📢 Pre-Expiry Update + Big Shift in Expiry Day

Markets Discussions
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Hi all,

Thursdays have been the most action-packed day of the week for traders - Nifty expiry day. It’s the day when volumes spike, premiums melt, and every move in OI or IV gets magnified.

But from September 1, 2025, NSE is moving all F&O contract expiries from Thursday to Tuesday. So, now: NIFTY expiry will now take place on Tuesdays, while SENSEX expiry will be on Thursdays.

What does this mean for traders? In reality, it’s not the day of the week that matters, but how participants build their positions ahead of expiry. The market pulse - OI trends, PCR, IV shifts, and strike-wise moves - is what drives the action.

Here’s how things are shaping up on Nifty today:

:bar_chart: Nifty at Close: 24,625.05 (holding steady near last expiry’s levels but with a slight dip)

Here are some details you can see on the Nifty Option Summary page on Dhan:

OI: 36,25,14,700

PCR: 1.13

ATM IV: 07.57

Change in OI: -20.84%

When expiry is around the corner, every data point counts. That’s where the Nifty Options Summary on Dhan comes in - your one-stop view of OI trends, PCR, IVs, strike-wise moves, and expiry positioning.

Here’s what you can dive into before tomorrow:

  1. Expiry-Wise OI Breakup – see how traders are positioning across contracts.
  2. 21st Aug Expiry Highlights – track PCR, IVs, OI build-up & ITM vs OTM shifts.
  3. Strike-Wise Option Chain – zoom in on the most active strikes with OI & price changes together.

So while the calendar date of expiry may soon change, the signals you need to track remain the same, and with Dhan, they’re always clear and accessible.

Tomorrow is expiry. The signals are already here! Log in to Dhan.

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Not many retail traders talk about gamma neutrality, but it’s something that probably deserves a lot more attention. Most are still stuck on delta neutral strategies, thinking that’s where the edge is. But if you look at how institutional players manage their books, they’re way more focused on gamma — not just delta.

Gamma neutral positioning helps reduce the rate of change in delta, which can be way more important in volatile markets. Ignoring gamma can mean missing out on understanding how big money is positioning, especially during key market events like earnings or macro news.

The issue with delta neutral setups is they can be pretty misleading. Delta only tells you how your position reacts to small moves at that moment, but the second the price shifts, your delta shifts too — and sometimes that change is massive.

That’s why institutions care way more about gamma than retail traders usually do.

They’re not just trying to stay neutral now; they want to control how fast their delta changes as the market moves. That’s what gamma neutral does — it flattens out that second-order risk. When you’re managing huge books or trying to avoid being forced into buying high and selling low in fast markets, gamma matters way more than delta.

Option analytics platforms should also incorporate more advanced gamma metrics like gamma density and gamma shift. These metrics give traders deeper insights into how gamma exposure changes across strikes and over time.

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If anyone’s curious about what a gamma chart looks like, here’s an example.

example of gamma exposure chart
example of gamma exposure chart1875×795 94.4 KB

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:mag_right: Here’s the AI’s take on this specific chart.

  • Spot = 24,623 (yellow marker).

  • That’s right at the peak of neutral gamma exposure (white curve).

  • Both sell exposure (red) and buy exposure (green) converge around here.

:point_right: What this implies:

  • No strong directional bias at the moment.
  • Dealers’ hedging flows are stabilizing the index around 24,600.
  • Until NIFTY breaks above 24,700 or below 24,500, expect sideways / mean-reverting action.

If spot breaks out of that zone:

  • Above 24,700 → less gamma support → directional upside possible.
  • Below 24,500 → less gamma support → directional downside possible.

Right now, this chart says: “No bias — NIFTY is pinned.”

Directional bias will only show up once price escapes this gamma magnet zone.

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There is so much I need to study…

:slightly_smiling_face: :pray:

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@Brishide That’s some deep-level stuff. Where are you seeing the Gamma exposure chart?

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@Brishide Thanks for sharing an example. Recently we have been talking a lot about Greeks and how important they are or can be!

Here’s an in-depth article we did on Gamma - check out more such articles on Indicator by Dhan @khulsat @nitishbangera

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@Riya_Dey Thank you for sharing the articles. This is one of the main reasons why I like Dhan instead of all the issues that I face. The knowledge shared in the community is priceless.