Live Greeks · iVIX · AAV · Max Pain · PCR — Black-76 model
As of 02:30 am IST, MCX Copper Max Pain sits at ₹1,380 for the 2026-09-23 expiry, with a Put-Call Ratio of 0.827 and implied volatility (iVIX) of 19.1%. See the margin requirements and rollover mechanics for the underlying futures contract.
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.
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.
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.
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.