Strategy builder

NIFTY · Tue 22 Sep 2026 expiry · one lot is 65 · 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 21,883 and 23,813. The ring marks where it breaks even; the upright lines are the strikes in the position.

The numbers

Premium paid: ₹153
Breaks even at: 22,348
Most it can make: grows with the index — no limit
Most it can lose: ₹153

Greeks, for the whole position

Delta: -1.0
Gamma: 0.0052
Vega, per volatility point: 60.1
Theta, per day: -144.8

Delta, gamma and vega are for the whole position at 23,346, 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 22,350 PE	2.35	1	−₹153	19.3%	remove
Net			−₹153

Leg

Premium

Lots

Cost

Implied volatility

buy 22,350 PE

2.35

−₹153

19.3%

remove

Net

−₹153

What each structure is exposed to

Fri 18 Sep 2026

Options against their own yeardearer than 22 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 22 Sep 2026

Structure	Paid or received	Delta	Gamma	Theta, a day	Vega, a point	Most it can lose
Long call	pays ₹5,948	32.212.3 · 52.1	0.11840.0811 · 0.0820	-709.9-478.7 · -499.5	633.7427.4 · 445.9	₹5,948	Open →
Long put	pays ₹5,564	-32.8-52.3 · -13.3	0.11550.0807 · 0.0814	-727.5-499.9 · -520.7	633.7435.4 · 453.6	₹5,564	Open →
Short call	receives ₹5,948	-32.2-12.3 · -52.1	-0.1184-0.0811 · -0.0820	709.9478.7 · 499.5	-633.7-427.4 · -445.9	no limit	Open →
Short put	receives ₹5,564	32.852.3 · 13.3	-0.1155-0.0807 · -0.0814	727.5499.9 · 520.7	-633.7-435.4 · -453.6	no limit	Open →
Call spread	pays ₹1,612	6.03.9 · 4.3	0.00150.0167 · -0.0159	-32.2-111.1 · 77.5	18.593.7 · -77.8	₹1,612	Open →
Put spread	pays ₹1,310	-5.6-4.7 · -3.4	0.0050-0.0133 · 0.0153	1.2109.8 · -77.7	13.4-83.5 · 76.5	₹1,310	Open →
Short straddle	receives ₹11,512	0.639.9 · -38.9	-0.2339-0.1618 · -0.1633	1,437.4978.6 · 1,020.3	-1,267.4-862.8 · -899.5	no limit	Open →
Long straddle	pays ₹11,512	-0.6-39.9 · 38.9	0.23390.1618 · 0.1633	-1,437.4-978.6 · -1,020.3	1,267.4862.8 · 899.5	₹11,512	Open →
Short strangle	receives ₹6,243	1.636.9 · -35.4	-0.2099-0.1506 · -0.1639	1,311.2964.4 · 1,005.3	-1,145.3-825.5 · -893.6	no limit	Open →
Iron condor	receives ₹3,130	-1.57.3 · -8.5	-0.0562-0.0244 · -0.0094	305.752.8 · 86.2	-289.5-91.4 · -65.4	₹3,370	Open →
Call butterfly	pays ₹1,183	-0.63.0 · -3.3	-0.0239-0.0086 · -0.0010	137.121.3 · 25.0	-125.7-32.6 · -14.3	₹1,183	Open →

