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.
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
Where to find these in FYERS
On Web
- PCR is shown at the top-right of the Options Chain header.
- Max Pain is displayed next to PCR in the same header bar.
On Mobile App
- PCR and Max Pain are shown at the bottom of the Options Chain, below the INDIAVIX section.
- They remain visible across all tabs — Price, Greeks, Straddle, and Custom.
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 | If Max Pain isn’t visible, refresh the page. It should appear at the top alongside PCR. |
| 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: 02 Sep 2025
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