FORTIS Options — Where Positioning Sits Today

Where FORTIS open interest sits

The heaviest call open interest is at the 950 strike, holding 2,65,825 contracts — 16.2% of all FORTIS call open interest on the board, 4.97% above the spot of 905. 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 900 with 3,18,525 contracts, 23.0% of FORTIS put open interest, 0.55% 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 FORTIS's PCR is saying

FORTIS is carrying 13,84,925 contracts of put open interest against 16,39,900 of call, a put-call ratio of 0.84 — 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 0.84 and has held to 0.84 — 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.

FORTIS against its max pain

Max pain for FORTIS computes to 910, with spot at 905 — 0.55% 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 1.3% more than 910 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 FORTIS today

FORTIS is not carrying enough open interest this session for a meaningful intraday flow read. The table above is the full picture the exchange feed gives for this underlying — on a thin book, a single trade can move a strike to the top of the list, so no level is called out here.

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

The move priced into FORTIS

The at-the-money straddle on FORTIS costs 35.90 — 18.35 for the call and 17.55 for the put at the 910 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 3.97% of spot, or roughly 874 to 946 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 20.5% on the call and 20.7% on the put. The two legs are priced almost identically, so there is no meaningful skew at the money right now.

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