Option chain dekh kar lagta hai jaise numbers ki deewar aapko bhagane ke liye banayi gayi ho. Asal mein woh chhe ideas hain jo har strike par dohraye jaate hain, aur Part 1 ke baad aadhe to aapko pehle se pata hain.
Yeh cheez important kyun hai?
Option chain woh screen hai jahan market ka har strike, premium aur position ek saath dikhta hai. Aap poori trading zindagi yahin se strike chunoge, bhaav dekhoge aur order lagaoge, isliye ise fluently padhna optional nahi hai.
Ismein woh muft jaankari bhi hai jise zyadatar beginners kabhi use hi nahi karte. Open interest dikhata hai ki bheed ki positions strike dar strike kahan padi hain. Bid-ask ke columns batate hain ki andar aana aur bahar jaana asal mein kitna kharcha karwayega. IV ka column batata hai ki aap zyada de rahe ho ya kam. Iske liye koi paid tool nahi chahiye; yeh trading din ke har minute NSE ki free chain par hota hai.
Reality check
Chain aapko dikhati hai ki market kar kya raha hai, yeh nahi ki woh soch kya raha hai. Open interest batata hai ki positions kahan hain; unpar aap jo kahani chipkate ho woh abhi bhi aapka judgement hai, aur woh galat ho sakta hai.
Asli market ka example
NIFTY 25,000 par, Mangalwar ki weekly expiry. Kisi bhi chain par jo columns matter karte hain, woh hamare aam strikes ke saath (poori mini-chain neeche visual mein hai):
LTP (last traded price): premium, wahi number jispar aap Lesson 5 se kaam kar rahe ho.
OI (open interest): us strike par abhi kitne contracts khule hain. Hamari chain par sabse badi call OI 25,200 par hai (1,10,000 contracts) aur sabse badi put OI 24,800 par (1,05,000 contracts).
Volume: aaj kitne contracts trade hue. Volume har subah zero se shuru hota hai; OI aage carry hota hai. Kisi strike par bahut volume ho par OI gir rahi ho (positions band ho rahi hain) ya volume kam ho par OI bahut badi ho (purani positions chup chaap padi hain).
IV: us khaas strike ki implied volatility, Lesson 9 wali dikhayi na dene wali cheez.
Bid / Ask: abhi buyers kya de rahe hain aur sellers kya maang rahe hain. Dono ke beech ka gap andar aane aur bahar jaane ka toll hai.
In numbers se do classic padhne wali baatein. 25,200 par badi call OI ka matlab hai ki kai traders ne wahan calls bechi hain, is bet par premium lekar ki NIFTY is hafte 25,200 ke neeche rahega. Bheed us level ko chhat maan rahi hai. Neeche bhi wahi hisaab: 24,800 par bhaari put OI bheed ka farsh dikhati hai. Un dono ke beech is hafte ki expected range baithi hai, jo raay se nahi, asli positions se khinchi gayi hai.
Doosri baat: put-call ratio (PCR). Hamari chain par kul put OI 2,88,000 hai aur call OI 3,40,000, to PCR = 288 ÷ 340 ≈ 0.85. 1 ke aas paas ke reading mein koi khaas baat nahi hoti. Jaankari extremes mein hoti hai: PCR 1 se bahut upar matlab bheed puts se bhari hui hai (aksar panic wale bottoms ke paas), bahut neeche matlab calls se bhari hui (aksar lalach wale tops ke paas).
Aur ek column jise beginners apne hi nuksan par chhod dete hain: spread. Hamara ATM 25,000 CE ₹119.8 bid / ₹120.2 ask par quote hai, yaani 40 paise ka toll. Door wala OTM 25,600 CE ₹8.0 / ₹9.5 par quote hai. Use kharid kar turant wapas bech do aur ₹1.5 × 65 = ₹97.50 per lot chala jaata hai, option ki value ka lagbhag paanchva hissa, aur market hila bhi nahi.
