Option chain kya hai aur kaise padhein — complete Hindi guide. PCR, OI analysis, max pain, option chain trading strategy sab samjhein.
Published by The Retail Trader · AUG 11, 2026 · Features
Option chain kya hai aur kaise padhein — complete Hindi guide. PCR, OI analysis, max pain, option chain trading strategy sab samjhein.
Option chain ek table hai jo dikhata hai ki kisi stock ya index ke sare available options kya hain — calls bhi, puts bhi, har strike price ke liye.
Simple definition: > Option chain = Nifty ya kisi bhi stock ke sare options ka poora menu. Jaisa restaurant mein menu card hota hai — option chain mein sare options ke prices, OI, volume likhe hote hain.
Option Chain Kahan Milega?:
• NSE India — nseindia.com → Option Chain
• TRT SUPERCHART — Stock select karo → Option Chain
• Zerodha Kite — Option Chain tab
• Sensibull — Advanced option chain analysis
Basic Structure:
• CALLS (CE) PUTS (PE)
• OI Chg OI IV LTP Strike LTP IV Chg OI OI
• 5000 +200 15.2 180 20200 95 16.1 -300 8000
• 3000 +100 14.8 120 20100 110 15.5 -100 6000
• 8000 +500 14.5 80 20000 130 15.0 +200 10000 ← ATM
• 6000 -200 14.2 55 19900 165 14.8 +400 7000
• 4000 -100 13.8 35 19800 210 14.5 +600 5000
Har Column Kya Batata Hai:
• OI — Full Form: Open Interest, Kya Batata Hai: Kitne contracts OPEN hain (active positions)
• Chg OI — Full Form: Change in OI, Kya Batata Hai: Aaj OI kitna badha ya gira
• IV — Full Form: Implied Volatility, Kya Batata Hai: Option ki implied volatility (%)
• LTP — Full Form: Last Traded Price, Kya Batata Hai: Option ka current price
• Strike — Full Form: Strike Price, Kya Batata Hai: Option ka exercise price
• Volume — Full Form: Trading Volume, Kya Batata Hai: Aaj kitne contracts trade hue
PCR = Total Put OI / Total Call OI
Interpretation:
• > 1.5 — Meaning: Bahut zyada puts sell hue hain, Market Expectation: BULLISH (support strong)
• 1.0-1.5 — Meaning: Normal, slightly bullish, Market Expectation: Mildly bullish
• 0.7-1.0 — Meaning: Normal, slightly bearish, Market Expectation: Mildly bearish
• < 0.7 — Meaning: Bahut zyada calls sell hue hain, Market Expectation: BEARISH (resistance strong)
• > 2.0 — Meaning: Extreme, Market Expectation: Contrarian — reversal possible
How to use:
• PCR > 1.5 → Market support strong hai → BUY on dips
• PCR < 0.7 → Market resistance strong hai → SELL on rallies
• PCR extreme (>2.0 or <0.5) → Contrarian signal → reversal
Max Pain wo strike price hai jahan option buyers ko sabse zyada pain (loss) hoga expiry pe.
Formula: Har strike pe total OI calculate karo (calls + puts). Jahan sabse zyada OI hai = Max Pain.
How to use:
• Expiry day pe market Max Pain ki taraf move karta hai
• Nifty Max Pain = 20,000 → Expiry day pe Nifty 20,000 ke paas close hone ki probability high
Max Pain = Market maker ka target. Expiry day pe market makers Max Pain ki taraf push karte hain.
High Call OI = Resistance
Ye do baatein dhyaan mein rakho:
• Jahan sabse zyada call OI hai = strong resistance
• Call sellers wahan price nahi jaane denge
High Put OI = Support
Ye do baatein dhyaan mein rakho:
• Jahan sabse zyada put OI hai = strong support
• Put sellers wahan price nahi girne denge
Example:
• 20,200 CE OI = 50,000 → STRONG RESISTANCE at 20,200
• 19,800 PE OI = 40,000 → STRONG SUPPORT at 19,800
• Expected range: 19,800-20,200
Call OI badha = Bearish signal
Ye baatein dhyaan mein rakho:
• Naye call sellers aa rahe hain → resistance build ho raha hai
Put OI badha = Bullish signal
Ye baatein dhyaan mein rakho:
• Naye put sellers aa rahe hain → support build ho raha hai
Call OI gira = Resistance weak ho raha hai
Ye baatein dhyaan mein rakho:
• Call sellers exit kar rahe hain → resistance toot sakta hai
Put OI gira = Support weak ho raha hai
Ye baatein dhyaan mein rakho:
• Put sellers exit kar rahe hain → support toot sakta hai
Call IV ATM pe sabse zyada hota hai — OTM aur ITM ki taraf IV girta hai.
