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Multi-strike charts: which strike breaks from the pack

Totals hide the strike that matters. When one strike's OI doubles while its neighbours sit still, a summed chart barely moves. The four multi-strike pages put a line per strike on one chart so the outlier is obvious.

App guideFNOTraderPublished
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Four pages, one layout

Multi-Strike Price, OI, PCR and IV share the same layout: a strike panel on the left, a chart on the right, one line for each strike you tick.

Instruments are NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, SENSEX, BANKEX and the MCX contracts crude oil, natural gas, gold and silver, each with its own expiry selector.

The strike panel lists ATM ±5, 10, 15 (default), 20 or 30 strikes, showing OI and LTP per side, tinting ITM strikes and marking the highest-OI strike as the wall. Tick as many strikes as you like. Each keeps its colour on the chart; calls are solid lines and puts dashed.

What each page plots

PageOne line per selected leg showing
PriceThe premium. Toggles add Combined (the sum of all selected legs) and ATP, the volume-weighted average price of the combined premium.
OIOpen interest in lakhs, or OI change since the first bar on screen.
PCRFor each selected strike, put OI ÷ call OI; with more than one strike, a thick grey line for the combined PCR.
IVImplied volatility of the call at each selected strike.

Interval is 1, 3 (default), 5, 15 or 30 minutes; period is 1, 2 (default) or 5 trading days. Live ticks update the last bar.

Multi-Strike Price for NIFTY on 3-minute bars over two days, with 22,700 CE/PE, 22,900 CE, 23,000 CE and 22,500 PE ticked in the strike panel.
Multi-Strike Price for NIFTY on 3-minute bars over two days, with 22,700 CE/PE, 22,900 CE, 23,000 CE and 22,500 PE ticked in the strike panel.

What each one is good for

Price with Combined is a quick way to watch a custom structure — two strikes of a strangle, or a spread's legs — and ATP shows whether the combined premium is above or below its average traded value for the period, a common reference for sellers.

OI answers where new positions are going. When the wall migrates, you see one strike's line rise as its neighbour's falls.

PCR per strike shows where put writing dominates at a specific level, which a whole-chain PCR averages away.

IV across strikes shows whether a move in volatility is broad or concentrated. If one OTM strike's IV jumps while the rest are flat, that is demand for that specific strike.

A practical routine is to start on the OI page with the ATM strike and the two highest-OI strikes on each side, then switch to Price with the same strikes ticked. The strike whose OI line moves first is usually the one whose premium is worth watching.

A worked example on the PCR page

Hypothetical: three strikes ticked. 24,000 has PE OI 42 lakh and CE OI 18 lakh: PCR 2.33. 24,100 has 30 and 28: PCR 1.07. 24,200 has 12 and 45: PCR 0.27.

Combined: puts 42 + 30 + 12 = 84 lakh, calls 18 + 28 + 45 = 91 lakh, PCR 84 ÷ 91 = 0.92. The grey line says "roughly balanced"; the individual lines say heavy put writing at 24,000 and heavy call writing at 24,200 — a range, not balance. That is the gap this page exists to show.

Common mistakes

Where to find them

  1. In Options Analytics, open Strategy → Multi-Strike Price (or OI, PCR, IV).
  2. Choose the instrument and expiry, then tick strikes in the panel.
  3. Set interval and period. For totals across a strike range instead, use the Composite chart.

Common questions

Can I plot several option strikes on one chart?

Yes. Each multi-strike page draws one line per strike you tick, with calls solid and puts dashed.

What is ATP on the multi-strike price chart?

The volume-weighted average price of the combined premium of the selected legs over the period, useful as a reference for a multi-leg position.

How is PCR per strike calculated?

Put open interest divided by call open interest at that strike, for every bar. The grey line combines all selected strikes.

Which instruments are supported?

NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, SENSEX, BANKEX, and MCX crude oil, natural gas, gold and silver.

Is there a limit on how many strikes I can compare?

No fixed limit. In practice four to six lines is the most a chart stays readable; tick the ATM strike, the wall strikes and the one you are trading.

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