Lesson 3 ne upar jaane par bet lagayi thi. Yeh lesson tab kamata hai jab bhaav girta hai, aur ise samajhne ka sabse saaf tareeka hai woh two-wheeler insurance policy jo aap pehle se jaante ho.
Yeh cheez important kyun hai?
Put option call ka ulta aaina hai: deadline se pehle fixed bhaav par kuch bechne ka haq. Call bhaav chadhne par kamata hai, put girne par. Yahi woh auzaar hai jisse trader girte market se kama sakta hai ya usse bach sakta hai, jo sirf share rakhne wala aadmi kar hi nahi sakta.
Puts beginners ko calls se zyada confuse karte hain, kyunki "girne par kamana" ulta lagta hai. Insurance wali tulna yeh confusion turant khatam kar deti hai: thoda sa premium dena aur dua karna ki kabhi use hi na karna pade, yeh aap pehle se samajhte ho.
Reality check
Aap jo bhi put kharidte ho, koi use bech raha hota hai, aur woh seller aam taur par khush hota hai ki aapka premium rakh le aur kuch na kare. Zyadatar hafton mein market crash hota hi nahi, aur baat unhi ke haq mein jaati hai.
Asli market ka example
Bike ka insurance. Aap apni two-wheeler par saalana premium bharte ho, maan lo ₹2,000. Aur sach mein dua karte ho ki kabhi claim na karna pade. Saal bina accident ke nikal gaya to aap thage hue mehsoos nahi karte; aap chain ki saans lete ho aur agle saal phir renew karwa lete ho. Par accident ho jaye, to policy paisa deti hai aur us nuksan ko bhar deti hai jo aapke diye premium se kahin bada hota hai.
Put bilkul aise hi chalta hai, bas yahan "accident" ka matlab us cheez ka bhaav girna hai jiska aap insurance le rahe ho.
NIFTY wala version: 25,000 PE (put option) ka bhaav ₹110 per unit × 65 (lot size) = ₹7,150. Isse aapko is hafte ki expiry se pehle NIFTY ko 25,000 par "bechne" ka haq milta hai, jo tabhi kaam ka hai jab NIFTY sach mein 25,000 ke neeche gire.
NIFTY wahin ka wahin raha ya chadh gaya, to aapka put us bina accident wale saal jaisa hai: sirf ₹7,150 ka premium gaya, usse ek paisa zyada nahi, aur ismein bura mehsoos karne ki koi baat nahi. Par NIFTY tez girkar 24,000 par aa gaya, to 25,000 par bechne ka aapka haq bahut keemti ho jaata hai: ₹7,150 lagakar +₹57,850. "Accident" jitna bura, payout utna bada. Insurance wala hi hisaab, bas bike ki jagah index par chal raha hai.
Yaad rakhne wali baatein
Put option: underlying ko expiry se pehle fixed strike price par bechne ka haq, obligation nahi.
Kab kamata hai: put ki value tab badhti hai jab underlying strike ke neeche girta hai; strike ke upar expiry par uski keemat zero hai.
Breakeven: woh level jahan put ka nuksan rukta hai aur profit shuru hota hai, yaani strike − diya hua premium. Yahan 25,000 − 110 = 24,890.
Put vs futures short: dono girne par kamate hain, par short futures mein market chadh gaya to nuksan ki koi chhat nahi hai. Khareede hue put ka nuksan premium par cap hai, ₹7,150, bas, NIFTY chahe kitna bhi upar bhaag jaye.
Insurance koi na koi aapko bechta hai: put buyer ke saamne ek put seller hota hai, jo ₹7,150 pehle le leta hai aur poora rakh leta hai agar NIFTY 25,000 ke neeche nahi girta, jo zyadatar hafton mein hota hi hai.
Picture mein dekho
₹110 par khareede gaye is NIFTY 25,000 put ki payoff line. 24,890 ke upar seedhi, −₹7,150 par, yaani "koi accident nahi" wala zone, aur NIFTY uske neeche jitna girta hai line utni chadti hai. Lesson 3 wale call ki bilkul ulti shape.
The mirror of the call: profit grows as NIFTY falls below the 24,890 breakeven (strike − premium). Above 25,000 the put dies worthless and the loss is capped at ₹7,150.
Traders isko kaise use karte hain
Puts do bilkul alag kaam karte hain:
Bearish directional bet. Aapko lagta hai NIFTY jald neeche jayega, to put kharidna us girawat se kamane ka capped-loss tareeka hai, bilkul waise hi jaise bullish view par call kharidna.
Apni holdings bachana. Aapke paas pehle se share ya index fund hain, to put crash ke against insurance ka kaam karta hai: holdings aapke paas rehti hain aur bhaav tez gire to put "claim" de deta hai. Lesson 8 ise theek se, asli position sizing ke saath banata hai.
Dono soorat mein yaad rakho ki doosri taraf kaun hai. Put seller aapka premium leta hai aur zyadatar hafton mein pura rakh leta hai: Lesson 2 wali wahi asymmetry, bas market ke bearish side par chal rahi hai.
Aam galtiyan
Yeh samajhna ki put market ko one-for-one short karta hai. Woh short futures ki tarah index ke saath rupaya-dar-rupaya nahi hilta: uska ek strike hai, ek premium hai, aur pehle ek breakeven paar karna hai.
Girawat ho jaane ke baad put kharidna. Tab tak premium aam taur par kaafi chadh chuka hota hai (accident dikhte hi sabko insurance chahiye hota hai), aur trade kahin mehnga pad jaata hai.
Yeh bhoolna ki zyadatar hafton mein kuch crash nahi hota. Bike insurance ki tarah, put apni zindagi ka bada hissa chup chaap bekaar expire hote hue guzarta hai. Yeh normal nateeja hai, strategy ki nakaami nahi.
Premium ko maximum nuksan ki jagah mota moti andaaza samajhna. NIFTY chahe flat rahe ya halka upar, out-of-the-money put theek utna hi gawata hai jitna premium diya tha, ek paisa zyada nahi.
"Bachav" aur "profit ki guarantee" ko ek samajhna. Holdings par put aapka downside cap karta hai; woh girte hue share ko jeetne wala trade nahi bana deta. Woh sirf yeh tay karta hai ki girawat aapko kitna chubhegi.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Expiry par NIFTY 24,500 band hua. ₹110 par khareeda gaya 25,000 PE (lot 65), buyer ka profit kitna?
2. General rule mein, put option ki intrinsic value kab banti hai?
3. Ek trader kehta hai: "Maine put kharida hai, to mera nuksan bilkul utna hi hai jitna NIFTY futures short karne par hota." Galti kahan hai?
4. Aapke paas NIFTY se juda portfolio hai aur aap bachav ke liye 25,000 PE ₹110 par kharidte ho. NIFTY crash hokar 24,000 aa jaata hai. Aapki overall position ka kya hoga?
Next · Lesson 5 · Premium: what you actually pay. Ab calls aur puts dono alag alag samajh mein aa gaye. Lesson 5 poochta hai ki aaj aur expiry ke beech hota kya hai, kyunki option ka bhaav un wajahon se bhi hilta hai jinka aapke sahi ya galat hone se koi lena dena nahi.