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Learn options trading

Start at Module 1 if you've never traded an option. Every lesson uses real NIFTY numbers, a picture of how the money moves, and a quick check at the end.

Module 1Beginner

Options Basics

What an option is, the four ways to trade one, and how money is made or lost — explained from zero with pictures.

9 lessons · about 57 min

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  1. What is an option?A right, not an obligation — explained with a phone pre-booking, then with NIFTY.6 min read
  2. Option jargon, decodedStrike, premium, expiry, lot size, CE/PE — read any contract name in seconds.5 min read
  3. Buying a call optionThe bullish bet with a fixed worst case. Drag the slider and watch the P&L change.7 min read
  4. Selling (writing) a call optionGet paid upfront for betting the market won't rise much — and why the risk is open-ended.7 min read
  5. Buying a put optionProfit from a fall — or insure what you own. The put is a call viewed in a mirror.7 min read
  6. Selling (writing) a put optionGet paid to bet the market won't fall much. Be the insurance company.6 min read
  7. The four positions at a glanceBuy call, sell call, buy put, sell put — one page, four pictures, one cheat sheet.5 min read
  8. Moneyness — ITM, ATM and OTMWhy some strikes cost ₹450 and others ₹40, and how to read the shaded cells on the option chain.7 min read
  9. Expiry, settlement and your P&LWhat actually happens on expiry day, cash vs physical settlement, and how to calculate profit properly.7 min read
Module 2Intermediate

Greeks & Volatility

Why option prices move the way they do: delta, gamma, theta, vega and volatility, with sliders you can play with.

7 lessons · about 51 min

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  1. What's inside an option's price?Premium = intrinsic value + time value — and the four forces that push it around.6 min read
  2. Delta — the speedometerHow much your option moves when the market moves, and why it doubles as a probability.8 min read
  3. Gamma — the acceleratorWhy delta doesn't stay still, and why expiry day is so wild for ATM options.6 min read
  4. Theta — the melting ice cubeOptions lose value every day. See how fast, and why the last week is brutal for buyers.7 min read
  5. Volatility and the bell curveHow jumpy the market is — and how to turn one number into "where could NIFTY be in a month?"9 min read
  6. Vega — the fear gauge inside your optionHow changes in volatility move premiums, and the 'IV crush' that catches buyers after big events.7 min read
  7. All the Greeks together — playgroundMove the price, the clock and the volatility yourself and watch the premium and Greeks react.8 min read
Module 3Intermediate

Option Strategies

Spreads, straddles, strangles and iron condors — when to use each one, what it costs and how it pays.

12 lessons · about 82 min

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  1. Before you pick a strategyTwo questions — where is the market going, and are options cheap or expensive? — point you to the right strategy.6 min read
  2. Bull call spreadBuy a call, sell a higher call. Cheaper than a naked call, closer breakeven, capped profit.7 min read
  3. Bull put spreadSell a put, buy a lower put. Get paid upfront to be mildly bullish — with a safety net.7 min read
  4. Bear put spreadBuy a put, sell a lower put. A cheaper way to bet on a moderate fall.6 min read
  5. Bear call spreadSell a call, buy a higher call. Get paid to bet NIFTY won't rally much.6 min read
  6. Ratio back spreadsSell one, buy two. Small profit if you're wrong, big profit if a big move comes — and a danger zone in between.8 min read
  7. Long straddleBuy a call and a put at the same strike. Profit from a big move — you don't need to know which way.7 min read
  8. Short straddleSell the call and the put at the same strike. Collect a big premium if the market stays put — with unlimited risk.6 min read
  9. Long and short stranglesThe straddle's cheaper cousin — OTM call plus OTM put. Wider, cheaper, needs a bigger move.7 min read
  10. Iron condorA short strangle with seatbelts. Four legs, a range-bound view, and a loss that can never surprise you.8 min read
  11. Synthetic long and put-call parityBuy a call, sell a put — and you've built a futures contract out of options. Plus the rule that ties all prices together.7 min read
  12. Max Pain and the Put-Call RatioTwo popular sentiment numbers — how they're calculated, what they might tell you, and why to treat them with care.7 min read
Module 4Guide

Using optionchain.in

How to read the option chain, volume and volume-change screens on this site.

2 lessons · about 7 min

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  1. How to read Volume ChangeDraftWhat the hatched and hollow bars mean, and how the time window works.4 min read
  2. What is an option chain?DraftHow to read calls, puts, strikes, prices and volume in one table.3 min read