Ab tak har strategy ke saare legs ek hi expiry ke andar the. Yeh lesson woh deewar todta hai aur time ke khilaaf time trade karta hai: is hafte ka tez pighalta option bech kar agle mahine ka dheema wala rakhna. Uske baad advanced shelf ke baaki saaman ka chhota, imaandar daura.
Yeh cheez important kyun hai?
Lesson 16 ki kiraya table mein ek trade saaf saamne chhupa hua tha. Saamne wale hafte ka ATM option marte marte ₹10 se ₹45 rozana ka kiraya deta hai; peeche wale mahine ka sirf lagbhag ₹5. Wahi strike, wahi index, aur pighalne ki raftaar zameen aasman. Calendar spread theek us gap ko paise mein badalta hai: tez pighalne wala hafta becho, dheere pighalne wala mahina rakho, aur jab tak market strike ke aas paas rehta hai, farak jama karo.
Wahi soch diagonal ko aur uske mashhoor retail version, poor man's covered call ko chalati hai, jo aakhirkaar Lesson 20 ka chhoda hua sawaal bhi hal karta hai: index trader covered call chalaye kaise, jab "NIFTY" kisi ke demat mein rakha hi nahi ja sakta? Shares ki jagah ek deep ITM option rakh kar.
Yeh lesson Part 3 ko baaki shelf ke imaandar daure ke saath band karta hai: ratio spreads, backspreads, synthetics. Inse mil lo taaki koi chain ya strategy screen aage se ajnabi na lage, aur saath mein utni hi imaandar baat: spreads, condors aur calendars zyadatar traders ki lagbhag saari zaroorat poori kar dete hain.
Reality check
Multi-expiry trades mein ek daam aisa hai jo single-expiry trades kabhi saaf nahi dikhate: woh sirf time nahi, volatility ke bhi long ya short hote hain. Lesson 18 wala vega yahan footnote rehna chhod kar P&L ka doosra engine ban jaata hai.
Asli market ka example
Ek shaant Budhwar ko NIFTY 25,000 par baitha hai, canon walls salamat, calendar par koi event nahi. Nikhil calendar kholta hai: weekly 25,000 CE ₹120 par bechta hai aur monthly 25,000 CE ₹248 par kharidta hai (wahi ₹248 ki time value jahan se Lesson 16 ka curve shuru hota hai). Net debit ₹128 per unit, ₹8,320 per lot, aur theory mein yahi uska sabse bura case hai.
Engine seedha kiraya table se: uska short weekly apne aakhri hafte mein ₹10 se ₹45 rozana pighalta hai, uska long monthly sirf lagbhag ₹5. NIFTY Mangalwar ki expiry tak 25,000 par khada rahe to:
Weekly bekaar mar jaata hai: pura ₹120 kama liya.
Monthly ₹248 se lagbhag ₹217 par khisak jaata hai, yaani apne dheeme kiraye mein ₹31 ka nuksan.
Net, sabse achha case: lagbhag ₹89 per unit, ₹5,785 per lot, ₹8,320 ke risk par, ek hafte mein.
Ab imaandar ant. 600 point ki rally: dono calls deep ITM hokar lagbhag one-for-one chalne lagte hain; unke beech ka gap simat kar lagbhag khatam ho jaata hai, aur position apne debit ki taraf behne lagti hai. 600 point ka crash: dono door OTM mar jaate hain, wahi kahani. Calendars kisi bhi bade move par gawate hain, chahe woh kisi bhi taraf ho. Aur chup killer: kyunki Nikhil net long vega hai (monthly ka ₹21 minus weekly ka ₹10, yaani lagbhag +₹11 per IV point), 2 point ki IV girawat NIFTY pin hone par bhi lagbhag ₹1,430 le jaati hai. Saamne wala hafta bechne wale calendar wale, chahein ya na chahein, volatility ke kharidar hote hain.
Yaad rakhne wali baatein
Calendar spread: paas wali expiry becho, door wali kharido, strike wahi. Tab kamata hai jab spot strike ke paas rahe aur decay ki raftaar ka gap apna kaam kare. Max loss ≈ diya gaya debit.
Engine Lesson 16 ki table hai: saamne wale hafte ka ₹10 se ₹45 rozana ka kiraya, aur mahine ka ₹5. Aap usi curve ki dhalaan par arbitrage kar rahe ho jise pehle se jaante ho.
Net long vega: canon ₹21 (monthly) minus ₹10 (weekly) ≈ +₹11 per IV point. Chadhta IV calendar ko fayda deta hai; girta IV chot pahunchata hai. Lesson 20 se 24 tak ki har strategy ka ulta.