Put skew: OTM puts ki IV > ATM puts ki IV → Market downside fear hai
Call skew: OTM calls ki IV > ATM calls ki IV → Market upside expect kar raha hai
Setup:
• Option chain dekho → Support (high put OI) aur Resistance (high call OI) identify karo
• Support pe Put sell karo (credit spread)
• Resistance pe Call sell karo (credit spread)
• Net credit = profit if market stays in range
Example:
• Support: 19,800 (high put OI)
• Resistance: 20,200 (high call OI)
• Sell 19,800 PE + Sell 20,200 CE
• Profit if Nifty stays between 19,800-20,200
Setup:
• Resistance pe high call OI hai (20,200 CE = 50,000 OI)
• Agar call OI suddenly ghat jaaye (call sellers exit)
• Resistance weak ho gaya → breakout expected
• BUY above 20,200
Confirmation: Call OI decrease + Price approaching resistance + Volume increase = Breakout signal
Setup:
• Expiry day morning mein Max Pain identify karo
• Market Max Pain se bahut upar hai → Short (expect neeche aayega)
• Market Max Pain se bahut neeche hai → Long (expect upar jaayega)
• Target: Max Pain level
Caution: Expiry day bahut volatile hai. Small position size + tight stop loss.
Setup:
• Price upar ja raha hai lekin call OI badh raha hai
• Matlab: Call sellers resistance build kar rahe hain
• Price upar jaana mushkil hoga → SELL signal
Opposite:
• Price neeche ja raha hai lekin put OI badh raha hai
• Matlab: Put sellers support build kar rahe hain
• Price neeche jaana mushkil hoga → BUY signal
OI ek signal hai — confirmation chahiye. Price action, volume, RSI — sab check karo.
High OI strong support/resistance hai, but guarantee nahi hai. OI change ho sakta hai dynamically.
OTM options expiry day pe bahut fast decay karte hain (theta). Buying extremely risky hai.
Option chain data lag hota hai (15-30 min delay on NSE). Intraday real-time data chahiye — Sensibull ya broker terminal use karo.
Ye baatein dhyaan mein rakho:
• 📌 OPTION CHAIN QUICK REFERENCE
• PCR (Put-Call Ratio):
• 📊 > 1.5 = BULLISH (strong support)
• 📊 1.0-1.5 = Mildly bullish
• 📊 0.7-1.0 = Mildly bearish
• 📊 < 0.7 = BEARISH (strong resistance)
• 📊 > 2.0 or < 0.5 = Contrarian (reversal)
• MAX PAIN:
• 📊 Market Max Pain ki taraf move karta hai expiry pe
• 📊 Expiry day trading ke liye best reference
• SUPPORT/RESISTANCE:
• 📊 High Put OI = Support (put sellers defending)
• 📊 High Call OI = Resistance (call sellers defending)
• 📊 OI increase = Level getting stronger
• 📊 OI decrease = Level getting weaker
• TRADING SIGNALS:
• ✅ High put OI + Price approaching → BUY support pe
• ✅ High call OI + Price approaching → SELL resistance pe
• ✅ Call OI decreasing near resistance → Breakout possible
• ✅ Put OI decreasing near support → Breakdown possible
• AVOID:
• ⚠️ OI alone use mat karo — price action confirm karo
• ⚠️ Expiry day pe OTM options buy mat karo
• ⚠️ Delayed OI data pe intraday trade mat karo
Ye paanch baatein dhyaan mein rakho:
• Option Greeks Kya Hain?
• Implied Volatility Kya Hai?
• F&O Expiry Kaise Kaam Karta Hai?
• Option Buyer Vs Seller Ganit
• Iron Condor Strategy
The Retail Trader — educational market analysis. Not investment advice.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.