A
Advance tax
Saal ke andar chaar instalments mein bhara jaane wala tax, filing ke waqt nahi. F&O ka profit business income hai, to bill ₹10,000 paar karte hi yeh instalments aap par lagu ho jaate hain.
Lesson 29 →
Assignment
Beche hue option ki obligation aap par aa jaana, jab woh ITM expire hota hai. India mein yeh sirf expiry par hota hai, mahine ke beech mein kabhi nahi.
Lesson 20 →
also inL21
ATM (at the money)
Woh strike jo abhi ke market price par (ya uske sabse paas) baitha ho. Sabse zyada time value yahin rehti hai.
Lesson 14 →
also inL5L6L9L11L15L16
Auto square-off
Aapka broker khud aapki position band kar dena: MIS orders ke intraday cut-off par, ya margin shortfall par jise woh carry karna nahi chahta. Bhaav uska hoga, aapka nahi.
Lesson 12 →
also inL30
Averaging down
Ghaate wali position mein aur jodna kyunki woh ab sasti lag rahi hai. Options mein sasta ka matlab aksar kam time aur wahi tuti hui soch.
Lesson 28 →
B
Backspread
Ek option becho, do aur door wale kharido: sasti convexity jo dhamake par jeetti hai aur dheemi chaal par ghis jaati hai.
Lesson 25 →
Bid-ask spread
Sabse achhe kharidne aur bechne ke bhaav ka farak: har position mein ghusne aur nikalne ka toll, ek baar aate waqt aur ek baar jaate waqt.
Lesson 11 →
Bracket order
Ek entry order jo apna target aur stop loss saath leke chalta hai, dono fill hote hi apne aap lag jaate hain. Sirf intraday, aur kai Indian brokers ne band kar diya hai, bharosa karne se pehle check kar lo.
Lesson 11 →
Breakeven
Woh expiry level jahan position ka nuksan rukta hai: call mein strike plus premium, put mein strike minus premium.
Lesson 3 →
also inL2L4L18L20L21L22
Business income
F&O ka profit isi head mein tax hota hai, capital gains mein nahi. Isi se form (ITR-3), slab rate, kharche ki deduction aur loss ke rules tay hote hain.
Lesson 29 →
also inL5
C
Calendar spread
Paas wali expiry becho, usi strike par door wali kharido. Decay ki speed ke farak se kamai hoti hai, jab tak market aas paas rehta hai.
Lesson 25 →
also inL18
Call option
Fixed price par expiry se pehle kharidne ka haq, obligation nahi.
Lesson 3 →
also inL5
Carry-forward (of losses)
Bina adjust hue F&O loss ko aage ke saalon mein le jaana, aath saal tak, taaki baad ke business profit se set off ho sake. Yeh tabhi bachta hai jab return due date tak file ho.
Lesson 29 →
Cash settlement
India mein index options aise hi settle hote hain: ₹ ka farak haath badalta hai, share kabhi nahi.
Lesson 6 →
Cash-secured put
Apne kharidne wale bhaav par put bechna, aur pura paisa side mein reserve rakhna: entry ka intezaar karne ke paise milte hain.
Lesson 21 →
also inL19L25
Charm
Time beetne se delta ka dheere dheere khisakna, market chup ho tab bhi. Expiry week ki khamosh flows isi se chalti hain.
Lesson 18 →
Contract adjustment
Split, bonus ya bade dividend ke baad exchange ka strike aur lot size dobara likhna, taaki corporate action se contract ki value par aanch na aaye.
Lesson 20 →
Corporate action
Split, bonus, dividend, merger ya buyback: company ke woh events jo share ko badalte hain, aur isliye us par likhe option contract ko bhi.
Lesson 20 →
Cover order
Market ya limit entry jiske saath stop loss lagana compulsory hai, badle mein extra intraday leverage milta hai. Stop hataya nahi ja sakta, sirf sarkaya ja sakta hai.
Lesson 11 →
Covered call
Share aapke paas hain, unke against call bech do: holding par kiraya, badle mein upar ki top slice chhodni padti hai.
Lesson 20 →
Credit spread
Aisa vertical jismein becha hua leg mehnga hai: paisa pehle milta hai, aur jeet tab hoti hai jab market aapke strikes se door rehta hai.
Lesson 22 →
D
Dealer / market maker
Woh professional desk jo har strike par dono taraf bhaav deta hai, spread kamata hai aur direction ko hedge karke nikaal deta hai.
