Read the option
market before you
place a trade.
Index options research that goes beyond the chain. We analyse implied volatility surfaces, open interest shifts, PCR trends and Max Pain zones for Nifty and Bank Nifty — every weekly and monthly expiry. No trade calls. Just the data and our interpretation, published clearly.
What our index options research covers
We track Nifty and Bank Nifty option chains across all available weekly and monthly expiries. Our analysts publish reports that break down the data into actionable reading — not trade calls. Every report covers implied volatility trends, option concentration, PCR direction, and the zone where maximum pain sits.
Reports are published ahead of expiry and updated intra-week when the data warrants a revision. You read the research, assess the risk, and make your own decision.
Four metrics that define every expiry
Each report is built around these four pillars. Together they tell the story of where the option market is positioned.
Implied Volatility (IV)
Tracking IV across strikes and tenors — how the market is pricing risk for the coming expiry. We compare current IV to historical ranges to flag expensive or cheap premium zones.
Put-Call Ratio (PCR)
OI-based and volume-based PCR across all strikes. A PCR above 1.3 signals put dominance; below 0.8 signals call dominance. The trend matters more than the absolute number.
Max Pain
The strike price where option buyers lose the most money at expiry and option sellers profit the most. Markets often gravitate toward Max Pain as expiry approaches — a key reference zone.
Open Interest Concentration
Which strikes are accumulating the highest OI on the call side and put side. Large OI build-up zones often act as support and resistance in the final sessions before expiry.
What an index options report looks like
Excerpted from a real weekly expiry report. All data is illustrative but representative of our published analysis.
Nifty — PCR & OI Concentration
The weekly expiry shows a PCR of 1.33, indicating put writers are dominant. The highest call OI is concentrated at 25,000, while put OI peaks at 24,000. Max Pain is estimated at 24,500 — the strike where the least cumulative loss occurs for option sellers.
Implied Volatility — Term Structure
The IV term structure plots implied volatility across different expiry tenors. A steep upward slope (contango) suggests uncertainty further out; a flat or inverted curve hints at near-term event risk. Our analysis compares the current IV term structure to its 30-day average to flag deviations.
- Near-week IV at 13.8% — below the 4-week average of 15.2%
- Monthly IV at 16.4% — elevated relative to weekly, suggesting event premium
- IV skew tilts upward on the put side — tail risk being priced for downside
OI build-up and unwinding across strikes
Tracking week-over-week OI changes reveals where money is flowing. A strike with rapidly accumulating call OI often becomes resistance; put OI build-up marks potential support. We flag strikes with outlier OI changes and interpret what they signal.
| 25,000 CE | +18.2 Cr | Call writing increasing — resistance zone |
| 24,800 CE | -6.4 Cr | Unwinding — some resistance weakening |
| 24,500 PE | +12.7 Cr | Put writing — support being built |
| 24,000 PE | +22.4 Cr | Strong put accumulation — key support zone |
Every expiry, every cycle
We publish research across all available expiry cycles — from weekly to monthly and beyond.
Weekly Expiry Reports
Published every Monday morning for the Thursday weekly expiry. Covers current week OI build-up, ATM IV, PCR trend, and key support/resistance zones. A mid-week update is published on Wednesday if data shifts meaningfully.
Monthly Expiry Reports
Published twice a month — once at the start of the series and once in the final week. Focuses on rollover data, series-level OI concentration, IV term structure across tenors, and positioning vs. the previous series.
Bank Nifty Reports
Bank Nifty options behave differently — higher IV, wider strikes, sharper OI shifts. Each Bank Nifty expiry gets a separate analysis with sector context (banking, NBFC trends) layered over the option chain data.
Strategy Notes
Occasional notes on option strategies being priced attractively — not trade recommendations, but observations on where the risk-reward in the option chain looks noteworthy (e.g., IV skew, calendar spreads).
How we analyse index options
Every report follows a consistent analytical sequence. The steps below outline exactly what goes into each piece of published research.
Data Collection
Option chain data pulled directly from NSE/BSE feeds — OI, IV, volumes, and Greeks across all strikes and expiries every 15 minutes.
Metric Calculation
PCR (OI & volume), Max Pain, IV term structure, IV skew, OI concentration, and week-on-week change are computed for each expiry.
Context Layer
Data is compared against the 30-day and 90-day history of each metric. A PCR of 1.3 means different things in a trending vs. range-bound market.
Published Report
Analysis is written in plain language with the data visible. We state what the numbers say, what has changed since the last report, and what bears watching.
Before you start with index options
Nifty and Bank Nifty, across daily and weekly expiries. Coverage is reviewed each session as the structure changes.
Options carry leverage and a defined risk of loss up to the premium paid. Every report explains the risk alongside the view, but whether to trade should factor in your own experience and risk appetite.
Session-wise. If the structure or IV context shifts meaningfully during the day, an update is published rather than waiting for the next report.
No. We publish the research and the levels — you execute and manage the position in your own trading account.
Yes. Your first report is free to read. Continued daily and weekly coverage is available through a subscription, priced clearly upfront.
Read your first index options report — free.
No payment. No account creation required. Just the full analysis for the current weekly expiry.