Options Payoff

Underlying
Strategy
Bought
Sold
TCS
Bull Call Spread Option Type
2000 ATM
2050 OTM
2015
Put/Call Lots
CE
CE
Premium
1
1
Market Expiry Intrinsic Value 1

Intrinsic Value 2
Net PremiumOption
Paid Payoff
1900
0
0
23
1950
0
0
23
2000
0
0
23
2050
50
0
23
2100
100
50
23
2150
150
100
23
2200
200
150
23
2250
250
200
23
2300
300
250
23
2350
350
300
23
2400
400
350
23
-23
-23
-23
27
27
27
27
27
27
27
27
14.85810918
26.748
50
27
Bull Call Spread

Buy
1 ATM CE
Sell
1 OTM CE
Second strike price
Target % over Spot
Begin
IV*0.15
(IV/sqrt(12) )x 0.5
Middle
30
20
10
Series1
1900 1950 2000 2050 2100 2150 2200 2250 2300 2350 2400
-10
-20
-30
Breakeven
Max loss
Max profit
Lower Strike price + Premium paid

Premium paid
diff between strike price - premium paid
Underlying
Strategy
Bought
Sold
NIFTY
Bear Put Spread Option Type
6000 ATM
5850 OTM
6000
Put/Call Lots
PE
PE
1
1
18.21251424
11.25
Intrinsic Value 2
Net PremiumOption
Paid Payoff
5650
350
200
37
5700
300
150
37
5750
250
100
37
5800
200
50
37
5850
150
0
37
5900
100
0
37
5950
50
0
37
6000
0
0
37
6050
0
0
37
6100
0
0
37
6150
0
0
37
113
113
113
113
113
63
13
-37
-37
-37
-37
Premium
45
8
Buy
Sell
premium
1 ATM PE
1 OTM PE
140
120
8700
100
80
60
Series1
40
20
0
-20
5650 5700 5750 5800 5850 5900 5950 6000 6050 6100 6150
-40
-60
Breakeven
Max loss
Max profit
Higher Strike price - Premium paid

Premium paid
Underlying
Strategy
Bought
Sold
banknifty
11200
Bull PUT Spread Option Type
11100 ATM
10500 ITM
Put/Call Lots
PE
PE

Intrinsic Value 2
Net PremiumOption
Paid Payoff
10400
700
100
73
10500
600
0
73
10600
500
0
73
10700
400
0
73
10800
300
0
73
10900
200
0
73
11000
100
0
73
1
1
527
527
427
327
227
127
27
Premium
Bank Nifty
108
35
Buy
Sell
1 ATM PE
1 ITM PE
600
500
400
300
200
100
Breakeven
0
Max loss
Max profit
Lower Strike price + (diff between strike - prem. Paid)

10400 10500 10600 10700 10800 10900 11000
Prem recd
Series1
Bear
Bull
Examples
Call
Credit
Put
Debit
Horizontal
6000
6000
Diagonal
6200
6000
CE
CE
CE
CE
Buy
Sell
Buy
Sell
Dec
Nov
Dec
Nov
Vertical
6000 CE
6300 CE
Buy
Sell
Nov
Nov
Back
6000 CE
6200 CE
Sell
Buy
Nov
Nov
Ratio
6000 CE
6200 CE
Buy
Sell
Nov
Nov
1
2
Underlying
Strategy
Bought
Sold
NIFTY
Bear Call spread
Option Type
6000 ATM
5850 ITM
6143
Put/Call Lots
CE
CE

Net PremiumOption
Paid Payoff
5650
0 Intrinsic Value 2
-128.5
5700
0
0
-128.5
5750
0
0
-128.5
5800
0
0
-128.5
5850
0
0
-128.5
5900
0
0
-128.5
5950
0
50
-128.5
6000
0
100
-128.5
6050
50
150
-128.5
6100
100
200
-128.5
6150
150
250
-128.5
300
1
1
128.5
128.5
128.5
128.5
128.5
78.5
28.5
-21.5
-21.5
-21.5
-21.5
Premium
Bear Call spread

57.5
186
Buy
Sell
premium
1 ATM CE
1 ITM CE
140
120
980
100
80
60
Series1
40
20
0
-20
5650 5700 5750 5800 5850 5900 5950 6000 6050 6100 6150
-40
Breakeven
Max loss
Max profit
higher Strike price - (diff between strike - prem. Paid)

Prem recd
Underlying
Strategy
Bought
Sold
BANKNIFTY
Call ratio Back Spread Option Type
6000 ATM
5850 ITM
5997
Next Month
Put/Call Lots
CE
CE
2
1
2
1

5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
6300
225
230
235
240
245
250
255
260
265
270
275
Intrinsic Value 2
0
0
0
0
0
100
200
300
400
500
600
2250
2300
2350
2400
2450
2500
2550
2600
2650
2700
2750
0
0
50
100
150
200
250
300
350
400
450
Net PremiumOption
Paid Payoff
-71
-71
-71
-71
-71
-71
-71
-71
-71
-71
-71
71
71
21
-29
-79
-29
21
71
121
171
221
Premium
Bullish Bias Breakout strategy

position 1
buy
ATM
57.5 Position 2
sell
ITM
186
extension of bear call spread

CE
2 lots
CE
1 lot
prem
66
206
cost
34.65
34.65
34.65
34.65
250
200
150
6.1
16.1
26.1
36.1
46.1
56.1
100
Series1
50
series2
0
5800 5850 5900 5950 6000 6050 6100 6150 6200 6250 6300
-50
-100
5929
6071
60
50
40
30
20
10
0
5800 5850 5900 5950 6000 6050 6100 6150 6200 6250 6300
lower Breakeven
lower Strike price + (diff between strike - prem. Paid)
Max loss
diff between strike price - premium recd
Max profit on Prem
lowerrecd
side
3 lots
2 lots
lot size
2
1
-74
Series1
series2
Series1
6300
3
2
Strategy
BOUGHT
SOLD
NIFTY
PUT ratio Back Spread Option Type
6000 ATM
6150 ITM
6143
Put/Call Lots
PE
PE
2
1
3
2

