Hindustan Petroleum Corporation 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 HINDPETRO, that strike is ₹360. Spot at ₹385.25 is 7.01% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
The highest options pain for HINDPETRO occurs at the ₹360 strike, where option writers suffer the least loss at expiry. Max pain acts as a magnet in the final days, reflecting the price point where the greatest number of contracts expire worthless.
Spot vs Max Pain Gap
The spot price at ₹385.25 trades 7.01% above the ₹360 pain point, creating a notable upward gap. This differential suggests potential downward pull toward the pain zone, especially as time decay accelerates.
Shift Signal
The max pain level remains unchanged from yesterday, indicating stable writer positioning around ₹360 and ₹355 (the second-lowest pain point). Persistent alignment suggests option sellers are anchored near current strikes, reinforcing resistance below spot.
Expiry Bias
With 7 days to expiry, a gradual drift toward ₹360 is favored, though directional strength grows only within the final 5 days. The lack of shift supports range-bound behavior, but sustained spot weakness could accelerate the move toward pain.
Trader Note
With more than 5 days left, premium decay strategies are premature—wait for tighter proximity to expiry before deploying short premium around ₹360.
Data as of 2026-04-21