A past weekEntered at the close on 3 Jul 2025. NIFTY was 25,405.3. First expiry 10 Jul 2025, 7 days later.
NIFTY 25,400 Put · Entry premium ₹146.45
At 25,100 on 10 Jul 2025: +₹11,516.25Before charges · Before expiry: +₹13,878.75
Profit and loss The solid line shows the value before expiry. The dashed line shows the first expiry date. Green is profit. Red is loss. The orange ring is the result that week.
At expiry · Before charges+₹11,516.25
Before expiryAt expiryResult that week
Most you can lose
−₹10,983.75Before charges · ₹146.45 × 75
Breakeven
25,253.5525,252.64 after charges
Below the breakeven
+₹7,500.00More profit for each 100 points lower
Charges, buy and sell
₹67.84₹28.54 to enter. If sold near the close. Expiry charges differ.
The solid line shows the value before expiry. The dashed line shows the first expiry date. Green is profit. Red is loss. The orange ring is the result that week.
The dashed line is expiry day. Below the breakeven you make money.The flat part is your floor. Above the strike you cannot lose more.The solid line is the value before expiry. The gap is time value, and it melts away.
Read the true maximum loss above the chart. Check each leg's before using a basket.
What time changes
An option loses its as expiry gets closer. Keep the index still and move the time slider. A later expiry still has time left when the front leg settles.
NIFTY 25,405.3 · Before charges
3 Jul₹0.007 days left
4 Jul−₹752.696 days left
7 Jul−₹3,606.833 days left
8 Jul−₹4,923.342 days left
9 Jul−₹6,687.531 days left
10 Jul−₹10,983.750 days left
When it fits and when it does not
It fits when
You expect a clear fall soon. You want a loss you know in advance. You want to protect shares you hold.
It does not fit when
You expect the index to stay flat. IV is high, so puts are dear. You need the fall after expiry day.
Common mistakes
In the money means profit
The index ended at 25,355.25. The put settled at ₹44.75, against an entry premium of ₹146.45. The result was −₹7,627.50. The premium counts too.
Forgetting IV
If IV fell from 11.70% to 8% just after entry, with the index still at 25,405.3, the model gives −₹3,865.72 before charges.
Forgetting charges
It costs ₹28.54 to enter, and ₹67.84 to buy and sell near the breakeven. Expiry charges differ.
Using an old lot size
On that day a lot had 75 units. A lot now has 65. Use today's size and your profit or loss is off by 13.3% before charges.
Holding to the end without a plan
An option left in the money settles at expiry. That settlement is charged differently.
Your strategy
Leg
Contract
Expiry
Lots
Entry premium
Bought
NIFTY 25,400 Put
10 Jul 2025
1
₹146.45
See every number
Implied Volatility (IV)
Implied volatility is the market's assumption about how much the underlying will move before expiry.