Diagonal Spread

Aapko kya maanna padega

Ek directional drift plus time ki katai: aapko calendar wala kiraya engine bhi chahiye aur ek taraf ka jhukav bhi, aur badle mein do expiry aur do strike ki pecheedgi manzoor hai.

Position kaise banti hai

Mashhoor version hai poor man's covered call: deep ITM monthly 24,600 CE lagbhag ₹480 par kharido (₹400 intrinsic, delta lagbhag 0.8) yaani ₹31,200, aur uske against weekly 25,200 CE ₹55 par becho, har cycle ₹3,575 lete hue. Utna index exposure warna ₹16,25,000 ka padta.

Diagonal ka payoff do expiries par phaila hota hai, isliye ek hi expiry ka chart use imaandari se nahi kheench sakta. Is card ke bhai wala calendar chart (Lesson 25) engine dikhata hai; deep ITM long uske upar ek sthir directional delta jod deta hai.

Entry se pehle ke numbers

• Max nuksan: long leg ke liye diye gaye ₹31,200 ke aas paas, agar market baith jaye aur wahin pada rahe
• Cycle ki income: jab short bekaar expire ho to har hafte ₹3,575 tak
• Capital: utna index exposure rakhne ka lagbhag 2%
• Margin: long leg short ko cover karta hai; thoda sa spread margin lagta hai

Greeks ka profile

Net long delta (short ke baad lagbhag 0.55), short leg se long theta, monthly se halka long vega. Option jitni capital par covered call wala mizaaj.

Sach mein kya expect karein

Imaandar baat: long call shares ka leak karta hua vikalp hai, uski bhi expiry hai, aur woh apna (chhota) kiraya bhi deta hai. Theek chalao to haftawari bikri long leg ka kharcha uski zindagi bhar mein kaafi had tak bhar deti hai. Kharab chalao to market side mein neeche khiskta rehta hai aur dono legs pighalte rehte hain.

Position sambhalne ke rules

• Long leg ko deep ITM rakho, delta 0.75 se upar; uska apna decay tez hone se ek mahina pehle use aage roll kar do
• Short strikes resistance aur call wall ke upar becho, 0.20 se 0.30 delta
• Assignment ka khatra dikhe (short deep ITM ho jaye) to short ko upar aur aage roll karo ya jodi band kar do

Doosri strategies ke saath

• Yeh un index traders ke liye covered call dohrata hai jo "NIFTY" demat mein rakh hi nahi sakte: Lesson 20 wali strategy, 1/50 capital par
• Yeh ek calendar aur ek vertical ka jod hai: use un do hisson ki tarah bhaav lagana zyadatar galat entries pakad leta hai
• Wheel ki capital-light goonj: long leg "shares", weekly bikri kiraya, aur stock options ki delivery wali obligations kahin nahi
• Put diagonal iska bearish judwa banata hai: deep ITM monthly put plus beche gaye weekly puts, lambi girawat mein income ke liye

Aam galtiyan

• Sasta ATM long leg: time value par time value, aur dono pighalti hui
• Short ko long ke strike-plus-lagat se neeche bech dena aur ek structural nuksan lock kar lena
• Haftawari kiraya lete lete long leg ki apni expiry bhool jaana