Alphave's F&O terminal carries the live option chain and futures for the seven Indian index derivatives — Nifty 50, Bank Nifty, Fin Nifty, Midcap Select, Nifty Next 50, Sensex and Bankex. Each strike shows price, volume, open interest and the change in open interest on both the call and the put side, with implied volatility where it can be computed, and the chain is summarised by put-call ratio and max pain.
Open interest change is the column that matters and the one most often missing. Price tells you what a contract costs; the change in open interest beside it tells you whether positions are being built or closed at that strike, which is the difference between a level traders are defending and one they are abandoning.
Seven index chains
Nifty 50, Bank Nifty, Fin Nifty, Midcap Select, Nifty Next 50, Sensex and Bankex, each with its own expiry strip.
Calls and puts mirrored around the strike
The standard chain layout — calls on the left, strike in the centre, puts on the right — so the two sides of a level read at a glance.
Open interest and the change in it
Open interest and OI change as a percentage on both sides, coloured by direction, which is what shows where positions are actually being built.
Implied volatility per strike
Shown where it can be computed, so the volatility skew across strikes is visible rather than inferred.
Put-call ratio and max pain
Both computed for the selected expiry and shown in the summary bar above the chain.
Greeks on any contract
Delta, gamma, theta and vega on the contract card for a selected leg.
Futures beside the options
The futures panel for the same index, so basis and the derivative picture are read together.
A shareable state
Index and expiry are mirrored into the URL, so a chain view can be sent to someone as a link.
Exchange data, polled and cached
Chain and futures come from the exchange feed through Alphave's backend with request coalescing, so many viewers of the same expiry produce one upstream fetch. Spot prices stream over the same live WebSocket the charts use.
Staleness is shown, not hidden
When a chain has not refreshed, the panel marks itself stale rather than presenting an old snapshot as live. Fields that cannot be computed for a contract read as unavailable rather than as zero.
A separate phone layout
A full option chain needs more horizontal space than a phone has. Below 768 pixels the terminal switches to a compact tree built for the screen rather than shrinking a desktop table into it.
Reading a level from the chain
A strike with large put open interest and a rising OI change is a level where positions are being added on the assumption the index holds above it. The same strike with a large negative OI change is the opposite — those positions are being closed. The price column alone cannot tell those two situations apart, which is why the chain shows OI and its change side by side on both the call and the put side. What any of it implies about direction is a judgement, and Alphave does not make it for you.
Index derivatives only — there are no single-stock option chains. Implied volatility and greeks appear where the feed supports computing them and read as unavailable where it does not, rather than as zero. Max pain and the put-call ratio describe current positioning; neither forecasts a settlement price and Alphave presents neither as a signal. Derivatives carry the risk of losing more than the amount invested. Nothing here is a recommendation to trade.
The F&O terminal at /fno needs a free account. Option-chain open-interest levels and max pain also plot directly on the price inside the charting workspace, which anyone can open.
Informational only — not investment advice. Alphave is NISM-certified and is not a SEBI-registered Research Analyst. Market data is live during NSE trading hours; company financials are as filed by the company.