InterGlobe Aviation 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 INDIGO, that strike is ₹4,550. Spot at ₹4,694.6 is 3.18% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
The maximum pain strike for InterGlobe Aviation Limited (INDIGO) is ₹4550, where option writer losses are minimized. This level often acts as a magnet for the spot price near expiry due to concentrated open interest.
Spot vs Max Pain Gap
The spot at ₹4694.6 trades 3.18% above the ₹4550 max pain, creating upward imbalance pressure. This gap suggests potential downward drift as the spot may be pulled toward the pain point before expiry.
Shift Signal
The max pain level has remained unchanged from yesterday, signaling stable writer positioning. Minimal shift indicates no aggressive build-up in new strike dominance, reflecting neutral near-term sentiment.
Expiry Bias
A downward drift bias is expected as spot gravitates toward ₹4550, especially with only 7 days left. However, the pull strengthens meaningfully only within the final 5 days, so early moves may lack conviction.
Trader Note
With more than 5 days to expiry, avoid premium selling; wait for stronger decay acceleration closer to expiration.
Data as of 2026-04-21