Intrinsic Value 2
Net PremiumOption
Paid Payoff
5850
300
300
-55
5900
200
250
-55
5950
100
200
-55
6000
0
150
-55
6050
0
100
-55
6100
0
50
-55
6150
0
0
-55
6200
0
0
-55
6250
0
0
-55
6300
0
0
-55
6350
0
0
-55
55
5
-45
-95
-45
5
55
55
55
55
55
Premium
position 1
45 Position 2
145
BEARISH BIAS BREAKOUT STRATEGY

buy
ATM
PE
sell
ITM
PE
5905
2 lots
1 lot
6095
80
60
40
20
0
-20
5850 5900 5950 6000 6050 6100 6150 6200 6250 6300 6350
-40
-60
-80
-100
-120
Higher Breakeven
higher Strike price - (diff between strike - prem. Paid)
Max loss
Max profit on Prem
higherrecd
side
Series1
3 lots
2 lots
Series1
extension of bull put spread
Underlying
Strategy
Sold
Bought
NIFTY
Ratio Vertical Spread Option Type
6000 ATM
5950 ITM
5997
ATM
ITM

5600
5650
5700
5750
5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
6300
6350
Intrinsic Value 2
0
0
0
0
0
0
0
0
0
250
500
750
1000
1250
1500
1750
0
0
0
0
0
0
0
0
100
200
300
400
500
600
700
800
Put/Call Lots
CE
CE
5
2
CE
CE
5
2
Net PremiumOption
Paid Payoff
-101.6
101.6
-101.6
101.6
-101.6
101.6
-101.6
101.6
-101.6
101.6
-101.6
101.6
-101.6
101.6
-101.6
101.6
-101.6
201.6
-101.6
51.6
-101.6
-98.4
-101.6
-248.4
-101.6
-398.4
-101.6
-548.4
-101.6
-698.4
-101.6
-848.4
Premium
Ratio vertical spread

57
91.7 Position 1
Position 2
Sell
Buy
ATM
ITM
CE
CE
2:1 ratio
2 lots
1 lot
763.5 TO 799.5
250
200
150
100
Series1
50
0
5600 5650 5700 5750 5800 5850 5900 5950
-50
-100
-150
3:2 ratio
3 lots
2 lots
Underlying
Strategy
SOLD
BOUGHT
NIFTY
Ratio Vertical Spread Option Type
6000 ATM
6050 ITM
5997
Put/Call
PE
PE

Intrinsic Value 2
Net Premium Paid
5850
750
400
-83.65
5900
500
300
-83.65
5950
250
200
-83.65
6000
0
100
-83.65
6050
0
0
-83.65
6100
0
0
-83.65
6150
0
0
-83.65
6200
0
0
-83.65
6250
0
0
-83.65
6300
0
0
-83.65
6350
0
0
-83.65
Lots
Premium
5
2
Ratio vertical spread

45.75
72.55 Position 1
Position 2
Sell
Buy
5
2
Option Payoff
-266.35
-116.35
33.65
183.65
83.65
83.65
83.65
83.65
83.65
83.65
83.65
250
200
150
100
50
0
-50
-100
-150
-200
-250
-300
5850
ATM
ITM
PE
PE
780 CE
760 ce
Net
2:1 ratio
2 lots
1 lot
3:2 ratio
3 lots
2 lots
prem
lots
4.5
14.5
-5.5
5850 5900 5950 6000 6050 6100 6150 6200 6250 6300 6350
2
1
Series1
Underlying
Strategy
BOUGHT
SOLD
SOLD
RCOM
Long Call Ladder
5950
6000
6050

5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
6300
6350
6400
6450
6500
6550
124.1
Option Type
ITM
ATM
OTM
Put/Call Lots
Intrinsic Value 2
0
0
0
0
50
100
150
200
250
300
350
400
450
500
550
600
0
0
0
0
0
50
100
150
200
250
300
350
400
450
500
550
CE
CE
CE
1
1
1
Intrinsic Value 3 Intrinsic Value 4

0
0
0
0
0
0
50
100
150
200
250
300
350
400
450
500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
91.35 Position 2
57.5 Position 3
35.65
Long Call Ladder

Special Variation of Ratio Vertical Spread - shifting the breakev
Buy
1 ITM Call
Sell
1 ATM Call
Sell
1 OTM Call
100
50
Net Premium Paid Option Payoff

