INDIGO gamma exposure, walls and max pain for 9 Oct 2026
Source: NSE end-of-day data, 8 Oct 2026. End of day, not live. Not investment advice.
INDIGO levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 4,813.08: call wall 5,000, put wall 4,900, gamma flip 4,513 (the close sat above it), max pain 5,000 for the 27 Oct 2026 expiry, put/call OI ratio 0.52, net GEX ₹21.9 cr per 1% move.
- Close
- 4,813.08
- 8 Oct 2026
- Call wall
- 5,000
- +3.88%
- Put wall
- 4,900
- +1.81%
- Gamma flip
- 4,513
- Max pain
- 5,000
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.52
- nearest 0.51
- Net GEX
- ₹21.9 cr
- per 1% move
Sign convention on screen: Dealers long calls, short puts. Under the other reading (option writers short every option), net GEX is -₹82.9 cr per 1% move and there is no gamma flip. Why both are shown.
Gamma exposure by strike
Open interest and OI change by strike
| Strike | Call OI | Put OI | Call OI chg | Put OI chg | Call GEX | Put GEX | Net GEX |
|---|---|---|---|---|---|---|---|
| 4,600 | 11,550 | 1,32,300 | -1,200 | -17,250 | ₹0.24 cr | -₹2.8 cr | -₹2.5 cr |
| 4,650 | 0 | 13,500 | 0 | +7,950 | ₹0 cr | -₹0.32 cr | -₹0.32 cr |
| 4,700 | 15,450 | 62,850 | +300 | -11,250 | ₹0.39 cr | -₹1.6 cr | -₹1.2 cr |
| 4,750 | 9,150 | 24,600 | +9,150 | +12,150 | ₹0.25 cr | -₹0.66 cr | -₹0.42 cr |
| 4,800 | 1,23,000 | 1,30,050 | +20,400 | +1,950 | ₹3.4 cr | -₹3.5 cr | -₹0.05 cr |
| 4,850 | 32,400 | 34,800 | +20,700 | -6,000 | ₹0.91 cr | -₹0.98 cr | -₹0.07 cr |
| 4,900 | 1,77,900 | 2,13,750 | +59,250 | +55,200 | ₹4.9 cr | -₹5.9 cr | -₹0.99 cr |
| 4,950 | 73,800 | 81,450 | +15,150 | -4,800 | ₹2 cr | -₹2.2 cr | -₹0.2 cr |
| 5,000 | 5,17,800 | 2,08,200 | +1,24,950 | -29,100 | ₹12.7 cr | -₹5.1 cr | ₹7.6 cr |
| 5,050 | 2,85,450 | 55,650 | -14,250 | -7,500 | ₹6.4 cr | -₹1.3 cr | ₹5.2 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 5,150 | ₹0.53 | |
| 5,100 | ₹9.9 | |
| 5,050 | ₹5.2 | |
| 5,000 | ₹7.7 | |
| 4,950 | -₹0.2 | |
| 4,900 | -₹0.98 | |
| 4,850 | -₹0.07 | |
| 4,800 | ₹0.17 | -₹0.22 |
| 4,750 | -₹0.42 | |
| 4,700 | -₹1.2 | |
| 4,650 | -₹0.32 | |
| 4,600 | -₹2.5 | |
| 4,550 | -₹0.22 | |
| 4,500 | -₹0.92 | |
| 4,450 | -₹0.14 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 19 | 150 | 26,98,650 | 13,87,350 | 0.51 | 5,000 |
| Mon 23 Nov 2026 | 46 | 150 | 34,650 | 41,850 | 1.21 | 5,000 |
| Tue 29 Dec 2026 | 82 | 150 | 450 | 150 | 0.33 | 4,500 |
Wall migration
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | 4,813.08 | 5,000 | 4,900 | 4,513 | 5,000 | 0.52 | +2,99,850 | +18,450 |
| 7 Oct 2026 | 4,989.98 | 5,100 | 5,000 | 4,613 | 5,000 | 0.58 | +8,33,700 | +1,50,900 |
| 6 Oct 2026 | 5,050.48 | 5,000 | 5,000 | 4,742 | 5,000 | 0.79 | +2,700 | +1,26,300 |
Method
Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 85 contracts used, 0 skipped with no solvable volatility, 0 expiring on the trade date left out. GEX is in ₹ crore per 1% move. Full method and sign convention.
Archive: 3 sessions stored since 6 Oct 2026, free, no account.