Yaad rakhne wali baatein
Open interest (OI): kisi strike par abhi khule hue contracts. Har contract ka ek buyer aur ek seller hota hai, isliye OI zinda positions ginti hai, log ya raay nahi.
Volume vs OI: volume aaj ki hulchul hai aur roz reset hoti hai; OI khada hua total hai. Nayi positions OI badhati hain, band hone wale trades use ghatate hain.
OI buildup: price aur OI ko saath padhna. Price upar aur OI upar matlab nayi longs (long buildup); price upar aur OI neeche matlab shorts nikal rahe hain (short covering); price neeche aur OI upar matlab nayi shorts (short buildup); price neeche aur OI neeche matlab longs haath khada kar rahi hain (long unwinding).
OI walls: sabse badi call aur put OI wale strikes, jinhe expiry ke liye bheed ki chhat aur farsh ki tarah padha jaata hai. Kaam ki hadd hain, guarantee kabhi nahi, aur OI khiskne ke saath woh bhi khiskti hain.
Max pain: woh strike jahan expire ho rahe options ki kul value sabse kam hoti hai, yaani option buyers group ke taur par sabse zyada gawate hain. Kuch traders maante hain ki expiry uski taraf khinchti hai. Ise track karne wali observation samjho, trade karne wala kanoon nahi.
Bid-ask spread: us strike par kaam karne ka asli kharcha. Tight spreads (ATM, paas ke strikes) sasta trade dete hain; chaude spreads (door ke OTM, stock options) chup chaap edge kha jaate hain. Lesson 11 is column ko rupees mein badalta hai: kaun sa order type lo, aur chaude spread wali strike par market order market ke hilne se pehle 38% kyun le ja sakta hai.
Picture mein dekho
Neeche hamari weekly chain ka paanch strikes wala tukda hai. Bars dono taraf ki OI dikhate hain; shaded row ATM hai. Pehle do walls dhoondho (dono taraf ka sabse bada bar), phir table ke neeche PCR ki line dekho. Yeh ek nazar, yaani walls plus PCR plus spreads, hi rozana chain padhne ki aadat hai.
Call OI
Call LTP
Strike
Put LTP
Put OI
45,000
₹295
24,800
₹90
1,05,000
38,000
₹200
24,900
₹100
41,000
95,000
₹120
25,000
₹110
88,000
52,000
₹90
25,100
₹190
33,000
1,10,000
₹55
25,200
₹255
21,000
Walls: biggest call OI at 25,200 (ceiling), biggest put OI at 24,800 (floor). PCR = put OI 2,88,000 ÷ call OI 3,40,000 ≈ 0.85.
A five-strike slice of the weekly chain, ATM row shaded. The two full-strength bars are the OI walls: sold calls stacked at 25,200 (the crowd’s ceiling) and sold puts at 24,800 (the floor). Useful boundaries, never guarantees.
Traders isko kaise use karte hain
Delta aur premium dekh kar strike ki shopping karo. Chain wahi jagah hai jahan Lesson 14 ki moneyness wali soch thos banti hai: strikes par nazar dauro, unke delta aur premium padho, aur woh label chuno jo aapke view se milta ho.
Sirf liquid strikes trade karo. Kisi bhi order se pehle spread par ek nazar daalo. Use do baar cross karne ka kharcha premium ke kuch percent se zyada ho, to woh strike chup chaap mehnga hai, LTP chahe kuch bhi kahe.
Walls ko is hafte ka naksha samjho. Upar bhaari call OI aur neeche put OI milkar woh range banate hain jispar bheed bet laga rahi hai. Sellers walls ka sahara lete hain; buyers ko wajah chahiye ki wall tootegi.
Direction ko OI buildup se confirm karo. Badhti call OI aur futures mein long buildup wali rally, shorts ke covering wali rally se bilkul alag padhi jaati hai. Doosri wali ka petrol jaldi khatam hota hai.
