Option Chain — NIFTY, BANKNIFTY & SENSEX live options data
PCR (Volume)
ATM IV
Max Pain
| Calls | Strike | Puts | ||||||
|---|---|---|---|---|---|---|---|---|
| Volume | IV | Ask | Bid | STRIKE | Bid | Ask | IV | Volume |
About the NIFTY, BANKNIFTY & SENSEX Option Chain
An option chainis the clearest way to see how traders are positioned across every strike price of an index. Stocker's live chain covers the three most active Indian index derivatives — NIFTY, BANKNIFTY and SENSEX — with call (CE) data on the left of the strike column and put (PE) data on the right. For each strike you can compare bid/ask prices, traded volume, implied volatility (IV) and the option Greeks — delta, gamma, theta and vega.
The summary cards distil the whole chain into the three numbers F&O traders watch most: the Put-Call Ratio (PCR) for sentiment, ATM IV for how much movement the market is pricing in, and the estimated Max Pain strike. Pick any live expiry, set how many strikes to show around spot, and the table refreshes automatically — switch on Greeks to see delta, gamma, theta and vega for every strike.
Futures & Options (F&O) Explained
Futures and options are both derivatives on the same indices, but they carry very different risk. Here's how they compare.
Options
A contract that gives the buyer the right, not the obligation, to buy (call) or sell (put) the index at a fixed strike price on or before expiry. The buyer pays a premium for that right.
Futures
A contract that obliges both buyer and seller to transact the index at an agreed price on expiry. No premium is paid — both sides post margin, and profit or loss moves point-for-point with the index.
| Options | Futures | |
|---|---|---|
| What you get | The right, but not the obligation, to buy (call) or sell (put) at the strike price. | An obligation to buy or sell the underlying at the agreed price on expiry. |
| Upfront cost | Buyers pay a premium; sellers (writers) post margin. | Both sides post margin — no premium changes hands. |
| Maximum loss (buyer) | Limited to the premium paid. | Not limited — losses grow with every point the market moves against you. |
| Price behaviour | Non-linear — driven by the underlying, time left (theta) and volatility (vega). | Linear — moves almost point-for-point with the underlying. |
| Time decay | Yes. Option value erodes as expiry approaches. | No time decay; the premium/discount to spot converges to zero at expiry. |
| Typical use | Directional bets with capped risk, hedging a portfolio, or earning premium. | Leveraged directional trades, hedging, and arbitrage. |
Call Options vs Put Options
Every row of the option chain has a call and a put at the same strike. They pay off in opposite directions.
Call Option (CE)
- Right to buy the index at the strike price
- Gains value when the index rises
- Buyers are bullish; sellers expect the index to stay below the strike
- Positive delta (0 to 1)
Put Option (PE)
- Right to sell the index at the strike price
- Gains value when the index falls
- Buyers are bearish or hedging; sellers expect the index to stay above the strike
- Negative delta (0 to -1)
How to Read the Option Chain
A quick, six-step walkthrough of the live chain above.
- 1
Pick the index and expiry
Choose NIFTY, BANKNIFTY or SENSEX, then an expiry. Only live (unexpired) contracts are listed, nearest first — the nearest expiry usually has the most activity.
- 2
Find the spot and ATM strike
The highlighted row marks the current spot price. The strike closest to it is at-the-money (ATM); strikes shaded on either side are in-the-money (ITM).
- 3
Compare calls and puts
Calls sit on the left of the STRIKE column, puts on the right, mirrored so the same metric is the same distance from the strike on both sides.
- 4
Read the volume bars
Longer bars show where trading is concentrated. Heavy call volume above spot and heavy put volume below spot often mark levels traders are watching.
- 5
Check IV and the Greeks
IV tells you how expensive an option is; delta, gamma, theta and vega explain how its price will react to movement, time and volatility.
- 6
Use the summary as context
PCR, ATM IV and Max Pain condense the whole chain into three numbers. Treat them as sentiment context, not as a buy or sell signal.
ITM, ATM and OTM Options
Moneyness describes where a strike sits relative to the current spot — and it changes how an option behaves.
In-the-Money
Already has intrinsic value. Higher premium and higher delta — behaves more like the underlying.
At-the-Money
Most sensitive to movement and time: highest gamma, highest theta, and usually the most traded strikes.
Out-of-the-Money
No intrinsic value yet — the premium is all time value. Cheap, but most expire worthless if the move doesn't come.
