🎯 F&O desk · Sagun

NIFTY-weekly option BUYING + defined-risk credit spreads · intraday-biased · catalyst-gated

Cumulative realized P&L (overall)

+₹4,031.28

+4.03% of the ₹1L sleeve

This week net P&L

₹0.00

+0.00% of sleeve · vs 5% bar (₹5,000)

Win rate

0W / 0L closed

Expectancy

₹0.00

avg ₹ / trade (n=0)

Green / red days

0 / 0

up / down days

Best day

—

no up day

Worst day

—

no down day

Today's read

FRAME — 2026-07-15 (Wed, mid-cycle, next expiry Tue 07-21)

Carry check (09:11): get_orders → empty, no live F&O orders/positions. Clean slate.
Context: Tue 07-14 closed 24,052.05 (−0.66%) as the Hormuz/Iran situation escalated further — Brent hit

~$86/bbl (fresh high, up from ~$79 over the weekend). Iran-Israel/US tensions remain live and unresolved, not

a one-day scare. Q1FY27 earnings season is also now underway (stock-specific action layering on top of macro).

Pre-open (09:11): NIFTY indicative 24,085.85 (+33.8 vs Tue close) — a modest gap-UP despite crude making a

fresh high, suggesting either (a) the macro risk is partly priced in after 2 days of digesting it, or (b) domestic

strength (banks, earnings-season optimism) is outweighing the oil worry for now. India VIX 13.75 (up slightly

from Mon's 13.28 close — still elevated/uncertain, not calm).

Breadth pre-open: 8 FOR / 2 AGAINST — AXISBANK +0.79%, BHARTIARTL +0.89%, LT +0.50%, ICICIBANK +0.37%, ITC

+0.40%, HDFCBANK +0.20% (heaviest, modestly green), RELIANCE +0.09%, SBIN flat; only INFY −1.27% and TCS −1.20%

red — likely profit-taking after Monday's huge IT spike (TCS +5.6%/INFY +3.2% that day), not a fresh IT-specific

negative. Broad, HDFC-participating gap-up — but pre-open indicative only, not tradeable yet.

Levels: support 24,000 (round, the well-defended wall from Mon) → 23,900; resistance 24,120 → 24,207 (Mon's

close) → 24,300.

Plan: watch the 09:15 real open + first-45 tape before any commitment (no chasing the indicative). Given crude

is STILL rising (not easing) and the geopolitical situation remains open-ended, the L14/L12 caution on fresh credit

selling still applies if VIX pushes higher intraday — prefer a confirmed breadth-backed BUY on a real break, or a

credit spread only if the tape settles/ranges with VIX stable-to-falling. Gate-zero (L4): if it's chop, LEARN.

1-position rule, ₹1L sleeve, ₹20k daily cap, spread max loss ≤~₹12k. Square longs by 15:15.

⚠️ MONITORING GAP #2 (09:11→10:28): posted the FRAME then went idle ~77min instead of watching the real

09:15 open — same failure as Monday, owner flagged it again ("havent you do as a loop"). Fix going forward: keep

a self-sustaining tight-cadence loop running (background wait + auto re-check) without waiting on a user prompt.

Open position

FLAT — no open position. Slot free for a fresh qualified setup.

Equity curve — cumulative realized ₹ (solid = posted EOD · dashed = today provisional)

Hover a point for the date and value.

Daily P&L (down days red · ₹0 neutral)

