सुरक्षित कॅश म्हणजे काय? लाभ, धोरणे आणि जोखीम स्पष्ट केल्या आहेत

कॅश सिक्युअर्ड पुट म्हणजे काय?

कॅश सिक्युअर्ड पुट हे ऑप्शन्स ट्रेडिंगमधील एक धोरण आहे जिथे इन्व्हेस्टर नियुक्त केल्यास अंतर्निहित स्टॉक खरेदी करण्यासाठी पुरेशी कॅश बाजूला ठेवताना पुट ऑप्शन विकतो. सोप्या भाषेत, तुम्ही विशिष्ट किंमतीवर (स्ट्राइक प्राईस) स्टॉक खरेदी करण्याची ऑफर देत आहात आणि तुम्हाला ते दायित्व घेण्यासाठी प्रीमियम प्राप्त होतो. "कॅश सिक्युअर्ड" भाग म्हणजे जर तुम्हाला शेअर्स खरेदी करावे लागल्यास तुम्ही पूर्ण रक्कम तयार ठेवता.

हे अनेकदा स्टॉक पोझिशनमध्ये प्रवेश करण्यासाठी अधिक सावध दृष्टीकोन म्हणून पाहिले जाते. स्टॉक खरेदी करण्याऐवजी, इन्व्हेस्टर इच्छित स्तरावर प्रीमियम कमवत आहे का हे पाहण्यासाठी प्रतीक्षा करतो.
 

Cash Secured Put Example

समजा तुम्ही ₹1,000 वर ट्रेडिंग करणाऱ्या कंपनीची नजर ठेवत आहात परंतु ते ₹950 वर खरेदी करण्यास प्राधान्य द्याल. तुम्ही ₹950 च्या स्ट्राईक प्राईससह पुट ऑप्शन विकता आणि प्रति शेअर ₹20 प्रीमियम प्राप्त करता. जर किंमत कमी झाली तर तुम्ही 100 शेअर्स खरेदी करण्यासाठी ₹95,000 बाजूला ठेवता.

दोन संभाव्य परिणाम आहेत:

• स्टॉक ₹950 पेक्षा अधिक राहतो - ऑप्शन निरर्थकपणे कालबाह्य होतो आणि तुमचा पॉकेट ₹2,000 (₹20 x 100).
• स्टॉक ₹950 पेक्षा कमी आहे - तुम्ही ₹950 वर स्टॉक खरेदी करता, परंतु प्रीमियमची गणना केल्यानंतर ₹930 वर प्रभावीपणे खरेदी करता.

हे वास्तविक जगातील उदाहरण दर्शविते की कॅश सिक्युअर्ड पुट्स तुम्हाला डिस्काउंटेड स्टॉक किंवा गॅरंटीड प्रीमियम इन्कम कसे देऊ शकतात.

सुरक्षित ठेवलेल्या कॅशचे लाभ

Indian investors willing to use cash-secured puts as a steady income should know the top benefits offered by this strategy. Some of these have been explained below:

1. Earn Upfront Cash

Investors selling a CSP get an upfront cash payment. You can use the money irrespective of whether the stock price is rising or falling. However, they should have sufficient balance in their bank account, so they can buy the underlying asset if its price falls.

Example: If a tech company stock trades at ₹500 and you sell a ₹450 put option at a premium of ₹10, you will earn an upfront cash of ₹1000 (if the lot size is 100) directly into your broker’s account.

2. Get Discounts on Quality Stocks

The CSP strategy is generally preferred by investors who do not want to buy high-priced stock directly. They have the flexibility to set a low strike price and buy the stock at a lower price after its price drops below the strike price.

Example: If a tech company stock trades at ₹1000, investors can sell a ₹800 strike put. At expiry, if its price drops to ₹700, they can buy it at ₹800. This means they can buy the stock at a lower price than its original market price.

3. Use Ideal Cash

There are a few instances when investors keep idle cash in their trading account before buying shares of a stock as they wait for a market correction. An easy way they can monetise the idle cash and earn returns is by using it as collateral to sell puts.

Example: For example, if you hold ₹5,000,000 in idle funds waiting for a high-quality stock to correct, you can allocate those funds to fully back a CSP lot, earning option premium income while waiting for your desired entry target.

कॅश सिक्युअर्ड पुट सेलिंग म्हणजे काय?

कॅश सिक्युअर्ड पुट सेलिंग हे लिखित (विक्री) पर्याय आहे, जर पर्याय वापरला गेला असेल तर खरेदी पूर्ण करण्यासाठी पुरेसे फंड बाजूला ठेवले जातात. उदाहरणार्थ, जर तुम्ही ₹480 च्या स्ट्राईक प्राईससह ₹500 किमतीच्या स्टॉकसाठी एक पुट ऑप्शन काँट्रॅक्ट विकला तर तुमच्याकडे ₹48,000 कॅश रेडी असणे आवश्यक आहे (एक काँट्रॅक्ट 100 शेअर्स इतके आहे असे गृहीत धरून).

