UPL options
UPL option chain and implied move
| Metric | Value | Read |
|---|---|---|
| Market-implied move | ±₹12.30 | ±2.42% to the Tuesday, 27 October 2026 expiry, from the at-the-money straddle |
| Implied range | ₹496.35 – ₹520.95 | What option prices imply, not a forecast of where the stock will trade |
| Max pain | ₹525 | The strike at which the largest value of written options would expire worthless |
| Heaviest put strike | ₹520 | 4,93,220 contracts — the largest put position on the chain |
| Heaviest call strike | ₹530 | 8,98,365 contracts — the largest call position on the chain |
| Put-call ratio | 0.72 | Total put open interest divided by total call open interest across the chain |
| Implied volatility (ATM) | 29.05% | At-the-money implied volatility for the front expiry |
- Market-implied move
- ±₹12.30
- Implied range
- ₹496 – ₹521
- Max pain
- ₹525
- Implied volatility
- 29.05%
±2.42% over 4 days, from the ₹510 straddle
What option prices imply, not a forecast of where the stock will trade
₹16 above the close
At the money, for the front expiry
Implied rangeMax painLast close
Heaviest put ₹520Heaviest call ₹530ATM ₹510 · PCR 0.72
At the close on Friday, 23 October 2026, UPL options were pricing a move of ±₹12.30 by the Tuesday, 27 October 2026 expiry — a range of ₹496.35 to ₹520.95 against a closing price of ₹508.65. The figure is the at-the-money straddle at the ₹510 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 ₹525, ₹16.35 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 ₹520 with 4,93,220 contracts, and the heaviest call position at ₹530 with 8,98,365 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 29.05% for the Tuesday, 27 October 2026 expiry. Realised volatility for UPL is not yet available for comparison.
This page is a record of where UPL'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 UPL options pricing this expiry?
- ±₹12.30, or 2.42%, giving a range of ₹496.35 to ₹520.95 by Tuesday, 27 October 2026. The figure is derived from the at-the-money straddle at the ₹510 strike.
- What is UPL's max pain?
- ₹525 at the last close, against a closing price of ₹508.65. Max pain is the strike at which the largest value of written options would expire worthless.
- Where is support and resistance in the UPL option chain?
- The largest put position sits at ₹520 with 4,93,220 contracts, and the largest call position at ₹530 with 8,98,365 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 UPL options?
- 1,355 shares per lot, with strikes in steps of ₹5. At the implied move of ±₹12.30, one lot corresponds to ±₹16,667 of notional movement.