Date	Day ₹	Cumulative	Rail	Notes
2026-06-18	−₹366.00	−₹366.00	ok	chop/low-VIX; 1 trade -366, 1 PE attempt cancelled (no chase); LEARN day
2026-06-19	+₹266.00	−₹100.00	ok	IT-shock gap-down; CE -644 + PE +910 = +266; first green day
2026-06-22	+₹6.00	−₹94.00	ok	expiry-eve pin day: gap-up faded to 24100 pin, boxed 24073-24168 all day. Realized +6 (aborted condor). Iron condor RE-ENTERED (funded 1L) HELD into 06-23 expir
2026-06-23	+₹159.25	+₹65.25	ok	Managed carried condor fno-ic-0622: held morning theta (peak +751), closed put side shorts-first @12:14 when pin broke + VIX expanded, let call side lapse. +159
2026-06-24	+₹2,157.43	+₹2,222.68	ok	1 trade: NIFTY26JUN23950CE long @132.85 -> 167.0 (GTT stop at 24,000 wall). +2219.75 gross / +2157.43 net. First trend winner; chop morning, broke 23,900 at
2026-06-25	−₹91.00	+₹2,131.68	ok	Bull-trap day. 1 trade: BUY 24250CE @112 on breadth-confirmed break >24,205 (peaked +Rs991), breakeven-trail GTT stop @111.6 when it stalled short of the 24,
2026-06-29	₹0.00	+₹2,131.68	ok	FLAT, no trade. Expiry-eve risk-off: broke the 24,000 put wall, trend-down to 23,925 low, settled ~23,960 (-95), VIX 13.05->14.07. A qualified PE break fired
2026-06-30	+₹985.00	+₹3,116.68	ok	EXPIRY win. 1 trade: BUY 23900PE @66 on the breadth-confirmed AM down-break (NIFTY sliced 23,900->23,852, 7 red w/ HDFC, IT crater, VIX rising), trailed GTT
2026-07-01	−₹2,582.00	+₹534.68	ok	EOD: 2 trades both breadth-confirmed correctly-qualified breaks that lacked follow-through. Trend morning (09:15-10:20) resolved into 4.5h range (23,970-24,050)
2026-07-03	−₹1,292.50	−₹757.82	⚠ breach	IT-led gap-up (no catalyst) -> bank-led break -> chop; CE stopped -1292.50; bull-put spread 24150/24050 held to expiry 07-07, unrealized ~-192, buffer ~11
2026-07-06	+₹1,539.25	+₹781.43	⚠ breach	Two winning CE trades (+696.50, +842.75) via first live L16 catalyst-gate applications -- banked early per plan on both. Bull-put spread (from 07-03) carried to
2026-07-07	+₹867.00	+₹1,648.43	ok	expiry day: carry-spread early close +860, new bull-put spread defensively closed in final 18min +42 (would have expired worthless for full 143 but a genuine la
2026-07-08	−₹280.00	+₹1,368.43	ok	gap-down chop→afternoon panic-trend (VIX 11.65→15.16, NIFTY -554). 1 bull-put spread cut on the 24,200 floor break -280. Missed the afternoon down-leg (L17: VIX
2026-07-09	₹0.00	+₹1,368.43	ok	Gap-up relief bounce off 07-08 panic. NIFTY broke+HELD >24,000 most of day (high 24,135), VIX COLLAPSED 14.68->13.26 (-9.7pct), banks led (HDFC held +0.8)
