---
title: "An Indian positioning model from NSE participant data"
description: "Build a Nifty positioning model from NSE participant wise open interest, run it on dated chains, and see why its sign changes with the group and the date."
source_url: "https://www.rupeecase.com/learn/path-15/module-15-13-indian-positioning-model"
---

[Path 15 13 of 13](/learn/path-15/)An Indian positioning model and its limits[Path 15](/learn/path-15/)

On 10 Jun 2026 the Nifty closed at 23,214.95. In [module A19](/learn/path-15/module-15-9-gamma-exposure-gex) the same chain gave a small positive gamma total under one sign rule, a large negative one under another, and small positive ones when the sign came from NSE's participant file. That file is the only public data on who holds what, and it is by group alone. So I ask a harder question here: does using it make the answer firm? Pick the group that acts as the dealer and the total changes sign again. Pick another date and it changes sign again. A positioning model built on public data is a useful sketch. This lesson builds one, runs it on dated chains, and lists exactly where it stops being evidence.

3By the end you can

1. Turn NSE participant wise open interest into a signed gamma total, step by step.
2. Show how the total changes with the dealing group, the date and the units.
3. List the five assumptions inside the model and what a fair test of it would need.

Watch in the terminal: how do I set up to four side by side? A short tutorial on sample data.

## The idea, plainly

### What the participant file holds

NSE publishes a daily file of open interest by participant. It has four groups: Client, DII, FII and Pro, the file's label for proprietary accounts of trading members. For each group it gives long and short contracts in index futures, index call options and index put options. That is all. There is no strike. There is no expiry. All index contracts are pooled: Nifty, Bank Nifty and the others sit in the same rows. It is end of day, and it counts contracts, while the option chain counts units.

The groups net to zero, so any dealer you pick puts another group on the other side

NSE participant wise open interest for 10 Jun 2026, long less short, for index calls and puts. The file pools all index contracts and counts contracts, not units. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026.
Read one more paragraph, 83 words
Within each product the groups net to zero. Every long has a short somewhere, so whatever you assume about one group puts someone else on the other side. Look at the chart below for the size of it on 10 Jun 2026. One group, Client, was net short puts by a wide margin, and FII was net long them by a smaller one. DII held few options at all next to the others, which will matter when DII is chosen as the dealer.

### Convention C, step by step

Convention C of [module A19](/learn/path-15/module-15-9-gamma-exposure-gex) turns the file into a sign for every line of the chain. The steps are these.

1. Pick the group that acts as the dealer. This is a choice, not a fact.

2. For calls, take the group's long less short contracts and divide by all long calls of all groups. That is the dealer's net share of call open interest. Do the same for puts.

3. Give every call line of the Nifty chain that share as its sign, and every put line its own share.

4. Compute gamma exposure for each line as before: gamma times open interest in units times spot squared times 0.01, in rupees crore.

5. Add. The total is positive if the chosen group is net long gamma on these assumptions.

The maths: A, B and C as one family
Let each line carry a sign s. Gamma exposure of a line is s times a fixed positive size. Then the three conventions differ only in s.

A: s = +1 calls, −1 puts
B: s = −1 calls, −1 puts
C: s = share of the group
(a fraction between −1 and 1)

A and B give every line its full size. C scales each line by a fraction, the group's net share of that product. When the chosen group holds only a small net share, as a proprietary group usually does next to all long open interest, every line shrinks and the total is small and its sign is decided by small differences. That is why C totals are a few thousand crore while B totals are tens of thousands.

### Why net, and not gross

A group can hold large long and large short positions in the same product, and they cancel. A market maker who quotes both sides carries big gross numbers and a small net one. Gamma exposure follows the net, since a long and a short of equal size give no hedge to trade. That is why the model uses long less short and not the long side alone. It is also why a group with huge gross open interest can add almost nothing to the total.

Read one more paragraph, 61 words
The net share is also a ratio to the whole product, so it is small unless a group holds a large part of all open interest on one side. A group that holds a tenth of long calls and is net long by half of that has a share of five hundredths. Every line of the chain is multiplied by it.

2 terms this section turns on

From the module glossary; every term is in the Learn glossary too. Source: Module 15.13, An Indian positioning model and its limits.

### Five assumptions inside it

* **The group is the dealer.** A label in a file says who the account belongs to, not what it does. A proprietary group holds directional books, arbitrage books and market making together.

* **The net position is spread over strikes in proportion to open interest.** The file has no strike, so the model has to pour the net share evenly over every line.

* **The pool is the chain.** The shares come from all index contracts, the chain is Nifty alone. Bank Nifty, with different positions, is inside the shares.

