Yes Bank 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 YESBANK, that strike is ₹23. Spot at ₹22.5 is 2.2% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The 2026‑09‑29 expiry exhibits a max‑pain strike at ₹23. This is the strike at which option writers would incur the smallest aggregate loss, often acting as a magnetic point as expiry approaches.
Spot vs Max Pain Gap
The underlying is trading at ₹22.5, roughly 2.17 % below the max‑pain level, indicating a modest upside bias for the price to close nearer to ₹23. Should the market pull toward the max‑pain strike, a modest rally could be expected.
Shift Signal
The max‑pain figure shows no shift versus yesterday, implying that writers have not altered their positioning and continue to concentrate exposure around the ₹23 strike. This stability suggests a steady alignment of open interest in that region.
Expiry Context
Max pain reflects the aggregate of open‑interest across strikes, where the majority of written options would expire worthless if the underlying settles at the identified strike. In the final week of an expiry cycle, the underlying often gravitates toward this level, though it remains a statistical tendency rather than a deterministic outcome.
Data Note
With 25 days remaining until expiry, the spot price sits ₹0.5 below the max‑pain strike of ₹23.
Data as of 2026-09-04