Bank Nifty · 2026-04-20
Option chain snapshot summary for the 2026-04-20 trading session — 9 data points captured between 09:15 and 15:30 IST.
Avg PCR
1.039
Put-heavy — mild bullish bias
Max Pain Strike
56,600
Strike where max OI expires worthless
Spot Range
56,466.8
–
57,032.7
–
57,032.7
Range 565.9 pts
(1.00%)
Signal Bias
LONG
PCR crossover engine dominant signal
Max-Pain PCR
1.311
PCR at the max-pain strike level
Data Points
9
Chain snapshots captured this session
Reading these numbers
- PCR 1.039 — A PCR above 1 means more put OI than call OI exists across the chain. Historically, elevated PCR correlates with market support (put writers are short puts and want the market to stay up).
- Max Pain at 56,600 — The theoretical price at which the index would cause the most option contracts to expire worthless, minimising the total payout from option writers. Often acts as an intraday or expiry-week magnet, especially in low-volatility sessions.
- Spot ranged 56,466.8 – 57,032.7 — The max-pain strike (56,600) fell within the session's range — the index traded around the pain point during this session.
These are aggregate summaries of market positioning data, not trading signals. PCR and
max pain are widely-watched indicators but are not predictive on their own.
Read full disclaimer →
Related reading
PCR Explained →
How put-call ratio is calculated, what thresholds signal, and when it misleads.
Max Pain Theory →
Why max pain matters near expiry and how option writers influence price.
OI Buildup →
Long buildup, short covering, short buildup — reading the four OI patterns.
See live option chain data and real-time PCR for Bank Nifty. Login to the terminal →