--- title: "How do I read an option chain | RupeeCase" description: "An option chain is one table for one expiry: each row is a strike, calls sit on the left, puts on the right." source_url: "https://www.rupeecase.com/learn/questions/how-to-read-option-chain" --- A chain reads across: each row pairs the call and the put at one strike Show all columnsShow fewer columns | Calls | Calls | Strike | Puts | Puts | | --- | --- | --- | --- | --- | | OI | Chg OI | Settle | Settle | Chg OI | OI | | 21,255 | +65 | 437.55 | 23,050 | 239.25 | +7,605 | 1.1L | | 2L | −17,485 | 405.90 | 23,100 | 258.10 | +7,865 | 5.2L | | 35,100 | −1,560 | 374.55 | 23,150 | 278.95 | −14,040 | 1.3L | | 8.2L | −1.8L | 347.70 | 23,200 | 300.60 | −4,485 | 17.7L | | Spot 23,214.95 | Spot 23,214.95 | | 2.9L | −1.5L | 321.65 | 23,250ATM | 322.05 | −1L | 3L | | 11.2L | −60,840 | 294.60 | 23,300 | 347.65 | +83,135 | 14.7L | | 2.7L | +1.3L | 272.55 | 23,350 | 371.80 | +1.4L | 2.7L | | 10.6L | +1.9L | 248.10 | 23,400 | 398.75 | +1.1L | 11.3L | | 1.4L | +20,345 | 226.65 | 23,450 | 426.80 | +5,200 | 1L | Shaded cells are in the money. Outlined cells hold the most open interest among the strikes shown. OI is in units and volume is in contracts; L is lakh and Cr is crore. Nifty option chain for the 30 Jun 2026 expiry, nine strikes around the at the money strike. Read across a row: calls on the left, the strike in the middle, puts on the right. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. Look at the NIFTY chain for the 30 Jun 2026 expiry, taken at the close on 10 Jun 2026. The table above shows the rows nearest the money. Each row is one strike. The strike nearest the futures price is the at the money, or ATM, row, and the table marks it. Calls above the index and puts below it are out of the money. Calls below the index and puts above it are in the money. Four columns matter on each side. Open interest, OI, is the number of contracts still open at the close. NSE's end of day file, and the table above, count it in units, so divide by the lot of 65 to get contracts. Change in OI is how much that number moved since the previous session. Volume is the number of contracts traded during the day. The settle price is the exchange's end of day price for the contract. For a strike that traded thinly, the settle price can be a theoretical value rather than a trade, so check the volume beside it. Read OI with the price move, not on its own. A rise in OI alongside a rising price tells a different story from a rise in OI alongside a falling one. The [question on long and short build up](/learn/questions/long-short-build-up) walks through the four patterns. The chain shows what is open and at what price. It does not show who holds which side, or why. A strike with the highest OI is not a wall that the index has to respect; a separate question covers that reading. Chains change every session. Check the date at the top of the table before you use any number from it. The school uses dated end of day chains only, never a live screen. **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) How do I read an option chain?An option chain is one table for one expiry: each row is a strike, calls sit on the left, puts on the right, and each side shows open interest, change in open interest, volume and the settle price. Read it row by row from the at the money strike outwards, and check the date and the expiry before you read any number. LGo deeper ## Where Learn teaches this. [Go deeperReading the NSE option chain, column by column8 min, Beginner](/learn/path-15/module-15-1-reading-the-nse-option-chain)[Go deeperOI and change in OI on the chain: what they can and cannot tell you8 min, Beginner](/learn/path-15/module-15-2-open-interest-on-the-option-chain) SSources ## Go to the source. 3 sources, NSE the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [NSE option chain page (the screen the question is about; the school uses only dated end of day chains)](https://www.nseindia.com/option-chain) NSE 2. [NSE, equity derivatives contract specifications (expiry cycle, lot size and strike rules)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE 3. [SEBI investor education, Understanding derivatives](https://investor.sebi.gov.in/understanding_derivatives.html) SEBI ?Questions people ask ## Related questions. [QuestionWhat are open interest, change in OI and cumulative OI?Beginner](/learn/questions/what-is-open-interest)[QuestionWhat is PCR and how do I read it?Beginner, trap check](/learn/questions/what-is-pcr)[QuestionIs the highest call OI strike resistance and the highest put OI strike support?Intermediate, trap check](/learn/questions/highest-oi-support-resistance)[QuestionWhat is implied volatility?Beginner](/learn/questions/what-is-implied-volatility) [All 130 questions](/learn/questions/) Explore next ## Go deeper on this question. * [QuestionWhat should I look at in option chain analysis for intraday?A short answer with a dated chart](/learn/questions/option-chain-analysis-intraday) * [QuestionWhere do I get historical option chain and F&O data in India?A short answer with a dated chart](/learn/questions/historical-option-chain-data) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) * [GlossaryInvesting glossary, 230 termsPlain word definitions, and the app’s own](/learn/glossary) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera 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.