Stock Option Chain — of NSE F&O Option Chain Analysis
Track Open Interest, Change in OI, Volume, PCR and Max Pain for 200+ NSE F&O stocks. Analyze option chain data for RELIANCE, TCS, INFY, HDFCBANK, ICICIBANK and more — updated EOD.
Black dashed line = Max Pain strike (where option writers' total loss is minimized — the level price tends to gravitate toward at expiry).
■ Left of max pain ·
■ Right of max pain
| CE_Volume | CE_OI | CE_Change_OI | CE_Change | CE_LTP | Strike | PE_LTP | PE_Change | PE_Change_OI | PE_OI | PE_Volume | SPOT | OI_PCR | Change_OI_PCR | ATM |
|---|
Stock Option Chain Analysis — A Complete Guide
The Stock Option Chain is one of the most powerful tools available to traders and investors in the Indian derivatives market. It reveals where institutional money is positioned, which strike prices are seeing the highest activity, and how market sentiment is shifting in real time. On this page, you can analyze the live option chain for over 200 F&O stocks listed on NSE — including RELIANCE, TCS, INFY, HDFCBANK, ICICIBANK, SBIN, LT, AXISBANK, KOTAKBANK, and many more.
What Is a Stock Option Chain?
An option chain is a table that lists all available Call (CE) and Put (PE) contracts for a given stock across every strike price for a specific expiry date. For each strike, it shows the Last Traded Price (LTP), Open Interest (OI), Change in OI, and Volume. Traders use this data to identify support and resistance levels, spot unusual activity, and gauge whether bulls or bears are in control.
How to Read the Option Chain Table
The table on this page is divided into three zones — the Call side (left), the Strike column (center), and the Put side (right):
- CE_Volume / PE_Volume — Number of contracts traded today. High volume signals fresh interest and liquidity at that strike.
- CE_OI / PE_OI — Total open contracts. Rising OI with rising price = bullish; rising OI with falling price = bearish.
- CE_Change_OI / PE_Change_OI — Net OI added or removed today. This is the most important column for spotting intraday positioning.
- CE_LTP / PE_LTP — Current option premium. Rapid premium rise indicates momentum.
- Strike — The price at which the option can be exercised. Rows highlighted in yellow are In-The-Money (ITM).
- SPOT — Current market price of the underlying stock.
Strikes below the spot price are ITM for Calls. Strikes above the spot price are ITM for Puts. The row nearest to spot is the ATM (At-The-Money) strike — the most actively traded one.
The Four Charts — What Each One Tells You
1. OI Change Chart
This bar chart shows how much fresh Open Interest was added at each strike today. A tall green bar on the Call side means call writers are aggressively selling at that strike — a strong resistance. A tall orange bar on the Put side means put writers are defending that level — a strong support.
2. OI Chart
This shows total Open Interest buildup across strikes. The strike with the highest CE_OI is usually the strongest resistance for the current expiry. The strike with the highest PE_OI is usually the strongest support. When CE OI and PE OI are balanced, the market is in a range; when one side dominates, a directional move is likely.
3. Volume Chart
Volume tells you where trading is actually happening today. A strike may have huge OI but zero volume — that's stale positioning. Volume reveals fresh conviction. Compare this chart with the OI Change chart: when a strike shows both high volume and high change in OI, that's the level smart money is defending.
4. Max Pain Chart
The Max Pain chart is unique — it doesn't show raw OI but a calculated value called "total pain." For every possible strike at expiry, it calculates how much total money option writers would lose. The strike where the loss is minimum is called Max Pain.
Why does this matter? Because option writers (usually institutions) have enormous capital and influence. Historically, stock prices tend to gravitate toward the max pain strike as expiry approaches — because that's where the maximum number of options expire worthless, benefiting the writers.
On our chart:
- The black dashed vertical line marks the exact max pain strike.
- Bars left of the line are in orange.
- Bars right of the line are in green.
- The label at the top shows the exact max pain value — e.g., Max Pain : 78500.
If the current spot price is far from max pain, expect mean reversion toward that level by expiry. If spot is right at max pain, expect a range-bound session.
What Is Put-Call Ratio (PCR)?
PCR = Total Put OI ÷ Total Call OI. It's a quick sentiment gauge:
- PCR > 1.5 — Excessively bullish; often a contrarian warning of a top.
- PCR 1.0 – 1.5 — Healthy bullish bias.
- PCR 0.7 – 1.0 — Neutral to slightly bearish.
- PCR < 0.7 — Excessively bearish; often signals a bottom.
