Option kharidne par premium jaata hai aur uske aage aapse kabhi kuch nahi maanga ja sakta. Bechne par ek badi rakam block hoti hai jo ab bhi aapki hai, har kuch second mein dobara aanki jaati hai, aur aapke broker ko yeh haq mil jaata hai ki woh aapki trade khud band kar de. Yeh lesson wahi farak hai, rupees mein.
Yeh cheez important kyun hai?
Lesson 2 ne bataya tha ki buyers premium dete hain aur sellers margin rakhte hain. Woh line sach hai par kaafi nahi hai, kyunki woh sirf entry ka lamha batati hai aur uske baad ke dinon ke baare mein kuch nahi kehti, aur bechi hui positions asal mein wahin bigadti hain.
Short position ke saath har khule din do cheezein hoti hain. Pehla, uska bina realise hua nuksan hote hi aapke available balance ke against mark ho jaata hai. Doosra, aur ye bahut kam log jaante hain, margin ki requirement khud badhti jaati hai jaise jaise trade aapke khilaaf jaata hai, kyunki exchange aapka worst case aaj ke bhaav aur aaj ki volatility se dobara simulate karta hai, us shaant dopahar se nahi jab aapne entry li thi. Aapka free cash girta hai aur uspar maang badhti hai, ek hi waqt par. Ek hi kamre ke do darwaze band ho rahe hain.
Jab woh dono milte hain, tab margin shortfall hota hai: rozana exchange penalty, aur ek broker jiske paas contract ka haq hai (jo us account-opening form mein chhapa tha jise aap scroll kar gaye the) ki woh aapki position apni suvidha par band kar de, aapki nahi.
Reality check
Aapka broker jo margin block karta hai, woh exchange ka ek bure din ka andaaza hai. Woh aapka maximum nuksan nahi hai. Yeh do alag numbers hain, aur inmein se sirf ek par cap hai.
Asli market ka example
Meera ke trading account mein ₹2,00,000 hain aur uska view waajib hai: NIFTY 25,000 par hai, hafta shaant lag raha hai, aur woh 24,800 PE ₹60 par ek lot bech deti hai. Jama kiya gaya premium: ₹60 × 65 = ₹3,900. Uska broker SPAN plus exposure milakar ₹1,30,000 block kar deta hai. Free balance: ₹73,900. Woh aaram se hai.
Aakhri do columns saath mein padho, kyunki poora lesson wahi hai. Nuksan wala column bura hai par jhela ja sakta hai, ₹2,00,000 ke account par ₹25,350. Trade khatam asal mein margin wala column karta hai: Guruwar tak woh us paise se kam pad jaati hai jo exchange maang raha hai, jisse penalty lagti hai, aur Shukravar subah uska broker ₹450 par position square off karke ₹25,350 ka nuksan asli bana deta hai.
Agle Mangalwar NIFTY hafta 24,900 par band karta hai. 24,800 PE bekaar expire hota hai. Meera ka asli view sahi tha. Woh us par kamane ke liye trade mein thi hi nahi, kyunki expiry par sahi hona aur Guruwar ko solvent hona do alag zarooratein hain, aur unmein se sirf ek par mol bhaav ho sakta hai.
Ek India-specific baat theek se keh dena zaroori hai: yahan options premium-settled hain, isliye futures ki tarah har shaam Meera ke bank se cash debit nahi hota. Nuksan "sirf" uske available margin ke against mark hota hai. Practically ismein koi farak nahi padta, free balance bilkul waise hi girta hai aur square-off theek usi Shukravar ko hota hai.
Ab ise Rahul ke saath milao, Lesson 11 wale, jisne usi hafte ₹7,800 ka call khareeda tha aur use ₹2,000 tak girte dekha. Kisi ne use phone nahi kiya. Kuch block nahi hua. Koi penalty nahi lagi, koi position uske liye band nahi hui, aur uska sabse bura case buy dabate hi ₹7,800 par tay ho gaya tha. Yahi asymmetry, na ki win rate, trade ke dono sides ka asli farak hai.
