Gaadi ka dashboard speed dikhata hai; achha driver acceleration bhi mehsoos karta hai. Aapki option position mein dono hain. Delta yeh hai ki NIFTY hilne par aapka paisa kitni tezi se hilta hai. Gamma yeh hai ki woh speed khud kitni tezi se badalti hai.
Yeh cheez important kyun hai?
Delta trading ke sabse practical sawaal ka jawab deta hai: "NIFTY 100 point hile to mere paise ka kya hoga?" Woh number bina jaane aapko apna exposure hi nahi pata, aur position sizing andaazon ka khel ban jaati hai.
Gamma us sawaal ka jawab deta hai jo logon ko peeche se aakar maarta hai: "meri position achanak dugni raftaar se kyun chalne lagi?" Gamma hi wajah hai ki bechi hui options kai din tak sharafat se chalti hain aur phir ek dopahar mein kaat leti hain, expiry ke din jangli kyun lagte hain, aur Lesson 16 wala theta kiraya hai hi kyun. Woh kiraya gamma ke neeche khade rehne ki tankhwah hai.
Milkar yeh Greek dashboard ka price wala aadha hissa hain (volatility wala aadha agle lesson mein), aur Lesson 26 ki dealer hedging samajhne ki buniyad bhi, jahan gamma aapki position ka gun rehna chhod kar poore index ko hilane wali force ban jaata hai.
Reality check
Gamma dono taraf kaatta hai. Khareede hue option ka delta jeetne wale move mein badhta hai aur haarne wale mein ghatta hai, to woh aapke haq mein narmi se tez hota hai. Becha hua option bilkul ulta karta hai: nuksan theek tab tez hota hai jab market aapke khilaaf bhaagta hai.
Asli market ka example
Hamare ₹120 wale 25,000 CE ka delta lagbhag 0.5 hai: NIFTY ke har point par premium lagbhag ₹0.50 kamata hai, yaani 65 ke lot par ₹32.50 per point.
Ab NIFTY 100 point chadh kar 25,100 par aata hai. Ek saath do cheezein hoti hain. Premium lagbhag ₹176 par pahunchta hai (usne poore move par lagbhag average delta kamaya, lagbhag 0.56 per point). Aur delta khud 0.50 se badh kar lagbhag 0.62 ho gaya, kyunki option ab 100 point in the money hai. Delta ka wahi badlav, 100 point ke move par 0.50 se 0.62, hi gamma hai. Aapki position ab us position se tez hai jo aapne khareedi thi.
Expiry se ek hafta pehle, usi option ka delta NIFTY ke alag alag levels par:
Ek chikni S-curve. Ab seedha expiry ki subah par chalo, ek din bacha hai. Wahi seedhi ab lagbhag 0.04, 0.19, 0.50, 0.81, 0.96 padhti hai. Narm curve lagbhag ek seedhi step ban gayi hai: option bhaag kar ya to bekaar (delta 0) ya index jaisa (delta 1) ban raha hai, aur strike ke paas 100 point ka dagmagana uska poora behaviour palat deta hai. Wahi tez hona gamma ka time ghatne ke saath badhna hai, aur yahi mechanical wajah hai ki NIFTY ki Mangalwar dopahar ek alag hi khel lagti hai.
Yaad rakhne wali baatein
Delta (position ki bhasha): NIFTY ke har point par P&L ke rupaye. Per unit woh 0 se 1 wala number hai; per lot ke liye 65 se guna karo. 0.5 delta wala lot ₹32.50 per point ke index exposure jaisa chalta hai.
Delta (probability ki bhasha): wahi number ITM band hone ke mote moti odds bhi bata deta hai, bilkul jaise Lesson 14 ne use kiya. Ek number, do padhne ke tareeke, dono andaazan.
Gamma: NIFTY ke har point par delta kitna badalta hai. ATM strikes par aur expiry ke paas sabse zyada; deep ITM aur door ke OTM strikes par lagbhag zero, jinka faisla pehle ho chuka hai.
Long gamma: khareede hue options. Aapka delta apne aap jeetne wale moves ki taraf jhukta hai aur haarne walon se hatta hai. Is aaramdayak behaviour ka theta kiraya aap dete ho.
Short gamma: beche hue options. Move mein aapka exposure apne aap aapke khilaaf badhta hai. Is takleefdeh behaviour ki tankhwah aapko theta kiraye mein milti hai.
Position delta: aapke har leg ke delta ka jod. Ek jaise legs par ulte sign wali do positions ka net delta zero ho sakta hai, aur wahi har hedged aur market-neutral strategy ki shuruaat hai.
Picture mein dekho
Ek hi chart par dono delta curves: 7 din ki expiry par chikni S-shape, aur 1 din par lagbhag seedhi step. 25,000 ke aas paas dono ke beech ka khada gap hi expiry week ki poori kahani hai: wahi strike, wahi index level, par position ki raftaar bilkul alag. Dono lines par strike ke paas hover karo.
7 days to expiry1 day to expiry
The smooth S-curve at 7 DTE sharpens into a near step by expiry morning. Around the strike, that steepness is gamma: at 1 DTE a 100-point wobble swings delta from 0.19 to 0.81, which is why expiry afternoons feel violent near big strikes.
