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Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein aggregate level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22. SEBI’s latest study (August 2026) found that 87.7% of individual traders in equity derivatives made net losses in FY 2025-26.
DIXON max pain for the 23 Nov 2026 expiry is 12,000, 4.8% below the spot of ₹12,603.00, as of 9 Nov 2026, 3:40 pm IST. Over the last 52 settled expiries, DIXON settled within ±1% of the max pain read the session before 19% of the time.
As of · End-of-day figures from the 9 Nov 2026 session; they refresh after the next close.
Open the expiry and max pain tool →Every strike, greeks and past sessions.
| Settlement at | Call writers pay | Put writers pay | Total payout |
|---|---|---|---|
| 9,500 | ₹0.05 Cr | ₹287 Cr | ₹287 Cr |
| 9,750 | ₹0.09 Cr | ₹254 Cr | ₹254 Cr |
| 10,000 | ₹0.13 Cr | ₹221 Cr | ₹221 Cr |
| 10,250 | ₹0.28 Cr | ₹190 Cr | ₹191 Cr |
| 10,500 | ₹0.45 Cr | ₹160 Cr | ₹160 Cr |
| 10,750 | ₹0.90 Cr | ₹131 Cr | ₹132 Cr |
| 11,000 | ₹1.65 Cr | ₹103 Cr | ₹105 Cr |
| 11,250 | ₹3.51 Cr | ₹80.90 Cr | ₹84.42 Cr |
| 11,500 | ₹6.64 Cr | ₹59.99 Cr | ₹66.64 Cr |
| 11,750 | ₹12.74 Cr | ₹44.53 Cr | ₹57.27 Cr |
| 12,000 | ₹19.74 Cr | ₹30.58 Cr | ₹50.32 Cr |
| 12,250 | ₹30.27 Cr | ₹20.82 Cr | ₹51.09 Cr |
| 12,500 | ₹41.87 Cr | ₹13.09 Cr | ₹54.97 Cr |
| 12,750 | ₹57.71 Cr | ₹8.75 Cr | ₹66.46 Cr |
| 13,000 | ₹75.66 Cr | ₹5.28 Cr | ₹80.94 Cr |
| 13,250 | ₹98.61 Cr | ₹4.12 Cr | ₹103 Cr |
| 13,500 | ₹123 Cr | ₹2.96 Cr | ₹126 Cr |
| 13,750 | ₹149 Cr | ₹2.13 Cr | ₹151 Cr |
| 14,000 | ₹176 Cr | ₹1.31 Cr | ₹177 Cr |
| 14,250 | ₹206 Cr | ₹0.92 Cr | ₹207 Cr |
| 14,500 | ₹236 Cr | ₹0.53 Cr | ₹236 Cr |
| Expiry | Days left | Call OI | Put OI | PCR | Max pain | ATM IV |
|---|---|---|---|---|---|---|
| 23 Nov 2026 | 13 | 25.8 K | 26.9 K | 1.04 | 12,000 | 31.8% |
| 29 Dec 2026 | 49 | 829 | 908 | 1.10 | 13,000 | 33.2% |
| 25 Jan 2027 | 76 | 0 | 0 | — | — | 32.9% |
DIXON max pain for the 23 Nov 2026 expiry is 12,000 as of 9 Nov 2026, 3:40 pm IST, 4.8% below the spot of ₹12,603.00.
For every strike, add up what all open calls and puts would be worth at expiry if DIXON settled exactly there (open interest × how far each option is in the money). Max pain is the strike where that total is smallest: the settlement at which option writers as a group would pay out the least. It is computed over every listed strike of the expiry.
Not reliably. Over the last 52 settled DIXON expiries (28 Jul 2022 to 27 Oct 2026), the settlement landed within ±1% of the max pain read on the last full session before expiry 19% of the time, and within ±0.5% 6% of the time.
No. It describes where open positions sit, not where the price will go, and it moves as positions change during the session. Nothing on this page is a recommendation to buy or sell.
No. Jivani Markets is not a SEBI-registered research analyst or investment adviser. These are exchange figures shown for research; nothing here is a recommendation to buy or sell. F&O trading carries high risk: SEBI found 87.7% of individual traders in equity derivatives made net losses in FY 2025-26.
Not investment advice. Jivani Markets is a technology platform, not a SEBI-registered investment adviser or research analyst.
Derivatives are leveraged and can lose more than the premium or margin put in. Strategy results here are hypothetical. Past performance is not indicative of future results. Not investment advice. Jivani Markets is a technology platform, not a SEBI-registered investment adviser or research analyst.