One 97 Communications 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 PAYTM, that strike is ₹1,660. Spot at ₹1,659.5 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The options market for One 97 Communications Ltd. (PAYTM) is centering on the ₹1,660 strike as the point of maximum pain. This is the strike at which option writers would incur the least aggregate loss, acting as a magnetic level as expiry approaches.
Spot vs Max Pain Gap
The current spot price of ₹1,659.5 sits just 0.03 % below the max‑pain strike, indicating a very narrow gap. Such a tight proximity suggests that any minor price movement could pull the spot toward the pain point, reinforcing the magnet effect.
Shift Signal
The max‑pain level has shifted upward by ₹20 from yesterday’s figure, reflecting a bullish bias among option writers. This upward shift signals that writers have been net‑selling calls and buying puts around the higher strike, positioning themselves to benefit if the underlying remains near ₹1,660.
Expiry Context
Max pain is derived from the total open interest of calls and puts, weighted by their potential payout at each strike; the strike that minimizes writers’ total payout is deemed the pain point. In the week leading up to expiry, the underlying often gravitates toward this level, though the phenomenon is a statistical tendency rather than a deterministic rule.
Data Note
With a spot‑to‑max‑pain distance of just ₹0.5 and 25 days remaining until the September 29 expiry, the market is closely aligned with the identified pain zone.
Data as of 2026-09-04