Nifty 17424.9 (0.13%)
Sensex 58560.41 (0.17%)
Nifty Bank 36497.3 (-0.03%)
Nifty IT 36157.85 (2.06%)
Nifty Financial Services 17982.9 (1.26%)
Adani Ports 740.00 (0.12%)
Asian Paints 3185.00 (0.14%)
Axis Bank 676.45 (0.05%)
B P C L 379.75 (0.24%)
Bajaj Auto 3328.00 (-0.01%)
Bajaj Finance 7190.00 (0.13%)
Bajaj Finserv 17800.00 (0.24%)
Bharti Airtel 732.00 (-0.08%)
Britannia Inds. 3578.25 (-0.01%)
Cipla 920.80 (-0.05%)
Coal India 159.25 (-0.03%)
Divis Lab. 4780.50 (0.07%)
Dr Reddys Labs 4652.70 (-0.22%)
Eicher Motors 2450.00 (-0.06%)
Grasim Inds 1733.15 (0.54%)
H D F C 2805.00 (-0.10%)
HCL Technologies 1183.00 (-0.14%)
HDFC Bank 1526.00 (0.02%)
HDFC Life Insur. 704.05 (-0.18%)
Hero Motocorp 2481.00 (0.34%)
Hind. Unilever 2388.00 (0.20%)
Hindalco Inds. 432.80 (0.16%)
I O C L 120.90 (0.21%)
ICICI Bank 723.50 (0.15%)
IndusInd Bank 947.00 (0.15%)
Infosys 1748.00 (-0.01%)
ITC 225.40 (-0.02%)
JSW Steel 646.25 (-0.08%)
Kotak Mah. Bank 1966.30 (0.10%)
Larsen & Toubro 1793.00 (0.21%)
M & M 849.40 (-0.02%)
Maruti Suzuki 7306.45 (-0.25%)
Nestle India 19485.20 (-0.09%)
NTPC 128.60 (-0.08%)
O N G C 144.00 (0.00%)
Power Grid Corpn 215.00 (0.23%)
Reliance Industr 2481.95 (-0.04%)
SBI Life Insuran 1184.00 (-0.34%)
Shree Cement 26280.55 (-0.04%)
St Bk of India 477.60 (0.13%)
Sun Pharma.Inds. 770.20 (0.52%)
Tata Consumer 773.75 (0.06%)
Tata Motors 478.50 (-0.13%)
Tata Steel 1112.95 (0.05%)
TCS 3637.00 (-0.16%)
Tech Mahindra 1627.75 (-0.12%)
Titan Company 2384.00 (-0.10%)
UltraTech Cem. 7332.80 (0.13%)
UPL 698.00 (-0.03%)
Wipro 646.50 (-0.05%)

How to Invest in the Share Market?

How to invest in the share market?
by Prasanth Menon 11/03/2017

As a beginner investor, the process of investing and trading in the Indian share market can seem a bit complicated. It requires you to open certain accounts and fulfill certain formalities. If you are looking to invest in the share market, you don’t have to look any further but reading the following process by which you can start share trading in no time.

Obtain a PAN card

Mostly everyone, irrespective of being an investor has a PAN card. But there is a possibility that your PAN card has some mistake regarding your name or otherwise. The permanent account number written on the PAN card is a compulsory requirement for executing any financial transaction in our country. So the primary thing you will need to buy shares online is to have an error-free PAN card.

Hire a Stockbroker

The stock market is not a place where you can go directly and buy shares with cash. Some specific people are authorized by the stock exchange to execute the buying and selling of shares. These are called stockbrokers or just brokers. You need to hire a broker to assist you in buying stocks online and for fulfilling every other formality required to enter the Indian share market. Keep in mind that you should only hire a brokerage firm that charges a flat brokerage fee, rather than a commission on your transaction as it would be less expensive in many ways.

Open a Demat and a Trading account

Once you have hired a stockbroker, the next thing you need to do is open a Demat account and a Trading account. As the shares are not given in the physical form anymore, the Demat account will hold your shares in digital and Dematerialized form. Whenever you buy or sell shares in the share market, the number of shares will be credited and debited in and from your Demat account respectively.

A Trading account facets the buying and selling of shares. It forms the link between your Demat account and your bank. It is just like a savings account you open in a bank. It takes the shares you have in the Demat account and sells them in the stock exchange. Usually, this process is executed by your stockbroker after opening your Demat and Trading account.

