ETERNAL 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 ETERNAL, that strike is ₹320. Spot at ₹322.75 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The current max‑pain strike for ETERNAL is ₹320, the level at which option writers would incur the smallest aggregate loss if all options expired worthless. This price acts as a magnet that often draws the underlying toward it as expiry approaches.
Spot vs Max Pain Gap
The spot price of ₹322.75 sits about 0.86 % above the max‑pain level, indicating a modest premium to the magnet. The positive gap suggests limited upside pressure, as the market may pull back toward the ₹320 anchor.
Shift Signal
There is no shift in the max‑pain strike versus yesterday, showing a stable positioning by option writers. With the strike unchanged, writers appear comfortable maintaining their current exposure rather than adjusting hedges.
Expiry Context
Max pain reflects the aggregate payoff of all outstanding call and put contracts, guiding the price toward the lowest‑loss strike as expiration nears. During the final week, the underlying often oscillates but tends to converge on this level, though the outcome is not guaranteed.
Data Note
The spot is ₹2.75 above the max‑pain strike with 25 days remaining until expiry.
Data as of 2026-09-04