Part 3 kitaab ki sabse shaant strategy se shuru hota hai: apne hi rakhe hue shares par kiraya lena. Ek nayi aadat yahan banegi: pehli baar example index ka nahi, ek stock ka hai, kyunki covered call ke liye demat mein share hone chahiye.
Yeh cheez important kyun hai?
Ab tak sab kuch auzaar the: premium, theta, delta, IV. Yeh lesson unse bani pehli poori machine hai, aur jaan bujh kar sabse naram wali. Covered call woh cheez leti hai jo zyadatar investors ke paas pehle se hai, yaani lambe samay ke liye rakhe hue shares, aur unpar ek doosri income jod deti hai: option premium, mahine dar mahine.
Lesson 16 ne theta ko "kiraya" kaha tha. Option buyer ke liye woh kiraya kharcha hai. Covered call pehli baar aapko makaan maalik wali taraf khada karti hai, aur woh bhi ek safety net ke saath: bechi hui call galat gayi, to "nuksan" sirf itna hai ki apne hi share aapke chune hue bhaav par dene padenge.
Ek badlav dhyaan se dekho: hum NIFTY se stock par aa rahe hain, Reliance ₹1,400 par, lot size 500 share. India mein stock options sirf monthly chalte hain (NSE par aakhri Mangalwar expiry), aur index options se ulta woh physical delivery se settle hote hain: asli share haath badalte hain. Yahi baat is strategy ko itni saaf chalati hai, aur hum use istemal karenge.
Reality check
Covered calls aksar "portfolio par muft ka paisa" keh kar bechi jaati hain. Woh muft nahi hain. Aap aaj ke cash ke badle apne upar ke faayde ka upar wala tukda bech rahe ho. Kuch mahine yeh sauda shaandaar hota hai. Kisi zabardast rally mein ise dekhna dard dega.
Asli market ka example
Ramesh ke paas Reliance ke 500 share hain, bahut pehle khareede hue, aur ab bhaav ₹1,400 hai. Uski holding ₹7,00,000 ki hai. Woh ek monthly 1,450 CE ₹20 par bechta hai, aur ₹20 × 500 = ₹10,000 jama karta hai, yaani ek mahine ke liye apni holding ki value ka lagbhag 1.4%.
Teen ant, teenon asli:
Reliance expiry tak khisak kar 1,420 par. 1,450 wali call bekaar mar jaati hai. Ramesh ke share bhi uske, ₹10,000 bhi uske, aur uski holding upar se ₹10,000 badhi hui. Agle mahine woh ek aur call bech sakta hai. Strategy isi ant ke liye bani hai.
Reliance uchhal kar 1,550. Call 100 point ITM ho jaati hai. Physical delivery se Ramesh apne 500 share ₹1,450 par bech deta hai. Uska profit (1,450 − 1,400 + 20) × 500 = ₹35,000. Achha paisa, par sirf shares pakde rehne se ₹75,000 banta. Bechi hui call ne use ₹40,000 ki rally ki. Kiraye ka asli daam yahi hai.
Reliance gir kar 1,300. Call bekaar marti hai aur ₹10,000 uske paas rehte hain, par uske share ₹50,000 neeche hain. Net −₹40,000. Ise dobara padho: covered call ne girawat ko sirf ₹20 per share ka gadda bhara. Yeh income strategy hai, dhaal kabhi nahi.
Us mahine ka uska breakeven hai 1,400 − 20 = ₹1,380. Uske neeche premium ke bawajood nuksan hai.
Yaad rakhne wali baatein
Covered call: share aapke paas hon, unke against call becho. Share us obligation ko "cover" karte hain, isliye Lesson 2 wala short call ka bina limit risk gayab ho jaata hai: sabse bura yeh ki aap apna hi rakha hua stock de doge.
Teen ant: bekaar expire (kiraya rakho, dohrao), share nikal jaana (apne chune bhaav par bikri plus kiraya), stock girna (kiraya narm karta hai, bachata nahi).
Breakeven: kharidne ka bhaav minus jama kiya gaya premium. Yahan ₹1,380.
Upar ka cap: us mahine ka aapka maximum (strike − lagat) + premium hai, stock chahe kitna bhi bhaage.
India mein assignment: index aur stock options dono European style hain, exercise sirf expiry par, isliye mahine ke beech mein kuch "chheena" nahi ja sakta. Expiry par ITM stock option shares ki physical delivery se settle hota hai.
Margin ki asliyat: exchange short call par margin leta hai (is size ke lot par lagbhag ₹1 se ₹1.5 lakh), par Reliance ke share collateral ke taur par pledge karke uska zyadatar hissa cover ho jaata hai.
Asli return: ₹7,00,000 par ₹10,000 yaani sab theek chale to mahine ka lagbhag 1.4%. Ek saal mein kuch capped rallies aur ek do gire hue mahine milakar, teen-chaar se dedh dozen percent ke beech ka nateeja achha hai, na ki course bechne walon wala "3% mahina, 40% saal" wala hisaab.
