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ICICI Bank Limited

NSE: ICICIBANK · Lot size: 700

OverviewOption ChainOI AnalysisFII / DIIMax Pain

ICICI Bank Limited Max Pain Analysis

₹1,385.8Updated 21 Apr 2026, 01:26 pm IST
Max Pain Strike
₹1,340
Writers' least-loss point
Spot vs Max Pain
+3.42%
Spot ₹1,385.8
Max Pain Shift
+₹0
vs yesterday
Days to Expiry
7
2026-04-28
2nd Lowest Pain Strike
₹1,350
₹10 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 ICICIBANK, that strike is ₹1,340. Spot at ₹1,385.8 is 3.42% 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 ICICIBANK is ₹1340, where option writer losses are minimized at expiry. This level often acts as a magnet for the underlying price as expiry approaches due to concentrated open interest.

Spot vs Max Pain Gap

The spot price at ₹1385.8 is 3.42% above the max pain level, indicating a notable upside gap. This creates a pull toward ₹1340, as the price drift tends to favor writer profitability near expiry.

Shift Signal

The max pain level is unchanged from yesterday, reflecting stable writer positioning across strikes. Persistent alignment at ₹1340 suggests minimal recalibration in short option concentrations.

Expiry Bias

A downward drift toward ₹1340 is expected ahead of the 2026-04-28 expiry. The pull strengthens as time decays, especially within the final five days when premium erosion accelerates.

Trader Note

With 7 days to expiry, premium decay strategies are premature; wait until daysToExpiry ≤ 5 for optimal short premium execution.

Data as of 2026-04-21

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Frequently Asked Questions

What is ICICI Bank Limited max pain today?▾
ICICI Bank Limited's max pain strike is ₹1,340 for the 2026-04-28 expiry (7 days away). Spot is 3.4% above max pain.
How is max pain calculated for ICICI Bank Limited?▾
ICICI Bank 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 ICICI Bank 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 ICICI Bank Limited. It should be used with other signals, not in isolation.
What happened to ICICI Bank Limited max pain since yesterday?▾
ICICI Bank 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 ICICI Bank Limited options?▾
ICICI Bank 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.