Option Chain is listing of all available options contracts for the selected security - puts, calls, their expiration, strike prices, OI, pricing information volume and option Greeks for a single underlying asset The center-most column of the option chain represents the strike prices with all call option details on the left of the strike prices and put option details on the right. In the Money Options: Strike Prices which are lower that the Spot price for Call options and Strike Prices which are Higher that the Spot price for Put options are called In the Money Out of Money Options: Strike Prices which are Higher that the Spot price for Call options and Strike Prices which are Lower that the Spot price for Put options are called Out of Money Understanding the columns and information in the option chain LTP / chg% - Last Traded Price of the strike price of the selected underlying and expiry OI / chg% - Open interest is the total number of outstanding contracts that have not been settled for that option contract along with the chg %. OI is represented in Lakhs Volume - Total number of contracts that have traded during the day for that particular option contract Bid (Qty) - Price bid by next available buyer for that option contract along with the Qty required Ask (Qty) - Price asked by next available seller for that option contract along with the Qty offered IV - Implied volatility is the likely movement forecasted by the market in the price of the security. High implied volatility could often result in options with higher premiums and vice versa. Delta - is a ratio which measures the change in the price of an underlying asset with respect to the change in the price of its option contract. Theta - is the rate at which the value of an option declines over time. With all other variables remaining constant, an option contract loses value as it gets closer to the maturity date Gamma - is rate of change between an option's Delta and the spot price. Higher Gamma indicates high volatility in Delta for price changes in the spot price Price OI Analysis - Price OI analysis Consist of Long Buildup, Long Unwinding, Short Buildup and Short Covering Long Buildup - is where change in price and open interest both are positive, it indicates a bullish trend wherein traders are entering into Long Position (Buying) Long Unwinding - is where change in price and open interest both are Negative, it indicates buyers who were bullish on the option are exiting their positions, either to book profit or to exit anticipating an bearish trend Short Buildup - is where change in price is negative and open interest is positive, it indicates a Bearish trend wherein traders are entering into Short Position (Selling) Short Covering - is where change in price is Positive and open interest is Negative, it indicates sellers who were Bearish are now covering their positions and buying. Short covering is often done to avoid loss when prices start showing bullish signs

Option Pain is the level (Strike Price) at which Option Buyers will be incurring maximum loss if held till expiry while Option Sellers will make the maximum profit or minimum loss if held till expiry This level is calculated by multiplying the Open Interest (OI) with the intrinsic value of the options at all expirations for each strike prices. This is then plotted on a chart and the Level (Strike Price) with Maximum profit / lowest loss is the option pain

Open interest is the total number of outstanding contracts that have not been settled for that option contract. OI Change depicts the increase / decrease in outstanding contracts in Call and Put options for respective Strike Prices.