Strategy builder

BANKNIFTY · Tue 29 Sep 2026 expiry · one lot is 25 · priced at the settled close of Fri 18 Sep 2026. Not live.

Pick the legs; this works out what they cost, what they are worth at any settlement price, and where they break even.

Start from a shape

Long call Long put Short call Short put Call spread Put spread Short straddle Long straddle Short strangle Iron condor Call butterfly clear

NIFTY BANKNIFTY SENSEX

What it is worth at expiry

Profit and loss in rupees for one lot at settlement, across the index between 53,373 and 57,486. The ring marks where it breaks even; the upright lines are the strikes in the position.

The numbers

Premium received: ₹7,433
Breaks even at: 54,797
Most it can make: ₹7,433
Most it can lose: ₹68

Greeks, for the whole position

Delta: -0.4
Gamma: 0.0007
Vega, per volatility point: 49.0
Theta, per day: -2.7

Delta, gamma and vega are for the whole position at 56,359, in rupees per unit of the move named. Theta is what one day costs or earns at that price, all else held still.

The legs

Leg	Premium	Lots	Cost	Implied volatility
buy 54,800 CE	1,771.65	1	−₹44,291	12.7%	remove
sell 54,500 CE	2,068.95	1	+₹51,724	14.2%	remove
Net			+₹7,433

What each structure is exposed to

Fri 18 Sep 2026

Options against their own yeardearer than 45 of the past 252 sessions
Puts against calls, against its own historyabout as many puts against calls as usual for this market
The contract these are priced onTue 29 Sep 2026

Structure	Paid or received	Delta	Gamma	Theta, a day	Vega, a point	Most it can lose
Long call	pays ₹13,401	12.37.6 · 16.9	0.00850.0075 · 0.0076	-532.7-461.8 · -484.0	975.5845.6 · 886.3	₹13,401	Open →
Long put	pays ₹10,365	-12.7-17.4 · -8.1	0.00840.0074 · 0.0075	-539.1-468.8 · -490.9	975.5848.4 · 888.4	₹10,365	Open →
Short call	receives ₹13,401	-12.3-7.6 · -16.9	-0.0085-0.0075 · -0.0076	532.7461.8 · 484.0	-975.5-845.6 · -886.3	no limit	Open →
Short put	receives ₹10,365	12.717.4 · 8.1	-0.0084-0.0074 · -0.0075	539.1468.8 · 490.9	-975.5-848.4 · -888.4	no limit	Open →
Call spread	pays ₹1,400	0.90.8 · 0.7	0.00000.0003 · -0.0003	-7.4-26.3 · 12.9	5.741.6 · -31.1	₹1,400	Open →
Put spread	pays ₹1,023	-0.8-0.8 · -0.7	0.0001-0.0002 · 0.0003	3.423.3 · -15.5	1.4-35.3 · 34.6	₹1,023	Open →
Short straddle	receives ₹23,766	0.59.8 · -8.8	-0.0169-0.0149 · -0.0150	1,071.8930.6 · 974.9	-1,951.0-1,694.0 · -1,774.6	no limit	Open →
Long straddle	pays ₹23,766	-0.5-9.8 · 8.8	0.01690.0149 · 0.0150	-1,071.8-930.6 · -974.9	1,951.01,694.0 · 1,774.6	₹23,766	Open →
Short strangle	receives ₹19,109	0.59.7 · -8.7	-0.0166-0.0147 · -0.0149	1,057.3920.6 · 965.9	-1,922.9-1,671.1 · -1,759.6	no limit	Open →
Iron condor	receives ₹3,916	-0.10.3 · -0.5	-0.0008-0.0006 · -0.0004	39.124.9 · 24.6	-80.7-60.1 · -47.3	₹1,084	Open →
Call butterfly	pays ₹314	0.00.1 · -0.1	-0.0002-0.0002 · -0.0001	16.211.3 · 11.1	-28.3-21.8 · -17.3	₹314	Open →

