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Updated on 27th June for July series, 2010

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Contents

1. Introduction to Nifty Options 2. Types of Nifty Call Options 3. Types of Nifty Put options 4. Bullish Nifty Trading Strategies

Nifty Option Long Call Nifty Option Bull Call Spread Nifty Option Bull Put Spread Nifty Option Bull Call Ratio Back Spread Nifty Option Bull Call Calendar Spread 7-8 8-9 10-11 11-12 13

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**5. Bearish Nifty Trading Strategies
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Nifty Option Long Put Nifty Option Bear Put Spread Nifty Option Bear Call Spread Nifty Option Bear Put Ratio Back Spread Nifty Option Bear Put Calendar Spread 14-15 15-16 17-18 18-19 20

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**6. Highly Volatile Market Nifty Trading Strategies
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Nifty Option Long Straddle Nifty Option Long Strangle 21-22 22-23

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7. Nifty Option Intra-Day Trading Strategies 8. The Universally Proven Dos of Successful Option Trading

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even if you don’t keep stop losses*. OPTIDX NIFTY 29JUL2010 PE 5300 = = = = Option of the underlying security which is Nifty Index the expiry date of July month Put Option The Strike Price (when Nifty goes below 5200.100/. if the market is bearish. This particular Nifty Call Option will gain when Nifty Index goes up and will keep on rising above 5300 level.20/.20/.and maximum change in the day upside limits to around Rs. However. This particular Nifty Call Option will gain when Nifty Index goes down below 5300 level.20/. the call option gains) OPTIDX NIFTY 29JUL2010 PE 5100:.5300/.This is a Nifty Put Option for the month of July.only.Introduction to Nifty Options A Nifty Index option is a contract between two parties in which the Nifty option buyer (holder) purchases the right but not the obligation to buy/sell Nifty Index Securities at a predetermined price from/to the Nifty option seller or writer within a fixed period of time. the later one is the right one to trade because you risk only Rs. You buy Nifty Calls when you bet on bullishness and you buy Nifty Puts in bearishness of the Nifty Index.in a day which is a 100% return. 2010 with a strike price of Rs. one should consider buying Nifty Call Options.when Nifty index level is at 5300 (for example). OPTIDX NIFTY 29JUL2010 CE 5300 = = = = Option of the underlying security which is Nifty Index the expiry date of July month Call Option The Strike Price (when Nifty goes above 5200.to get a profit of Rs.200/ . In the above two scenarios. So. our course is not for exercising them but to trade them just like a simple stock. The two classes of Nifty options are puts and calls. We at Nifty options profit comes at this point and make you learn how to trade it with less risk yet high rewards. At the same time.20/.if you don’t put stop loss.20/ . Keeping stop loss is a very tricky thing while trading Nifty 3 . if the market is bullish.5200/. the put option gains) Nifty options trading are one of the best when it comes to returns. A Nifty Call Option confers the buyer the right to buy the underlying stock while Nifty Put Options give him the rights to sell them.when Nifty index level is at 5300 (for example). So. Again there are times when the same Call or Put options has a buy price of Rs. one should consider buying Nifty Put Options. There are times when a particular Nifty Call or Put options has a buy price of Rs. while the former scenario carries a bigger risk of loosing Rs. 2010 with a strike price of Rs. OPTIDX NIFTY 29JUL2010 CE 5300: This is a Nifty Call Option for the month of July. It’s all in the way of choosing the right trades and timings of buy and sell.and moves upside up to Rs. it’s one of the most risky trades.

Put your risk management plan. If you buy 1 lot which is 50 units. that is Rs. till expiry etc Decide on your view about the market for above time-frame – up. a whooping 120 % returns in a day or two. You should also assume the worst case scenario. What if the market went down from 4800 to 4700 and the value of your options went to near zero. which expiry month.55 (average) equals Rs. So you have invested just Rs 1250. Asses the current volatility scenario of market – high. I need to clear off your mind and decide yourself a few things. weeks. Let us assume that the Nifty market today is at 4800. new option trader gets lost in the maze of so many option strategies and find it difficult to select right strategy for correct market condition. Let me give you a framework for strategy selection: Decide your holding period of the trade – intraday. Address the decision variables like which strike. behavior for change in various option Greeks etc. where to put stops. Options are a great way of making money out of very little money in a very short span of time. At this time the value of your call options will be like Rs 50 to Rs 60 per unit.2750. you would have fair chance of making money irrespective of Nifty going up or down. when to trade and when not to trade this strategy. low. So in the worst case you will only lose your initial investment amount Rs 1250. then the money you will get will be 50 multiplied by Rs. maximum risk. volatility is the most important factor which will determine how much money you will make while trading in options. In my course I would be explaining about type of options and how to buy two options at a time to minimize risk. maximum return. And yes. against you. few days. From that lot. Back test. or goes nowhere. then the total cost for this would be Rs 1250. And you can square off your position anytime before the option closing date (which is 27th May). break-even points.options because huge volatility and big gap openings often skips the stop losses we keep and make us loose the whole amount we put.1500. how much of premium to collect. your action plan when position goes in your favor. normal. And the profit that you would generate would be Rs 2750 minus Rs 1250. Option trading has all kind of strategies to play above 3 market conditions and 3 volatility situations. down or sideway. And you have bought the Nifty Call Option of strike price 4900 of May month end at a cost of Rs 25 per unit. Develop your personalized trading system for each strategy. trade planning etc in place Start trading your trading system [Tiger (share khan). ICICI Direct trade] 4 . This way the returns would be less but. Before I discuss with all the Nifty Options Trading strategies. etc and get a feel of trading them in paper. paper trade. you need to look daily about current value of the options that you have bought so that you can square off your position at any day before the final closing day of the option. select 1 or 2 strategy for each type of market condition. Make sure that your personalized trading system has positive expectancy. TT5 (India info line). So for making money in Options trading you need to have a perception of whether the market will go up or down. Remember. Now suppose if the market goes up in the coming days to 4800-4900 levels. So suppose you square off your position at Rs 50 to Rs 60 per unit. Master the selected strategies. Know their risk graph. Most of the time.

