Ten
interconnected signals that decode the current market environment and
help you understand what's really happening.
Sample page · illustrative data.This is the full Intelligence page as a member sees it live, with every figure replaced by a transformed copy — no number on this page is a real market value. Members see the live version on their own Zerodha connection, refreshed through the session.Last real session from NSE's end-of-day files →
Shown here for NIFTY. The same page runs for BANKNIFTY, FINNIFTY, MIDCPNIFTY and SENSEX, each on its own book, switchable with one click on the live page.
Next readsample day · 09:46·📅Monthly F&O expiry sample dayMonthly F&O expiry (BANKNIFTY & monthlies) — sample dayFII flow that week roll-heavymechanics, not stanceDates joined to the archive's record — frequencies, never forecasts.🛑 NSE holiday — market closed sample dayNSE holiday — market closed — sample dayTypical sessions — as per recordsPre-break range 104%of typical · 28 sessionsBreak decay 3 daysno-trading theta on weekliesDates joined to the archive's record — frequencies, never forecasts.US jobs report sample dayUS jobs report (evening IST — hits next session) — sample dayDates joined to the archive's record — frequencies, never forecasts.hover a date for what the record says
•OI flow: Defensive — unchanged (-33,684 lots net at the change)
•Gamma zone: unchanged — below the switch throughout (amplified tape)
Conditions, never calls — every figure is a historical frequency or a market-priced value, not a forecast. The 09:46 summary is graded publicly at every close, misses included. Score formula v0.1, provisional until the calibration review.
01The readwhat the tape is doing — label, parameters, and how the day unfolded
Today's Regime
▼
TREND DOWN
65 /100 Confidence
2nd straight Trend Down day
Day structure: Mixed day— gap + opening range, locked mid-morning
Half-signal days. The costliest trades usually come from forcing size when the market can't decide.
The day's structure read mixed day at the morning lock; the full 10-parameter engine scores the tape TREND DOWN. Structure is how the day opened — the regime is the deeper, live read.
Premium economics: Contested — 1 decay / 1 movement of 2 reads · which force the record favours, never who should trade
Supporting Reads — the label's evidence
◑ 4 of 5 supporting reads fit a Trend Down day
✓Options flow: one-sided (defensive) — as trend and breakout days usually show
✓Range delivery: 95% of the options-implied move — full delivery for a trend day
✓Peers: BANKNIFTY -48, SENSEX -63, FINNIFTY -46, MIDCPNIFTY -44 — leaning with the read
✓OI flow: strong short buildup — fresh positioning with the down-trend
✗IV skew: downside fear flattened 46% since open — options not confirming the down-trend
Since 15:30Breadth 50%·Confidence 65▼2Divergence 61·
Every counted vote is a real one — mid-zone or missing feeds abstain rather than guess. Descriptive fit, never a signal.
What kind of day is this? High = market trending up, low = trending down, middle = going nowhere (chop).
Read the day
01Regime Score
30/100
Down tilt
Down read
as per price + breadth
How much our different measurements agree with each other. High = they all tell one story. It is NOT a prediction of where price goes.
Read the day
02Confidence
65/100
Moderate
Backs the label
as per signal agreement
The size of move option prices are betting on, in index points. Bigger = the market expects a bigger swing before expiry.
What options price
03Expected Move
±239 pts by expiry
Typical · 1.03% of spot
Normal day priced
as per options pricing
How costly options are today vs the last 2 years. 90 = near the most expensive they've been; 10 = near the cheapest.
What options price
04IV Percentile
34th %ile
Average · VIX 12.25 ▼0.89
Normal fear priced
as per options pricing
Options charge for movement in advance. This compares what they charge vs how much the market has actually been moving. Plus = charging more than is arriving.
What options price
05Realized vs Implied
+3.9 vol pts
Options rich
Decay-side economics
as per price vs options pricing
Of the move options priced in for today, how much has actually happened so far. 100% = exactly as priced.
What the day delivers
06Expected vs Actual
95% of expected
In line
Delivering as priced
as per today's price move
Take the morning's at-the-money call + put pair. This shows what that pair is worth right now. Falling = time decay is winning; rising = the market's move is paying.
What the day delivers
07Straddle Burn
-22% since open
Holding · 304.7→238.7 pts
Contested live
as per live straddle price
Which side of the option market is being built harder today — calls or puts — or roughly balanced.
Chain structure
08Options Pressure
37/100
Call pressure
One-sided flow — trend fuel
as per OI flow
How close price sits to the strike where the most open bets are parked. Near expiry, price often gets 'stuck' around such strikes.