Lesson 26 →
Debit spread
Aisa vertical jismein khareeda hua leg mehnga hai: paisa pehle dena padta hai, risk aur reward dono cap, aur move zaroori hai.
Lesson 22 →
also inL25L28L30
Delivery margin
Expiry week mein ITM stock-option positions par exchange ka extra margin, kyunki woh asli share delivery mein khatam ho sakti hain. Roz badhta hai aur optional nahi hai.
Lesson 6 →
also inL20
Delta
Underlying 1 point hile to option ka bhaav kitna hila. Saath hi ITM expire hone ki mota moti probability bhi bata deta hai.
Lesson 17 →
also inL7L14L15L16L18L19
Delta hedging
Option book ke against futures rakhna taaki net direction zero rahe, aur delta hilne par usko dobara balance karte rehna.
Lesson 26 →
Do not exercise (DNE)
Ek band ho chuki suvidha jo kabhi close-to-the-money stock options ko physical settle hone ke bajaye lapse hone deti thi. Maan kar chalo ki yeh available nahi hai: bell par har ITM stock option delivery ban jaata hai.
Lesson 6 →
Drawdown
Account ke peak se girawat. Wapas aana girne se kahin zyada mushkil hai: 50% girne ke baad 100% chahiye.
Lesson 30 →
DTE (days to expiry)
Option ki bachi hui zindagi. Ise chhota hote dekh kar lagbhag har Greek apna character badal deta hai.
Lesson 6 →
E
European exercise
Exercise sirf expiry par, aur India ke saare options isi style ke hain. Position phir bhi kabhi bhi trade karke band ki ja sakti hai.
Lesson 6 →
also inL21
Expected move
Us period ke liye market ka apna one-standard-deviation andaaza, jo seedha ATM straddle ke bhaav se padha ja sakta hai.
Lesson 9 →
also inL16L19L22L23L24L27
Expected value (EV)
Jeetne ki probability guna average jeet, minus haarne ki probability guna average haar. Sirf yahi score matter karta hai.
Lesson 30 →
also inL22
Expiry
Woh tareekh jis din option contract mar jaata hai. NIFTY weekly abhi Mangalwar ko expire hoti hai.
Lesson 6 →
also inL1L2L3L4L5L7
Exposure margin
SPAN ke upar exchange ka cushion, jo contract ki value par tay hota hai, kisi simulated bure din par nahi. SPAN + exposure hi asal mein block hota hai.
Lesson 12 →
F
Flip level
Woh andaazan level jahan net dealer gamma apna sign badalta hai: upar shaant karta hai, neeche aag lagata hai.
Lesson 27 →
also inL26L30
Freeze quantity
Ek F&O order mein NSE jitni sabse badi quantity leta hai, NIFTY par lagbhag 1,800 units (≈27 lot). Usse bada order queue nahi hota, seedha reject hota hai: aapko khud tod kar bhejna padta hai.
Lesson 11 →
G
Gamma
Market hilne par delta khud kitni tezi se badalta hai. Expiry se door chhota, expiry ke paas khatarnak.
Lesson 17 →
also inL7L16L18L19L21L22
GEX (gamma exposure)
Poori chain par dealer gamma ka andaaza: unki hedging market ko shaant karegi ya usmein aag lagayegi.
Lesson 26 →
also inL18L27
GTT (good till triggered)
Broker ke paas rakha hua instruction jo ek saal tak market dekhta rehta hai aur trigger print hote hi order bhejta hai. Firing se pehle yeh exchange ka order hota hi nahi.
Lesson 11 →
H
Hedging
Ek pata hua kharcha dekar ek anjaan nuksan ko cap karna, options ka sabse asli aur imaandar kaam.
Lesson 8 →
also inL1L17L18L19L20L25
I
Impact cost
Patli order book chaat jaane ka woh kharcha jo quoted price se upar padta hai: isi wajah se illiquid strike par market order screen se door bharta hai.
Lesson 11 →
Implied volatility (IV)
Movement ka market ka andaaza, jo har premium mein pehle se pakaya hua hai. Yahi dar ki keemat hai.
Lesson 9 →
also inL7L8L15
India VIX
Poore market ka dar naapne wala gauge: 10 se 15 shaant, 20+ ghabraya hua, 30+ panic.
Lesson 9 →
also inL19
Intrinsic value
Abhi exercise karne par jitna milta, utni value. Premium ka woh asli, locked-in hissa.
