Before you start
- Any QuantPower plan. The QuantPower Standard plan is free during the Beta (₹299/month after); Professional is ₹499/month and Ultimate ₹999/month, GST extra. See pricing.
- A connected broker, because option prices come from your broker account.
- The basics of calls and puts. Our guide to options trading covers them.
Step 1: Choose the underlying and expiry
- Open Option chain.
- Choose the underlying, such as NIFTY.
- Choose the expiry. Nifty has weekly expiries on Tuesdays, Sensex on Thursdays, and Bank Nifty and FinNifty monthly expiries.
The F&O expiry calendar lists the dates.
Step 2: Find your way around
- Strikes run down the middle. The at-the-money strike, closest to the spot price, is highlighted.
- Calls are on the left and puts on the right.
- Shading marks in-the-money options: calls below the spot price and puts above it.
Step 3: Read each column
| Column | What it shows | How traders use it |
|---|---|---|
| LTP | Last traded price | The premium for one unit |
| OI | Open interest: contracts open at that strike | Where positions are concentrated |
| Change in OI | How OI moved today | Where new positions are being built |
| IV | Implied volatility at that strike | Whether options are cheap or expensive |
Large call OI above the market is often read as resistance, and large put OI below it as support. Treat this as a reading of positioning, not a forecast. Our Nifty PCR guide explains why.
Step 4: Read the summary figures
| Figure | Meaning |
|---|---|
| Spot | The current index level |
| ATM IV | Implied volatility at the at-the-money strike |
| PCR | Put-call ratio: total put OI divided by total call OI |
| Max pain | The strike where option buyers as a whole would lose the most at expiry |
| Lot | Units per contract. Nifty is 65 from the January 2026 series |
The put-call ratio meaning page explains how to read PCR.
Step 5: Check the Greeks
Switch to the Greeks view to see delta, gamma, theta and vega for each strike. Sellers often choose strikes by delta, for example around 0.15 to 0.20 for a short strangle. Our Greeks guide explains each one.
Step 6: Turn a view into a trade
- Note the strikes that fit your plan.
- Build the position in the strategy builder to see its payoff, breakevens and Greeks.
- Check the margin and the lot size before placing the order.
The how to read an option chain guide goes through a full example.
Common problems
| Problem | What to do |
|---|---|
| Prices do not move | Check that your broker session is active. Zerodha users need a Kite Connect subscription for live prices |
| A strike shows no price | It has not traded today. Look at the bid and ask, or choose a more liquid strike |
| OI looks unchanged | Exchanges update open interest at intervals during the day, not with every trade |
Next steps
- Create a strategy
- Read the Nifty option chain guide
- Read the Bank Nifty option chain guide
Frequently asked questions
Where do the option chain prices come from?
From your connected broker account.
Can I see the option chain on my phone?
Yes, in the QuantPower app.
Does a high PCR mean the market will rise?
Not on its own. PCR shows how puts and calls are positioned. Read it with price, OI changes and IV.
Screens in this tutorial are illustrations with sample data. Labels in the app may differ slightly.
Trading involves substantial risk. This page is for information and is not investment advice.