This page reflects HDB options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — HDB
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $22.50 (0.16 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.50
Nearest expiry
Expected Move
±$0.92
±4.1%
Days to Expiry
14
Calendar days
Total Call OI
19,524
Nearest expiry
Total Put OI
4,270
Nearest expiry
P/C OI Ratio
0.22
Put-heavy
Spot Price
$22.34
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-16
Expiration
Max Pain Strike
Last Updated
2026-08-21
$27.50
8/21/2026, 11:16:15 PM
2026-09-18
$22.50
9/18/2026, 11:13:17 PM
2026-10-16NextUpdated
$22.50
10/2/2026, 11:15:00 PM
2026-11-20
$22.50
10/2/2026, 11:15:00 PM
2027-01-15
$22.50
10/2/2026, 11:15:00 PM
2027-04-16
$20.00
10/2/2026, 11:15:00 PM
Selected expiration: 2026-10-16 at max pain $22.50.
HDB pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
3197000
3197000
17.5
1500
2125750
2127250
20
68750
1065500
1134250
22.5
243000
293000
536000
25
558750
16750
575500
27.5
2953000
5750
2958750
30
7226750
4250
7231000
32.5
11796500
2750
11799250
35
16386000
1250
16387250
37.5
21261750
1000
21262750
40
26147250
750
26148000
45
35918750
250
35919000
47.5
40804500
0
40804500
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.