-1.8
1.8
-1.8
1.8
-1.8
1.8
-1.8
1.8
-1.8
51.8
-1.8
51.8
-1.8
1.8
-1.8
-48.2
-1.8
-98.2
-1.8
-148.2
-1.8
-198.2
-1.8
-248.2
-1.8
-298.2
-1.8
-348.2
-1.8
-398.2
-1.8
-448.2
0
5800 5850 5900 5950 6000 6050 6100 6150 6200 6250 6300
-50
-100
-150
-200
-250
al Spread - shifting the breakeven pt
6300
Series1
Underlying
Strategy
BOUGHT
SOLD
SOLD
NIFTY
Ratio Vertical Spread
6050
6000
5950
5997
Option Type
ITM
ATM
OTM
Put/Call Lots
PE
PE
PE

Intrinsic Value 2
5800
250
200
150
5850
200
150
100
5900
150
100
50
6000
50
0
0
6100
0
0
0
6200
0
0
0
6300
0
0
0
6400
0
0
0
6500
0
0
0
6600
0
0
0
6700
0
0
0
1
1
1
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
72.55 Position 2
45.3 Position 3
26.5
Long Put Ladder Special Variation of Put Ratio Vertical Spread

Buy
1 ITM Put
Sell
1 ATM Put
Sell
1 OTM Put

0.75
-100.75
0.75
-50.75
0.75
-0.75
0.75
49.25
0.75
-0.75
0.75
-0.75
0.75
-0.75
0.75
-0.75
60
0.75
-0.75
40
0.75
-0.75
0.75
-0.75
20
0
-20
-40
-60
-80
-100
-120
5800 5850 5900 6000 6100 6200 6300 6400 6500 6600 6700
Series1
Underlying
Strategy
BOUGHT
BOUGHT
SOLD
NIFTY
Short Call Ladder
6000
6050
5900

5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
6300
5997
Option Type
ATM
OTM
ITM
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
50
100
150
200
250
300
0
0
0
0
0
0
50
100
150
200
250
CE
CE
CE
1
1
1

0
0
0
50
100
150
200
250
300
350
400
0
0
0
0
0
0
0
0
0
0
0
Premium
Short Call LadderReverse of Long Call

Position1
Sell
1 ITM Call
57 Position 2
Buy
1 ATM Call
35 Position 3
Buy
1 OTM Call
124 COMPARE WITH RATIO BACK SPREAD
varIation of call ratio back spread
200
150

-32
32
-32
32
-32
32
-32
-18
-32
-68
-32
-68
-32
-18
-32
32
-32
82
-32
132
-32
182
100
50
0
5800 5850 5900 5950 6000 6050 6100 6150 6200 6250 6300
-50
-100
5932
6118
call ratio back spread
Series1
6300
Underlying
Strategy
BOUGHT
BOUGHT
SOLD
NIFTY
Short Put Ladder
6000
5950
6100

5750
5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
250
200
150
100
50
0
0
0
0
0
0
5358
Option Type
ATM
OTM
ITM
Put/Call Lots
PE
PE
PE
Intrinsic Value 2
200
350
150
300
100
250
50
200
0
150
0
100
0
50
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
49 Position 2
26.5 Position 3
105.45
Short Put LadderReverse of Long put Ladder varIation of put ratio back spread
Sell
1 ITM Put
Buy
1 ATM Put
Buy
1 OTM Put
5880
6070
150

-29.95
129.95
-29.95
79.95
-29.95
29.95
-29.95
-20.05
-29.95
-70.05
-29.95
-70.05
-29.95
-20.05
-29.95
29.95
-29.95
29.95
-29.95
29.95
-29.95
29.95
100
50
0
5750 5800 5850 5900 5950 6000 6050 6100 6150 6200 6250
-50
-100
put ratio back spread
Series1
Underlying
Strategy
Bought
Bought
NIFTY
Long Straddle Option Type
6000 ATM
6000 ATM

5750
5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
0
0
0
0
0
0
50
100
150
200
250
6000
Put/Call Lots
CE
PE
Intrinsic Value 2
Net PremiumOption
Paid Payoff
250
102
200
102
150
102
100
102
50
102
0
102
0
102
0
102
0
102
0
102
0
102
1
1
148
98
48
-2
-52
-102
-52
-2
48
98
148
Premium
Long Straddle
57
45 Position 1
Position 2
Buy
Buy
Nifty
ATM
ATM
CE
PE
1 lot
1 lot
5600
position1
200
position2
buy
buy
Long straddle
5600 CE
5600 PE
124
63
150
Net
187
100
50
Series1
0
5750 5800 5850 5900 5950 6000 6050 6100 6150 6200 6250
-50
-100
-150
5898
595.75
48.5
6102
644.25
lots
lots
Underlying
Strategy
SOLD
SOLD
NIFTY
Short Straddle Option Type
6200 ATM
6200 ATM
6178
Put/Call
CE
PE
1
2

Intrinsic Value 2
Net PremiumOption
Paid Payoff
5900
0
600
-194.2
-405.8
5950
0
500
-194.2
-305.8
6000
0
400
-194.2
-205.8
6050
0
300
-194.2
-105.8
6100
0
200
-194.2
-5.8
6150
0
100
-194.2
94.2
6200
0
0
-194.2
194.2
6250
50
0
-194.2
144.2
6300
100
0
-194.2
94.2
6350
150
0
-194.2
44.2
6400
200
0
-194.2
-5.8
Premium
Short straddle
56 position1
Sell
69.1 Posiion2
Sell
300
stock
position1
Posiion2
ATM
ATM
Bank Nifty
Sell
Sell
CE
PE
premium
11500 ce
11500 pe
received prem
200
259
205
464
100
0
5900 5950 6000 6050 6100 6150 6200 6250 6300 6350 6400
-100
`
-200
-300
-400
-500
6075
6325
125
Series1
lots
lots
Underlying
Strategy
BOUGHT
BOUGHT
SUNPHARMA
Long Strangle Option Type
6050 OTM
5950 OTM
-15.65

