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ETERNAL LIMITED

NSE: ETERNAL · Lot size: 2425

OverviewOption ChainOI AnalysisFII / DIIMax Pain

ETERNAL LIMITED Max Pain Analysis

₹258.52Updated 21 Apr 2026, 01:26 pm IST
Max Pain Strike
₹245
Writers' least-loss point
Spot vs Max Pain
+5.52%
Spot ₹258.52
Max Pain Shift
+₹0
vs yesterday
Days to Expiry
7
2026-04-28
2nd Lowest Pain Strike
₹248
₹3 from max pain

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 ₹245. Spot at ₹258.52 is 5.52% above max pain — possible downward gravitational pull into expiry.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The max pain strike for ETERNAL LIMITED is ₹245, where outstanding put and call options incur the least combined writer loss at expiry. As expiry nears, this level often acts as a magnet due to dealer hedging and writer positioning.

Spot vs Max Pain Gap

The spot price at ₹258.52 is 5.52% above the max pain level, indicating a notable disconnect. This upward gap suggests a potential pull toward ₹245, especially as time decay accelerates and positioning exerts downward pressure.

Shift Signal

The max pain level has not shifted from yesterday, remaining steady at ₹245. This stability reflects balanced writer commitments near this strike, with minimal new positioning altering the risk landscape.

Expiry Bias

Given the static pain level and elevated spot, the bias favors a drift down toward ₹245 ahead of expiry. However, the pull strengthens only if spot enters the final five-day window without breaking key resistance.

Trader Note

With 7 days to expiry, premium decay strategies are premature; wait until ≤5 days remain for optimal theta advantage near the ₹245 pain zone.

Data as of 2026-04-21

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Frequently Asked Questions

What is ETERNAL LIMITED max pain today?▾
ETERNAL LIMITED's max pain strike is ₹245 for the 2026-04-28 expiry (7 days away). Spot is 5.5% above max pain.
How is max pain calculated for ETERNAL LIMITED?▾
ETERNAL LIMITED's max pain is calculated by taking every possible expiry price and computing the total ITM payout to all option buyers: sum of (CE OI × max(0, spot − strike)) + (PE OI × max(0, strike − spot)) for all strikes. The strike with the minimum total payout is the max pain — where option writers collectively lose the least.
Does max pain predict ETERNAL LIMITED expiry price?▾
Max pain theory suggests the underlying tends to gravitate toward the max pain strike as expiry approaches, because option writers (who have the capital and hedging ability) can influence spot price. It's more reliable within 1 week of expiry and for liquid stocks like ETERNAL LIMITED. It should be used with other signals, not in isolation.
What happened to ETERNAL LIMITED max pain since yesterday?▾
ETERNAL LIMITED's max pain is unchanged from the previous session. Max pain shifts indicate that option writers are adjusting their positions — a rising max pain is modestly bullish; falling is modestly bearish.
What is the next expiry for ETERNAL LIMITED options?▾
ETERNAL LIMITED's next options expiry is on 2026-04-28 — 7 days away. NSE F&O stocks have monthly expiry on the last Tuesday of each month. As expiry approaches, gamma risk increases and max pain becomes a stronger gravitational force.