* **The hedge is daily and in the future.** A dealer may hedge with other options, across the day, or not at all.

* **Volatility sticks to the strike.** The profile reprices with each strike's volatility held fixed, which a moving market does not do.

Two checks on units. NSE open interest on the chain is in units, which are contracts times the lot of 65. The participant file is in contracts. Put them side by side only after dividing by the lot.

### What would settle it

Positions by account, strike and expiry, with the side. Only the exchange and its clearing corporation see that. SEBI's own studies of traders use account level records that are not public. Until a file like that exists, a positioning model is a model, and its outputs are readings under assumptions.

Watch in the terminal: which numbers am I looking at? A short tutorial on sample data.

## Worked example: four groups, five dates, 10 Jun 2026 first

On 10 Jun 2026 the 23,500 call of the 30 Jun series had 44,81,555 units of open interest. At the lot of 65 that is 68,947 contracts. The chain held 6,57,39,570 call units and 6,85,47,860 put units in that series, a put to call ratio of 1.04. Now run convention C four times, once for each group as the dealer.

Choose Client as the dealer and the total changes sign

The 16 Jun and 30 Jun series on 10 Jun 2026, expiries up to forty five days, rupees crore for a one per cent move. Only the choice of dealing group changes between bars. Source: NSE end of day data and NSE participant wise open interest, computed by RupeeCase. As of 10 Jun 2026.
Read one more paragraph, 93 words
Four of five readings are positive. The fifth is negative, and it treats the group that holds most of the open interest as the hedger. DII holds few options, so its reading sits near zero whatever the sign. FII and Pro give small positive totals of similar size, though they hold opposite positions in calls. Client is the mirror of the other three groups taken together, because the groups net to zero, so its total has the opposite tone. The file cannot say which reading describes what happened in the market that day.

### The same rule on five dates

Fix the rule: Pro as the dealer. Run it on the five sessions for which these lessons have full Nifty chains.

One rule, five dates, and the sign is not stable

Convention C with Pro as the dealers, nearest series up to forty five days, rupees crore for a one per cent move. The sign follows the date. Source: NSE end of day data and NSE participant wise open interest, computed by RupeeCase. As of 29 Jun 2026.
Negative on two sessions and positive on three, with the size on 16 Jun close to zero. Five dates are far too few to say anything about how often it flips. They are enough to show the sign is not a fixed feature of the market that one can quote.

### Which choice matters most

The model has more than one dial. Besides the group and the date there is the expiry cut off, which drops series further out than some number of days, and the source of each leg's volatility. Here is each dial turned on its own, from one base: Pro as the dealers on 10 Jun 2026, expiries up to forty five days, each leg at its own volatility.

The group and the date move the answer far more than the expiry cut off or the volatility source

Each bar changes one input from the base bar. The two choices that flip the sign are the dealing group and the date. The expiry cut off and the leg volatility change the total by a fraction of its size. Source: NSE end of day data and NSE participant wise open interest, computed by RupeeCase. As of 10 Jun 2026.
Read one more paragraph, 82 words
The expiry cut off moves the total by up to about a third, and the volatility source hardly at all. Neither changes its sign. The other two flip it. The dials that flip it are the two that no file settles. The group is a label you choose and the date is the day you happened to look. That is the shape of a fragile result: the inputs you can measure barely matter, and the inputs you cannot measure decide the answer.

### Where the bars sit

Here are the strikes of 10 Jun under convention C with Pro as the dealer. The call wall and the put wall are the strikes with the largest call and put lines.

Under convention C with Pro as dealers every bar is small and positive

Net gamma exposure by strike on 10 Jun 2026 for the 16 Jun and 30 Jun series, expiries up to forty five days. Rupees crore for a one per cent move, with the group's net share as each line's sign. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026.
Read one more paragraph, 58 words
Compare the scale with the A19 charts. Every line is a fraction of its full size, so the bars are short and all point the same way, because the group is net long both calls and puts by a small share. A flat picture tells you the group's net share is small, not that the market is calm.

### What the model can still do

Used with care it is a consistent ruler. Fix the rule, then compute the same figure on each session. Differences between sessions are then differences in open interest, volatility and time, and not in the rule. That is a description, and the lab beside this lesson does exactly that. What it cannot do is name the sign of anyone's position, tell you the flow that will follow, or say that a day will be quiet or wild. For that the missing input is the one the exchange keeps.

Read one more paragraph, 41 words
The participant file is also published after the close and describes the close. By the time it is read, the next session is already being priced. A model that needs the file to know the sign is a model of yesterday.

