COALINDIA Options — Where Positioning Sits Today

Where COALINDIA open interest sits

The heaviest call open interest is at the 420 strike, holding 50,27,400 contracts — 13.2% of all COALINDIA call open interest on the board, 0.19% above the spot of 419. 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 400 with 51,62,400 contracts, 19.1% of COALINDIA put open interest, 4.58% below spot. Put open interest concentrated below price is usually treated as support for the same reason, and breaks the same way.

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

What COALINDIA's PCR is saying

COALINDIA is carrying 2,70,10,800 contracts of put open interest against 3,81,99,600 of call, a put-call ratio of 0.71 — 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 0.71 and has held to 0.71 — 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.

COALINDIA against its max pain

Max pain for COALINDIA computes to 410, with spot at 419 — 2.19% above 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 curve is defined around it: the nearest strike either side costs writers 4.0% more than 410. A trough that distinct is a stronger reference than a flat basin, though it still describes positioning rather than predicting settlement.

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 COALINDIA today

The biggest unwind is −1,350 call contracts at 355. Positions closing matters as much as positions opening — a level defended by open interest stops being defended when that open interest leaves, and a break through a strike that is unwinding is a different event from a break against one that is intact.

Change is measured against this session's opening snapshot rather than the previous close, so the overnight gap and the positions rolled at the open do not swamp the reading.

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

The move priced into COALINDIA

The at-the-money straddle on COALINDIA costs 13.10 — 6.80 for the call and 6.30 for the put at the 420 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 3.13% of spot, or roughly 407 to 433 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 15.6% on the call and 16.9% on the put. The put carries 1.2 points more, the usual shape when downside protection is bid up relative to upside.

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