5850
5900
5950
6000
6050
6100
6150
6200
6250
6300
6350
0
0
0
0
0
50
100
150
200
250
300
6000
Put/Call Lots
CE
PE
645.65
1
1
594.35
51.3
Intrinsic Value 2
Net PremiumOption
Paid Payoff
100
83.5
50
83.5
0
83.5
0
83.5
0
83.5
0
83.5
0
83.5
0
83.5
0
83.5
0
83.5
0
83.5
16.5
-33.5
-83.5
-83.5
-83.5
-33.5
16.5
66.5
116.5
166.5
216.5
Buy
57 BUY
26.5
Example
Spot
OTM
OTM
CE
PE
Long Strangle
11500
250
Position1
200
Position2
Buy
Buy
11700 CE
11300 PE
received prem
150
100
Series1
50
-100
5147
5867
6133
6350
6300
6250
6200
6150
6100
6050
6000
5950
-50
5900
0
5850
Premium
170
127
297
ng Strangle
Underlying
Strategy
SOLD
SOLD
NIFTY
Short Strangle Option Type
6500 OTM
5900 OTM
6200
Put/Call Lots
CE
PE

Intrinsic Value 2
Net PremiumOption
Paid Payoff
5700
0
200
-108
5800
0
100
-108
5900
0
0
-108
6000
0
0
-108
6100
0
0
-108
6200
0
0
-108
6300
0
0
-108
6400
0
0
-108
6500
0
0
-108
6600
100
0
-108
6700
200
0
-108
1
1
-92
8
108
108
108
108
108
108
108
8
-92
CSEC:Options-Strategy: Sell Nifty 6500 CE above 56 and Sell Nifty 5900 PE above 52. Max profit: 10,800; Max risk: Unlimited a
Premium
Position 1
56 Position 2
52
Sell
Sell
example
spot price
RIL
Position 1
Position 2
Sell
Sell
150
100
OTM
OTM
772
CE
PE
Pay-Off
800 CE
740 PE
9.75
4.5
50
0
5700
5800
5900
6000
6100
6200
-50
-100
-150
Max profit: 10,800; Max risk: Unlimited above 6600 and below 5800.
6300
6400
6500
6600
6700
Underlying
Strategy
BOUGHT
BOUGHT
NIFTY
Long Strangle Option Type
5950 ITM
6050 ITM

5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
6300
0
0
0
0
50
100
150
200
250
300
350
6178
Put/Call Lots
CE
PE
1
1
Intrinsic Value 2
Net PremiumOption
Paid Payoff
250
163.55
86.45
200
163.55
36.45
150
163.55
-13.55
100
163.55
-63.55
50
163.55
-63.55
0
163.55
-63.55
0
163.55
-13.55
0
163.55
36.45
0
163.55
86.45
0
163.55
136.45
0
163.55
186.45
Premium
Buy
91 BUY
72.55
Example
Spot
200
Position1
150
Position2
ITM
ITM
CE
PE
Long Strangle
Bank Nifty
11500
Buy
Buy
11700 CE
11300 PE
received prem
100
50
170
127
297
Series1
0
5800 5850 5900 5950 6000 6050 6100 6150 6200 6250 6300
-50
-100
6047
103
6297
ng Strangle
Underlying
Strategy
SOLD
SOLD
NIFTY
SHORT GUTS Option Type
5300 ITM
5500 ITM

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
0
0
0
100
200
300
400
500
600
700
800
5408
Put/Call Lots
CE
PE
1
1
Intrinsic Value 2
Net PremiumOption
Paid Payoff
400
-266.3
-133.7
300
-266.3
-33.7
200
-266.3
66.3
100
-266.3
66.3
0
-266.3
66.3
0
-266.3
-33.7
0
-266.3
-133.7
0
-266.3
-233.7
0
-266.3
-333.7
0
-266.3
-433.7
0
-266.3
-533.7
Premium
Position 1
145.5 Position 2
120.8
Sell
Sell
example
spot price
RIL
100
ITM
ITM
CE
PE
772
Position 1
Sell
800 CE
0
Position 2
Sell
740 PE
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
9.75
4.5
-100
-200
Series1
-300
-400
-500
-600
Series1
Underlying
Strategy
Bought
Bought
NIFTY
STRAP Option Type
5600 ATM
5600 ATM

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
0
0
0
0
0
0
200
400
600
800
1000
Put/Call Lots
CE
PE
Intrinsic Value 2
500
0
400
0
300
0
200
0
100
0
0
0
0
0
0
0
0
0
0
0
0
0
2
1
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
95.9 Position 2
106.7
STRAP
Buy
Buy
Bullish Extension of long Straddle

2 ATM Call
1 ATM Put
800
600

298.5
201.5
298.5
101.5
298.5
1.5
298.5
-98.5
298.5
-198.5
298.5
-298.5
298.5
-98.5
298.5
101.5
298.5
301.5
298.5
501.5
298.5
701.5
400
200
0
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
-200
-400
Series1
Underlying
Strategy
Bought
Bought
NIFTY
STRAP Option Type
5600 ATM
5600 ATM

