ICICI Bank Limited Max Pain Analysis

₹1377.60Updated 28 Oct 2026, 03:30 pm IST

Max Pain Strike

₹1400Writers’ least-loss point

Spot vs Max Pain

−1.60%Spot ₹1,377.6

Max Pain Shift

+₹60vs yesterday

Days to Expiry

262026-11-23

2nd Lowest Pain Strike

₹1390₹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 ₹1,400. Spot at ₹1,377.6 is 1.6% below max pain — possible upward gravitational pull into expiry.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The max‑pain strike for ICICIBANK is ₹1,400. This is the price at which option writers would incur the smallest aggregate loss, acting like a magnetic pull as expiry nears.

Spot vs Max Pain Gap

The market price sits at ₹1,377.6, about 1.6 % below the pain point, indicating a modest upside bias toward the ₹1,400 level. If the underlying drifts upward, the gap will narrow, amplifying the magnet effect.

Shift Signal

The pain level has moved +₹60 from yesterday, a climb that suggests writers are repositioning toward higher strikes. This upward shift typically reflects sellers hedging against a potential rally, reinforcing the pull toward ₹1,400.

Expiry Context

Max pain emerges from the net payoff of all open calls and puts; as the expiry date (2026‑11‑23) approaches, the concentration of open positions can steer the underlying toward the pain strike. Yet, it remains a statistical tendency—not a deterministic outcome—especially during volatile expiry‑week trading.

Data Note

With 26 days left, the spot price is ₹22.4 below the max‑pain level of ₹1,400.

Data as of 2026-10-28

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Frequently Asked Questions

What is ICICI Bank Limited max pain today?

ICICI Bank Limited's max pain strike is ₹1,400 for the 2026-11-23 expiry (26 days away). Spot is 1.6% below 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 shifted up by ₹60 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 2026-11-23 — 26 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.