No Chart -- No View -- Just trade with premium prices and adjustment based on levels

BNF Strangle (intraday)

Week start with Friday
Initiate trade @ 9.16 30%
Then @ 9.30 reaminaing 70%
Friday - Trade in current week expiry@
Monday - Current week expiry
Tuesday - Current week expiry
Wednesday - Next week expiry
Thursday - Next week Expiry
Sell CE strike for BN Fut price + 1500 Adjustment : when BNF moved +/- 400 points
Sell PE strike for BN Fut price - 1500 In which case exit both leg and create
Should get combined premium of 80-120 RS a new one with same 1500 point diff so to
(40-60 each side) again get 40-60 Rs prem from each leg
Position should be hold till you get profit No SL only adj when BNF moves 400 points
BNF CMP + 1500 Adj. : when BNF moved +/- 400 points
BNF CMP + (1200 - 1500) Adj. : when BNF moved +/- 400 points
BNF CMP + (1200 -1400) Adj. : when BNF moved +/- 400 points
BNF CMP + 2000 Adj. : when BNF moved +/- 500 points
BNF CMP + (1500-1800) Adj. : when BNF moved +/- 400 points

Note : Never keep on holding in the hope of loss recovery. During trending market adj once thershold breaches
As long as BNF moves within 400 point. Say 100-200 points and premium moved 12-15 then exit from profit making leg and shift so
again get close to prem of loss making leg or slightly lower but remember a distance of 1000+ from CMP must always be maintained
But once BNF moved 400+ and CE/PE loss side crosses 100 must book loss and shift the entire Strangle for a new range
For intraday always exit loss side CE/PE if its value crosses 100. No exception whatsoever . However not applicable for positional
If needed, compromise premium, but never compromise the minimum distance from BNF CMP to sell strangle
When trade initiated on Wed /Thu do it in round multiple of 500 as the liquidity lies there so slippage would be less
Next week strikes order should be placed by 9.20, let liquidity come in them

BNF Straddle (Intraday)

Initiate trade @ 1.00 close by 3.00 or 3.30
(prem increases between 3.10 to 3.20)
Sell current week expiry on all days
Win Ratio is around 70 - 75%
Sell ATM Straddle Adjustment
50% of the premium is SL
If hits, close the loss making leg
and hold the other leg with SL equal to cost
Eg. If CE/PE sold for Rs 100 each then place SL
 of 150Rs each side and once it hits then place
SL of 100Rs another side and hold till close

BNF Strangle (Positional)
Initiate positional trade on Tue close
for next week close it by fri end
Again open on Friday close with
revised distance and close it by Tue eve
(Tue) BNF CMP + 2000, close on Fri eve
(Fri) BNF CMP + 1500, close by Tue eve
Adjustment : when BNF moved +/- 400 points
Adj also needed once loss in Prem collected
turned double or more and price unlikely to
get reverse immediately. By then the other
side prem will be reduced more than 50%
Here don’t try to match prem as we did in
intraday rather maintain distance from CMP

No rule of exist once premium crossed 100 applicable here

Avoid selling premiums worth more than 150-200 as it would be too aggressive. Prefer anything around 100 or less
Whenever need to cut position and you are in doubt about price will sustain or not at CMP, then cut half position immediately
so to control the risk and use capital release from that to get some yield with much more safety so to recover loss at least partially
Always maintain a distance of 1000+ from CMP in option selling as any casual & greedy attitude could take away hard work of
last few weeks
Option prem reduce 3 times in a day around 10.00 - 10.30, 12.30 - 1.00 and finally 2.45 - 3.15
Additional notes:
Strangle to be initiated in 2 parts
1st half 9.16 to 11.30 and 2nd half 1.20 to 3.10
Entry as mentioned earlier…exit 100% if gets 20 points and if get 10 point exit half
Even if didn’t get anything exit 60% by 11.30 and hold remeining for 2nd half
2nd half entry from 1.20 to 1.45 and exit from 3.00 - 3.10. once get 15 points exit 80% , if 10 points exit 50%
Max decay in premium is during 9.15 to 11.15 and later during 1.45 to 3.00