Picture mein dekho
Neeche wala payoff pura sauda ek line mein dikhata hai: 1,450 ke neeche woh sirf aapke share plus ₹10,000 ka kiraya hai; 1,450 ke upar woh ₹35,000 par chapti ho jaati hai, kyunki uske aage rally ka har rupaya call buyer ka hai. Baayen kinare par hover karo aur imaandar hissa dekho: neeche ka risk lagbhag utna hi nanga hai jitna seedhe share rakhne mein.
Below 1,450 this is simply your shares plus ₹10,000 of rent, breakeven ₹1,380. Above 1,450 the line goes flat at ₹35,000: every further rupee of rally belongs to the call buyer. The left edge is the honest part: the downside stays almost as open as plain ownership.
Traders isko kaise use karte hain
Un shares par becho jinhe aap waise bhi rakhna chahte ho, aur woh strikes chuno jinpar bechne mein aapko sach mein khushi hogi. 1,450 par share nikal jaane se dukh hoga, to 1,450 galat strike hai.
Strike delta se chuno, lagbhag 0.20 se 0.30. Lesson 17 ke hisaab se yeh lagbhag 4 mein 1 baar share nikal jaane ka chance hai, aur wahan premium abhi bhi lene laayak hota hai.
Profit jaldi le lo. Do hafte bache hon aur call ₹20 se ₹6 par aa gaya ho, to zyadatar kiraya kama liya gaya hai. Use wapas kharid kar agle cycle mein dobara bech dena aksar aakhri kuch rupaye ka intezaar karne se behtar hota hai.
Earnings wale mahine ka faisla pehle karo.Expiry ke andar earnings ki tareekh premium bhi phulati hai (extra kiraya) aur gap ka risk bhi (extra khatra). Uske aar paar jaan bujh kar becho ya woh mahina chhod do, galti se kabhi nahi.
Mechanical dhang se dohrao. Yeh strategy boring dohrav se compound hoti hai, kisi ek chalak mahine se nahi.
Doosre tools ke saath istemal
IV rank (Lesson 19) aapki entry ka waqt tay karta hai. Wahi 1,450 CE kisi susta mahine mein ₹14 aur kisi ghabraye mahine mein ₹28 de sakta hai. Ooncha IV rank hone par bechna hi patla kiraya aur mota kiraya ka farak hai, aur risk dono mein barabar.
Chart ka resistance + chain (Lesson 15) aapka strike rakhte hain. Chart baar baar ₹1,460 ke paas sellers dikhata ho aur chain 1,460 par bhaari call OI wall dikhati ho, to 1,460 ka strike do parat ke bachav ke peeche baithta hai. Aap woh level kiraye par de rahe ho jise market pehle se mushkil se paar karta hai.
Delta column (Lesson 17) aapka odds meter hai. Apne strike par 0.25 padhna dhundhle "shayad safe" ko "lagbhag chaar mein ek mahina share nikal jayega" mein badal deta hai, aur uspar aap sach mein plan bana sakte ho.
Theta table (Lesson 16) aapka calendar tay karti hai. Kiraya expiry ke paas tez jama hota hai, isliye aakhri do hafte pehle do se jaldi kamate hain. Kai sellers jeete hue trade jaldi band karke aage lagate hain, na ki aakhri ₹3 ke liye baithe rehte hain.
Skew (Lesson 19) aapka thoda patla kiraya samjhata hai. Zyadatar underlyings mein call side ka IV put side se neeche baithta hai, isliye call bechne walon ko darr wale premium ka patla hissa milta hai. Mota hissa put bechne walon ka hai, aur wahi Lesson 21 hai.
Jab company aapka contract dobara likh deti hai
Stock options mein ek risk hai jo index options mein hai hi nahi: neeche wali company khud shakal badal sakti hai, aur aap contract pakde baithe ho.
Ramesh apne 500 Reliance ke against 1,450 CE short hai. Ek shaam company 1:1 bonus ka elaan karti hai. Agli subah stock ₹1,400 ki jagah lagbhag ₹700 par khulta hai. Uski 1,450 wali call shaandaar tareeke se, hamesha ke liye, out of the money lagti hai. Kya usne muft mein ₹10,000 jeet liye?
Nahi. Exchange ek contract adjustment karta hai, aur woh isi tarah bana hai ki corporate action se na koi jeete na haare:
1:1 bonus ka adjustment factor 2 hai: strike usse bhaag, lot size usse guna. Ramesh ka hisaab bilkul waisa hi rehta hai, aur uske 500 share usi subah 1,000 ho gaye, to position abhi bhi theek theek covered hai.
Kya adjust hota hai aur kya nahi.
