The layout
Strike prices run down the middle. Calls are on the left and puts on the right (some apps show them in separate tabs). Each row is one strike for the selected expiry. The strike nearest the current price is at the money (ATM).
The columns
- LTP — last traded price (premium) of that option, per unit. Multiply by the lot size for one lot.
- OI — open interest: contracts still open at that strike.
- Change in OI — contracts added (+) or closed (−) today.
- Volume — contracts traded today.
- IV — implied volatility worked out from the premium.
- Bid / Ask — best price buyers are offering and sellers are asking right now.
In, at and out of the money
- A call is in the money (ITM) when the strike is below the current price; out of the money (OTM) when above.
- A put is ITM when the strike is above the current price; OTM when below.
- OTM options have no intrinsic value — their premium is all time value, which falls to zero by expiry if they stay OTM.
What traders look for
Strikes with the largest call OI above the price and put OI below it, how OI is changing today, the PCR, and max pain. These describe how positions are spread — they are not signals on their own.