NIFTY 50 · 2026-05-04
Option chain snapshot summary for the 2026-05-04 trading session — 7 data points captured between 09:15 and 15:30 IST.
Avg PCR
0.693
Call-heavy — mild bearish bias
Max Pain Strike
24,200
Strike where max OI expires worthless
Spot Range
24,094.2
–
24,268.7
–
24,268.7
Range 174.5 pts
(0.72%)
Signal Bias
SHORT
PCR crossover engine dominant signal
Max-Pain PCR
0.711
PCR at the max-pain strike level
Data Points
7
Chain snapshots captured this session
Reading these numbers
- PCR 0.693 — 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 24,200 — 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 24,094.2 – 24,268.7 — The max-pain strike (24,200) 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 NIFTY 50. Login to the terminal →