Time decay se aap Lesson 6 mein mile the aur theta naam ke Greek se Lesson 7 mein. Aaj dono milkar ek kaam ka auzaar ban jaate hain: rozana ka kiraya. Kaun deta hai, kaun leta hai, aur use apne khilaaf ki jagah apne haq mein kaise chalayein.
Yeh cheez important kyun hai?
Options mein theta hi ek aisi force hai jo har din, ek pata hui disha mein, bina naga chalti hai. NIFTY chadh ya gir sakta hai, IV bhadak ya so sakti hai, par time sirf guzarta hai. Option buyers yeh kiraya roz dete hain; option sellers roz lete hain.
Isi wajah se theta poori strategy duniya ke peeche ka chup chaap chalta usool hai. Part 3 ka har trade kiraye ke ek samjhaute ki tarah likha ja sakta hai: covered calls aur condors use lete hain, straddles aur khareede hue options use dete hain, is ummeed mein ki koi move bill bhar dega. Aapko apni position ka theta pata hai, to aapko pata hai ki ek boring, kuch na hone wala din kitna kharcha ya kitni kamai deta hai, aur zyadatar din boring hi hote hain.
Reality check
Theta ek din bhi chhutti nahi leta, par woh muft ka paisa bhi nahi hai. Seller ko milne wala kiraya achanak aane wale move ke risk (gamma, agle lesson ka vishay) ke neeche khade rehne ka mehnataana hai. Kiraya aur risk ek hi sauda hain, do alag baatein nahi.
Asli market ka example
Hamare canonical ATM option ki time value hafte guzarne ke saath: 30 din ki expiry par lagbhag ₹248, 14 par ₹170, 7 par ₹120, 3 par ₹79, 1 par ₹45, aur bell par ₹0. Numbers wahi Lesson 6 wale hain, par ab unhe rozana kiraya maan kar padho:
Pehle pandrah din se aakhri dinon tak kiraya lagbhag teen guna ho jaata hai, aur akela aakhri din ₹45 per unit jalata hai, yaani 65 ke lot par ₹2,925. Us hisse mein position pakde hue buyer ko market se jaldi bill bharwana padta hai; wahan baitha seller poore calendar ka sabse mota kiraya leta hai.
Ab India-specific pecheedgi: weekend. Theta calendar ke dinon par chalta hai, aur NSE Shaniwar-Ravivar band rehta hai, to do din ka kiraya bina trade ka mauka diye jud jaata hai. Professionals yeh jaante hain, isliye woh Shukravar dopahar hi premium neeche mark kar dete hain, weekend sellers ko tohfe mein nahi dete. Practical baat: Shukravar shaam options kharidne ka matlab hai do murda dinon ka paisa pehle dena. Aur kyunki NIFTY weeklies Mangalwar expire hoti hain, weekend ab saamne wale hafte ke lagbhag 2 se 4 DTE par baithta hai, yaani upar wali table ka theek dhalaan wala hissa. Calendar aur decay curve sabse mehngi jagah par aapas mein overlap karte hain.
Yaad rakhne wali baatein
Theta: baaki sab sthir rakhen to option roz kitne rupaye value khota hai. Quote per unit hota hai; per-lot kiraye ke liye 65 se guna karo.
Decay curve hai, line nahi: ATM options mein pighalna lagbhag square-root-of-time wale raste par chalta hai, shuru mein halka aur ant mein bedard. Upar wali table wahi curve rupees mein hai.
Expiry week ka tez hona: aakhri 5 se 7 din apne pichhle pandrah din se zyada time value jalate hain. Yahin buyers chup chaap behte hain aur sellers jaan bujh kar dera daalte hain.
Weekend theta: decay calendar par chalta hai, isliye weekend aur chhutti buyers ki asli value kharch karwate hain. Market ise break se pehle bhaav mein daal deta hai, baad mein nahi.
Theta/gamma ka sauda: kiraya lene ka matlab hai short gamma hona, yaani tez moves ke saamne khada hona. Rozana kiraya jitna mota, move ka risk utna tez. Aisa koi strike hai hi nahi jahan kiraya mile aur yeh risk na ho; jo aisa bech raha hai woh kuch aur hi bech raha hai.
OTM ka decay alag chalta hai: door wale OTM option ki time value expiry se kaafi pehle bhi bilkul baith sakti hai, jis pal zaroori move mumkin lagna band ho jaye. Uska decay calendar se utna hi nahi, girti hui probability se bhi chalta hai.
Picture mein dekho
Neeche wala chart usi kiraye ke samjhaute ke dono side dikhata hai. Girti hui line buyer ki bachi hui time value hai, chadhti hui line seller ka jama kiya hua decay, aur dono us ₹248 ke aas paas theek aaine jaise hain jisse buyer ne shuru kiya tha. Aakhri hafte par hover karo aur dekho ki seller ki line kitni tezi se chadti hai.
time value leftdecay collected
Every rupee that melts off the buyer’s line lands on the seller’s line. The curves steepen as expiry nears (left edge): the final week transfers more rent than the fortnight before it. Collecting that slope is the seller’s income and the seller’s gamma risk, together.