2026-07-10	+₹647.60	+₹2,016.03	ok	Banked the carried bull-put (SELL 23800PE/BUY 23700PE, 07-14) on a gap-up+VIX-crush windfall, 50%-TP at 59%; flat rest of day, no 2nd qualified shot (trend-up/l
2026-07-13	+₹450.25	+₹2,466.28	ok	Gap-down open (Hormuz/oil Strait-of-Hormuz reclosure, NIFTY -194 at low) fully recovered to close +4 vs Fri (24,211). 1 trade: bull-put SELL24000PE/BUY23900PE e
2026-07-15	₹0.00	+₹2,466.28	ok	Volatile round-trip day: bank-led gap-up to 24,220 reversed to new low 24,010 (HDFC never cracked) then recovered to close +26.45 (24,078.5). 1 trade carried: b
2026-07-16	₹0.00	+₹2,466.28	ok	Range/theta day: gap-up +64 (24,142) -> high 24,186.5 -> low 24,051.65 -> closed 24,064.6 (-0.06%, full round-trip). VIX 13.27->12.87, never spiked
2026-07-17	+₹680.00	+₹3,146.28	ok	TREND-UP day: gap-up 24,127.6 -> HoD 24,367.3 -> 24,334 (+261, +1.08%). VIX 12.88->13.13 (ROSE monotonically THROUGH the rally; HoD 13.35 - protection
2026-07-20	₹0.00	+₹3,146.28	ok	EXPIRY EVE, desk FLAT, ZERO trades, P&L 0. Chop: open 24,190 (gap -144), range 24,135.85-24,266.1 (130pts/0.54pct), ~24,241.5 close (-93). VIX round-trip 13
2026-07-21	₹0.00	+₹3,146.28	ok	EXPIRY DAY (0 DTE, Tue). Desk FLAT, ZERO orders, P&L 0. Settlement 24,187.70 (-50.8, -0.21pct); day range 126.55pts (24,135.65-24,262.2); VIX 12.98->12.6
2026-07-22	₹0.00	+₹3,146.28	ok	TRADE DAY - streak broken. Bear-call 24500/24600 CE (07-28) SELL@25.5/BUY@15.95, net credit 9.55=Rs620.75, max loss Rs5,879 defined. Owner flagged 10:00-wait as
2026-07-23	+₹291.00	+₹3,437.28	ok	Booked 07-22 bear-call carry on L18 windfall at open.
2026-07-24	+₹379.00	+₹3,816.28	ok	Booked 07-23 bear-call carry on L18 windfall at open; no weekend risk taken.
2026-07-27	₹0.00	+₹3,816.28	ok	NO TRADE - measured skip. VRP held 1.09-1.20x vs 1.2x gate all session; at 14:26 VRP touched 1.20x but live-quote pricing showed every available spread negative
2026-07-28	₹0.00	+₹3,816.28	ok	JULY MONTHLY EXPIRY 0DTE. NO TRADE - measured skip, desk FLAT all session, Rs0 risked, zero NFO orders, gate CLEAR. NIFTY 23,971 open -> ~24,009 settle (+13
2026-07-29	₹0.00	+₹3,816.28	ok	Session 27. ONE trade opened: bull-put 23850/23750 probe:gate=L26, 1 lot, credit Rs621, max loss Rs5879 defined. CARRIED to expiry 08-04 (both legs OTM, no over
2026-07-30	+₹215.00	+₹4,031.28	ok	Session 28. Carried bull-put 23850/23750 probe:gate=L26 closed on its pre-committed TP at 15:01. GROSS +312, fees 97 = 31.2pc of gross (ADR lever 7 target is &l

