The Indian Hotels Company 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 INDHOTEL, that strike is ₹780. Spot at ₹805.2 is 3.23% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
The options market for The Indian Hotels Company Limited (INDHOTEL) is currently centered on a strike of ₹780, the level at which option writers would experience the smallest aggregate loss if all contracts were exercised. This “pain” point acts like a magnet that often draws the underlying price toward it as expiry approaches.
Spot vs Max Pain Gap
The spot price of ₹805.2 sits about 3.23 % above the ₹780 level, indicating a modest upside gap. Such a gap suggests that any pull‑back toward the pain point could be funded by existing open interest rather than requiring new buying pressure.
Shift Signal
The pain level has moved +30 points from the previous day, a bullish shift that typically reflects writers adjusting their hedge ratios higher. This upward movement implies that option writers are positioning for a higher settlement price, potentially dampening upward momentum.
Expiry Context
As the November 23 expiry draws near (26 days out), the convergence of call and put open interest around the pain strike often accelerates price movement toward that zone. Nevertheless, the pain level remains a statistical tendency, not a deterministic outcome, and market dynamics can still diverge from it.
Data Note
The current spot is ₹25.2 above the pain strike with just under a month remaining until expiry.
Data as of 2026-10-28