Natural Gas
Option Chain
Natural Gas on MCX — the full end-of-day option chain with OI, change in OI, IV and LTP, plus max pain, PCR and the OI walls. Live intraday data is in the app.
Natural Gas End-of-Day Snapshot
as of 04 Nov 2026, 14:14 · expiry 2026-11-20
Natural Gas Option Chain — 2026-11-20
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| OI | Chg OI | Volume | IV | LTP | Strike | LTP | IV | Volume | Chg OI | OI |
| 0 | 0 | 0 | — | 77.45 | 195 | 0.15 | 83.4% | 0 | 0 | 3 |
| 0 | 0 | 0 | — | 72.45 | 200 | 0.30 | 86.3% | 801 | +6 | 1,429 |
| 0 | 0 | 0 | — | 67.50 | 205 | 0.35 | 82.5% | 23 | +8 | 557 |
| 0 | 0 | 0 | — | 62.50 | 210 | 0.55 | 83.1% | 549 | +195 | 631 |
| 0 | 0 | 0 | — | 57.50 | 215 | 0.70 | 80.8% | 70 | -20 | 399 |
| 1 | 0 | 0 | 101.6% | 59.25 | 220 | 0.90 | 78.6% | 1,941 | +167 | 1,684 |
| 6 | 0 | 0 | 55.7% | 51.95 | 225 | 1.20 | 77.3% | 159 | +38 | 623 |
| 12 | -1 | 1 | — | 44.15 | 230 | 1.60 | 76.2% | 1,385 | +203 | 1,707 |
| 1 | 0 | 0 | — | 37.80 | 235 | 2.25 | 76.5% | 657 | +84 | 619 |
| 58 | -2 | 11 | 63.6% | 38.45 | 240 | 3.05 | 76.6% | 4,746 | -744 | 3,208 |
| 37 | 0 | 3 | — | 31.75 | 245 | 4.10 | 77.2% | 2,367 | -8 | 1,857 |
| 300 | -17 | 220 | 70.5% | 31.10 | 250 | 5.30 | 77.2% | 4,782 | -169 | 4,198 |
| 59 | +9 | 289 | 73.8% | 27.95 | 255 | 6.90 | 78.3% | 2,295 | +1 | 1,123 |
| 730 | +62 | 1,382 | 75.3% | 24.85 | 260 | 8.65 | 78.7% | 3,961 | -34 | 3,561 |
| 803 | -77 | 1,621 | 76.1% | 21.90 | 265 | 10.85 | 80.1% | 2,962 | +87 | 1,612 |
| 3,984 | -293 | 6,221 | 77.5% | 19.35 | 270 | 13.20 | 80.9% | 6,652 | -22 | 7,509 |
| 4,408 | -170 | 7,590 | 78.6% | 17.00 | 275 | 15.80 | 81.8% | 5,520 | +247 | 3,996 |
| 8,515 | -118 | 8,694 | 79.6% | 14.90 | 280 | 18.70 | 82.8% | 3,602 | -122 | 8,436 |
| 2,967 | +18 | 3,385 | 81.0% | 13.10 | 285 | 21.85 | 84.0% | 1,148 | -110 | 2,181 |
| 9,258 | -273 | 5,617 | 81.8% | 11.40 | 290 | 25.15 | 85.0% | 1,259 | -65 | 8,331 |
| 3,314 | -92 | 2,671 | 82.6% | 9.90 | 295 | 28.85 | 86.9% | 466 | -37 | 1,227 |
| 10,877 | +302 | 5,275 | 83.7% | 8.65 | 300 | 32.45 | 87.5% | 456 | -43 | 7,102 |
| 1,839 | -163 | 1,730 | 84.5% | 7.50 | 305 | 36.00 | 86.9% | 8 | 0 | 953 |
| 3,536 | -258 | 1,641 | 85.3% | 6.50 | 310 | 40.30 | 89.6% | 37 | -11 | 1,633 |
| 1,222 | -25 | 1,200 | 86.6% | 5.70 | 315 | 47.95 | 111.3% | 1 | 0 | 158 |
| 4,940 | +207 | 2,663 | 87.8% | 5.00 | 320 | 48.40 | 90.2% | 13 | -7 | 984 |
| 2,007 | +61 | 379 | 88.7% | 4.35 | 325 | 52.25 | 87.7% | 0 | 0 | 73 |
| 2,828 | -57 | 1,018 | 89.7% | 3.80 | 330 | 58.00 | 98.4% | 3 | 0 | 490 |
| 406 | -38 | 176 | 90.5% | 3.30 | 335 | 62.15 | 97.3% | 0 | 0 | 7 |
| 3,030 | +55 | 1,274 | 92.1% | 2.95 | 340 | 70.00 | 122.6% | 1 | 0 | 202 |
| 309 | +7 | 117 | 92.7% | 2.55 | 345 | 72.10 | 106.5% | 0 | 0 | 0 |
| 5,468 | -123 | 2,173 | 93.8% | 2.25 | 350 | 75.55 | 97.1% | 27 | +3 | 1,289 |
| 331 | -11 | 50 | 95.0% | 2.00 | 355 | 82.05 | 115.3% | 0 | 0 | 0 |
| 1,544 | -32 | 815 | 95.8% | 1.75 | 360 | 89.40 | 138.1% | 1 | 0 | 49 |
| 221 | +2 | 44 | 96.1% | 1.50 | 365 | 92.00 | 123.5% | 0 | 0 | 0 |
| 1,157 | -15 | 551 | 97.4% | 1.35 | 370 | 97.00 | 127.7% | 0 | 0 | 0 |
| 173 | -6 | 43 | 97.6% | 1.15 | 375 | 101.15 | 123.7% | 0 | 0 | 10 |
| 1,647 | +47 | 701 | 100.0% | 1.10 | 380 | 106.95 | 135.3% | 0 | 0 | 0 |
| 98 | -39 | 141 | 100.4% | 0.95 | 385 | 111.95 | 139.2% | 0 | 0 | 0 |
End-of-day snapshot, refreshed once daily. Live intraday OI, IV and LTP across every strike are in the app.