Lesson 5 →
also inL3L6L14L25
Iron butterfly
ATM short straddle jiske saath protective wings lage hain: mota credit, patli comfort zone, aur risk pehle se tay.
Lesson 24 →
Iron condor
Short strangle jiske saath protective wings lage hain: ek range par kiraya, aur sabse bura case entry se pehle likha hua.
Lesson 24 →
also inL15L16L19
ITM (in the money)
Woh strike jo abhi exercise karne par kuch dega: call mein spot se neeche, put mein spot se upar.
Lesson 14 →
also inL5L6L17L18L20L21
ITR-3
Business income wale individuals ka income tax return form. F&O trader yahi bharta hai, turnover chahe kitna bhi chhota ho.
Lesson 29 →
IV crush
Scheduled event nikalte hi IV ka tez pichak jaana, jo premium ko time par neeche le aata hai.
Lesson 19 →
also inL9L18L22
IV rank
Aaj ka IV apni hi 52-week range mein kahan baitha hai: wahi paimana jo sasta aur mehnga ko matlab deta hai.
Lesson 19 →
also inL15L16L18L20L21L22
L
Leverage
Chhoti si rakam se badi notional position chalana. ₹7,800 premium wala ek NIFTY lot ₹16.25 lakh ke index ke saath hilta hai, isiliye index ki chhoti si chaal aapka P&L double digit mein hilati hai, dono taraf.
Lesson 5 →
also inL21L23L30
Limit order
Aisa order jismein kharidne ki ceiling ya bechne ka floor likha ho. Shayad bhare hi na, par aapki tay ki hui price se bure bhaav par kabhi nahi bharega. Options ke liye yahi default hona chahiye.
Lesson 11 →
also inL20L21
Lot size
Ek F&O contract jitni fixed quantity chalata hai, NSE par: NIFTY mein 65, Reliance mein 500.
Lesson 5 →
M
Margin
Option bechne walon se exchange ka maanga hua deposit, jo unke sambhavit nuksan ke hisaab se hota hai, mile hue premium ke hisaab se nahi.
Lesson 2 →
also inL5L6L11L12L20L21
Margin call
Shortfall ke baad broker ki demand ki paisa daalo ya position kaato. Practically yeh ek message aur ek countdown hota hai, baat cheet nahi.
Lesson 12 →
also inL6
Margin shortfall
Block hua margin aapke account ki auqaat se upar nikal jaana, aksar MTM debit ke baad. Ispar rozana exchange penalty lagti hai aur broker ko aapko square off karne ka haq mil jaata hai.
Lesson 12 →
Market order
Aisa order jo abhi book mein jo bhi bhaav mile, utha leta hai. Tez hai, fill pakka hai, aur patli option strike par screen ka sabse mehnga button hai.
Lesson 11 →
also inL15
Max pain
Woh expiry level jahan option holders ko sabse zyada milkar nuksan hota hai. Ek observation hai, jiska ek gravity jaisa cousin hai, kanoon kabhi nahi.
Lesson 15 →
also inL26L27
MIS / NRML
Product types: MIS intraday hai, close se pehle apne aap square off hota hai aur margin sasta padta hai; NRML carry-forward hai, pura margin lagta hai, aur exit aapki marzi se hoti hai.
Lesson 12 →
also inL25
Moneyness
Strike market ke muqable kahan khada hai: ITM, ATM ya OTM. Har strike ek label call ki tarah pehenta hai aur doosra put ki tarah.
Lesson 14 →
MTM (mark to market)
Aapki khuli position ko din ke settlement price par dobara aanka jaana, aur farak roz credit ya debit ho jaana. Nuksan account se tab hi nikal jaata hai jab aapne kuch band bhi nahi kiya.
Lesson 12 →
N
Notional value
Aapka contract asal mein kitna control karta hai: strike guna lot size. 25,000 par ek NIFTY lot ₹16.25 lakh ka index hai, aapne uske liye jo bhi diya ho.
Lesson 5 →
O
Open interest (OI)
Kisi strike par abhi khule hue contracts: bheed ki live positions, aur walls ka kachcha maal.
Lesson 15 →
also inL27
OI buildup
OI ke badlav ko price ke badlav ke saath padhna: long buildup, short buildup, covering, unwinding.
Lesson 15 →
OI wall
Bahut zyada OI wala strike, jo shaanti rehne tak bheed ki chhat (calls) ya farsh (puts) ki tarah kaam karta hai.
