Professional Documents
Culture Documents
Options
Strategies
Bank Nifty
Bank Nifty
8900
8800
25
500
9300
8800
-12500
-12500
9000
-12500
2500
-10000
9200
-12500
10000
- 2500
9400
-12500
15000
2500
-12500
20000
7500
9600
15000
-15000
-20000
9800
9700
9600
9500
9400
9300
9200
9100
9000
8900
8700
8800
8600
-5000
-10000
8500
0
8400
8900
8800
25
400
8400
8000
10000
-20000
10000
8200
10000
-15000
5000
8400
10000
-10000
8600
10000
-5000
5000
8800
10000
10000
9000
10000
10000
15000
-10000
-15000
-20000
9100
9000
8900
8800
8700
8600
8500
8300
8400
8200
-5000
8100
0
8000
Bank Nifty
8900
25
8700
Call Premium
500
9000
Call Premium
400
Break Even
8900
Pay-off from
ITM Call brought
Bank Nifty
Pay-off from
OTM Call Sold
8500
-12500
10000
-2500
8200
-12500
10000
-2500
8400
-10000
10000
8600
-5000
7500
2500
8800
2500
2500
15000
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
9500
Bank NIfty
Example: Buy 1 ITM Call Option and Sell 1 OTM Call Option*
Bank Nifty
8900
Sell OTM Put Strike Price
8800
Put Premium
25
500
400
Break Even
9000
Pay-off from
Put purchase
Pay-off from
Put sold
Bank Nifty
8500
Put Premium
8600
-5000
-5000
8800
5000
-10000
-5000
9000
10000
-10000
9200
12500
-10000
2500
9400
12500
-10000
2500
15000
10000
5000
-10000
-15000
-20000
9400
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
9300
Bank NIfty
Bank Nifty
Future Price
8900
Strike Price
8800
25
200
Premium
9100
Break Even
Pay-off from
Put option
brought
Pay-off from
Futures Long
Bank Nifty
8600
-7500
-7500
8800
-2500
-5000
-7500
9100
5000
-5000
9200
7500
-5000
2500
9500
15000
-5000
10000
15000
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8700
8800
8600
8400
8500
-5000
9500
Bank NIfty
Bank Nifty
25
Spot Price
8900
Future Price
8900
Strike Price
9100
200
Premium
8700
Break Even
Pay-off from
Call sold
Pay-off from
Futures Long
Bank Nifty
8500
-10000
5000
-5000
8600
-7500
5000
-2500
8700
-5000
5000
8800
-2500
5000
2500
5000
5000
8900
15000
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8200
8300
-5000
9500
Bank Nifty
Bank Nifty
Future Price
8900
8800
150
Put Premium
25
9000
200
Call Premium
Break Even
Bank Nifty
8850
Pay-off from
Call sold
8600
-7500
1250
5000
-1250
-1250
8800
-2500
-3750
5000
8850
-1250
-3750
5000
9000
2500
-3750
2500
3750
9300
10000
-3750
-2500
3750
25000
20000
15000
Net Payoff
10000
5000
-10000
-15000
-20000
9700
9500
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8200
8300
-5000
9600
Bank Nifty
Example: Sell 1 OTM Put Option and Buy 1 OTM Call Option*
Bank Nifty
25
Spot Price
8900
8800
Put Premium
300
9000
Call Premium
400
Break Even
9100
Pay-off from
Call brought
Pay-off from
Put sold
Bank Nifty
8700
5000
-10000
-5000
8900
7500
-10000
-2500
9100
7500
-7500
9300
7500
-2500
5000
9500
7500
2500
10000
20000
15000
10000
5000
-10000
-15000
-20000
9700
9500
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
-5000
9600
Bank Nifty
Bank Nifty
25
Spot Price
8900
Strike Price
8800
Premium
400
Break Even
8400
Pay-off from
Pay-off from
Bank Nifty
8000
-10000
20000
10000
8200
-10000
15000
5000
8400
-10000
10000
8600
-10000
5000
-5000
8800
-10000
-10000
9000
-10000
-10000
15000
10000
5000
-10000
-15000
-20000
9100
8900
8800
8700
8600
8500
8400
8200
8300
8100
8000
-5000
9000
