Illustration, not a recommendation. The strikes and premiums on this page are fixed teaching figures, not live quotes, and no strategy suits every account or every market. Read the full disclaimer.
Yahan market ka koi view hai hi nahi: yeh card toolbox ki vyakaran hai. Call, put aur future ek hi exposure ki teen spelling hain, aur har position doosri do se dobara banayi ja sakti hai.
Position kaise banti hai
Synthetic long future: 25,000 CE ₹120 par kharido aur 25,000 PE ₹110 par becho. Net debit ₹10; position bilkul waise chalti hai jaise NIFTY 25,010 par khareeda ho, ek seedhi line.
Entry se pehle ke numbers
Behaviour: NIFTY ke saath one-for-one, upar bhi aur neeche bhi, koi mod nahi
Margin: short put ka bhaav lagbhag nange jaisa lagta hai; retail ke liye yeh capital ki bachat nahi hai
Samikaran: long call + short put = long future, kisi bhi ek strike par, aur ise ghuma phira kar likha ja sakta hai
Greeks ka profile
Banawat se hi delta lagbhag 1; gamma, theta aur vega kat kar lagbhag zero ho jaate hain. Sirf direction, koi optionality nahi: is kasrat ka maqsad hi yahi hai.
Sach mein kya expect karein
Retail traders ko syntheticstrade karne ki virle hi zaroorat padti hai; unhe unhe pehchanna hota hai. Sabse mashhoor pehchan: covered call ka payoff usi strike ke short put ke barabar hai. Is shelf ki har strategy ka ek synthetic judwa hai, aur judwaon ke beech bhaav ke farak se hi professional desks chain ko imaandar rakhti hain (isiliye woh farak hamesha lagbhag zero hota hai).
Position sambhalne ke rules
Parity ko bhaav ke check ki tarah use karo: call minus put spot minus strike se kaafi alag ho, to koi ek quote baasi hai
Sirf direction ke liye asli future behtar hai; kam legs, saaf margin
Position sudhaarte waqt dekho ki kahin koi synthetic pehle se woh exposure to nahi rakhta jise aap dobara kharidne ja rahe ho
Doosri strategies ke saath
Covered call = cash-secured put, synthetically: wheel ke dono aadhe ek hi strategy hain jo do alag kapde pehne hai, aur isiliye unka risk ek jaisa lagta hai
Protective put + holding = long call: Lesson 8 ki insurance wali position synthetically sirf ek call hai, aur isse uski payoff ki shape turant samajh aa jaati hai
Conversions bina tode position sudhaar dete hain: ek leg jodne se direction palat sakti hai (long call + future becho = long put), aur dobara banane ka dohra toll bach jaata hai
Parity "nayi" strategies ka fraud detector hai: har pitch calls, puts aur futures mein toota ja sakta hai; toot na sake to pitch hi product hai
Aam galtiyan
"Sasta future" samajh kar synthetics trade karna aur phir bhi nange short ka margin bharna
Yeh na dekhna ki adjust hoti hoti position kisi aur cheez ka synthetic ban gayi hai, jiska risk alag hai
Parity ke farak ko muft ka paisa samajhna; aam taur par toll aur baasi quotes hi woh farak hote hain