GLENMARK Options — Where Positioning Sits Today

Where GLENMARK open interest sits

The heaviest call open interest is at the 2,600 strike, holding 3,28,500 contracts — 16.2% of all GLENMARK call open interest on the board, 5.26% above the spot of 2,470. 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 2,400 with 1,83,375 contracts, 17.9% of GLENMARK put open interest, 2.83% 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 GLENMARK's PCR is saying

GLENMARK is carrying 10,23,750 contracts of put open interest against 20,28,000 of call, a put-call ratio of 0.50 — 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 0.50 and has held to 0.50 — 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.

GLENMARK against its max pain

Max pain for GLENMARK computes to 2,400, with spot at 2,470 — 2.83% 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 curve is defined around it: the nearest strike either side costs writers 6.2% more than 2,400. 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 GLENMARK today

The biggest unwind is −1,125 put contracts at 2,760. 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 GLENMARK

The at-the-money straddle on GLENMARK costs 122.40 — 62.00 for the call and 60.40 for the put at the 2,480 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 4.96% of spot, or roughly 2,358 to 2,602 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 24.6% on the call and 26.9% on the put. The put carries 2.2 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.