Payoff, margin, time decay aur risk profile ka seedha comparison
Published by The Retail Trader · AUG 09, 2026 · Features
Dono derivatives hain, dono leverage dete hain, dono ki expiry hoti hai — aur phir bhi inka character bilkul alag hai. Farq ek shabd mein hai: futures ek waada hai, option ek haq.
Futures kharidne ka matlab hai ki aapne expiry par ek keemat par lene-dene ka waada kiya hai. Aapke paas nikalne ka option hai, par contract khud choice nahi deta — profit aur loss dono taraf seedha chalta hai.
Option kharidne ka matlab hai ki aapne ek haq kharida hai, obligation nahi. Aap chahein to use karo, na chahein to jaane do. Us choice ki keemat hi premium hai.
Ek line mein har instrument ka behaviour:
• Long futures — spot upar jaaye to barabar profit, neeche jaaye to barabar loss. Seedhi line, dono taraf.
• Long option — neeche ki taraf loss premium par ruk jaata hai, upar ki taraf khula rehta hai. Par uske badle roz theta ka kharch lagta hai.
• Short futures — ulta long futures.
• Short option — profit premium par ruka hua, loss khula hua. Uske badle waqt aapke haq mein kaam karta hai.
Futures mein waqt neutral hai. Aaj kuch na ho to kuch nahi hota. Option mein aaj kuch na ho to buyer ka paisa ghat jaata hai aur seller ka badh jaata hai. Yahi ek baat dono ka trading style poori tarah alag kar deti hai.
Isliye ek dheeme, lambe view ke liye futures aksar zyada seedha instrument hai, aur ek tez, event-driven view ke liye option.
Futures mein dono taraf margin lagti hai. Option kharidne mein sirf premium lagta hai, jo aksar bahut kam hota hai — aur yahi wo cheez hai jo naye traders ko option ki taraf kheenchti hai. Par kam capital ka matlab kam risk nahi hai; iska matlab sirf itna hai ki poori capital jaane ki sambhavna zyada hai.
Iska koi ek jawab nahi hai, aur jo koi ek jawab de wo kuch bech raha hai. Sahi sawaal ye hai: aapka view direction ka hai, timing ka hai, ya volatility ka? Futures sirf pehle sawaal ka jawab de sakta hai. Options teenon ka — aur isiliye unme galti karne ke teen tarike bhi hain.
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.