### The chain of assumptions as a picture

Every arrow in the chain carries an assumption

The file has no strikes, so the net share is spread over the chain. The chosen group is a label. The total is only as firm as its weakest step. Source: RupeeCase illustration of convention C. As of 17 Oct 2026.
Appendix: a test I would accept
Write the rule before looking at results: the convention, the group, the expiry cut off and the volatility source. Then fix one target, such as the next session's absolute move divided by the move that India VIX implied, and one baseline, such as using only India VIX. Collect every available session of chains and participant files, not the vivid ones. Fit nothing on the later half and test on it, as in [module A29](/learn/path-19/module-19-7-walk-forward-testing). Count every variant you tried. Four groups, four expiry cut offs and three volatility sources make 48 readings, and the best of them will look good by chance, which [module I34](/learn/path-19/module-19-1-backtest-biases) explains. Report the result against the baseline, with the sample size. This lesson's five dates cannot do any of that, which is why it claims nothing.

## The common mistake

The claim: Pro are the market makers, so the Pro column of the participant file gives dealer gamma, and positive means a quiet day. The label says a group of accounts, not a role. Pro holds directional and arbitrage books beside market making. On the five sessions here the Pro based total is negative on two and positive on three, and the sign changes again when the dealing group is Client. The file is pooled across index contracts and has no strike. A signed total from it is a reading under five assumptions. Ask which group was chosen and why, and how many readings were tried before this one was shown.

## Key takeaways

* The participant file has no strike or expiry, and pools every index contract.
* Convention C turns the file into a sign by choosing a dealing group.
* On 10 Jun 2026 four of five dealer choices gave positive totals.
* With Pro as dealers the sign differed across five dated sessions.
* Chain open interest is in units; the participant file counts contracts.
* A positioning model is a reading under assumptions, not a measurement.

Two terms to hold on to from 15.13

From the module glossary. Source: Module 15.13, An Indian positioning model and its limits.
**Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html)

What does An Indian positioning model and its limits cover?NSE participant data is the one public input on who holds what, and only by group. It has no strike, no expiry and pools every index, so the answer still depends on assumptions. It works through The idea, plainly, Worked example: four groups, five dates, 10 Jun 2026 first, The common mistake, Key takeaways. It is module 15.13 of Path 15, Option Chain and Data, about 11 minutes of reading, free.

TTry it

## GEX lab, on the same example.
Gamma exposure under three sign conventions, switched on screen. Dated NSE end of day data, nothing live, no orders.

**GEX lab**, Nifty, 10 Jun 2026, 30 Jun 2026 expiry.

[Open the gex lab](/learn/tools/gex-lab?chain=NIFTY_2026-06-10_2026-06-30)

  AF&O on RupeeCase

## Hedging only, in development
F&O at RupeeCase will do one job: protect a portfolio you already own, by a rule published before it runs. No speculation, no naked option selling, no leveraged bets. It is not available yet.

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  [No hedgeFalls with the marketWith a putA floor, for a premiumIllustration with made up numbers, not a product and not a recommendation.](/hedging)

QQuick check

## 10 questions, 7 to pass.
Each attempt draws 10 of the 15 questions in this module's bank, and a retake draws a fresh set. A pass gives this module's Certificate of Completion. Your result stays on this device and counts towards the Path 15 certificate.

7 of 10 correct passes module 15.13

Every answer is explained when you check; a retake is always free. Source: RupeeCase Learn quiz rules (70% to pass).

  Passed

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  Certificate ID

Download PNGPrint or save as PDF[Check the ID](/learn/certificates/verify)
Self paced and unproctored. A record of completing free education by RupeeCase; not a NISM certificate and not endorsed by NISM, NSE, BSE or SEBI. It qualifies no one to deal, advise or publish research.

15Path test

## 30 questions. 21 correct earns the certificate.

30 questions drawn from the 195 in the banks of the 13 live modules of Path 15, 15.1 to 15.13, a fresh set each attempt, with no timer. Your score stays on this device.

* **30**questions
* **21**to pass (70%)
* **13**modules covered

Start the testOnly the path test decides the path certificate. The module quizzes are optional: pass them too for each module's own certificate and a tick on every stop.

  Passed

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Download PNGPrint or save as PDF[Check the ID](/learn/certificates/verify)Retake the test
[All your certificates, and the master certificate](/learn/certificates)

CCheck yourself

## Path 15 so far.
Your quick check results on this device, stop by stop.

Stop 13 of 13 on Path 15

Option Chain and Data: every live stop, this module ringed. Source: RupeeCase Learn, Path 15.