Yaad rakhne wali baatein
Block hua hai, kharch nahi. Buyer ke ₹7,800 chale jaate hain. Seller ke ₹1,30,000 ab bhi uske hi hain, bas position band hone tak kisi aur kaam mein nahi aa sakte. Isiliye "mere paas ₹2 lakh hain, to main ek lot bech sakta hoon" ganit hai, planning nahi.
SPAN margin: exchange ki mool requirement, jo aapke portfolio ko price aur volatility ke shocks ke grid se guzaar kar sabse bura nateeja charge karti hai. Exposure margin uske upar ka cushion hai, jo contract value se tay hota hai. Broker jo block karta hai woh dono ka jod hai.
MTM (mark to market): aapki khuli position ka abhi ke bhaav par dobara mulyankan. Futures mein yeh har shaam cash mein settle hota hai; options mein yeh lagatar aapke available margin ke against mark hota hai. Dono soorat mein paisa aapke kuch band karne se pehle hi available rehna band ho jaata hai.
Margin shortfall: block hua margin account ki auqaat se upar nikal jaana. Ispar exchange ki penalty lagbhag 0.5% se 1% rozana shortfall par hoti hai, aur usi mahine mein baar baar hone par zyada, rupees mein chhoti, par woh exchange ka aupcharik note hai ki aap kam pad gaye the.
Auto square-off: aapke broker ka risk system aapke liye position band kar dena. Do aam trigger: intraday MIS position ka daily cut-off tak pahunchna (aam taur par lagbhag 3:20 pm, 3:30 ke close se pehle), aur margin shortfall ka broker ki limit paar kar jaana. Dono aapki raay ka intezaar nahi karte.
MIS vs NRML: MIS intraday hai, margin mein sasta, aur woh close se pehle square off hoga hi. NRML carry hota hai, pura margin leta hai, aur exit aapke schedule par. Kai din wale view ke liye MIS chunna yeh chunna hai ki trade pehle hi din aapke liye khatam kar di jaye.
Peak margin: requirement din bhar random snapshots par check hoti hai, to matter aapka sabse bura lamha karta hai, band hone wala lamha nahi. Thodi der ke liye upar jaakar wapas aana bhi upar jaana hi hai.
Margin call: broker ka paise maangna. Practically woh ek SMS, ek email aur ek countdown hota hai, baat cheet nahi, aur kai account to koi use padhne se pehle hi square off ho jaate hain.
Picture mein dekho
Wahi chaar din, un do forces ki tarah dekhe gaye jo seller ko nichodti hain. Dekho ki trade crossing point par marti hai, expiry ke kuch tay karne se teen din pehle.
Din
Account jitna paisa cover kar sakta hai
Exchange jitna maang raha hai
Faisla
Mangal
₹2,03,900
₹1,30,000
Aaram: ₹73,900 spare
Budh
₹1,95,775
₹1,58,000
Kas raha hai, phir bhi theek
Guru
₹1,86,350
₹1,90,000
Shortfall. Penalty shuru, margin call bheja gaya
Shukra
₹1,78,550
₹2,05,000
Broker apne bhaav par square off karta hai
more columns →
Buyer ki is table mein ek hi row hoti hai aur woh kabhi badalti nahi: risk par paisa ₹7,800, maanga gaya paisa ₹0, faisla: hamesha aapka.
Apna pehla option bechne se pehle is baat par thoda rukna banta hai. Sellers zyada baar jeette hain, jaisa Lesson 2 ne dikhaya. Par sellers exit ka ek hissa ek risk system ko bhi de dete hain, aur woh system broker ki suraksha ke liye optimise karta hai, aapke P&L ke liye nahi.
Traders isko kaise use karte hain
Apni capital ka aadha se zyada margin mein kabhi mat lagao. Ek lot ko ₹1.3 lakh chahiye, to account mein lagbhag ₹2.6 lakh hone chahiye, ₹1.4 lakh nahi. Bacha hua aadha bekaar paisa nahi hai; wahi aapko us trade mein tike rehne ka haq kharid kar deta hai jo filhaal galat chal rahi hai.
Size obligation se tay karo, phir margin check karo. Margin sirf yeh tay karta hai ki aap position khol sakte ho. Iska is baat se koi rishta nahi ki aap kitna gawa sakte ho, woh Lesson 30 ka kaam hai, aur woh hamesha chhota number deta hai.
