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- Secrets to Predicting Market Direction
- Notice: Self-regulatory organizations; proposed rule changes: Chicago Board Options Exchange, Inc.
- Forex Currency
- 28002219 Religare Securities Ltd a Report On
- Derivatives Report 5 JUNE 2012
- DG201 Applications
- 10.1.1.131
- Synopsis
- CS Tailored Loan and Options Facility, June 2013
- Introduction to Derivatives
- Glossary (1)
- Student Brochure
- Hall, Murphy ('02) - Stock Options for Undiverisified Execs
- OPTIONS Put and Buy
- financeproject-120817003807-phpapp02
- Ron's Thread
- Raj
- CAIA Prerequisite Diagnostic Review AOctober07
- Vega Talk
- DM Q&A

You are on page 1of 75

June 4th 2001 –Index options were launched

July 2nd 2001 – Stock options were launched

November 9th 2001 – Single stock futures were launched.

Though the options market has been around since 2001, the real liquidity in

the Indian index options was seen only in 2006

What Are Options

Why Option called Derivative Security bcz its Price is intrinsically linked to

the price of Something Else or in Other words whose value is Derived from

Some other Instrument

So How we define Option

Option are Contract that grant the right but not the obligation to Buy or sell

underlying asset a Set Price on or Before a Certain Date

Every Option has a Fixed Expiry Date and Fixed Strike Price

Fixed Price of Any Option is Called Strike Price which u all know about this

For Example A call Option For SBI Future of 300 and Date 26-04-2018

Here 300 is Strike Price And 26-04-2018 is Called Expiry Date

Type Of Option

1 Call Option

2 Put Option

In Simple Words if Some one want to create a Bullish Position he Can

Buy a call option or Sell Put Option

Similarly if Some one want to create bearish position he can either Sell call

option are can buy Put Option

Option Style

Europen Style

American Style

Europen Style vs American Style

Owner of American Style Option May exercise at any Time Before the

Option Expires While Owner of European style may exercise only at

expiration

But Today All option at Indian Stock Exchange is European Style

Why American Style Option Change to Europen Style(Some People

exercise their Option if there is Closing Diffference of Any Underlying

Instrument in this Case seller of option has no Power And he May loss

Money on that Trade)

Type of Option

ITM

ATM

OTM

And for Further Classification

Deep In the money

In the Money (ITM)

At the Money (ATM)

Out of the Money (OTM)

Deep Out of the Money

ITM

For a Call Option Strike Price of the Option is Below the Underlying Price

For Example Nifty Fut Spot Is @ 10600 ALL Call below 10600 Are in the Money

Call Option And whtevere The difference Between Call Strike Price and

Spot Price That is intrinsic Value of that call option

Intrinsic Value can be calculated at the last day of Expiry You can also

calculate but it have also some other Parts

Rest Part is (Theata Vega Gamma Delta Rho)

This Part I will Cover Later

ITM FOR PUT OPTION

Similarly For Put Option Strike Price of the Option is Above the Underlying

Option

For Example Nifty Future Spot Trading @ 10600 All Strike Price Above this

Price are In the Money Option

In The Money Always have Intrinsic Value in it

So in other words we can say that

IV=Spot Price – Strike Price

ATM

At The Money Option Are those Which Have Same Strike Price and Market

Price of That Instrument

AT the Money Valid For Both the Option Wheather it is Call or Put

For Example Spot Price of Nifty Fut is 10700

10700 CE and 10700 Pe Is At The Money Option

OTM

These Option Are reverese the ITM Option

In Case of Call All option Above the Spot Price All option are Out of the

Money Option

And in Case of Put Option All Option Below the Spot Price Are Out of the

Option

For Example Nifty Fut Trading @ 10800 all Option Above 10800 Out Of the

Money Call Option And Option Below this Price is Out of the Money Put

Option

Some Basic Concept

Strike Price

Underlying Price

Exercising of an option contract

Option Expiry

Option Premium

Option Settlement

Option Buy or Sell

Selecting the Right Strike Price is a Very Important Aspect of Option trading

As we Always Hear that this Strike Price have Maximum Open interest it

means the One who is bullish think Market or Stock will Move up And Those

who are Bearish Think Market or Stock will Go Down From here

So how Do We Find The Right Strike Price I will Cover it later By Sharing Some

Fact

One Thing I want to Share with u all that Being an Option writer one Can

make money By Shorting and Buying Option By Proper Risk Management

Depends Upon The Risk Profile How U Manage it

Some Fact with Buying And Selling

Option

If the option buyer has limited risk (to the extent of premium paid), then the

option seller has limited profit (again to the extent of the premium he receives)

