Max pain + PCR — where are option writers positioned.
Max pain is the strike price at which aggregate loss to option buyers is maximum on expiry — equivalently, the strike at which option writers net the most. Put-call ratio (PCR) shows whether writers are hedged to the upside or downside. Computed on the ±15-strike grid around ATM for the current-week expiry.
NSE option chain · ±15 strikes around ATM · current expiry · as of Refreshed every 5 min. Curated reference — verify against the authoritative source before making any investment decision. Refreshed periodically, not continuously.
Sources: NSE option chain
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How to read max pain
- Spot > max pain, same direction as recent OI builds — writers are defending from below, expect pullback magnet toward max pain into expiry.
- Spot < max pain, PCR > 1.3 — over-hedged to downside. Puts being written heavily, often signals a short-covering bounce back toward max pain.
- |Spot − max pain| < 1% — expiry likely pins near current levels. Low-IV, range-bound day.
Max pain is correlational, not causal. It works best as a context filter, not a primary entry signal. Large directional news flow (earnings, macro, geopolitics) overrides max-pain dynamics instantly.
PCR interpretation guide
- PCR > 1.3Bullish contrarian
- Put writers are over-hedged. Historically bounces follow — the market "works off" excess put positioning.
- PCR 0.7 – 1.3Neutral
- Healthy balance. Watch price action for directional bias rather than positioning.
- PCR < 0.7Bearish contrarian
- Call writers over-hedged. Historically precedes profit-booking on strength.
Pair with the full option chain
Sign in free to see the full 40-strike option chain with IV, OI, ΔOI, implied volatility skew, and strategy suggestions. Combine with the rollover dashboard, F&O OI buildup scanner, and India VIX tracker for the full F&O picture.
Start free — no cardResearch tool · not investment advice.
Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Max pain and PCR are positioning metrics, not trading signals. F&O is leveraged — SEBI's FY25 study showed 91% of retail F&O traders lost money. Size accordingly and use stops.