उत्पन्नासाठी सुरक्षित कॅश विकण्याची ही पद्धत ट्रेडर्सला स्टॉक खरेदी करण्यासाठी योग्य किंमतीची प्रतीक्षा करताना सातत्यपूर्ण रिटर्न कमविण्याची परवानगी देते. अधिक मजबूत इन्कम-निर्मिती पोर्टफोलिओ तयार करण्यासाठी हे अनेकदा कव्हर केलेले कॉल्स आणि कॅश सिक्युअर्ड पुट्ससह जोडलेले धोरण आहे.
 

Top 3 Strategies When Selling Cash Secured Puts

The primary benefit of CSP is to earn money by collecting premiums. But if you are wondering “How can I use a cash secured put strategy?”, you have to ensure that your strategies align with the broader goal of steady income and controlled stock acquisition.

Some of the effective strategies used during selling CSP are mentioned below:

1. Select the Right Stock

Instead of choosing any random stock for selling or writing puts, you have to finalise the ones you truly want to own. You have to be strict when choosing the top price to buy something. Simultaneously, you have to place a limit order when buying those.

For example, you should avoid selling puts at the strike price of ₹500 for a stock if you are not comfortable buying 100 shares of the stock when its price drops.

2. Decide Position Sizing

An experienced investor knows how much money they can risk on a single trade. Experienced traders manage position sizing by allocating only a portion of their total portfolio to any single Cash-Secured Put trade to ensure diversification. Limiting the trade size will help you avoid big losses if the stock price crashes.

For example, suppose the strike price of a stock is ₹100, and you decide to buy 100 shares of the stock. Your broker will check whether you have ₹10,000 in your account and freeze it so that you can buy the shares if the stock reaches the strike price.

3. Calculate Net Price

Pricing is an integral part of the CSP strategy as it determines your entry cost and the maximum profit you can make. Additionally, a good pricing strategy will help you earn more money. If you are wondering “what is net price?”, it is calculated by deducting the strike price from the amount you made by selling an option.

For example, imagine you sell a ₹500 put on Tata Motors stock and collect ₹50 in premium. If the stock falls below ₹500, your net price for each share will be ₹450, which represents a good stock value.

You can follow the strategies mentioned above or use specialised derivatives platforms like FnO 360 created by 5paisa to execute a cash-secured put strategy.

कॅश सिक्युअर्ड पुट्ससह कोणत्या रिस्कचा समावेश होतो?

The common risks involved in CSP are a stock price dropping sharply, opportunity cost and volatility impact. Knowing the cash-secured put risks in detail might save investors from facing huge losses if a stock’s price falls far below the net purchase price.

1. Sudden Drop in Stock

There are a few instances when the price of a stock falls far below the chosen strike price. Such being the scenario, you are obligated to buy the specified shares at the strike price. Though you will receive the premium as a bonus, it might not be of much help. The results are immediate and can lead to large financial losses. 

2. Capital Tied Up

Once you decide the strike price of a stock, your broker might check whether you have sufficient money in your account and freeze it. The objective is to ensure that you can buy the shares if the stock reaches the strike price. Your cash stays frozen, and you cannot invest the money as long as the contract is active.

3. Impact of Market Volatility

The value of an option contract is largely dependent on market changes and price swings. You have to pay more money to buy back your sold put if market volatility increases. Though you are not obliged to buy the stock yet, your investments will show a lower value on paper. Investors using a cash-secured put strategy might get stressed if the market drops suddenly.

निष्कर्ष

कॅश सिक्युअर्ड पुट हे इन्व्हेस्टरसाठी एक उत्कृष्ट साधन आहे ज्याचा उद्देश पॅसिव्ह उत्पन्न निर्माण करणे किंवा सवलतीत दर्जेदार स्टॉक प्राप्त करणे आहे. हे कॅपिटल संरक्षणासह उत्पन्न निर्मितीचे संतुलन करते, विशेषत: जेव्हा सर्वोत्तम कॅश सिक्युअर्ड पुट स्टॉकवर लागू केले जाते. रिस्कशिवाय नसताना, योग्य कॅश सिक्युअर्ड पुट स्ट्रॅटेजीचा वापर करून काळजीपूर्वक अंमलबजावणी वेळेनुसार पोर्टफोलिओ रिटर्न लक्षणीयरित्या सुधारू शकते.

Those who are just beginning their options journey with this investment strategy can choose 5paisa for specialised derivatives platforms and educational resources.