Updated · BreakPoint Research Desk
An option chain is a table of every call and put option available for one underlying and one expiry. Calls are on the left, puts on the right, and strike prices run down the middle. For each strike you see the premium (LTP), open interest (OI), change in OI, volume and implied volatility (IV).
Traders read it mainly for positioning: strikes with the largest call OI are often treated as resistance and strikes with the largest put OI as support, the put-call ratio (PCR) summarises sentiment, and changes in OI show where fresh positions are being built during the day. These are clues about where participants are positioned, not predictions.
Key takeaways
An option gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying at a fixed strike price on or before expiry. Because exchanges list many strikes and several expiries, the option chain organises them into one table per expiry so you can compare every strike at once.
On NSE’s website the option chain can be viewed for indices such as Nifty 50 and for stocks in the F&O segment. Most broker platforms show a similar layout.
| Column | What it means | How traders use it |
|---|---|---|
| Strike price | The price at which the option can be exercised | The row everything else refers to |
| LTP (premium) | Last traded price of that option | Cost to buy / amount received when selling |
| OI (open interest) | Number of contracts currently open | Where positions are concentrated |
| Chng in OI | OI added (+) or closed (−) since the previous day | Where fresh positions are being built today |
| Volume | Contracts traded today | Activity; high volume with little OI change often means intraday churn |
| IV (implied volatility) | Volatility implied by the option’s price | Whether options are relatively expensive or cheap |
| Bid / Ask (and qty) | Best buy and sell quotes | Liquidity — wide spreads make trading costly |
| Term | Calls | Puts |
|---|---|---|
| In the money (ITM) | Strike below the current price | Strike above the current price |
| At the money (ATM) | Strike closest to the current price | Strike closest to the current price |
| Out of the money (OTM) | Strike above the current price | Strike below the current price |
Many platforms shade the ITM side of the table, which is why the shading switches sides between calls and puts as you move up and down the strikes.
1. Find the ATM strike
Locate the strike nearest to the current index or stock price. Focus on roughly five strikes either side — far strikes matter less for the day.
2. Find the highest call OI above price
A large build-up of call OI above the price is commonly read as a resistance zone, because option writers there benefit if the price stays below it.
3. Find the highest put OI below price
A large build-up of put OI below the price is commonly read as a support zone for the opposite reason.
4. Watch change in OI during the day
If put writers keep adding OI at higher strikes, support is moving up. If call OI starts building at lower strikes, resistance is moving down. The shift matters more than the snapshot.
5. Confirm with the price chart
OI levels become useful when price reacts at them. A clean break through a heavy OI strike, with OI unwinding there, is a sign that level is giving way.
Put-call ratio (PCR) = total put open interest ÷ total call open interest for the expiry. A PCR above 1 means more put OI than call OI. Because put writing is often done by participants who expect the price to hold up, some traders read a rising PCR as supportive — but extreme readings can also mean positioning is crowded.
Max pain is the strike at which the total value of all outstanding options would be lowest for buyers at expiry. It is a calculation from the OI table, and some traders watch it into expiry. Prices do not reliably gravitate to it, especially when news moves the market.
There is no universal “bullish PCR” number. Compare the current PCR with its own recent range for the same index, and never trade on PCR or max pain alone.
The chain shows the highest call OI at 25,200 with fresh additions, and the highest put OI at 24,800. Put writers are also adding at 24,900 and 25,000. The index is holding above its opening range.
Positioning suggests a range with 25,200 as the ceiling option writers are defending and support moving up toward 24,900–25,000. For a directional trader this argues against chasing longs into 25,200 and in favour of watching how price behaves on dips toward 25,000. If price later breaks 25,200 while call OI there starts to fall, the ceiling is giving way.
The chain gave a map of where participants are positioned. Price action decided which part of the map mattered.
Treating OI levels as guaranteed support and resistance
Positions can be closed or rolled in minutes. A level is only as strong as the positions still sitting there.
Reading far out-of-the-money strikes
Deep OTM strikes carry cheap, lottery-style positions and say little about the day’s likely range.
Ignoring change in OI
Yesterday’s OI snapshot is stale. Today’s additions and reductions show what participants are doing now.
Using PCR as a buy or sell trigger
PCR summarises positioning; it does not time entries. Extreme readings can persist or reverse.
Assuming every OI build-up is option writing
OI rises whenever a new buyer and a new seller open a contract. The table alone does not tell you which side initiated the trade.
Trading illiquid strikes
Wide bid-ask spreads can cost more than the move you are trying to capture.
Refreshing the option chain and tracking OI changes across strikes by hand is slow, especially across several stocks. These BreakPoint tools present positioning so you can focus on the chart. How any of them ranks or selects instruments stays private, and none gives buy or sell calls.
Where index option activity concentrates
Option Scanner shows call and put activity by strike for the index, so the levels the market is defending are visible at a glance.
Stock options with the OI trend
OptionX shows F&O stocks that are moving alongside the open-interest trend behind each move (Pro 365).
The F&O picture on one screen
The F&O dashboard brings together OI build-up, PCR and sentiment shifts across symbols (Pro 365).
On the BreakPoint mobile app you can check options positioning during the session without keeping the exchange website open.
Beginners in options
Learn the columns and ITM/ATM/OTM before placing any option trade — most early mistakes come from misreading the chain.
Index intraday traders
OI levels and their changes add useful context to the Nifty chart during the session.
Stock traders
Even if you never trade options, the chain for an F&O stock shows where derivatives traders are positioned.
Option sellers
Positioning and IV help choose strikes, but risk management matters far more than the table.
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Free account
Use the exchange option chain and a free BreakPoint account for the guides and glossary while you learn the table.
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Pro 365 adds OptionX for stock options and the full F&O dashboard suite — OI change, OI trend, PCR heatmap and more.
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Calls are on the left, puts on the right and strikes in the middle. Find the at-the-money strike, then look at open interest, change in OI, premium and implied volatility for strikes around it. The highest call OI above price and highest put OI below price are commonly watched as resistance and support.
OI, or open interest, is the number of option contracts at that strike that are still open. It rises when new positions are created and falls when positions are closed.
Change in OI shows how many contracts were added or closed compared with the previous day. A large positive change shows fresh positions building at that strike today.
Look for the strike with the highest put OI below the current price for support and the strike with the highest call OI above it for resistance. Watch whether these levels shift during the day and confirm with price action.
There is no universal good value. PCR above 1 means more put than call open interest. Compare the current reading with its recent range for the same index rather than using a fixed threshold.
Max pain is the strike at which the total value of outstanding options would be smallest for option buyers at expiry. It is a calculation from open interest; price does not reliably move to it.
ATM is the strike closest to the current price. For calls, strikes below the price are in the money and strikes above are out of the money; for puts it is the reverse.
Yes, as context. Intraday traders use shifts in OI and the heaviest call and put strikes to frame the likely range, then take trades based on the price chart.
The NSE website publishes the option chain for Nifty and F&O stocks, and most broker platforms show it too. Analytics tools can add OI changes across strikes and time.
Open Option Scanner to see where index option activity is building, then confirm on the chart before you take a view.
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Terms used here: Open Interest (OI) · PCR (Put-Call Ratio) · Strike Price · Support & Resistance from Options · Delta, Gamma, Theta · F&O (Futures & Options)
This article is for education only. It is not investment advice or a recommendation to buy or sell any security. Trading involves risk of loss; examples are hypothetical and past behaviour of any pattern does not guarantee future results.