Chain structure
09Pin Risk
229 pts to nearest wall
Low
Magnet weak
as per OI walls
Do the market's internals (most stocks, positioning) agree with the index's move? High = they disagree — the move may be less healthy than it looks.
0%100% = the median trend down-day range (≈240 pts)
The session used 71% of a typical trend down-day's range — a quieter-than-typical tape.
Traveled range vs the archive median for this day type; the Expected vs Actual tile compares the same range to options pricing instead. Descriptive, never a projection.
Slippery tape — moves get amplified — the switch sits near 20,453, above spot: above it hedging leans against moves, below it hedging feeds them. Strongest cushion at 20,500.
Tension: price sits in the amplification zone while the OI cushion waits above the switch — either price climbs back over it and calms, or a move ignites and tends to overshoot. Setup description — frequencies attach once the gamma journal accrues.
From recorded per-strike OI & IV, 11 strikes, as of sample day 15:34. Assumes hedgers are net long calls / short puts — the standard convention, not an observation.
The chain's containment strikes against spot. Positioning is context, not a prediction of where price goes.
Institutional booksFII index-futures 12% long — Short tilt, 30th percentile of 2 years · as of sample dayclose — NSE publishes participant data each evening
The map is a photograph of where gamma sits now. This is the film: where it sat every five minutes since the open, strike by strike.
Gamma across time — walls being built and torn down
LAB
as of 13:00 · refreshes every minute
09:20 → 13:00 · every 5 min · 14 strikes▮ cushion (calls) · ▮ slippery (puts) · spot
Gamma is draining from 20,300, below spot — that floor is being taken down.
Heaviest cushion in the latest frame: 20,500, above spot.
Each cell is one strike's net gamma notional at that frame's spot — call gamma positive (hedgers lean against moves there), put gamma negative (hedgers chase them) — shaded against the day's largest cell (4,900 Cr per 1%). Same band and maths as the map, replayed from the minute record. Watch for a wall thickening before price gets there, or thinning just before it gives way. Two things move a cell besides positioning: gamma grows on its own as expiry nears, and it shifts toward whichever strikes spot approaches — read the build against the spot line. Levels are strikes, not targets. Descriptive, never a signal.
The map above is the stock of positions. This is the flow: what is being added to it right now.
Flow meter (beta) — net OI build, last 15 min
LAB
as of 13:00 · refreshes every minute
-6,175lots net · Put-side build
Puts 8,855
contracts opened (+) or closed (−), last 15 min
2,680 Calls
Traders have been adding puts faster than calls for the last 15 minutes — fresh positioning, not a stale pile.
Since 09:30 — every 5 min▮ calls building · ▮ puts building
09:3011:1513:00
Puts led from 09:30; the net last flipped to the put side at 11:30 and has held since.
From the minute-level chain recording, ATM±5, strikes present in both snapshots. Open interest counts contracts, not who bought them — every contract has a buyer and a writer. A 15-minute window spans several genuine OI updates — a trend, not a tick. Descriptive, never a signal.
The same 15 minutes as the meter, read against which way the index moved.
OI vs the market — who is pressing, last 15 min
LAB
as of 13:00 · refreshes every minute
Calls piling up while their premiums fall and the index sits still — premium is being sold, a ceiling is being built.
Index over the window: -6 pts (-0.02%) · flat
CallsOI +2,680 lots
reads as call writingpremium only — index still
calls opened while their premiums fell 4.1% with the index still — premium being sold.
Premiums on this side, weighted by the size of each strike's OI change: -4.1%
PutsOI +8,855 lots
no read
index and premiums both still over the window — nothing to separate buyers from writers.
Premiums on this side, weighted by the size of each strike's OI change: +1.6%
Strike
Side
ΔOI (lots)
Premium Δ%
20,250
PE
+921
+1.7%
20,300
PE
+3,753
+1.7%
20,350
CE
+2,569
-3.6%
20,350
PE
+1,811
+1.6%
20,400
PE
+1,822
+1.6%
20,550
CE
-915
-5.8%
Six largest OI changes in the ATM±5 band, with the premium change on the same strike for context. No prices are shown.