Bank account

You must have a bank account linked to your Demat and Trading account. When you buy shares, the amount of money is debited from your bank account, and the shares are credited to your Demat account. When you sell shares, your bank account is credited with the amount of money, and your Demat account is debited with the number of shares.

To be able to receive shares in your Demat account (when you buy shares) and money in your bank account (when you sell shares), you must have a bank account, and it should be linked with your Demat and Trading account for a smooth transaction.

UIN (Unique Identification Number)

You must check if you will need a UIN number for trading in the share market. UIN number is only needed if you plan to be involved in a single transaction of Rs.1,00,000 or above. If you don’t have a UIN; you won't be able to do transactions which are equal to or greater than Rs 1 lakh.

Buying and selling shares

After all the formalities are done, you can start trading in the Indian share market and can buy or sell shares. For this, you have to tell your stockbroker the name of the company, the entry price and the total number of shares you want to buy. For example, if you want to buy 1000 shares of XYZ company at Rs 500, which currently is trading at Rs 550, you can tell your stockbroker to buy 1000 shares as soon the price drops down to 500.

Also, for example, if you want to sell your 1000 shares of the same company at Rs 700 in the future, which are currently trading at 600. You can, in this case also, tell your stockbroker to sell the shares once the price reaches Rs 700.

If the buy or sell order reaches its expiry date, your stockbroker will let you know about the same and the order will be canceled. You can again put the same order once it is withdrawn.

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Stock market tips for investors

Stock market tips for investors
by Nutan Gupta 11/03/2017

Investors enter the Indian share market in order to make big money. While the stock market provides numerous opportunities to build wealth, many investors come out unsuccessful and lose their money while trading.

As the share market is highly volatile, there is no saying what can go wrong. To avoid losses and make a profit, you must consider following the stock market tips given below:

img src="https://www.5paisa.com/cms/images/default-source/Blog-Articles/stock-market-tips.jpg?sfvrsn=2" alt="Stock Market Tips" title="Stock Market Investing Tips" class="img-responsive" />

Consult your stockbroker

It could be true that you are capable of making profitable decisions regarding your investments, but it can never hurt to consult your stockbroker before finalizing it. Stockbrokers are financial wizards and experts in the working of the share market.

Stockbrokers know how to do proper research in a company, and one can trust their judgment on dealing shares. Taking their advice in every decision you make will always go a long way in avoiding losses and making profits while buying shares online.

Research before investing

One of the best ways to be successful in share trading is to research about the investment and the company’s background thoroughly. It would mean that you look at the financial statements, long and short-term earnings; past and present market performance, future growth potential and their ability to distribute dividends to the shareholders. Only when you are satisfied that the company is financially sound enough to let you make profits, you should decide to invest.

Know your risk appetite

How much are you comfortable losing on your investments? This is the question you must ask yourself before taking any financial decision tobuy stocks online. As there is a fair possibility that you can lose all of your invested money in the share market, you must figure out what amount you are comfortable losing. Once you have figured out your risk appetite, you should only invest an amount of money which will not create a financial burden on you if you lose it.

Avoid emotional trading

Investors suffer huge losses when they invest in stocks online as they let their emotions in the way of their decisions. The possibility of making a profit on investment is the lowest when the decision for that investment has been taken emotionally. When the market is at its peak, the investors get emotionally involved and sell their shares in a hurry and lose out on bigger opportunities to make more profits. Thus, you should avoid getting emotionally attached and should take an informed decision after consulting your stockbroker.

Don’t time the market

The worst thing you or anyone can do while stock trading is trying to time the market. When you time the market, you make decisions based on the predictions that the market will go in a particular direction at a particular time. Even prominent investors like Warren Buffett have warned about the negative repercussions of timing the market. Stock market predictions should be used only as a tool to prepare you for what can come in the future and nothing else. No one can predict the future, and you should also keep away from trying.

Avoid the herd mentality

An investment can prove to be the best investment for someone, but at the same time, it can destroy your whole financial career. It is only you who knows what type of investment will be best for you as it is you who has to spend the money on buying the stake. You must avoid basing your decisions on the fact that everyone else is buying the shares of a particular company. Even Warren Buffett once said: "Be fearful when others are greedy, and be greedy when others are fearful!"

