Live Greeks · iVIX · AAV · Max Pain · PCR — Black-76 model
As of 04:29 am IST, MCX Silver Max Pain sits at ₹2,20,000 for the 2026-10-27 expiry, with a Put-Call Ratio of 0.593 and implied volatility (iVIX) of 37.5% — the market is pricing roughly a ±₹12,453 move by expiry (1 standard deviation, 9d 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 |
38 | +38 | · | · | 13,982.50 | +47.50 | 53.62% | 2,00,000 | 33.15% | -104.00 | 755.00 | · | · | +769 | 769 |
· | · | · | · | 9,195.00 | -1,603.00 | · | 2,01,000 | 38.74% | · | 1,384.50 | · | · | +5 | 5 |
· | · | · | · | 8,485.00 | -1,526.00 | · | 2,02,000 | 34.34% | -77.50 | 1,198.00 | · | · | +3 | 3 |
34 | +34 | · | · | 7,975.00 | -272.50 | 30.88% | 2,05,000 | 31.87% | -112.00 | 1,670.00 | · | · | +275 | 275 |
· | · | · | · | 5,959.50 | -1,195.50 | · | 2,06,000 | 31.98% | -37.50 | 1,973.00 | · | · | +3 | 3 |
· | · | · | · | 4,894.50 | -1,027.50 | · | 2,08,000 | 41.52% | · | 3,847.50 | · | · | +9 | 9 |
25 | +25 | · | · | 5,800.00 | -92.50 | 34.55% | 2,09,000 | · | +1,372.00 | 5,072.50 | · | · | · | · |
415 | +415 | · | · | 4,677.50 | +4.50 | 30.16% | 2,10,000 | 29.82% | -231.00 | 3,217.50 | · | · | +609 | 609 |
9 | +9 | · | · | 5,450.00 | +211.00 | 40.12% | 2,11,000 ATM | 30.67% | -481.00 | 3,800.00 | · | · | +1 | 1 |
20 | +20 | · | · | 3,590.00 | -156.00 | 29.59% | 2,12,000 | 31.42% | -35.00 | 4,410.00 | · | · | +17 | 17 |
12 | +12 | · | · | 3,250.00 | -25.00 | 30.41% | 2,13,000 | · | +1,675.50 | 7,462.00 | · | · | · | · |
14 | +14 | · | · | 2,865.00 | -23.50 | 30.59% | 2,14,000 | · | +1,743.00 | 8,137.00 | · | · | · | · |
611 | +611 | · | · | 2,600.00 | +92.00 | 31.45% | 2,15,000 | 31.99% | -16.50 | 6,244.50 | · | · | +234 | 234 |
7 | +7 | · | · | 2,221.00 | -772.50 | 31.11% | 2,16,000 | 29.39% | -1,114.50 | 6,592.50 | · | · | +9 | 9 |
15 | +15 | · | · | 2,095.50 | +13.50 | 32.64% | 2,17,000 | · | -3,381.00 | 5,029.00 | · | · | +10 | 10 |
10 | +10 | · | · | 1,644.50 | -283.00 | 31.07% | 2,18,000 | 55.48% | +1,969.50 | 11,111.00 | · | · | +5 | 5 |
12 | +12 | · | · | 1,959.00 | · | 36.3% | 2,19,000 | · | -4,959.00 | 4,941.50 | · | · | +1 | 1 |
1.0K | +1.0K | · | · | 1,267.50 | +17.00 | 31.84% | 2,20,000 MAX PAIN | 33.92% | +349.50 | 10,042.50 | · | · | +584 | 584 |
26 | +26 | · | · | 1,398.00 | · | 35.29% | 2,21,000 | · | -2,715.00 | 8,778.50 | · | · | +6 | 6 |
92 | +92 | · | · | 1,007.50 | -43.00 | 33% | 2,22,000 | 40.66% | · | 12,285.00 | · | · | +5 | 5 |
81 | +81 | · | · | 878.00 | -35.00 | 33.3% | 2,23,000 | 13.29% | · | 11,573.50 | · | · | +5 | 5 |
16 | +16 | · | · | 1,547.00 | +489.50 | 42.98% | 2,24,000 | 63.22% | +2,179.50 | 16,223.00 | · | · | +5 | 5 |
946 | +946 | · | · | 622.00 | -26.00 | 33.25% | 2,25,000 | 37.61% | +1,304.00 | 14,495.50 | · | · | +245 | 245 |
22 | +22 | · | · | 858.00 | · | 38.38% | 2,26,000 | · | -4,070.50 | 11,759.00 | · | · | +6 | 6 |
10 | +10 | · | · | 950.00 | +514.00 | 41.38% | 2,27,000 | · | -5,024.50 | 11,719.50 | · | · | +4 | 4 |
142 | +142 | · | · | 525.00 | +27.00 | 36.47% | 2,28,000 | 74.91% | +2,850.00 | 20,520.00 | · | · | +8 | 8 |
2 | +2 | · | · | 753.50 | +451.00 | 41.87% | 2,29,000 | · | -5,131.00 | 13,475.50 | · | · | +3 | 3 |
1.4K | +1.4K | · | · | 382.00 | +5.00 | 36.62% | 2,30,000 | 38.76% | +29.50 | 19,042.50 | · | · | +448 | 448 |
1 | +1 | · | · | 775.00 | +568.50 | 45.41% | 2,31,000 | · | +2,280.50 | 22,787.00 | · | · | · | · |
36 | +36 | · | · | 178.00 | -90.00 | 33.8% | 2,32,000 | · | +2,287.50 | 23,755.00 | · | · | · | · |
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.