How to use PCR and Max Pain in the FYERS Options Chain?
PCR (Put-Call Ratio) and Max Pain are sentiment and positioning indicators integrated into the FYERS Options Chain. These tools help traders assess overall market bias and identify key price levels around which maximum open interest is concentrated.
Understanding PCR (Put-Call Ratio)
PCR is calculated by dividing the total Open Interest (OI) in put options by the total OI in call options for a particular underlying.
- Formula: PCR = Total Put OI / Total Call OI
Interpretation:
- Above 1: More puts than calls – bearish sentiment
- Below 1: More calls than puts – bullish sentiment
- Near 1: Balanced or neutral view
FYERS displays this metric at the top of the Options Chain (when applicable).
Understanding Max Pain
Max Pain is the strike price where option writers (sellers) stand to lose the least money. It is the point where the total value of outstanding options (both calls and puts) is minimal.
Why it matters:
- Often acts as a magnet level near expiry
- Used to forecast potential settlement levels
- Displayed as: Highlighted row in the Straddle tab of the Options Chain
Where to find these in FYERS
- PCR is shown at the top-right of the Options Chain (supported instruments only)
- Max Pain appears as a bolded or marked strike row in the Straddle tab
- Available for instruments like NIFTY, BANKNIFTY, and FINNIFTY
Use PCR as a real-time sentiment indicator, and Max Pain to identify expiry pressure zones. These tools work best when used together.
What If Scenarios
| Scenario | Action |
|---|
| PCR not visible | Appears only for indices with sufficient OI data like NIFTY or BANKNIFTY |
| Max Pain row not showing | Switch to Straddle view and ensure the data is fully loaded |
| Both metrics missing | Try refreshing the page or selecting a different expiry |
| Using these for stocks | Currently not supported for stock options or illiquid contracts |
Last updated: 15 Jun 2025
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