PCR sirf extremes par use karo. 0.8 se 1.2 ke beech woh shor hai. Us band se kaafi bahar woh bheed ke mood ka jhanda hai, aur aksar ulta ishara.
Doosre tools ke saath istemal
Chain tab sach mein taakatwar banti hai jab aap use apni baaki jaankari ke upar rakhte ho:
OI walls + chart ke levels. Jab price chart ka resistance aur sabse badi call OI wall ek hi level par ho (yahan dono lagbhag 25,200 par), to woh milan kisi bhi akele signal se majboot hadd hai. Part 3 ki range strategies, jaise Lesson 24 ka iron condor, apne short strikes theek isi tarah dohri confirm hui hadd ke thoda aage rakhte hain.
Chain + moneyness (Lesson 14). Chain ka delta column ek zinda probability seedhi hai. Lagbhag 5 mein 1 wala chance bechna hai? 0.20 delta wali strike dhoondho aur dekho market uske kitne de raha hai.
Chain ka IV + IV rank (Lesson 19). IV column batata hai ki aaj har strike par anishchitta ka bhaav kya hai; IV rank batata hai ki woh bhaav itihaas ke hisaab se ooncha hai ya neecha. Dono milkar asli sawaal ka jawab dete hain: is hafte premium kharidna chahiye ya bechna?
Multi-leg trades se pehle liquidity check. Spreads, condors aur calendars (Lesson 22 se 25) andar aate hue aur bahar jaate hue do se chaar bid-ask spreads cross karte hain. Har leg par toll ka hisaab pehle lagao; bahut si "profitable" strategies sirf spread ke kharche se mar jaati hain.
Aam galtiyan
OI ko price ke sandarbh ke bina padhna. Badhti OI ka matlab nayi positions hai, par har position ek buyer aur ek seller ne kholi hai. Sirf OI ke saath price ki direction dekh kar hi ishara milta hai ki kiska pallda bhaari hai.
Illiquid strikes trade karna. Hamare 25,600 CE wale example ka ₹97.50 ka round-trip toll asli paisa hai jo kuch na milne par diya gaya. Door ke strikes aur kai stock options isse bhi bure hain.
Max pain ko vaada maan lena.Expiry kabhi kabhi max pain ke aas paas bhi nahi rukti. Woh ek input hai, aur zyadatar tab kaam ka jab woh walls aur chart se sehmat ho.
PCR ke decimals ko trade signal banana. 0.85 aur 0.95 ke farak mein trade karne laayak kuch nahi hai. Extremes matter karte hain; precision nahi.
Har badi OI ko directional bet maan lena. Institutions hedge karte hain. Ek bhaari call OI wall apni holdings ke against bechi gayi covered calls ho sakti hai (Lesson 20 aapko khud likhna sikhata hai), na ki girawat predict karta hua "smart money".
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Hamari weekly chain par kul put OI 2,88,000 hai aur kul call OI 3,40,000. PCR lagbhag kitna hua?
2. Volume aur open interest mein mool farak kya hai?
3. Weekly chain par sabse badi call OI 25,200 par hai. Tajurbekaar traders ise aam taur par kaise padhte hain?
4. 25,600 CE ka quote ₹8.0 bid / ₹9.5 ask hai. Aap ask par kharid kar turant bid par bech dete ho, 65 ka ek lot. Us round trip ka kharcha kya aaya?
Next · Lesson 16 · Time decay: theta, the daily rent. Us chain ka har premium aapke padhte padhte chup chaap chhota ho raha hai. Lesson 16 us pighalne ko theek se naapta hai: theta, rozana ka kiraya, kaun deta hai, kaun leta hai, aur lene wali taraf kaise pahunchein.
Where this comes from
This lesson states rules, not opinions, so here is where to check them. Exchange and regulator pages only, because everyone else is restating these too.
NSE: live equity derivatives watch: The real option chain, with the same columns the lesson decodes. Teaching figures here are fixed; these are not.