As of the latest close, Natural Gas (MCX) options for the 2026-11-20 expiry show a max pain of 290 against a spot of 276, with a put-call ratio of 0.89. The heaviest call OI sits at 300 (likely resistance) and the heaviest put OI at 280 (likely support).
About Natural Gas options
Natural Gas is among the most volatile MCX contracts, swinging on weather, storage data and seasonal demand. Its options carry rich premiums and high implied volatility. Natural Gas options on MCX expire monthly and trade into the late evening session, so time decay and implied volatility behave differently from equity options — read the chain with that in mind.
How to read the natural gas option chain
Start with open interest. The strike carrying the heaviest call OI is the level option writers are defending as a ceiling, and the heaviest put OI strike is the floor they are defending underneath. The distance between the two walls is the range the market is pricing for this expiry. The put-call ratio compresses that positioning into one number, and max pain marks the strike where buyers lose the most at expiry. Because natural gas gaps hard on storage and weather surprises, watch change in OI as closely as the absolute walls: a wall that is being unwound is no longer a wall.
Natural gas max pain and PCR into expiry
Max pain on natural gas behaves as it does on index options — price tends to drift toward it in the last sessions before the monthly expiry as writers hedge, and that pull is strongest in quiet weeks. It breaks down on a large storage miss or a weather-driven trend, so treat it as a tendency rather than a target. A PCR well above its own recent range means puts have been written or bought heavily; read it against the OI walls rather than as a standalone number. The same end-of-day view is available for crude oil, gold and silver.
Natural gas contract facts
Lot size 1,250 mmBtu (Natural Gas Mini: 250 mmBtu), quoted in rupees per mmBtu with a tick of ₹0.10, which is ₹125 per tick on the main lot. Trading runs 09:00 to 23:30 IST, extended to 23:55 in the US standard-time months. Futures expire on the 25th of the contract month; options expire a few sessions earlier and in-the-money options devolve into futures at the strike. For strategy ideas that fit these mechanics, see the commodity option strategies guide and the MCX option chain analysis walkthrough.
See Natural Gas's live chain
Strike-by-strike OI, change in OI, PCR, IV and max pain for Natural Gas, updating intraday — with AI commentary. Free.
Frequently asked questions — Natural Gas options
What is the MCX Natural Gas option chain?
It lists every call and put contract on MCX Natural Gas futures for the current expiry — strike by strike, with open interest, change in OI, volume, implied volatility and last traded price. The main contract has a lot size of 1,250 mmBtu and is quoted in rupees per mmBtu.
What is the natural gas lot size on MCX?
The standard Natural Gas contract is 1,250 mmBtu per lot. A Natural Gas Mini contract of 250 mmBtu is also listed, and MCX offers options on both. The chain on this page covers the main 1,250 mmBtu contract, which carries most of the open interest.
What are MCX Natural Gas trading hours?
Natural Gas options trade Monday to Friday from 09:00 to 23:30 IST, extended to 23:55 during the US standard-time months, so the MCX session overlaps the NYMEX Henry Hub session the contract tracks.
How is natural gas max pain calculated?
For each strike, TradePulse adds up what all outstanding calls and puts would pay out if the contract expired there. The strike with the smallest total payout is max pain — the level where option buyers collectively lose the most. It is recalculated from the end-of-day chain shown above.
When do MCX Natural Gas options expire?
Natural Gas contracts run on a monthly cycle: the futures expire on the 25th of the contract month and the options expire a few sessions before that. In-the-money options are not cash settled — they devolve into a futures position at the strike, so open positions need to be squared off or margined before expiry.
What moves natural gas option prices?
MCX Natural Gas mirrors NYMEX Henry Hub, so implied volatility reacts to the weekly EIA storage report, US weather through the heating and cooling seasons, LNG export flows and the USD-INR rate. Natural gas IV is typically among the highest on MCX, which makes premiums rich and time decay fast.
How to read an option chain
- How to read an option chain
- What is max pain? · What is PCR?
- Trading volatility · All MCX commodities