These types of calls are best for conservative traders who are strict in keeping stop losses with a fixed profit target in their mind when the market rallies. At-the-Money Nifty Calls = Strike price equals to Nifty index level For example: . ITM calls for the month of July series are: OPTIDX NIFTY 29JUL2010 CE 5200 OPTIDX NIFTY 29JUL2010 CE 5100 OPTIDX NIFTY 29JUL2010 CE 5000 OPTIDX NIFTY 29JUL2010 CE 4900 ATM (At-the-Money) Nifty Calls: An at-the-money call is a call which strike price is the same as Nifty index level.when Nifty index is trading at 5300. These types of calls are best for aggressive traders who can take risk and likes to earn big by investing a little amount of capital. Out-the-Money Nifty Calls = Strike price higher than Nifty index level For example: . these calls are great for short selling and spread trading strategies which takes advantage of time decay.when Nifty index is trading at 5300.Type of Calls according to Strike prices:ITM (In-the-Money) Nifty Calls: In-the-Money calls are those calls which strike prices are lower than the Nifty index level.when Nifty index is trading at 5300. This particular call is good for intra-day trading with a specific plan of buying and selling in the same day as soon as it achieves a target. In-the-Money Nifty Calls = Strike price less than Nifty index level For example: . OTM calls for the month of July series are: OPTIDX NIFTY 29JUL2010 CE 5400 OPTIDX NIFTY 29JUL2010 CE 5500 OPTIDX NIFTY 29JUL2010 CE 5600 OPTIDX NIFTY 29JUL2010 CE 5700 5 . Also. ATM calls for the month of July series is: OPTIDX NIFTY 29JUL2010 CE 5300 OTM (Out-the-Money) Nifty Calls: Out-the-Money calls are those calls which strike prices are higher than the Nifty index level.

At-the-Money Nifty Puts = Strike price equals to Nifty index level For example: .when Nifty index is trading at 5300. Also. Out-the-Money Nifty Puts = Strike price lower than Nifty index level For example: . ATM Put for the month of July series is: OPTIDX NIFTY 29JUL2010 PE 5300 OTM (Out-the-Money) Nifty Puts: Out-the-Money Puts are the ones which strike prices are lower than the Nifty index level.when Nifty index is trading at 5300. This particular call is good for intra-day trading with a specific plan of buying and selling in the same day as soon as it achieves a target when the market goes down. ITM puts for the month of July series are: OPTIDX NIFTY 29JUL2010 PE 5400 OPTIDX NIFTY 29JUL2010 PE 5500 OPTIDX NIFTY 29JUL2010 PE 5600 OPTIDX NIFTY 29JUL2010 PE 5700 ATM (At-the-Money) Nifty Puts: An at-the-money put is the one which strike price is the same as Nifty index level.when Nifty index is trading at 5300. These types of Puts are best for conservative traders who are strict in keeping stop losses with a fixed profit target in their mind when the market goes down. ITM puts for the month of July series are: OPTIDX NIFTY 29JUL2010 PE 5200 OPTIDX NIFTY 29JUL2010 PE 5100 OPTIDX NIFTY 29JUL2010 PE 5000 OPTIDX NIFTY 29JUL2010 PE 4900 6 . these calls are great for short selling and spread trading strategies which takes advantage of time decay at the time of Bullish market.Type of Puts according to Strike prices:ITM (In-the-Money) Nifty Puts: In-the-Money Puts are those puts which strike prices are higher than the Nifty index level. These types of Puts are best for aggressive traders who can take risk and likes to earn big by investing a little amount of capital when the market falls down. In-the-Money Nifty Puts = Strike price higher than Nifty index level For example: .

The formula for calculating profit is given below: Maximum Profit = Unlimited Profit Achieved When Nifty Index level >= Strike Price of Long Call + Premium Paid Profit = Price of Underlying . The formula for calculating maximum loss is given below: Max Loss = Premium Paid + Commissions Paid Max Loss Occurs When Nifty index level <= Strike Price of Long Call 7 . there is no limit to the maximum profit possible when implementing the long call Nifty option strategy.Premium Paid Limited Risk Risk for the long call Nifty options strategy is limited to the price paid for the call option no matter how low the Nifty index level is trading on expiration date. Unlimited Profit Potential Since they can be no limit as to how high the Nifty Index level can be at expiration date.B: Remember Nifty Option Call options have a limited lifespan.Bullish Nifty Trading Strategies: Nifty Option Long Call Nifty Option Bull Call Spread Nifty Option Bull Put Spread Nifty Option Bull Call Ratio Back Spread Nifty Option Bull Call Calendar Spread 1) Nifty Option Long Call The Nifty Option long call option strategy is the most basic option trading strategy whereby the options trader buys Nifty call options with the belief that Nifty Index level will rise significantly beyond the strike price before the option expiration date. the call option will expire worthless. 2010 series: Buy 1 ITM or ATM or OTM Call (OPTIDX NIFTY 29JUL2010 CE 5200/5300/5400) N. If the Nifty index level does not move above the strike price before the option expiration date.Strike Price of Long Call . Long Call Trading Position in the month of July at Nifty level 5300 for July.

