VMM around the money
| Strike | Call OI | Call LTP | Put LTP | Put OI |
|---|---|---|---|---|
| 90 | 87,300 | 15.04 | 0.17 | 4,85,000 |
| 92.5 | 29,100 | 11.68 | — | 0 |
| 95 | 1,64,900 | 8.99 | 0.44 | 17,41,150 |
| 97.5 | 0 | — | 0.82 | 53,350 |
| 100 | 3,63,750 | 5.15 | 1.3 | 21,29,150 |
| 102.5 ATM | 5,91,700 | 3.55 | 2.29 | 13,58,000 |
| 105 | 22,45,550 | 2.4 | 3.5 | 25,89,900 |
| 107.5 | 14,55,000 | 1.58 | 5.28 | 16,92,650 |
| 110 | 52,81,650 | 1.05 | 7.23 | 31,86,450 |
| 112.5 | 20,70,950 | 0.72 | 8.81 | 9,06,950 |
| 115 | 58,29,700 | 0.49 | 10.7 | 16,15,050 |
Where VMM open interest sits
The heaviest call open interest is at the 115 strike, holding 58,29,700 contracts — 20.9% of all VMM call open interest on the board, 10.48% above the spot of 104. 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 110 with 31,86,450 contracts, 19.4% of VMM put open interest, 5.68% above spot. That strike is in the money, so it is not acting as support — price is already beneath it. Heavy in-the-money put open interest more often reflects protection bought before the move than a level being defended now.
New to this? Read the Open Interest guide — how to read it, with worked examples.
What VMM's PCR is saying
VMM is carrying 1,63,93,000 contracts of put open interest against 2,79,40,850 of call, a put-call ratio of 0.59 — 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 0.59 and has held to 0.59 — 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.
VMM against its max pain
Max pain for VMM computes to 110, with spot at 104 — 5.68% below 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 7.4% more than 110. 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 VMM today
VMM is not carrying enough open interest this session for a meaningful intraday flow read. The table above is the full picture the exchange feed gives for this underlying — on a thin book, a single trade can move a strike to the top of the list, so no level is called out here.
New to this? Read the OI Change guide — how to read it, with worked examples.
The move priced into VMM
The at-the-money straddle on VMM costs 5.84 — 3.55 for the call and 2.29 for the put at the 103 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 5.61% of spot, or roughly 97 to 108 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 29.8% on the call and 28.7% on the put. The call carries 1.1 points more, which is the less common direction and points to upside being bid.
New to this? Read the ATM Premium guide — how to read it, with worked examples.
VMM — frequently asked questions
What is the VMM ATM strike today?
The at-the-money strike for VMM is 102.5, taken from a spot reading of 104.09 on the 29 Sep 2026 expiry. The ATM strike rolls as spot moves, so it is re-selected through the session rather than fixed at the open. It carries the highest time value of any strike, which is why decay is felt most sharply there.
Which VMM strike has the highest open interest?
The heaviest call open interest sits at 115 with 58,29,700 contracts, and the heaviest put open interest at 110 with 31,86,450 contracts. Those two strikes are commonly read as the working range — calls above spot as resistance, puts below as support. They are crowding observations, not guaranteed barriers.
What is open interest in options?
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.
Is this data live?
The table on this page is baked into the HTML and refreshed through the trading session, so it is readable without JavaScript and carries an as-of stamp. The interactive terminal above it streams live from the exchange feed and updates continuously while the market is open.
Do I need an account to use this?
No account or login is needed. Every tool on this site runs in your browser and is free to use. Nothing you select is stored on a server, and no order can be placed from here — Sahi is an analysis terminal, not a trading or execution platform.
VMM on the live tools
This article is the read. These pages are the terminal, each opening on VMM.