Aap jo bhi option kharidte ho, woh kharidne wale din se hi marna shuru kar deta hai. Expiry bas woh lamha hai jab woh aakhir mein ruk jaata hai. Aaj samajhte hain ki us aakhri din hota kya hai, aur aakhri hafta sabse tez kyun hota hai.
Lesson 5 ne dikhaya tha ki option ke premium ka zyadatar hissa time value hai: us sab ka daam jo deadline se pehle abhi bhi ho sakta hai. Us deadline ka naam hai expiry. Aur expiry koi dhundhla sa idea nahi hai, woh ek pakki tareekh hai jo contract mein likhi hoti hai aur roz ticking rehti hai, aap dekho ya na dekho.
Expiry galat samajh li, to baaki sab sahi karke bhi paisa ja sakta hai. Direction sahi, strike sahi, aur phir bhi option bekaar mar jaye kyunki move aane se pehle hi time khatam ho gaya.
Expiry wale din ke options bahut lubhavane sasta lagte hain: ₹20, ₹10, kabhi usse bhi kam. Sasta isliye hain kyunki woh lagbhag pakka kuch hi ghanton mein mar rahe hain. Woh "sasta" bhaav market ka khula bayan hai ki odds bahut bure hain, aur beginners sabse tez yahin gawate hain.
India mein kai expiry schedules chalte hain, aur inko aapas mein gadd madd karna ek asli beginner trap hai:
Wahi jaana pehchana 25,000 CE lo, ₹120 par khareeda, ek lot ke ₹7,800. Maan lo yeh weekly option hai aur Mangalwar aata hai NIFTY 24,950 par, strike se neeche.
| Lamha | Spot | Premium | Kya hota hai |
|---|---|---|---|
| Khareeda (Mangalwar, 1 hafta pehle) | 25,000 | ₹120 | Aapne ₹7,800 diye |
| Expiry (Mangalwar, 3:30 PM) | 24,950 | ₹0 | Option bekaar expire, cash settle. Na share, na aapko kuch karna |
Pura nuksan: ₹7,800. Ab jeet wala case, wahi trade, doosra Mangalwar: NIFTY 25,180 par band hua.
| Lamha | Spot | Premium | Kya hota hai |
|---|---|---|---|
| Khareeda (Mangalwar, 1 hafta pehle) | 25,000 | ₹120 | Aapne ₹7,800 diye |
| Expiry (Mangalwar, 3:30 PM) | 25,180 | ₹180 (pura intrinsic) | Apne aap cash settle: (25,180 − 25,000) × 65 = ₹11,700 credit |
Net profit ₹3,900. Dhyaan do ki dono case mein premium theek intrinsic value par aa gira: ₹0 aur ₹180. Ek hafta pehle jo bhi time value thi, closing bell tak poori bhaap ban gayi. Premium ke liye expiry ka yahi matlab hai: woh intrinsic-plus-ummeed hona band karke sirf intrinsic reh jaata hai.
Kyunki NIFTY options cash-settled hain, kuch deliver nahi hota: profit ya loss seedha rupees mein credit ya debit ho jaata hai. Stock options alag hain: woh shares ki physical delivery mein khatam hote hain, aur isne ek se zyada beginners ko un margin calls se chaunkaya hai jinki unhe ummeed hi nahi thi.
Neeche usi ATM option ki time value hai, 30 din pehle se zero tak, har din track ki hui. Curve dekho: pehle woh halke halke neeche khiskti hai, phir expiry paas aate aate saaf tez ho jaati hai. Aakhri hafta apne pichhle do hafton se bhi zyada tezi se pighalta hai.
Expiry chunna asal mein yeh chunna hai ki aap kitna time kiraye par le rahe ho, aur entry ke baad ka har faisla isi se banta hai.
| DTE | Hamare ATM option ki time value (≈) |
|---|---|
| 30 | ₹248 |
| 14 | ₹170 |
| 7 | ₹120 |
| 3 | ₹79 |
| 1 | ₹45 |
| 0 | ₹0 |
Upar jo hai woh yeh hai ki expiry hoti kya hai. Ab yeh ki expiry un Indian traders ke saath karti kya hai jo aakhri ghanta apne aap aane dete hain.
Jaal 1, myth aur uska sudhar. Sau websites par likha milega ki ITM option ko expire hone dene par STT poore contract value par lagta hai. Yeh sach tha, aur tabaah karne wala tha, September 2019 tak. Aaj exercise hue index options par intrinsic value ka 0.125% lagta hai, jabki bech dene par premium ka 0.1%. Hamare 25,180 par band hue 25,000 CE par woh hua ₹14.63 vs ₹11.70. Farak asli hai, par position se ghabra kar bhaagne ki wajah nahi hai.
Jaal 2, woh settlement price jo aap dekh hi nahi sakte. Index option ko 3:30 se pehle square off karne ki asli wajah yeh hai ki expiry aakhri tees minute ke average ke against settle hoti hai, aapki screen ke bhaav par nahi. Bell tak ruko, to aap ek aisa bhaav chhod rahe ho jispar action le sakte the, aur badle mein ek average le rahe ho jise sirf manzoor kiya ja sakta hai.
Jaal 3, stock options, jahan asli paisa jaata hai. Physically settled contracts alag hi jaanwar hain. Reliance 1,400 CE lo, lot 500, aur expiry wale din stock ₹1,405 par. Intrinsic value: ₹5 × 500 = ₹2,500.
| Aap kya karte ho | Kya settle hota hai | STT | Aapke paas kya bachta hai |
|---|---|---|---|
| 3:30 se pehle option bech do | ₹2,500 ka premium | ₹2,500 ka 0.1% = ₹2.50 | Brokerage ke baad lagbhag ₹2,477 |
| ITM expire hone do | 500 share ₹1,400 par = ₹7,00,000 | poore ₹7,00,000 ka 0.1% ≈ ₹700 | Aksar kuch bhi nahi, ulta ghaata |
Physical settlement par STT delivery trade ki tarah lagta hai, yaani poore ₹7 lakh par, aapke ₹2,500 ke profit par nahi. Kai brokers uske upar special physical-settlement brokerage bhi lagate hain. Profit wala option net loss mein settle ho sakta hai, aur hota hai.
Jaal 4, expiry week ka margin ramp. Expiry se lagbhag chaar din pehle se, exchanges ITM stock-option positions par delivery margins step by step chadhate hain, aur woh roz tezi se shares ki poori value ki taraf badhta hai. Jis position ko Somwar ko ₹40,000 chahiye the, woh Guruwar tak kai lakh maang sakti hai, sirf isliye ki woh delivery ban sakti hai. Jo client woh fund nahi kar paate, brokers unhe routine mein square off kar dete hain, aur uska anjaam Lesson 12 mein hai.
Jaal 5, "main to bas lapse hone dunga." Close-to-the-money stock options ke liye ek "do not exercise" suvidha hua karti thi, jo hata di gayi. Maan kar chalo ki bell par har ITM stock option physically settle hoga, aur kisi forum post ki jagah apne broker ki current expiry-day policy check karo.
Kuch na karne wali checklist, ek ek line mein:
Get 4 of 5 right to finish the lesson. No account needed. Progress saves in this browser.
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.
Published 20 Jul 2026. Last updated 28 Aug 2026.