Diversify

One of the best ways to counter the negative effects of losses on your overall portfolio is Diversification. It requires an investor to invest in multiple companies rather than spending all of the money in one or two companies. Diversifying allows you to spread the risk across numerous investments and the money you lose in one investment is covered by the profit you make in another. While the level of diversification can differ from investor to investor, it is one of the critical factors to earn profits on your overall portfolio.

Monitor your investments

The best way by which you can know when to buy or sell your shares is to monitor your investments regularly. If an investment is not doing great, you can sell it immediately to avoid further losses, and if an investment is at its peak price, you can sell it to book huge profits.

If you don’t have enough time to monitor your investment consistently, you can always ask your stockbroker to do the same for you. He/she will tell you the ideal time to buy or sell shares in the share market and help you become successful in your investing career.

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What is a Demat account? Demat account charges

What is a Demat account? Demat account charges
by Priyanka Sharma 11/03/2017

What is Demat account?
Demat account is like a bank account in which instead of money, the shares and securities you buy are kept in dematerialized form.  In the past, the investors were given the physical possession of shares, but now the shares are just credited In the Demat account of an investor.

The Demat account number has to be quoted with every transaction you make, which is a mandatory process for placing a market order. You can access this account anytime you want with a Transaction and an internet password. When you make a sale, the number of shares is debited from your Demat account, and then your stock is sold in the stock market.

If you are looking to trade in the Indian share market, there are certain pre-requisites that you have to consider before you start investing. One of them is to have a Demat account.

Demat account is compulsory for every person who trades or wants to buy or sell shares in the share market.

Demat Account Online

How to open a Demat account?

You can open an online Demat account by following the given below points:

1. Choose a Depository participant: The primary thing you have to do is choose a DP (Depository participant). They are the intermediary between the depositories (the branch of the stock exchange that holds the securities, like CDSL, NSDL, etc.) and you. A depository participant can be a brokerage firm, a bank or a financial institution.

2. Fill the account opening form: After choosing the Depository participant, you must fill the account opening form which will be available with your Depository Participant. You also have to attach photocopies of documents for your proof of identity and proof of address with the account opening form.

3. Sign the agreement: You have to sign an agreement with your depository participant in the format prescribed by the Depositories. It will contain all the rules and regulations you need to follow with your rights and duties as an investor and as a client of the Depository Participant. You will receive a copy of the agreement so that you can read it thoroughly and refer to it in the future.

4. Demat account opening: After all the formalities are completed, your Depository Participant will open a Demat account for you. A Demat account number will be provided, also known as Beneficial Owner Identification Number (BO ID). From now on, every time you make a purchase, your Demat account will be credited with the shares. In case of a sale, the Demat account will be debited with the number of shares you sell in the market.

Demat account charges

Following are the demat account charges that you have to incur on your Demat account:

  • Annual account maintenance fees.
  • Transaction fees.
  • Dematerialization and Rematerialization of securities.
  • Custodian fee (for keeping your shares safe).

You does not charge any brokerage on trading with 5paisa.

Documents Required for Demat Account

Here is the list of documents you will require to open a Demat account online:

For proof of Identity: PAN card, Aadhar card, Voter ID, Driver’s license, Passport, Bank attestation, Telephone bills, Electricity bills, IT returns, ID card with name and photograph issued by the State or the Central government departments, colleges affiliated to universities, Public sector undertakings, Statutory or regulatory authorities, Public financial institutions, scheduled commercial banks or professional bodies like CA, ICAI, ICWA, CS etc.

For proof of address: Driver’s license, Voter ID, Aadhar card, Passport, Ration card, Bank statement or passbook, Telephone or Electricity bills, Self-declaration with Supreme court or High court judges, leave and license agreement or agreement for sale, Identity card with address issued by the State or the Central government departments, colleges affiliated to universities, Public sector undertakings, Statutory or regulatory authorities, Public financial institutions, scheduled commercial banks or professional bodies like CA, ICAI, ICWA, CS etc.

Other things to keep in mind

Other things that you should consider regarding a Demat account:

  • You can open as many Demat accounts as you wish.
  • There is no minimum number of shares you have to keep in your Demat account.
  • No charge is levied on the closure of the Demat account. Only the annual maintenance fees are imposed proportionately.
  • You can transfer your shares from one Depository Participant to another without any cost.
  • You can authorize any other individual to operate your Demat account by availing the facility of Power of attorney.

