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 ₹370. Spot at ₹356.5 is 3.6% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The calculated max‑pain strike for HINDPETRO is ₹370. Max pain represents the strike at which option writers (mostly sellers of calls and puts) would incur the smallest aggregate loss if all outstanding contracts expired worthless, creating a “magnet” that often draws the underlying price toward it as expiry approaches.
Spot vs Max Pain Gap
The current spot sits at ₹356.5, about ₹13.5 below the max‑pain level, a 3.65 % discount. This negative gap suggests the underlying may still have upside pressure, as market participants could be pulling the price toward the higher strike.
Shift Signal
The max‑pain figure shows no shift versus yesterday, indicating that the collective positioning of option writers has remained stable over the last day. A stationary max‑pain level typically reflects a balanced view among sellers, with neither a fresh bullish nor bearish bias emerging.
Expiry Context
As the option expiry on 29 Sept 2026 draws near (25 days remaining), the max‑pain mechanism tends to intensify: open‑interest concentrates around the pain strike, and time decay accelerates, encouraging the spot to gravitate toward ₹370. However, this is a statistical tendency, not a deterministic outcome; market catalysts or strong directional flows can override the magnet effect.
Data Note
The spot price is currently ₹13.5 (≈3.65 %) below the max‑pain level with 25 days left until expiry.
Data as of 2026-09-04