Contract rules. Lot size, expiry dates, holidays aur charges listed schedule se aate hain.
Paper Trading market kaise kaam karta hai
Prices kaise bante hain, orders kaise bharte hain, kaunse charges lagte hain, aur aapka paisa aur trades kahan save hote hain.
Short mein, yeh kaise kaam karta hai
Options mein Market X-Ray: Premium wala price model hai. Agle quote par orders bid ya ask se fill hote hain. Lot size, expiry, holidays aur charges listed rules follow karte hain. Order accept hone se pehle collateral check hota hai. Aapka paisa aur trades isi browser mein save hain. Har figure samajhne ke liye neeche ki assumptions padhein.
Same setup, same market. Same setup ke saath replay wahi market dobara chalata hai.
Kuch toot jaaye toh market ruk jaata hai. Galat result dikhane ke bajaaye koi result nahi dikhta.
Aapka paisa aur trades isi browser mein rehte hain. Aap unhe backup file ke roop mein save kar sakte hain.
market ki settings
Contract ke rules
Lot size, Tuesday expiry ka din, session timings, holidays aur charges market ke published rules follow karte hain. Strike ka gap aur price tick neeche hain, unke source aur aakhri check ki date ke saath.
| NIFTY | 50 |
|---|---|
| BANKNIFTY | 100 |
| Price tick, rupaye mein | 0.05 |
| Exchange page se aakhri baar padha gaya | 2026-09-14 |
Source: https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications
| NIFTY ki weekly option expiries jo listed hain | 4 |
|---|---|
| Monthly option aur futures expiries listed | 3 |
| Extra quarterly option expiries jo listed hain | 2 |
Price settings
| Starting levels | NIFTY 24,000 · BANKNIFTY 52,000 |
|---|---|
| Starting implied volatility, percent mein | 16 |
| Risk-free rate, percent mein | 7 |
| Dividend yield, percent mein | NIFTY 0.6 · BANKNIFTY 0.1 |
| Implied volatility is range se bahar jaaye toh market ruk jaata hai, percent mein | 1 – 400 |
| Spot apne starting level se itne guna upar ya neeche jaaye toh market ruk jaata hai | 4× |
| Realised-volatility scale, scenario ki IV ka multiple (NIFTY / BANKNIFTY) | 0.9592 / 1.0988 |
| Implied-volatility scale, scenario ki IV ka multiple (NIFTY / BANKNIFTY) | 1 / 1.11 |
| Realised divide by implied, design ke hisaab se (NIFTY / BANKNIFTY) | 0.96 / 0.99 |
| Realised divide by implied, ek close se agle close tak measure kiya hua (NIFTY / BANKNIFTY) | 0.93 / 0.96 |
Spot ki movement mein option IV se kam volatility hai. Calm market mein isse sellers ko average par chhota edge milta hai. Buyers, path ki movement se zyada ke liye pay karte hain. Planned shocks aur gaps yeh edge palat sakte hain. Results ke saath yeh assumption padhein.
Fill ki settings
| Har side quoted depth levels | 3 |
|---|---|
| Touch par base depth, lots (options / futures) | NIFTY 8–27 · BANKNIFTY 1.7 / 12 |
| Use hui depth itne market updates ke baad wapas aati hai | 4 |
| Har order par flat brokerage (ek assumption), rupees | 20 |
Paper trade par lagne wale charges
Har fill par neeche ke schedule se charge lagta hai, trade date ke hisaab se. Har row apna source batati hai. Ek line alag hai. Expiry par exercise hue option ka tax ek assumed rate par lagta hai, aur use assumed mark kiya jaata hai.