As 1 lot of Nifty call option contract covers 50 units. Breakeven Point = Strike Price of Long Nifty Option Call + Premium Paid Nifty Option Long Call Example: Suppose the Nifty Index trading at 5000 level and a Nifty Call Option contract as OPTIDX NIFTY 29JUL2010 CE 5000 is priced at Rs. 2010.10000.10000. if you were wrong in your assessment and the Nifty Index level had instead dived to 4000.00 in total to purchase the Nifty call option. the 29th.00 to purchase 1 lot of OPTIDX NIFTY 29JUL2010 CE 5000 covering 50 units.00 a unit.200.50000.1000. 2010 series: Buy 1 ITM Nifty Call (OPTIDX NIFTY 29JUL2010 CE 5200) Sell 1 OTM Nifty Call (OPTIDX NIFTY 29JUL2010 CE 5400) By short selling the OTM Nifty call. The bull call spread option strategy is also known as the bull call debit spread as a debit is taken upon entering the trade.200. your net profit for the entire trade is therefore Rs. the total amount you will receive from selling the OPTIDX NIFTY 29JUL2010 CE 5000 is Rs. 8 . the options trader reduces the cost of establishing the bullish position but forgoes the chance of making a large profit in the event that Nifty Index level skyrockets. Say you were proven right and the Nifty Index rallies to 6000 level on option expiration date of July. Bull call spreads can be implemented by buying ITM Nifty Call option while simultaneously selling a higher striking OTM Nifty call option of the same expiration month. With underlying Nifty index at 6000.00 in total that you paid to purchase the Nifty Call Option. This gives you a profit of Rs.00.800. However.40000. Bull Call Spread Trading Position in the month of July at Nifty level 5300 for July.00. Since you had paid Rs. you can sell them immediately in the open market for Rs.00 per unit.00 or Rs. 2) Nifty Option Bull Call Spread: The Nifty option bull call spread strategy is employed when the options trader thinks that the Nifty index level will go up moderately in the near term. You believe that Nifty index level will rise sharply in the coming weeks and so you paid Rs.Breakeven Point(s) The Nifty Index level at which break-even is achieved for the Nifty Option Long Call position can be calculated using the following formula.10000. your call option will expire worthless and your total loss will be the Rs.00.

The Nifty Index level begins to rise and closes at 5600 on expiration date.Limited Upside Profit Potential Maximum gain is reached for the Nifty bull call spread options strategy when the Nifty index level move above the higher strike price of the two calls and it is equal to the difference between the strike prices of the two call options minus the initial debit taken to enter the position.200. 9 . Since the trader had a debit of Rs.00 and selling 1 OPTIDX NIFTY 29JUL2010 CE 5500 for Rs.Strike Price of Long Call .300. The net investment required to put on the spread is a debit of Rs.300. If the Nifty Index level had declined to 4800 instead. Maximum loss cannot be more than the initial debit taken to enter the spread position.00 per unit.100.200.500.00 at expiration. his net profit is Rs. The formula for calculating maximum loss is given below: Max Loss = Net Premium Paid + Commissions Paid Max Loss Occurs When Nifty<= Strike Price of Long Call Breakeven Point(s) The Nifty Index level at which break-even is achieved for the Nifty Option Bull Call spread position can be calculated using the following formula. The formula for calculating maximum profit is given below: Max Profit = Strike Price of Sold Call .Net Premium Paid Commission Paid to broker Max Profit Achieved When Nifty Index>= Strike Price of Short Call Limited Downside risk The Nifty Option bull call spread strategy will result in a loss if the stock price declines at expiration.00 per unit.00 when he bought the spread.100.600. This means that the spread is now worth Rs.00. Breakeven Point = Strike Price of Long Nifty Call + Net Premium Paid Nifty Option Bull Call Spread Example: An options trader believes that Nifty Index trading at 5200 is going to rally soon and enters a bull call spread by buying 1 OPTIDX NIFTY 29JUL2010 CE 5000 for Rs.00.00. The trader will lose his entire investment of Rs.00 and the OPTIDX NIFTY 29JUL2010 CE 5500 having an intrinsic value of Rs. Both options expire inthe-money with the OPTIDX NIFTY 29JUL2010 CE 5000 having an intrinsic value of Rs. which is also his maximum possible loss.200. both options expire worthless.

Strike Price of Long Put Net Premium Received + Commission Paid Max Loss Occurs When Nifty Index Level <= Strike Price of Long Put Breakeven Point(s) The Nifty Index level at which break-even is achieved for the bull put spread position can be calculated using the following formula.Commissions Paid Max Profit Achieved When Price of Underlying >= Strike Price of Short Put Limited Downside Risk If the Nifty Index level drops below the lower strike price on expiration date. The formula for calculating maximum profit is given below: Max Profit = Net Premium Received . 2010 series: Buy 1 OTM Nifty Put (OPTIDX NIFTY 29JUL2010 PE 5200) Sell 1 ITM Nifty Put (OPTIDX NIFTY 29JUL2010 PE 5400) The bull put spread options strategy is also known as the bull put credit spread as a credit is received upon entering the trade.3) Nifty Option Bull Put Spread The Nifty Option Bull Put spread trading strategy is employed when the options trader thinks that the price of the underlying asset will go up moderately in the near term. both options expire worthless and the bull put spread option strategy earns the maximum profit which is equal to the credit taken in when entering the position. then the Nifty Option bull put spread strategy incurs a maximum loss equal to the difference between the strikes prices of the two puts minus the net credit received when putting on the trade. Bull put spreads can be implemented by selling a higher striking in-the-money put option and buying a lower striking out-of-the-money put option on the same underlying Nifty with the same expiration date. The formula for calculating maximum loss is given below: Max Loss = Strike Price of Short Put . Bull Put Spread Trading Position in the month of July at Nifty level 5300 for July.Net Premium Received 10 . Breakeven Point = Strike Price of Short Put . Limited Upside Profit Potential If the Nifty Index level closes above the higher strike price on expiration date.

00 as profit. It is an unlimited profit.500. The formula for calculating profit is given below: Maximum Profit = Unlimited Profit Achieved When Price of Underlying >= 2 x Strike Price of Long Call . Both options expire worthless and the options trader keeps the entire credit of Rs. This means that the spread is now worth Rs.00 per unit when entering the spread position. 4) Nifty Option Bull Call Ratio Back spread: The Nifty Option Call Ratio Back spread trading is a bullish strategy in options trading that involves selling a number of call options and buying more call options of the same underlying stock and expiration date at a higher strike price. limited risk options trading strategy that is taken when the options trader thinks that the underlying Nifty will experience significant upside movement in the near term. Since the trader had received a credit of Rs.00. the trader receives a net credit of Rs. 2010 series: Sell 1 ITM Call (OPTIDX NIFTY 29JUL2010 CE 5200) Buy 2 OTM Call (OPTIDX NIFTY 29JUL2010 CE 5400) A 2:1 call back spread can be implemented by selling a number of calls at a lower strike and buying twice the number of calls at a higher strike.Strike Price of Short Call +/.300.700.Net Premium Paid/Received Profit = Price of Underlying .00. Thus.100.200. This is also his maximum possible loss.Max Loss 11 .200.200. both options expires in-the-money with the OPTIDX NIFTY 29JUL2010 PE 5000 having an intrinsic value of Rs. Unlimited Profit Potential The call back spread profits when the Nifty Index makes a strong move to the upside beyond the upper breakeven point. If the Nifty Index level had declined to 4800 instead.00 and selling 1 OPTIDX NIFTY 29JUL2010 PE 5500 for Rs. Call Back Spread Trading Position in the month of July at Nifty level 5300 for July.200. The Nifty Index level begins to rise and closes at 5600 on expiration date. his net loss comes to Rs. which is also the maximum profit possible. There is no limit to the maximum possible profit.Strike Price of Long Call .00 and the OPTIDX NIFTY 29JUL2010 PE 5500 put having an intrinsic value of Rs.00.00 when he entered the spread.Nifty Option Bull Put Spread Example: An options trader believes that Nifty Index trading at 5300 is going to rally soon and enters a bull put spread by buying 1 OPTIDX NIFTY 29JUL2010 PE 5000 for Rs.300.00 at expiration.

