CHOLAFIN Options — Where Positioning Sits Today

Where CHOLAFIN open interest sits

The heaviest call open interest is at the 1,900 strike, holding 5,24,375 contracts — 21.2% of all CHOLAFIN call open interest on the board, 3.72% above the spot of 1,832. Call open interest concentrated above price is commonly read as resistance, on the reasoning that writers there are defending the level. It is a crowding observation, not a rule — the level holds until that open interest unwinds.

On the put side the weight is at 1,800 with 7,53,125 contracts, 32.9% of CHOLAFIN put open interest, 1.74% below spot. Put open interest concentrated below price is usually treated as support for the same reason, and breaks the same way.

Both sides are unusually concentrated — the top strike alone carries 32.9% of its side. A distribution that peaked tends to behave like a genuine pin while it lasts, and to move fast when it breaks, because there is little open interest at the next strike to slow it.

New to this? Read the Open Interest guide — how to read it, with worked examples.

What CHOLAFIN's PCR is saying

CHOLAFIN is carrying 22,91,250 contracts of put open interest against 24,69,375 of call, a put-call ratio of 0.93 — broadly balanced positioning. PCR has no universally good value; it is read against its own recent range, and the direction it is moving carries more than the level.

It opened the session at 0.93 and has held to 0.93 — a move of 0.00. That is effectively flat: positioning has not changed sides today.

New to this? Read the PCR guide — how to read it, with worked examples.

CHOLAFIN against its max pain

Max pain for CHOLAFIN computes to 1,840, with spot at 1,832 — 0.44% below it. That strike is where the total value of all open contracts expiring would be lowest. It is arithmetic on the current open interest distribution, not a forecast, and the distribution keeps changing.

The curve is defined around it: the nearest strike either side costs writers 14.1% more than 1,840. A trough that distinct is a stronger reference than a flat basin, though it still describes positioning rather than predicting settlement.

There are 21 sessions to expiry. This far out the figure moves as positions roll, and it is least informative early in a series — worth watching for direction of travel rather than as a target.

New to this? Read the Max Pain guide — how to read it, with worked examples.

What changed in CHOLAFIN today

The biggest unwind is −2,500 call contracts at 1,680. Positions closing matters as much as positions opening — a level defended by open interest stops being defended when that open interest leaves, and a break through a strike that is unwinding is a different event from a break against one that is intact.

Change is measured against this session's opening snapshot rather than the previous close, so the overnight gap and the positions rolled at the open do not swamp the reading.

New to this? Read the OI Change guide — how to read it, with worked examples.

The move priced into CHOLAFIN

The at-the-money straddle on CHOLAFIN costs 88.25 — 41.80 for the call and 46.45 for the put at the 1,840 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 4.82% of spot, or roughly 1,752 to 1,928 by expiry on a breakeven basis.

The straddle has moved 0.0% since the open. That is close to flat, so today's decay and any volatility move have roughly offset.

Implied volatility at the money is 26.2% on the call and 23.9% on the put. The call carries 2.3 points more, which is the less common direction and points to upside being bid.

New to this? Read the ATM Premium guide — how to read it, with worked examples.