Moneyoga's futures charts are amongst the first to be introduced in India.
Each futures page has certain distinguishing parts:
Futures Page Summary Panel
At the top of each futures page, you will see a summary/navigation panel, such as this:
The panel is composed of (from left to right):
- Price quote & date stamp for the underlying stock/index, and the current month future contract.
- NSE Code for the stock/index, and links to stock/index & option pages at Moneyoga.
- Outgoing link to the NSE F&O page for this stock/index.
- Current month F&O period; in India, F&O contracts begin on the last Friday of one month, and expire on the last Thursday of the next month.
- Link to this Help Page, and some notes on reading the charts.
Future vs. Underlying Price Pane
During each F&O contract period, there are three (3) active future contracts that are traded on the underlying stock/index.
These are the 'near month' (aka 'current month'), 'mid month', and 'far month' contracts respectively; the most actively traded being the 'near month'.
The Price Pane on each Futures page at Moneyoga plots the closing price of the future contract
(in red) vs.
the underlying stock/index (in blue), for each of the 3 months.
If you move over your mouse over any particular day, the closing prices of that day for the Future & Underlying are displayed as a tip, like so:
Premium / Discount of Future over Underlying Stock/Index price
Every day, the 3 active future contracts (viz. near, mid & far-month) trade above or below the underlying stock/index.
If a future contract is trading above the price of the underlying, it is said to be at a 'premium'; if it trades below the price
of the underlying, it is said to be at a 'discount'. The Premium/Discount pane shows this difference over the contract period.
If you move over your mouse over any particular day, the premium/discount of the Future vs. the Underlying is displayed as a tip, like so:
Open Interest
Open interest (OI) is the number of "open" future contracts that have not expired, been exercised or physically delivered.
OI is the net value of all open positions in each future contract and portrays the depth of volume that is possible in that market.
For details on how to interpret futures open interest, please read this article.
Note that the Y-axis for the 3 charts is scaled by the maximum OI on any day across all 3 contracts - this allows you to easily compare OI across the three maturities.
If you move over your mouse over any particular day, the Open Interest of the Future contract is displayed as a tip, like so:
Volume
The daily Traded Volume for future contracts shows how liquid each contract is;
futures traders will receive the best execution fills where there is the greatest liquidity, which usually occurs in the near-month contracts.
For more on how to interpret futures volume, please read this article.
Note that the Y-axis for the 3 charts is scaled by the maximum volume on any day across all 3 contracts - this allows you to easily compare volume across the three maturities.
If you move over your mouse over any particular day, the Traded Volume of the Future contract is displayed as a tip, like so:
