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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.

What it is worth at expiry

025,06357,700now 56,35957,792

Profit and loss in rupees for one lot at settlement, across the index between 55,232 and 58,827. The ring marks where it breaks even; the upright lines are the strikes in the position.

The numbers

Premium paid
₹2,305
Breaks even at
57,792
Most it can make
grows with the index — no limit
Most it can lose
₹2,305

Greeks, for the whole position

Delta
3.1
Gamma
0.0045
Vega, per volatility point
499.0
Theta, per day
-263.1

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

LegPremiumLotsCostImplied volatility
buy 57,700 CE92.201−₹2,30511.6%remove
Net−₹2,305

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
StructurePaid or receivedDeltaGammaTheta, a dayVega, a pointMost it can lose
Long callpays ₹13,401
12.37.6 · 16.9
0.00850.0075 · 0.0076
-532.7-461.8 · -484.0
975.5845.6 · 886.3
₹13,401Open →
Long putpays ₹10,365
-12.7-17.4 · -8.1
0.00840.0074 · 0.0075
-539.1-468.8 · -490.9
975.5848.4 · 888.4
₹10,365Open →
Short callreceives ₹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 limitOpen →
Short putreceives ₹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 limitOpen →
Call spreadpays ₹1,400
0.90.8 · 0.7
0.00000.0003 · -0.0003
-7.4-26.3 · 12.9
5.741.6 · -31.1
₹1,400Open →
Put spreadpays ₹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
₹1,023Open →
Short straddlereceives ₹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 limitOpen →
Long straddlepays ₹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
₹23,766Open →
Short stranglereceives ₹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 limitOpen →
Iron condorreceives ₹3,916
-0.10.3 · -0.5
-0.0008-0.0006 · -0.0004
39.124.9 · 24.6
-80.7-60.1 · -47.3
₹1,084Open →
Call butterflypays ₹314
0.00.1 · -0.1
-0.0002-0.0002 · -0.0001
16.211.3 · 11.1
-28.3-21.8 · -17.3
₹314Open →

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

CallsStrikePuts
Open interestPremiumAddAddPremiumOpen interest
8,0702,068.95buysell54,500buysell51.154,36,620
3002,057.85buysell54,600buysell56.8562,370
6901,864.45buysell54,700buysell63.2053,820
1,3501,771.65buysell54,800buysell69.7087,240
1,4101,631.10buysell54,900buysell78.4555,680
1,04,3101,606.30buysell55,000buysell87.507,74,000
2,4901,504.65buysell55,100buysell97.7065,490
4,3501,450.00buysell55,200buysell109.451,53,360
5,0101,338.30buysell55,300buysell122.7591,440
12,6601,253.70buysell55,400buysell137.1584,780
51,2701,172.25buysell55,500buysell154.155,83,350
21,1801,081.00buysell55,600buysell173.7086,790
26,1301,007.05buysell55,700buysell193.801,07,760
54,870932.45buysell55,800buysell218.051,43,580
74,400858.00buysell55,900buysell243.051,50,930
4,05,600788.60buysell56,000buysell271.009,41,550
85,230721.85buysell56,100buysell302.501,87,860
1,37,100656.70buysell56,200buysell336.402,28,000
2,08,320595.80buysell56,300buysell373.703,12,360
1,84,320536.05buysell56,400buysell414.601,69,020
6,27,270480.05buysell56,500buysell460.106,74,220
1,48,470427.95buysell56,600buysell508.501,49,490
1,58,040380.25buysell56,700buysell560.401,37,460
2,44,230336.70buysell56,800buysell613.501,02,240
1,81,320295.30buysell56,900buysell672.0094,170
10,76,340259.80buysell57,000buysell737.956,99,360
1,80,540225.45buysell57,100buysell803.3074,490
2,06,400195.55buysell57,200buysell870.9591,470
1,66,740169.75buysell57,300buysell944.2578,330
2,42,310146.10buysell57,400buysell1,020.351,43,700
14,24,400126.70buysell57,500buysell1,104.3015,08,730
2,34,630108.25buysell57,600buysell1,193.3066,030
3,23,76092.20buysell57,700buysell1,269.601,31,460
2,81,88078.55buysell57,800buysell1,352.451,32,690
2,33,94067.20buysell57,900buysell1,453.851,43,430
16,33,35058.15buysell58,000buysell1,539.707,47,990
1,56,06049.70buysell58,100buysell1,604.0040,800
1,65,81042.50buysell58,200buysell1,715.8056,250
1,50,57036.55buysell58,300buysell1,760.9054,090
1,23,27031.65buysell58,400buysell1,809.3030,120
8,93,61027.90buysell58,500buysell2,002.151,67,490

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.