Track 02Module 5 of 613 sources
Indian F&O: the chain, open interest, expiry and the loss studies
Read the NSE option chain as a map of positioning, and know what SEBI's data say about who makes money.
Key ideas
- In India, option writers are mostly institutions and proprietary desks. Strikes with heavy open interest act as support and resistance because writers defend them.
- The put-call ratio of open interest is a positioning gauge. Extremes matter more than levels.
- SEBI found that roughly nine in ten individual F&O traders lost money over three years, with costs a large share of the loss.
- Rising price with rising open interest is fresh longs. Rising price with falling open interest is short covering. The second fades faster.
Start hereWatch or read these first. They carry the core idea.
The REAL Way to Read an Option Chain OI, IV, PCR & Max Pain
Video · Dhan ⚡ · 25:57
Open interest, implied volatility, put-call ratio and max pain on a real chain.
PDF
Analysis of Profits and Losses in the Equity Derivatives Segment (FY22 to FY24)
SEBI · 2024
The primary source on retail losses. Read the executive summary and the cost tables.
SEBI's F&O Study | FY26: New Entrants Decline, Net Loss Per Trader Narrows | CNBC TV18
Video · CNBC-TV18 · 5:05
The latest update to the SEBI study in five minutes.
Tool
Tool
Sensibull Open Interest vs Strike
Sensibull
Open interest by strike, drawn clearly. The fastest way to see walls.
CoreThe standard references. Work through them once the idea is clear.
Direct Talks Ft. Abid Hassan | Options Trading | ICICI Direct
Video · ICICI Direct · 1:01:38
The founder of Sensibull on how Indian retail should and should not use options.
Course
Complete Guide to Futures Trading
Playlist · Zerodha Varsity · 9 lessons
The same course as nine videos.
Tool
Tool
Regulator
Interim Order in the matter of Index manipulation by Jane Street Group
SEBI · 2025
How expiry-day index options, futures and cash interact, from a regulator's order.
Regulator
Circular: Measures to Strengthen Equity Index Derivatives Framework
SEBI · 2024
The rule changes that followed the loss studies.
Go deeperResearch, primary sources and data for when you want the detail.
Site
Practice
Before the open, record Nifty's put-call ratio, the largest call and put strikes and max pain from the Desk. After the close, check where spot finished against each.
See it live
Where this leads
07.3 · Indian Market StructureDerivatives rules, expiries and what the regulator foundKnow the contract rules that shape Indian derivatives and the evidence on who makes money in them.02.3 · Options and Options FlowDealer positioning: gamma, vanna, charm and pinningExplain how dealer hedging can dampen or amplify moves, and read a gamma exposure estimate with the right amount of doubt.