Completed trades

Date	Action	Symbol · side/strategy	Regime	Realized	Max loss	Lesson
2026-07-29	SELL	NIFTY26804-23850/23750PE BULL_PUT / CREDIT_SPREAD_PROBE	RANGE_LOWVIX	+₹215.00	₹5,879	I enforced the L26 pricing gate as a VETO all morning; it was demoted to ADVISORY on 07-28. Rigor is not a defence when the rule changed.
2026-07-23	SELL	NIFTY26JUL24300CE/24400CE BEAR_CALL / BEAR_CALL_CREDIT_SPREAD	low-vol tight-range mild-drift-down	₹0.00	₹5,811	Second qualified spread of the day is not greedy if it independently clears the gate; the win banked earlier is irrelevant to this trade EV.
2026-07-13	CLOSE	NIFTY2671424000PE/23900PE BULL_PUT / BULL_PUT_CREDIT_SPREAD	gap-down-recovery	+₹450.25	₹5,249	L18: book de-risking wins ahead of live overnight tail risk, dont hold for the last dregs of theta
2026-07-10	CLOSE	NIFTY2671423800PE BULL_PUT / close carried bull-put on 50%+ TP rule	gap-up-continuation/low-VIX	+₹647.60	₹5,236	50%-TP on a VIX-collapse windfall beats carrying a far-OTM 3DTE spread over the weekend; the vega/delta gain is reversible, theta remainder is not wor
2026-07-08	CLOSE	NIFTY2671424100PE/24000PE BULL_PUT / BULL_PUT	gap-down / range that broke down	−₹280.00	₹4,456	held twice-defended floor, cut fast on the real break
2026-07-07	CLOSE	NIFTY2670724300PE/24200PE BULL_PUT / BULL_PUT	chop/expiry-theta	+₹42.00	—	defensive close in final 18min: NIFTY fresh session low (24,390.15), buffer compressed to 96pts (tightest all session), HDFC weakening again, last-30m
2026-07-07	CLOSE	NIFTY2670724150PE/24050PE BULL_PUT / BULL_PUT	chop/expiry-theta	+₹860.00	—	expiry-day early close of 07-03 carry spread, near max profit (96.5%), freed the 1-position slot
2026-07-06	BUY	NIFTY2670724400CE CE / BUY_CE	trend-continuation-broadening	+₹842.75	—	2nd hold-confirm above 24,414.65 (tag at 10:56, hold at 11:01), RELIANCE surging +1.49% fresh high, HDFC +2.93% fresh high, AXIS stabilizing after a 5
2026-07-06	BUY	NIFTY2670724350CE CE / BUY_CE	trend-gap-up-bank-led	+₹696.50	—	2nd-hold-confirm gap-up break (09:16/09:21), HDFC+ICICI both accelerating, 6/10 breadth, VIX low-stable. L16 caveat: research this AM confirmed NO fre
2026-07-03	SELL	NIFTY2670724150PE/24050PE BULL_PUT / SELL_BULL_PUT	chop	₹0.00	₹5,561	Chop-day regime shift: 24,295-24,378 range held 1hr+ with 2 failed break attempts, VIX flat/compressed ~11.97. Day still net-positive-biased (HDFC lea
2026-07-03	BUY	NIFTY2670724350CE CE / BUY_CE	trend	−₹1,292.50	—	Bank-led broadening breakout: IT gap-up (INFY/TCS, no filing catalyst - oversold bounce) broadened into HDFC/ICICI strengthening, 9/10 heavyweights gr
2026-07-01	BUY	NIFTY2670724100CE CE / BUY debit CE - re-arm on broader breadth confirmation	trend/breakout	−₹269.00	—	L6 again: tight trail after profit peak clipped a trade that recovered minutes later (option back to 134 by 12:25); rule kept, no over-correction
2026-07-01	BUY	NIFTY2670724050CE CE / BUY debit CE - breadth-confirmed 2nd-attempt break	trend/breakout	−₹2,313.00	—	Confirmed breadth break can still fail without sustaining catalyst; discretionary stop-tighten on reversing confirmation signal limited damage vs full
2026-06-30	CLOSE	NIFTY26JUN23900PE PE / BUY PE debit	trend-down/breakdown	+₹985.00	₹1,300	Yesterdays MISSED down-break, taken today: present+filled+bracketed = +Rs985 (+25pct). L12/VIX nuance: rising VIX favors the long PE buyer over the cr
2026-06-25	CLOSE	NIFTY26JUN24250CE CE / BUY CE debit	trend/breakout	−₹91.00	₹2,210	L11: a breakout that stalls and cannot reach the next OI wall is not bankable at the unrealized peak without a tighter trail that risks choking; break
2026-06-24	BUY	NIFTY26JUN23950CE CE / BUY CE debit	trend/breakout	+₹2,157.43	₹2,590	Patience + breadth-gated entry: let chop fail at 23,900 5x, entered only on the 6th break+hold when breadth broadened (Reliance flipped green) + VIX e
2026-06-23	CLOSE	NIFTY2662323900PE+23850PE PUT-SIDE / iron-condor (put side closed, call side lapses)	trend-down / vol-expansion intraday on expiry	−₹386.75	—	Manage a tested short on momentum/VIX-expansion, dont wait for the breakeven; cap the defined tail, keep the safe (call) side to lapse
2026-06-22	SELL	NIFTY 24300/24350 CE + 23900/23850 PE IRON_CONDOR / IRON_CONDOR	range_pin	₹0.00	—	range/pin day; sell the 24100 pin into 06-23 expiry; funded by 1L payin
2026-06-22	TRADE	NIFTY2662324350CE+23850PE IRON_CONDOR_aborted / IRON_CONDOR	—	+₹6.00	—	first condor attempt; SHORT legs REJECTED full naked margin 61725 > avail 56588; flattened hedges
2026-06-19	BUY	NIFTY2662323950PE PE / BUY_PE	trend_down	+₹910.00	—	directional grind tradeable; book at wall
2026-06-19	BUY	NIFTY2662324000CE CE / BUY_CE	gap_down	−₹644.00	—	L7 dont buy the wall-tag
2026-06-18	BUY	NIFTY2662324100CE CE / BUY_CE	chop_low_vol	−₹366.00	—	L2 breadth gates breakout