Yeh schedule jis date par lagu hai 2026-01-05
| Charge | Kis par lagta hai | Rate | Source |
|---|---|---|---|
| Securities Transaction Tax (STT) | sell value par · sell ki taraf · intraday ya carry | 0.1 basis ka percent | site ki fee table se cited · STT on sale of an option in securities: 0.1% of option premium, w.e.f. 1 Oct 2024 (Finance (No.2) Act, 2024, raised from 0.0625%). Exercised options are charged differently - see the page notes. SUPERSEDED from 1 Apr 2026 - see the successor rule below. · 2024-10-01 |
| Stamp duty | buy value par · buy ki taraf · intraday ya carry | 0.003 basis ka percent | site ki fee table se cited · Uniform stamp duty on derivatives (options), 0.003% of premium on the buy side, w.e.f. 1 Jul 2020 (Indian Stamp Act amendment). · 2020-07-01 |
| Exchange transaction charge | turnover par · dono sides · intraday ya carry | 3,503 per crore | site ki fee table se cited · NSE transaction charges, equity derivatives (options): Rs 3,503 per crore of premium turnover, w.e.f. 1 Oct 2024 (NSE/FA/64323, 27 Sep 2024). SUPERSEDED from 1 Mar 2026 - see the successor row. · 2024-10-01 |
| Investor Protection Fund (IPFT) | turnover par · dono sides · intraday ya carry | 50 per crore | site ki fee table se cited · NSE Investor Protection Fund Trust levy, equity-derivatives options: Rs 50 per crore of premium turnover (Rs 0.01 base + Rs 49.99 corpus top-up from 1 Apr 2023, NSE/FA/56129). ROLLED BACK from 1 Mar 2026 - see the successor row. · 2023-04-01 |
| SEBI turnover fee | turnover par · dono sides · intraday ya carry | 10 per crore | site ki fee table se cited · SEBI turnover fee: Rs 10 per crore of premium turnover (derivatives). · 2024-01-01 |
| GST (18%) | un charges par jin par GST lagta hai · dono sides · intraday ya carry | 18 basis ka percent | site ki fee table se cited · GST on stock-broker services, 18% of brokerage plus transaction charges. · 2024-01-01 |
| Charge | Kis par lagta hai | Rate | Source |
|---|---|---|---|
| Securities Transaction Tax (STT) | sell value par · sell ki taraf · intraday ya carry | 0.02 basis ka percent | site ki fee table se cited · STT on the sale of a futures contract: 0.02% of the price at which the future is traded, w.e.f. 1 Oct 2024 (Finance (No.2) Act, 2024, raised from 0.0125%). The buy leg pays no STT. SUPERSEDED from 1 Apr 2026 — see the successor row. · 2024-10-01 |
| Stamp duty | buy value par · buy ki taraf · intraday ya carry | 0.002 basis ka percent | site ki fee table se cited · Uniform stamp duty on derivatives (futures), 0.002% of the traded value on the buy side, w.e.f. 1 Jul 2020 (Indian Stamp Act amendment). Rates were state-specific before that date. · 2020-07-01 |
| Exchange transaction charge | turnover par · dono sides · intraday ya carry | 173 per crore | site ki fee table se cited · NSE transaction charges, equity derivatives (futures): Rs 173 per crore of traded value, w.e.f. 1 Oct 2024 (NSE/FA/64323, 27 Sep 2024). SUPERSEDED from 1 Mar 2026 — see the successor row. · 2024-10-01 |
| Investor Protection Fund (IPFT) | turnover par · dono sides · intraday ya carry | 10 per crore | site ki fee table se cited · NSE Investor Protection Fund Trust levy, equity-derivatives futures: Rs 10 per crore of traded value (Rs 0.01 base + Rs 9.99 corpus top-up from 1 Apr 2023, NSE/FA/56129). ROLLED BACK from 1 Mar 2026 — see the successor row. · 2023-04-01 |
| SEBI turnover fee | turnover par · dono sides · intraday ya carry | 10 per crore | site ki fee table se cited · SEBI turnover fee: Rs 10 per crore of traded value (derivatives). · 2024-01-01 |
| GST (18%) | un charges par jin par GST lagta hai · dono sides · intraday ya carry | 18 basis ka percent | site ki fee table se cited · GST on stock-broker services, 18% of brokerage plus transaction charges. · 2024-01-01 |
| Exercised option par assumed STT, intrinsic value ka percent | 0.125 — assumed — cited rule nahi |
|---|---|
| Settlement price ka source | Market settlement value |
Collateral kaise nikalta hai
| Spot shocks, spot ka percent | -6, -4, -2, 0, 2, 4, 6 |
|---|---|
| Implied volatility ke multipliers | 0.8, 1, 1.2 |
| Har index par stress scenarios | 21 |
| Uncovered short tail floor, notional ka percent | 3 |
| Cross-index offset | nahi |
Steps, order mein
Stress grid: ek index ki poori book har spot shock aur IV multiplier ke jode par reprice hoti hai. Sabse badi loss grid figure hai.
Stress grid spot shocks, percent mein -6, -4, -2, 0, 2, 4, 6 IV multipliers 0.8, 1, 1.2 scenarios 21 index ke andar book jointly reprice hoti hai haan Exact terminal risk: same expiry wale har group ki expiry par worst loss, stress range ke andar. Yeh current mark se measure hoti hai, expiries ke beech koi credit nahi.
Exact terminal risk kahan se measured current mark, position kholne ka price nahi kahan evaluate hota hai stress range ke andar har strike plus uske 2 edges expiries ke beech credit nahi Unbounded floor: har net-short option unit jiska tail koi baad wala long cover nahi karta, uske strike notional ka tay percent add hota hai.
Unbounded floor floor, notional ka percent 3 cover kya maana jata hai same right ka long, same ya baad ki expiry, koi bhi strike futures ko unke option pair ki tarah treat kiya jata hai haan Combine: har index ke liye grid figure aur terminal risk plus floor mein se bada lo. Phir sab indices ko jodo.