If the option buyer has unlimited profit potential then the option seller potentially

has unlimited risk

The breakeven point is the point at which the option buyer starts to make

money, this is the exact same point at which the option writer starts to lose

money

If option buyer is making Rs.X in profit, then it implies the option seller is making a

loss of Rs.X

If the option buyer is losing Rs.X, then it implies the option seller is making Rs.X in

profits

Lastly if the option buyer is of the opinion that the market price will increase

(above the strike price to be particular) then the option seller would be of the

opinion that the market will stay at or below the strike price…and vice versa.

After All it is Zero Sum Game

So We Have to Find Out the Way How Can we Earn the Money

Some Fact

Spot – Stike =Difference

Call – Put = Difference

Is always Same

If There Is Difference Than there is opportunity For Arbitrage

Advantage of A option Buyer and

Seller

If We see Payout Graph of Any Option Buyer he has to Pay Only Preimum

the maximum he can lose is just Premium but on the other Hand if Some

one want to short Option either it is call or Put he need good Amount of

Money to Deposit to Broker And how much money he Required You Can

Calculate By Span Calculator

Availabe Online almost at every Brokrage House Website

When Volatility High These Margin Will Increase

Synthetic Future

and Shorting Put Option

Similarly A Synthetic Short Future Can Be Created By Combing Long Put

And Shorting Call Option

IN simple Word if I Have to Say

F=C-P

Where F Stands For Future And C Stands For Call And P Stands For Put

Option

How This Synthetic Future Benefit I Will Cover it Later

Break Even

Before Buying Any Option One Should know where am Going To maket

Profit And Where am Going To loss And How Much and AT what Time

If You know Some Basic of Option Atleast U have an idea under what

Condition where m Going to make Money or loss Money

So for learning purpose Let take Some Example of BreakEven

Payout Graph For Option Buyer And seller

And Summarizing all

Intrinsic Value of A option

Before Buying Or Selling One should know How much he is paying or how

much he get if Option Expire on his Desired Price

Intrinsic Value Always +ve And it is Valid for Both Call option as well as Put

Option

It can not be –ve

And never go below 0

IV=Spot Value –Option Strike

IV=11000-10800 =200 Where 11000 is Spot Value and 10800 is Option Strike

In this Case 200 is intrinsic value

Option Pricing Or Option Greeks

about this

Now How a Option Price Behave or In other words we can say that how

option price change either it is for call or for put

The Main Formula Which is used in Option Pricing Is Black & Scholes

Formula this formula tell us why a Nifty Put is trading at 200 or 150

and not 130 or 120

Delta

Gamma

Vega(Volatility)

Theta

Rho

Delta

The Delta measures how an options value changes with respect to the

change in the underlying. In simpler terms, the Delta of an option By how

many points will the option premium change for every 1 point change in

the underlying

For Example if Nifty Move 1 Point How Option Preimum Changes

Let us take Example Suppose Nifty is trading @ 11100 And 11100 CE is

Trading @ 150 now Nifty changes to 11101 then 11100 CE Become 150.60

What does It means it means delta of this option is (.60)

Lets learn how to calculate Delta

Delta value varies between 0 to 1 depends on Strike Price for Call Option

Delta value varies Between 0 to -1 Depends on Strike Price For Put Option

Why Put Delta Is –ve will Cover it Later For now Just Remember Delta Value

for Call Option And Put Option

Delta Value For Call Option And Put

Option According to Option Type

Option Type

(CE) value (PE)

