Weekly vs monthly, cash vs physical settlement, ITM ka anjaam, aur wo psychology jo expiry din price ko ek jagah chipka deti hai
Published by The Retail Trader · AUG 09, 2026 · Features
Har hafte ek din aisa aata hai jab option ka premium bina kisi badi news ke pighalne lagta hai, aur shaam tak aadhe traders ke accounts red ho chuke hote hain. Wo din expiry ka hota hai. Zyadatar log expiry ko ek 'volatile din' maan lete hain — asal mein wo ek contract ki maut ka din hai, aur us maut ke rules pehle se likhe hue hain.
Har futures aur option contract ek agreement hai jiski ek last date hoti hai. Us date ke baad wo contract exist hi nahi karta. Expiry ka matlab ye nahi ki aapko position band karni padegi — matlab ye hai ki agar aapne nahi ki, to exchange apne rules ke hisaab se khud settle kar dega, aur wo settlement aapki marzi se nahi hoga.
Yahi wo ek baat hai jo naye traders miss karte hain. Equity mein aap ek stock ko saalon rakh sakte ho. F&O mein waqt aapke khilaaf ek deadline banke chalta hai.
Do tarah ke expiry cycles chalte hain, aur unka character bilkul alag hai:
• Weekly — sirf index options par. Har hafte ek naya contract expire hota hai. Life span chhota, isliye premium sasta, theta tez, aur move poore contract ko bana ya bigaad deta hai.
• Monthly — index aur stock, dono mein. Mahine ke aakhir mein expire hota hai. Futures ka rollover, institutional hedging aur position build-up isi cycle par hota hai, isliye open interest ka asli picture yahin dikhta hai.
• Expiry ka exact din exchange decide karta hai aur pichle kuch saalon mein ye kai baar badla gaya hai — kabhi Thursday, kabhi Tuesday, aur alag exchange ke liye alag. Isliye din kabhi yaad se mat maano, hamesha exchange calendar par dekho.
Practical farq ye hai: weekly contract mein aapke paas galti sudharne ka waqt nahi hota. Monthly mein thoda hota hai. Naye trader ko weekly ka sasta premium attractive lagta hai — wo sasta isliye hai kyunki usmein zinda rehne ka waqt kam hai, kisi discount ki wajah se nahi.
Ye woh point hai jahan sabse mehenge accident hote hain.
Do alag settlement modes hain:
• Index F&O (Nifty, Bank Nifty jaise) — cash settled. Expiry par profit ya loss ka paisa account mein credit/debit ho jaata hai. Koi shares nahi aate, koi delivery nahi hoti.
• Stock F&O — physical settlement. Agar aapki position expiry tak open reh gayi aur wo settle hone layak hai, to actual shares dene ya lene padte hain. Ek lot ka poora value block ho jaata hai.
Iska seedha matlab: ek stock option jo aapne ₹3,000 ka premium dekar liya tha, expiry tak rakhne par aapse lakhon ki delivery obligation maang sakta hai — kyunki obligation premium par nahi, contract ke poore value par banta hai. Broker aksar expiry se pehle aise positions ko square off karne ki policy rakhte hain, par wo unki policy hai, aapki safety net nahi. Zimmedari position rakhne wale ki hai.
Expiry ke waqt ek option in teen mein se ek haalat mein hota hai:
• ITM (In The Money) — strike aur spot ke beech ka farq aapke favour mein hai. Ye exercise hota hai aur intrinsic value ke hisaab se settle hota hai.
• ATM (At The Money) — strike lagbhag spot ke barabar. Yahi sabse zyada uncertain hota hai; aakhri minute ka chhota move ise ITM ya OTM mein dhakel deta hai.
• OTM (Out of The Money) — farq aapke khilaaf hai. Ye zero par expire hota hai. Poora premium khatam. Koi partial refund nahi.
Ek option buyer ke liye sabse asli baat yahi hai: OTM option zero par expire hone ke liye hi bana hai, aur zyadatar option isi tarah khatam hote hain. Buyer ko sirf sahi direction nahi chahiye — sahi direction, kaafi bada move, aur samay seema ke andar, teenon ek saath chahiye.
Agar ITM option ko expiry tak rakh liya jaaye to uspar exercise ke waqt securities transaction tax lagta hai, jo normal intraday sell par lagne wale charge se alag tarike se calculate hota hai. Ek daur mein ye poore contract value par lagta tha, jiski wajah se log chhote ITM option par apne poore profit se zyada tax bhar dete the. Baad mein iska base badla gaya, par calculation aaj bhi wahi nahi hai jo aapke normal exit par hoti hai.
Isliye experienced traders ITM position ko expiry tak le jaane ke bajaye market mein bech dete hain. Rate aur base kya hai, ye apne broker ke charge sheet par dekho — ye numbers badalte rehte hain aur yahan quote karna galat hoga.
Expiry ke din aksar dikhta hai ki index kisi round strike ke aas-paas ghoomta rehta hai — 100 point upar jaake wapas, 100 neeche jaake wapas. Isko pinning kehte hain.
Iske peeche koi jaadu nahi hai. Jin strikes par sabse zyada open interest hota hai, wahan option bechne walon ka sabse bada exposure hota hai. Jaise-jaise expiry paas aati hai, ye sellers apni hedge positions ko adjust karte hain — price upar jaaye to hedge bechte hain, neeche aaye to kharidte hain. Ye adjustment khud hi price ko us zone mein wapas kheenchta rehta hai.
Aur ye har baar nahi hota. Ek badi news, ek RBI announcement, ek global gap — pinning turant toot jaati hai. Isliye ise ek observation ki tarah dekho, trade setup ki tarah nahi.
Option ka premium do cheezon se banta hai: intrinsic value (kitna ITM hai) aur time value (kitna waqt bacha hai). Expiry ke din time value zero ki taraf gir rahi hoti hai, aur girne ki raftaar din ke saath badhti hai.
Isi wajah se expiry din ka sabse aam anubhav ye hota hai: index aapke direction mein gaya, phir bhi aapka option sasta ho gaya. Direction sahi tha, magar time value itni tezi se gayi ki move usse cover nahi kar paaya. Ye trap nahi hai, ye contract ka design hai.
SEBI ke apne study mein — regulator ka data, kisi influencer ka nahi — individual F&O traders mein se lagbhag 10 mein 9 ne net loss banaya. Ye kisi ek kharab saal ka aankda nahi hai; ye lagataar saalon mein dohraya gaya hai.
Iska matlab ye nahi ki F&O chhod do. Iska matlab ye hai ki agar aap expiry ka mechanism poori tarah nahi samajhte — settlement kis tarah hoga, obligation kitni ban sakti hai, aur time value kis raftaar se marega — to aap trade nahi kar rahe, aap lottery khareed rahe ho. Mechanism pehle, position baad mein.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.