MCX Option Chain

Live Greeks · iVIX · AAV · Max Pain · PCR — Black-76 model

As of 11:30 pm IST, MCX Gold Max Pain sits at ₹1,55,000 for the 2026-09-25 expiry, with a Put-Call Ratio of 1.157 and implied volatility (iVIX) of 24.8%. See the margin requirements and rollover mechanics for the underlying futures contract.

Strategy Builder →Build multi-leg strategies · payoff diagrams · Gold iVIX 24.8%

06:00 pm IST

Underlying₹1,55,701

Max Pain₹1,55,000

PCR1.157Balanced

iVIX24.81

AAV 20d▼24.4

Vol Premium+0.41

Status● Stale

⚠ Showing the last known chain — live data is temporarily unavailable and this may be out of date.

OI Concentration

CallsPuts

1,45,000

594

153

1,50,000

547

358

1,55,000

298

570

1,60,000

191

427

1,65,000

612

1,70,000

Highlighted rows are in-the-money · ATM = nearest to futures price · MAX PAIN = strike where aggregate option-holder payout is minimized at expiry (writer losses minimized, excluding premiums paid/received)

Calls (CE)							Strike	Puts (PE)
OI	Chng OI	Vol	Bid/Ask	LTP	Chng	IV%	Price	IV%	Chng	LTP	Bid/Ask	Vol	Chng OI	OI
29	·	52	11,108.50 / 11,760.00	11,648.50	+522.00	30.64%	1,45,000	26.87%	+13.50	668.00	660.00 / 689.00	4.8K	+218	594
·	·	·	7,038.50 / 10,008.00	5,437.00	-334.50	·	1,48,000	25.54%	-99.50	1,075.00	881.50 / 1,075.00	27	+3	12
153	+1	439	7,186.00 / 7,500.00	7,200.00	-10.50	25.15%	1,50,000	24.85%	+7.00	1,485.00	1,485.00 / 1,530.00	3.2K	+57	547
7	·	14	6,011.00 / 6,891.50	6,167.00	+508.00	22.53%	1,51,000	24.45%	-6.00	1,728.50	1,564.00 / 1,831.00	80	+4	24
30	+1	68	5,575.50 / 6,179.00	5,850.00	+117.50	25.22%	1,52,000	24.46%	+10.00	2,060.00	1,855.00 / 2,109.00	110	+9	20
20	+3	113	4,420.00 / 5,685.50	5,139.50	+72.00	24.57%	1,53,000	24.1%	-22.50	2,382.00	1,972.00 / 2,650.00	131	+7	24
1	·	·	715.00 / 6,463.50	2,500.00	-138.00	·	1,53,500	24.72%	-229.50	2,672.50	1,988.50 / 2,935.50	23	+9	10
15	+1	191	4,331.00 / 5,374.00	4,546.00	-139.50	24.49%	1,54,000	24.27%	+52.50	2,820.00	2,619.50 / 3,151.50	145	+11	21
358	+24	2.5K	4,070.00 / 4,100.00	4,114.50	+36.50	25.21%	1,55,000 MAX PAIN	24.22%	+26.50	3,269.50	3,280.00 / 3,299.00	1.5K	+81	298
44	+16	171	3,501.00 / 3,645.00	3,583.50	-18.50	24.97%	1,56,000	·	-24.00	3,819.00	2,080.50 / 4,861.50	10	+6	10
64	+19	150	3,150.00 / 3,299.50	3,151.00	+10.00	25.1%	1,57,000	·	+33.50	6,024.00	440.00 / 5,793.50	·	·	3
70	+22	221	2,672.00 / 2,797.00	2,713.00	-21.00	24.92%	1,58,000	·	+631.50	7,364.00	541.00 / 5,804.00	·	·	·
11	+1	23	2,369.00 / 2,593.00	2,413.00	-108.50	25.42%	1,59,000	·	+644.00	8,156.50	560.50 / 6,749.00	·	·	·
570	+9	3.6K	2,116.00 / 2,148.00	2,131.00	-15.50	25.8%	1,60,000	24.82%	-0.50	6,280.00	6,050.00 / 6,429.00	281	+16	191
9	·	1	1,641.00 / 2,150.00	1,501.00	+451.00	23.25%	1,61,000	·	-1,372.50	7,797.00	4,498.00 / 7,898.00	1	·	1
22	+1	2	1,160.00 / 1,716.00	1,455.00	+245.50	26.88%	1,63,000	·	+671.50	11,604.00	125.50 / 10,568.50	·	·	2
427	+1	5.5K	1,120.50 / 1,140.00	1,139.00	-5.00	27.73%	1,65,000	41.71%	+282.50	12,077.50	9,950.50 / 10,792.00	4	·	15
·	·	·	100.00 / 2,080.00	203.50	+7.50	·	1,65,500	52.8%	+675.50	13,920.00	8,445.50 / 12,642.50	·	·	·
·	·	·	95.00 / 2,002.00	179.00	+8.00	·	1,66,000	53.67%	+675.50	14,393.00	8,876.00 / 13,216.00	·	·	·
·	·	·	90.00 / 2,077.00	156.50	+7.50	·	1,66,500	54.56%	+675.50	14,869.00	9,289.00 / 13,783.00	·	·	·
·	·	·	85.00 / 2,077.00	137.00	+7.50	·	1,67,000	55.44%	+675.50	15,347.50	9,713.50 / 14,350.00	·	·	·
·	·	·	80.00 / 2,077.00	119.50	+7.50	·	1,67,500	56.33%	+675.00	15,828.00	10,238.50 / 14,928.00	·	·	·
·	·	·	75.00 / 2,077.00	104.50	+7.50	·	1,68,000	57.23%	+675.00	16,310.50	10,650.00 / 15,484.00	·	·	·
·	·	·	70.00 / 2,077.00	90.50	+7.00	·	1,68,500	58.12%	+674.50	16,795.00	11,007.00 / 16,051.00	·	·	·
·	·	·	67.50 / 2,077.00	78.50	+6.50	·	1,69,000	59.01%	+674.00	17,281.00	11,461.50 / 16,618.00	·	·	·
·	·	·	60.00 / 2,077.00	68.00	+6.00	·	1,69,500	59.91%	+673.50	17,768.50	11,961.00 / 17,185.00	·	·	·
612	+10	6.8K	630.00 / 632.00	634.00	-4.00	29.93%	1,70,000	34.2%	-477.00	15,228.00	14,430.00 / 15,331.00	4	+1	39
·	·	·	56.00 / 1,310.00	51.00	+5.50	·	1,70,500	61.7%	+673.00	18,747.50	12,845.00 / 17,348.00	·	·	·
·	·	·	54.00 / 1,309.00	43.50	+5.00	·	1,71,000	62.58%	+672.00	19,238.00	13,935.50 / 17,944.50	·	·	·

