9 in 10 individual F&O traders made net losses (SEBI).Risk disclosures on derivatives: 9 out of 10 individual traders in equity F&O incurred net losses.Read more

9 out of 10 individual traders in equity Futures and Options Segment incurred net losses.
On an average, loss makers registered net trading loss close to ₹50,000.
Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
Those making net trading profits incurred between 15% to 50% of such profits as transaction cost.

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.

HDFCBANK max painexpiry 23 Nov 2026

Key facts

HDFCBANK max pain for the 23 Nov 2026 expiry is 740, 7.3% below the spot of ₹798.15, as of 9 Nov 2026, 3:40 pm IST. Over the last 52 settled expiries, HDFCBANK settled within ±1% of the max pain read the session before 31% of the time.

Max pain: 740
Share price: ₹798.15
Gap to max pain: 7.3% below the spot
Expiry: 23 Nov (14 days)
Settled within ±1%: 31% of 52
Highest call OI: 800
Highest put OI: 700
PCR (OI): 0.95

As of 9 Nov 2026, 3:40 pm IST · 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.

HDFCBANK max pain by strike, 23 Nov 2026 expiry

What option writers would pay out if HDFCBANK settled at each strike, in rupees, from the open interest of the 29 strikes nearest the money. Max pain (740) is the lowest total over every listed strike.
Settlement at	Call writers pay	Put writers pay	Total payout
640	₹1.20 Cr	₹953 Cr	₹954 Cr
650	₹1.84 Cr	₹847 Cr	₹849 Cr
660	₹3.02 Cr	₹749 Cr	₹752 Cr
670	₹4.63 Cr	₹652 Cr	₹656 Cr
680	₹7.57 Cr	₹557 Cr	₹565 Cr
690	₹13.30 Cr	₹468 Cr	₹481 Cr
700	₹25.86 Cr	₹385 Cr	₹411 Cr
710	₹48.34 Cr	₹315 Cr	₹364 Cr
720	₹76.41 Cr	₹252 Cr	₹328 Cr
730	₹110 Cr	₹195 Cr	₹305 Cr
740max pain	₹148 Cr	₹146 Cr	₹294 Cr
750	₹193 Cr	₹104 Cr	₹298 Cr
760	₹246 Cr	₹72.12 Cr	₹318 Cr
770	₹304 Cr	₹47.21 Cr	₹351 Cr
780	₹368 Cr	₹29.13 Cr	₹397 Cr
790	₹437 Cr	₹16.24 Cr	₹453 Cr
800	₹515 Cr	₹8.21 Cr	₹523 Cr
810	₹610 Cr	₹4.21 Cr	₹614 Cr
820	₹711 Cr	₹1.69 Cr	₹712 Cr
830	₹816 Cr	₹0.88 Cr	₹817 Cr
840	₹924 Cr	₹0.26 Cr	₹924 Cr

HDFCBANK max pain by expiry

Each listed expiry's open interest, put-call ratio and max pain, 9 Nov 2026 session. OI in contracts.
Expiry	Days left	Call OI	Put OI	PCR	Max pain	ATM IV
23 Nov 2026	13	1.80 L	1.71 L	0.95	740	24.1%
29 Dec 2026	49	17.2 K	12.0 K	0.70	760	23.0%
25 Jan 2027	76	1.0 K	839	0.83	780	25.8%

Frequently asked questions

What is HDFCBANK max pain today?

HDFCBANK max pain for the 23 Nov 2026 expiry is 740 as of 9 Nov 2026, 3:40 pm IST, 7.3% below the spot of ₹798.15.

How is max pain calculated?

For every strike, add up what all open calls and puts would be worth at expiry if HDFCBANK 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.

Does HDFCBANK expire at max pain?

Not reliably. Over the last 52 settled HDFCBANK 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 31% of the time, and within ±0.5% 17% of the time.

Is max pain a trading signal?

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.

Is this a recommendation to trade HDFCBANK options?

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.

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