Lesson 20 ne aapko apne shares par kiraya dilwaya. Yeh lesson ek vaade ke paise dilwata hai: us stock ko kharidne ka vaada jo aap waise bhi chahte the, aaj se saste bhaav par. Imaandari se karo to yeh options ki sabse shaant strategies mein se ek hai. Margin aur lalach ke saath karo to isne lagbhag kisi bhi cheez se zyada account tabaah kiye hain.
Yeh cheez important kyun hai?
Socho ki aap pasand ka stock aam taur par kharidte kaise ho. Aap tay karte ho "Reliance 1,350 par aa jaye to le lunga", limit order lagate ho, aur intezaar karte ho. Girawat kabhi aayi hi nahi, to us intezaar ka aapko kuch nahi milta.
Cash-secured put wahi limit order hai, bas market aapko woh lagane ke paise deta hai. Aap apne kharidne wale bhaav par put bechte ho, poora kharidne ka paisa taiyaar rakhte ho, aur premium aaj le lete ho. Ya to stock upar rehta hai aur premium yun hi aapka, ya woh girta hai aur aap wahi stock kharid lete ho jo chahiye tha, apne target se sasta.
Jo shabd matter karta hai woh hai cash-secured. Aapka broker khushi khushi wahi put sirf margin par bhi bechne dega, lagbhag paanchve hisse ke paise par. Woh version is strategy ke kapde pehne ek leveraged bet hai. Lesson 2 wala seller ka risk kahin gaya nahi hai: girawat put seller uthata hai. Poora cash hi us risk ko ek shopping plan bana deta hai.
Reality check
Itihaas ki har put-bechne wali tabaahi ki shakal ek hi hai: premium muft laga, size uske peeche wale cash se aage nikal gaya, phir market gir gaya. Strategy theek thi. Tabaahi sizing thi.
Asli market ka example
Priya ko Reliance chahiye, jo ₹1,400 par chal raha hai, par sirf ₹1,350 par. Woh ek monthly 1,350 PE ₹18 par bechti hai, ₹18 × 500 = ₹9,000 jama karti hai, aur poori kharidne wali rakam side mein rakh deti hai: 1,350 × 500 = ₹6,75,000.
Teen ant:
Reliance 1,400 ya usse upar rehta hai. Put bekaar mar jaata hai. Uske paas ₹9,000 rehte hain, yaani reserve kiye cash par lagbhag 1.3%, sirf intezaar karne ke. Agle mahine woh ek aur put bech sakti hai. Use sach mein intezaar karne ke paise mile.
Reliance expiry par gir kar 1,340. Put ITM ho jaata hai aur physical delivery se use ₹1,350 par 500 share mil jaate hain. Premium jod kar uski asli lagat 1,350 − 18 = ₹1,332 hai, apne target se bhi neeche aur market se bhi neeche. Stock 1,340 par hai, to woh kaagaz par ₹4,000 aage hai. Yeh strategy ka sabse achha ant hai: use apna pasand ka stock chhoot par mil gaya.
Reliance crash hokar 1,200. Phir bhi woh ₹1,350 par kharidti hai. ₹1,200 ke market bhaav ke saamne asli lagat ₹1,332: woh pehle hi din ₹66,000 neeche hai. Uski ₹18 ki "chhoot" ne use ₹200 ki girawat se nahi bachaya. Imaandar padhna: put bechte waqt usne theek isi trade par haan kahi thi. Premium kabhi dhaal tha hi nahi, sirf ek chhoti si shuruaati badhat thi.
Wahi hisaab index par bhi chalta hai, Lesson 6 wale ek farak ke saath: NIFTY options cash-settled hain. Canon 24,800 PE ₹90 par bechne se ₹5,850 milte hain, share kabhi nahi aate, expiry par sirf ₹ ka farak.
Yaad rakhne wali baatein
Cash-secured put: jis bhaav par kharidna hai usi par put becho, aur expiry tak kharidne ka 100% paisa reserve mein rakho.
Asli lagat: strike minus premium. Yahan 1,350 − 18 = ₹1,332. Aapki asli entry wahi number hai, strike nahi.
Obligation hi poori baat hai: expiry par ITM stock put ka matlab physical delivery hai: ₹6,75,000 jaate hain, 500 share aate hain. Puts sirf wahan becho jahan yeh vakya achhi khabar lage.
Sirf margin par bechna: is put ko short karne ke liye brokers lagbhag ₹1.2 se ₹1.4 lakh maangte hain. ₹6.75 lakh cash par "margin allow kar raha hai" keh kar paanch lot bechna ₹33.75 lakh ki obligation hai. Woh 5x leverage hai, income nahi.
Wheel: woh chakkar jo yeh lesson poora karta hai. Assignment tak cash-secured puts becho, phir mile hue shares par covered calls (Lesson 20) becho jab tak woh nikal na jaayein, phir se wahi shuru. Cycle ke har hisse mein premium jama hota hai.
European exercise: India ke sabhi options ki tarah, assignment sirf expiry par ho sakti hai. Mahine ke beech koi jhatka nahi.
Picture mein dekho
Neeche wali payoff line 1,350 put ka seller wala nazariya hai. Upar daayen taraf ka chapta hissa "intezaar ke paise" wala zone hai: 1,350 ke upar kahin bhi pura ₹9,000 aapka. 1,332 ke breakeven se baayen line share rakhne ki tarah girti hai, kyunki woh ban bhi wahi jaati hai: strike ke neeche aap har matlab ke hisaab se ₹1,332 se Reliance ke shareholder ho. Crash wala case mehsoos karne ke liye 1,200 par hover karo.