Between + 0.8 to + Between – 0.8 to –

Deep ITM

1 1

Slightly ITM

1 1

ATM

0.55 – 0.55

Between + 0.45 to + Between – 0.45 to -

Slightly OTM

0.3 0.3

Between + 0.3 to + Between – 0.3 to –

Deep OTM

0 0

Why Maximum Delta is 1

Nifty @11000

Nifty Call 11000 @ 150

Nifty Change to Be Expected 50

Then Total change =50*1.5=75

As Option are Derivative Product its value Depend on Underlying it can nt

Move Faster Than its Underlying

Hence Delta of a Call And Put Option Can nt Be > 1

Similary Delta of Call Option is can nt < 0 if it is less than 0 thn End result in

the form of –ve Movement which is Impossible

Next Question who decide Delta of A option

Black & Sholes Option Pricing Formula Which Input some Value And

Gives Output

Delta for Call Option

Let us take An Example

Nifty @10:30 is 11000 And Nifty 11000 CE @ 150 (ATM) And having Delta

Value is 0.55

Some one think Market Will Rise At Second Half and think Market will rise by

50 Point thn How much Option Preimum Change

Option Strike =11000

Option Preimum =150

Delta of Option is = 0.55

Nifty Expected Rise =11050

We Expecting Nifty Change By 50 Point thn Option Preimum According to

Delta is =50*0.55=27.5

(if All factor Remain Same )

Now Your Call will Rise=150+27.5=177.5

In this way u know How much Profit U can Make

Similarly if some one is bearish and Expecting Market to Drop in Second Half

Thn Same example 150-27.5=122.5 if all Other Factor Remain same

Delta For Put Option

the Delta of a Put Option ranges from -1 to 0. The negative sign is just to

illustrate the fact that when the underlying gains in value, the value of

premium goes down

Nifty @11200 Nifty Put of 11000 @ 65

Nifty is expected To Move Down by 50 Point

Delta =-0.35

Then = 50*-0.35=-17.5

Net value =65+17.5=82.5

M adding the value coz I know value of put option increase whn underlying

goes down Similarly if Market goes up 65-17.5 =47.5

Its Luk Like Very Simple But it is not As Simple As it Luk like

Delta Always Change When Underlying Change In the Money Option can

be Out Of the Money And Out of The Money Option Can Be In the Money

or ATM

Hence In other Words Delta is not A fixed Entity

Delta Changes W.r.t To Underlying

Delta Value Changes

Change

Moneyn Old New %

Strike Delta in

ess Premium Premium Change

Premium

2400 0.05 Rs.3/- 50%

OTM 1.5 4.5

Slightly

2275 0.3 Rs.7/- 30*0.3 = 9 7 +9 = 16 129%

OTM

30*0.5 = 12+15 =

ATM 2210 0.5 Rs.12/- 125%

15 27

Slightly 30*0.7 = 22+21 =

2200 0.7 Rs.22/- 95.45%

ITM 21 43

75 + 30

Deep ITM 2150 1 Rs.75/- 30*1 = 30 40%

=105

Few Case Studies

Nifty Spot @ 8125 Trader has 3 different Call

+ 1 * 0.7 = +

1 8000 CE ITM 1 -Buy 0.7

0.7

+ 1 * 0.5 = +

2 8120 CE ATM 1 -Buy 0.5

0.5

+ 1 * 0.05 = +

3 8300 CE Deep OTM 1- Buy 0.05

0.05

= 0.7 + 0.5 +

Total Delta of positions

0.05 = + 1.25

The combined positions have a positive delta i.e. +0.25. This means both the underlying

and the combined position move in the same direction

With the addition of Deep ITM PE, the overall position delta has reduced, this means the

combined position is less sensitive to the directional movement of the market

For every 1 point change in Nifty, the combined position changes by 0.25 points

If Nifty moves by 50 points, the combined position is expected to move by 50 * 0.25 = 12.5