Lesson 15 →
also inL16L17L20L21L22L23
OTM (out of the money)
Woh strike jo abhi exercise karne par kuch nahi dega. Uska pura premium sirf time value hai.
Lesson 14 →
also inL3L5L6L7L10L15
P
Paper trading
Kalpana ke lot, par asli screen bhaav par trade karna, aur journal bilkul aise likhna jaise paisa asli ho. Woh mahina jo kharcha kuch nahi karta aur sikhata sabse zyada hai.
Lesson 10 →
also inL30
Payoff diagram
Expiry par profit aur loss, market ke har level par khinchi hui. Har strategy ki sabse imaandar tasveer.
Lesson 3 →
also inL28L30
PCR (put-call ratio)
Total put OI ko call OI se bhaag do. Bheed ke mood ka dial, sabse kaam ka tab jab yeh extreme par ho.
Lesson 15 →
Peak margin
Intraday snapshot ka rule: margin din bhar random moments par check hota hai, to aapko apne sabse bure moment ka requirement pura karna hai, band hone wale moment ka nahi.
Lesson 12 →
Physical delivery
India mein ITM stock options aise settle hote hain: expiry par asli share haath badalte hain, aur pura paisa chahiye hota hai.
Lesson 6 →
also inL20L21
Pinning
Expiry wale din bade OI wale strikes ki taraf khinchav, jo dealers ki hedging aur aakhri din ke bade gamma se banta hai.
Lesson 26 →
also inL17L27
Poor man's covered call
Share ki jagah ek deep ITM lambi expiry wala call, aur uske against paas wali expiry ke calls bechna.
Lesson 25 →
Position sizing
Lots likhe hue worst case aur account ke ek fixed hisse (1 se 2%) se tay karna, na ki margin ya mood se.
Lesson 30 →
Premium
Option ka bhaav, per unit. Asli paise ke liye ise lot size se guna karo.
Lesson 5 →
also inL1L2L3L4L6L7
Protective put
Apni holding ke against rakha gaya put: sab kuch ke neeche ek farsh, ek pata hue insurance kharche par.
Lesson 8 →
also inL17L19L20
Put option
Fixed price par expiry se pehle bechne ka haq, obligation nahi.
Lesson 4 →
also inL8
R
Ratio spread
Alag alag size ke legs jismein bechne wala hissa bada hai: extra credit, aur andar chhupi hui ek nangi tail.
Lesson 25 →
Research analyst (RA)
SEBI ka woh registration jo research aur recommendations chhapne ki ijazat deta hai, par aapka paisa sambhalne ya result ka vaada karne ki nahi. Registration number INH se shuru hota hai.
Lesson 13 →
Rho
Interest rate ke prati sensitivity. Ek baar mil lo, phir weekly options ke liye bhool jao.
Lesson 7 →
Rolling
Ek position band karke usse judi doosri kholna. Yeh tabhi sahi hai jab naya trade apne dum par khada ho sake.
Lesson 28 →
S
SEBI RIA
SEBI Registered Investment Adviser: sirf fee lete hain, fiduciary hote hain, registration number INA se shuru hota hai aur SEBI ki site par muft verify hota hai. Paid Telegram group mein baitha koi bhi apne aap RIA nahi ban jaata.
Lesson 13 →
Set-off (of losses)
Usi saal ki doosri income se loss ko net karna. F&O loss salary ko chhod kar lagbhag har head se set off ho jaata hai, aur aage ke saal ki income se tabhi jab carry forward kiya ho.
Lesson 29 →
Skew
OTM puts ka IV hamesha utni hi door wale calls se upar rehna: crash ka insurance, jo structurally mehnga hi bikta hai.
Lesson 19 →
SL / SL-M (stop loss orders)
SL aapke trigger par limit order bhejta hai; SL-M market order bhejta hai. SL bhaav bachata hai par shayad bhare hi na, SL-M hamesha bharta hai par bura bhar sakta hai.
Lesson 11 →
also inL23L26
Slippage
Jis bhaav ki ummeed thi aur jo bhaav mila, unke beech ka farak. Patli option strikes par yeh us brokerage se bhi bada hota hai jiski aap chinta karte ho.
Lesson 11 →
also inL10
SPAN margin
Option sellers ke liye exchange ka core margin, jo portfolio ko price aur volatility ke shocks ke grid se guzaar kar sabse bura nateeja charge karta hai.
