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Lot, expiry, strike, premium, Greeks, IV — F&O ka har zaroori shabd, seedhi bhasha mein
Published by The Retail Trader · AUG 05, 2026 · Derivatives (F&O)
Derivatives ki bhasha sabse zyada confusing lagti hai kyunki usmein teen cheezein ek saath chal rahi hoti hain: price, time aur volatility. Yahan har shabd ka matlab saaf hona zaroori hai, kyunki F&O mein leverage built-in hota hai — chhoti si galatfehmi bhi tezi se badi ban jati hai.
Sabse pehle wo dhaancha jispar poora F&O khada hai:
• Derivative — Aisa contract jiski value kisi doosri cheez se aati hai. Nifty future ki value Nifty se aati hai.
• Underlying — Wahi asli cheez jispar contract bana hai: ek stock, ek index, ya ek commodity.
• Contract — Ek standard agreement, jismein quantity aur expiry exchange decide karta hai — aap nahi.
• Lot Size — Ek contract mein kitni quantity hai. F&O mein aap 1 share nahi, poora lot trade karte ho, aur exchange ise samay-samay par revise karta hai.
• Expiry — Wo din jab contract khatam ho jata hai. Expiry ke din aur cycle exchange badalta rehta hai, isliye contract ki expiry hamesha terminal par check karo.
• Weekly vs Monthly Contract — Chhoti life wale weekly contracts tezi se decay hote hain; monthly contracts thode sthir hote hain.
• Contract Cycle — Near month, next month, far month — ek hi underlying ke alag-alag expiry wale contracts.
• Rollover — Purane expiry se position hata kar agle expiry mein le jaana. Bada rollover matlab traders trend par tike hue hain.
• Cash Segment vs Derivative Segment — Cash mein actual share kharide jate hain, derivative mein contract.
• Cash Settlement vs Physical Settlement — Index F&O cash mein settle hota hai; stock F&O expiry tak rakhne par actual delivery ban sakti hai, isliye expiry par stock positions ko dhyan se handle karna padta hai.
• Open Interest — Abhi kitne contracts open hain. Ye derivative ka apna participation meter hai.
Futures options se simple hai — ek hi line mein: aap direction par baat laga rahe ho.
• Futures Contract — Aage ki kisi date par fix price par kharidne ya bechne ka agreement.
• Long Futures — Ye maan kar kharidna ki price upar jayega.
• Short Futures — Bina share rakhe bechna, ye maan kar ki price girega. Futures mein short karna equity ke short se aasan hai.
• Spot Price — Underlying ka abhi ka actual price.
• Basis — Futures price aur spot price ka farq.
• Premium / Discount — Futures spot se upar chal raha ho to premium, neeche ho to discount.
• Cost of Carry — Interest aur dividend ka wo effect jiski wajah se futures spot se thoda alag rehta hai.
• SPAN + Exposure Margin — Position lene ke liye block hone wala margin. Ye volatility badhne par badh sakta hai.
• Mark to Market (MTM) — Har din ka profit-loss settle hona, sirf expiry par nahi.
• Margin Call — Account mein margin kam pad gaya, aur ya to paisa daalo ya position kam karo.
• Contango / Backwardation — Aage ki expiry mehngi ho to contango, sasti ho to backwardation.
Options mein ek taraf right hota hai aur doosri taraf obligation — yehi poore game ka core hai:
• Option — Wo contract jo buyer ko ek fix price par kharidne ya bechne ka right deta hai, par majboori nahi.
• Call Option (CE) — Upar jaane par faayda dene wala option.
• Put Option (PE) — Neeche jaane par faayda dene wala option.
• Strike Price — Wo fix price jispar option ka hisaab lagta hai.
• Premium — Option ka price, jo buyer deta hai aur seller receive karta hai.
• Option Buyer — Premium deta hai. Maximum loss premium tak seemit, par zyadatar options bekaar bhi ho sakte hain.
• Option Seller / Writer — Premium leta hai aur obligation uthata hai. Iska profit seemit hai par loss bahut bada ho sakta hai, isliye margin lagta hai.
• ITM (In the Money) — Option ki apni intrinsic value hai. Call ke liye spot strike se upar, put ke liye neeche.
• ATM (At the Money) — Strike lagbhag spot ke barabar. Yahin time value sabse zyada hoti hai.
• OTM (Out of the Money) — Abhi koi intrinsic value nahi; sirf ummeed ka price. Sasta dikhta hai, isliye naye traders yahin sabse zyada phaste hain.
• Intrinsic Value — Option ki wo value jo abhi actually exist karti hai.
• Time Value / Extrinsic Value — Premium ka wo hissa jo sirf bache hue time aur volatility ke liye hai. Expiry par ye zero ho jata hai.
• Moneyness — ITM, ATM ya OTM hone ki position.
• Option Chain — Ek table jismein har strike ke call aur put ka price, OI aur volume dikhta hai.
• Breakeven — Wo underlying price jahan option buyer ka na profit na loss: call mein strike + premium, put mein strike - premium.
• Exercise / Assignment — Option ka use hona, aur seller par uski responsibility aana.
Greeks batate hain ki option ka price kis cheez se aur kitna hilega — inhe jaane bina option trading andhere mein chalna hai:
• Delta — Underlying ke 1 point move par option ka price kitna hilega. ATM option ka delta lagbhag 0.5 ke aaspaas hota hai.
• Gamma — Delta khud kitni tezi se badal raha hai. Expiry ke paas gamma bahut tez ho jata hai, isliye price jhatke se badalta hai.
