Option chain kaise padhe hindi mein — PCR, max pain, open interest, strike selection. Options data analysis ka complete guide with real examples.
Published by The Retail Trader · AUG 12, 2026 · Features
Option chain kaise padhe hindi mein — PCR, max pain, open interest, strike selection. Options data analysis ka complete guide with real examples.
Option chain ek table hai jisme ek stock/index ke saare strike prices ke Call aur Put options ka data ek saath dikhta hai.
Option chain mein kya data milta hai:
• Strike price
• Call: Open Interest (OI), OI change, Volume, Premium, Implied Volatility (IV)
• Put: OI, OI change, Volume, Premium, IV
• PCR (Put-Call Ratio)
TRT pe: theretailtrader.org/index-details/NSEI → Options tab. Nifty 50 ka full option chain available.
Open Interest (OI):
• Kitne contracts abhi "open" hain (not yet squared off)
• High OI = zyada interest at that strike
• OI badhna = naye positions aa rahe hain
• OI ghatna = positions close ho rahe hain
OI Change:
• Aaj ka OI minus kal ka OI
• Positive change = naye positions (bullish/bearish depends on Call/Put)
• Negative change = positions closing
Volume:
• Kitne contracts aaj trade hue
• High volume = active strike (good for entry/exit)
• Low volume = illiquid (avoid — slippage)
Implied Volatility (IV):
• Market ki volatility expectation
• High IV = expensive options
• Low IV = cheap options
• IV increases before events (RBI, budget, results)
Premium:
• Option ki current price
• ITM options ka premium zyada
• OTM options ka premium kam
Step 1: Max OI Strike Dhoondo:
• Call side mein sabse high OI wala strike = resistance (writers bullish nahi hain)
• Put side mein sabse high OI wala strike = support (writers bearish nahi hain)
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 (zyada puts being bought = hedging/protection)
• PCR < 0.7 = bearish (zyada 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 = wo price jahan sabse zyade option writers ka loss minimum hoga
• Matlab: expiry pe price max pain level ki taraf jaane ki tendency hai
• 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
Ye baatein dhyaan mein rakho:
• Static data pe trade — OI changes every minute. Use live data (TRT Pro).
Ye baatein dhyaan mein rakho:
• Sirf OI dekhna — OI + Price + Volume + IV = full picture. Don't use OI alone.
Ye baatein dhyaan mein rakho:
• Max pain pe blindly trade — Max pain is tendency, not guarantee. 30% time it doesn't work.
Ye baatein dhyaan mein rakho:
• PCR ko ultimate signal manna — PCR is one indicator. Combine with price action and trend.
Ye baatein dhyaan mein rakho:
• Option chain on expiry day pe over-analyze — Expiry day OI data unreliable (positions being squared off). Use pre-expiry data.
TRT pe: theretailtrader.org/index-details/NSEI → Options tab. Free. NSE website pe bhi available.
Manual: har strike pe total option writer losses calculate karo. Minimum loss strike = max pain. Online calculators available. TRT pe automatically calculated.
0.8-1.2 = neutral. >1.5 = bullish. <0.7 = bearish. But context matters — check with price action.
Nahi. Option chain probability deta hai, certainty nahi. Use as one tool, not the only tool.
theretailtrader.org/index-details/NSEI → Options tab. Live data available. Pro plan (₹199/mo) mein real-time intraday.
Option chain on TRT: theretailtrader.org/index-details/NSEI Pro (real-time data): theretailtrader.org/pricing — ₹199/mo Telegram: @theretailtrader_in
Educational only. NOT investment advice. Options trading involves risk.
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.