NIFTY Option Chain — Live, with Greeks
Strike-by-strike open interest, IV, Delta, Theta, Vega, plus implied range, PCR, max pain, and support/resistance markers — refreshed every 60 seconds.
An option chain lists every call and put strike for an underlying with live open interest, volume, implied volatility and price. Reading it reveals where traders are positioned: the highest call OI marks resistance, the highest put OI marks support, the put-call ratio shows sentiment, and max pain flags the likely expiry pin. Strota's chain updates through the session.
The standard exchange option-chain page shows you the raw numbers but stops short of interpretation. Strota's option chain takes the same data and lays it out as a strike ladder with smart-money markers — highest call OI flagged as resistance, highest put OI flagged as support, max pain flagged as the writers' magnet — plus the option Greeks (Delta, Theta, Vega) computed per strike so you can see what each option is worth in directional and time-decay terms.
Everything is live during market hours via real-time broker quote feeds; outside market hours it falls back to official end-of-day data (the same dataset, just last close).
What the strike ladder shows
Each row is a strike price, with calls on the left and puts on the right. The OI bars are sized as a percentage of the highest-OI strike in the visible window — wide bars = where the open interest is concentrated.
Under each OI value, Greeks are displayed compactly: IV (implied volatility, %), Delta (between -1 and 1), Theta (in ₹/day time decay), and Vega (₹ per 1% IV change). One glance tells you that the 24000 call has Delta 0.55 and Theta -₹17/day — you don't have to compute that yourself.
Day-over-day OI change is shown next to each value (e.g. +24k means OI grew by 24,000 contracts since yesterday). Helps spot fresh option-writer activity vs. positions that have been sitting for days.
Support, resistance, and max pain markers
Three markers appear next to specific strikes:
R (Resistance): the strike with the highest call open interest across the chain. Option writers expect the underlying to stay below this level — writing calls there is their bet. Acts as a soft ceiling.
S (Support): the strike with the highest put open interest. Option writers expect the underlying to stay above this level. Acts as a soft floor.
MP (Max Pain): the strike at which option writers collectively lose the least money if expiry happened today. Near expiry, the underlying often gravitates toward this level — a phenomenon traders call the 'max-pain magnet'.
Implied range banner
Above the strike ladder, an implied-range banner translates the support/resistance markers into plain English: 'Writers expect NIFTY between 24,000 and 25,000 this week — +4.0% upside, -0.1% downside, upside-skewed.'
This one sentence captures what the entire option chain is telling you. It's the synthesised summary that traders quote on Twitter when they share a screenshot.
Key takeaways
- Strike ladder with bidirectional OI bars (calls left, puts right).
- IV, Delta, Theta, Vega computed per strike — no separate Greeks calculator needed.
- R/S/MP markers identify highest call OI, highest put OI, and max-pain strike at a glance.
- Implied range banner translates the chain into one quotable sentence.
- Live via real-time broker feeds during market hours, EOD data outside hours; ~200 stock option chains in addition to NIFTY.
Frequently asked questions
What is PCR (Put-Call Ratio)?
PCR is total put OI divided by total call OI on the nearest expiry. PCR > 1 means more puts than calls — typically a contrarian bullish signal (option writers expect a floor). PCR < 0.7 means call-heavy — typically contrarian bearish.
Where does the Max Pain strike come from?
For each candidate strike, we sum the loss to call writers (when the strike is above their short strikes) and put writers (below). The candidate with the minimum total loss wins — that's the max-pain strike.
How are the Greeks calculated?
Implied volatility is back-solved from each option's last traded price using Newton-Raphson on the Black-Scholes pricing formula. Greeks then follow from standard closed-form formulas. Risk-free rate held at 6.5%.
Why don't I see Greeks on every row?
If an option had no trades today or hit edge-case math (deep OTM with vanishing price), the IV back-solver can fail to converge. Rows with no IV simply omit the Greeks line rather than show wrong numbers.
Can I get the same view for stock options, not just NIFTY?
Yes — every per-stock page (e.g. /stock/RELIANCE) renders that stock's option chain with the same Greeks treatment.