• Theta — Time decay: har guzarte din option buyer ka kitna premium apne aap khatam ho raha hai. Ye seller ke favour mein kaam karta hai.
• Vega — Volatility ke change par premium kitna badlega.
• Rho — Interest rate ka asar; retail trading mein sabse kam matter karta hai.
• Implied Volatility (IV) — Market ki expectation ki aage kitni volatility aayegi, option ke price se nikali gayi. High IV matlab mehnge premium.
• IV Crush — Bade event (jaise result) ke baad IV ka achanak girna, jisse option ka price direction sahi hone par bhi gir jata hai.
• Historical Volatility — Past mein actually kitna hila, wo measure.
• India VIX — Nifty options se nikala gaya volatility index, jise market ka fear gauge kaha jata hai.
• Time Decay Curve — Theta ka effect expiry ke paas tez ho jata hai, seedhi line mein nahi chalta.
Ye sirf naam hain, recommendation nahi — har ek ka apna risk profile hai jise samajhna zaroori hai:
• Hedging — Apni existing position ka risk kam karne ke liye ulta position lena.
• Covered Call — Shares already paas hain aur unke against call bech dena.
• Protective Put — Holding ko bachane ke liye put kharidna, jaise ek insurance.
• Long Straddle — Same strike ka call aur put dono kharidna, jab bada move expected ho par direction pata na ho.
• Long Strangle — Wahi idea alag strikes par, thoda sasta par move bada chahiye.
• Bull Call Spread — Ek call kharidna aur upar wala call bechna. Profit bhi limited, loss bhi limited.
• Bear Put Spread — Uska ulta, girawat ke liye.
• Iron Condor — Range-bound expectation par bana multi-leg spread.
• Calendar Spread — Alag expiry wale do options ka combination, jo time decay ke farq par chalta hai.
• Naked Option Selling — Bina hedge ke option bechna. Ismein theoretically unlimited loss ho sakta hai, isliye ye sabse risky category mein aata hai.
Option chain sirf premium ka table nahi hai — usmein positioning ki poori kahani likhi hoti hai:
• Change in OI — Aaj kitne naye contracts bane ya khatam hue. Total OI se zyada ye number batata hai ki aaj kya ho raha hai.
• Highest OI Strike — Wo strike jahan sabse zyada contracts open hain. Call side par ye aksar resistance ki tarah aur put side par support ki tarah dekha jata hai.
• OI Concentration — OI ka kuch hi strikes par jama ho jana, jo ek expected range banata hai.
• PCR (Put-Call Ratio) — Put OI divided by call OI. Ise sentiment indicator ki tarah padha jata hai, signal ki tarah nahi.
• Max Pain — Wo strike jahan expiry hone par option buyers ka total loss sabse zyada hoga. Ye ek observation hai, koi prediction nahi.
• Expected Move — ATM straddle ka total premium, jise market ka apna estimate maana jata hai ki expiry tak kitna move ho sakta hai.
• IV Skew / Smile — Alag strikes ki IV ka alag hona. Put side ki IV aksar call side se zyada hoti hai, kyunki girawat ka dar mehnga bikta hai.
• Far Strike Liquidity — Door ke strikes mein bid-ask spread bahut chaura hota hai; wahan entry sasti dikhti hai par exit mehngi padti hai.
• Theoretical vs Market Price — Model ka price aur actual traded price ka farq, jo illiquid strikes mein sabse bada hota hai.
• Open Interest Buildup Table — Price aur OI ke combination ka wahi chart jo Order Flow wale journal mein hai, par strike-wise.
F&O ka sabse mehnga surprise margin hota hai, kyunki wo position lene ke baad bhi badh sakta hai:
• Initial Margin — Position lene ke waqt block hone wala minimum.
• Exposure Margin — Initial ke upar ek extra buffer, jo exchange volatility ke hisaab se rakhta hai.
• MTM Margin — Din ke loss ko cover karne ke liye maanga jane wala additional paisa.
• Additional / Ad-hoc Margin — Exchange kisi khaas scrip par extra margin laga sakta hai, aksar volatility ya surveillance ki wajah se.
• Margin Benefit — Hedged position (jaise spread) par kam margin, kyunki risk kam hai. Ek leg band karte hi ye benefit turant khatam ho jata hai — yahin log phaste hain.
• Peak Margin Penalty — Din ke andar random snapshots par margin shortfall mile to penalty.
• Physical Delivery Margin — Expiry week mein stock F&O par margin dheere-dheere badhta hai, kyunki delivery ka risk paas aa raha hota hai.
• MWPL (Market Wide Position Limit) — Ek stock mein total allowed F&O positions ki limit.
• F&O Ban Period — MWPL ki limit paar hone par us stock mein sirf position kam ki ja sakti hai, nayi nahi banayi ja sakti.
• Position Limit — Ek client ya broker ke liye maximum allowed contracts.
• Square-Off on Shortfall — Margin poora na hone par risk team ka aapki position khud band kar dena, aapki marzi ke bina.
F&O mein sabse important shabd 'leverage' hai, aur wo dono taraf kaam karta hai. Jab tak lot size, margin, expiry aur theta ka matlab poori tarah clear na ho, tab tak size chhota rakhna hi sabse practical risk control hai.
Ye journal sirf educational hai — koi buy ya sell recommendation nahi. Charges, margins, lot size aur expiry rules exchange time-time par badalta hai, isliye final numbers hamesha apne broker ya exchange par verify karo.