Intraday Analysis
Live OI bias, PCR trend, max-pain targets & strike-level shifts
i What is this page analysing?
This page condenses today's intraday options flow for the selected index into four signals that actually move a trader's decision:
1. Live bias β is fresh money going into Calls (bearish) or Puts (bullish) right now?
2. PCR / PCD trend β has the put-to-call ratio been rising (more puts being bought, bullish) or falling (more calls, bearish) through the session?
3. Max-pain β where do option writers want the index to close today? Divergence between the three max-pains signals indecision.
4. Near-ATM OI change β where is the money concentrating in the last few hours? Those strikes become the next support / resistance walls.
PCR
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Total Call OI
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Total Put OI
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Total OI
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i What do PCR and OI mean?
Open Interest (OI) is the number of contracts currently active (not expired, not squared off).
Call OI β how many Call contracts are open. When Call OI is large and rising, Call writers expect the index not to rise past a level β resistance.
Put OI β how many Put contracts are open. When Put OI is large and rising, Put writers expect the index not to fall below a level β support.
PCR = Put OI Γ· Call OI. PCR > 1 β bullish lean; PCR < 1 β bearish lean.
Market Summary
Fri, 13 Nov, 2026NIFTY
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loadingATM Strike
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loadingOI Change Bias
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loadingi What do "Spot", "ATM" and "OI Change Bias" mean?
Spot β the current live price of the index.
ATM strike β the option strike closest to spot. Most fresh OI builds here.
OI Change Bias β today's net change between Calls and Puts. Positive = more Puts added β bullish. Negative = more Calls added β bearish.
i What is max-pain?
Max-pain is the strike where option writers would lose the least money if the index expired there. Writers hold large short positions, so they have an incentive to nudge the index toward this strike near expiry.
- By OI β the classic formula, weighted by open interest. Most stable across the day.
- By Volume β weighted by traded volume. Faster-reacting, good as confirmation.
- By Ξ OI β weighted by today's new positions. Noisy early, stabilizes by mid-afternoon.
When all three agree β strong magnet effect. When they diverge β indecision, expect chop.
i How to read the PCR / PCD trend
Toggle between PCR and PCD in the top-right to see both views of the same OI data. The line shows how each metric has evolved from 09:15 to 15:30 IST.
PCR = Put OI Γ· Call OI
- Green segments β PCR above 1.0. Put-heavy β bullish.
- Red segments β PCR below 1.0. Call-heavy β bearish.
- Rising PCR β fresh support building. Falling PCR β fresh resistance building.
PCD = CE OI β PE OI
- Positive β Call OI exceeds Put OI β bearish lean.
- Negative β Put OI exceeds Call OI β bullish lean.
- Rising PCD β Calls added faster β bearish pressure increasing.
- Falling PCD β Puts added faster β bullish pressure increasing.
Shaded zones β green above the neutral line, red below, so the entire session reads at a glance.
i What does near-ATM OI change reveal?
This shows how Call OI and Put OI have changed since session open for the strikes closest to spot. This is where fresh money is being positioned right now.
- Green bar β new Call contracts. Writers building resistance at that strike.
- Red bar β new Put contracts. Writers building support at that strike.
- Faded bars β OI unwinding at that strike. Writers covering positions.
- Amber vertical line (chart view) β marks the ATM strike so you can see which bars are closest to spot.
i How to read the max-pain timeline
The line shows how the OI-based max-pain strike has moved through the day.
- Flat line β writers are committed. The magnet effect is strong.
- Jumping line β writers are repositioning. The final value in the last hour is what matters most.
- Upward shifts β writing moving higher β more bullish positioning.
- Downward shifts β writing moving lower β more bearish positioning.
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