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How to read Option chain in Hindi — PCR, max pain, open interest, strike selection. Complete guide to Options data analysis with real examples.
Published by The Retail Trader · AUG 12, 2026 · Features
How to read Option chain in Hindi — PCR, max pain, open interest, strike selection. Complete guide to Options data analysis with real examples.
Option chain is a table in which the data of Call and Put options of all the strike prices of a stock/index is visible together.
What data is available in Option chain:
• Strike price
• Call: Open Interest (OI), OI change, Volume, Premium, Implied Volatility (IV)
• Put: OI, OI change, Volume, Premium, IV
• PCR (Put-Call Ratio)
On TRT: theretailtrader.org/index-details/NSEI → Options Then. Full option chain of Nifty 50 available.
Open Interest (OI):
• How many contracts are "open" now (not yet squared off)
• High OI = more interest at that strike
• OI increase = new positions are aa
• OI event = positions are being closed
OI Change:
• Today's OI minus yesterday's OI
• Positive change = new positions (bullish/bearish depends on Call/Put)
• Negative change = positions closing
Volume:
• how many contracts were traded today
• High volume = active strike (good for entry/exit)
• Low volume = illiquid (avoid — slippage)
Implied Volatility (IV):
• Market volatility expectation
• High IV = expensive options
• Low IV = cheap options
• IV increases before events (RBI, budget, results)
Premium:
• Current price of option
• Higher premium for ITM options
• OTM options premium reduced
Step 1: Max OI Strike Dhoondo:
• Strike with highest OI on Call side = resistance (writers are not bullish)
• The strike with highest OI on the put side = support (writers are not bearish)
Example:
• Nifty at 24,600
• Call max OI: 25,000 strike (resistance)
• Put max OI: 24,400 strike (support)
• Expected range: 24,400 - 25,000
Step 2: PCR (Put-Call Ratio) Check:
• PCR = Total Put OI / Total Call OI
• PCR > 1.5 = bullish (more puts being bought = hedging/protection)
• PCR < 0.7 = bearish (more calls being bought = speculation)
• PCR 0.8-1.2 = neutral
Step 3: OI Change Analysis:
• Call OI increasing + Put OI decreasing = bearish (writers selling calls, puts being closed)
• Put OI increasing + Call OI decreasing = bullish (writers selling puts, calls being closed)
• Both increasing = range expected
• Both decreasing = trend expected (positions unwinding)
Step 4: Max Pain:
• Max pain = the price where the loss of most option writers will be minimum
• Meaning: There is a tendency for the price to go towards the max pain level at expiry.
• Calculation: sum of all option writers' losses at each strike → minimum loss strike = max pain
Example:
• Nifty at 24,600
• Max pain: 24,500
• On expiry day, price may gravitate towards 24,500
Bullish Signals:
• Put OI increasing at support → writers selling puts = support strong
• PCR increasing (> 1.2) → puts being bought = hedging = bullish sentiment
• Call OI decreasing → call writers closing = bullish
• IV decreasing → panic reducing = bullish
Bearish Signals:
• Call OI increasing at resistance → writers selling calls = resistance strong
• PCR decreasing (< 0.8) → calls being bought = speculative bearish
• Put OI decreasing → put writers closing = bearish
• IV increasing → panic increasing = bearish
Nifty Option Chain (Hypothetical):
• 24,200 — Call OI: 5,000, Call Chg: -200, Call Vol: 1,000, Put OI: 85,000, Put Chg: +12,000, Put Vol: 15,000
• 24,300 — Call OI: 8,000, Call Chg: -500, Call Vol: 2,000, Put OI: 72,000, Put Chg: +8,000, Put Vol: 12,000
• 24,400 — Call OI: 15,000, Call Chg: -1,000, Call Vol: 5,000, Put OI: 65,000, Put Chg: +5,000, Put Vol: 10,000
• 24,500 — Call OI: 25,000, Call Chg: +2,000, Call Vol: 8,000, Put OI: 45,000, Put Chg: -3,000, Put Vol: 7,000
• 24,600 — Call OI: 48,000, Call Chg: +5,000, Call Vol: 12,000, Put OI: 30,000, Put Chg: -5,000, Put Vol: 5,000
• 24,700 — Call OI: 65,000, Call Chg: +8,000, Call Vol: 15,000, Put OI: 20,000, Put Chg: -4,000, Put Vol: 3,000
• 24,800 — Call OI: 82,000, Call Chg: +10,000, Call Vol: 18,000, Put OI: 12,000, Put Chg: -2,000, Put Vol: 2,000
• 25,000 — Call OI: 95,000, Call Chg: +15,000, Call Vol: 20,000, Put OI: 5,000, Put Chg: -500, Put Vol: 1,000
Analysis:
• Max Call OI: 25,000 (resistance)
• Max Put OI: 24,200 (support)
• Range: 24,200 - 25,000
• Call OI increasing (bearish — writers selling calls)
• Put OI decreasing (bearish — put writers closing)
• PCR = (sum Put OI) / (sum Call OI) = ~334K / ~343K = 0.97 (neutral)
• Max pain: ~24,500 (price may gravitate here on expiry)
Conclusion: Range 24,200-25,000. Bearish bias (call OI increasing more than put). If Nifty breaks below 24,400, more downside possible.
Strategy 1: Range Trading (Non-Expiry):
• Find max Call OI (resistance) and max Put OI (support)
• Buy near support (Put side), sell near resistance (Call side)
• Range trade between these levels
Strategy 2: Expiry Day Max Pain:
• On expiry day, identify max pain level
• Price tends to move toward max pain
• If price above max pain → sell Call (price may come down)
• If price below max pain → sell Put (price may go up)
• Advanced only — option selling with hedging
Strategy 3: OI Breakout:
• Find strike with rapidly increasing OI
• If Call OI surging → resistance being built → sell near that strike
• If Put OI surging → support being built → buy near that strike
Keep these points in mind:
• Trade on static data — OI changes every minute. Use live data (TRT Pro).
Keep these points in mind:
• Looking only at OI — OI + Price + Volume + IV = full picture. Don't use OI alone.
Keep these points in mind:
• Trade blindly on Max pain — Max pain is tendency, not guarantee. 30% time it doesn't work.
Keep these points in mind:
• PCR is considered as the ultimate signal — PCR is one indicator. Combine with price action and trend.
Keep these points in mind:
• Over-analyze on Option chain on expiry day — Expiry day OI data unreliable (positions being squared off). Use pre-expiry data.
On TRT: theretailtrader.org/index-details/NSEI → Options Then. Free. Also available on NSE website.
Manual: Calculate total option writer losses per strike. Minimum loss strike = maximum pain. Online calculators available. TRT pay automatically calculated.
0.8-1.2 = neutral. >1.5 = bullish. <0.7 = bearish. But context matters — check with price action.
No. Option chain gives probability, not certainty. Use as one tool, not the only tool.
theretailtrader.org/index-details/NSEI → Options Then. Live data available. Real-time intraday in Pro plan (₹2,499/mo).
Option chain on TRT: theretailtrader.org/index-details/NSEI Pro (real-time data): theretailtrader.org/pricing — ₹2,499/mo Telegram: @theretailtrader_in
Educational only. NOT investment advice. Options trading involves risk.
This article is for educational purposes only. It is not a buy or sell recommendation, a claim of guaranteed returns, or advisory guidance. Exchanges, SEBI and RBI change rules, rates and procedures from time to time, so verify every figure with your broker or an official source.