COFORGE Options — Where Positioning Sits Today

Where COFORGE open interest sits

The heaviest call open interest is at the 2,000 strike, holding 12,17,900 contracts — 19.5% of all COFORGE call open interest on the board, 3.04% above the spot of 1,941. 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 1,900 with 7,41,475 contracts, 15.2% of COFORGE put open interest, 2.11% below spot. Put open interest concentrated below price is usually treated as support for the same reason, and breaks the same way.

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

What COFORGE's PCR is saying

COFORGE is carrying 48,92,975 contracts of put open interest against 62,46,725 of call, a put-call ratio of 0.78 — mildly call-heavy 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 0.78 and has held to 0.78 — 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.

COFORGE against its max pain

Max pain for COFORGE computes to 1,920, with spot at 1,941 — 1.08% above 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 pain curve around it is flat — the neighbouring strikes cost writers only 1.0% more than 1,920 does. A basin that shallow means several strikes are near-equally cheap to settle at, so the level is a weak magnet and small shifts in open interest can move it.

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 COFORGE today

The biggest unwind is −950 put contracts at 2,240. 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 COFORGE

The at-the-money straddle on COFORGE costs 106.70 — 51.70 for the call and 55.00 for the put at the 1,960 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 5.50% of spot, or roughly 1,853 to 2,067 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 27.8% on the call and 29.1% on the put. The put carries 1.2 points more, the usual shape when downside protection is bid up relative to upside.

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