Oil & Natural Gas 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 ONGC, that strike is ₹230. Spot at ₹224.89 is 2.2% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The max‑pain strike for ONGC sits at ₹230. This level represents the strike where option writers would incur the smallest aggregate loss, acting as a magnet that often draws the underlying price toward it as expiry approaches.
Spot vs Max Pain Gap
The current spot of ₹224.89 sits about 2.22 % below the max‑pain level, indicating a modest upside bias. If the market continues to pull upward, the gap could narrow, positioning the spot nearer to the writer‑friendly zone.
Shift Signal
The max‑pain figure has moved +5 points from yesterday, suggesting that option writers are slightly more bullish or have added call exposure at higher strikes. This upward shift hints at a positioning tilt that may reinforce support near the ₹230 mark.
Expiry Context
Max pain is calculated by aggregating the open interest of all call and put strikes; the strike with the lowest combined writer loss becomes the theoretical equilibrium price. In the final week before expiry, market participants often observe increased pinning of the underlying near this level, though the phenomenon remains a statistical tendency rather than a deterministic outcome.
Data Note
With 26 days remaining until the 23‑Nov‑2026 expiry, the spot sits roughly ₹5.1 below the max‑pain strike.
Data as of 2026-10-28