You can also choose a person from your family or otherwise to get your shares in the event of your demise.

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Long Call Butterfly Options Strategy

Long Call Butterfly Options Strategy
by Nilesh Jain 15/03/2017

A Long Call Butterfly is implemented when the investor is expecting very little or no movement in the underlying assets. The motive behind initiating this strategy is to rightly predict the stock price till expiration and gain from time value with limited risk.

When to initiate a Long Call Butterfly?

A Long Call Butterfly spread should be initiated when you expect the underlying assets to trade in a narrow range as this strategy benefits from time decay factor. However, unlike Short Strangle or Short Straddle, the potential risk in a Long Call Butterfly is limited. Also, when the implied volatility of the underlying assets increases unexpectedly and you expect volatility to come down, then you can apply Long Call Butterfly strategy.

How to construct a Long Call Butterfly?

A Long Call Butterfly can be created by buying 1 ITM call, buying 1 OTM call and selling 2 ATM calls of the same underlying security with the same expiry. Strike price can be customized as per the convenience of the trader; however, the upper and lower strike must be equidistant from the middle strike.

Strategy Buy 1 ITM Call, Sell 2 ATM Call and Buy 1 OTM Call
Market Outlook Neutral on market direction & Bearish on volatility
Upper Breakeven Higher Strike price of buy call - Net Premium Paid
Lower Breakeven Lower Strike price of buy call + Net Premium Paid
Risk Limited to Net Premium Paid
Reward Limited (Maximum profit is achieved when market expires at middle strike)
Margin required Yes

Let’s try to understand with an example:

Nifty Current spot price (Rs) 8800
Buy 1 ITM call of strike price (Rs) 8700
Premium paid (Rs) 210
Sell 2 ATM call of strike price (Rs) 8800
Premium received (Rs) 300 (150*2)
Buy 1 OTM call of strike price (Rs) 8900
Premium paid (Rs) 105
Upper breakeven 8885
Lower breakeven 8715
Lot Size 75
Net Premium Paid (Rs) 15

Suppose Nifty is trading at 8800. An investor Mr A thinks that Nifty will not rise or fall much by expiration, so he enters a Long Call Butterfly by buying a March 8700 call strike price at Rs 210 and March 8900 call for Rs 105 and simultaneously sold 2 ATM call strike price of 8800 @150 each. The net premium paid to initiate this trade is Rs 15, which is also the maximum possible loss. This strategy is initiated with a neutral view on Nifty hence it will give the maximum profit only when there is no movement in the underlying security. Maximum profit from the above example would be Rs 6375 (85*75). The maximum profit would only occur when underlying assets expires at middle strike. Maximum loss will also be limited if it breaks the upper and lower break-even points i.e. Rs 1125 (15*75). Another way by which this strategy can give profit is when there is a decrease in implied volatility.

For the ease of understanding, we did not take in to account commission charges. Following is the payoff chart and payoff schedule assuming different scenarios of expiry.

The Payoff chart:

The Payoff Schedule:

On Expiry NIFTY closes at Net Payoff from 1 ITM Call Bought (Rs) Net Payoff from 2 ATM Calls Sold (Rs) Net Payoff from 1 OTM Call Bought (Rs) Net Payoff (Rs)
8200 -210 300 -105 -15
8300 -210 300 -105 -15
8400 -210 300 -105 -15
8500 -210 300 -105 -15
8600 -210 300 -105 -15
8700 -210 300 -105 -15
8715 -195 300 -105 0
8800 -110 300 -105 85
8885 -25 130 -105 0
8900 -10 100 -105 -15
9000 90 -100 -5 -15
9100 190 -300 95 -15
9200 290 -500 195 -15
9300 390 -700 295 -15
9400 490 -900 395 -15

Impact of Options Greeks before expiry::

Delta: The net delta of a Long Call Butterfly spread remains close to zero.

Vega: Long Call Butterfly has a negative Vega. Therefore, one should buy Long Call Butterfly spread when the volatility is high and expect to decline.

Theta: It measures how much time erosion will affect the net premium of the position. A Long Call Butterfly will benefit from theta if it expires at middle strike.

Gamma: This strategy will have a long gamma position.

How to manage Risk?

A Long Call Butterfly is exposed to limited risk, so carrying overnight position is advisable but one can keep stop loss to further limit losses.

