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 ₹235. Spot at ₹234.65 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The current max‑pain strike for ONGC is ₹235. Max pain represents the strike at which option writers (both calls and puts) 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 spot price sits at ₹234.65, just 0.15 % below the max‑pain level. This narrow gap suggests limited upward pressure is needed for the spot to latch onto the pain point, which could reinforce the magnet effect if the market remains range‑bound.
Shift Signal
The max‑pain figure shows no shift from yesterday, indicating that option writers have not altered their positioning materially. A flat shift typically reflects a steady concentration of open interest around the same strike, reinforcing the current magnet strength.
Expiry Context
With the contract expiring on 29 September 2026 (25 days out), the max‑pain mechanism intensifies as time decay accelerates, prompting writers to hedge aggressively and push the spot toward the ₹235 strike. Historically, the final week of expiry often witnesses tighter price movement as market participants converge on the pain point, though this remains a statistical tendency, not a certainty.
Data Note
The spot is ₹0.35 below the max‑pain strike, and 25 days remain until expiry.
Data as of 2026-09-04