1. [15.1Reading the NSE option chain, column by columnNot yet](/learn/path-15/module-15-1-reading-the-nse-option-chain)
2. [15.2OI and change in OI on the chain: what they can and cannot tell youNot yet](/learn/path-15/module-15-2-open-interest-on-the-option-chain)
3. [15.3Put call ratio: definitions and what the evidence saysNot yet](/learn/path-15/module-15-3-put-call-ratio)
4. [15.4Max pain: the calculation and a Nifty testNot yet](/learn/path-15/module-15-4-max-pain)
5. [15.5Liquidity in the chain: spreads, volume and tradable strikesNot yet](/learn/path-15/module-15-5-option-chain-liquidity)
6. [15.6Participant wise OI and FII derivatives data, read honestlyNot yet](/learn/path-15/module-15-6-participant-wise-open-interest)
7. [15.7Expected move from the straddle and from IVNot yet](/learn/path-15/module-15-7-expected-move)
8. [15.8Who is on the other side in IndiaNot yet](/learn/path-15/module-15-8-who-is-on-the-other-side)
9. [15.9Gamma exposure: the computation and its assumptionsNot yet](/learn/path-15/module-15-9-gamma-exposure-gex)
10. [15.10Zero gamma, call wall and put wallNot yet](/learn/path-15/module-15-10-zero-gamma-and-walls)
11. [15.11Pinning and max OI strikes: the evidenceNot yet](/learn/path-15/module-15-11-pinning-and-max-oi-strikes)
12. [15.12Vanna and charm flows around expiries and eventsNot yet](/learn/path-15/module-15-12-vanna-and-charm-flows)
13. [15.13An Indian positioning model and its limitsNot yet](/learn/path-15/module-15-13-indian-positioning-model#quiz)
14. [TPath test, 30 questionsNot yet](/learn/path-15/module-15-13-indian-positioning-model#pathTestSection)

Path 15 in reading time: 119 minutes over 13 modules

Minutes of reading per module, this one in amber. Source: RupeeCase Learn, Path 15.

    Explore next

## Put the module to work.

* [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder)
* [Free module 15.8Who is on the other side in India10 min read](/learn/path-15/module-15-8-who-is-on-the-other-side)
* [Free module 15.9Gamma exposure: the computation and its assumptions10 min read](/learn/path-15/module-15-9-gamma-exposure-gex)
* [Free module 15.10Zero gamma, call wall and put wall10 min read](/learn/path-15/module-15-10-zero-gamma-and-walls)
* [Free module 15.11Pinning and max OI strikes: the evidence10 min read](/learn/path-15/module-15-11-pinning-and-max-oi-strikes)
* [Free module 15.6Participant wise OI and FII derivatives data, read honestly8 min read](/learn/path-15/module-15-6-participant-wise-open-interest)

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SSources

## Go to the source.
5 sources, NSE the most cited

The publisher of each source listed below. Source: Module 15.13 source list.
1. [NSE, participant wise open interest file, fao_participant_oi (example file)](https://nsearchives.nseindia.com/content/nsccl/fao_participant_oi_11052023.csv) NSE
2. [NSE, equity derivatives contract specifications (European exercise, cash settlement, lot size)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE
3. [NSE, derivatives end of day reports: the F&O bhavcopy these figures are built from](https://www.nseindia.com/all-reports-derivatives) NSE
4. [SEBI, Aug 2026 study of the profitability of individual traders in equity derivatives, FY25 and FY26](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) SEBI
5. [SqueezeMetrics, Gamma Exposure (GEX), white paper on US index options, 2016, revised 2017](https://squeezemetrics.com/monitor/download/pdf/white_paper.pdf) Paper

GTerms

## 5 terms from this module.
Participant wise open interestNSE's daily count of long and short contracts by Client, DII, FII and Pro, for index futures and index options, with no strike and no expiry.
ProThe file's label for the proprietary accounts of trading members. It is a type of account, not a role such as market maker.
Net shareA group's long less short contracts in a product, divided by all long contracts of all groups in that product.
Dealing groupThe group a model treats as the hedger. It is a choice made by the analyst, not a field in any file.
PoolingThe file adds every index contract together, so Nifty positions cannot be separated from Bank Nifty and the others.
[All 230 terms in the glossary](/learn/glossary)

[Question people askIs Nifty GEX reliable in India?A short answer with a dated chart](/learn/questions/is-nifty-gex-reliable)[Related module15.8 Who is on the other side in India10 min, Advanced](/learn/path-15/module-15-8-who-is-on-the-other-side)[Related module15.9 Gamma exposure: the computation and its assumptions10 min, Advanced](/learn/path-15/module-15-9-gamma-exposure-gex)[Pillar guideDerivatives and Quant115 modules across paths 12 to 19](/learn/derivatives)

Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.