where option writers would incur the smallest aggregate loss, often acting as a magnetic level as expiry approaches.
Spot vs Max Pain Gap
The spot price of ₹415.35 sits about 1.3 % above the max‑pain level, suggesting a modest premium over the magnet point. This gap typically encourages a pull‑back toward the ₹410 strike as traders hedge or roll positions.
Shift Signal
There is no shift in the max‑pain strike compared with yesterday, implying that option writers have maintained a consistent positioning around the ₹410 level. Stability in the pain point often reflects balanced open interest on both sides of the market.
Expiry Context
Max pain is derived from the net open interest of all call and put options, pinpointing the strike where the total payout to option holders is minimized. During the final week before expiry, price action frequently gravitates toward this level, though it is a statistical tendency rather than a deterministic outcome.
Data Note
With 25 days remaining until the 2026‑09‑29 expiry, the spot price is ₹5.35 (≈1.3 %) above the max‑pain strike of ₹410.
Data as of 2026-09-04