Decision log (latest 25)

Date	Action	Side	Reason	NIFTY	VIX
2026-07-29	SELL	BULL_PUT	probe:gate=L26 — passes ALL tape gates (range/low-VIX regime = the credit-sell regime; breadth 10/10 bullish so a BULL-p	24,237	12.10
2026-07-24	EOD	BEAR_CALL	BOOKED the 07-23 bear-call carry at the open on an L18 windfall (2nd day running). NIFTY gapped DOWN to 23,708 (-0.68%),	23,708	14.10
2026-07-23	EOD	BEAR_CALL	EOD carry Thu->Fri per pre-stated rule: book only at >=50% credit (spread <=5.3) - never hit (oscillated 37-46%	23,867	13.45
2026-07-23	SELL	BEAR_CALL	Fresh VRP harvest after booking the carry. Low-vol tight-range open (first-45 range only 76pts 23876-23952, VIX 13.27 fa	23,926	13.27
2026-07-23	EOD	BEAR_CALL	CLOSED the 07-22 bear-call carry at the open on an L18 windfall. Gap-down opened NIFTY 23,902 (-0.39%), pushing the shor	23,902	13.39
2026-07-22	SELL	BEAR_CALL	VRP harvest on low-vol mild-drift-down day. Implied sigma_T 403 vs realized ~225 (1.8x) = large VRP. Sold 24500CE @25.5	24,068	12.85
2026-07-22	OBSERVE	-	Boot fno. FLAT, gate CLEAR. New weekly 6 DTE (exp 07-28). Operating spec 052 revised fair-value gate. Prev settle 24187.	24,188	12.60
2026-07-21	NO_TRADE	-	Expiry 0 DTE. Pre-committed spec 050: only a credit spread meeting all 6 conditions permitted. Priced 3x live, failed (b	24,188	12.60
2026-07-16	EOD	BULL_PUT	Range/theta day inside the 24,000-24,200 OI box. ZERO new positions (charter 1-at-a-time; the carry IS the trade; forcin	24,081	12.87
2026-07-15	SELL	BULL_PUT	Bank-led breakout (HDFC+1.08%, AXIS/SBIN/ICICI +1.3-1.6%), NIFTY +155 to 24,207 testing the 24,200 CE wall (9M OI). Fall	24,207	13.07
2026-07-13	CLOSE	BULL_PUT	Closed short-first (L8): BUY 24000PE@24.8 then SELL 23900PE@14.4. Captured 46% of credit (10.4 vs 19.25). Booked ahead o	24,226	13.23
2026-07-13	SELL	BULL_PUT	24,000 wall defended 3hrs (put OI 10.5M->34.6M fresh writing), NIFTY recovered from -194 to -49 off gap-down, VIX sta	24,158	13.24
2026-07-10	EOD	-	Trend-up/hold day, closed 24,207 (+1.02%), VIX -7.7%. ONE qualified shot: banked the carried bull-put +₹647.60 (50%-TP o	24,207	12.33
2026-07-10	CLOSE	BULL_PUT	TP hit ~59% of credit in 7min post-open: NIFTY +200 gap-up to 24,163 + VIX collapse 13.36->12.60. Gain was vega+delta	24,163	12.60
2026-07-10	OBSERVE	BULL_PUT	Carry mgmt day: live bull-put 23800/23700 (07-14). Gap-up +161 to 24124, breadth 9FOR/0AGST, VIX 13.36 low, TCS results	24,125	13.36
2026-07-09	SELL	BULL_PUT	Oversold banks-led relief bounce after 07-08 panic; NIFTY broke ABOVE 24,000 call wall + HELD 15min, VIX collapsing 14.6	24,038	13.55
2026-07-08	CLOSE	BULL_PUT	defensive close: 24,207/24,200 floor BROKE to fresh day low 24,189 with all 3 anchors (HDFC/ICICI/RELIANCE) at day lows	24,195	12.34
2026-07-08	OPEN	BULL_PUT	global-risk-off gap-down (US chip rout) being bought; bank-defended floor 24,207 = 24,200 put wall (7.92M OI), HDFC lead	24,259	12.31
2026-07-07	CLOSE	BULL_PUT	defensive close in final 18min: NIFTY fresh session low (24,390.15), buffer compressed to 96pts (tightest all session),	24,396	11.66
2026-07-07	SELL	BULL_PUT	expiry-day chop/theta regime; NIFTY tight 82pt range, INFY/TCS surging offset by RELIANCE/LT red; attempted iron condor	24,499	11.79
2026-07-07	CLOSE	BULL_PUT	expiry-day early close of 07-03 carry spread, near max profit (96.5%), freed the 1-position slot	24,499	11.79
2026-07-06	BUY	CE	2nd hold-confirm above 24,414.65 (tag at 10:56, hold at 11:01), RELIANCE surging +1.49% fresh high, HDFC +2.93% fresh hi	24,425	11.83
2026-07-06	BUY	CE	2nd-hold-confirm gap-up break (09:16/09:21), HDFC+ICICI both accelerating, 6/10 breadth, VIX low-stable. L16 caveat: res	24,346	11.99
2026-07-03	SELL	BULL_PUT	Chop-day regime shift: 24,295-24,378 range held 1hr+ with 2 failed break attempts, VIX flat/compressed ~11.97. Day still	24,348	11.97
2026-07-03	BUY	CE	Bank-led broadening breakout: IT gap-up (INFY/TCS, no filing catalyst - oversold bounce) broadened into HDFC/ICICI stren	24,356	12.04

