Calls struck below the index and puts struck above it are in the money
| Calls | Strike | Puts | ||
|---|---|---|---|---|
| Settle | OI | OI | Settle | |
| 437.55 | 21,255 | 23,050 | 1.1L | 239.25 |
| 405.90 | 2L | 23,100 | 5.2L | 258.10 |
| 374.55 | 35,100 | 23,150 | 1.3L | 278.95 |
| 347.70 | 8.2L | 23,200 | 17.7L | 300.60 |
| Spot 23,214.95 | ||||
| 321.65 | 2.9L | 23,250ATM | 3L | 322.05 |
| 294.60 | 11.2L | 23,300 | 14.7L | 347.65 |
| 272.55 | 2.7L | 23,350 | 2.7L | 371.80 |
| 248.10 | 10.6L | 23,400 | 11.3L | 398.75 |
| 226.65 | 1.4L | 23,450 | 1L | 426.80 |
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.
Read the 30 Jun 2026 Nifty chain from 10 Jun 2026. Strikes rise as you read down. The Spot line shows the index, and the row marked ATM is the strike nearest the futures price, a little above the index here.
Rows above the Spot line have strikes below the index: their calls are in the money, their puts out of the money. Rows below it have strikes above the index: their calls are out of the money, their puts in the money. The ATM strike is a little above the index, so its put has a small intrinsic value and its call has none.
In the money means the option has intrinsic value: the gap between the index and the strike, on the paying side. A call struck below the index has intrinsic value equal to that gap, and so does a put struck above it. Out of the money options have none.
The premium is intrinsic value plus time value. Time value is what is left, and it is largest near the money. It falls as the strike moves away from the index, and it is zero at expiry. A deep out of the money option is all time value, and it pays only if the index travels far enough.
The chain shows each strike's settle price, not the split. Take the intrinsic value off the settle price to see it. On expiry day the time value is gone by the close, and only intrinsic value settles.
ITM, ATM and OTM say where a strike sits against the index at the close you are reading. They do not say which way the index will move.
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