Selling from the open, closes near the lows
Finnifty opened with a 591-pt gap up at 25,240. Finnifty slid 475 pts from 25,240 at 09:15 to 24,764 by 09:45 IST. Put writers added the most fresh OI at 24,600 (+0.1 L). Call writers built positions at 25,000–25,200, led by 25,200 (+0.1 L). Max pain held at 25,000 all session. PCR fell from 0.92 to 0.69.
Key levels into expiry
Where writers added today
Move vs what options priced
Last 6 sessions
Reading these numbers
- Max pain is the strike where option buyers collectively lose the most at expiry. It often drifts with price, and the pull tends to strengthen into expiry.
- Fresh OI shows where option writers opened new positions during the session. Heavy put writing below price often marks a level sellers expect to hold; heavy call writing above marks a ceiling.
- PCR is put OI ÷ call OI for the monthly expiry.
- Straddle vs range compares the ATM straddle price at the open (what options priced in) with the distance price actually covered.
Related reading
PCR explained →
How put-call ratio is calculated and when it misleads.
Max pain theory →
Why max pain matters near expiry.
OI buildup →
Reading the four OI patterns.