GMR AIRPORTS 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 GMRAIRPORT, that strike is ₹90. Spot at ₹89.71 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The calculated “max pain” strike for GMR Airports Limited (GMRAIRPORT) sits at ₹90. This is the price level where the aggregate loss to option writers would be minimized, often acting as a magnet as expiration approaches.
Spot vs Max Pain Gap
The current spot price of ₹89.71 sits just 0.32 % below the max‑pain level, indicating a modest upside bias for the underlying. The narrow gap suggests limited pull‑back pressure and that the market is already close to the loss‑minimising point for writers.
Shift Signal
The max‑pain metric has shifted ‑4 points relative to yesterday, moving lower. A downward shift typically signals that option writers are re‑positioning toward cheaper strikes, potentially anticipating modest downside pressure or a flattening of the price curve.
Expiry Context
Max pain emerges from the combined open‑interest of puts and calls, with the strike that incurs the smallest aggregate payout to writers being identified as the “pain” point. In the final week before expiry, the underlying often gravitates toward this level as open positions unwind, but the phenomenon remains a statistical tendency rather than a deterministic outcome.
Data Note
With 26 days until the November 23 expiry, the spot price remains ₹0.29 below the max‑pain strike of ₹90.
Data as of 2026-10-28