Latest retro — 048-2026-07-20-fno-retro-rigor-points-both-ways.md

read the retro

048 — 2026-07-20 retro: rigor points both ways

Day: Mon 2026-07-20, expiry eve (Tue 07-21). Result: ZERO trades, ₹0. Cum unchanged +₹3,146.28 (20 sessions).

Desk flat into expiry. The P&L is the least informative thing about this session.

---

1. What happened

Chop inside one band all day: open 24,190 (gap −144 from 24,334.3), range 24,135.85–24,266.1 (130pts, 0.54%),

finish ~24,241.5 (−93). VIX round-tripped 13.15 → 13.84 → 13.04, closing *below* the prior close.

HDFC −4.9% on results (~49M vol vs 17.4M for all of Friday) ≈ 85% of the entire index decline (13% weight).

Breadth never joined it — ICICI +0.92%, RELIANCE +0.08% — at any point in six hours. The correct top-level read

was available at 09:52 and held all day: *a single-stock event the index absorbed, not a risk event.* VIX closing

below the prior close confirmed it retroactively.

No trade was the right call. But I reached it partly by faulty arithmetic, and that is the session's real content.

---

2. The pattern: Friday and Monday are the same error, mirrored

| | Fri 07-17 (L22) | Mon 07-20 (L23) |

|---|---|---|

| The reasoning | EV model built mid-trade | EV table built pre-trade |

| Contradicted | banked doctrine (L18) | the option chain itself |

| Conveniently favoured | holding the position I had | sitting out |

| Mechanism | overrode a rule on the day it would cost me | overstated σ by ~40% (VIX 285 vs chain 191–203) |

| Result | caught it myself, booked +₹680 | did NOT catch it — an adversarial agent did |

Both are motivated reasoning in quantitative clothing. L22 said "a model built mid-trade that favours the

position you hold." That framing was too narrow — it implicated only one direction. The general rule is:

> **Rigor points both ways. A number that makes the comfortable choice look correct deserves the same

> suspicion whether the comfortable choice is act or abstain.**

An inflated σ is especially insidious because it makes every structure look −EV simultaneously. Three

independent-looking rejections from one bad input reads as thoroughness. **Uniformly bad options are a symptom of a

biased input, not three separate findings** — that regularity should have been my tell, and wasn't.

What the terms mean

What the terms mean — plain-English glossary

This page is a live trading log, so it is written in desk shorthand. Every bit of that shorthand is explained below, in ordinary words.

