What is Bank Nifty max pain today?

It is the strike at which Bank Nifty option buyers, in aggregate, would see the most options expire worthless, computed from today's end-of-day open interest across all strikes of the nearest expiry. The current value is shown at the top of this page.

How is max pain calculated?

For every strike, TradeLens adds up the intrinsic value all open calls and puts would have if the underlying settled exactly there. The strike with the lowest total payout to option holders is max pain.

Does the price really move towards max pain at expiry?

Sometimes. Pinning is more common when dealers are long gamma and open interest is concentrated, and weaker on trend days or when big news lands. Treat max pain as a reference level, not a target.

Why does max pain change every day?

Open interest shifts as traders open and close positions. Large additions at a strike can move max pain by one or more strikes, especially early in the expiry cycle.

When is this page updated?

After NSE publishes the F&O bhavcopy, around 17:00 to 19:00 IST on trading days. TradeLens Core subscribers get intraday updates every 15 minutes.

BANKNIFTY options · max pain

Bank Nifty Max Pain Today

Bank Nifty max pain for the 27 Oct 2026 monthly expiry is 55,500, 523.10 points above the last spot of 54,976.90.

Data as of 21 Oct 2026 EOD, NSE F&O bhavcopy

Max pain: 55,500; 27 Oct expiry
Spot: 54,976.90; Close 21 Oct
Distance to max pain: +523.10; +0.95%
Put-call ratio: 0.88; By open interest

Bank Nifty open interest: highest call and put strikes

Strikes with the largest open interest often act as resistance (calls) and support (puts) into expiry.

Top Bank Nifty call and put open interest strikes
Rank	Call strike	Call OI	Put strike	Put OI
#1	56,000	16,15,980	55,000	12,61,470
#2	55,000	12,63,570	52,000	8,45,850
#3	55,500	11,55,570	54,000	7,61,670
#4	58,000	11,38,260	55,500	7,51,440
#5	57,000	10,78,920	56,000	7,09,200

Bank Nifty max pain history

Max pain against spot for the last 20 sessions.

Bank Nifty max pain history
Date	Spot	Max pain	Gap	PCR
21 Oct 2026	54,976.90	57,000	+2,023	0.83
19 Oct 2026	55,488.10	55,600	+112	0.96
16 Oct 2026	55,844	55,800	-44	1.06
15 Oct 2026	55,810.50	55,800	-11	1.08
14 Oct 2026	55,316	55,500	+184	0.98
13 Oct 2026	55,481.05	55,600	+119	1.07
12 Oct 2026	54,918	55,500	+582	0.90
9 Oct 2026	55,256.65	55,700	+443	0.98
8 Oct 2026	54,515.05	55,500	+985	0.87
7 Oct 2026	55,055.55	55,900	+844	0.92
6 Oct 2026	55,128.40	56,000	+872	0.91
5 Oct 2026	54,714.10	56,000	+1,286	0.87
1 Oct 2026	54,450.75	56,000	+1,549	0.87
30 Sept 2026	54,633.05	56,000	+1,367	0.88
29 Sept 2026	54,259.95	56,000	+1,740	0.87
28 Sept 2026	54,471.65	56,500	+2,028	0.84
25 Sept 2026	55,580.40	57,000	+1,420	0.84
24 Sept 2026	55,438.50	57,000	+1,562	0.81
23 Sept 2026	56,548.90	57,500	+951	0.83
22 Sept 2026	56,215.55	57,000	+784	0.92

Bank Nifty max pain across expiries

Each expiry has its own open interest, so max pain can sit at different strikes for the weekly, next and monthly contracts.

Bank Nifty max pain by expiry
Expiry	Max pain	PCR	Expected move
27 Oct 2026	55,500	0.88	±859
23 Nov 2026	57,000	0.83	±1,940
29 Dec 2026	57,000	1.33	±3,114
30 Mar 2027	57,000	0.69	±3,729

What is max pain?

Max pain (the “maximum pain” strike) is the price at which the combined value of all open call and put options is lowest at expiry. Because option sellers keep the premium when options expire worthless, it is the settlement level that hurts option buyers the most and suits option writers the best.

Traders in India watch Bank Nifty max pain on expiry week because large open interest can create a pinning effect: hedging flows from option writers tend to dampen moves away from heavily traded strikes. The pull is strongest when dealers are in a positive gamma regime; see the Bank Nifty gamma exposure page.

Max pain is a positioning statistic, not a forecast. Use it alongside the put-call ratio and the expected move to frame a range.

More Bank Nifty options data

Bank Nifty pcr · Put open interest divided by call open interest.
Bank Nifty gamma exposure · Dealer gamma in ₹ crore per 1% move, gamma flip and walls.
Bank Nifty expected move · The ATM straddle-implied move to expiry and ATM IV.
All market data

Max pain for other symbols

Frequently asked questions

What is Bank Nifty max pain today?: It is the strike at which Bank Nifty option buyers, in aggregate, would see the most options expire worthless, computed from today's end-of-day open interest across all strikes of the nearest expiry. The current value is shown at the top of this page.
How is max pain calculated?: For every strike, TradeLens adds up the intrinsic value all open calls and puts would have if the underlying settled exactly there. The strike with the lowest total payout to option holders is max pain.
Does the price really move towards max pain at expiry?: Sometimes. Pinning is more common when dealers are long gamma and open interest is concentrated, and weaker on trend days or when big news lands. Treat max pain as a reference level, not a target.
Why does max pain change every day?: Open interest shifts as traders open and close positions. Large additions at a strike can move max pain by one or more strikes, especially early in the expiry cycle.
When is this page updated?: After NSE publishes the F&O bhavcopy, around 17:00 to 19:00 IST on trading days. TradeLens Core subscribers get intraday updates every 15 minutes.

Positioning data, not investment advice. Trading in derivatives involves substantial risk of loss.