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
0
0
0
0
0
0
100
200
300
400
500
5565
Put/Call Lots
CE
PE
Intrinsic Value 2
1000
0
800
0
600
0
400
0
200
0
0
0
0
0
0
0
0
0
0
0
0
0
1
2
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
95.9 Position 2
106.7
STRIP
Buy
Buy
Bearish Extension of Long Straddle

2 ATM Put
1 ATM Call
800
600

309.3
690.7
309.3
490.7
309.3
290.7
309.3
90.7
309.3
-109.3
309.3
-309.3
309.3
-209.3
309.3
-109.3
309.3
-9.3
309.3
90.7
309.3
190.7
400
200
0
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
-200
-400
Series1
Underlying
Strategy
BOUGHT
SOLD
SOLD
NIFTY
Butterfly
5450
5400
5500

5150
5200
5250
5300
5350
5400
5450
5500
5550
5600
5650
5471
Option Type
ATM
ITM
OTM
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
0
0
100
200
300
400
0
0
0
0
0
0
50
100
150
200
250
CE
CE
CE
2
1
1

0
0
0
0
0
0
0
0
50
100
150
0
0
0
0
0
0
0
0
0
0
0
Premium
151
182
124
Position1
11.25 Position 2
34 Position 3
3.4
Buy 2 ATM Call options

Sell 1 ITM CE
Sell 1 OTM CE
Example
Stock
Spot
10
Net Premium Paid

-4
-4
-4
-4
-4
-4
-4
-4
-4
-4
-4
Option Payoff
4
4
4
4
4
4
-46
4
4
4
4
Bank Nifty
11500
Position 1
Position 2
Position 3
Buy
Sell
Sell
5150 5200 5250 5300 5350 5400 5450 5500 5550 5600 5650
-10
-20
-30
-40
-50
5404
5496
Note
11500 CE
11300 CE
11700 CE
difference between the strikes should be 0.5 SD for a month
66
206
14
5600 5650
Series1
2
1
1
Underlying
Strategy
BOUGHT
SOLD
SOLD
NIFTY
Butterfly
5400
5500
5300
5565
Option Type
ATM
ITM
OTM
Put/Call Lots
PE
PE
PE

Intrinsic Value 2
5100
600
400
200
5200
400
300
100
5300
200
200
0
5400
0
100
0
5500
0
0
0
5600
0
0
0
5700
0
0
0
5800
0
0
0
5900
0
0
0
6000
0
0
0
6100
0
0
0
2
1
1
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
129 Position 2
167.9 Position 3
100.05
Buy 2 ATM
Sell 1 ITM
Sell 1 OTM

-9.95
9.95
-9.95
9.95
-9.95
9.95
-9.95
-90.05
-9.95
9.95
-9.95
9.95
-9.95
9.95
-9.95
9.95
-9.95
9.95
-9.95
9.95
-9.95
9.95
PE
PE
PE
20
Example
Stock
Spot
Bank Nifty
Position 1
Position 2
Position 3
Buy
Sell
Sell
11500
0
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
-20
-40
-60
-80
-100
5517
5682
Note
11500 CE
11300 CE
11700 CE
66
206
14
6000 6100
Series1
2
1
1
Underlying
Strategy
SOLD
BOUGHT
BOUGHT
NIFTY
Butterfly
6000
5900
6100

5750
5800
5850
5900
5950
6000
6050
6100
6150
6200
6250
5997
Option Type
ATM
ITM
OTM
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
0
100
200
300
400
500
0
0
0
0
50
100
150
200
250
300
350
CE
CE
CE
2
1
1

0
0
0
0
0
0
0
0
50
100
150
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
57 Position 2
124 Position 3
20
Sell 2 ATM
Buy 1 ITM
Buy 1 OTM
80
Net Premium Paid

30
30
30
30
30
30
30
30
30
30
30
Option Payoff
-30
-30
-30
-30
20
70
20
-30
-30
-30
-30
60
CE
CE
CE
Example
Stock
Spot
Bank Nifty
Position 1
Position 2
Position 3
Buy
Sell
Sell
11500
40
20
0
5750 5800 5850 5900 5950 6000 6050 6100 6150 6200
-20
-40
5963
5920
6037
6070
Note
11500 CE
11300 CE
11700 CE
66
206
14
Series1
RISK
13
30
PROFIT
37
70
2
1
1
Underlying
Strategy
SOLD
BOUGHT
BOUGHT
NIFTY
Butterfly
5600
5700
5500

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
1000
800
600
400
200
0
0
0
0
0
0
5565
Option Type
ATM
ITM
OTM
Put/Call Lots
PE
PE
PE
Intrinsic Value 2
600
400
500
300
400
200
300
100
200
0
100
0
0
0
0
0
0
0
0
0
0
0
2
1
1
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
106.7 Position 2
162.9 Position 3
68
Sell 2 ATM PE
Buy 1 ITM PE
Buy 1 OTM PE
100