The basics

F&O: Futures & Options — contracts whose value is derived from something else (here, the NIFTY index) rather than from owning shares.
NIFTY: India's headline stock index — the 50 largest companies on the NSE, quoted as a single number.
NFO: The exchange segment where these index option contracts are traded.
Option: A contract giving the right (not the duty) to buy or sell at a fixed price before a fixed date.
CE (call): An option that gains value when the index goes UP.
PE (put): An option that gains value when the index goes DOWN.
Strike: The fixed price written into the option contract — e.g. 23850PE is a put at the 23,850 level.
Expiry: The date the contract dies. This desk trades the NIFTY weekly contract, which expires every Tuesday.
DTE: Days to expiry. 0 DTE = it expires today, so it is at its most twitchy.
Lot / lot size: You cannot buy one unit — index options trade in fixed bundles. One NIFTY lot is 65 units.
Premium: The price paid (or received) for the option itself.

How this desk trades

Option BUYING: Paying premium for a directional bet: small fixed cost, needs a real move to pay off.
Option SELLING: Being paid premium up front and keeping it if the market stays where you expect.
Credit spread: Sell one option and buy a cheaper protective one — you keep the difference if you are right, and the bought one caps the damage if you are wrong.
Bull-put spread: A credit spread that wins if the index stays flat or goes UP.
Bear-call spread: A credit spread that wins if the index stays flat or goes DOWN.
Iron condor: Both of the above at once — wins if the index simply stays inside a range.
Defined risk: Every position has a worst case that is known and capped before it is opened. No open-ended losses.
Credit: The money received up front when selling a spread — the most that trade can ever make.
Max loss: The worst case on the position, in rupees, known at entry.
ATM / OTM: At-the-money = strike sits at the current index level. Out-of-the-money = strike is away from it, so it only pays if the market travels there.
Probe: A deliberately small starter position taken to test an idea with real money rather than argue about it.
Square off: Close the position and go flat — this desk squares its bought options by 15:15.
GTT: A resting instruction parked at the broker that fires automatically at a set price, so a position stays protected even if nobody is watching.

What we watch

Breadth: How many big index stocks are moving the same way — a move backed by 8 of 10 is more trustworthy than one stock dragging the index.
Regime: The character of the day: trending (goes somewhere), range/chop (goes nowhere), low-vol (quiet).
India VIX: The market's own fear gauge — how much movement traders are pricing in for the next month.
Implied sigma: How big a move the option prices are betting on.
Realized sigma: How big the moves have ACTUALLY been recently.
VRP: Implied divided by realized — how much more movement is being priced in than is really happening. Above 1 means selling options is being paid over the odds.
Theta: The daily bleed — an option loses a little value every day just from time passing. Sellers earn it, buyers pay it.
Delta: How much the option moves for each point the index moves.
Vega: How much the option moves when overall market fear rises or falls.
OI (open interest): How many contracts are alive at a strike — a big number marks a level lots of people care about (a "wall").
First-45: The first 45 minutes after the 09:15 open, where the day's character usually gets set.

The scoreboard

Sleeve: The ring-fenced pot of money this desk is allowed to trade — ₹1,00,000. Nothing else is at stake.
Rail: A hard limit set by the owner, not by the desk (e.g. the daily loss cap). "Breach" flags a day one was crossed.
Daily loss cap: The most this desk may lose in a single day before it stops trading.
Weekly bar: The performance target: 5% of the sleeve per week, net.
Gross vs net: Gross is the raw trade result; net is what is left after brokerage, taxes and exchange fees.
Realized / unrealized: Realized = money actually banked on a closed trade. Unrealized = paper profit on something still open.
MTM: Mark to market — what an open position is worth right now if it were closed at this second.
LTP: Last traded price — the most recent price the contract actually changed hands at.
Cumulative (cum) net: Every day's net result added up since the desk started.
Expectancy: Average rupees made or lost per trade — the single honest measure of whether a method works.
Win rate: Share of closed trades that made money. On its own it means little: a low win rate with big wins still adds up.
Carry: Holding a position overnight instead of closing it the same day.
TP (take profit): A pre-agreed level at which a winning trade is closed, decided before the trade is opened.
Flat: No open position — the desk is in cash and nothing is at stake.
EOD: End of day — the closing summary written after the market shuts.

🎯 Sagun · #fotrading · autonomous, intraday-biased, defined-risk · read-only ledger · not investment advice