Options & F&O.
Understand derivatives from scratch: call/put options, expiry mechanics, the Greeks, and practical F&O strategies used by professional traders.
41 topics41 ready to read18h 15m total Beginner Intermediate Advanced
41 topics, in reading order
01BeginnerWhat Are Derivatives? Meaning & TypesWhat derivatives are, how forwards, futures and options differ, and how notional value and leverage affect risk.19 min
02BeginnerFutures Contracts: The Obligation to ActUnderstand the agreement, who trades it, full rupee exposure, margin and leverage, long and short results, daily MTM, basis, rollover and hedging.37 min
03BeginnerCall and Put Options: The Right to ChooseA beginner’s guide to calls and puts: NIFTY payoff examples, moneyness, early exits, premium changes and stock-delivery obligations.24 min
04BeginnerThe Option Buyer vs. The Option SellerCompare option buyers and writers through clear call and put examples, with payoff limits, funding requirements and stock-delivery risks.20 min
05BeginnerMoneyness: ITM, ATM, OTM and Option PremiumLearn ITM, ATM and OTM through NIFTY examples, intrinsic and extrinsic value, early exits, expiry break-even and writer risk.16 min
06IntermediateThe Black-Scholes-Merton ModelBlack–Scholes–Merton in plain language: NIFTY examples, dividends, implied volatility, Greeks and the difference between a model value and a market quote.23 min
07IntermediateThe Binomial Pricing ModelUnderstand CRR trees, pricing weights, discounting, replication, exercise decisions and convergence through worked NIFTY examples.21 min
08IntermediateTheoretical Deviations: Real-World PricesUnderstand model prices, quote timing, spread, depth, implied volatility and parity through clear hypothetical NIFTY examples.24 min
09IntermediateDelta: Directional Bias & Portfolio HedgingDelta explained with NIFTY examples: premium sensitivity, bought and written calls and puts, position exposure, hedge residuals and changing delta.20 min
10IntermediateTheta: Time Decay & The Trade Life CycleLearn option Theta through NIFTY examples, exact repricing, strike-dependent decay, four position signs, weekend conventions and risk.21 min
11IntermediateVega: Implied Volatility & Event-Driven PricingLearn how Vega measures option sensitivity to implied volatility, with NIFTY calculations, event scenarios and clear risk limits.21 min
12AdvancedGamma: Changing Delta & Near-Expiry RiskUnderstand Gamma with NIFTY examples, local versus full repricing, position signs, near-expiry concentration and the limits of Delta hedging.21 min
13IntermediateImplied Volatility (IV) and India VIXOption IV from bid and ask quotes, observed realised volatility, and the 30-day India VIX explained through worked NIFTY examples.21 min
14IntermediateIV Rank (IVR) vs. IV Percentile (IVP)Compare IV Rank with IV Percentile using a disclosed NIFTY history, clear formulas, tied readings and a changing observation window.18 min
15AdvancedVolatility Skew and Term StructureRead volatility skew, maturity curves and event variance with matched NIFTY examples, and separate higher IV from cash premiums and trade results.21 min
16AdvancedIV Crush: Why a Correct Direction Can Still LoseUnderstand earnings-related IV crush through Indian stock examples, straddle cost ratios, alternative outcomes and the funding risks of event positions.21 min
17IntermediateDirectional Spreads: VerticalsCompare bull call, bear put, bull put and bear call spreads with matched NIFTY legs, expiry calculations, changing Greeks and execution risks.30 min
18IntermediateVolatility Explosions: Straddles & StranglesCompare NIFTY straddles and strangles through matched legs, expiry break-evens, before-expiry prices, funding risks and a worked paper-study journal.39 min
19AdvancedRange-Bound Income: Iron CondorsBuild a NIFTY iron condor, check equal and unequal wing limits, distinguish model repricing from fills, and understand settlement and funding risks.45 min
20IntermediatePortfolio Hedging: Covered Calls & CollarsCompare covered Call, collar and protective Put payoffs with hypothetical SBIN examples, Indian share delivery, premium costs and portfolio limits.40 min
21IntermediateDecoding the Option ChainUnderstand an option chain through labelled NIFTY examples: strikes, OI, volume, IV, bid/ask depth, partial fills and the limits of signals.31 min