17.5
-17.5
17.5
-17.5
17.5
-17.5
17.5
-17.5
17.5
-17.5
17.5
82.5
17.5
-17.5
17.5
-17.5
17.5
-17.5
17.5
-17.5
17.5
-17.5
80
Example
Stock
Spot
Bank Nifty
Position 1
Position 2
Position 3
Buy
Sell
Sell
11500
60
40
20
0
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
-20
-40
5517.5
5682.5
Note
11500 CE
11300 CE
11700 CE
Series1
6100
66
206
14
2
1
1
Underlying
Strategy
BOUGHT
SOLD
SOLD
BOUGHT
NIFTY
Butterfly
5450
5400
5550
5500
5471
Option Type
ITM
ITM
OTM
OTM
Put/Call Lots
CE
CE
CE
CE
1
1
1
1

Intrinsic Value 2
5150
0
0
0
0
5200
0
0
0
0
5250
0
0
0
0
5300
0
0
0
0
5350
0
0
0
0
5400
0
0
0
0
5450
0
50
0
0
5500
50
100
0
0
5550
100
150
0
50
5600
150
200
50
100
5650
200
250
100
150
Premium
Position1
151 Position 2
182 Position 3
99 Position 3
124
Sell 1 ITM
Buy 1 ITM
Buy 1 OTM
Sell 1 OTM
CE
CE
CE
CE
Lowest Strike
Middle Strike
Middle Strike
Highest Strike
Bank Nifty
11500
10
Net Premium Paid

-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
Option Payoff
6
6
6
6
6
6
-44
-44
6
6
6
Buy
Sell
5150 5200 5250 5300 5350 5400 5450 5500 5550 5600 5650
Sell
-10
-20
-30
-40
-50
5406
5554
Note
11500 CE
11300 CE
11700 CE
Series1
66
206
14
2
1
1
Underlying
Strategy
BOUGHT
SOLD
SOLD
BOUGHT
NIFTY
Butterfly
5600
5700
5400
5500

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
500
400
300
200
100
0
0
0
0
0
0
5565
Option Type
ITM
ITM
OTM
OTM
Put/Call Lots
PE
PE
PE
PE
Intrinsic Value 2
600
300
500
200
400
100
300
0
200
0
100
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
400
300
200
100
0
0
0
0
0
0
0
Premium
Position1
106.7 Position 2
162.9 Position 3
41.8 Position 3
68
Sell 1 ITM
Buy 1 ITM
Buy 1 OTM
Sell 1 OTM
PE
PE
PE
PE
Lowest Strike
Middle Strike
Middle Strike
Highest Strike
40
20

-30
30
-30
30
-30
30
-30
30
-30
-70
-30
-70
-30
30
-30
30
-30
30
-30
30
-30
30
0
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
-20
-40
-60
-80
5430
5670
Note
6100
Series1
Underlying
Strategy
SOLD
BOUGHT
BOUGHT
SOLD
NIFTY
Butterfly
5400
5300
5600
5500

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
5471
Option Type
ITM
ITM
OTM
OTM
Put/Call Lots
CE
CE
CE
CE
Intrinsic Value 2
0
0
0
0
100
200
300
400
500
600
700
0
0
0
100
200
300
400
500
600
700
800

0
0
0
0
0
0
100
200
300
400
500
1
1
1
1
0
0
0
0
0
100
200
300
400
500
600
Premium
Position1
182 Position 2
250 Position 3
78 Position 3
124
Buy 1 ITM
Sell 1 ITM
Sell 1 OTM
Buy 1 OTM
CE
CE
CE
CE
Lowest Strike
Middle Strike
Middle Strike
Highest Strike
Stock
Spot
100
Net Premium Paid

22
22
22
22
22
22
22
22
22
22
22
Bank Nifty
11500
Position 1
Position 2
Position 3
Buy
Sell
Sell
Option Payoff
80
-22
-22
60
-22
78
40
78 LOWER STRIKE - NET PREMIUM PAID + STRIKE PRICE DIFF
-22
767.98
20
-22
-22
0
-22
5100 5200 5300 5400 5500 5600 5700 5800 5900
-22
-20
-22
-40
5278
5578
Note
11500 CE
11300 CE
11700 CE
Series1
5900 6000 6100
66
206
14
2
1
1
Underlying
Strategy
SOLD
BOUGHT
BOUGHT
SOLD
NIFTY
Butterfly
5600
5700
5400
5500

5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
500
400
300
200
100
0
0
0
0
0
0
5983
Option Type
ITM
ITM
OTM
OTM
Put/Call Lots
PE
PE
PE
PE
Intrinsic Value 2
600
300
500
200
400
100
300
0
200
0
100
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
400
300
200
100
0
0
0
0
0
0
0
Premium
Position1
106.7 Position 2
162.9 Position 3
41.8 Position 3
68
Buy 1 ITM
Sell 1 ITM
Sell 1 OTM
Buy 1 OTM
PE
PE
PE
PE
Lowest Strike
Middle Strike
Middle Strike
Highest Strike
80
Net Premium Paid

30
30
30
30
30
30
30
30
30
30
30
Option Payoff
-30
-30
-30
-30
70
70
-30
-30
-30
-30
-30
60
40
20
0
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
-20
-40
5430
5670
Note
Series1
6100
Underlying
Strategy
BOUGHT
SOLD
NIFTY
Strike Option Type
5500 OTM
5450 OTM
5471
Put/Call Lots
CE
PE
1
1