Lesson 12 →
Speculative vs non-speculative
Tax ka woh batwara jo tay karta hai loss kahan tak safar karega. Exchange par hone wala F&O non-speculative business income hai; intraday equity speculative hai, aur dono ke loss aapas mein khul kar nahi milte.
Lesson 29 →
Straddle
Ek hi strike par call aur put. Kharido to hilne par bet, becho to na hilne par. Iska bhaav hi expected move hai.
Lesson 23 →
also inL14L16L17L18L19L24
Strangle
Straddle ka chaura bhai: OTM call plus OTM put. Kharidne mein sasta, bechne mein zyada chaudi zone.
Lesson 23 →
also inL24L28
Strike price
Woh fixed bhaav jo option contract lock kar deta hai, market chahe kuch bhi kare.
Lesson 3 →
also inL1L4L5
STT (securities transaction tax)
Trades par lagne wala tax. Fanda yeh hai: ITM option ko expire hone dene par STT poori settlement value par lagta hai, premium par nahi, isiliye trader bell se pehle bech dete hain.
Lesson 6 →
Synthetic
Ek instrument ko doosron se dobara banana: ek hi strike par long call plus short put lagbhag long future jaisa chalta hai.
Lesson 25 →
T
Tax audit
Aapki trading books ka chartered accountant se audit, jo section 44AB / 44AD ke turnover aur profit-declaration thresholds se trigger hota hai. Nibhana sasta hai, nazarandaz karna mehnga.
Lesson 29 →
Term structure
Alag alag expiries ka IV. Aam taur par halka sa upar chadta hua; saamne wala hafta ulta ho to andar koi event baitha hai.
Lesson 19 →
Theta
Baaki sab waisa hi rahe to option roz jitni value khota hai: buyer ka diya hua kiraya, seller ki kamai.
Lesson 16 →
also inL7L17L18L19L20L21
Tilt
Woh haalat jahan faisle nuksan karwa rahe hote hain. Iska ilaaj ek aur trade kabhi nahi hai.
Lesson 28 →
also inL19L30
Time value
Premium mein se intrinsic value nikaal do: jo abhi bhi ho sakta hai uski keemat, jo roz pighalti hai.
Lesson 5 →
also inL6L7L14L16L23L25
Trading journal
Har trade ka likha hua record, nateeja pata chalne se pehle: wajah, plan, aur baad mein result. Aap asal mein kaise trade karte ho, iska ek hi imaandar gawah.
Lesson 10 →
Turnover (F&O)
Tax ke liye yeh traded value nahi hai: settle hue trades ke absolute profit aur loss ka jod hai. Chhote profit aksar bahut bade turnover par baithe hote hain, isiliye yeh sirf audit ka sawaal tay karta hai, aur kuch nahi.
Lesson 29 →
V
Vanna
IV badalne par delta ki sensitivity. OTM strikes par sabse zyada, aur event ke baad ke drifts ki wajah.
Lesson 18 →
also inL26
Vega
IV 1 point hilne par premium ka badlav. ATM par sabse upar, aur expiry door ho to aur bada.
Lesson 18 →
Vertical spread
Ek option kharido, usi type aur expiry ka doosra alag strike par becho: risk ticket par hi tay ho jaata hai.
Lesson 22 →
also inL14
Volume
Aaj kitne contracts trade hue. OI ke badlav ke saath mila kar dekho, tabhi nayi positioning aur sirf churn ka farak dikhta hai.
Lesson 15 →
also inL27
Vomma
Vega ki apni IV ke prati sensitivity: isi wajah se option prices mein panic aur panic ko badhata hai.
Lesson 18 →
W
Wheel, the
Income ka chakkar: assignment tak cash-secured puts, share nikal jaane tak covered calls, phir se wahi.
Lesson 21 →
Wings
Condor ya butterfly ke bahar wale khareede hue options: yahi nuksan ko cap karte hain aur margin tay karte hain.
Lesson 24 →
Education only. Not investment advice. Options Gyan is not SEBI registered and recommends nothing: no tips, no calls, no telegram group, free forever. F&O trading involves a substantial risk of loss, and selling options can lose you more than you put in. Read SEBI’s risk disclosure before trading.
Prices, lot sizes and expiry days in the lessons are illustrative teaching figures, not live quotes: confirm the current ones with your broker. Not affiliated with NSE, BSE, SEBI or any broker. NIFTY is a trademark of NSE Indices Ltd.