Unlimited profit aur limited loss ka poora sach — aur wo probability jise brochure nahi batata
Published by The Retail Trader · AUG 09, 2026 · Features
Option ke baare mein sabse zyada dohrayi jaane wali line ye hai: buyer ka loss limited, profit unlimited; seller ka profit limited, loss unlimited. Ye technically sahi hai aur practically adhoora — kyunki isme probability ka zikr hi nahi hai.
Buyer premium deta hai aur badle mein ek haq kharidta hai. Uska maximum loss wahi premium hai. Par uske jeetne ke liye teen cheezein ek saath chahiye: sahi direction, kaafi bada move, aur expiry se pehle.
Teenon ka ek saath hona utna aam nahi hai jitna lagta hai. Isiliye zyadatar OTM options bekaar expire hote hain — ye system ki khaami nahi, uska design hai.
Seller premium leta hai aur badle mein ek obligation uthata hai. Uska maximum profit wahi premium hai, aur nuksaan theoretically bahut bada ho sakta hai.
Badle mein use ek badi cheez milti hai: use sahi hone ke liye kuch hone ki zaroorat nahi. Market ruka rahe, thoda ulta chale, ya dheere aage badhe — teenon mein waqt uska kaam kar deta hai. Wo directionally sahi nahi, sirf 'bahut galat nahi' hona chahiye.
Seller ke saath jo aata hai:
• Margin — bechne ke liye achhi khaasi capital block hoti hai, jo kharidne ke muqable kai guna zyada ho sakti hai.
• Mark to market — position ke against jaate hi roz paisa cut sakta hai, chahe expiry par wo option zero hi jaaye.
• Gap risk — raat ki khabar par market gap khole to seller ke paas exit ka mauka hi nahi milta. Stop loss us gap ke aar-paar kaam nahi karta.
• Kam frequency ki badi chot — chhoti jeetein bar-bar aati hain aur ek badi haar unhe ek din mein kha jaati hai. Isliye seller ka asli kaam risk control hai, view nahi.
Buyer ki aam galti: sabse sasta OTM option kharidna, kyunki lot bada aa jaata hai. Wo sasta isliye hai kyunki uske jeetne ki sambhavna sabse kam hai.
Seller ki aam galti: 'ye strike to kabhi nahi aayega' maankar bina hedge ke bech dena. Ye lagataar chalta hai — jab tak nahi chalta, aur us ek din ka hisaab poore saal se bada hota hai.
Buyer chhoti sambhavna ke saath bada payoff kharidta hai. Seller badi sambhavna ke saath chhota payoff kharidta hai. Dono taraf expected value lagbhag ek jagah aa jaati hai, aur usmein se charges nikal jaate hain. Isliye asli farq strategy mein nahi, risk control mein banta hai.
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.