points

Combination of Call And Put And

Delta Calculation

+ 1 * 0.7 = +

1 8000 CE ITM 1- Buy 0.7

0.7

+ 2 * (-1.0) = -

2 8300 PE Deep ITM 2- Buy -1

2.0

+ 1 * 0.5 = +

3 8120 CE ATM 1- Buy 0.5

0.5

+ 1 * 0.05 = +

4 8300 CE Deep OTM 1- Buy 0.05

0.05

0.7 – 2 + 0.5 +

Total Delta of positions

0.05 = – 0.75

Net Impact

The combined positions have a negative delta. This means the underlying

and the combined option position move in the opposite direction

With an addition of 2 Deep ITM PE, the overall position has turned delta

negative, this means the combined position is less sensitive to the

directional movement of the market

For every 1 point change in Nifty, the combined position changes by – 0.75

points

If Nifty moves by 50 points, the position is expected to move by 50 * (- 0.75)

= -37.5 points

Gamma

With this change in underlying, one thing is very clear – the delta itself changes. Meaning

delta is a variable, whose value changes based on the changes in the underlying and the

premium

Gamma captures the rate of change of delta, it helps us get an answer for a question

such as “What is the expected value of delta for a given change in underlying

Nutshell we can say that if Underlying changes by 1 thn how much its delta change that

change decided by Gamma

Nifty Spot = 8326

Strike = 8400

Option type = CE

Moneyness of Option = Slightly OTM

Premium = Rs.26/-

Delta = 0.3

Gamma = 0.0025

Change in Spot = 70 points

New Spot price = 8326 + 70 = 8396

New Premium =??

New Delta =??

New moneyness =??

Change in Premium = Delta * change in spot i.e 0.3 * 70 = 21

New premium = 21 + 26 = 47

Rate of change of delta = 0.0025 units for every 1 point change in underlying

Change in delta = Gamma * Change in underlying i.e 0.0025*70 = 0.175

New Delta = Old Delta + Change in Delta i.e 0.3 + 0.175 = 0.475

New Moneyness = ATM

When Nifty moves from 8326 to 8396, the 8400 CE premium changed from

Rs.26 to Rs.47, and along with this the Delta changed from 0.3 to 0.475.

Notice with the change of 70 points, the option transitions from slightly OTM

to ATM option. Which means the option’s delta has to change from 0.3 to

somewhere close to 0.5. This is exactly what’s happening here.

One level up again

New spot value = 8396 + 70 = 8466

Old Premium = 47

Old Delta = 0.475

Change in Premium = 0.475 * 70 = 33.25

New Premium = 47 + 33.25 = 80.25

New moneyness = ITM (hence delta should be higher than 0.5)

Change in delta =0.0025 * 70 = 0.175

New Delta = 0.475 + 0.175 = 0.65

Let’s take this forward a little further, now assume Nifty falls by 50 points, let us see what

happens with the 8400 CE option –

Old spot = 8466

New spot value = 8466 – 50 = 8416

Old Premium = 80.25

Old Delta = 0.65

Change in Premium = 0.65 *(50) = – 32.5

New Premium = 80.25 – 32. 5 = 47.75

New moneyness = slightly ITM (hence delta should be higher than 0.5)

Change in delta = 0.0025 * (50) = – 0.125

New Delta = 0.65 – 0.125 = 0.525

Gamma constant ????

you may wonder why the Gamma value is kept constant in the above

examples. Well, in reality the Gamma also changes with the change in the

underlying. This change in Gamma due to changes in underlying is

captured by 3rd derivative of underlying called “Speed” or “Gamma of

Gamma” or “DgammaDspot”. For all practical purposes, it is not necessary

to get into the discussion of Speed.

But as I Trade option I will Tell u From my experience as option Goes Near

Expiry Gamma Become High For Atm And Itm And Very Slow Form Out of

The Money

Unlike the delta, the Gamma is always a positive number for both Call and Put Option.

Therefore when a trader is long options (both Calls and Puts) the trader is considered

‘Long Gamma’ and when he is short options (both calls and puts) he is considered ‘Short

Gamma’.

