PHOENIXLTD Open Interest Heatmap — Where OI Is Concentrated

The heaviest PHOENIXLTD call open interest is at the 2,100 strike with 6,48,550 contracts, and the heaviest put open interest at 1,900 with 1,08,850 contracts. With spot near 1,886.3, those two strikes bracket the range the option market is currently positioned around.

Heavy open interest marks where positioning is crowded, and such strikes often behave as reference levels — call-heavy strikes above spot as resistance, put-heavy strikes below as support. This is an observation about crowding, not a rule. Levels break regularly, usually when that open interest unwinds quickly rather than defending.

Open interest is the total number of option contracts in a strike that are still open and not yet squared off or settled. It counts positions, not trades. Rising open interest means fresh contracts are being created and new money is entering that strike; falling open interest means existing positions are being closed out.

Max pain is the strike at which the total value of all open call and put contracts expiring would be lowest, meaning the largest rupee amount of premium expires worthless. It is calculated purely from the open interest spread across strikes, and it is a positioning observation rather than a prediction of where price must settle.

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