Bank Nifty
Bank Nifty
Spot Price
8900
Strike Price
8800
25
500
Premium
9300
Break Even
Exercise
Pay-off
Premium
Pay-off
Bank Nifty
8800
12500
12500
9000
12500
-2500
10000
9200
12500
-10000
2500
9400
12500
-15000
-2500
9600
12500
-20000
-7500
15000
10000
5000
-15000
-20000
9800
9600
9500
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
-5000
-10000
9700
Bank Nifty
Example: Sell 1 ITM Call Option and Buy 1 OTM Call Option*
Bank Nifty
25
Spot Price
8900
8800
Call Premium
500
9000
Call Premium
400
Break Even
8900
Pay-off from
OTM Call Brought
Pay-off from
ITM Call Sold
Bank Nifty
8500
12500
-10000
2500
8700
12500
-10000
2500
8900
10000
-10000
9100
5000
-7500
-2500
9300
-2500
-2500
15000
10000
5000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
-10000
9500
Bank Nifty
Example: Buy 1 ITM Put Option and Sell 1 OTM Put Option*
Bank Nifty
25
Spot Price
8900
9100
Puf Premium
500
8800
Put Premium
400
Break Even
9000
Pay-off from
ITM Put brought
Bank Nifty
Pay-off from
OTM Put sold
8600
5000
5000
8800
-5000
10000
5000
9000
-10000
10000
9200
-12500
10000
-2500
9400
-12500
10000
-2500
15000
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
9500
Bank Nifty
Example: Buy 1 ITM Put Option and Sell 1 OTM Put Option*
Bank Nifty
25
Future Price
8900
8900
Call Premium
200
Break Even
8700
Pay-off from
Call brought
Pay-off on
Futures
Bank Nifty
8300
15000
-5000
10000
8500
10000
-5000
5000
8700
5000
-5000
8900
-5000
-5000
9100
-5000
-5000
20000
15000
10000
5000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
-10000
9500
Bank Nifty
Bank Nifty
25
Future Price
8900
8800
Put Premium
200
Break Even
9100
Pay-off from
Put sold
Pay-off from
Futures
Bank Nifty
8500
10000
-2500
7500
8700
5000
2500
7500
8900
5000
5000
9100
-5000
5000
9300
-10000
5000
-5000
9500
-15000
5000
-10000
20000
15000
10000
5000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
-10000
9500
Bank Nifty
Bank Nifty
25
Spot Price
8900
9000
Call Premium
100
Put Premium
200
Upper BEP
9300
Lower BEP
8700
Pay-off from
Put sold
Pay-off from
Call brought
Bank Nifty
8300
-2500
12500
10000
8500
-2500
7500
5000
8700
-2500
2500
0.00
9000
-2500
-5000
-7500
9300
5000
-5000
0.00
9600
12500
-5000
7500
10000
22500
-5000
17500
20000
15000
10000
5000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
-10000
9500
Bank Nifty
Bank Nifty
25
Spot Price
8900
9000
Call Premium
100
Put Premium
200
Upper BEP
9300
Lower BEP
8700
Pay-off from
Put sold
Pay-off from
Call brought
Bank Nifty
8000
2500
-20000
-17500
8400
2500
-10000
-7500
8700
2500
-2500
9000
2500
5000
7500
9300
-5000
5000
9600
-12500
5000
-7500
10000
-22500
5000
-17500
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
-5000
9500
Bank Nifty
Bank Nifty
25
Spot Price
8900
9000
Call Premium
200
8800
100
Put Premium
Upper BEP
9300
Lower BEP
8500
Pay-off from
Put purchase
Pay-off from
Call purchase
Bank Nifty
8000
-5000
17500
12500
8300
-5000
10000
5000
8500
-5000
5000
9000
-5000
-2500
-7500
9300
2500
-2500
9500
7500
-2500
5000
9800
15000
-2500
12500
15000
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
9500
Bank Nifty
0
-5000
Bank Nifty
25
Spot Price
8900
9000
Call Premium
200
8800
100
Put Premium
Upper BEP
9300
Lower BEP
8500
Pay-off from
Put sold
Pay-off from
Call sold