Adjust hota hai: bonus, stock split, consolidation, rights issue, merger aur demerger, aur asadharan dividend, jiske liye NSE ki line hai stock ki market value ka 2% se zyada dividend.
Adjust nahi hota: aam dividend. Unki ummeed hoti hai, aur woh quote hone se pehle hi option ke bhaav mein hote hain.
Doosri baat covered-call likhne wale ke liye chup chaap achhi khabar hai. Ex-dividend wale din stock lagbhag dividend ke barabar girta hai aur call ko uska muavza nahi milta, par Ramesh ko, shareholder hone ke naate, dividend milta hai. Woh use leta hai; girawat call buyer jhelta hai. Dividend structurally us aadmi ke haq mein hain jo share rakhta hai aur unhe kiraye par deta hai.
Asal mein karne ke do kaam.
Agli subah position check karo. Aapka lot size badal gaya hai, matlab aapne jo bhi rupaye wale number yaad kar rakhe the, margin, breakeven, per point P&L, sab tab tak galat hain jab tak dobara na nikalo. Badle hue lot size hi us position ki sabse aam wajah hain jo trader ki soch se do guni size ki nikal aati hai.
Patle market ki ummeed rakho. Adjust hue series 725 jaise ajeeb strikes par chalte hain, jabki chain round numbers par bani hoti hai, aur woh aksar hafton tak halke trade hote hain. Yahan Lesson 11 ka rule aam se zyada matlab rakhta hai: sirf limit orders, aur nikalne ka maan lene se pehle depth check karo.
Index options corporate actions ke liye kabhi adjust nahi hote, NIFTY unhe apne andar hi jazb kar leta hai. Yeh poora hissa alag alag companies ke options trade karne ki entry fees hai.
Aam galtiyan
Un shares par call bechna jinhe gawana aapko manzoor nahi. Assignment koi durghatna nahi hai; woh contract ka theek chalna hai. Faisla pehle karo, baad mein nahi.
Premium ko bachav samajhna. ₹100 ki girawat ke saamne ₹20 ka kiraya akhbaar jitna mota gadda hai. Bachav ke liye Lesson 8 wala protective put hai, jo ek alag auzaar hai.
Jangli stocks ke mote premium ke peeche bhaagna. Teen guna kiraya dene wala ghatiya stock isliye deta hai kyunki girne ka risk bhi teen guna hai. Premium kabhi galat bhaav wala daan nahi hota.
Rally mein ghabra kar call wapas kharid lena. Short call darawna nuksan dikhati hai jabki aapke share chup chaap usse zyada kama rahe hote hain. Position ko ek ikai maano, leg dar leg nahi.
Lambe daur ka kharcha bhool jaana. Systematic covered-call bechne ki studies dikhati hain ki return chikne hote hain par tez bull saalon mein saaf peeche reh jaate hain. Yeh strategy sabse achhe mahine bech deti hai. Yeh pehle se pata ho to yeh kabhi dhokha nahi lagega.
Adjust hue contract ko purane hisaab par trade karna. Bonus ya split ke baad aapka lot size badal chuka hai. Aapke yaad kiye har number, margin, breakeven, ₹ per point, tab tak baasi hain jab tak naye lot par dobara na nikalo.
"Brokerage bachane" ke liye ITM covered call ko expiry mein jaane dena.Physical settlement matlab asli delivery, aakhri chaar din ke delivery margins, aur poore contract value par STT. Lesson 6 us galti ka pura bhaav laga chuka hai.
Quiz
Get 4 of 5 right to finish the lesson. No account needed. Progress saves in this browser.
1. Ramesh ke paas ₹1,400 par 500 Reliance hain aur woh monthly 1,450 CE ₹20 par bechta hai. Reliance expiry par 1,430 band hota hai. Kya hota hai?
2. Wahi position, par Reliance expiry tak uchhal kar 1,550 chala jaata hai. Uska kul profit kya hai, aur covered call ne use kitna mehnga pada?
3. Covered call ka sabse bada risk kya hai?
4. Ek trader covered-call ke strikes lagbhag 0.25 delta par chunta hai. Lesson 17 wale delta ke padhne ke tareeke se, woh kya chun raha hai?
5. Ramesh Reliance par 1,450 CE (lot 500) short hai aur company 1:1 bonus ka elaan karti hai, stock lagbhag ₹700 par khulta hai. Uski short call ka kya hota hai?
Next · Lesson 21 · Cash-secured puts: get paid to wait. Apne shares kiraye par dena sikke ka ek pehlu hai. Lesson 21 use palat deta hai: cash mein paise lena, us stock ko aaj se saste bhaav par kharidne ke vaade ke badle jise aap waise bhi chahte the.
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 contract specifications: The exchange’s own contract terms: market lot, strike intervals, expiry rules and settlement. This is where the lot size used in the examples comes from, and where to check it after a revision.