Dhan Option Chain: What It Shows and How to Read It
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Dhan’s option chain lists every call and put for an index or stock across strikes and expiries, with the strike price in the centre. For each contract it shows last traded price, open interest (OI) and its change, volume, implied volatility (IV) and Greeks, with put-call ratio (PCR) and max pain at the top. You can add strikes to a strategy builder, see the payoff, and place the orders from the same screen.
Last updated: November 2026
An option chain is a table of all the call and put contracts for one underlying, laid out by strike price. This guide covers what Dhan’s version shows, how to read each column, and how it connects to strategy building. It is based on Dhan’s own option chain page and blog, read in November 2026, and explains terms for learning. It does not suggest any trade.
What Dhan’s option chain shows
| Item | What it tells you |
|---|---|
| Strike price (centre column) | The price at which the option can be exercised. Calls sit on one side, puts on the other |
| LTP and LTP change | Last traded price of the contract and how much it moved |
| Open interest (OI) and OI change | Contracts still open, not yet squared off, and how that number changed |
| Volume | Contracts traded so far in the session |
| Implied volatility (IV) | The volatility implied by the option’s price |
| Greeks | Sensitivities such as delta and theta, shown for each call and put |
| PCR and max pain | Sentiment indicators Dhan shows at the top of the chain |
Dhan says the chain covers NSE and BSE indices and 200+ F&O stocks, and it also has a separate chain for MCX commodities. Its page lists indices such as NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, SENSEX and BANKEX.
How to read the main columns
- Open interest: shows how many contracts are open at a strike. High OI means many positions were taken there. A rising OI with rising price is often read as new positions being added, but OI alone does not say whether buyers or sellers dominate.
- Volume vs OI: volume resets every day; OI carries forward. A strike with high volume and low OI saw many trades that were closed the same day.
- PCR: total puts divided by total calls. Above 1 means more puts than calls, and below 1 more calls. It is a rough sentiment gauge and should not be treated as a signal on its own.
- Max pain: the strike at which option buyers collectively would lose the most at expiry, according to the chain’s OI. It is a talking point, not a prediction.
- Implied volatility: higher IV makes options more expensive. IV often rises before events and falls after them.
- Delta and theta: delta estimates how much the option’s price moves for a 1-point move in the underlying; theta estimates the daily loss in value from time passing.
Some traders treat strikes with very high call OI as resistance and very high put OI as support. This is a common heuristic, not a rule, and OI levels change through the day. Verify any view against price action and your own risk limit.
From the chain to a trade on Dhan
- Open the Dhan app or web platform and go to the option chain for the index or stock you follow.
- Pick the expiry. Near expiries cost less but lose value faster; later expiries give your view more time. Match the expiry to how long you expect to hold.
- Select the strikes you want to analyse. Dhan’s Options Trader lets you add multiple call and put strikes from the chain to its strategy builder.
- Check the payoff graph. Dhan shows maximum profit, maximum loss and breakeven levels before you place an order.
- Place the orders individually, or group the legs into a basket order and execute them together. Dhan says trades can also be placed from the chain and from live TradingView charts.
Dhan’s Options Trader also offers a multi-strike OI view that compares the open interest of several strikes on one chart over intraday intervals. See the Options Trader page for the current feature list.
What F&O trading costs on Dhan
Dhan charges ₹20 per executed order on options, and ₹20 per order on futures, with no platform fee. Statutory charges are extra and are the same at every broker; see our Dhan charges page and the F&O brokerage comparison.
Risks to keep in mind
- Buying options can lose the whole premium. Selling options can lose far more than the premium collected.
- Option chain data is a snapshot. Prices and OI can change within seconds, and delayed data can mislead.
- SEBI studies have repeatedly found that most individual F&O traders lose money. Treat any chain-based idea as a hypothesis to test with small size, not a plan.
Dhan option chain: FAQs
What is an option chain?
A table of all call and put contracts for one underlying across strikes and expiries, with prices, open interest, volume, implied volatility and Greeks.
What does Dhan’s option chain show?
LTP and its change, OI and OI change, volume, IV and Greeks for each call and put, with PCR and max pain at the top.
Which underlyings does it cover?
Dhan says NSE and BSE indices and 200+ F&O stocks, plus a separate MCX commodities chain.
Can I place orders from the Dhan option chain?
Yes. Dhan says you can select strikes, add them to the strategy builder, check the payoff graph and place orders singly or as a basket from the chain.
What does a high PCR mean?
PCR above 1 means more puts than calls were traded. Many traders read it as caution, but it is only a rough sentiment gauge.
Is a high OI strike always support or resistance?
No. It is a common heuristic, not a rule. OI changes during the day, and price can move through any level.
Is options trading risky?
Yes. You can lose your entire premium as a buyer and more than the premium as a seller. This page is education, not advice.
Sources
Pages read in November 2026: Dhan: option chain; Dhan blog: trade using the option chain; Dhan: Options Trader; Dhan: Multi-Strike OI; Dhan pricing.
Dhan can change processes and policies at any time, so confirm on Dhan before you act. This page is for information only, not investment advice.
Using TradingView with Dhan? See Dhan and TradingView: tv.dhan.co vs connecting on tradingview.com.
Scalping options? Read what Dhan Scalper and Power Scalper do and what they cost.
