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A 0–100 reading of how hard the options book is pulling NIFTY, BANKNIFTY and SENSEX toward max pain as expiry approaches. Computed every session from our own open-interest archive — you will not find this number anywhere else.
Latest reading: 2026-09-04 at 13:58 IST · archive begins 4 May 2026
Higher means option open interest is stacked tightly around max pain and expiry is close. It says the book is crowded — not which way price goes.
An up arrow means max pain is above spot, so the book leans upward. Under 0.1% we show BALANCED, because a gap that small is just noise.
A far-dated contract scores low no matter how big the open interest, because there is no time for it to matter. That is the index working.
Some concentration building around max pain.
Snapshot taken 13:58 IST on 2026-09-04 · expiry 08-Sep-2026
Positioning is spread out, or expiry is still far away.
Snapshot taken 13:58 IST on 2026-09-04 · expiry 29-Sep-2026
Some concentration building around max pain.
Snapshot taken 13:58 IST on 2026-09-04 · expiry 10-Sep-2026
One reading per session, taken from the last snapshot of each day. The saw-tooth is the expiry cycle: pressure builds as a contract runs down, then resets when the next one becomes the front month.
EPI is a weighted composite of four components, each scaled to 0–1 before being combined and rescaled to 0–100. Saturation points are calibrated against every option-chain snapshot in our archive rather than chosen by eye — an index that never reaches its own extremes is measuring nothing.
Weights are a stated judgement, not a fit. Four months of history is nowhere near enough to fit them without overfitting, and a fitted-looking number would imply a rigour we do not have. They are published here so anyone can disagree with them.
The Expiry Pressure Index (EPI) is a 0-100 score published by MarketsEasy that measures how strongly the options book is pulling an index toward its max pain level as expiry approaches. It combines four inputs: the gap between spot and max pain, how concentrated open interest is around max pain, how many days remain to expiry, and how skewed the put-call ratio is. A reading above 55 means positioning is unusually concentrated and time is short; a reading below 35 means the book is spread out or expiry is far away.
EPI is a weighted composite of four normalised components: pin gap (30%), the distance from spot to max pain as a share of spot; open-interest concentration (30%), the share of total open interest sitting in the five strikes nearest max pain; time urgency (25%), derived from days remaining to expiry; and put-call ratio skew (15%), the absolute deviation of PCR from 1.0. Each component is scaled to 0-1 against saturation points calibrated on MarketsEasy open-interest snapshots, then combined and rescaled to 0-100.
No. EPI is descriptive, not predictive. It measures how concentrated options positioning currently is, not what price will do. Max pain is simply the level at which option writers lose the least; price frequently expires away from it. Treat EPI as a measure of positioning, in the same way you would read a put-call ratio, and never as a trade signal on its own.
EPI is published for NIFTY, BANKNIFTY and SENSEX, computed on the nearest expiry held in the MarketsEasy open-interest archive. Readings are recorded from live NSE and BSE option-chain snapshots captured during market hours.
The page refreshes every five minutes during market hours from the latest option-chain snapshot. The historical series carries one reading per trading day, taken from the final snapshot of each session.
Yes. The index is free to read and free to cite with attribution to MarketsEasy and a link to this page. It is original data computed from our own open-interest archive and is not available from any other source.
Free to cite with attribution to MarketsEasy and a link to this page. Covering NIFTY, BANKNIFTY, SENSEX.