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Tuesday, 4 June 2024

A NIFTY put bought at Monday’s close turned ₹171.45 into ₹1,362.50.

The call at the same went from ₹197.55 to ₹5.15.

Tuesday, 4 June 2024: NIFTY fell 1,379.40 points. The practice put changed from ₹171.45 to ₹1,362.50. Why?

What you will learn

  • See how an index move changes a put and a call.
  • Separate time passing from IV, the expected size of future moves.
  • Compare the result before and after costs.
premium3 Jun 2024 → 4 Jun 2024After charges
Put 23,250Expiry 6 Jun 2024₹171.45 → ₹1,362.50₹4,286.25 → ₹34,062.50+₹29,661.70 gainCharges ₹114.55
Call 23,250Expiry 6 Jun 2024₹197.55 → ₹5.15₹4,938.75 → ₹128.75−₹4,859.68 lossCharges ₹49.68

Tuesday, 4 June 2024 · NIFTY

Loading the chart

Official close · 15:30 · NIFTY 21,884.50

Official close
NIFTY 21,884.50
Put
₹1,362.50P&L so far +₹29,776.25
Call
₹5.15P&L so far −₹4,810.00

Between the two closes, each premium is worked out from that minute’s NIFTY. P&L is for 1 lot, before charges.

Candle interval
Read the prices
TimeOpenHighLowClose
3 Jun 2024 · Previous close———23,263.90
09:1523,179.5023,179.5022,724.8022,851.35
09:2022,850.4022,862.7522,566.9522,647.55
09:2522,654.0522,681.6022,479.4022,479.40
09:3022,479.7022,650.1522,389.8522,586.45
09:3522,588.5522,662.8022,559.5022,652.90
09:4022,651.8022,651.8022,545.0522,584.15
09:4522,584.6022,758.1522,565.6522,724.65
09:5022,725.6022,785.4522,677.4022,785.45
09:5522,783.8522,880.8022,763.4522,783.60
10:0022,785.0022,791.7022,698.3022,756.55
10:0522,756.6022,822.6022,753.5022,811.75
10:1022,812.5522,833.9022,796.0022,833.90
10:1522,832.5022,832.5022,768.4522,769.40
10:2022,767.2522,800.3022,642.4522,800.30
10:2522,801.3022,802.2022,725.2022,735.20
10:3022,736.2522,746.9022,665.3022,665.70
10:3522,665.6022,705.8022,662.1522,677.00
10:4022,676.1522,683.5522,534.3022,553.95
10:4522,552.3522,607.7522,497.1522,575.85
10:5022,573.9522,590.5522,444.7022,444.70
10:5522,444.8022,444.8022,277.7522,335.70
11:0022,336.6022,359.7522,238.1022,263.95
11:0522,263.4522,263.4522,000.6022,189.30
11:1022,185.4022,271.2522,072.1522,095.10
11:1522,097.0022,172.7522,089.9022,105.15
11:2022,102.2522,264.3522,052.3522,255.75
11:2522,253.4522,270.5522,162.0522,245.10
11:3022,239.1022,259.7522,127.6522,259.20
11:3522,256.7522,293.2522,197.8022,229.20
11:4022,230.7022,247.9022,119.8022,127.65
11:4522,128.6022,179.5522,107.3522,162.05
11:5022,163.6522,195.8022,107.6022,119.15
11:5522,116.1022,119.3021,886.8021,886.80
12:0021,884.3521,950.8021,790.9521,845.35
12:0521,846.2021,850.1021,660.2521,665.75
12:1021,664.6021,750.3021,481.8021,591.90
12:1521,591.2521,705.8021,591.2521,617.20
12:2021,618.4021,619.3521,366.6521,366.65
12:2521,372.1021,408.3521,281.4521,294.10
12:3021,296.3021,591.2521,296.3021,568.30
12:3521,572.4521,650.8021,469.4521,473.30
12:4021,475.1521,838.3021,475.1521,794.35
12:4521,793.8521,911.3521,692.0021,907.60
12:5021,903.2021,993.5021,736.4521,992.40
12:5521,993.4022,005.5521,839.5521,887.80
13:0021,886.7021,943.1021,759.9521,851.95
13:0521,852.2021,883.9521,800.4021,848.75
13:1021,847.5021,946.7021,813.4021,944.75
13:1521,944.4521,996.8021,881.5021,994.35
13:2021,992.1522,126.0021,978.4022,083.25
13:2522,086.4522,127.5021,949.7022,005.25
13:3022,002.5022,062.8021,927.8522,062.80
13:3522,061.5522,096.0522,009.8522,035.20
13:4022,038.0522,071.9021,968.6022,071.45
13:4522,070.9522,163.0522,054.1522,160.15
13:5022,166.4022,271.7022,162.5022,252.20
13:5522,253.6022,256.4022,157.0022,239.70
14:0022,241.5522,243.7522,099.4522,101.30
14:0522,105.1022,117.8521,948.3022,032.85
14:1022,037.3022,070.1521,982.7522,061.05
14:1522,061.8022,062.0021,958.3522,002.75
14:2022,001.6022,012.3521,883.4521,966.10
14:2521,964.8021,972.6521,897.9521,909.75
14:3021,909.8522,090.0521,909.8522,009.30
14:3522,015.5522,020.6521,912.4021,992.55
14:4021,993.0522,027.6021,929.1521,989.75
14:4521,990.5022,048.6521,915.1521,923.00
14:5021,926.5021,957.6021,899.9521,900.60
14:5521,905.0521,944.7521,798.7021,800.85
15:0021,802.6021,851.1521,745.5021,758.25
15:0521,756.6021,915.0521,725.3021,890.60
15:1021,889.6521,969.6521,889.6521,949.70
15:1521,948.6021,953.5521,871.4521,917.85
15:2021,918.7521,942.4521,879.3521,941.20
15:2521,942.1022,068.5521,910.2521,996.45
Official close———21,884.50

