NIFTY max pain and PCR today

NIFTY and BANKNIFTY option chain at the close

Max pain, put-call ratio (PCR) and the strikes with the highest call and put open interest for NIFTY and BANKNIFTY, from the option chain at the last close. Updated every trading evening.

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What max pain and PCR mean

Max pain is the strike at which the options of an expiry would be worth the least in total if the index settled there: the point of least payout to option buyers. PCR (put-call ratio) divides the total open interest of puts by that of calls. Open interest at single strikes shows where the most option positions sit. All of these describe positions at the close; none of them predicts the expiry price. Read more on max pain, the put-call ratio and the option chain.

Frequently asked questions

What is NIFTY max pain today?

This page shows NIFTY max pain from the option chain at the last close, updated every trading evening.

What does a PCR above 1 mean?

A put-call ratio above 1 means there is more open interest in puts than in calls; below 1 means more in calls. It describes positions in the option chain and is read differently by different traders.

Does the index settle at max pain on expiry?

Not necessarily. Max pain is the strike with the least total option payout at the time it is calculated. The index can settle far from it, and max pain itself moves as positions change.

When is this page updated?

Every trading evening, from the option chain at the close for the nearest NIFTY and BANKNIFTY expiries.

Watch it change during the day

Index Options on TradingWatch shows PCR, max pain and the option walls live in market hours, with OI Timeline and Options Lab.