Bank Nifty · 2026-05-04
Option chain snapshot summary for the 2026-05-04 trading session — 2 data points captured between 09:15 and 15:30 IST.
Avg PCR
0.875
Balanced — neutral zone
Max Pain Strike
55,800
Strike where max OI expires worthless
Spot Range
55,012.2
–
55,487.6
–
55,487.6
Range 475.4 pts
(0.86%)
Signal Bias
SHORT
PCR crossover engine dominant signal
Max-Pain PCR
0.673
PCR at the max-pain strike level
Data Points
2
Chain snapshots captured this session
Reading these numbers
- PCR 0.875 — A PCR below 1 means more call OI than put OI. Call writers dominate, which can act as a resistance cap on rallies near heavily-written call strikes.
- Max Pain at 55,800 — 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 55,012.2 – 55,487.6 — The index closed below max pain (55,800) — below-pain positioning may have supported downward drift into expiry.
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 →