ITM, ATM aur OTM aap Lesson 5 se dhile dhale istemal kar rahe ho. Aaj inhe pakki definition milti hai, ek probability wala matlab milta hai, aur ek asli kaam: sasta strike chunne ki jagah sahi strike chunne mein madad.
Yeh cheez important kyun hai?
Moneyness bas option ke strike aur abhi ke market bhaav ka rishta hai. Wahi ek rishta chup chaap option ke baare mein lagbhag sab kuch tay kar deta hai: uska daam, uska hilna, uske chalne ke mote moti odds, aur woh kitni tezi se pighalta hai.
Beginners ki zyadatar strike wali galtiyan asal mein moneyness ki galtiyan hain. "Sasta hai" keh kar door ka OTM option kharidna moneyness ki galti hai. Badi rally par ITM option ka mushkil se dugna hona dekh kar hairaan hona bhi moneyness ki galti hai. Label padhna aa gaya, to dono hairaaniyan gayab.
Yeh lesson baaki course ka darwaza bhi kholta hai. Part 3 ka har spread, straddle aur condor apne legs ki moneyness se hi bataya jaata hai, isliye woh lessons samajh mein aane se pehle yeh shabdawali apne aap chalni chahiye.
Reality check
Board ka sabse sasta strike lagbhag kabhi sabse achha nahi hota. Moneyness batata hai ki market ne use sasta rakha hi kyun, aur market ki wajah aam taur par theek hoti hai.
Asli market ka example
NIFTY 25,000 par hai, aur is hafte ki chain (Mangalwar expiry) hamare jaane pehchane strikes dikhati hai. Calls aur puts saath saath dekho:
Labels ke peeche ka rule: call tab ITM hai jab market uske strike se upar ho (market se sasta kharidne ka haq aaj kuch to keemat rakhta hai). Put tab ITM hai jab market uske strike se neeche ho (market se mehnga bechne ka haq aaj kuch keemat rakhta hai).
Ab do cheezein dekho jo yeh table chup chaap sikhati hai. Pehli, ek hi strike do alag label pehenta hai: 24,800 call ki tarah ITM hai par put ki tarah OTM. Moneyness contract ki hoti hai, number ki nahi. Doosri, barabar 200-point doori wale dono OTM options milao: put ₹90 ka hai jabki call ₹55 ka. Doori wahi, bhaav alag. Us gap ko skew kehte hain, aur Lesson 19 use poora samjhata hai. Abhi ke liye bas itna note karo ki market neeche ke bachav ke extra paise deta hai.
Ek aur parat: har option ka delta ITM band hone ki mote moti probability bhi bata deta hai. Hamare ATM 25,000 CE ka delta lagbhag 0.5 hai, yaani lagbhag sikka uchhalna. ITM 24,800 CE lagbhag 0.75 par hai, yaani 4 mein se 3 ke odds. OTM 25,200 CE lagbhag 0.25 par, yaani 4 mein se 1. Market khul kar odds bata raha hai; premium un odds ka daam hai.
Yaad rakhne wali baatein
In the money (ITM): woh calls jinka strike spot se neeche ho, aur woh puts jinka strike spot se upar ho. Inmein asli intrinsic value plus thodi time value hoti hai, aur yeh index ke sabse kareeb chalte hain.
At the money (ATM): abhi ke spot ke sabse paas wala strike. Sabse zyada anishchitta, isliye sabse zyada time value (Lesson 5 yaad karo) aur delta lagbhag 0.5.
Out of the money (OTM): spot se upar wale calls, spot se neeche wale puts. Intrinsic value zero, 100% time value, aur expiry par kuch tabhi jab market waqt rehte wahan tak pahunche.
Label badalte hain: moneyness ek zinda rishta hai, koi pakki mohar nahi. 25,200 CE aaj OTM hai, kal NIFTY 25,200 pahunch gaya to ATM, aur uske upar ITM. Uska premium, delta aur decay, sab label ke saath badalte hain.
Delta ek mota moti probability: 0.25 delta wale option ke ITM band hone ka mota moti 4 mein se 1 chance hai. Yeh andaaza hai, vaada nahi, par kisi bhi chain par odds jaanchne ka sabse tez tareeka yahi hai.
Picture mein dekho
Neeche wali seedhi hamare example ke strikes ko upar neeche lagati hai. Har row ko do tarah se padho: ek baar call ki tarah, ek baar put ki tarah. Rang theek spot price par palat jaate hain, aur ek tasveer mein moneyness ka poora idea yahi hai.
CALL side
Strike
PUT side
OTM₹55
25,200
ITM₹255
ATM₹120
25,000
ATM₹110
ITM₹295
24,800
OTM₹90
▲ spot 25,000 sits at the middle row: the labels flip exactly here ▲
NIFTY at 25,000. Every strike wears two labels at once: 24,800 is ITM as a call but OTM as a put. Note the two OTM premiums at equal 200-point distance: the put costs ₹90, the call ₹55. That gap is skew, fully explained in Lesson 19.