Traders isko kaise use karte hain
Position delta pehla risk number hai jo dekha jaata hai. Profit target se pehle, kisi bhi cheez se pehle: "mera per lot delta kya hai, rupees per point mein?" Woh ek dhundhli position ko naapne laayak exposure bana deta hai.
Strike chunna delta chunna hai. Index jaisa exposure chahiye? 0.7+ delta kharido. Turant aane wale move par santulit bet? ATM, 0.5 par. Aisa level bech rahe ho jispar bharosa hai? Us strike ka delta mota moti bata deta hai ki aap kitni baar galat honge.
Expiry ke paas gamma ka samman karo. Tajurbekaar traders aakhri sessions mein size ghata dete hain, stops chaude kar dete hain ya poori tarah side ho jaate hain, kyunki step-curve strike ke aas paas P&L ke jhatke hinsak bana deti hai. Wahi trade, wahi strike, teen guna raftaar.
Event wali bets ke liye long gamma. Bada move expect hai par direction pata nahi, to khareede hue options ka khud ko adjust karta delta theek wahi machine hai jo chahiye. Lesson 23 ke straddles ka beej yahi hai.
Short gamma exits maangta hai. Income trades tab tak theek chalti hain jab tak move shuru na ho. Professionals ka rule boring aur pakka hai: entry se pehle exit tay karo, kyunki move shuru hone ke baad gamma aapko sochne ka waqt nahi dega.
Doosre tools ke saath istemal
Delta + hedging (Lesson 8).Protective put ko theek se size karna delta ka milaan hai, andaaza nahi. Lesson 8 ka farsh yaad karo: 25,000 aur 24,800 strike ke beech hedge ne girawat sirf narm ki thi, aur strike ke neeche use poori tarah kaat diya. Woh bas put ka delta hai jo market girne par lagbhag −0.35 se −1 ki taraf chalta gaya. Jo insurance aapne pehle hi kharida tha, uski theek shape delta hi samjhata hai.
Gamma + expiry wale din ka chart behaviour. Achanak trending wale jhatke, aur Mangalwar dopahar bade round strikes ke paas NIFTY ka ajeeb "pinning", dono gamma ke karishme hain, jo dekhna aa jaye to kisi bhi intraday chart par dikhte hain. Lesson 26 unhi trades ka doosra pehlu dikhata hai: unhe hedge karte dealers.
Delta + chain (Lesson 14 aur 15). Chain ka delta column market ka zinda probability naksha hai. Uspar nazar daudana andaaza lagane se behtar hai: OI wall aur chart ke support ke peeche 0.20 delta wali strike becho, aur ek hi trade par teen tools ne mohar laga di.
Delta + theta (Lesson 16). Kisi bhi position ka pura health check yeh jodi hai: "har shaant din ₹X kamati hai, mere khilaaf har 100 point par lagbhag ₹Y gawati hai." Part 3 ke strategy ke faisle asal mein yahi chunna hain ki aap us anupaat ke kis taraf jeena chahte ho.
Aam galtiyan
Yeh ummeed karna ki delta wahin tika rahega. Jo delta aapne kharida, woh us pal ka delta tha. Gamma pakka karta hai ki woh har tick, har din, har IV badlav ke saath badle.
Expiry week mein poori size par options bechna. Kiraya theek tab sabse achha dikhta hai jab gamma sabse khatarnak hai. Step-curve strike ke aas paas index ke chhote dagmagane ko bade P&L jhatkon mein badal deti hai.
Delta ko nishchitta padhna. 0.75 delta wala option bhi mota moti chaar mein se ek baar bekaar expire hota hai. Probability wali bhasha sizing ke liye hai, confidence ke liye nahi.
Legs ke aar paar position delta nazarandaz karna. Trader ek hedge jodta hai, phir ek spread, phir ek extra lot, aur net ka hisaab kho deta hai. Ek number, saare legs ka jod, hamesha jaana ja sakta hai; anjaan exposure ek chunav hai.
Shaant hafton ke baad size dugni kar dena. Shaant market aapke hue nuksan ko chhota karte hain, aapke gamma ko nahi. Jo position "poore mahine bilkul theek chali", woh 31ve din bhi wahi acceleration risk leke chalti hai.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. 65 ke lot par aapke 25,000 CE ka delta 0.5 hai. NIFTY jaldi se 40 point chadhta hai. Position lagbhag kitna kamati hai?
2. 100 point ki rally ke baad aapke call ne delta-guna-move wale andaaze se zyada kamaya. Yeh bonus kaun sa Greek samjhata hai?
3. NIFTY ek din mein achanak 300 point hil jaata hai. Us move ke gamma ka fayda kise hota hai?
4. Expiry ki subah (1 DTE) NIFTY aapke 25,000 strike ke aas paas 100 point idhar udhar ghoomta hai. Pichhle hafte ke muqable position ka behaviour itna hinsak kyun lagta hai?
Next · Lesson 18 · Vega, vanna & the hidden Greeks. Delta aur gamma bhaav ko jawab dete hain. Agle dials darr ko jawab dete hain. Lesson 18 Greek parivaar ka chhupa hua hissa kholta hai: vega, vanna, charm aur vomma, woh dials jinhe professional desks din bhar dekhte hain.