Covered Call

Aapko kya maanna padega

Aapka stock is mahine side mein ya halka upar chale, aur us strike par use bechne mein aapko sach mein koi dikkat na ho. Aap aaj ke cash ke badle badi rally wala case bech rahe ho.

Position kaise banti hai

₹1,400 par 500 Reliance rakho (₹7,00,000). Monthly 1,450 CE ₹20 par becho aur ₹10,000 lo, yaani mahine ke liye holding ka lagbhag 1.4%.

Entry se pehle ke numbers

• Max nuksan: stock ki girawat, jispar sirf ₹20 per share ka gadda hai; 1,300 par −₹40,000
• Max profit: ₹35,000, 1,450 par ya uske upar (share nikal gaye + premium)
• Breakeven: us mahine ke liye ₹1,380
• Margin: short call par lagbhag ₹1 se ₹1.5 lakh, jiska zyadatar hissa shares pledge karke cover ho jaata hai

Greeks ka profile

Net long delta (stock minus call ka lagbhag 0.25), strike ke paas short gamma, long theta: kiraya ab aapka hai. Is position ko ek boring mahina chahiye.

Sach mein kya expect karein

Shaant mahine mein ek se dedh percent, rally mein cap hue mahine, aur girawat mein asli nuksan. Saalon mein: seedhe shares rakhne se chikna, par tez bull market mein usse peeche. Premium income hai, bachav kabhi nahi.

Position sambhalne ke rules

• Woh strikes becho jinpar deliver karne mein khushi ho, lagbhag 0.20 se 0.30 delta
• Jeete hue trade jaldi wapas kharido (premium 60 se 70% neeche) aur agle cycle mein phir becho
• Earnings wale mahine ka faisla pehle se karo: mota premium, aur uske saath gap ka risk

Doosri strategies ke saath

• Cash-secured put ke saath milkar yeh wheel banata hai: assignment tak puts, share nikalne tak calls, aur har stage par premium (Lesson 21)
• Protective put ke saath yeh collar ban jaata hai: call ka premium put ka bill bharta hai aur mahina ek tay band mein simat jaata hai
• Poor man's covered call isi ko pachaasve hisse ki capital par dohrata hai, shares ki jagah ek deep ITM long call rakh kar (Lesson 25)
• Synthetically, covered call = usi strike par short put (Lesson 25 ki parity). Yeh vakya chaunkata hai, to yeh is page ki sabse kaam ki hairaani hai

Aam galtiyan

• Un shares par calls bechna jinhe gawana aapse jhela hi na jaye
• ₹20 ke kiraye ko ₹100 ki girawat ke saamne hedge samajhna
• Rally mein ghabra kar call wapas kharid lena aur uske bagal mein baithe share ke fayde ko nazarandaz kar dena
• ITM call ko expiry mein jaane dena: physical settlement, delivery margins aur poore contract value par STT (Lesson 6)
• Contract adjustment se lot size badal jaane ke baad bhi purane, bonus se pehle wale hisaab par trade karna (Lesson 20)