Intrinsic Value 2
Net PremiumOption
Paid Payoff
5150
0
300
-22.85
-277.15
5200
0
250
-22.85
-227.15
5250
0
200
-22.85
-177.15
5300
0
150
-22.85
-127.15
5350
0
100
-22.85
-77.15
5400
0
50
-22.85
-27.15
5450
0
0
-22.85
22.85
5500
0
0
-22.85
22.85
5550
50
0
-22.85
72.85
5600
100
0
-22.85
122.85
5650
150
0
-22.85
172.85
Premium
124
146.85 Position 1
Position 2
Buy
Sell
OTM
OTM
CE
PE
1 lot
1 lot
200
150
100
50
0
-50
-100
-150
-200
-250
-300
5150 5200 5250 5300 5350 5400 5450 5500 5550 5600 5650
Series1
Underlying
Strategy
Bought
Sold
RCOM
124.1
Strike Option Type
5350 OTM
5500 OTM
Put/Call Lots
PE
CE
1
1

Intrinsic Value 2
Net PremiumOption
Paid Payoff
5100
250
0
-9.4
259.4
5200
150
0
-9.4
159.4
5300
50
0
-9.4
59.4
5400
0
0
-9.4
9.4
5500
0
0
-9.4
9.4
5600
0
100
-9.4
-90.6
5700
0
200
-9.4
-190.6
5800
0
300
-9.4
-290.6
5900
0
400
-9.4
-390.6
6000
0
500
-9.4
-490.6
6100
0
600
-9.4
-590.6
Premium
Combo of Long put / Short call

114.6
124 Position 1
Position 2
Buy
Sell
OTM
OTM
PE
CE
1 lot
1 lot
400
300
200
100
0
-100
-200
-300
-400
-500
-600
-700
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100
Series1
Series1
holding
Buy
Hedging Strategy
125 Infosys
PE 2800
Saving
Inv
Max
2900
45 Premium
62500
4050
2810
share/lot size
Total Portfolio/niftylot SIZE/nifty VALUE
1000
500 Yes bank
cash
LONG STOCK
Long PUT ATM/OTM
3.655639
Hedging Strategy
SHORT STOCK/Future
Long Call ATM/OTM
holding
200stocks
Tata motors
Income Strategy
in a month, max upmove is 12%

Sell
CE
LONG STOCK
SHORT
OTM CALL
12% above CMP

95% accu Begin
95% accu Middle
1-Nov-12 price
280
12% above CMP 313.6
Covered call position
Sell
310 CE
optstk icici BANK 26/09/2013 840 CE
When
Target % over Spot

IV*0.55
IV*0.285
5900 Sell
Target % over Spot

IV/sqrt(12) x 2
6200 CE
18/=
Income Strategy
SHORT STOCK/FUTURE
SHORT
OTM PE
95% accu Begin

95% accu Middle
Target % over Spot

IV*0.55
IV*0.285
Target % over Spot

IV/sqrt(12) x 2
Underlying
Strategy
Market Expiry
NIFTY
Option Type
Intrinsic Value 1
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Combination of Protective Put and Covered Call

Position1
LONG STOCK
Position 2
Sell
deep OTM CALL
Position 3
Buy
ATM/just OTM Put
Premium
Net Premium Paid

0
0
0
0
0
0
0
0
0
0
0
Option Payoff
0
0
0
0
0
0
0
0
0
0
0
Underlying
Strategy
Market Expiry
Option Type
Intrinsic Value 1
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Combination of Protective Call and Covered Put

Position1
SHORT STOCK
Position 2
Sell
deep OTM PE
Position 3
Buy
ATM/just OTM Call
Premium
Net Premium Paid

0
0
0
0
0
0
0
0
0
0
0
Option Payoff
0
0
0
0
0
0
0
0
0
0
0
Synthetic Long Future

Buy
CE
Sell
PE
ATM
ATM
Synthetic Short Future

Sell
CE
Buy
PE
ATM
ATM
Synthetic Long Call

Buy
Future
Buy
PE
ATM
Synthetic Long Put

Sell
Future
Buy
CE
ATM
Synthetic Long Call Straddle

Sell
Future
Buy
CE
ATM - 2
Synthetic Long Put Straddle

Buy
Future
Buy
PE
ATM - 2
Synthetic Short Call Straddle

Buy
Future
Sell
CE
ATM - 2
Synthetic Short Put Straddle

Sell
Future
Sell
PE
ATM - 2
Synthetic Long Future Arbitrage

Buy
Sell
Short
Synthetic Short Future Arbitrage
Sell
Buy
Long
Long Future Arbitrage

CE
PE
Future
ATM
ATM
Short Future Arbitrage

CE
PE
Future
ATM
ATM
Net future premium recd - Net Premium paid
Underlying
Strategy
Long Box
Bank Nifty
Market Expiry
Intrinsic Value 1
Option Type
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
Position 2
Position 3
Position 4
Long Box
Buy
Sell
Buy
Sell
1 ITM/ATM Call
1 OTM Call
1 ITM/ATM Put
1 OTM Put
(Bought Call strike price must tally with Sold Put and vice versa)
Net Premium Paid
0
0
0
0
0
0
0
0
0
0
0
Option Payoff
0
0
0
0
0
0
0
0
0
0
0
Underlying
Strategy
Short Box
Bank Nifty
Market Expiry
Intrinsic Value 1
Option Type
Put/Call Lots
Intrinsic Value 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Premium
Position1
Position 2
Position 3
Position 4
Short Box
Sell
Buy
Sell
Buy
- reverse of Long Box