Open interest counts contracts, not who bought them. Two witnesses are read against each OI change: the index's direction over the same window (OI rising against the move usually means writers pressing, with the move usually buyers) and the premium on the same strikes (contracts opening while the premium falls is the writer's fingerprint, opening while it rises the buyer's). When the index is still the premium decides; otherwise direction leads and the premium is marked as agreeing, quiet or split. Caveat: on a still index a falling premium is volatility being sold, but the first hour's IV comes off on its own — weigh it against the size of the OI change. Hedged structures blur it, and expiry days make it noisy. Descriptive, never a signal.
The meter counts contracts. This signs them: bought or sold, and what that forces hedgers to do.
Hedging impact of the flow — who started the trades, last 15 min
LAB
as of 13:00 · refreshes every minute
+4,004 Crof index exposure to hedge · Hedging flow net buying
Hedging flow is net buying — the last 15 minutes' option trades lean toward call buying.
Calls+2,313 Cr
net bought
Puts+1,691 Cr
net sold
Lean of the window: 100% of everything signed pointed one way.
Since 09:01 — running total, every 5 min▮ net buying · ▮ net selling
09:2011:1013:00
Since the open the flow has net bought the index: +37,140 Cr (calls +27,650 Cr, puts +8,540 Cr).
Strike
Side
Hedging impact
Share of window
20,350
CE
-1,392 Cr
35%
20,500
CE
+1,296 Cr
32%
20,400
CE
+1,209 Cr
30%
20,400
PE
+806 Cr
18%
20,300
PE
+803 Cr
18%
20,250
CE
+520 Cr
12%
Six strikes whose trades demanded the most hedging in the window. A positive call row reads as calls bought; a negative put row reads as puts bought. No prices are shown.
Each minute's traded volume is signed by where the last trade sat between bid and ask — at the ask reads as buyer-initiated, at the bid as seller-initiated — then weighted by the option's delta and the index level. The total is the index exposure hedgers must offset: positive means hedging buys the index, negative means it sells. One quote position per minute is an approximation of the tape, not the tape. This is what hedgers are pushed to do, not what price did or will do. Descriptive, never a signal.
The switch above is where the whole book flips. This is where today's active book flips.
Volatility trigger — where today's active book flips
LAB
as of 13:00 · refreshes every minute
Whole book · the switch
20,453
weighted by open interest · spot below it → slippery
Today's active book · the trigger
20,002
weighted by today's traded volume · spot above it → cushioned
books disagree · 451 pts apart
switch
trigger
spot −3%● spotspot +3%
Spot sits between the two: by the whole book the tape here reads as slippery, by today's active book it reads as cushioned. The active book usually matters more on the day.
Both levels come from the same chain and the same gamma maths; only the weight differs. Open interest counts every contract sitting open, including stale ones nobody has touched in weeks; today's traded volume counts what changed hands since the open, so it tracks the positions hedgers are actually adjusting. Neither is a target. Descriptive, never a signal.
The map says how strong the cushion is. This says how big the pile behind it is, and which side of the market it protects.
Delta exposure & gamma tilt — the pile, and which side it protects
LAB
as of 13:00 · refreshes every minute
Delta exposure · the pile
1.02 lakh Crof index held against the open book · balanced
against calls
+45,100 Cragainst puts
-50,667 Cr
Net lean -5,010 Cr (5% of the pile) — the call side and the put side offset — hedgers hold little net index against this book.
Both sides of the range are cushioned alike. Heaviest call gamma at 20,500, heaviest put gamma at 20,300.
Today's book is slippery at spot with an even tilt — neither the top nor the bottom is favoured.
Same band and maths as the hedging map (ATM±5, hedgers long calls and short puts). Delta exposure is the index-equivalent of every open contract at this spot; the gross figure is the pile hedgers hold against it, the net lean says which side dominates. Gamma tilt splits the map's chain total into its call half and its put half: the call half sits above spot and resists rallies, the put half sits below and resists dips. Neither is a level or a target. Descriptive, never a signal.
Two forces that move the index with no new buyers or sellers — the "why is it going up on nothing" days.
Vanna & charm — the hedging that happens on its own
LAB
as of 13:00 · refreshes every minute
Vanna · when fear changesnotable vs the pile
+1,418 Crof index the hedge book buys per 1-point fall in IV
If IV falls one point, the hedge book buys about 1,418 Cr of index — and sells the same if it rises.
ATM IV fell from 12.3% to 11.0% since the open (-1.2 pts) — roughly +1,751 Cr of hedge buying so far from vanna alone.
Charm · as the clock runsnotable vs the pile
+1,472 Crof index the hedge book buys per day that passes
As one day passes, the hedge book buys about 1,472 Cr of index just because its hedges are no longer needed — a slow, mechanical push that builds into the afternoon; 5 days to expiry, so it grows each day.
