Voltas 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 VOLTAS, that strike is ₹1,220. Spot at ₹1,170 is 4.1% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The current max‑pain strike for Voltas Limited (VOLTAS) is ₹1,220. Max pain represents the strike at which option writers collectively incur the smallest possible loss, effectively acting as a magnetic point that the underlying price may gravitate toward as expiry approaches.
Spot vs Max Pain Gap
The spot price sits at ₹1,170, roughly 4.1 % below the max‑pain level. This downward gap suggests that, all else equal, there is pressure for the share price to rise toward the ₹1,220 strike if market participants begin to unwind positions or if speculative buying intensifies.
Shift Signal
The shift metric shows no movement from yesterday’s reading, indicating a stable positioning among option writers. A neutral shift implies that the current distribution of open interest remains unchanged, and writers are not actively adjusting their exposure to a higher or lower strike.
Expiry Context
Max pain is derived from the net open interest of all calls and puts; the strike with the minimal combined writer loss becomes the “pain point.” During the final week before expiry—especially the last few days—underlying prices often exhibit a tendency to drift toward this level, though external factors such as earnings, news, or macro‑economic shifts can override the effect. Consequently, max pain should be viewed as a statistical tendency rather than a deterministic outcome.
Data Note
With 25 days left until the September‑29 expiry, the spot price remains ₹50 below the ₹1,220 max‑pain strike.
Data as of 2026-09-04