NIFTY 50 · 2026-04-22
Option chain snapshot summary for the 2026-04-22 trading session — 11 data points captured between 09:15 and 15:30 IST.
Avg PCR
1.035
Put-heavy — mild bullish bias
Max Pain Strike
24,500
Strike where max OI expires worthless
Spot Range
24,365.6
–
24,482.0
–
24,482.0
Range 116.4 pts
(0.48%)
Signal Bias
SHORT
PCR crossover engine dominant signal
Max-Pain PCR
0.931
PCR at the max-pain strike level
Data Points
11
Chain snapshots captured this session
Reading these numbers
- PCR 1.035 — 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 24,500 — 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 24,365.6 – 24,482.0 — The index closed below max pain (24,500) — 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 NIFTY 50. Login to the terminal →