5.1 days to this chain's expiry · the pile behind it: 1.02 lakh Cr
Both forces lean the same way: time passing and any fall in IV both push the hedge book toward buying — a drift up needs no new buyers.
Same band and convention as the hedging map (ATM±5, hedgers long calls and short puts), Black-Scholes on the recorded IV. Vanna is how much the hedge changes when implied volatility moves; charm is how much it changes as time passes. Both are sized against the gross delta pile: under 1% small, over 3% large. The "so far" figure applies today's vanna to today's ATM IV change — an approximation, since vanna itself moves with spot and IV. These are forces on hedgers, not a forecast of price. Descriptive, never a signal.
Options expiring this week carry far more gamma than the next series. This is how much of today's map is temporary.
Gamma by expiry — how much of the map is temporary
LAB
as of 13:00 · refreshes every minute
Share of today's gamma that expires sample day91%
▮ temporary — this expirywhat remains — next expiry ▮
This expiry — what the map showssample day· 5d
-6,394 Crper 1% · reads as slippery at today's spot
-1,017 Crper 1% · reads as slippery at today's spot
switchnone within 3%heaviest cushion20,600most slippery strike20,200gross gamma2,290 Cr
91% of today's gamma expires on sample dayWhat remains reads as slippery at today's spot, the same character as now. The remaining book has no switch within 3% — one-sided across the range.
Both series together, at today's spot: -7,411 Cr per 1%, switch at 20,541.
The hedging map is this expiry's book alone, re-priced here every minute (the map itself refreshes every five), so between the map's refreshes the two can read a little apart — more so on expiry day, when a few points of spot move the total. The next series is priced here at today's spot and IV, so "what remains" is the book as it stands now, not a forecast of the next session's positioning — writers roll and re-open across the expiry. Same band and maths as the map (ATM±5, hedgers long calls and short puts). Levels are strikes, not targets. Descriptive, never a signal.
The cards above are the parts. This is the same book read as one paragraph: where behaviour changes, and what the day has used.
What decides it from here — the conditions, in one place
LAB
as of 13:00 · refreshes every minute
Spot 20,270 sits below the switch at 20,453, so the tape here reads slippery. The floor is 20,200 PE, 70 points below; the lid is 20,500 CE, 229 points above.
While spot stays below 20,453, hedgers chase moves rather than lean against them: walls at 20,200 and 20,500 tend to give rather than hold. A 15-minute hold above 20,453 flips the tape to cushioned, and moves start to meet leaning again.
On the film, gamma is draining at 20,300, above spot — the ceiling there has less in the way of a rally.
The last 15 minutes: hedging flow net buying (+4,004 Cr); since the open +37,140 Cr. Open interest says call writing.
Days labelled Trend Down have travelled a median 95 down and 83 up from the 09:46 read; today has used 40 down and 113 up.
What to watch
The switch, 20,453: a 15-minute hold on the other side of it changes the tape's character.
The film at 20,200: building means that wall is thickening; draining means it is coming off.
The flow: a one-way window (lean above 75%) is a push; a two-sided window means the box is holding.
Conditions, never calls — these are the levels at which hedger behaviour changes, described from the option book, and the archive's record of how far days like this have travelled. Nothing here is a level to trade, a target or a forecast. Descriptive, never a signal.
Reading: A trend-down tape — trend strength 77 with breadth 30%; expansion quality 52 grades how credibly the move is widening.
Options Structure & OI Behaviour
26D CHAIN — YOUNG, LABELLED
Defensive 37.2
Call-side pressure69.7
Put-side pressure61.7
ATM conflictHigh
Skew — OTM put vs call, since open1.15 → 0.62 (-46.3%)
PCR1.246
Heaviest positioning sits at 20,000 and 20,500.
OI Behaviour (options-OI proxy)
Long buildup — absent
Short buildup — strong
Short covering — absent
Long unwinding — absent
Derived from the weekly chain's OI change since open — young data is labelled, never invented. Observed positioning only — these are not support, resistance, or levels to trade.
Options bench — deeper reads
OI Profile — where the chain is massed
Top 2 strikes: 30% of near OI
Range — balanced walls
Put OI
Strike
Call OI
20,500
20,450
20,400
20,350
20,300
20,250 ●
20,200
20,150
20,100
20,050
20,000
● = spot sits at this strike · bold rows are the heaviest walls. Percentile context joins as ladder history accrues. Positioning is context, never levels to trade.
