Page Industries 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 PAGEIND, that strike is ₹36,000. Spot at ₹36,300 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The current max‑pain strike for PAGEIND is ₹36,000, the price at which option writers would incur the smallest aggregate loss if all outstanding puts and calls were exercised at expiry. In practice, this level often acts as a magnet, drawing the underlying price toward it as the expiration date approaches.
Spot vs Max Pain Gap
The spot price sits at ₹36,300, just 0.83 % above the max‑pain level. Because the market is slightly higher, any downward pull‑back could be interpreted as an attempt to close the gap and move the underlying toward the pain point.
Shift Signal
The max‑pain level shows no shift versus yesterday, indicating that the aggregate open‑interest distribution has remained static over the last 24 hours. This stability suggests that option writers have already positioned themselves around the ₹36,000 strike and are not adjusting their exposure aggressively.
Expiry Context
Max pain is derived from the sum of open‑interest in all strikes and reflects the point where writers of both puts and calls would suffer the least loss if the contracts settle at expiry. During the final week, especially the last few days, the price often oscillates near this strike as market participants hedge and roll positions, but the outcome is still subject to broader supply‑demand dynamics and news flow—max pain is a tendency, not a guarantee.
Data Note
With 25 days remaining to the September 29 expiry, the spot price is ₹300 (≈0.83 %) above the max‑pain level of ₹36,000.
Data as of 2026-09-04