Diagonal: alag strikes wala calendar, jismein time ke trade mein ek directional jhukav bhi ghula hota hai.
Poor man's covered call: shares ki jagah door ki expiry ka ek deep ITM call kharido, aur uske against paas wali expiry ke OTM calls becho. Canon: monthly 24,600 CE lagbhag ₹480 par (₹400 intrinsic + ₹80 time, delta lagbhag 0.8) ek lot ke ₹31,200 leta hai, jabki utne hi index exposure ke ₹16,25,000 lagte. Uske against weekly 25,200 CE ₹55 par bechne se ₹3,575 milte hain, yaani Lesson 20 ka kiraya, pachaasve hisse ki capital par. Imaandar baat: us long call ki apni expiry hai aur apna kiraya, isliye woh shares ka leak karta hua vikalp hai, muft wala nahi.
Ratio spreads aur backspreads: legs ki ginti barabar nahi hoti. Ek call backspread (ek 25,000 CE ₹120 par becho, do 25,200 CE ₹55 par kharido) ulta ₹10 net leta hai: badi rally par kamata hai (25,600 par +₹13,650), girawat par apna chhota credit rakhta hai, aur sabse zyada chot khareede hue strike tak ki halki chaal par khata hai (25,200 par −₹12,350). Uska ulta version, ratio spread, zyada leta hai par usmein ek nanga short leg chhupa hota hai, bina limit ke risk aur nange jitne margin ke saath.
Synthetics: ek hi strike par long call + short put lagbhag long future jaisa chalta hai (aur us samikaran ke har roop mumkin hain). Professionals inhe margin aur pricing ki kalabaazi ke liye use karte hain; retail traders ko inhe screen par pehchan lena hi kaafi hai.
Picture mein dekho
Neeche wala chart Nikhil ka hafta ghante dar ghante imaandari se chalata hai: time value ki do lines, weekly apne dhalaan wale kiraya curve par ₹120 se zero par girti hui, aur monthly apne narm curve par ₹248 se lagbhag ₹217 tak khiskti hui. Lines ke beech chaudta hua gap hi calendar ki poori kamai hai, sabse achhe case mein lagbhag ₹89 per unit, aur woh sirf tab tak hai jab tak NIFTY 25,000 ke paas rehta hai. Kisi bhi taraf ka bada move poori tasveer screen se bahar le jaata hai.
weekly 25,000 CE (sold)monthly 25,000 CE (owned)
The calendar's engine. Over the same seven days the sold weekly melts from ₹120 to zero on the steep end of the rent curve while the owned monthly eases from ₹248 to about ₹217. The widening gap, about ₹89 per unit, is the whole income, and it survives only while NIFTY stays near the strike.
Traders isko kaise use karte hain
Calendars un strikes par jahan market baar baar lautta hai. Sabse achha ghar woh level hai jispar moti OI wall ho aur chart baar baar wahin khinch kar aata ho, kyunki yeh trade tabhi kamati hai jab spot strike ke aas paas tehalta rahe.
Calendar ke do alag swaad, kabhi gadd madd mat karo.Shaant-pin calendar (Nikhil wala) ek boring hafta aur thoda kam IV chahta hai jo chadh sake. Event calendar kisi scheduled event ke aar paar phula hua saamne wala hafta bechta hai (Lesson 19 wali ulti term structure) aur shaant peeche wala mahina rakhta hai: mushkil, tez, crush par chalne wala. Aapne kaun sa khola hai, yeh pata hona chahiye.
PMCC asli intrinsic ke saath. Long leg deep ITM hona chahiye, delta 0.75 se upar, aur zyadatar intrinsic value. Uski jagah sasta ATM mahina kharidne ka matlab hai time value par time value chadhana, aur phir dono legs market ko kiraya dete hain.
Backspreads convexity ke liye, income ke liye nahi. Unka imaandar istemal yeh kehna hai ki "yeh toota to bahut bada tootega", lagbhag bina debit ke, aur beech ki dhasan manzoor karke. Size chhoti hi rakho; beech ki dhasan asli paisa hai.
Legs ki ginti ka samman karo. Chaar alag contracts matlab andar aate hue chaar bid-ask toll aur bahar jaate hue chaar (Lesson 15 wala toll, chaar guna), aur galat click ke zyada raste. Hamesha multi-leg order ticket.