Theta Cover — movement vs the decay bill
Movement strength — as per records
77%
Movement usually won
of the 111 trend down-labelled archive sessions, movement reached the straddle's daily breakeven
A past frequency for days labelled like today — context, never a forecast.
Pace — fastest 30-min burst
Neutral pace
110ptsOrdinary
calm38th percentile of 497 sessionsviolent
Typical session's fastest 30-min burst: 126 pts. What bursts like this preceded joins as the read builds live history.
Strike vs the record
Enter any NIFTY strike to see it against today's implied move, the chain's walls, and two years of how far price actually traveled.
Archives feeding this bench: per-strike bid/ask + implied volatility recorded every 5 min since early Aug · NIFTY second-expiry chain since sample day (term structure & true skew surfaces unlock as they deepen).
04The unusualanomalies & precedent
Divergence & Anomaly Detection
ANOMALY 61 / 100
PRICE ↓ / BREADTH ↑
index and breadth point opposite ways — breadth 50% with longs.
NIFTY MIXED / BANKNIFTY OPEN
cross-index disagreement — cohesion watch
PRICE / OPTIONS FLOW ALIGNED
positioning agrees — call pressure.
Pairwise checks — price against breadth, peers and positioning. Disagreement is context, not a signal.
Today in Historical Context
Historical Similarity
51%
19 matched sessions in the 2-year archive
Regime Persistence
Day 2
Shorter than average for trend down (avg 3.3d)
Next-Session Range
0.88%
Median delivered range the day after the 18 matched sessions
Regime Rarity
1 in 4
TREND DOWN made up 23% of the 2-year archive
18 historical sessions matched today's conditions — the most common next-session regime was TREND DOWN, with 72% persistence. Context, never a forecast.
Expiry-day playbook — the melt and the magnet
LAB
100%
09:30
85%
11:00
71%
13:00
66%
15:15
Median ATM straddle value through captured expiry sessions — what ₹100 of 9:30 straddle was worth as the day burned. Closed within 50 pts of the heaviest-OI strike on 4 of 5 captured expiries.
5 expiry sessions captured so far — small sample, stated on purpose; hardens every week.
Event precedent — what days like it did
LAB
Post-Fed sessions
0.87%
median day range (15 sessions)
All sessions
0.84%
median day range
The session after a US Fed decision ran 1.0× a normal day's range, and the day's label differed from the prior session on 4 of 15 of them. Next on the calendar: US jobs report (evening IST — hits next session) — sample day.
Fed dates from the official FOMC calendar; impact session = next Indian trading day. RBI joins when official MPC dates are curated. Frequencies, never forecasts.
05What could changetransition risk & stress
Transition Risk
CURRENT — TREND DOWN
REMAINS TREND DOWN72%
VOLATILITY SHOCK0%
REVERTS TO CHOP11%
Frequencies observed in 18 matched historical sessions. Not probabilities of any price outcome.
Conviction vs Instability
DRIFT FRAGILE
no opinion · could flip
BREAKOUT FRAGILE
opinion · unproven
CHOP STABLE
no opinion · holding
TREND STRONG
opinion · holding
NIFTY sits in high conviction / low instability — a stable, committed move.
CHOP STABLEa range comfortable being a range — the settled, predictable quiet
● TREND STRONGa committed move that is not wobbling — direction you can measure
BREAKOUT FRAGILEa directional push that has not proven itself — starts here often snap back
DRIFT FRAGILEaimless and unstable — quiet that can lurch either way without warning
Volatility Complex
+3.9 vol pts vs realized
India VIX 12.25▼0.89today
Implied vol (VIX)
35
Realized vol (10d)
21
ATR (14d)
46
Range expansion
60
Breadth dispersion
6
Opening gap
25
Component percentiles vs this index's own history — the readings behind IV Percentile, Realized vs Implied and Expected vs Actual.
Conditions, never calls: this
page describes the market and your history. It never tells you to enter
or exit. The day label holds its character on roughly 6 days out of 7
(measured against full-day behavior) — and it names direction only when
the tape held one: trend-up and
trend-down are graded separately. Context for your strategy,
never a guarantee.
Vyloka shows market conditions and your own statistics. It never
tells you what to buy or sell. Vyloka is not a SEBI-registered
investment adviser or research analyst. Session labels, reads and grades are
descriptive classifications of market conditions, not research reports or
recommendations. Live figures are computed from market data delivered to you
through your own broker connection and are shown only to you.