1000.00 each.2000.00 in total while his single short OPTIDX NIFTY 29JUL2010 CE 5000 is only worth Rs. there is no resulting loss. Maximum loss is equal to the intrinsic value of the short call plus or minus any debit or credit taken when putting on the spread.00 each unit. On expiration in July. at 7000. all the options will expire in the money.3000. The breakeven points can be calculated using the following formulae.2000.500. Therefore. the long OPTIDX NIFTY 29JUL2010 CE 5500 will be worth Rs. Since the net debit to put on this trade is zero.00 for the options trader.00 is just enough to offset the losses from the shorted call. both the long calls expire worthless while the short call expires in the money.1000. If the Nifty Index level had dropped to 5000 or below at expiration. resulting in a profit of Rs.500. their combined value of Rs. Upper Breakeven Point = Strike Price of Long Call + Points of Maximum Loss Lower Breakeven Point = Strike Price of Short Call Nifty Option Bull Call Ratio back spread Example: Suppose Nifty Index level is trading at 5300 in July at the time of building our position for next month July series. both the OPTIDX NIFTY 29JUL2010 CE 5500 expire worthless while the short OPTIDX NIFTY 29JUL2010 CE 5000 expires in the money with Rs. Since the OPTIDX NIFTY 29JUL2010 CE 5500 bought is now worth Rs. An options trader executes a 2:1 call back spread by selling 1 OPTIDX NIFTY 29JUL2010 CE 5000 for Rs. The short OPTIDX NIFTY 29JUL2010 CE 5000 is worth Rs.00 each or Rs. At this price.00 in intrinsic value.Net Premium Paid/Received + Commissions Paid Max Loss Occurs When Strike Price of Long Call Breakeven Point(s) There are 2 break-even points for the call back spread position.400.1000. Beyond 6000 level of Nifty index though.00). The net debit/credit taken to enter the trade is zero.00-Rs. all the options involved will expire worthless. For example.500.Strike Price of Short Call +/. If Nifty Index rallies and is trading at 6000 level on expiration in July. if Nifty Index is trading at 5500 level.00. The formula for calculating maximum loss is given below: Max Loss = Strike Price of Long Call .Limited Risk Maximum loss for the call back spread is limited and is taken when the Nifty Index at expiration is at the strike price of the long calls purchased. there will be no limit to the gains possible. 12 .00 and needs to be bought back to close the position.200.1500.3000.00 (Rs. he achieves breakeven at Nifty Index level 6000.00 and buying 2 OPTIDX NIFTY 29JUL2010 CE 5500 for Rs. Buying back this call to close the position will result in the maximum loss of Rs.

Subsequently.5) Nifty Option Bull Call Calendar Spread: Using Nifty Calls. The OPTIDX NIFTY 30SEP2010 CE 5500 expires in the money and is worth Rs. In July. This happens when the Nifty Index goes down and stays down until expiration of the longer term call. Limited Downside Risk The maximum possible loss for the bull calendar spread is limited to the initial debit taken to put on the spread. an options trader believes that Nifty Index which is trading at 5000 level is going to rise gradually over the next 3 months.00. Suppose the Nifty Index did not raise much and remains at or below 5500 all the way until expiration of the long term call in September.100. Nifty Index level rises to 5900 level in September.300 (Rs. The net investment required to put on the spread is a debit of Rs.100.00.100.100). Bull Calendar Spread Trading Position in the month of July at Nifty level 5300 for July.00.400.400-Rs.00 as both calls expire worthless. the trader will lose the initial debit of Rs. Since the initial debit taken to enter the trade is Rs. Nifty Option Bull Call Calendar Example: In July. 2010 series: Sell 1 Near-Term OTM Nifty Call (OPTIDX NIFTY 29JUL2010 CE 5600) Buy 1 Long-Term OTM Nifty Call (OPTIDX NIFTY 30SEP2010 CE 5600) Unlimited Upside Profit Potential Once the near month options expire worthless. The Nifty options trader applying this strategy is bullish for the long term and is selling the near month calls with the intention to ride the long term calls for free. the bull calendar spread strategy can be setup by buying long term slightly OTM Nifty Calls and simultaneously selling an equal number of near month Nifty Calls with the same strike price.00 and Selling 1 OTM call as OPTIDX NIFTY 29JUL2010 CE 5500 for Rs. his profit comes to Rs. He enters a bull calendar spread by buying 1 OTM call as OPTIDX NIFTY 30SEP2010 CE 5500 for Rs. 13 .00 on expiration.100.200. this strategy turns into a discounted long call strategy and so the upside profit potential for the bull calendar spread becomes unlimited. Nifty Index goes up to 5200 level and the OPTIDX NIFTY 29JUL2010 CE 5500 expires worthless.

