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How to Read the NSE Option Chain: A Beginner's Guide

Understand every column of the NIFTY option chain: OI, change in OI, IV, Greeks, bid-ask and PCR, plus a 5-minute daily reading routine.
Dipendu · 3 min read

The option chain is the most important screen in options trading, and also one of the most intimidating. Dozens of rows, two sides, and columns like OI, Chng in OI, IV, Delta and Theta. Once you know what each part means, though, it becomes a map of where traders are positioned and what each option costs.

This beginner's guide explains how to read the NSE option chain for NIFTY, BANKNIFTY and SENSEX, column by column, using the free OPIFY live option chain.

The layout: Calls on the left, strike prices in the middle, Puts on the right. Each row shows the call and put for one strike.

The header: market at a glance

  • Spot: the current index level.
  • Future: the price of the index future.
  • ATM: the at-the-money strike, closest to spot.
  • ATM IV: implied volatility of the ATM options.
  • PCR: put-call ratio, total put OI ÷ total call OI.

The columns explained

ColumnWhat it tells you
OI (Open Interest)How many contracts are open at this strike
Chng in OIHow much OI changed today: positions added or closed
VolumeHow many contracts traded today
IV (%)Implied volatility: how expensive the option is relative to expected movement
LTP / LTP ChngLast traded price and its change today
Bid / AskBest buy and sell prices available right now
DeltaHow much the premium moves per 1-point index move
Theta (₹)Premium lost per day to time decay
VegaPremium change per 1-point IV change
ActivityThe buildup type (long buildup, short buildup, short covering, long unwinding)

ITM, ATM and OTM in the chain

  • Calls with strikes below spot are in the money (ITM).
  • Calls with strikes above spot are out of the money (OTM).
  • For puts, it's the reverse.
  • The strike closest to spot is ATM.

Reading OI for support and resistance

In index options, much of the open interest comes from option writers. They sell options at strikes they believe the market won't cross.

  • The put strike with the highest OI is often treated as support.
  • The call strike with the highest OI is often treated as resistance.
  • Chng in OI shows whether those levels are getting stronger or weaker today.

OI shows positioning, not direction. High OI levels can break. Use them as reference points alongside price, not as guarantees.

A 5-minute routine to read the chain

  1. Open the live option chain and select NIFTY, BANKNIFTY or SENSEX and the expiry.
  2. Note spot, ATM and PCR in the header.
  3. Switch the strike filter to Near ATM to focus on the active strikes.
  4. Find the highest call OI and highest put OI. That's your rough range.
  5. Look at Chng in OI to see which side is adding positions today.
  6. Switch to the Greeks view to check Delta, Theta, Vega and IV for strikes you're considering.
  7. Turn on Auto Refresh to keep it updated.

Go deeper with OI charts

The chain shows numbers; charts make patterns easier to see. The OI chart plots OI, change in OI and volume by strike, and lets you move through the day with a time slider.

Common beginner mistakes

  • Looking at far OTM strikes with tiny volume.
  • Reading high put OI as bearish (it's usually support).
  • Ignoring bid-ask spreads before placing an order.
  • Mixing up expiries.

Frequently asked questions

Is the OPIFY option chain free?

Yes. The full live option chain with auto-refresh is free after login.

Does it show Greeks?

Yes. Switch to the Greeks view to see Delta, Theta, Vega and IV for each strike.

Which indices are covered?

NIFTY, BANKNIFTY and SENSEX.

Read the chain live. Open the free OPIFY option chain and follow the 5-minute routine during market hours.

This article is for education only and is not investment advice. Options trading involves risk.

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