For example consider this – The Gamma of an ATM Put option is 0.004, if the underlying

moves 10 points, what do you think the new delta is?

Since we are talking about an ATM Put option, the Delta must be around – 0.5. Remember

Put options have a –ve Delta. Gamma as you notice is a positive number i.e +0.004. The

underlying moves by 10 points without specifying the direction, so let us figure out what

happens in both cases.

Case 1 –Underlying moves up by 10

point

Delta = – 0.5

Gamma = 0.004

Change in underlying = 10 points

Change in Delta = Gamma * Change in underlying = 0.004 * 10 = 0.04

New Delta = We know the Put option loses delta when underlying

increases, hence – 0.5 + 0.04 = – 0.46

Case 2 Underlying goes down by 10

points

Delta = – 0.5

Gamma = 0.004

Change in underlying = – 10 points

Change in Delta = Gamma * Change in underlying = 0.004 * – 10 = – 0.04

New Delta = We know the Put option gains delta when underlying goes

down, hence – 0.5 + (-0.04) = – 0.54

3rd Greek Theta

What is Theata

Option Premium=Time Value + intrinsic Value

On expiry Day You Receive Only Intrinsic value If a Call Have else Option

become 0 And u All Know Abt This

Lets Find the Time Value And Intrinsic Value

For Example Nifty Spot Price is 11500 And 11400 Ce Is traded @ 215

Then intrinsic is =11500-11400 =100

and 215-100=115 so You are Paying 115 Extra that is Theta

But One Important Part is buying Date of Option and expiry Date of Option

Impact of Time on Option

Some time we See Index is up But Option Price Decreased Quit A bit

Reason Behind This is Drop in Volatility And Time

I will Cover Volatility Later For The time being If Vol Drops Option Price Decrease

Option Price Vs Time To Expiry

Some Time Option Preimum Are too High But Time For Expiry is Very Near For Example Only

2 days Or 5 Days that time People Are Willing To Pay high Premium to Volatilty these Type

of Situation you see often when there is an Event or Volatility at upper Range like in these

days

When Market rise or Down 1% Daily

Theta is a friendly Greek to the option seller. Remember the objective of the option seller is

to retain the premium. Given that options loses value on a daily basis, the option seller

can benefit by retaining the premium to the extent it loses value owing to time. For

example if an option writer has sold options at Rs.54, with theta of 0.75, all else equal, the

same option is likely to trade at – =0.75 * 3 = 2.25 = 54 – 2.25 = 51.75 Hence the seller can

choose to close the option position on T+ 3 day by buying it back at Rs.51.75/- and

profiting Rs.2.25 …and this is attributable to theta

4th Greek Vega or Volatility

This Greek Is Enemy For Option Seller And A Very Gud frnd for Option Buyer

For Better Understanding let us take example

Consider 2 batsmen and the number of runs

they have scored over 6 consecutive

matches

Match Billy Mike

1 20 45

2 23 13

3 21 18

4 24 12

5 19 26

6 23 19

You are the captain of the team, and you need to choose either Billy or

Mike for the 7th match. The batsman should be dependable – in the sense

that the batsman you choose should be in a position to score at least 20

runs. Whom would you choose

There are two ways One is Calculate The Sigma Or Second Calcluate the

Average

Sigma = Total Score (Who score Highest Run Select the Batsman)

Average =Billy Sigma =130 ,Mike Sigma =133

If u calculate average thn Billy =130/6=21.67 and Mike =133/6=22.16

Statistics Billy Mike

SD 1.79 11.18

In this way You are Selecting Mike

But here is twist

To begin with, for each match played we will calculate the deviation from

the mean. For example, we know Billy’s mean is 21.67 and in his first match

Billy scored 20 runs. Therefore deviation from mean form the 1st match is 20

– 21.67 = – 1.67. In other words, he scored 1.67 runs lesser than his average

score. For the 2nd match it was 23 – 21.67 = +1.33, meaning he scored 1.33

runs more than his average score

The middle black line represents the average score of Billy, and the double

arrowed vertical line represents the the deviation from mean, for each of

the match played.

