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.

RELIANCE max painexpiry 23 Nov 2026

Key facts

RELIANCE max pain for the 23 Nov 2026 expiry is 1,250, 5.6% below the spot of ₹1,324.40, as of 9 Nov 2026, 3:40 pm IST. Over the last 52 settled expiries, RELIANCE settled within ±1% of the max pain read the session before 25% of the time.

Max pain: 1,250
Share price: ₹1,324.40
Gap to max pain: 5.6% below the spot
Expiry: 23 Nov (14 days)
Settled within ±1%: 25% of 52
Highest call OI: 1,320
Highest put OI: 1,200
PCR (OI): 0.80

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.

RELIANCE max pain by strike, 23 Nov 2026 expiry

What option writers would pay out if RELIANCE settled at each strike, in rupees, from the open interest of the 50 strikes nearest the money. Max pain (1,250) is the lowest total over every listed strike.
Settlement at	Call writers pay	Put writers pay	Total payout
1,150	₹13.22 Cr	₹698 Cr	₹711 Cr
1,160	₹16.80 Cr	₹637 Cr	₹654 Cr
1,170	₹21.86 Cr	₹578 Cr	₹599 Cr
1,180	₹28.26 Cr	₹520 Cr	₹548 Cr
1,190	₹37.14 Cr	₹464 Cr	₹501 Cr
1,200	₹47.55 Cr	₹410 Cr	₹458 Cr
1,210	₹63.46 Cr	₹365 Cr	₹428 Cr
1,220	₹80.86 Cr	₹321 Cr	₹402 Cr
1,230	₹100 Cr	₹280 Cr	₹380 Cr
1,240	₹122 Cr	₹242 Cr	₹364 Cr
1,250max pain	₹145 Cr	₹207 Cr	₹353 Cr
1,260	₹176 Cr	₹179 Cr	₹356 Cr
1,270	₹209 Cr	₹155 Cr	₹364 Cr
1,280	₹244 Cr	₹132 Cr	₹376 Cr
1,290	₹284 Cr	₹111 Cr	₹395 Cr
1,300	₹330 Cr	₹92.45 Cr	₹422 Cr
1,310	₹385 Cr	₹81.27 Cr	₹467 Cr
1,320	₹444 Cr	₹71.78 Cr	₹516 Cr
1,330	₹513 Cr	₹64.10 Cr	₹577 Cr
1,340	₹586 Cr	₹57.70 Cr	₹644 Cr
1,350	₹662 Cr	₹52.12 Cr	₹714 Cr

RELIANCE 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	2.10 L	1.69 L	0.80	1,250	21.8%
29 Dec 2026	49	17.7 K	12.6 K	0.71	1,300	21.5%
25 Jan 2027	76	1.4 K	954	0.66	1,300	20.3%

Frequently asked questions

What is RELIANCE max pain today?

RELIANCE max pain for the 23 Nov 2026 expiry is 1,250 as of 9 Nov 2026, 3:40 pm IST, 5.6% below the spot of ₹1,324.40.

How is max pain calculated?

For every strike, add up what all open calls and puts would be worth at expiry if RELIANCE 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 RELIANCE expire at max pain?

Not reliably. Over the last 52 settled RELIANCE 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 25% of the time, and within ±0.5% 13% 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 RELIANCE 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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