Index options, decoded.
Pick an index on the board. The four charts and every card below follow it.
NIFTY · charts to close of 13 NovFour charts of the same index: the index itself, its future, and the at-the-money call and put.
Spot, futures and the at-the-money call and put · expiry 17 NovNIFTY fell 0.61%; futures closed 13 Nov at a premium of 26.7 points; puts are priced above calls.
Backtest this straddle“Follow” ties a chart to the top switcher; a chart’s own buttons detach it. The at-the-money strike is re-picked each day on daily charts.
Open interest profileHow many call and put contracts are open at each strike price around the current level.
NIFTY- 25,550
- 25,500
- 25,450
- 25,400
- 25,350
- 25,300
- 25,250
- 25,200
- 25,150ATM
- 25,100MP
- 25,050
- 25,000
- 24,950
- 24,900
- 24,850
- 24,800
- 24,750
Open call and put contracts at each strike around the index. Heavy call open interest is often read as a ceiling, heavy put open interest as a floor.
Put-call ratio vs last 248 sessionsOpen puts divided by open calls. A put profits if the price falls and a call if it rises, but each contract has a buyer and a seller, so the ratio is not simply bullish or bearish.
since 14 Nov 2025Put open interest divided by call open interest, placed against its own range over the past year. Readings at either extreme are better treated as crowded than as signals.
Expected move by expiryHow far the options market is pricing the underlying to travel, up or down, by expiry.
17 NovThe at-the-money StraddleOne at-the-money call plus one at-the-money put. Its total cost is what the market charges for a move in either direction. price, read as the move priced in by expiry.
A check on the expected move against what really happened at past expiries. Held in 32 of the last 52 expiries · 62% · priced 2 days before each
Volatility, three viewsSkew compares puts with calls. The term structure compares near expiries with far ones. IV rank compares today with the past year.
IV %Where writers are activeA writer sells an option and collects the premium. This shows the strikes where most new selling happened.
Contracts added todayFutures build-upReading price and open interest together shows whether new money is entering or old positions are closing.
6 Nov to 13 NovPrice and open interest of the near-month future read together: both rising is long build-up; price down with open interest up is short build-up.
Cost to tradeThe bid is the best price someone will pay you, the ask the best price you can buy at. The gap between them is a hidden cost of every trade.
NIFTY · market closedBid and offer prices come from the live order book, so this fills in during market hours, 9:15 AM to 3:30 PM IST.
The gap between the best buy and sell price as a share of the midpoint. You pay about half of it each way, on top of brokerage and taxes.
India VIXThe size of move Nifty options are pricing over the next 30 days, as a yearly percentage. It rises when traders pay up for protection.
Fear gaugeThe move Nifty options price in over the next month, as a yearly percentage. High VIX means dear options, a sellers’ market; low VIX means cheap ones.
IV pulse · 52-week contextAll five indices side by side: how dear each one's options are against its own past year.
All five indicesRank near 0: options are cheap against their own year. Near 100: dear against their own year.
Max pain vs spotHow far each index's max pain sits from its current level.
All five indicesRight of the line: max pain is above spot. Left: below. In theory option writers profit most if expiry lands there; in practice it is a reference, not a magnet.
Rollover watchAs expiry nears, traders close the current month's future and open the next one. Rollover shows how far along that is.
Futures · last 12 sessionsThe share of near plus next-month futures open interest already moved to the next contract. It climbs into expiry as traders carry positions forward: a read on conviction, not a signal on its own.
Where positions are buildingStocks and indices with the biggest jump in open interest: fresh positions are being opened.
OI vs previous sessionF&O underlyings with the biggest jump in open interest today: fresh positions being opened.
Most active contractsThe futures and options traded most today.
By volumeSeen a pattern on NIFTY? Test it on past expiries.
About these figures: while the market is open the option chain updates through the session; once it shuts every card shows the last settlement. Implied volatility rank, futures build-up and rollover come from end-of-day data. Tap the (i) on any card to see what a figure means and how we work it out. Analysis only, not investment advice.