Hedge sirf risk ghatane ke liye nahi, margin ghatane ke liye bhi karo. Bechi hui position ke against ek door wala option kharid lena ₹1.3 lakh wale nangi short ko ek spread bana deta hai jise uska ek hissa hi chahiye (Lesson 22). Wahi view, likha hua worst case, aur koi nichodne wali mechanics nahi.
Apne broker ke numbers khud jaano. Square-off ka waqt, kis shortfall par woh trigger hota hai, aur woh pehle call karte hain ya nahi. Yeh broker se broker badalte hain aur likhe hue hote hain; zaroorat padne se pehle pata karo, us waqt nahi.
Ya to jaldi paisa daalo ya jaldi size kaato, dono chhodo mat. Shortfall ban jaane ke baad aapke paas do hi raste hain: paisa ya chhoti position. Intezaar teesra rasta hai jo khud faisla kar leta hai, broker ke bhaav par.
Sirf P&L nahi, margin ka number bhi dekho. Meera ka nuksan us poore hafte har din jhela ja sakta tha. Uska margin nahi. Beginners theek us SMS ke aane tak galat column dekhte rehte hain.
Aam galtiyan
Available margin se size tay karna. "Broker paanch lot allow kar raha hai, to main paanch bechunga" Indian options ka sabse bharose se account khatam karne wala vakya hai. Allowed margin ek limit hai, salah kabhi nahi.
Jama kiye gaye premium ko kharch karne laayak samajhna. Meera ke ₹3,900 tabhi uske the jab position theek se khatam hoti. Jo paisa abhi wapas liya ja sakta hai, woh abhi income nahi hai.
Yeh maan lena ki margin wahin rahega jahan shuru hua tha. Woh aaj ke bhaav aur aaj ki volatility se dobara nikala jaata hai. Aapke khilaaf jaati hui position ko pakadna theek us waqt mehnga ho jaata hai jab aap sabse kam jhel sakte ho.
Kai din ke view ko MIS mein carry karna. Sasta margin us position ka kiraya hai jo 3:20 pm par khatam ho jaayegi. Rahul ka agle Mangalwar wala view MIS order mein keh hi nahi sakte.
Phone call ka intezaar karna. Auto square-off automatic hai. Us shabd ka poora matlab hi yahi hai.
Yeh maanna ki sahi view aapko bacha lega. Meera expiry ke baare mein sahi thi aur usse koi farak nahi pada. Solvency pehle aati hai, samay ke hisaab se bhi aur har doosre hisaab se bhi.
Ledger par chhoti penalty entries ko nazarandaz karna. ₹300 ki margin penalty asal mein ₹300 ki problem nahi hai. Woh ek receipt hai jo saabit karti hai ki aapki size badi thi, aur agli baar woh aam taur par square-off ke saath aati hai.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Meera 24,800 PE ka ek lot ₹60 par bechti hai, ₹3,900 jama karti hai, aur ₹2,00,000 ke account par ₹1,30,000 margin block hota hai. NIFTY girta hai aur put ₹330 par chalta hai. Position ka bina realise hua nuksan kitna hai?
2. Uska put hafte ke ant mein bekaar expire hota hai, yaani asli view sahi tha, par position Shukravar ko ₹450 par square off ho gayi thi. Kyun?
3. Ek trader ka NIFTY par do hafte ka view hai aur woh trade ko MIS (intraday) order mein lagata hai kyunki margin kam hai. Kya hota hai?
4. Ek hi option ke buyer aur seller ke liye daanv par kya hai, yeh kaun si jodi theek batati hai?
Next · Lesson 13 · Tips, tip-sellers and the SEBI check. Ab pata hai ki market aur broker aapke paise ke saath kya kar sakte hain. Lesson 13 uske baad wale teesre kirdaar par hai: woh Telegram group jiska 96% win rate hai, screenshot wala P&L, aur woh muft 60 second ka check jo aisi zyadatar baatein wahin khatam kar deta hai.
Where this comes from
This lesson states rules, not opinions, so here is where to check them. Exchange and regulator pages only, because everyone else is restating these too.
NSE: equity derivatives margins: How SPAN and exposure margin are computed, and what a shortfall means. Your broker may ask for more than this, never less.