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 ₹5,100. Spot at ₹4,977 is 2.4% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The current max‑pain strike for InterGlobe Aviation Limited (INDIGO) is ₹5,100. Max pain is the strike at which the aggregate loss of option writers (both calls and puts) is minimized, often acting as a magnet that draws the underlying price toward it as expiry nears.
Spot vs Max Pain Gap
The spot price of ₹4,977 sits about 2.41 % below the max‑pain level, indicating a modest upside bias for the underlying to move toward the ₹5,100 strike. Should the market pull the price upward, call writers stand to keep a larger portion of the premium, while put writers would face increasing exposure.
Shift Signal
There is no shift in the max‑pain level compared with the previous day, suggesting that the positioning of option writers has remained largely unchanged. This static stance implies that the current distribution of open interest continues to reinforce the ₹5,100 magnet, with neither a fresh influx of new contracts nor a significant roll‑off of existing positions.
Expiry Context
Max pain emerges from the net sum of open‑interest across all strikes; as the contract approaches expiration, the price tends to gravitate toward the strike where writers’ collective loss is smallest. In the final week of an options cycle, the underlying often trades within a narrow band around this level, though the phenomenon is probabilistic, not deterministic.
Data Note
At ₹4,977, the spot sits roughly ₹123 below the max‑pain strike, with 25 days remaining until the September 29 expiration.
Data as of 2026-09-04