Doosre tools ke saath istemal
Term structure (Lesson 19) calendar ki mausam report hai. Chapta, susta curve shaant-pin calendars ke haq mein hai. Ulta saamne wala hafta event calendars ka kachcha maal hai: market ne aapke liye front leg ka daam pehle hi chadha diya hai. Wahi chart jo Lesson 19 mein buyers ko warn kar raha tha, yahan sellers ko khilata hai.
Theta table (Lesson 16) engine room hai. Har calendar is baat ki bet hai ki table tikegi: saamne tez kiraya, peeche dheema. Jis din aap bina dekhe bata sako ki gap aakhri hafte mein sabse chauda kyun hota hai, usi din yeh bhi dikh jayega ki bahut jaldi khole gaye calendars shuru mein lagbhag kuch kyun nahi kamate.
OI walls (Lesson 15) strike naamzad karti hain. Bhaari OI un levels ko dikhati hai jinki taraf market expiry ke paas khinchta hai, aur calendar theek usi khinchav par bet hai. Part 4 ka Lesson 26 us khinchav ke peeche ki machinery samjhata hai (dealers ka bade strikes ke paas hedge karna), aur isse yeh kissa-kahani se mechanism ban jaata hai.
Vega aur IV rank (Lesson 18 aur 19) daur chunte hain. Calendars long vega hote hain; condors short vega. Kam IV rank jismein chadhne ki gunjaish ho, calendars ke haq mein; mota rank condors ke. In do dhaanchon ke beech ab har volatility mausam ke liye range-trading ka toolkit maujood hai.
Poori Part 3 shelf, view ke hisaab se. Directional aur paise dete hue: debit spread. Directional aur paise lete hue: credit spread. Bada move, direction pata nahi: straddle ya backspread. Koi move nahi, ek expiry: condor ya butterfly. Koi move nahi, time ke dhaanche mein: calendar. Shares paas hain: covered call. Shares chahiye: cash-secured put. Saat view, saat machines: Part 3 ka asli nichod yahi table hai.
Aam galtiyan
Kisi event ke aar paar calendar chala kar use income kehna. Gap wala move use dono taraf todta hai aur upar se event ke baad ka crush long monthly leg ko jalata hai. Event calendars jaan bujh kar event se pehle banaye jaate hain, galti se usmein le jaaye nahi jaate.
Vega ka sign bhool jaana. Calendar ki sabse aam hairaani: NIFTY bilkul pin, aur position phir bhi laal, kyunki IV 2 point baith gaya aur ₹1,430 le gaya. Entry se pehle IV rank har doosre trade ki tarah check karo, bas sign ulta rakh kar.
Saste ATM long par PMCC. Gehri intrinsic ke bina "shares" zyadatar ummeed hain, aur ummeed roz kiraya deti hai. Vikalp wahi boring, mehnga, deep ITM option hona chahiye, warna dhaancha do speculations ko ek saath nathi karna bhar hai.
Ratio spreads ko defined-risk trade jaisi size dena. Extra short leg nanga hai: bina limit ka risk, nange jitna margin, aur aisa nuksan ka naksha jo theek us bade move par sazaa deta hai jise nazarandaz karne ke liye credit ne lubhaya tha.
Strategies ko dak-ticket ki tarah jama karna. Advanced shelf samajhne ke liye hai, lagatar trade karne ke liye nahi. Zyadatar kamane wale retail career do ya teen dhaanchon par chalte hain, daur ke hisaab se chune hue, aur Lesson 10 wale journal ke discipline ke saath saalon tak chalaye gaye.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Nikhil weekly 25,000 CE ₹120 par bechta hai aur monthly 25,000 CE ₹248 par kharidta hai. Weekly expiry tak NIFTY 25,000 par khada rehta hai. Uska sabse achha hafta lagbhag kya hai?
2. NIFTY kisi bhi taraf 600 point ka gap de de, to us calendar ka kya hoga?
3. Poor man's covered call index rakhne ki jagah monthly 24,600 CE lagbhag ₹480 par kharidta hai. Long leg ka deep ITM hona kyun zaroori hai?
4. Ek call backspread ek 25,000 CE ₹120 par bechta hai aur do 25,200 CE ₹55 par kharidta hai, net ₹10 lekar. Expiry par yeh dhaancha sabse zyada chot kahan khata hai?
Next · Lesson 26 · Dealer positioning: the market’s engine room. Part 3 ne aapko machines di. Part 4 engine room kholta hai: aapne jo trades seekhe unki lagbhag har doosri taraf kaun baitha hai, use hedge kyun karna hi padta hai, aur uski hedging khud NIFTY ko kaise hilati hai. Dealer positioning, buniyad se.