If the underlying stock price does not move below the strike price before the option expiration date. the maximum profit possible when using the long put strategy is only limited to the striking price of the purchased put less the price paid for the option.Premium Paid 14 . 2010 series: Buy 1 ITM or ATM or OTM Put (OPTIDX NIFTY 29JUL2010 PE 5400/5300/5200) Put options have a limited lifespan. Unlimited Profit Potential Since Nifty Index level in theory can reach zero at expiration date. Long Put Trading Position in the month of July at Nifty level 5300 for July. The formula for calculating profit is given below: Maximum Profit = Unlimited Profit Achieved When Nifty Index level = 0 Profit = Strike Price of Long Put .Bearish Nifty Trading Strategies: Nifty Option Long Put Nifty Option Bear Put Spread Nifty Option Bear Call Spread Nifty Option Bear Put Ratio Back Spread Nifty Option Bear Put Calendar Spread 1) Nifty Option Long Put The long put option strategy is a basic strategy in options trading where the investor buy put options with the belief that the price of the underlying Nifty will go significantly below the striking price before the expiration date. the put option will expire worthless. Breakeven Point = Strike Price of Long Put . The formula for calculating maximum loss is given below: Max Loss = Premium Paid + Commissions Paid Max Loss Occurs When Nifty Index level >= Strike Price of Long Put Breakeven Point(s) The Nifty Index level at which break-even is achieved for the long put position can be calculated using the following formula.Premium Paid Limited Risk Risk for implementing the long put strategy is limited to the price paid for the put option no matter how high the Nifty index level is trading on expiration date.

As 1 lot of Nifty call option contract covers 50 units. 10000.00 per unit. The bear put spread options strategy is also know as the bear put debit spread as a debit is taken upon entering the trade. 10000.50000.800. your Put option will expire worthless and your total loss will be the Rs. Limited Downside Profit To reach maximum profit. A put option contract OPTIDX NIFTY 29JUL2010 PE 5000 expiring in July month is being priced at Rs. Since you had paid Rs.10000.00 in total that you paid to purchase the Nifty Put ATM Option.00. the options trader reduces the cost of establishing the bearish position but forgoes the chance of making a large profit in the event that the Nifty index level plummets. Thus. Say you were proven right and the Nifty Index crashes to 4000 level on option expiration date. Nifty index level need to close below the strike pri ce of the out-ofthe-money (OTM) Nifty put on the expiration date. With underlying Nifty index at 4000.200. if you were wrong in your assessment and the Nifty Index level had instead rallied to 6000. 2) Nifty Option Bear Put Spread The Nifty option bear put spread option trading strategy is employed when the options trader thinks that the Nifty Index level will go down moderately in the near term.00 a unit. This gives you a profit of Rs.00 per unit or Rs.00 However.Nifty Option Long Put Example: Suppose the stock of Nifty Index is trading at 5000 level in July.00 to purchase 1 lot of OPTIDX NIFTY 29JUL2010 PE 5000 covering 50 units.00. Both options expire in the money but the higher strike put that was purchased will have higher intrinsic value than the lower strike put that was sold. you can sell them immediately in the open market for Rs. the total amount you will receive from selling the OPTIDX NIFTY 29JUL2010 PE 5000 is Rs.00 in total to purchase the Nifty call option. 15 . You believe that Nifty index level will fall sharply in the coming weeks and so you paid Rs.200. 2010. 2010 series: Buy 1 ITM Put (OPTIDX NIFTY 29JUL2010 PE 5500) Sell 1 OTM Put (OPTIDX NIFTY 29JUL2010 PE 5000) By shorting (selling) the out-of-the-money (OTM) Nifty put. your net profit for the entire trade is therefore Rs. Bear Put Spread Trading Position in the month of July at Nifty level 5300 for July.40000.1000. Bear put spreads of Nifty Options can be implemented by buying a higher striking in-the-money (ITM) Nifty put option and selling a lower striking out-of-the-money (OTM) Nifty put option with the same expiration date. maximum profit for the bear put spread option strategy is equal to the difference in strike price minus the debit taken when the position was entered.

500.200. Breakeven Point = Strike Price of Long Put .00 in intrinsic value.600.00 (the difference in strike price).300.The formula for calculating maximum profit is given below: Max Profit = Strike Price of Long Put . both options expire worthless.00-Rs.200. resulting in a net debit of Rs. then the bear put spread strategy suffers a maximum loss equal to the debit taken when putting on the trade. and the options trader loses the entire debit of Rs. This is also the maximum possible loss.00 at the same time.Strike Price of Short Put . If the Nifty index had rallied to 5200 level instead. his net profit is Rs.200. Both puts expire in-the-money with the OPTIDX NIFTY 29JUL2010 PE 5000 bought having Rs. The Nifty index level subsequently drops to 4400 at expiration.00 (Rs. The spread would then have a net value of Rs.300. Deducting the debit taken when he placed the trade.00).500. An options trader bearish on Nifty decides to enter a Nifty option bear put spread position by buying 1 OPTIDX NIFTY 29JUL2010 PE 5000 for Rs.100.00 taken to enter the trade.00 in intrinsic value and the OPTIDX NIFTY 29JUL2010 PE 4500 sold (shorted) having Rs.Net Premium Paid Commissions Paid Max Profit Achieved When Nifty Index Level <= Strike Price of Short Put Limited Upside Risk If the Nifty Index level rise above the in-the-money (ITM) Nifty put option strike price at the expiration date. This is also his maximum possible profit.00 for entering this position.100.00 and sell 1 OPTIDX NIFTY 29JUL2010 PE 4500 for Rs. 16 .Net Premium Paid Nifty Option Bear Put Spread Example: Suppose Nifty Index level is trading at 4800 in July. The formula for calculating maximum loss is given below: Max Loss = Net Premium Paid + Commissions Paid Max Loss Occurs When Nifty Index Level >= Strike Price of Long Put Breakeven Point(s) The Nifty Index level at which break-even is achieved for the bear put spread position can be calculated using the following formula.