Black-76 · 6.5% risk-free rate (as of 2026-08) · 30s cacheNot investment advice

Frequently Asked Questions

What is Max Pain in MCX options?

Max Pain is the strike price at which option writers (sellers) collectively lose the least money at expiry, and option buyers as a group lose the most. It is calculated by finding the strike where total payout to all in-the-money Call and Put holders is minimized. Traders watch it because MCX prices often gravitate toward the Max Pain strike as expiry approaches, though it is not a guarantee.

What is iVIX and how is it different from AAV?

iVIX is the implied volatility the options market is currently pricing in, derived from live MCX option premiums using the Black-76 model. AAV (Annualized Actual Volatility) is the realized volatility computed from historical price closes over trailing windows (5, 10, 20, 40, 60 days). Comparing iVIX to 20-day AAV shows the volatility premium — whether options are pricing in more or less movement than has actually occurred recently.

What does PCR (Put-Call Ratio) tell you?

PCR is total Put open interest divided by total Call open interest for an expiry. A PCR above 1.2 (more Put OI than Call OI) is conventionally read as bullish positioning; below 0.8 (more Call OI) as bearish. Extreme readings are sometimes treated as a contrarian indicator near market turning points.

Why use the Black-76 model instead of Black-Scholes for MCX options?

MCX options are options on futures contracts, not on spot. Black-76 (the Black model) prices options directly off the futures price and is the standard for commodity and futures options worldwide, whereas Black-Scholes assumes an option on a spot asset with a continuous dividend/cost-of-carry adjustment. Using Black-76 gives more accurate implied volatility and Greeks for MCX Gold, Silver, Crude Oil and other futures-based options.