Combine rule grid figure aur terminal risk plus floor mein se bada phir indices par sum haan Pending order reserve: resting order utna hold karta hai jitna uska fill aapke free paise se lega. Yani net debit aur charges, minus jo value woh laata hai, plus collateral change. Yeh kabhi net debit aur charges se kam nahi hota. Isliye khareeda option apni cost aur charges 1 hi baar hold karta hai. Yeh fill ya cancel hone tak hold rehta hai.
Pending order reserve rule fill free paise se jitna lega, kabhi net debit aur charges se kam nahi kahan store hota hai order ka apna reserve figure
Collateral mein kya shamil nahi hai
- Liquidity buffer nahi. Broker un contracts par extra margin lagata hai jo exit karne mein mushkil hon. Yeh estimate nahi lagata.
- Concentration buffer nahi. Jab ek strike ya expiry book par haavi ho, toh broker zyada charge karta hai. Yeh estimate nahi karta.
- Calendar-spread charge nahi. Exchange same right ki alag expiries ke beech margin lagata hai. Yeh estimate nahi lagata.
- Exchange ke SPAN parameters nahi. Exchange apne risk arrays aur price scan ranges publish karta hai. Yeh estimate apna stress grid use karta hai.
- Broker exposure margin nahi. Brokers SPAN ke upar exposure margin lagate hain. Yeh estimate nahi lagata.
- Intraday margin benefit nahi. Same session mein close hone wali positions par broker kam maang sakta hai. Yeh estimate kabhi nahi.
Value charts: scenario aur timeline
Current-value scenario har open leg ko aapke chune spot, IV aur time par reprice karta hai. Multi-expiry timeline har samay-bindu par sirf expire ho chuke legs settle karti hai. Baaki legs reprice hote hain. Dono wahi pricing model use karte hain jo market karta hai. Spot hilne par har option apni implied volatility rakhta hai. Ise sticky-strike convention kehte hain. Zero shock par line book ke current mark ke barabar hoti hai.
| Shift se implied volatility kam se kam kitni ho sakti hai, percentage points | 0 |
|---|---|
| Risk-free rate / dividend yield, percent per saal | 7 / NIFTY 0.6 · BANKNIFTY 0.1 |
| Time presets, minutes | 30, 120 |
| Har scenario line par kitne points | 61 |
| Cross-index slice mein spot shocks, percent | -10, -6, -4, -2, 0, 2, 4, 6, 10 |
Open-interest panel ki settings
OI panel sirf published tape padhta hai. Concentration view har side ke 5 sabse bade strikes dikhata hai. Dikhaya gaya premium us option ka last traded price hai. Expiry-transfer view calls, puts aur futures par tape ka pattern batata hai. Kaun trade kar raha hai, yeh kabhi nahi kehta. Expiry par settlement alag se, lifecycle change ki tarah, report hota hai. Volume bands display thresholds hain, forecast nahi.
| Change ke windows, minutes | 1, 3, 5, 15 |
|---|---|
| History sample interval, seconds | 5 |
| History kitni der rakhi jaati hai, minutes | 16 |
| Open-interest reading itne seconds ke baad purani maani jaati hai | 30 |
| Price/OI reading ka flat threshold, percent | 0.1 |
| Concentration view mein har side kitne strikes | 5 |
| Isse kam concentration movement ko steady kaha jaata hai, percentage points | 0.5 |
| Volume-context bands: isse upar mostly new positions / isse upar mixed / neeche churn | 0.6 / 0.25 |
PRICES KAISE BANTE HAIN
Prices kaise chalte hain
Har market ek scenario se shuru hota hai. Har index ka spot ek mood mein chalta hai jo trend, range, squeeze, widen ya jump kar sakta hai. Dono indices apne moves ka kuch hissa share karte hain. Implied volatility bhi apne aap chalti hai, aur spot girne par aksar badhti hai. Samay ke saath yeh apne aam level ki taraf wapas aati hai. Din ka samay volatility, spread aur activity badalta hai. Har open par gap aa sakta hai. Kabhi price market ki range se bahar chala jaaye, toh market ruk jaata hai. Woh galat number nahi dikhata.
Open interest usi bookkeeping se chalta hai jo Market X-Ray: Open Interest dikhata hai. 2 positions kholne wala trade open interest badhata hai. Transfer use waisa hi chhodta hai. Close use ghatata hai. Aapke paper orders ise kabhi nahi badalte.
PRICING
Contract kaise price aur quote hota hai
Har listed option ko European option ki tarah price kiya jaata hai, jo sirf expiry par exercise ho sakta hai. Yeh wahi model use karta hai jo Market X-Ray: Premium use karta hai. Model spot, us strike aur expiry par implied volatility, aur expiry tak bacha time leta hai. Ek fixed interest rate aur dividend yield bhi use hote hain. Prices dikhane se pehle 3 checks chalte hain. Call aur put ke prices aapas mein match hone chahiye, ise put-call parity kehte hain. Strikes ke across prices sahi kram mein badhne ya ghatne chahiye. Strikes ke across price curve galat taraf nahi mudna chahiye. Quote us fair value ke aas-paas banta hai, spread aur kai price levels ke saath. Bid kabhi ask se upar nahi hota.
