Options analytics

Max pain for NIFTY, BANKNIFTY and SENSEX – calculated live from the option chain

Max pain is the strike at which the largest rupee value of open options expires worthless – the level that causes the most aggregate loss to option buyers. Orbis computes it live from the full chain for NIFTY, BANKNIFTY, FINNIFTY and SENSEX, alongside the open interest and put-call ratio it is derived from.

Option Chain & OI Tracker – The live option chain for NIFTY, BANKNIFTY, FINNIFTY and SENSEX with strike-by-strike open interest (OI), change in open interest, implied volatility (IV), IV rank and the option Greeks. Tracks max pain and the put-call ratio (PCR) through the session.
Weekly F&O Positioning – Reads the weekly futures and options build-up into a single regime view – where writers are positioned, which strikes are defended, and how that has shifted since the previous expiry.
Straddle Premium – The at-the-money straddle premium for each index tracked across 0 to 4 days to expiry (DTE), with a year of implied volatility and delta history behind it.

Computed from real OI

Every strike's call and put open interest, summed into a loss curve.

The whole chain

Strike-by-strike OI, change in OI, IV and Greeks behind the number.

Read with PCR

Max pain beside put-call ratio and IV rank, not as a lone figure.

Options & derivatives

Option Chain & OI Tracker – The live option chain for NIFTY, BANKNIFTY, FINNIFTY and SENSEX with strike-by-strike open interest (OI), change in open interest, implied volatility (IV), IV rank and the option Greeks. Tracks max pain and the put-call ratio (PCR) through the session.

Option Chain & OI Tracker

Weekly F&O Positioning – Reads the weekly futures and options build-up into a single regime view – where writers are positioned, which strikes are defended, and how that has shifted since the previous expiry.

Weekly F&O Positioning

Straddle Premium – The at-the-money straddle premium for each index tracked across 0 to 4 days to expiry (DTE), with a year of implied volatility and delta history behind it.

Straddle Premium

Gamma Blast Monitor – A dealer gamma exposure (GEX) and zero-gamma-flip read for expiry-day conditions, with alerts when the blast score crosses its threshold.

Gamma Blast Monitor

Option Buyer Battlefield – A single confidence score for option buyers, weighted from wall proximity, gamma exposure, put-call ratio trend, IV percentile and straddle expansion.

Option Buyer Battlefield

Premium Seller – An option-selling workspace for at-the-money premium on NIFTY and SENSEX, built on each contract's own OHLC and Camarilla structure. Paper mode only.

Premium Seller

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Common questions

What is max pain in the option chain?

The strike price at which the greatest rupee value of open call and put contracts would expire worthless. It is calculated by taking every strike in turn, assuming expiry settles there, and summing what all outstanding options would be worth; the strike where that total payout to buyers is smallest is max pain.

How is max pain calculated?

For each candidate strike, the intrinsic value of every open call and put at expiry is multiplied by its open interest and summed. The strike producing the lowest total intrinsic value across the whole chain is the max pain point. It is a function of open interest, so it moves as positions are opened and closed.

Does the index actually settle at max pain?

Often near it, frequently not at it. Max pain describes where the largest open position would expire worthless – a gravitational pull, not a forecast. It is most informative close to expiry, when open interest is concentrated and time value is small, and least informative weeks out. Treat it as one input beside PCR, IV and price structure rather than as a target.

What is max pain for SENSEX?

Orbis computes SENSEX max pain live from the BSE option chain, on the same basis as NIFTY and BANKNIFTY. SENSEX weekly expiry is Thursday, so the figure tends to tighten through Wednesday and Thursday as open interest concentrates around the near strikes.

How often does the max pain figure update?

It is recomputed from the live chain, so it moves intraday as open interest changes. Large shifts usually mean fresh positions have been written at a strike rather than that the market has moved.

Try it on live market data

Paper mode first, against live prices.

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