Use the strike range filter to focus on the strikes closest to spot — that's where PCR is most meaningful. The all-strikes PCR can be distorted by deep OTM positions.
How to Trade Using This Page
A simple three-step workflow:
- Pick a liquid stock. Start with the symbols in the Top Liquid Stocks section of the dropdown — RELIANCE, TCS, INFY, HDFCBANK, ICICIBANK, SBIN, LT, etc. These have tight spreads and reliable data.
- Set the strike filter to ±10 or ±20. This narrows the chain to the most relevant strikes around spot and keeps charts readable.
- Cross-check the charts. Look for a strike where Volume + Change in OI + OI all point in the same direction. That's your high-conviction support or resistance.
Combine that with the Max Pain level to define your target. If spot is below max pain, look for a bullish setup toward it. If above, look for a bearish setup.
Why This Option Chain Page Is Different
- Clean, distraction-free layout — no clutter, no popups.
- Interactive charts — OI Change, OI, Volume, and Max Pain on separate tabs.
- Strike range filter — focus on ±10, ±20, or the full chain with one click.
- Top liquid stocks list — a curated list of the most tradeable F&O stocks in India, so you don't waste time on illiquid contracts.
- Live data — refreshed from NSE throughout the trading session.
Final Thoughts
The option chain is a map of where other traders are positioned. It doesn't predict the future, but it gives you context: where the crowd is, where the institutions are defending, and where the strongest pull toward expiry lies. Combined with basic price-action analysis, it can dramatically improve the quality of your trade entries and exits.
Use the four charts on this page, apply the strike filter, focus on liquid stocks, and always trade with a stop loss. The market rewards discipline, not hope.
Disclaimer: This content is for educational and informational purposes only. It is not investment advice. Options trading involves significant risk. Trade at your own risk and consult a SEBI-registered advisor before making any investment decisions.
Pros and Cons of Stock Option Chain
The Stock Option Chain is one of the most widely used analytical tools by derivatives traders in India. But like every tool, it has clear strengths and clear limitations. Here's an honest, side-by-side look at both — so you know exactly what it can and cannot do for your trading.
Bottom Line: The Stock Option Chain is a powerful contextual tool — it tells you where other traders are positioned and where the market has natural pull. But it is not a prediction machine. Use it with discipline, always with a stop loss, and never as a substitute for a full trading plan.
FAQ on Stock Option Chain
A Stock Option Chain is a table showing all Call (CE) and Put (PE) option contracts available for a stock across every strike price for a specific expiry. It displays Last Traded Price, Open Interest, Change in OI and Volume for each strike, helping traders see where positions are being built.
The table is split into three zones — Call side on the left, Strike in the middle, and Put side on the right. Strikes below the spot price are ITM for Calls, strikes above are ITM for Puts, and the row nearest to spot is the ATM strike. Focus on the Change in OI and Volume columns to spot fresh positioning.
Max Pain is the strike at which option writers (usually institutions) would lose the least money at expiry. It is calculated by summing the total pain across all strikes for every possible expiry level. Historically, stock prices tend to gravitate toward the Max Pain strike as expiry approaches.
High Call OI at a strike typically indicates strong resistance because call writers expect the price to stay below it. High Put OI at a strike typically indicates strong support because put writers expect the price to stay above it. Together they map out the likely trading range for the expiry.
Open Interest is the total number of contracts currently open. Change in OI is how much fresh OI was added or removed today, showing new money flow. Volume is the number of contracts traded today, showing activity. Combining all three reveals whether a strike is seeing fresh, aggressive positioning or just stale carry-forward.
The Strike Range Filter narrows the chain to strikes around the ATM level — like ±10, ±20 or ±50. This makes charts and tables readable and focuses analysis on the strikes that actually matter for the current price. Use ±10 or ±20 for intraday, and wider ranges for positional expiry analysis.
You can analyse 200+ F&O stocks listed on NSE, including RELIANCE, TCS, INFY, HDFCBANK, ICICIBANK, SBIN, LT, AXISBANK, KOTAKBANK, SUNPHARMA, BAJFINANCE and BAJAJFINSV. The top liquid stocks appear at the top of the Symbol dropdown for quick access.
no, the data is fetched at the end of the day, the last available session's EOD data continues to display so you can still study the latest positioning.
No. The Option Chain shows where positions are being built, but it is not a standalone signal. Always combine it with price action, support/resistance levels, market breadth and overall trend. Use it as a context tool, not a buy or sell trigger.