On this day 1 was 25. It is 65 now. Charges use the rates as at 18 Oct 2026.

How the money is worked out × lot size = the money for 1 lot. Money received − money paid − charges = the result.

  • Put 23,250: ₹171.45 × 25 = ₹4,286.25 paid. ₹1,362.50 × 25 = ₹34,062.50 received. ₹34,062.50 − ₹4,286.25 − ₹114.55 charges = +₹29,661.70 gain.
  • Call 23,250: ₹197.55 × 25 = ₹4,938.75 paid. ₹5.15 × 25 = ₹128.75 received. ₹128.75 − ₹4,938.75 − ₹49.68 charges = −₹4,859.68 loss.

Cost details

Each charge in rupees. Together they make the Charges total above.

Put 23,250 · Charges ₹114.55
Brokerage
₹40.00

Your broker’s fee. We use ₹20.00 for each order. This trade has 2 orders.

STT
₹51.09

. The government takes this tax on the sell order.

Exchange transaction charge
₹13.63

The stock exchange takes this fee on each trade.

SEBI fee
₹0.04

SEBI watches over the market. This is its tiny fee.

Stamp duty
₹0.13

A government tax on the buy order.

GST
₹9.66

Goods and Services Tax. It is charged on the brokerage and the fees.

Total charges
₹114.55

Work out your own trade in the trading cost calculator →

Call 23,250 · Charges ₹49.68
Brokerage
₹40.00

Your broker’s fee. We use ₹20.00 for each order. This trade has 2 orders.

STT
₹0.19

Securities Transaction Tax. The government takes this tax on the sell order.

Exchange transaction charge
₹1.80

The stock exchange takes this fee on each trade.

SEBI fee
₹0.01

SEBI watches over the market. This is its tiny fee.

Stamp duty
₹0.15

A government tax on the buy order.

GST
₹7.53

Goods and Services Tax. It is charged on the brokerage and the fees.

Total charges
₹49.68

Work out your own trade in the trading cost calculator →

Try it on the desk →

What moved them

NIFTY 23,263.90 → 21,884.50 · India VIX 20.94 → 26.75

Estimated price split

is the size of move suggested by the option’s price. India VIX is a separate number.

Price change before charges

Put

NIFTY’s move
+₹28,439.17 gain
Time passed
−₹558.72 loss
IV’s move
+₹1,895.81 gain
Remaining difference
−₹0.01 loss

Call

NIFTY’s move
−₹6,039.85 loss
Time passed
−₹659.90 loss
IV’s move
+₹1,889.75 gain
Remaining difference
+₹0.00 no change

The model uses interest 7% and dividend 0.6%.

Every strategy that day

Long put

Bought the put

+₹29,661.70 gain

Long call

Bought the call

−₹4,859.68 loss

Long straddle

Bought both

+₹24,802.02 gain

Short straddle

Sold both

−₹25,093.78 loss

The next day · Wednesday, 5 June 2024

A NIFTY put bought at Tuesday’s close turned ₹192.80 into ₹8.70.

−₹4,652.29 lossSee 5 Jun 2024 →

NIFTY fell. Which option rose at the close?

See the answer

The put changed by +₹1,191.05 gain. The call changed by −₹192.40 loss.

Questions on this

Options questions · NISM Series VIII →

See the answer

Recorded NIFTY minute prices · Tuesday, 4 June 2024

The official close has its own point. It differs from the last minute candle.

Strike Price

The strike price is the level at which an option can be exercised.

Read more
Lot Size

Lot size is the number of units of the underlying that one derivatives contract stands for.

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Option Premium

An option's price is its premium.

Read more
Securities Transaction Tax (STT)

Securities Transaction Tax (STT) is a statutory tax the Government of India levies on purchases and sales of securities.

Read more
Implied Volatility (IV)

Implied volatility is the market's assumption about how much the underlying will move before expiry.

Read more

WHERE THIS GOES NEXT

Intrinsic value, time value, and what a premium is made ofOpen Direction right, premium down: why the two come apartOpen Why a call can fall when the index rises: a guided model experimentOpen Build a strategyOpen Paper Trading markets: pick one and startOpen Market X-RayOpen