Structure

Paid or received

Delta

Gamma

Theta, a day

Vega, a point

Most it can lose

Long call

pays ₹5,948

32.212.3 · 52.1

0.11840.0811 · 0.0820

-709.9-478.7 · -499.5

633.7427.4 · 445.9

₹5,948

Open →

Long put

pays ₹5,564

-32.8-52.3 · -13.3

0.11550.0807 · 0.0814

-727.5-499.9 · -520.7

633.7435.4 · 453.6

₹5,564

Open →

Short call

receives ₹5,948

-32.2-12.3 · -52.1

-0.1184-0.0811 · -0.0820

709.9478.7 · 499.5

-633.7-427.4 · -445.9

no limit

Open →

Short put

receives ₹5,564

32.852.3 · 13.3

-0.1155-0.0807 · -0.0814

727.5499.9 · 520.7

-633.7-435.4 · -453.6

no limit

Open →

Call spread

pays ₹1,612

6.03.9 · 4.3

0.00150.0167 · -0.0159

-32.2-111.1 · 77.5

18.593.7 · -77.8

₹1,612

Open →

Put spread

pays ₹1,310

-5.6-4.7 · -3.4

0.0050-0.0133 · 0.0153

1.2109.8 · -77.7

13.4-83.5 · 76.5

₹1,310

Open →

Short straddle

receives ₹11,512

0.639.9 · -38.9

-0.2339-0.1618 · -0.1633

1,437.4978.6 · 1,020.3

-1,267.4-862.8 · -899.5

no limit

Open →

Long straddle

pays ₹11,512

-0.6-39.9 · 38.9

0.23390.1618 · 0.1633

-1,437.4-978.6 · -1,020.3

1,267.4862.8 · 899.5

₹11,512

Open →

Short strangle

receives ₹6,243

1.636.9 · -35.4

-0.2099-0.1506 · -0.1639

1,311.2964.4 · 1,005.3

-1,145.3-825.5 · -893.6

no limit

Open →

Iron condor

receives ₹3,130

-1.57.3 · -8.5

-0.0562-0.0244 · -0.0094

305.752.8 · 86.2

-289.5-91.4 · -65.4

₹3,370

Open →

Call butterfly

pays ₹1,183

-0.63.0 · -3.3

-0.0239-0.0086 · -0.0010

137.121.3 · 25.0

-125.7-32.6 · -14.3

₹1,183

Open →

One lot of NIFTY, 65 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 189 points — down first, then up.

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
715	984.60	buy sell	22,350	buy sell	2.35	16,45,280
2,470	950.30	buy sell	22,400	buy sell	2.45	42,42,420
455	854.55	buy sell	22,450	buy sell	2.60	19,49,740
84,045	858.10	buy sell	22,500	buy sell	3.05	90,22,520
2,730	778.65	buy sell	22,550	buy sell	3.25	18,07,845
40,755	758.45	buy sell	22,600	buy sell	3.55	52,45,435
16,965	706.55	buy sell	22,650	buy sell	4.00	17,45,315
52,520	658.00	buy sell	22,700	buy sell	4.55	63,06,950
34,385	609.25	buy sell	22,750	buy sell	5.10	41,04,555
1,19,275	559.00	buy sell	22,800	buy sell	5.80	72,08,240
52,910	512.55	buy sell	22,850	buy sell	6.50	31,70,115
1,36,565	462.45	buy sell	22,900	buy sell	8.00	49,72,825
87,490	411.70	buy sell	22,950	buy sell	9.60	36,92,390
6,21,790	367.35	buy sell	23,000	buy sell	12.35	1,09,94,165
1,54,050	319.25	buy sell	23,050	buy sell	15.85	28,70,595
5,94,425	275.70	buy sell	23,100	buy sell	20.90	64,29,865
3,49,635	232.75	buy sell	23,150	buy sell	27.75	39,03,380
26,65,520	192.40	buy sell	23,200	buy sell	37.10	96,01,865
18,11,745	154.55	buy sell	23,250	buy sell	49.40	64,90,705
74,19,685	120.70	buy sell	23,300	buy sell	65.45	1,26,86,570
49,55,600	91.50	buy sell	23,350	buy sell	85.60	51,43,060
87,68,240	66.70	buy sell	23,400	buy sell	110.90	47,87,315
38,59,895	46.65	buy sell	23,450	buy sell	141.00	6,96,605
92,26,165	31.25	buy sell	23,500	buy sell	175.60	24,05,260
36,55,340	20.15	buy sell	23,550	buy sell	215.00	2,62,535
79,09,005	12.75	buy sell	23,600	buy sell	257.60	7,39,765
40,41,700	8.20	buy sell	23,650	buy sell	304.10	1,96,560
94,95,720	5.45	buy sell	23,700	buy sell	351.55	5,36,770
43,03,715	3.80	buy sell	23,750	buy sell	399.55	1,01,660
82,14,375	2.90	buy sell	23,800	buy sell	447.75	4,58,770
29,76,675	2.45	buy sell	23,850	buy sell	496.85	72,670
58,44,280	2.25	buy sell	23,900	buy sell	546.60	4,36,865
23,68,145	2.00	buy sell	23,950	buy sell	593.05	75,010
1,15,58,560	1.85	buy sell	24,000	buy sell	647.60	9,21,505
18,01,475	1.55	buy sell	24,050	buy sell	695.80	24,050
51,63,795	1.35	buy sell	24,100	buy sell	745.15	1,38,060
24,33,210	1.20	buy sell	24,150	buy sell	801.00	24,115
63,58,625	1.15	buy sell	24,200	buy sell	846.95	1,66,790
13,00,650	1.05	buy sell	24,250	buy sell	890.20	24,635
40,95,000	0.95	buy sell	24,300	buy sell	940.65	94,250
12,00,095	0.90	buy sell	24,350	buy sell	991.50	14,625

Premiums are the settled close for Tue 22 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.