NATIONALUM options
National Aluminium option chain and implied move
| Metric | Value | Read |
|---|---|---|
| Market-implied move | ±₹8.60 | ±2.85% to the Tuesday, 27 October 2026 expiry, from the at-the-money straddle |
| Implied range | ₹293.15 – ₹310.35 | What option prices imply, not a forecast of where the stock will trade |
| Max pain | ₹330 | The strike at which the largest value of written options would expire worthless |
| Heaviest put strike | ₹310 | 28,23,750 contracts — the largest put position on the chain |
| Heaviest call strike | ₹350 | 50,58,750 contracts — the largest call position on the chain |
| Put-call ratio | 0.74 | Total put open interest divided by total call open interest across the chain |
| Implied volatility (ATM) | 34.42% | At-the-money implied volatility for the front expiry |
- Market-implied move
- ±₹8.60
- Implied range
- ₹293 – ₹310
- Max pain
- ₹330
- Implied volatility
- 34.42%
±2.85% over 4 days, from the ₹300 straddle
What option prices imply, not a forecast of where the stock will trade
₹28 above the close
At the money, for the front expiry
Implied rangeMax painLast close
Heaviest put ₹310Heaviest call ₹350ATM ₹300 · PCR 0.74
At the close on Friday, 23 October 2026, National Aluminium options were pricing a move of ±₹8.60 by the Tuesday, 27 October 2026 expiry — a range of ₹293.15 to ₹310.35 against a closing price of ₹301.75. The figure is the at-the-money straddle at the ₹300 strike, which is what the options market itself is charging for the move to expiry. It describes the price of that expectation, not a forecast MarketCue makes.
Max pain sits at ₹330, ₹28.25 above the closing price — the strike at which the largest value of written options would expire worthless. The heaviest put position on the chain is at ₹310 with 28,23,750 contracts, and the heaviest call position at ₹350 with 50,58,750 contracts. Open interest describes where positions have been built; it is not a commitment by anyone to defend a price.
At-the-money implied volatility was 34.42% for the Tuesday, 27 October 2026 expiry. Realised volatility for National Aluminium is not yet available for comparison.
This page is a record of where National Aluminium's chain finished on Friday, 23 October 2026, not a live feed — the next reading follows tomorrow's close. Figures are derived from the NSE option chain via Upstox; max pain, the implied move, put-call ratio and the volatility comparison are MarketCue's own calculations from that data. MarketCue is not a registered investment adviser, research analyst or broker under SEBI regulations, and nothing here is a recommendation to buy or sell any security.
Read the full MarketCue scoring methodology
Source: NSE option chain via Upstox. .
Frequently asked questions
- What move are National Aluminium options pricing this expiry?
- ±₹8.60, or 2.85%, giving a range of ₹293.15 to ₹310.35 by Tuesday, 27 October 2026. The figure is derived from the at-the-money straddle at the ₹300 strike.
- What is National Aluminium's max pain?
- ₹330 at the last close, against a closing price of ₹301.75. Max pain is the strike at which the largest value of written options would expire worthless.
- Where is support and resistance in the National Aluminium option chain?
- The largest put position sits at ₹310 with 28,23,750 contracts, and the largest call position at ₹350 with 50,58,750 contracts. Traders commonly read heavy open interest at a strike as a level, though open interest describes positioning rather than any commitment to defend a price.
- What is the lot size for National Aluminium options?
- 1,875 shares per lot, with strikes in steps of ₹5. At the implied move of ±₹8.60, one lot corresponds to ±₹16,125 of notional movement.