Fortis Healthcare 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 FORTIS, that strike is ₹870. Spot at ₹926.1 is 6.45% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
Fortis Healthcare’s options chain shows the max pain at ₹870, the strike where the greatest number of contracts expire worthless. This level reflects minimal loss for option writers and often acts as a magnet for spot movement near expiry.
Spot vs Max Pain Gap
The current spot price of ₹926.1 sits 6.45% above the ₹870 max pain, indicating a wide upward gap. This suggests a potential downward pull, as price tends to gravitate toward the point of least financial damage to sellers.
Shift Signal
The max pain level has not shifted from the previous day, signaling stable writer positioning around ₹870 and ₹880—the latter being the second-lowest pain point. Consistency in pain level reflects steady open interest concentration in lower strikes.
Expiry Bias
With spot trading above the max pain and little movement in the pain level, a downward drift is expected ahead of the 2026-04-28 expiry. However, this bias strengthens as expiry approaches, especially within the final five trading days when gamma effects amplify.
Trader Note
With 7 days to expiry, focus on premium decay strategies only if daysToExpiry drops to 5 or less, targeting short call or put positions near ₹870 where writer exposure is dense.
Data as of 2026-04-21