The formula for calculating maximum loss is given below: Max Loss = Strike Price of Long Call . Breakeven Point = Strike Price of Short Call + Net Premium Received 17 . the Nifty index level needs to close below the strike price of the lower striking call sold at expiration date where both options would expire worthless. The formula for calculating maximum profit is given below: Max Profit = Net Premium Received . then the bear call spread strategy suffers a maximum loss equals to the difference in strike price between the two options minus the original credit taken in when entering the position. The bear call spread option strategy is also known as the bear call credit spread as a credit is received upon entering the trade.Commissions Paid Max Profit Achieved When Nifty Index Level <= Strike Price of Short Call Limited Upside Risk If the Nifty Index level rise above the strike price of the higher strike call at the expiration date.Strike Price of Short Call .Net Premium Received + Commissions Paid Max Loss Occurs When Nifty Index Level >= Strike Price of Long Call Breakeven Point(s) The Nifty Index level at which break-even is achieved for the bear call spread position can be calculated using the following formula. Bear Call Spread Trading Position in the month of July at Nifty level 5300 for July. To reach the maximum profit.3) Nifty Option Bear Call Spread The Nifty option bear call spread option trading strategy is employed when the options trader thinks that the price of the underlying asset will go down moderately in the near term. 2010 series: Buy 1 OTM Call (OPTIDX NIFTY 29JUL2010 CE 5600) Sell 1 ITM Call (OPTIDX NIFTY 29JUL2010 CE 5100) Limited Downside Profit The maximum gain attainable using the bear call spread options strategy is the credit received upon entering the trade. Bear call spreads can be implemented by buying call options of a higher strike price and selling the same number of call options of lower strike price on the same underlying nifty expiring in the same month.

00 at the same time. The formula for calculating profit is given below: Maximum Profit = Unlimited Profit Achieved When Nifty Index Level < 2 x Strike Price of Long Put . this means that he will have a net loss of Rs.300. Put Back Spread Trading Position in the month of July at Nifty level 5300 for July.Max Loss 18 . The Nifty index level subsequently drops to 4400 at expiration.500. limited risk options trading strategy that is taken when the options trader thinks that the underlying Nifty will experience significant downside movement in the near term. both calls will expire in-the-money with the OPTIDX NIFTY 29JUL2010 CE 5000 bought having Rs.200.00 credit for entering this trade.500. It is an unlimited profit. 2010 series: Sell 1 ITM Put (OPTIDX NIFTY 29JUL2010 PE 5500) Buy 2 OTM Puts Put (OPTIDX NIFTY 29JUL2010 PE 5000) A 2:1 put back spread can be implemented by buying a number of puts at a higher strike and buying twice the number of puts at a lower strike. giving him a net Rs. Since the trader have to buy back the spread for Rs.Nifty Index Level . the options trader gets to keep the entire credit of Rs.200.00 and selling 1 OPTIDX NIFTY 29JUL2010 CE 4500 for Rs.00 (the difference in strike price).200.00 credit he earned when he put on the spread position. An options trader bearish on Nifty Index decides to enter a Nifty option bear call spread position by buying 1 OPTIDX NIFTY 29JUL2010 CE 5000 for Rs.Strike Price of Short Put + Net Premium Received Profit = Strike Price of Long Put .00 as profit.700. There is no limit to the maximum possible profit for the put back spread.00 after deducting the Rs. If the Nifty index had rallied to 5200 instead. The spread would then have a net value of Rs.00 in intrinsic value and the OPTIDX NIFTY 29JUL2010 CE 4500 sold having Rs. 4) Nifty Option Bear Put Ratio Back spread The Nifty option put back spread (reverse put ratio spread) is a bearish strategy in options trading that involves selling a number of put options and buying more put options of the same underlying stock and expiration date at a lower strike price.Nifty Option Bear Call Spread Example: Suppose Nifty Index is trading at 4700 in July. As both options expire worthless.200.00.300.100. Unlimited Profit Potential This strategy profits when the stock price makes a strong move to the downside beyond the lower breakeven point.00 in intrinsic value.

If Nifty Index drops to 4000 level on expiration in July. Since the net debit to put on this trade is zero. both the OPTIDX NIFTY 29JUL2010 PE 4500 puts expire worthless while the short OPTIDX NIFTY 29JUL2010 PE 5000 put expires in the money with Rs. The short OPTIDX NIFTY 29JUL2010 PE 5000 is worth Rs.2000.1000.00 while his single short OPTIDX NIFTY 29JUL2010 PE 5000 is only worth Rs.00 for the options trader. Upper Breakeven Point = Strike Price of Short Put Lower Breakeven Point = Strike Price of Long Put .500.00 is just enough to offset the losses from the s horted put.Strike Price of Long Put . their combined value of Rs. The formula for calculating maximum loss is given below: Max Loss = Strike Price of Short Put .00 and buying 2 OPTIDX NIFTY 29JUL2010 PE 4500 for Rs. Maximum loss is equal to the intrinsic value of the short put plus or minus any debit or credit taken when putting on the spread.1500.3000-Rs2000). An options trader executes a 2:1 put back spread by selling 1 OPTIDX NIFTY 29JUL2010 PE 5000 for Rs.00 each unit. Therefore. he achieves breakeven at Nifty level of 4000. all the options will expire in the money.1000.200.500.1000. Buying back this put to close the position will result in the maximum loss of Rs.Limited Risk Maximum loss for the put back spread is limited and is incurred when the underlying Nifty Index Level at expiration is at the strike price of the long puts purchased.500. If the Nifty Index had rallied to 5000 level or higher at expiration. At this price.00 each. there is no resulting loss. The breakeven points can be calculated using the following formulae. 19 .Net Premium Received + Commissions Paid Max Loss Occurs When Nifty level = Strike Price of Long Put Breakeven Point(s) There are 2 break-even points for the put back spread position. The net debit/credit taken to enter the trade is zero. if Nifty Index level is trading at 4500.00. all the options involved will expire worthless. both the long puts expire worthless while the short put expires in the money.00 in intrinsic value. resulting in a profit of Rs. Below 4000 level though. Since the 2 OPTIDX NIFTY 29JUL2010 PE 4500 bought is now worth Rs.400. On expiration in July. there will be no limit to the gains possible.00 and needs to be bought back to close the position.00 (Rs. at 3000 level.Points of Maximum Loss Nifty Option Bear Put Ratio Back spread Example: Suppose Nifty Index level is trading at 4800 in July. For example. each long OPTIDX NIFTY 29JUL2010 PE 4500 will be worth Rs.

