NIFTY 50 · 2026-05-22
Option chain snapshot summary for the 2026-05-22 trading session — 1298 data points captured between 09:15 and 15:30 IST.
Avg PCR
1.133
Put-heavy — mild bullish bias
Max Pain Strike
23,800
Strike where max OI expires worthless
Spot Range
23,684.5
–
23,833.3
–
23,833.3
Range 148.8 pts
(0.63%)
Max-Pain PCR
1.147
PCR at the max-pain strike level
Data Points
1298
Chain snapshots captured this session
Reading these numbers
- PCR 1.133 — 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 23,800 — 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 23,684.5 – 23,833.3 — The max-pain strike (23,800) 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 →