Option Greeks & Key Terms
Option prices are driven by more than direction. The Greeks measure how a contract reacts to movement, time and volatility — here's what each column means.
Delta (Δ)
How much an option's price moves for a ₹1 move in the underlying. A delta of 0.5 means the premium changes about ₹0.50 when the index moves ₹1. Calls have positive delta (0 to 1), puts negative (0 to -1); it also roughly approximates the probability of finishing in-the-money.
Gamma (Γ)
How fast delta itself changes as the underlying moves. High gamma means delta shifts quickly, so the option's behaviour is less stable. Gamma is highest for at-the-money options and rises sharply close to expiry.
Theta (Θ)
Time decay — how much value an option loses each day as expiry approaches, all else equal. Theta is negative for buyers: every passing day erodes premium, and the decay accelerates in the final week before expiry.
Vega (ν)
Sensitivity to implied volatility. If IV rises, premiums rise; if the market calms and IV falls, premiums shrink — even when the underlying itself hasn't moved. Long options benefit from rising volatility.
Implied Volatility (IV)
The market's expectation of future movement, backed out of the option's price. Higher IV means pricier options and bigger expected swings; lower IV means cheaper options and a calmer outlook. ATM IV is a quick read for the whole chain.
Put-Call Ratio (PCR)
Total put activity divided by total call activity. Above 1 leans cautious (more puts trading), below 1 leans bullish (more calls). Stocker computes PCR by volume for the selected expiry as a crowd-sentiment gauge.
Max Pain
The strike at which option buyers as a group would lose the most at expiry — where option writers pay out the least. It's often watched as a level price may gravitate toward as expiry nears.
Volume
The number of contracts traded during the session at each strike, shown as a proportional bar so you can instantly see where activity is concentrated. Heavier volume usually means better liquidity and tighter bid-ask spreads.
How to Read the Put-Call Ratio
PCR is a quick sentiment check on the whole chain. These are commonly used rough bands — context, not trading signals.
PCR below 0.7
Calls are trading far more than puts. Traders are leaning bullish — though very low readings are sometimes read as over-optimism.
PCR 0.7 – 1.0
Slightly more call activity than put activity. Sentiment is balanced with a modest bullish tilt.
PCR 1.0 – 1.3
Puts are trading more than calls. Traders are hedging or positioning for downside, but not in an extreme way.
PCR above 1.3
Put activity dominates. Sentiment is fearful — and, like extreme fear on the Market Mood Index, very high readings are sometimes watched as a contrarian sign.
Want a broader sentiment read? Compare PCR with Stocker's Market Mood Index — the NIFTY fear & greed gauge.
Index Options on Stocker
The three most-traded index derivatives in India, all in one option chain.
NIFTY 50
NSEIndia's benchmark index of 50 large companies across sectors. NIFTY options are the most actively traded index options in India, with deep liquidity across strikes.
BANKNIFTY
NSETracks the most liquid large banking stocks. It tends to move more sharply than NIFTY, so its options usually carry higher implied volatility and wider daily ranges.
SENSEX
BSEBSE's flagship index of 30 established companies. SENSEX options have become a major F&O contract on BSE and give traders an alternative to NSE index derivatives.
Expiry schedules and lot sizes are set by the exchanges and SEBI and change from time to time. The expiry buttons on this page always list the live contracts from the feed, and past expiries are hidden automatically.
Popular Options Trading Strategies
Options can be combined to match almost any market view. These are the building blocks most traders start with.
Long Call
Bullish
Buy a call to profit from a rise. Risk is limited to the premium paid; theta works against you every day.
Long Put
Bearish / hedge
Buy a put to profit from a fall, or to protect an existing portfolio against a drop (a protective put).
Covered Call
Neutral to mildly bullish
Hold the underlying and sell an OTM call against it to earn premium, giving up upside above the strike.
Bull Call / Bear Put Spread
Directional, capped risk
Buy one option and sell a further-OTM option of the same type. Cheaper than a single option, with both profit and loss capped.
Straddle / Strangle
Big move, direction unknown
Buy a call and a put (same strike for a straddle, different strikes for a strangle). Profits from a large move either way; loses if the market stays still.
Iron Condor
Range-bound
Sell an OTM call spread and an OTM put spread. Earns premium if the index stays inside a range, with defined maximum loss.
Risks of F&O Trading
Futures and options are leveraged— a small move in the index can mean a large gain or loss relative to the capital you put in. SEBI studies have found that the large majority of individual F&O traders (around 9 in 10) lose money.