Traders isko kaise use karte hain
Buyers entry se pehle kiraye ka budget banate hain. ₹120 wale ATM weekly ka aakhri hafte mein per unit lagbhag ₹10 se ₹17 rozana ka kharcha hai. Aapka expected move us bill se saaf bada nahi hai, to trade shuru hone se pehle hi negative hai.
Buyers default roop se dhalaan wale hisse se bachte hain. Pehle enter karo, aakhri do din se pehle nikal jao, ya kisi khaas wajah se jaan bujh kar toll bharo (aaj raat koi event hai, breakout chal raha hai). Expiry ke paas "do din aur de deta hoon" se hi zyadatar weekly buyers asal mein gawate hain.
Sellers jaan bujh kar aakhri hafte mein dera daalte hain. 7-se-0 DTE wali khidki poore curve ka sabse tez rozana decay leke chalti hai. Income traders apni entries aise banate hain ki unke beche hue options usi ke andar jiyein aur marein.
DTE pehla faisla hai, aakhri nahi. Strike se pehle, direction se pehle, tay karo ki aap kitna time kharid ya bech rahe ho. Wahi kiraya, gamma risk aur poore trade ki raftaar tay karta hai.
Theta hamesha per lot padho. "₹10 rozana" bekaar sa lagta hai. ₹650 rozana per lot, aur lambe weekend par ₹1,950, aisa number hai jo sach mein mehsoos hota hai aur jiske hisaab se plan banta hai.
Doosre tools ke saath istemal
Akela theta ek tathya hai. Theta plus ek filter ek strategy hai:
Theta + chart par ek range + OI walls. Jab price chart ek achhi tarah janchi hui range dikhata ho, aur chain (Lesson 15) usi range ke upar bhaari call OI aur neeche put OI dikhati ho, to seller un hadd ke andar kiraya le sakta hai. Yeh teheri confluence, yaani chart ki range plus OI walls plus theta, hi Lesson 24 ke iron condor ka poora tark hai.
Theta + IV rank (Lesson 19). Kiraya tab sabse mota hota hai jab IV ooncha ho, kyunki premium phule hue hote hain. IV rank bhi ooncha ho tab decay bechne ka matlab hai do baar paisa milna: ek baar calendar se, ek baar jab IV normal par wapas baithta hai.
Theta + event calendar. Khabar ke aar paar decay barabar nahi chalta. Scheduled event mein jaate hue premium apni value pakde rehte hain (market ummeed jaldi nahi chhodta) aur uske turant baad gir jaate hain. Budget ke aar paar "kiraya jama karta" seller asal mein event insurance bech raha hai, aur use landlord ki tarah nahi, insurer ki tarah size lena chahiye.
Theta + delta (Lesson 17). Dono dials ko ek hi vakya ki tarah saath padho: "yeh position har shaant din ₹X kamati hai aur mere khilaaf har 100-point move par lagbhag ₹Y gawati hai." Dono numbers na bhar pao, to position abhi poori tarah samjhi nahi gayi.
Aam galtiyan
Khareede hue weekly ko aakhri dinon tak "bas thoda time aur" ke liye pakadna. Us hisse mein curve ka sabse tez kiraya hai. Wahan extra time chahiye hona matlab trade schedule par pehle hi fail ho chuki hai.
Kiraye ke liye nangi options bech dena bina move ke hisaab se size liye. Kiraya asli hai aur Lesson 2 wala road-roller bhi. Theta income strategies position size se bachti hain, decay se nahi.
Shukravar dopahar premium kharidna. Uske saath do din ka weekend kiraya aata hai, aur market aam taur par bhaav pehle hi neeche kar chuka hota hai. Trade Somwar tak ruk sakti hai to ruk jaane do.
Decay ko seedhi line maanna. ₹248 ko 30 barabar dinon mein baanto to ₹8 rozana aata hai. Asliyat shuru mein ₹5 leti hai aur aakhri din ₹45. Average par bane plan extremes par marte hain.
Yeh nazarandaz karna ki OTMtime value pehle bhi mar sakti hai. Door wale OTM option ke "schedule ke hisaab se" pighalne ka intezaar yeh bhool jaata hai ki move ka bharosa uthte hi uski value ek dopahar mein bhaap ban sakti hai.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Hamare ATM option mein 3 DTE par ₹79 ki time value hai aur 1 DTE par ₹45. 65 ke lot par, in do dinon mein buyer lagbhag kitna kiraya deta hai?
2. Aap Shukravar dopahar NIFTY weekly option kharidte ho aur Somwar tak market kahin nahi jaata. Theta ne kya kiya?
3. Seller ki theta income "muft ka paisa" kyun nahi hai?
4. Buyer ka kaun sa vyavhaar decay curve ki shape ka sabse zyada samman karta hai?
Next · Lesson 17 · Delta & gamma: speed and acceleration. Sellers kiraya isliye lete hain kyunki woh girte hue patthar ke neeche khade hote hain. Lesson 17 un patthar ke naam batata hai: delta, yaani aapka P&L kitni raftaar se hilta hai, aur gamma, woh tezi jo shaant hafton ko hinsak bana deti hai.