NIFTY 50 · 2026-04-23
Option chain snapshot summary for the 2026-04-23 trading session — 6 data points captured between 09:15 and 15:30 IST.
Avg PCR
0.923
Balanced — neutral zone
Max Pain Strike
24,400
Strike where max OI expires worthless
Spot Range
24,162.9
–
24,268.0
–
24,268.0
Range 105.1 pts
(0.43%)
Signal Bias
SHORT
PCR crossover engine dominant signal
Max-Pain PCR
0.899
PCR at the max-pain strike level
Data Points
6
Chain snapshots captured this session
Reading these numbers
- PCR 0.923 — 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 24,400 — 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 24,162.9 – 24,268.0 — The index closed below max pain (24,400) — 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 →