22IntermediateOpen Interest (OI) & The Four PhasesUnderstand matched-contract OI accounting and four conventional price/OI labels, with NIFTY examples and clear limits on interpretation.29 min
23IntermediateThe Put-Call Ratio (PCR)Calculate OI and volume PCR with hypothetical NIFTY counts, compare declared strike and expiry scopes, and separate a measured ratio from a directional hypothesis.24 min
24AdvancedMax Pain Theory: Calculation and LimitsCalculate the minimum gross exercise value with declared contract units, changing OI and strike coverage. Learn why Max Pain and expiry pinning are different claims.25 min
25AdvancedAnatomy of Expiry Day TradingExpiry-day contract checks, fills, Gamma and Theta, NIFTY exercise versus profit, current costs, margin, stock delivery and reconciliation.33 min
26Advanced0-DTE & Zero-to-Hero: Payoff, Execution and RiskUnderstand expiry-day options through NIFTY payoff arithmetic, executable quotes, price sensitivity, repeated attempts, costs and settlement boundaries.32 min
27AdvancedGlobal Macroeconomics: Fed Rates, Yields & DataSeparate Fed policy, bond yields and data releases, then trace conditional effects on Indian markets, INR model rates and selected option IV.38 min
28AdvancedMacro Events and Expiry: Read the Right ClocksLearn how macro release timing interacts with NIFTY option expiry, event variance, Gamma hedges, cash settlement and separate margin or delivery needs.50 min
29IntermediatePosition Sizing: From Equity to Whole LotsCalculate hypothetical NIFTY position sizes from equity and loss assumptions. Learn whole-lot limits, funding checks, drawdown arithmetic and Kelly limits.32 min
30IntermediateRisk Per Trade and Maximum DrawdownCalculate risk per trade, maximum drawdown and portfolio heat with hypothetical NIFTY examples. Separate planned exits, actual losses and account rules.31 min
31AdvancedHedging Equity PortfoliosHedging a stock portfolio with NIFTY futures or puts: beta adjustment, the lot arithmetic, and the running cost of carrying protection.15 min
32AdvancedSurviving Black Swan EventsWhy fat tails break the assumptions behind option selling, what an overnight gap does to an unhedged short, and how the tail gets capped in advance.15 min
33BeginnerThe Professional Trading MindsetSeparating decision quality from outcome, why a sound process still loses trades, and the habits that hold up through a losing run.18 min
34IntermediateEmotional Control in Options TradingReview FOMO, changed exits and post-loss quantity through fictional NIFTY examples, with order-status checks and a separate process review.21 min
35AdvancedBuilding a Mechanical Trading SystemSpecify an educational NIFTY rulebook, check data timing and fills, separate unseen evaluation from selection, and reconcile costs and open exposure.32 min
36IntermediateExecution & Dual-JournalingLink plans, order records and decision notes. Reconcile filled quantities and costs, then review process checks without mistaking profit for proof.30 min
37IntermediateMargin Requirements & Capital RulesHow SPAN and exposure margin stack on an F&O position, what upfront premium collection changed, and how a hedged leg reduces margin blocked.25 min
38IntermediateDerivatives Settlement: Cash vs. Physical DeliveryUnderstand index cash settlement, stock delivery, final MTM, exercise, netting, delivery margins and current settlement charges through labelled Indian examples.33 min
39IntermediateF&O Taxation and ComplianceUnderstand Indian F&O business taxation, supported deductions, turnover, loss set-off, advance tax and return obligations across the 2026 law transition.35 min
40AdvancedTax Audits and Turnover Calculation for TradersAn Indian trader’s guide to futures turnover, options-premium reconciliation, cash tests, presumptive rules, books and dated audit deadlines.24 min
UpdateBeginnerNew SEBI F&O Rules 2025: What You Need to KnowWhat SEBI changed in the F&O segment in 2025 — weekly expiries cut to one per exchange, larger contract sizes and upfront premium collection.20 min
That is the whole curriculum.
The other modules open here one at a time. The research pages and the ChartBook archive are where the reading meets real charts.