Option buyers can lose their entire premium quickly to time decay, and option sellers can face losses far larger than the premium they collect. Understand the contract, size positions carefully, and never trade with money you can't afford to lose.
Explore More on Stocker
Options & Futures — Frequently Asked Questions
What is an option chain?
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An option chain is a table that lists every available strike price for an index or stock, showing the call (CE) contracts on one side and the put (PE) contracts on the other. For each strike you can compare traded volume, implied volatility, the Greeks and bid/ask prices, which helps traders gauge where activity and expectations are concentrated.
What is F&O (futures and options) trading?
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F&O refers to trading derivative contracts — futures and options — whose value comes from an underlying asset such as the NIFTY, BANKNIFTY or SENSEX index. Futures are an obligation to buy or sell at a set price on expiry; options give the buyer the right, but not the obligation, to do so. Both are traded in fixed lot sizes with margin, which makes them leveraged instruments.
What is the difference between options and futures?
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A futures contract obliges both sides to transact at the agreed price on expiry, moves almost point-for-point with the underlying, and has no premium. An option gives the buyer a right without an obligation; the buyer pays a premium and their maximum loss is limited to it, while the option's price also depends on time to expiry and implied volatility.
What do CE and PE mean in the option chain?
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CE stands for Call European (a call option) and PE for Put European (a put option). Calls give the right to buy at the strike price and gain value when the underlying rises; puts give the right to sell at the strike and gain value when the underlying falls. On Stocker, calls are on the left of the strike column and puts on the right.
Which index option chains are available on Stocker?
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Stocker provides the live option chain for the three most-traded Indian index derivatives: NIFTY and BANKNIFTY (NSE), and SENSEX (BSE). Switch between them with the Symbol dropdown, choose any live expiry, and control how many strikes are shown around the spot price.
What is option premium?
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The premium is the price of an option — what the buyer pays and the seller receives. It is made up of intrinsic value (how far the option is in-the-money) and time value (what the market pays for the chance of a favourable move before expiry). Time value shrinks to zero at expiry.
What is option expiry and why are expired dates hidden?
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Every option contract has an expiry date after which it stops trading and is settled. Stocker only lists expiries that are still live — as soon as an expiry date passes it is removed and the chain automatically moves to the next available expiry.
What is the Put-Call Ratio (PCR)?
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The Put-Call Ratio compares put activity to call activity. Stocker shows PCR by volume — total put volume divided by total call volume for the selected expiry. A PCR above 1 means puts are trading more actively than calls (often read as cautious positioning), while a PCR below 1 means calls dominate (often read as bullish). It is a sentiment gauge, not a precise signal.
What is ATM IV (at-the-money implied volatility)?
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Implied volatility is the market's expectation of how much the underlying will move, derived from option prices. ATM IV is the implied volatility at the strike closest to the current spot price — a quick read of how expensive options are and how much movement the market is pricing in.
What is Max Pain?
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Max Pain is the strike price at which option buyers as a group would lose the most at expiry — the level where option writers have the least payout. It is an estimate and is often used as a rough magnet level near expiry. Stocker marks this value as 'estimated'.
What do ITM, ATM and OTM mean?
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In-the-money (ITM) options already have intrinsic value: calls with a strike below spot and puts with a strike above spot. At-the-money (ATM) means the strike is closest to the current spot. Out-of-the-money (OTM) options have no intrinsic value yet. On the chain, ITM strikes are shaded and the current spot is marked with a highlighted row.
What do Bid and Ask mean on the option chain?
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The Bid is the highest price a buyer is currently willing to pay for that option, and the Ask is the lowest price a seller will accept. The gap between them is the bid-ask spread; a tighter spread usually indicates a more liquid, actively traded strike.
Can an option buyer lose more than the premium?
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No — the most an option buyer can lose is the premium paid (plus charges). Option sellers, however, face much larger and in some cases unlimited losses, which is why exchanges require them to post margin.
How often is the option chain data updated?
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The chain refreshes automatically while the page is open and shows how long ago the data was last updated. A green 'Live' badge means the data refreshed within the last two minutes; if the feed hasn't refreshed recently (for example when the market is closed), it switches to an amber 'Delayed data' badge so you know the numbers may be old.
Is Stocker's option chain suitable for trading decisions?
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The option chain is provided for information and education only and may be delayed. It is not investment advice or a recommendation to buy or sell any contract. Always verify prices with your broker and consider your own risk tolerance before trading futures and options.
Stocker provides market data for information and education only. Nothing on this page is investment advice.