How FNONINJA Levels Work — A Beginner's Guide
In plain English: how we turn option-chain open interest into support, resistance, and max pain levels — what the data is, how we pick the walls, and what this is not.
The idea in one sentence
We look at where lots of options are sitting on the NSE option chain, then mark those strikes on a chart as possible support, possible resistance, and max pain — so you can see market positioning without scanning hundreds of strikes by hand.
What data do we use?
Public NSE option-chain data for F&O stocks and indices (like NIFTY and BANKNIFTY).
- ·Open interest (OI) — how many option contracts are still open at each strike
- ·The current spot (or underlying) price
- ·The expiry date you are looking at (this week, next week, monthly, and so on)
We do not use private broker data, tip lines, or “secret” signals. Same kind of chain data anyone can check on the exchange side.
How we build a level (3 steps)
- 1
Read the option chain
For a symbol and expiry, we load put and call open interest at each strike price.
- 2
Find the heavy spots
Below the current price, we find the strike with the most put OI. Above the current price, we find the strike with the most call OI. We also compute max pain — the strike where option writers as a group would lose the least if price finished there at expiry.
- 3
Draw bands on the chart
Those strikes become the levels you see: a support-style band around the put wall, a resistance-style band around the call wall, and a max-pain reference. The map and charts refresh as the chain updates during the session.
The three levels, in plain English
Put cluster → often read as support
A put is an option that pays if price falls. When many puts pile up at one strike below the market, that strike can act like a floor people are defending — we show it as a support / put-wall zone.
Call cluster → often read as resistance
A call is an option that pays if price rises. When many calls pile up at one strike above the market, that strike can act like a ceiling — we show it as a resistance / call-wall zone.
Max pain → a reference magnet near expiry
Max pain is a calculated strike: if the underlying finished exactly there at expiry, total payout by option writers would be smallest. Near expiry, price sometimes drifts toward it — useful context, not a promise.
Why a “band” and not a single line?
Markets rarely pin exactly on one rupee. We draw a zone around the heavy strike so you see a neighborhood, not a laser line.
Band width is based on how we size zones for that symbol (indices and stocks can differ). Wider or tighter does not mean “guaranteed bounce size.”
How often do levels update?
- ·During market hours, levels refresh as option-chain open interest updates
- ·After an expiry, structure rebuilds from the next active chain
- ·Quiet or illiquid names may show fewer or weaker walls — that is expected
What this is not
- ·Not a buy or sell signal
- ·Not a prediction that price will reverse at the wall
- ·Not SEBI-registered research advice or personalized recommendations
- ·Not a substitute for your own charting, risk rules, and judgment
Think of FNONINJA as a map of where options are stacked — you decide what to do with that map.
Want to go deeper?
This page is the short “how we build it” version. For more detail on clusters and expiry, see Option zones science. For change-in-OI arrows on the chart, see Change in OI at the wall.
Disclaimer
FNONINJA shows derived observations from publicly available NSE option-chain data.
We do not provide investment advice, trading recommendations, buy/sell signals, or price predictions.
Support, resistance, and max pain levels are reference points from option positioning — not guarantees that price will bounce or reverse.
Always do your own research and manage your own risk.
Ready to explore?
Open the market map or a symbol chart and compare what you see with this guide — always using your own judgment.