1 ITM/ATM Call
1 OTM Call
1 ITM/ATM Put
1 OTM Put
(Bought Call strike price must tally with Sold Put and vice versa)
Net Premium Paid
0
0
0
0
0
0
0
0
0
0
0
Option Payoff
0
0
0
0
0
0
0
0
0
0
0
Combined Calender spread
Sell atm straddle near month

Buy atm straddle next month
initiate 10-15 days before expiry
Square off on or just before day of expiry
near
month
July 15 22 24
ce 6000 84.4 64.4
pe 6000 54.5 22.7
far
month
ce 6000 172.95 171 137.7 87

pe 6000 121.45 94.05 104.35 142.55
Bull Calendar Spread

Sell atm call near month
Buy atm call next month
Square off on day of expiry
Niftyspot 6030.8 6031.8 5990.5 5907.5

154
Bear Calendar Spread

Sell atm put near month
Buy atm put next month
Square off on day of expiry
at expiry
5300
5300
252 BOUGHT
147 SOLD
105
25
24.95 0
22.3 89.45
at expiry
5400
5200
222
100
122
82
0
82
177.9
193.75
140.1
VOLATILITY
Outlook
Bullish
Neutral
Buy Naked Puts
Sell Stock
Bear Vertical Spreads:
Sell Future
Buy ATM Call & Sell ITM Call
Bearish
Short Combo
Buy ATM Put & Sell OTM Put

Buy Strip
Neutral with Bullish Bias Call Backspreads / Short Call Ladder

M
A
R
K
E
T
D
I
R
E
C
T
I
O
N
Neutral
Long Straddles/Strangles/Guts
Combined
Short Put/Call Butterfly
Calendar Spread
Short Call/Put Condor
Neutral with Bearish Bias Put Backspreads / Short Put Ladder

Buy Naked Calls
Buy Stock
Bull Vertical Spreads
Buy Future
Buy ATM Call & Sell OTM Call
Bullish
Long Combo
Buy ATM Put & Sell ITM Put

Buy Strap
Income Strategies
Covered Call
Covered Put
Hedging Strategies
Protective Call
Protective Put
Both Income & hedging
Arbitrage
Long Collar
Short Collar
Synthetic Call / Put / Future - both long and short

Long Box
Short Box
Bearish/Rangebound
Sell Naked Calls
Bear Vertical Spreads:
Buy OTM Call & Sell ATM Call
Buy ITM Put & Sell ATM Put
Call Ratio Vertical Spreads / Long Call Ladder

Short Straddles/Strangles/Guts
Long Call/Put Butterfly
Long Call/Put Condor
Put Ratio Vertical Spreads / Long Put Ladder

Sell Naked Puts
Bull Vertical Spreads
Buy ITM Call & Sell ATM Call
Buy OTM Put & Sell ATM Put
h long and short

Options Payoff

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Options Payoff

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Underlying

Market Expiry Intrinsic Value 1

Bull Call Spread

Lower Strike price + Premium paid

Higher Strike price - Premium paid

Market Expiry Intrinsic Value 1

Lower Strike price + (diff between strike - prem. Paid)

Market Expiry Intrinsic Value 1

Bear Call spread

higher Strike price - (diff between strike - prem. Paid)

Market Expiry Intrinsic Value 1

Bullish Bias Breakout strategy

extension of bear call spread

Market Expiry Intrinsic Value 1

BEARISH BIAS BREAKOUT STRATEGY

extension of bull put spread

Market Expiry Intrinsic Value 1

Ratio vertical spread

Market Expiry Intrinsic Value 1

Ratio vertical spread

Market Expiry Intrinsic Value 1

Intrinsic Value 3 Intrinsic Value 4

Long Call Ladder

Net Premium Paid Option Payoff

al Spread - shifting the breakeven pt

Market Expiry Intrinsic Value 1

Long Put Ladder Special Variation of Put Ratio Vertical Spread

Net Premium Paid Option Payoff

Market Expiry Intrinsic Value 1

Intrinsic Value 3 Intrinsic Value 4

Short Call LadderReverse of Long Call

varIation of call ratio back spread

Net Premium Paid Option Payoff

call ratio back spread

Market Expiry Intrinsic Value 1

Net Premium Paid Option Payoff

put ratio back spread

Market Expiry Intrinsic Value 1

Market Expiry Intrinsic Value 1

Market Expiry Intrinsic Value 1

Market Expiry Intrinsic Value 1

Market Expiry Intrinsic Value 1

Market Expiry Intrinsic Value 1

Market Expiry Intrinsic Value 1

Bullish Extension of long Straddle

Net Premium Paid Option Payoff

Market Expiry Intrinsic Value 1

Bearish Extension of Long Straddle

Net Premium Paid Option Payoff

Market Expiry Intrinsic Value 1

Intrinsic Value 3 Intrinsic Value 4

Buy 2 ATM Call options

Net Premium Paid

difference between the strikes should be 0.5 SD for a month

Market Expiry Intrinsic Value 1

Net Premium Paid Option Payoff

difference between the strikes should be 0.5 SD for a month

Market Expiry Intrinsic Value 1

Intrinsic Value 3 Intrinsic Value 4

Net Premium Paid

difference between the strikes should be 0.5 SD for a month

Market Expiry Intrinsic Value 1

Net Premium Paid Option Payoff

difference between the strikes should be 0.5 SD for a month