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Shriram Shekhar
Mohit AsharThe Multi Strike OI chart loads with NIFTY 50 by default. No login is required to explore it.
Without logging in, you can:
All price and OI data on this page reflect a 15-minute delay for the underlying price, all OI values, and every chart line visible here. Logging in unlocks real-time access, more strike coverage, next expiries, and shorter intervals.
The search bar also lets you switch from NIFTY 50 to other indices, F&O stocks, and commodities having the same 15-minute delayed data.
The chart defaults to NIFTY 50 with 15-minute delayed data. You can see the underlying index price together with Call OI and Put OI lines for each selected strike. That means you can compare how market positioning is changing at each strike while also tracking whether the underlying is moving up, down, or staying range-bound.
The underlying price line shows where the index or stock is trading over time. The OI lines show how open interest is changing for the selected Call and Put strikes. The chart uses two vertical axes. The left axis plots OI in number of contracts. The right axis tracks the underlying price.
The underlying price line moves with NIFTY's price across the session. This lets you read price and positioning together, rather than treating them as separate inputs.
The expiry dropdown shows the 2 nearest available expiries for the selected instrument. The strike selector lets you add up to 4 strikes. ATM strikes are the most common starting point, as they carry the highest OI concentration across most instruments.
On the left side of the screen, the strike list panel provides a quick-search function. This allows you to seamlessly switch the underlying asset between major indices like NIFTY 50, NIFTY BANK, and SENSEX, or search for specific F&O stocks without leaving the chart interface.
The key to analysing the chart is to understand how to interpret the lines on the chart. Here is a guide to interpreting the signals produced by multi-strike OI charts.
When Open Interest rises at a specific strike, it indicates that fresh positions are being built, signalling new participation at that strike.
If the OI line declines at strikes, it means that current contracts are being closed or unwound by traders. It implies that the trader's conviction is lost and other levels of the chart are gaining more attention.
For any strike you select, both the Call OI and Put OI lines are plotted. Comparing Call OI vs Put OI at the same strike is useful to understand positioning around specific strikes. For example, when Call OI is much greater than Put OI, it means that there are more participants on the call side at that level. On the other hand, if Put OI is dominant, it indicates that the put side is more active.
Without logging in, you can view up to 4 strikes simultaneously, enabling you to identify which strike is experiencing the sharpest OI change. This comparison offers you insights regarding where market attention is concentrated.
The most useful signal often comes from analysing price movement and OI movement side by side. If the underlying is moving while OI is also changing, you get a clearer picture of where traders are focusing. However, they are not a buyer-or-seller signal, as they only reflect open positions, not who initiated them.
Open Interest (OI) is the total count of active, unsettled options contracts at a given strike. It rises when new positions open and declines when they close. OI is not the same as volume. Volume reflects the total number of contracts traded during the session.
A strike can have high intraday volume with flat OI if contracts are being actively traded without net new positions being built. Conversely, OI can rise with low volume if participants are holding positions across sessions.
It tracks each selected strike's Call OI and Put OI independently over the trading session. By plotting these individual lines alongside the underlying price, the chart reveals when and where positions are being built up or unwound. This allows you to read market sentiment, strike by strike, as the price action unfolds.
You can use the chart controls to adjust the view according to what you want to analyse. Here's how you can use chart controls:
Use the search bar on the left panel to switch between underlyings. NIFTY 50 loads by default. You can browse NIFTY 50, BANKNIFTY, SENSEX, F&O stocks, and commodities. All data is available with the 15-minute delayed data without login.
Before login, you can select the 2 nearest expiries for the selected instrument from the expiry dropdown, and the strike selector allows you to add up to 4 strikes. This limits the visual noise on the chart, letting you focus only on the strikes relevant to your trade setup.
Pre-login, the 15-minute interval is the only available option. After login, the 1, 3, 5, and 30-minute intervals also become available.
Once you log in with your Dhan account, the following is activated, and the pre-login restrictions are removed:
After logging on, the 15-minute delay is eliminated, and the price line and OI lines are updated in real time.
1-minute, 3-minute, 5-minute, and 30-minute intervals become available.
You can view expiries beyond the 2 nearest expiries.
Multiple strikes can be tracked at once beyond the pre-login limit of 4 strikes, furthering your cross-strike comparison.
Options Trader by Dhan is tailored to meet the F&O trader's needs in India. Here's why you should opt for it:
Options trading comes with inherent risks. Open Interest offers directional insights; it does not offer absolute certainties. For instance, a high Call OI might indicate resistance, but in a strong breakout, those same sellers can be forced to cover, fueling a massive price spike. Therefore, it is beneficial to use OI data as an add-on to your risk management plan and overall analysis, not as a standalone signal.
Volume indicates the number of options contracts traded over a specific period (usually a day), including new trades and the closing out of previously existing ones. Open Interest represents the total number of options contracts that are currently outstanding or have not yet been settled.