Analysis of Long Call Butterfly strategy:

A Long Call Butterfly spread is best to use when you are confident that an underlying security will not move significantly and will stay in a range. Downside risk is limited to net debit paid, and upside reward is also limited but higher than the risk involved.

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How to make Profit in a Neutral Market: Short Straddle Option Strategy

How to make Profit in a Neutral Market: Short Straddle Option Strategy
by Nilesh Jain 16/03/2017

A Short Straddle strategy is a race between time decay and volatility. Every day that passes without movement in the underlying assets will benefit this strategy from time erosion. Volatility is a vital factor and it can adversely affect a trader’s profits in case it goes up.

When to initiate a Short Straddle Options Trading Strategy?

A short options trading straddle strategy can be used when you are very confident that the security won’t move in either direction because the potential loss can be substantial if that happens. This strategy can also be used by advanced traders when the implied volatility goes abnormally high for no obvious reason and the call and put premiums may be overvalued. After selling straddle, the idea is to wait for implied volatility to drop and close the position at a profit. Inversely, this strategy can lead to losses in case the implied volatility rises even if the stock price remains at same level.

How to Construct a Short Straddle Options Trading Strategy?

A short straddle is implemented by selling at-the-money call and put option of the same underlying security with the same expiry.

Strategy Sell ATM Call and Sell ATM Put
Market Outlook Neutral or very little volatility
Motivation Earn income from selling option premium
Upper Breakeven Strike price of short call + Net Premium received
Lower Breakeven Strike price of short call + Net Premium received
Risk Unlimited
Reward Limited to Net Premium received (when underlying assets expires exactly at the strikes price sold)
Margin required Yes

Let’s try to understand with an example:

Nifty Current spot price Rs. 8800
Sell ATM Call & Put(Strike Price) Rs 8800
Premium received (per share) Call Rs 80
Put Rs 90
Upper breakeven Rs 8970
Lower breakeven Rs 8630
Lot Size(in units) 75

Suppose, Nifty is trading at 8800. An investor, Mr. A is expecting no significant movement in the market, so he enters a Short Straddle by selling a FEB 8800 call strike at Rs 80 and FEB 8800 put for Rs 90. The net upfront premium received to initiate this trade is Rs 170, which is also the maximum possible reward. Since this strategy is initiated with a view of no movement in the underlying security, the loss can be substantial when there is significant movement in the underlying security. The maximum profit will be limited to the upfront premium received, which is around Rs 12750 (170*75) in the example cited above. Another way by which this strategy can be profitable is when the implied volatility falls.

For the ease of understanding, we did not take into account commission charges. Following is the payoff chart and payoff schedule assuming different scenarios of expiry.

The Payoff Chart:

The Payoff Schedule:

On Expiry NIFTY closes at Net Payoff from Call Sell (Rs) Net Payoff from Put Sell (Rs) Net Payoff (Rs)
8300 80 -410 -330
8400 80 -310 -230
8500 80 -210 -130
8600 80 -110 -30
8630 80 -80 -0
8700 80 10 70
8800 80 90 170
8900 -20 90 70
8970 -90 90 0
9000 -120 90 -30
9100 -220 90 -130
9200 -320 90 -230
9300 -420 90 -330

Impact of Options Greeks:

Delta: Since we are initiating ATM options position, the Delta of call and put would be around 0.50.

  • 8800 CE Delta @ 0.5, since we are short, the delta would be -0.5.

  • 8800 PE Delta @-0.5, since we are short, the delta would be +0.5.

  • Combined delta would be -0.5+0.5=0.

Delta neutral in case of Short Straddle suggests profit is capped. If the underlying assets move significantly, the losses would be substantial.

Gamma: Gamma of the overall position would be Negative.

Vega: Short Straddle Strategy has a negative Vega. Therefore, one should initiate Short Straddle only when the volatility is high and expects to fall.

Theta: Time decay is the sole beneficiary for the Short Straddle trader given that other things remain constant. It is most effective when the underlying price expires around ATM strike price.

How to manage risk?

Since this strategy is exposed to unlimited risk, it is advisable not to carry overnight positions. Also, one should always strictly adhere to Stop Loss in order to restrict losses.