FILLS
Order kaise fill hota hai
Buy asks leta hai aur sell bids leta hai, ek price level ek baar mein. Order poora hone ya available quantity khatam hone par yeh rukta hai. Use hui quantity kuch updates ke baad wapas aati hai. Basket ek saath ya leg by leg fill ho sakta hai. Net debit ya credit par limit uske sign ke saath, per basket check hoti hai. Stop trigger fill nahi hai. Woh ek market ya limit order bhejta hai, jo phir kisi bhi order ki tarah fill hota hai.
CHARGES
Kaunse charges lagte hain, aur kaunse assumed hain
Har fill par uski trade date par lagu index options ya futures ke charges lagte hain. Saath mein ek flat brokerage bhi lagta hai, jo ek assumption hai. Neeche ki table unhe dikhati hai, aur har row apna source batati hai. Ek charge table mein nahi hai. Woh expiry par exercise hue option par securities transaction tax hai. Uska rate assumed hai, aur har aisi line assumed mark hoti hai.
COLLATERAL
Collateral kaise estimate hota hai
Har index ka collateral 2 loss checks mein se bada hai. Ek mein spot shocks aur IV changes hain. Doosra current mark se listed strikes par expiry loss check karta hai. Uncovered short tails par notional ke hisaab se floor lagta hai. Har index alag check hota hai. Pending orders extra collateral, net debit aur charges reserve karte hain.
EXPIRY
Expiry aur session close par kya hota hai
Options expiry session ke close par settlement level se settle hote hain. Futures har session settle hote hain. Close par unka basis reset hota hai. Session boundaries aur market ke end par clock rukti hai. Aage badhne ke liye Play ya Jump dabaayein.
SETTLEMENT
Index contracts cash-settled hain: na share, na delivery, na stock wheel
Paper Trading ka har contract NIFTY ya BANKNIFTY ka index option ya index future hai. Index contract cash mein settle hota hai. Expiry par strike aur settlement level ka difference rupees mein diya ya liya jaata hai. Koi share haath nahi badalta. Isliye delivery par bani stock-market ki aadatein yahan hain hi nahi. In the money khatam hone wala short index put kisi stock ke saath 'assign' nahi hota. Woh settlement difference deta hai. Stock wheel index par chal hi nahi sakta. Wheel matlab put bechna, shares ki delivery lena, phir un par covered call bechna. Cash-secured index put template apply karne par yahi batata hai.
STORAGE
Aapka paisa aur trades kahan save hote hain
Aapka paisa aur trades isi device ke is browser mein save hote hain. Har badlav poora save hota hai, isliye fail hua save kuch adhoora nahi chhodta. Browser data clear karne se yeh mit jaate hain, isliye pehle backup save kar lijiye. Usi naam ka doosra tab read-only khulta hai. Backup import karte waqt aap 3 mein se ek cheez chunte hain. Jo hai use waisa hi rehne dein, use replace karein, ya backup ko alag copy ki tarah jodein. Import karne se backup ka cash aapke cash mein kabhi nahi judta. Paper Trading ke naye version se save hui cheez read-only khulti hai, taaki galti se kuch na badle. Agar save fail ho, session bina save hue chalta rehta hai aur har screen yeh batati hai.
Offline copy install hone ke baad, online rahte hue yeh page reload karein. Ya ise naye tab mein kholein. Phir core Paper Trading pages is browser mein offline use ke liye cache ho jaate hain. Naya site version purane session tabs band hone tak wait karta hai, isliye running session replace nahi hoti. Aapka paisa aur trades ab bhi isi browser mein rehte hain. Site data clear karne se pehle backup export karein.
Jo sawaal log poochte hain
Return ko per year percentage mein kyun nahi dikhaya jaata?
Kuch ghante ya din se saal bhar ka return tay nahi hota. Jitne waqt trade kiya, usi ka result padhein.
Kya option exercise tax published rate hai?
Is site par abhi nahi. market ek assumed rate lagata hai aur har aisi fee line ko assumed label karta hai. Woh rate neeche usi warning ke saath dikhta hai.
Kya main stock wheel chala sakta hoon ya shares ki delivery le sakta hoon?
Nahi. Index options aur futures cash-settled hain. Koi share deliver nahi hota, isliye assign hone, hold karne ya covered call likhne ko kuch hai hi nahi. Cash-secured index put template apply hota hai. Uski warning batati hai ki cash settlement difference cover karta hai, purchase nahi.