Premium: what you actually pay

Yeh cheez important kyun hai?

Is course mein "NIFTY 25,000 CE @ ₹120" aap kai baar dekh chuke ho. Zyadatar beginners ise "is option ka bhaav ₹120 hai" padhte hain. Aisa hai nahi. Uska bhaav ₹120 per unit hai, aur NSE ise 65 units ke lot mein chalata hai, to account se asal mein ₹7,800 katte hain. Yeh ×65 chhoot gaya, to uske baad ka har risk calculation galat hai.

Par ek doosri, aur gehri wajah bhi hai: ₹120 ek number nahi, do numbers ek saath chipke hue hain: intrinsic value aur time value. Jis din aap premium ko dimaag mein hi do hisson mein todna seekh gaye, us din se aap "₹120 sasta hai ya mehnga?" poochna band kar dete ho aur sahi sawaal shuru karte ho: "main paisa de kis cheez ka raha hoon?"

Asli market ka example

NIFTY 25,000 par chal raha hai. Ek hi waqt par board ke teen call options dekho, teenon usi hafte expire ho rahe hain:

24,800 CE ki intrinsic value theek ₹200 kyun hai? Kyunki woh strike aapko abhi NIFTY 24,800 par "kharidne" deta hai jab market 25,000 par hai: ek asli, abhi lock ho sakne wala ₹200 ka fayda, expiry aane se pehle hi. In the money ka yahi matlab hai: aaj exercise karo to bhi fayda hai.

25,000 aur 25,200 walon ki intrinsic value zero hai. Aaj unko exercise karne ka matlab hoga NIFTY ko 25,000 ya 25,200 par kharidna, jab market pehle se 25,000 par hai. Koi fayda nahi, to dono ki intrinsic value ₹0. In dono options ke liye jo bhi rupaya diya ja raha hai, woh pura time value hai: ek bet ki hafta khatam hone se pehle NIFTY aur aage jayega.

Ab woh cheez dekho jo aksar chhoot jaati hai: teenon mein sabse zyada time value ATM 25,000 CE mein hai (₹120), ITM aur OTM dono se zyada. Yeh sanyog nahi hai: yahi woh strike hai jiske baare mein abhi kisi ko nahi pata ki woh ITM band hoga ya OTM, to ismein sabse zyada anishchitta hai, aur time value anishchitta ka hi daam lagati hai.

Ek imaandar footnote: jo ₹7,800 aap de rahe ho, woh akela kharcha nahi hai. Brokerage, STT (Securities Transaction Tax), exchange charges aur GST, sab entry aur exit dono par thoda thoda kaat lete hain. ₹7,800 ke premium par yeh aam taur par chhote hote hain, par zero kabhi nahi hote, aur baar baar trade karo to jud jaate hain.

Yaad rakhne wali baatein

• Premium: option ka pura per-unit bhaav, jo hamesha intrinsic value plus time value ke barabar hota hai. Lot size (65) se guna karo, tab pata chalta hai account se kitna jayega.
• Intrinsic value: call ke liye max(0, spot price − strike price). Abhi exercise karne par jo profit lock ho jaye, wahi. Yeh kabhi negative nahi hoti; zyada se zyada ₹0 tak girti hai.
• Time value: premium mein se intrinsic value nikal do. Yeh un sab cheezon ka daam hai jo expiry se pehle abhi bhi ho sakti hain: aur move, aur khabar, aur din jinmein trade chal sake.
• In the money (ITM) / at the money (ATM) / out of the money (OTM): ITM strikes mein intrinsic value hoti hai (yahan 24,800 CE); ATM spot ke bilkul paas wala strike hai; OTM strikes (yahan 25,200 CE) mein kuch nahi hoti, 100% time value.
• "Sasta" ka matlab "achhi value" nahi hai: ₹295 ke aage 25,200 CE ka ₹55 sauda lagta hai. Woh poora ka poora is baat par bet hai ki bada move jaldi aa jayega, aur agar move nahi aaya to peeche kuch nahi bacha.

Picture mein dekho

Neeche wala chart hamare example ke wahi teen strikes (24,800, 25,000 aur 25,200) leta hai aur har premium ko do blocks mein chunta hai: neeche intrinsic value, upar time value. Dekho ki ATM strike ka time-value block teenon mein sabse ooncha hai, jabki uska kul premium ITM strike se kaafi kam hai.

₹7,800 ke andar chhupa hua leverage

Us ₹120 ke quote mein ek cheez aur dabi hui hai, aur woh is poore course ka sabse important number hai.

25,000 CE ka ek lot 25,000 par chal rahe index ki 65 units control karta hai. Woh hua ₹16,25,000 ki notional value, yaani solah lakh ka NIFTY, ₹7,800 se. Na udhaar, na margin par: option contract hai hi yeh. Isi ko leverage kehte hain, aur isiliye 1% hilne wala market aapke paise ko 130% hila deta hai.