Structure

Paid or received

Delta

Gamma

Theta, a day

Vega, a point

Most it can lose

Long call

pays ₹13,401

12.37.6 · 16.9

0.00850.0075 · 0.0076

-532.7-461.8 · -484.0

975.5845.6 · 886.3

₹13,401

Open →

Long put

pays ₹10,365

-12.7-17.4 · -8.1

0.00840.0074 · 0.0075

-539.1-468.8 · -490.9

975.5848.4 · 888.4

₹10,365

Open →

Short call

receives ₹13,401

-12.3-7.6 · -16.9

-0.0085-0.0075 · -0.0076

532.7461.8 · 484.0

-975.5-845.6 · -886.3

no limit

Open →

Short put

receives ₹10,365

12.717.4 · 8.1

-0.0084-0.0074 · -0.0075

539.1468.8 · 490.9

-975.5-848.4 · -888.4

no limit

Open →

Call spread

pays ₹1,400

0.90.8 · 0.7

0.00000.0003 · -0.0003

-7.4-26.3 · 12.9

5.741.6 · -31.1

₹1,400

Open →

Put spread

pays ₹1,023

-0.8-0.8 · -0.7

0.0001-0.0002 · 0.0003

3.423.3 · -15.5

1.4-35.3 · 34.6

₹1,023

Open →

Short straddle

receives ₹23,766

0.59.8 · -8.8

-0.0169-0.0149 · -0.0150

1,071.8930.6 · 974.9

-1,951.0-1,694.0 · -1,774.6

no limit

Open →

Long straddle

pays ₹23,766

-0.5-9.8 · 8.8

0.01690.0149 · 0.0150

-1,071.8-930.6 · -974.9

1,951.01,694.0 · 1,774.6

₹23,766

Open →

Short strangle

receives ₹19,109

0.59.7 · -8.7

-0.0166-0.0147 · -0.0149

1,057.3920.6 · 965.9

-1,922.9-1,671.1 · -1,759.6

no limit

Open →

Iron condor

receives ₹3,916

-0.10.3 · -0.5

-0.0008-0.0006 · -0.0004

39.124.9 · 24.6

-80.7-60.1 · -47.3

₹1,084

Open →

Call butterfly

pays ₹314

0.00.1 · -0.1

-0.0002-0.0002 · -0.0001

16.211.3 · 11.1

-28.3-21.8 · -17.3

₹314

Open →

One lot of BANKNIFTY, 25 units, priced at the settled close of Fri 18 Sep 2026. The small pair under each figure is the same position after one ordinary daily move of about 574 points — down first, then up. Halfway to expiry, on Wed 23 Sep 2026, the same position reads differently again; the builder shows it for the legs you choose.

These are structures, not suggestions. The desk states what each one is exposed to and never which one to hold.

The chain — pick a strike

Calls			Strike	Puts
Open interest	Premium	Add		Add	Premium	Open interest
8,070	2,068.95	buy sell	54,500	buy sell	51.15	4,36,620
300	2,057.85	buy sell	54,600	buy sell	56.85	62,370
690	1,864.45	buy sell	54,700	buy sell	63.20	53,820
1,350	1,771.65	buy sell	54,800	buy sell	69.70	87,240
1,410	1,631.10	buy sell	54,900	buy sell	78.45	55,680
1,04,310	1,606.30	buy sell	55,000	buy sell	87.50	7,74,000
2,490	1,504.65	buy sell	55,100	buy sell	97.70	65,490
4,350	1,450.00	buy sell	55,200	buy sell	109.45	1,53,360
5,010	1,338.30	buy sell	55,300	buy sell	122.75	91,440
12,660	1,253.70	buy sell	55,400	buy sell	137.15	84,780
51,270	1,172.25	buy sell	55,500	buy sell	154.15	5,83,350
21,180	1,081.00	buy sell	55,600	buy sell	173.70	86,790
26,130	1,007.05	buy sell	55,700	buy sell	193.80	1,07,760
54,870	932.45	buy sell	55,800	buy sell	218.05	1,43,580
74,400	858.00	buy sell	55,900	buy sell	243.05	1,50,930
4,05,600	788.60	buy sell	56,000	buy sell	271.00	9,41,550
85,230	721.85	buy sell	56,100	buy sell	302.50	1,87,860
1,37,100	656.70	buy sell	56,200	buy sell	336.40	2,28,000
2,08,320	595.80	buy sell	56,300	buy sell	373.70	3,12,360
1,84,320	536.05	buy sell	56,400	buy sell	414.60	1,69,020
6,27,270	480.05	buy sell	56,500	buy sell	460.10	6,74,220
1,48,470	427.95	buy sell	56,600	buy sell	508.50	1,49,490
1,58,040	380.25	buy sell	56,700	buy sell	560.40	1,37,460
2,44,230	336.70	buy sell	56,800	buy sell	613.50	1,02,240
1,81,320	295.30	buy sell	56,900	buy sell	672.00	94,170
10,76,340	259.80	buy sell	57,000	buy sell	737.95	6,99,360
1,80,540	225.45	buy sell	57,100	buy sell	803.30	74,490
2,06,400	195.55	buy sell	57,200	buy sell	870.95	91,470
1,66,740	169.75	buy sell	57,300	buy sell	944.25	78,330
2,42,310	146.10	buy sell	57,400	buy sell	1,020.35	1,43,700
14,24,400	126.70	buy sell	57,500	buy sell	1,104.30	15,08,730
2,34,630	108.25	buy sell	57,600	buy sell	1,193.30	66,030
3,23,760	92.20	buy sell	57,700	buy sell	1,269.60	1,31,460
2,81,880	78.55	buy sell	57,800	buy sell	1,352.45	1,32,690
2,33,940	67.20	buy sell	57,900	buy sell	1,453.85	1,43,430
16,33,350	58.15	buy sell	58,000	buy sell	1,539.70	7,47,990
1,56,060	49.70	buy sell	58,100	buy sell	1,604.00	40,800
1,65,810	42.50	buy sell	58,200	buy sell	1,715.80	56,250
1,50,570	36.55	buy sell	58,300	buy sell	1,760.90	54,090
1,23,270	31.65	buy sell	58,400	buy sell	1,809.30	30,120
8,93,610	27.90	buy sell	58,500	buy sell	2,002.15	1,67,490

Premiums are the settled close for Tue 29 Sep 2026 expiry, so the payoff is what the position would have been worth entered at that close. It is not what it would cost right now.