DELHIVERY Options — Where Positioning Sits Today

Where DELHIVERY open interest sits

The heaviest call open interest is at the 470 strike, holding 20,06,525 contracts — 17.3% of all DELHIVERY call open interest on the board, 3.84% above the spot of 453. 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 420 with 18,15,625 contracts, 24.8% of DELHIVERY put open interest, 7.20% 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 DELHIVERY's PCR is saying

DELHIVERY is carrying 73,30,975 contracts of put open interest against 1,16,03,400 of call, a put-call ratio of 0.63 — 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 0.63 and has held to 0.63 — 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.

DELHIVERY against its max pain

Max pain for DELHIVERY computes to 455, with spot at 453 — 0.53% 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 pain curve around it is flat — the neighbouring strikes cost writers only 1.4% more than 455 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 DELHIVERY today

The biggest unwind is −4,150 call contracts at 540. 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 DELHIVERY

The at-the-money straddle on DELHIVERY costs 21.05 — 10.20 for the call and 10.85 for the put at the 455 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 4.65% of spot, or roughly 434 to 476 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 24.8% on the call and 23.6% on the put. The call carries 1.3 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.