Variance is simply the ‘sum of the squares of the deviation divided by the total number of

observations’. This may sound scary, but its not. We know the total number of observations

in this case happens to be equivalent to the total number of matches played, hence 6.

So variance can be calculated as –

Variance = [(-1.67) ^2 + (1.33) ^2 + (-0.67) ^2 + (+2.33) ^2 + (-2.67) ^2 + (1.33) ^2] / 6

= 19.33 / 6

= 3.22

Further we will define another variable called ‘Standard Deviation’ (SD) which is calculated

as –

std deviation = √ variance

So standard deviation for Billy is –

= SQRT (3.22)

= 1.79

Player Lower Estimate Upper Estimate

Billy

19.81 23.39

Mike

10.98 33.34

So if u observe this example mike is risky as his range fall 10.98 tp 33 he can

maket 11 run and 33 that’s probability

On the other hand billy has probability for 19.89 to 23 so which looks gud

average wise is not more risky than other

Why I choose this example and its bit complicated nt Easy to understand

buy here come the Another twist

In recent example I want to pick batsman who is less risky and in that case I

will pick billy coz Selecting Mike over billy is more risky

Now all of You can answer why I m asking this

if Infosys and TCS have volatility of 25% and 45% respectively, then clearly

Infosys has less risky price movements when compared to TCS

Let’s do some Math Now

Nifty Spot is 10500

Nifty Volatility is 14%

Infy Spot is 1175

Infy Vol=20%

Can You Predict the likely Range For 1 Year If This Factor Remain Same

If they Changes thn Range of Nifty And infy Also Change

Nifty=10500-(14%*10500)=9030 lowest Range

Nifty =10500+(14%*10500)=11970 Higest Range

Infy =1175+(20%*1175)=1410 Higest Range

Infy=1175-(20%*1175)=940 lowest Range

Open Excel file And Print

Now the Main Part How to earn Money

in option

How to Select Right Strike Price for Shorting or Buying Option

Or Calculating The SL Of Trade

Then how do we know

As we calculated The Yearly Vol similarly we can calculate Monthly Option

SD And for 15 days or Any Desired Time Frame But I Recommend Have

Minimum 15 days Peroid or By Experience You will Know wht time frame

Suits You

For Example Daily Sd =1.4 And last 15 day 5% then u can calculate

Which strike price to short or Buy

Volatility Based Sl

M not saying this is 100 % sure formula but wana share with u all

Coz they Place Mental SL And if m not wrong they Place sl using chart

M not saying chart is nt Gud but if u go by History someone say market

support is at 9820 market goes below that and thn reverse back what does

it mean

when volatility increases, the stock/index price starts swinging heavily. To

put this in perspective, imagine a stock is trading at Rs.100, with increase in

volatility, the stock can start moving anywhere between 90 and 110. So

when the stock hits 90, all PUT option writers start sweating as the Put

options now stand a good chance of expiring in the money. Similarly, when

the stock hits 110, all CALL option writers would start panicking as all the

Call options now stand a good chance of expiring in the money.

5th The Rho Greek

Rho is a standard Greek (a computed quantitative parameter) that measures the impact

of a change in interest rates on an option price. It indicates the amount by which the

option price will change for every 1% change in interest rates. Assume that a call option is

currently priced at $5 and has a rho value of 0.25. If the interest rates increase by 1%, then

the call option price will increase by $0.25 (to $5.25) or by the amount of its rho value.

Similarly, the put option price will decrease by the amount of its rho value.

Since interest rate changes don’t happen that frequently, and usually are in increments of

0.25%, rho is not considered a primary Greek in that it does not have as a major impact on

option prices compared to other factors (or Greeks like delta, gamma, vega, or theta).

So nutshell whn volatility increase Premiums for both call and put increase and it can be

anything depends on Event or volatility I have seen before expiry 250 rate also for nifty

ATM put Call combine

Call option premium vs volatility

Some fact while Buying And Shorting

Option

http://www.optiontradingpedia.com

Bullish

Bearish

Neutral

Volatile

Others

Thanks To All

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