Analysis of Short Straddle Option Trading Strategy:

A Short Straddle Option Trading Strategy is the combination of short call and short put and it mainly profits from Theta i.e. time decay factor if the price of the security remains relatively stable. This strategy is not recommended for amateur/beginner traders, because the potential losses can be substantial and it requires advanced knowledge of trading.

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Difference Between In-The-Money (ITM), At-The-Money (ATM) And Out-The-Money (OTM) Call & Put Options?

Difference Between In-The-Money (ITM), At-The-Money (ATM) And Out-The-Money (OTM) Call & Put Options?
by Nilesh Jain 21/03/2017

An option premium consists of components, namely Intrinsic value and the Time value.

Option premium = Intrinsic value + Time value

ITM ATM OTM
INTRINSIC VALUE YES NO NO
TIME VALUE YES YES YES

Intrinsic value: The Intrinsic value is the amount by which the strike price of an option is In-the-money. The Intrinsic value for call option will be the underlying stock’s price minus its call strike price, whereas for the put option, it is the put strike price minus the underlying stock price. ATM and OTM options don’t have any Intrinsic value.

Time Value: The Time value is also referred to as the Extrinsic value. It is the excess amount over and above an option’s intrinsic value. Time value decreases to zero over time as the option moves closer to expiration. This circumstance is called as Time decay. Options premium depends on time to expiration. Options that would expire after a longer duration of time would be more expensive as compared to those expiring in the current month as the former would have more time value left, increasing the probability of trade going in your favour.

In-The-Money Call Option

An In-the-money call option is described as a call option whose strike price is less than the spot price of the underlying assets.

In the following example of Nifty, the In-the-money call option would be any strike price below Rs.8300 (spot price) of the stock (i.e. Strike price< Spot price).So, NIFTY FEB 8200 CALL would be the example of In-the-money call. An In-the-money option always has some Intrinsic value and Time value.

At-The-Money Call Option

An At-the-money call option is described as a call option whose strike price is approximately equal to spot price of the underlying assets (i.e. Strike price=Spot price). Hence, NIFTY FEB 8300 CALL would be an example of At-the-money call option, where the spot price is Rs 8300. An At-the-money call option doesn’t have any Intrinsic value and it consists of only time value.

Out-The-Money Call Option

An Out-the-money call option is described as a call option whose strike price is higher than the spot price of the underlying assets(i.e. Strike price> Spot price).Thus, an Out-the-money call option’s entire premium consists of Time value/Extrinsic value and it doesn’t have any Intrinsic value. So, NIFTY FEB 8400 CALL would be an example of Out-the-money call option, where the spot price is Rs 8300.

NIFTY (CALL OPTION) Expiry: 23FEB2017 SPOT PRICE: 8300
STRIKE PRICE STATUS OPTION PRICE INTRINSIC VALUE TIME VALUE
8000 ITM 330 300 30
8100 ITM 240 200 40
8200 ITM 160 100 60
8300 ATM 80 0 80
8400 OTM 60 0 60
8500 OTM 40 0 40
8600 OTM 30 0 30

In-the-money put option

An In-the-money put option is described as a put option whose strike price is higher than the current price of the underlying. An In-the-money option always has some Intrinsic value and Time value.

So, the In-the-money put option would be any strike price above Rs8300 (spot price) of the stock. And NIFTY FEB 8400 PUT would be the example of In-the-money put.

At-the-money put option

An At-the-money put option is described as a put option whose strike price is approximately equal to the spot price of the underlying assets. From the following example, NIFTY FEB 8300 PUT would be an example of At-the-money put option, where the spot price is Rs. 8300. An At-the-money put option doesn’t have any Intrinsic value, it consists of only time value.

Out-the-money put option

An Out-the-money put option is described as a put option whose strike price is lower than the spot price of the underlying. Thus, an Out-the-money put option’s entire premium consists of Time value / Extrinsic value and it doesn’t have any Intrinsic value. So, NIFTY FEB 8200 PUT would be an example of Out-the-money put option.

NIFTY ((PUT OPTION) Expiry: 23FEB2017 SPOT PRICE: 8300
STRIKE PRICE STATUS OPTION PRICE INTRINSIC VALUE TIME VALUE
8000 OTM 30 0 30
8100 OTM 40 0 40
8200 OTM 60 0 60
8300 ATM 80 0 80
8400 OTM 160 100 60
8500 OTM 240 200 40
8600 OTM 330 300 30

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