Traders isko kaise use karte hain
Moneyness strike chunne ka auzaar hai. Aap jo label chunte ho, wahi trade chunte ho:
Vishwas ho aur kam drama chahiye to ITM. Ooncha delta (0.7 ya usse zyada) matlab option index ke kareeb chalta hai, aur premium ka chhota hissa hi pighalne wali time value hai. Aap pehle zyada dete ho aur decay mein kam gawate ho.
"Move abhi ho raha hai" ke liye ATM. Santulit delta, sabse moti time value, aur dono taraf ke move par sabse tez pratikriya. Chhote samay ke directional views ka yahi mehnati strike hai.
OTM sirf lottery-ticket wali imaandari ke saath. Kam kharcha, kam odds. 0.25 delta ki kharidari ek aisi bet hai jise aap chaar mein se teen baar haarne ki ummeed rakhte ho, aur size aisi ho ki chautha baar baaki teen ka bhugtan kar de. Yeh vakya bol na sako, to woh strike mat kharido.
Sellers doori mein sochte hain. OTM option bechna is baat par bet hai ki market expiry se pehle utni door jayega hi nahi. Delta seller ko mota moti bata deta hai ki woh bet kitni baar haarti hai.
Chart ke levels ke saath. Maan lo chart dikhata hai ki is mahine NIFTY 24,700 se chaar baar wapas uchhla hai. Income chahne wala seller 24,600 PE bechta hai, us support ke peeche wali OTM strike. Ab strike ko chhune se pehle market ko ek jancha hua level todna padega. Moneyness se strike aur chart se level, milkar ek pura, dohraya ja sakne wala trade idea ban jaata hai.
Spreads ke saath (Lesson 22). ATM 25,000 CE ₹120 par kharido, OTM 25,200 CE ₹55 par becho, aur net kharcha ₹65 per unit reh jaata hai. OTM ki bikri ATM ki aadhi kharidari fund kar deti hai, badle mein profit 25,200 par cap ho jaata hai. Har vertical spread do moneyness labels ka saath kaam karna hi hai.
IV ke saath (Lesson 19). OTM strikes aksar ATM se alag IV par chalte hain (wahi skew wala gap), isliye bina IV dekhe alag alag moneyness ke premium milane se mehnga option sasta dikh sakta hai.
Position sizing ke saath (Lesson 30).Delta-as-probability batata hai ki strike kitni baar jeetta hai, aur sizing rules ko theek wahi number chahiye. 4 mein se 1 wali strike ki size aisi honi chahiye ki lagatar teen nuksan boring lagein, jaanleva nahi.
Aam galtiyan
Rupaye ka bhaav chhota hai isliye door ke OTM strikes ke peeche bhaagna. Bhaav chhota isliye hai ki odds chhote hain. Aapko sauda nahi mil raha; aap market ka probability ka andaaza padh rahe ho.
Delta ko pakka vaada samajhna. Woh ek zinda andaaza hai jo bhaav, time aur IV ke saath khiskta hai. Use mote moti odds ke liye lo, nishchitta ke liye kabhi nahi.
Yeh bhoolna ki label badalte hain. Traders OTM option kharidte hain, use ITM hote dekhte hain, aur jam jaate hain kyunki position ab bilkul alag chalti hai (tez, bhaari, decay se kam chalne wali). Sirf P&L nahi, label bhi track karo.
"ITM" ko "profit mein" padh lena. ITM strike ki spot ke saamne jagah batata hai, aapka trade nahi. Aapne intrinsic plustime value diya tha, to market wapas khisak jaye to ITM option bhi ghaate ka trade ho sakta hai.
Barabar doori par puts ko "overpriced" kehna. ₹90 ka 24,800 PE aur ₹55 ka 25,200 CE skew hai, index options ka ek structural gun, koi mispricing nahi jise aap yun hi utha lo.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. NIFTY 25,000 par hai. Inmein se kaun sa option in the money hai?
2. 25,200 CE ka delta lagbhag 0.25 hai. Us number ko padhne ka sabse imaandar tareeka kya hai?
3. Ek dost kehta hai ki ₹55 wala OTM call ₹295 wale ITM call se saaf behtar value hai kyunki sasta hai. Sabse dhaansu jawab kya hai?
4. NIFTY 25,000 se chadh kar 25,300 chala jaata hai. Jo 25,200 CE aapne OTM rehte kharida tha, uska kya hota hai?
Next · Lesson 15 · The option chain, decoded. Ab har strike par ek label aur ek mota moti probability hai, to aap unhe ek saath padhne ko taiyaar ho. Lesson 15 NSE ka option chain kholta hai, woh ek screen jahan pura market apne patte dikhata hai.