Yahi option ek din baad, paanch alag NIFTY levels par:

Yeh bhaav is course ke canon 25,000 CE ke hain, ek din aage ka price lagakar. Tools page par apna strike, apne din aur apna IV daaloge to percentages thode hilenge; table ki shape kabhi nahi hilti.

Pehle beech wali row padho. NIFTY ne kuch nahi kiya aur aap 8% neeche ho, kyunki ek din ki time value option se nikal gayi. Ab dono taraf bahar ki ore padho, aur dekho ki dono aaine jaise nahi hain: utni hi doori par fayda nuksan se bada hai. Woh asymmetry asli hai, aur time value ke paise aapne usi ke diye the.

Par baayan hissa ek baar aur, dheere se padho. Aapke khilaaf 1% ka move position ka 78% le jaata hai. NIFTY ke liye aisa din ek mamuli Mangalwar hai. Kuch dramatic nahi hua, na crash, na khabar, aur teen chauthai paisa gaya.

Isi wajah se beginners size bada le lete hain, aur galti samajh mein aati hai. ₹7,800 ek chhoti bet lagti hai: ek phone bill, ek raat ka bahar khana. Aur behave woh aath lakh ke index exposure ki tarah karti hai. Rupaye wale number aur risk wale number ka aapas mein koi rishta nahi hai, aur dimaag chup chaap galat wale se size chun leta hai.

Sellers ko yahi multiplier doosre sire se milta hai. Unka nuksan bhi isi tarah badhta hai, par woh unke lagaye hue paise par cap nahi hai, aur kyunki roz margin ke against mark hota hai, expiry kuch tay kare usse bahut pehle unhe position se bahar hona pad sakta hai. Poora mechanism Lesson 12 mein hai.

Traders isko kaise use karte hain

Premium ko intrinsic + time ki tarah padhne se aap strike bhi alag chunte ho aur trade ko aankte bhi alag ho:

• Buyers jo ITM vs OTM taul rahe hain. ITM call (24,800 CE, ₹295) zyada tay shuda tareeke se hilta hai kyunki uska zyadatar bhaav pehle se "asli" hai. OTM call (25,200 CE, ₹55) kharidne mein sasta hai par kuch banne ke liye bhi use sach mein bada move chahiye: yeh sauda dikhne wala lottery ticket hai.
• Sellers jo time value dekh rahe hain. Aapke beche hue option mein time value ka har rupaya expiry paas aate aate aapki taraf pighalta hai, agar market saath de. Us decay par Lesson 6 gehra jaata hai.
• "Sasta sauda" pehchanna. Naye traders board ka sabse sasta strike bina yeh poochhe daud kar le lete hain ki woh sasta kyun hai. Ab aapko pata hai: spot se doori aur time value, koi chhupi hui chhoot nahi.
• Kisi bhi quote ki sanity check. Trade se pehle do second ka mental batwara kar lo: "is ₹ mein kitna intrinsic hai aur kitni ummeed?" Yeh akele premium se kahin zyada bata deta hai.

Aam galtiyan

• Lot multiplier bhool jaana. "₹120" ko trade ka kharcha samajhna, ₹7,800 ki jagah. Beginners ki position sizing yahi ek galti sabse zyada todti hai.
• Kam premium ko apne aap kam risk maan lena. ₹55 wala OTM option bhi apni poori value gawa sakta hai, ₹295 wale ki tarah hi. Rupaye ka number chhota hai, percentage ka risk nahi.
• Bahut door ke OTM options "kyunki sasta hai" kharidna. Sasta isliye hai ki woh lagbhag pura time value hai aur intrinsic banne ka chance kam hai. Sasta ≠ achhi value, jaisa is lesson ke callout ne kaha.
• Strikes tulte waqt intrinsic value ko nazarandaz karna. Ek jaise premium wale do options ka intrinsic aur time ka batwara bilkul alag ho sakta hai, aur expiry paas aane par unka behaviour bhi.
• Exposure ki jagah premium se size tay karna. "Sirf ₹7,800 hi to hain" se hi beginner char lot le leta hai aur ek Mangalwar par ₹65 lakh ka NIFTY uske sar par hota hai. Size us hisaab se lo ki position kitna gawa sakti hai, jise Lesson 30 ek asli rule bana deta hai.
• Chhoti cheezein bhool jaana. Brokerage, STT aur baaki charges per trade chhote hain par asli hain: woh chup chaap har profit kam karte hain aur har nuksan gehra. Aur yeh poori tarah deductible bhi hain, kyunki F&O business income hai, aur Lesson 29 batata hai ki yeh sunne se zyada matlab rakhta hai.

Quiz

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