An option chain is a real-time display of all available option contracts for a particular stock or index, categorized by expiry dates and strike prices. It helps traders assess market sentiment and plan strategies. Key elements include Open Interest (OI), Volume, Last Traded Price (LTP), Bid-Ask Spread, and Implied Volatility (IV). High OI and volume at a particular strike indicate support/resistance zones and popular strike levels. Option chains are vital for identifying potential breakout or breakdown levels. For example, if the Nifty 50 shows high call OI at 18,000, it may face resistance near that level. IV shows the market’s forecast of future volatility. Combining OI with price action helps formulate strategies like Covered Call, Iron Condor, or Bull Put Spread. Traders also track changes in OI to understand fresh positions. Reading option chains effectively provides an edge in decision-making and helps avoid traps.