IV Skew & Max Pain
Volatility surface and OI distribution for NIFTY · expiry 02-Jun-2026.
Max Pain Strike
23500
Strike where option writers (largely institutions) collectively lose the least at expiry.
Spot vs Max Pain
-16
Spot below Max Pain → expiry gravity pulls up.
ATM IV
2.17%
Skew -0.44pp — OTM puts vs OTM calls. Positive = downside fear premium.
Implied Volatility Skew
Call IVPut IVSpot0.4% – 75.2%
Open Interest distribution by strike
84
22000
45.8K
0
22050
6.0K
2
22100
9.0K
2
22150
5.8K
4
22200
24.7K
8
22250
6.9K
22
22300
52.3K
5
22350
26.4K
7
22400
41.5K
5
22450
17.5K
309
22500
1.19 L
12
22550
37.3K
162
22600
67.3K
120
22650
20.3K
293
22700
1.04 L
230
22750
48.9K
647
22800
98.4K
322
22850
37.3K
576
22900
72.1K
631
22950
40.3K
2.6K
23000
1.58 L
1.8K
23050
53.5K
2.4K
23100
88.5K
3.3K
23150
82.2K
9.7K
23200
1.80 L
31.1K
23250
1.51 L
66.0K
23300
2.14 L
43.3K
23350
1.84 L
57.8K
23400
2.51 L
1.13 L
23450
3.48 L
4.41 L
23500
2.40 L
1.79 L
23550
76.4K
1.60 L
23600
34.4K
96.9K
23650
7.7K
1.56 L
23700
28.2K
65.5K
23750
7.8K
1.24 L
23800
8.4K
64.2K
23850
2.9K
1.12 L
23900
6.5K
51.1K
23950
3.7K
2.07 L
24000
22.0K
39.3K
24050
2.2K
74.8K
24100
5.5K
36.4K
24150
1.5K
84.5K
24200
2.9K
35.9K
24250
737
52.1K
24300
1.5K
22.9K
24350
461
51.3K
24400
1.5K
20.4K
24450
322
96.4K
24500
4.0K
14.7K
24550
299
23.2K
24600
789
11.3K
24650
62
20.9K
24700
354
17.1K
24750
55
23.5K
24800
535
14.0K
24850
16
17.6K
24900
350
9.6K
24950
22
Call OIPut OIMax Pain