00 as both puts expire worthless. the bear calendar spread strategy can be setup by buying long term slightly OTM Nifty Calls and simultaneously selling an equal number of near month Nifty Calls with the same strike price.200. an options trader believes that Nifty Index which is trading at 5000 level is going to fall gradually over the next 3 months.00 on expiration. his profit comes to Rs. this strategy turns into a discounted long put strategy and so the downside profit potential for the bear calendar spread becomes unlimited.00 and Selling 1 OTM call as OPTIDX NIFTY 29JUL2010 PE 4500 for Rs. 20 .100. The net investment required to put on the spread is a debit of Rs. In July.400-Rs.400. This happens when the Nifty Index goes up and stays up until expiration of the longer term put.100. Nifty Index goes down to 4800 level and the OPTIDX NIFTY 29JUL2010 PE 4500 expires worthless.5) Nifty Bear Calendar Put Spread: Using Nifty Puts. 2010 series: Buy 1 Long-Term OTM Nifty Put (OPTIDX NIFTY 30SEP2010 PE 4800) Sell 1 Near-Term OTM Nifty Put (OPTIDX NIFTY 29JUL2010 PE 4800) Unlimited downside Profit Potential Once the near month options expire worthless.00. Limited Upside Risk The maximum possible loss for the bear calendar spread is limited to the initial debit taken to put on the spread.100). Bull Calendar Spread Trading Position in the month of July at Nifty level 5300 for July. Suppose the Nifty Index did not fall much and remains at or below 4500 all the way until expiration of the long term call in September.00. The Nifty options trader applying this strategy is bullish for the long term and is selling the near month calls with the intention to ride the long term calls for free.300 (Rs. Subsequently. The OPTIDX NIFTY 30SEP2010 PE 4500 expires in the money and is worth Rs.100. He enters a bear calendar spread by buying 1 Longer term OTM put as OPTIDX NIFTY 30SEP2010 PE 4500 for Rs. the trader will lose the initial debit of Rs.00. Since the initial debit taken to enter the trade is Rs. Nifty Option Bear put Calendar Example: In July.100. Nifty Index level slides to 4100 level in September.

straddles can achieve large profits no matter which way the underlying stock price heads. Unlimited Profit Potential By having long positions in both call and put options. The formula for calculating maximum loss is given below: Max Loss = Net Premium Paid + Commissions Paid Max Loss Occurs When Nifty Index Level = Strike Price of Long Call/Put 21 .Nifty Option Trading Strategies on highly volatile market: Nifty Option Long Straddle Nifty Option Long Strangle 1) The Nifty Option Long Straddle The long straddle. Long Straddle Trading Position in the month of July at Nifty level 5300 for July.Net Premium Paid Profit = Nifty Index Level . limited risk options trading strategies that are used when the options trader thinks that the underlying securities will experience significant volatility in the near term. striking price and expiration date. also known as buy straddle or simply "straddle ".Nifty Index Level . both options expire worthless and the options trader loses the entire initial debit taken to enter the trade.Net Premium Paid Limited Risk Maximum loss for long straddles occurs when the Nifty Index Level on expiration date is trading at the strike price of the options bought. 2010 series: Buy 1 ATM Call (OPTIDX NIFTY 29JUL2010 CE 5300) Buy 1 ATM Put (OPTIDX NIFTY 29JUL2010 PE 5300) Long straddle options are unlimited profit. At this price.Net Premium Paid OR Strike Price of Long Put . provided the move is strong enough. The formula for calculating profit is given below: Maximum Profit = Unlimited Profit Achieved When Nifty Index Level> Strike Price of Long Call + Net Premium Paid OR Nifty Index Level < Strike Price of Long Put . is a neutral strategy in options trading that involve the simultaneously buying of a put and a call of the same underlying stock.Strike Price of Long Call .

400.Breakeven Point(s) There are 2 break-even points for the long straddle position. Long strangles are debit spreads as a net debit is taken to enter the trade.00.00. if Nifty Index level is still trading at 5000. is a neutral strategy in options trading that involve the simultaneous buying of a slightly out-of-the-money put and a slightly out-of-the-money call of the same underlying stock and expiration date.Net Premium Paid The Nifty Option Long Straddle Example: Suppose Nifty Index level is trading at 5000 in July.400. The breakeven points can be calculated using the following formulae. 2) The Nifty Option Long Strangle The Nifty option long strangle. the long straddle trader's profit comes to Rs.00.600. also known as buy strangle or simply "strangle".200.1000. If Nifty Index level is trading at 6000 on expiration in July.200. both the OPTIDX NIFTY 29JUL2010 CE 5000 and the OPTIDX NIFTY 29JUL2010 PE 5000 will expire worthless and the Nifty option long straddle trader suffers a maximum loss which is equal to the initial debit of Rs. Subtracting the initial debit of Rs.400. the OPTIDX NIFTY 29JUL2010 PE 5000 will expire worthless but the OPTIDX NIFTY 29JUL2010 CE 5000 expires in the money and has an intrinsic value of Rs. limited risk strategy that is taken when the options trader thinks that the underlying stock will experience significant volatility in the near term.00.00. An options trader enters a long straddle by buying 1 OPTIDX NIFTY 29JUL2010 CE 5000 for Rs.00 taken to enter the trade. which is also his maximum possible loss.00 and 1 OPTIDX NIFTY 29JUL2010 PE 5000 for Rs. Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid Lower Breakeven Point = Strike Price of Long Put . On expiration in July. The net debit taken to enter the trade is Rs. 2010 series: Buy 1 OTM Call (OPTIDX NIFTY 29JUL2010 CE 5500) Buy 1 OTM Put (OPTIDX NIFTY 29JUL2010 PE 5100) The long options strangle is an unlimited profit. 22 . Long Strangle Trading Position in the month of July at Nifty level 5300 for July.

