Frequently Asked Questions
Common questions about Nakshatra, the NIFTY option chain, and the metrics on the Insights tab.
Is Nakshatra free?
Yes. Nakshatra is a free NIFTY option-chain analytics tool. You can browse the live chain, historical OI/IV/spot charts, and the Insights tab without any account or payment.
How often does the option chain update?
Every 5 minutes during market hours (09:15–15:30 IST, Monday to Friday). Each snapshot is stored, so you can scrub back through the whole trading day rather than seeing only one frozen moment.
Does Nakshatra connect to the live NSE, and is the data official?
Nakshatra reads the NSE option-chain feed and stores a snapshot every five minutes. It mirrors public NSE data but is an independent analytics tool, not an official NSE product. There may be a few minutes of delay, and it is for information only — not investment advice.
What is open interest?
Open interest is the number of outstanding option contracts at a strike that have not been closed or settled. Rising OI means fresh positions are building; falling OI means positions are being unwound.
What is PCR?
PCR (put-call ratio) is total put open interest divided by total call open interest. A high PCR can signal heavy put positioning (often read as bearish or a crowded hedge), while a low PCR leans bullish.
What is max pain?
Max pain is the strike where the combined value of in-the-money calls and puts is smallest — the price at which option buyers, in aggregate, lose the most at expiry. Spot often drifts toward it as expiry nears.
What is the OI cohort exit feature?
It is Nakshatra's inference of when positions opened earlier in the day get unwound. Each drop in open interest is attributed to short covering or long liquidation using the delta-adjusted premium move, so you can see who is exiting a strike and roughly what share.
What does the 5-minute history give me that a normal option chain does not?
A standard chain shows one frozen snapshot. Because Nakshatra stores a snapshot every five minutes, you can watch how OI, IV, and premiums build through the day, replay any past moment, and chart how positioning evolved — context a single snapshot can never show.
Can I export the option chain to Excel?
Yes. The Excel button in the control deck exports the currently visible columns of the chain to an .xlsx file, named for the symbol, expiry, and snapshot timestamp.
What is implied volatility (IV)?
IV is the market's expectation of how much the underlying will move, backed out of the option's price. Higher IV means richer premiums and a wider expected range; it is a core input to the straddle-implied move on the Insights tab.
Does Nakshatra give buy or sell recommendations?
No. Nakshatra surfaces data and derived reads — PCR, max pain, OI buildup, straddle range, cohort exits — to help you interpret the chain yourself. Nothing on the site is investment advice.