NIFTY 50 · 2026-05-20
Option chain snapshot summary for the 2026-05-20 trading session — 668 data points captured between 09:15 and 15:30 IST.
Avg PCR
1.174
Put-heavy — mild bullish bias
Max Pain Strike
23,700
Strike where max OI expires worthless
Spot Range
23,421.5
–
23,690.1
–
23,690.1
Range 268.6 pts
(1.15%)
Max-Pain PCR
1.079
PCR at the max-pain strike level
Data Points
668
Chain snapshots captured this session
Reading these numbers
- PCR 1.174 — 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 23,700 — 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 23,421.5 – 23,690.1 — The index closed below max pain (23,700) — 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 →