both options expire worthless and the options trader loses the entire initial debit taken to en ter the trade. At this price.200.200. 23 . Subtracting the initial debit of $200.00 and 1 OPTIDX NIFTY 29JUL2010 PE 4800 for Rs. If Nifty Index level rallies and is trading at 6000 on expiration in July.Net Premium Paid The Nifty option long strangles Example: Suppose Nifty Index level is trading at 5000 in July. both the OPTIDX NIF TY 29JUL2010 PE 4800 and the OPTIDX NIFTY 29JUL2010 CE 5200 expire worthless and the options trader suffers a maximum loss which is equal to the initial debit of Rs. On expiration in July. which is also his maximum possible loss.Net Premium Paid Profit = Nifty Index Level .00.100.00.Net Premium Paid OR Strike Price of Long Put .Strike Price of Long Call .00 taken to enter the trade. if Nifty Index level is still trading at 5000.00.Net Premium Paid Limited Risk Maximum loss for the long strangles options strategy is hit when the Nifty Index Level on expiration date is trading between the strike prices of the options bought. The breakeven points can be calculated using the following formulae.100. the OPTIDX NIFTY 29JUL2010 PE 4800 Put will expire worthless but the OPTIDX NIFTY 29JUL2010 CE 5200 Call expires in the money and has an intrinsic value of Rs.00.Nifty Index Level . Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid Lower Breakeven Point = Strike Price of Long Put . the options trader's profit comes to Rs.600. The formula for calculating profit is given below: Maximum Profit = Unlimited Profit Achieved When Nifty Index Level > Strike Price of Long Call + Net Premium Paid OR Nifty Index Level < Strike Price of Long Put .800.Unlimited Profit Potential Large gains for the long strangle option strategy are attainable when the underlying Nifty Index makes a very strong move either upwards or downwards at expiration. The formula for calculating maximum loss is given below: Max Loss = Net Premium Paid + Commissions Paid Max Loss Occurs When Price of Underlying is in between Strike Price of Long Call and Strike Price of Long Put Breakeven Point(s) There are 2 break-even points for the long strangle position. The net debit taken to enter the trade is Rs. An options trader executes a long strangle by buying 1 OPTIDX NIFTY 29JUL2010 CE 5200 for Rs.

optionseducation. the following Nifty Options of higher strike price calls (OTM Calls) and lower strike price puts (OTM Puts) can be shorted: OPTIDX NIFTY 29JUL2010 CE 5500 OPTIDX NIFTY 29JUL2010 CE 5600 OPTIDX NIFTY 29JUL2010 CE 5700 OPTIDX NIFTY 29JUL2010 PE 4900 OPTIDX NIFTY 29JUL2010 PE 4800 OPTIDX NIFTY 29JUL2010 PE 4700 Here is the link to interactive strategy scanner on www. then the following Nifty options can be taken as Nifty Long Call Position: OPTIDX NIFTY 29JUL2010 CE 5200 OPTIDX NIFTY 29JUL2010 CE 5300 OPTIDX NIFTY 29JUL2010 CE 5400 OPTIDX NIFTY 29JUL2010 CE 5500 OPTIDX NIFTY 29JUL2010 CE 5600 If Nifty index is bearish at current level of 5300 in July. Here you can click on the strategy name to find further details about it including risk graph and a corresponding example. Another great option resources and education online spot from the same family as the above website is http://www.com site.org 24 .Short-Term Simple Nifty Option Intra-Day Trading Strategies:If Nifty index is bullish at current level of 5300 in July. the following Nifty options can be taken as Nifty Long Put Position: OPTIDX NIFTY 29JUL2010 PE 5400 OPTIDX NIFTY 29JUL2010 PE 5300 OPTIDX NIFTY 29JUL2010 PE 5200 OPTIDX NIFTY 29JUL2010 PE 5100 OPTIDX NIFTY 29JUL2010 PE 5000 If Nifty is stagnant or inactive at current level of 5300 in July.888optionsnet.

Since a delay in 1 or 2 minutes can make a significant change in the price of Nifty options.com and calculate yourself 6.00.00 for an unit per transaction. Buy only options with maximum price of Rs. Always compare and choose the best broker who charges the least commissions because even though a Nifty options may cost Rs. then consider Nifty Long Put 19.M on the expiry day. Do not initiate a trade instantly in the early hours on a huge gap openings 14. If they are long. then stay away from the market for a few days and divert some money to other investments which are secured like Fixed Deposits and Bonds. Option traders are like sea farers who only sail when the ocean is calm and the sky is bright 12. If you win big.M to 3:25 P. 10. Listen to Business news about FIIs positions in the expiry week. As soon as you book profit for the whole position. it’s wise to trade Nifty options by buying ATM calls on the expiry week 16. if they are short then most likely they will cover up their shorts. then Nifty Long Call is considerable Sell volume>Buy volume & If Nifty Index is also going down.00. 17.00 to Rs.option-price. Watch recovery traits of Nifty index in a huge gap down opening 15. Do this trade only with the money which you can afford to loose like 2 to 4 lots only. so consider buying Calls.The Universally Proven Dos of Successful Option Trading 1. European and Asian closings 13.3. Plan the trade completely with Buy. 25 . From 2:30 P. It’s better to operate the trader terminal by yourself rather than calling your broker to buy and sell Nifty options.5000.20.10.00 that easily charge you Rs. Do not force strategy and apply them on every trade 4.00 or Rs. Never ever think that you will win the second time after you won the first time 9. then see the underlying future (Nifty July Future) of the same month whether: Buy volume>Sell volume & If Nifty Index is also going up. In an oversold market. 20. 18.2. If you are buying the current month’s options. Always watch global markets mainly American. Understand the effect of time decay and volatility on option price 5. Stop Loss and Sell targets with strictest discipline 7. Choose the fair priced options check http://www. but the brokerage will be calculated with the underlying Nifty index which cost around Rs.00-Rs. then buy puts. watch the market closely and try to buy Calls if the market is seen recovering from earlier lows. and try to buy Puts if the market is seen breaking down from earlier highs.10. Know the current market conditions by watching business news on popular channels 2. Realize that Nifty option trading is not a daily cup of tea which you can do everyday 8.5. close the trading terminal and call it a day 11. Understand the building blocks of option theory 3.

Happy Trading Please do not hesitate to e-mail us in case of any unclear explanations in the e-book admin@niftyoptionsprofit 26 .

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