HINDPETRO Options — Where Positioning Sits Today

Where HINDPETRO open interest sits

The heaviest call open interest is at the 380 strike, holding 28,73,475 contracts — 20.9% of all HINDPETRO call open interest on the board, 9.68% above the spot of 346. 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 350 with 16,58,475 contracts, 16.0% of HINDPETRO put open interest, 1.02% above spot. That strike is in the money, so it is not acting as support — price is already beneath it. Heavy in-the-money put open interest more often reflects protection bought before the move than a level being defended now.

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

What HINDPETRO's PCR is saying

HINDPETRO is carrying 1,03,37,625 contracts of put open interest against 1,37,39,625 of call, a put-call ratio of 0.75 — 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 0.75 and has held to 0.75 — 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.

HINDPETRO against its max pain

Max pain for HINDPETRO computes to 361, with spot at 346 — 4.13% 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 0.3% more than 361 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 HINDPETRO today

HINDPETRO 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 HINDPETRO

The at-the-money straddle on HINDPETRO costs 17.10 — 7.50 for the call and 9.60 for the put at the 350 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 4.94% of spot, or roughly 333 to 367 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 26.0% on the call and 24.9% on the put. The call carries 1.1 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.