Live Greeks · iVIX · AAV · Max Pain · PCR — Black-76 model
As of 03:52 am IST, MCX Natural Gas Max Pain sits at ₹300 for the 2026-10-23 expiry, with a Put-Call Ratio of 0.628 and implied volatility (iVIX) of 79.4% — the market is pricing roughly a ±₹28 move by expiry (1 standard deviation, 5d away). See the margin requirements and rollover mechanics for the underlying futures contract.
| Calls (CE) | Strike | Puts (PE) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OI | Chng OI | Vol | Bid/Ask | LTP | Chng | IV% | Price | IV% | Chng | LTP | Bid/Ask | Vol | Chng OI | OI |
587 | +587 | · | · | 28.90 | -0.10 | 54.81% | 270 | 65.42% | +0.05 | 0.90 | · | · | +8.7K | 8.7K |
278 | +278 | · | · | 24.60 | -0.25 | 59.82% | 275 | 64.71% | +0.30 | 1.45 | · | · | +5.1K | 5.1K |
2.0K | +2.0K | · | · | 20.70 | -0.35 | 63.58% | 280 | 65.17% | -0.05 | 2.35 | · | · | +10.9K | 10.9K |
880 | +880 | · | · | 16.45 | -0.95 | 59.52% | 285 | 66.78% | +1.00 | 3.75 | · | · | +5.9K | 5.9K |
6.9K | +6.9K | · | · | 13.85 | -0.45 | 66.63% | 290 | 68.61% | +1.55 | 5.60 | · | · | +13.6K | 13.6K |
6.1K | +6.1K | · | · | 11.45 | -0.10 | 70.65% | 295 | 71.38% | +0.20 | 8.05 | · | · | +5.7K | 5.7K |
19.6K | +19.6K | · | · | 9.05 | -0.15 | 71.39% | 300 ATM | 71.76% | +0.05 | 10.60 | · | · | +16.3K | 16.3K |
12.4K | +12.4K | · | · | 7.25 | -0.20 | 73.61% | 305 | 74.02% | +0.10 | 13.80 | · | · | +6.2K | 6.2K |
21.2K | +21.2K | · | · | 5.85 | -0.15 | 76.26% | 310 | 77.5% | +0.25 | 17.50 | · | · | +7.7K | 7.7K |
9.4K | +9.4K | · | · | 4.60 | -0.20 | 77.78% | 315 | 81.7% | +0.65 | 21.55 | · | · | +1.5K | 1.5K |
12.1K | +12.1K | · | · | 3.65 | -0.15 | 79.74% | 320 | 82.22% | +0.45 | 25.40 | · | · | +3.2K | 3.2K |
4.5K | +4.5K | · | · | 2.85 | -0.15 | 81.19% | 325 | 80.85% | -0.15 | 29.30 | · | · | +207 | 207 |
Max Pain is the strike price where the options market is putting the least weight behind a big move. 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 BhaavBrief's read on how much a commodity has actually moved recently — an estimate that can differ by a few points from the figure the exchange publishes. Comparing the two shows the volatility premium — whether options are pricing in more or less movement than has actually occurred recently.
PCR (Put-Call Ratio) reflects how options positioning is leaning across puts and calls for an expiry. 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.