ICICIBANK Option Chain
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Tip: click any strike to see how its call and put OI and prices moved over this expiry.
IV is implied volatility from the closing price of the out-of-the-money option (Black-76, priced off the same-expiry futures close, or put-call parity when no such future exists). Build-up: LB long build-up, SB short build-up, SC short covering, LU long unwinding. Shaded cells are in the money. Greeks use each option's own IV (Black-76); theta is per calendar day, vega per 1% IV.
Option chain rules: what our backtest found NSE bhavcopy, 8 Jul 2024 – 7 Oct 2026, nearest expiry, NIFTY, BANKNIFTY and about 110,000 stock-sessions
ICICIBANK (ICICIBANK) Option Chain: How to Read It
Layout
Calls are on the left and puts on the right, with the strike price in the middle. Each row is one strike for the selected expiry. The dashed line marks where ICICIBANK closed and the row with the blue border is the at-the-money strike.
Columns
Close is the option's closing price with its change from the previous session. OI is open interest, with a bar showing its size relative to other strikes. OI chg % is the change in OI during the session. Volume is the number of contracts traded. The three largest OI strikes on each side are shaded darker.
In the money
Shaded cells are in the money: calls with strikes below the close and puts with strikes above it. These options have intrinsic value; the rest of their price is time value.
Build-up and IV in the ICICIBANK Chain
Build-up labels
Each option is tagged by how its price and OI moved together in the session. LB (long build-up): price up, OI up. SB (short build-up): price down, OI up. SC (short covering): price up, OI down. LU (long unwinding): price down, OI down. The label describes what happened in that contract; it does not predict the next move.
Implied volatility
IV is the volatility that makes a pricing model match the option's closing price. We use the out-of-the-money option at each strike, a forward level from put-call parity at the ATM strike, and the days left to expiry. Higher IV means options are priced for bigger moves. IV close to expiry can swing sharply because very little time is left.
Volatility smile
Reading the IV column from low to high strikes usually shows higher IV at strikes far from the money, especially on the put side. This shape reflects demand for protection against large falls.
Using the Option Chain in Your Analysis
Find the key strikes
Start with the darkest OI cells on each side. The heaviest call OI above the close and the heaviest put OI below it are the levels most traders watch for the expiry.
Check the build-up at those strikes
Short build-up at a call strike means writers added positions as the price fell; short covering at the same strike means they were closing. The same logic applies to puts.
Watch IV into events
IV often rises before scheduled events such as policy announcements or results and falls afterwards. Comparing IV across sessions with the Date selector shows how option prices are adjusting.
Limitations
This is an end-of-day chain from the NSE bhavcopy, not a live quote. Closing prices of thinly traded strikes can be stale, which affects their IV. Always confirm live prices with your broker before trading.
The ICICIBANK Insight Cards and Sentiment
Expected range
The ATM call plus the ATM put (the straddle) is roughly how far the option market expects ICICIBANK to move by expiry. Spot minus the straddle to spot plus the straddle gives the range. On two years of NSE data, the expiry close landed inside it about 60% of the time, close to what option pricing implies; the typical move was 0.8 times the straddle.
Highest OI near the price
The strikes with the most call OI above ATM and the most put OI below it, within 10 strikes, with where they were in the previous session. These are often called resistance and support, but in our test the next day stayed between them less often (53% on NIFTY) than a band of the same width centred on the close (64%).
Writers near the price
Adds up the OI change at the 5 strikes around ATM and names the mix: both sides writing, put writing with call closing, and so on. It describes the session well but did not predict the next day.
Option chain sentiment
A score from −100 to +100: 40% writing near ATM, 30% call versus put volume near ATM, and 30% whether the highest-OI put and call strikes moved up or down. It matched the direction of the same day about 85% of the time on NIFTY, but the next day only about half the time.
Strike history
Click any strike in the chain to see its call and put OI and closing prices over the life of the selected expiry.
ICICIBANK Option Chain: Frequently Asked Questions
Is the highest OI strike real support or resistance?
Not reliably. In our backtest on NSE data from July 2024 to October 2026, the price crossed the highest-OI strikes about as often as, or more often than, levels the same distance away. High OI shows where writers are positioned, not a level the price must respect.
How accurate is the straddle expected range?
For NIFTY, BANKNIFTY and F&O stocks, the expiry close landed inside spot ± the ATM straddle about 58–61% of the time over two years, in line with option pricing. It tells you how big a move is priced in, not which way.
Is this a live ICICIBANK option chain?
No. It is built from the official NSE end-of-day file, published in the evening. It shows how each strike closed, which is useful for analysis and review.
How is IV calculated here?
With the Black-76 model, using the closing price of the out-of-the-money option at each strike, a forward derived from put-call parity at the ATM strike, and calendar days to expiry.
What do LB, SB, SC and LU mean?
Long build-up, short build-up, short covering and long unwinding, based on the change in the option's price and open interest during the session.
Why are some rows shaded?
Shaded cells are in the money. The darker green and red cells mark the three strikes with the highest call and put OI.
Can I see the option chain for a past date?
Yes. Use the Date selector. Index chains are available from July 2024 and stock chains for the last 90 days.
Why does the PCR in the table header differ from Key numbers?
The header PCR covers the strikes shown; Key numbers use all strikes of the expiry.
Option Chain for other indices & stocks
Data: NSE F&O bhavcopy (end of day). This page explains how market participants commonly read this data. It is for education only and is not a recommendation to buy or sell any security.