The paid-to-wait zone: anywhere above 1,350 keeps the full ₹9,000. Below the ₹1,332 breakeven the line falls like stock ownership, because that is what assignment makes it. The premium is a head start on a purchase, never a shield against a crash.
Traders isko kaise use karte hain
Sirf un stocks par jo maalikana test paas karte hon: kya aap aaj us strike par 500 share kharid kar saal bhar rakhoge? Nahi, to premium chaara hai, income nahi.
Chart ke support ke neeche wale strikes, lagbhag 0.20 se 0.30 delta. Aap apni entry chun rahe ho, to use wahan rakho jahan buyers baar baar aaye hain, sirf wahan nahi jahan premium ras bhara lagta hai.
Ooncha IV rank hone par becho, bilkul covered call ki tarah. Darr sabse zyada put premium phulata hai, isliye sabr wale sellers ko doosron ki ghabrahat mein sach mein zyada milta hai.
Wheel ko jaan bujh kar chalao.Assignment fail hona nahi, doosra phase hai. "Ya to kiraya lo, ya girawat par kharid kar shares kiraye par do" wala plan tabhi chalta hai jab woh entry se pehle likha gaya ho.
Cash ko sach mein khaali padi rehne do. Reserve kiya hua ₹6,75,000 doosre trades ke margin ka kaam nahi kar sakta. Jis pal woh karta hai, aap extra steps ke saath margin par hi bech rahe ho.
Doosre tools ke saath istemal
Chart ka support + put OI wall (Lesson 15). Aisa strike jo ek janche hue support aur ek bhaari put OI wall dono ke neeche baitha ho, uske aur assignment ke beech market structure ki do parat hain. Index par woh theek canon chain ka 24,800 wala wall tha.
Skew (Lesson 19) is strategy ki hawa hai.OTM puts ka IV structurally OTM calls se mota hota hai: hamari canon chain 24,800 PE ka bhaav ₹90 rakhti hai jabki utni hi door ke 25,200 CE ka ₹55. Put sellers darr wale premium ka mota hissa kaatte hain. Isiliye barabar doori par cash-secured puts aam taur par covered calls se zyada kamati hain, aur isiliye bhi: woh extra kiraya crash-risk ki tankhwah hai, tohfa nahi.
IV rank (Lesson 19) entry ka waqt tay karta hai. Wahi 1,350 PE shaant mahine mein ₹12 aur ghabraye mahine mein ₹30 de sakta hai, obligation wahi rehte hue. Ooncha rank plus aisa stock jo aap waise bhi chahte ho, is strategy ka aadarsh mausam hai.
Delta (Lesson 17) aapke odds ka bhaav lagata hai. 0.25 delta wala strike lagbhag chaar expiries mein ek assignment padha jaata hai: teen mahine saaf premium, ek mahina apna stock chhoot par kharidna. Sizing aur ummeedein dono seedha usi number se aati hain.
Theta table (Lesson 16) ab aapke liye kaam karti hai. Jo kiraya aap le rahe ho woh expiry ke paas tez jama hota hai. Kai sellers max profit ke 70 se 80% par put wapas kharid kar aage laga dete hain, na ki aakhri kuch rupaye ke liye expiry week ke gamma (Lesson 17) mein baithe rehte hain.
Aam galtiyan
Un stocks par puts bechna jo aapko kabhi chahiye hi nahi the.Premium tab tak income lagta hai jab tak delivery ka notice aapko us cheez ka anichha maalik na bana de jise aapne uske business ke liye nahi, uske option chain ke liye chuna tha.
Obligation ki jagah margin se size tay karna. Indian options ki sabse tabaah karne wali aadat. Aapki bechi hui har lot par assignment ho jaye to account overdraw ho jaye, to aap yeh strategy nahi chala rahe; aap leverage chala rahe ho.
Ise muft ka paisa kehna. ₹18 asli crash risk ka jaayaz daam hai, jo un logon ne lagaya hai jinhone kai crash dekhe hain. Kuch mahine aap use kamaoge. Kuch mahine aap use kamaoge aur phir bhi ₹66,000 gawaoge.
Girte hue chaaku par bechna. Crash hota hua stock teen guna premium isliye deta hai kyunki market ko sach mein lagta hai ki woh aur gir sakta hai. Bull market mein khinche gaye support levels bear market mein pencil ki lakeerein hain.
Delivery ka paisa bhool jaana.Expiry par poori rakam account mein nahi hai, to brokers ITM positions ko aakhri session mein jo bhi bhaav mile uspar square off kar dete hain. Aapka plan kisi aur ki exit par khatam hota hai.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Priya ek monthly Reliance 1,350 PE ₹18 par sachhe cash-secured put ki tarah bechti hai. Woh kitna cash reserve rakhti hai?
2. Reliance expiry par 1,340 band hota hai. Priya ki position ka kya hota hai?
3. Expiry par Reliance 1,200 par ho, to crash wale case ka imaandar varnan kya hai?
4. Priya iski jagah NIFTY 24,800 PE ₹90 par bechti hai. Assignment stock wale version se kaise alag hai?
Next · Lesson 22 · Vertical spreads: defined risk, defined reward. Do kiraye wali strategies ho gayin, aur dono ko achhi khaasi capital chahiye. Lesson 22 NIFTY par lautta hai chhote account ke mehnati auzaar ke saath: spreads, jinmein aapka sabse bura case entry se pehle hi ticket par chhapa hota hai.