What is HDFC Bank max pain today?

It is the strike at which HDFC Bank 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.

HDFCBANK options · max pain

HDFC Bank Max Pain Today

HDFC Bank max pain for the 27 Oct 2026 monthly expiry is 720, 13.06 points above the last spot of 706.94.

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

Max pain: 720; 27 Oct expiry
Spot: 706.94; Close 21 Oct
Distance to max pain: +13.06; +1.85%
Put-call ratio: 0.53; By open interest

HDFC Bank open interest: highest call and put strikes

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

Top HDFC Bank call and put open interest strikes
Rank	Call strike	Call OI	Put strike	Put OI
#1	750	2,40,00,600	720	1,18,37,150
#2	720	2,00,68,750	700	1,06,98,350
#3	740	1,76,34,500	710	63,27,750
#4	730	1,72,69,200	690	61,62,000
#5	710	1,38,80,750	730	55,38,650

HDFC Bank max pain history

Max pain against spot for the last 20 sessions.

HDFC Bank max pain history
Date	Spot	Max pain	Gap	PCR
21 Oct 2026	706.94	720	+13	0.52
19 Oct 2026	712	720	+8	0.50
16 Oct 2026	728.84	720	-9	0.57
15 Oct 2026	727.67	720	-8	0.58
14 Oct 2026	710.70	720	+9	0.52
13 Oct 2026	714	720	+6	0.56
12 Oct 2026	704.89	720	+15	0.53
9 Oct 2026	707.25	720	+13	0.54
8 Oct 2026	692.31	720	+28	0.47
7 Oct 2026	702.76	720	+17	0.50
6 Oct 2026	711.44	720	+9	0.53
5 Oct 2026	704.80	720	+15	0.53
1 Oct 2026	720.40	730	+10	0.66
30 Sept 2026	708.71	730	+21	0.69
29 Sept 2026	722.70	730	+7	0.71
28 Sept 2026	719.05	740	+21	0.71
25 Sept 2026	735.61	740	+4	0.71
24 Sept 2026	729.17	740	+11	0.66
23 Sept 2026	737.26	740	+3	0.59
22 Sept 2026	738.61	730	-9	0.63

HDFC Bank 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.

HDFC Bank max pain by expiry
Expiry	Max pain	PCR	Expected move
27 Oct 2026	720	0.53	±14
23 Nov 2026	720	0.52	±38

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 HDFC Bank 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 HDFC Bank 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 HDFC Bank options data

HDFC Bank pcr · Put open interest divided by call open interest.
HDFC Bank gamma exposure · Dealer gamma in ₹ crore per 1% move, gamma flip and walls.
HDFC Bank 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 HDFC Bank max pain today?: It is the strike at which HDFC Bank 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.