Bank Nifty
8000
5000
-17500
-12500
8300
5000
-10000
-5000
8500
5000
-5000
9000
5000
2500
7500
-2500
2500
9500
-7500
2500
-5000
9800
-15000
2500
-12500
9300
15000
10000
5000
-10000
-15000
-20000
9600
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
8300
8200
9500
Bank Nifty
0
-5000
Spot Price
Sell ATM Call Strike
Call Premium
Buy ITM Call Strike
Call Premium
Buy OTM Call Strike
Call Premium
Upper BEP
Lower BEP
Bank Nifty
25
Pay-off from
1 ITM Call
brought
Bank Nifty
8600
8700
8800
8900
9000
9100
9200
Pay-off from
2 ATM Calls
Sold
-12500
-12500
-10000
-7500
-5000
-2500
0
8900
8900
300* 2
8700
500
9100
200
9000
8800
Pay-off from
1 OTM Call
brought
15000
15000
15000
15000
10000
5000
0
-5000
-5000
-5000
-5000
-5000
-5000
-2500
20000
15000
10000
5000
-15000
-20000
9400
9200
9100
9000
8900
8800
8700
8500
8600
8400
-5000
9300
Bank Nifty
-10000
-2500
-2500
0
2500
0
-2500
-2500
Spot Price
Buy ATM Call Strike
Call Premium
Sell ITM Call Strike
Call Premium
Sell OTM Call Strike
Call Premium
Upper BEP
Lower BEP
Bank Nifty
25
8900
8900
300* 2
8800
500
9100
200
9000
8800
Bank Nifty
8600
8700
8800
8900
9000
9100
9200
12500
12500
10000
7500
5000
2500
0
-15000
-15000
-15000
-15000
-10000
-5000
0
5000
5000
5000
5000
5000
5000
2500
15000
10000
5000
-10000
-15000
-20000
9400
9200
9100
9000
8900
8800
8700
8500
8600
8400
-5000
9300
Bank Nifty
2500
2500
0
-2500
0
2500
2500
Bank Nifty
8900
8700
580
8800
520
9000
420
9100
380
9080
8720
25
Bank Nifty
8400
8600
8720
8800
9000
9080
9200
9400
-14500
-14500
-14000
-12000
-7000
-5000
-2000
3000
13000
13000
13000
13000
8000
6000
3000
-2000
-9500
-9500
-9500
-9500
-9500
-9500
-7000
-2000
10500
10500
10500
10500
10500
8500
5500
500
-500
-500
0
2000
2000
0
-500
-500
15000
10000
5000
9600
9500
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
0
-5000
-10000
-15000
-20000
Bank Nifty
Bank Nifty
8900
8700
580
8800
520
9000
420
9100
380
9080
8720
25
Bank Nifty
8400
8600
8720
8800
9000
9080
9200
9400
14500
14500
14000
12000
7000
5000
2000
-3000
-13000
-13000
-13000
-13000
-8000
-6000
-3000
2000
9500
9500
9500
9500
9500
9500
7000
2000
-10500
-10500
-10500
-10500
-10500
-8500
-5500
-500
500
500
0
-2000
-2000
0
500
500
20000
15000
10000
5000
9600
9500
9400
9300
9200
9100
9000
8900
8800
8700
8500
8600
8400
0
-5000
-10000
-15000
-20000
Bank Nifty
Example: Buy 1 Call Strike 8800, Sell 1 Call Strike 9200, Buy 1
Put Strike 9200 & Sell Put Strike 8800*
Bank Nifty
8900
400
250
25
500
350
Bank Nifty
brought
8700
8800
8900
9000
9100
9200
9300
9400
brought
-10000
-10000
-7500
-5000
-2500
0.00
2500
5000
6250
6250
6250
6250
6250
6250
3750
1250
6250
8750
8750
8750
8750
8750
8750
8750
0
-2500
-5000
-7500
-10000
-12500
-12500
-12500
2500
2500
2500
2500
2500
2500
2500
2500
12500
7500
2500
Bank Nifty
8200
-7500
-12500
8400
8600
8800
9000
9200
9400
9600
Bank Nifty
8900
523
8800
302
25
9200
638
9200
362
8800
Bank Nifty
brought
8400
8600
8800
9000
9200
9400
9600
13000
13000
13000
8000
3000
-2000
-7000
brought
-7500
-7500
-7500
-7500
-7500
-2500
2500
1000
-4000
-9000
-9000
-9000
-9000
-9000
-4000
1000
6000
11000
16000
16000
16000
2500
2500
2500
2500
2500
2500
2500
16000
12000
8000
4000
Bank Nifty
0
8200
-4000
-8000
-12000
-16000
8400
8600
8800
9000
9200
9400
9600
9800