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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.
SENSEX max pain for the 12 Nov 2026 expiry is 80,500, 0.7% below the spot of 81,106.65, as of 9 Nov 2026, 3:40 pm IST. Over the last 52 settled expiries, SENSEX settled within ±1% of the max pain read the session before 85% 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 |
|---|---|---|---|
| 79,500 | ₹114 Cr | ₹554 Cr | ₹667 Cr |
| 79,600 | ₹127 Cr | ₹499 Cr | ₹626 Cr |
| 79,700 | ₹140 Cr | ₹448 Cr | ₹588 Cr |
| 79,800 | ₹154 Cr | ₹398 Cr | ₹552 Cr |
| 79,900 | ₹169 Cr | ₹352 Cr | ₹521 Cr |
| 80,000 | ₹185 Cr | ₹308 Cr | ₹492 Cr |
| 80,100 | ₹203 Cr | ₹270 Cr | ₹473 Cr |
| 80,200 | ₹221 Cr | ₹235 Cr | ₹456 Cr |
| 80,300 | ₹241 Cr | ₹201 Cr | ₹441 Cr |
| 80,400 | ₹261 Cr | ₹169 Cr | ₹430 Cr |
| 80,500 | ₹281 Cr | ₹139 Cr | ₹420 Cr |
| 80,600 | ₹303 Cr | ₹114 Cr | ₹417 Cr |
| 80,700 | ₹327 Cr | ₹90.52 Cr | ₹418 Cr |
| 80,800 | ₹353 Cr | ₹69.76 Cr | ₹423 Cr |
| 80,900 | ₹381 Cr | ₹51.48 Cr | ₹432 Cr |
| 81,000 | ₹412 Cr | ₹35.30 Cr | ₹447 Cr |
| 81,100 | ₹453 Cr | ₹26.79 Cr | ₹479 Cr |
| 81,200 | ₹497 Cr | ₹20.51 Cr | ₹517 Cr |
| 81,300 | ₹544 Cr | ₹15.99 Cr | ₹560 Cr |
| 81,400 | ₹595 Cr | ₹12.41 Cr | ₹608 Cr |
| 81,500 | ₹649 Cr | ₹9.48 Cr | ₹658 Cr |
| Expiry | Days left | Call OI | Put OI | PCR | Max pain | ATM IV |
|---|---|---|---|---|---|---|
| 12 Nov 2026 | 2 | 13.10 L | 12.67 L | 0.97 | 80,500 | 20.3% |
| 19 Nov 2026 | 9 | 20.5 K | 31.2 K | 1.52 | 80,900 | 17.7% |
| 26 Nov 2026 | 16 | 27.3 K | 34.4 K | 1.26 | 78,000 | 16.7% |
| 3 Dec 2026 | 23 | 68 | 174 | 2.56 | 80,000 | 15.2% |
| 10 Dec 2026 | 30 | 3 | 0 | 0.00 | 81,500 | 13.2% |
| 17 Dec 2026 | 37 | 2 | 0 | 0.00 | 83,000 | 12.8% |
| 24 Dec 2026 | 44 | 0 | 1 | — | 83,800 | 16.4% |
| 31 Dec 2026 | 51 | 2 | 0 | 0.00 | 81,500 | 13.6% |
| 28 Jan 2027 | 79 | 0 | 1 | — | 80,400 | 17.7% |
SENSEX max pain for the 12 Nov 2026 expiry is 80,500 as of 9 Nov 2026, 3:40 pm IST, 0.7% below the spot of 81,106.65.
For every strike, add up what all open calls and puts would be worth at expiry if SENSEX 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 SENSEX expiries (9 Oct 2025 to 29 Oct 2026), the settlement landed within ±1% of the max pain read on the last full session before expiry 85% of the time, and within ±0.5% 58% 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.