Options Glossary
Har financial term simple Hindi + English mein. Search karo, samjho, apply karo.
31 terms found
Call Option
कॉल ऑप्शन
Ek contract jo tumhe right deta hai (obligation nahi) ki tum ek specific price pe stock khareed sako ek specific date tak.
Example
NIFTY 22000 CE khareedne ka matlab hai ki tum NIFTY ko 22000 pe khareedne ka haqq le rahe ho.
Put Option
पुट ऑप्शन
Ek contract jo tumhe right deta hai ki tum ek specific price pe stock bech sako ek specific date tak.
Example
NIFTY 22000 PE khareedne ka matlab hai ki tum NIFTY ko 22000 pe bechne ka haqq le rahe ho.
Strike Price
स्ट्राइक प्राइस
Woh price jis pe option holder stock khareed ya bech sakta hai. Option chain mein alag alag strike prices hoti hain.
Example
NIFTY ki option chain mein 21500, 21600, 21700... yeh sab strike prices hain.
Premium
प्रीमियम
Option khareedne ke liye jo price dete ho, woh premium hai. Yeh option ki value hai market mein.
Example
Agar NIFTY 22000 CE ka price ₹150 hai, toh ₹150 premium hai. 1 lot = 25 qty, toh total cost = ₹3,750.
Expiry
एक्सपायरी
Woh date jis din option contract khatam hota hai. India mein weekly (Thursday) aur monthly expiry hoti hai.
Example
Agar tumne weekly expiry ka option liya aur Thursday tak use nahi kiya, toh woh zero ho jayega.
Lot Size
लॉट साइज़
Options mein minimum quantity jo trade kar sakte ho. India mein options lots mein trade hote hain.
Example
NIFTY ka lot size 25 hai, BANKNIFTY ka 15. Tum 1 share ka option nahi khareed sakte.
ITM (In The Money)
इन द मनी
Jab option ki intrinsic value positive ho. Call ke liye: spot > strike. Put ke liye: spot < strike.
Example
NIFTY spot 22100 hai aur tumhara 22000 CE hai, toh yeh ITM hai (100 points intrinsic value).
ATM (At The Money)
एट द मनी
Jab strike price current market price ke bilkul paas ho. Yahan pe sabse zyada trading hoti hai.
Example
NIFTY 22050 pe trade ho raha hai, toh 22050 strike ATM hai.
OTM (Out of The Money)
आउट ऑफ द मनी
Jab option ki intrinsic value zero ho. Call ke liye: spot < strike. Put ke liye: spot > strike.
Example
NIFTY spot 22000 hai aur tumhara 22500 CE hai, toh yeh OTM hai. Sirf time value hai, intrinsic zero.
Open Interest (OI)
ओपन इंटरेस्ट
Total number of outstanding option contracts jo abhi bhi active hain (settle nahi hue). Volume se alag hai.
Example
Agar 22000 CE ka OI 10 lakh hai, matlab 10 lakh contracts abhi market mein open hain.
PCR (Put Call Ratio)
पुट कॉल रेशियो
Put options ka OI divided by Call options ka OI. Market sentiment indicator — high PCR = bullish, low PCR = bearish.
Example
PCR 1.2 hai matlab put writers zyada confident hain, market support pe hai.
Delta
डेल्टा
Option price mein kitna change aayega jab underlying 1 point move kare. Call ka delta 0 se 1, Put ka -1 se 0.
Example
Agar delta 0.5 hai aur NIFTY 100 points upar gaya, toh option price approx ₹50 badhega.
Theta
थीटा
Har din option ki value kitni ghatti hai sirf time pass hone se. Time decay ka measure. Buyer ke liye enemy, seller ke liye friend.
Example
Agar theta -5 hai, toh har din option ka price ₹5 kam hoga (baki sab same rahe toh).
Vega
वेगा
Implied Volatility mein 1% change hone pe option price mein kitna change aayega.
Example
Vega 10 hai aur IV 2% badh gaya, toh option price ₹20 badhega.
Gamma
गामा
Delta ka rate of change. Underlying 1 point move kare toh delta kitna change hoga. ATM pe sabse zyada gamma hota hai.
Example
Gamma 0.02 hai, NIFTY 1 point move kiya, toh delta 0.02 se change hoga.
Implied Volatility (IV)
इम्प्लाइड वोलेटिलिटी
Market ki expectation ki aane wale time mein kitna movement hoga. High IV = option mehnga, Low IV = option sasta.
Example
Budget se pehle IV bahut badh jaata hai kyunki market big move expect karta hai.
IV Crush
IV क्रश
Jab koi big event (budget, results) ke baad IV suddenly gir jaata hai aur options ki value crash hoti hai — chahe market move kare ya na kare.
Example
Results ke din IV 50% thi, next day 25% ho gayi. Tumhara option 40% gir gaya even though stock upar gaya.
Historical Volatility (HV)
हिस्टॉरिकल वोलेटिलिटी
Past mein stock kitna move kiya hai uska measure. IV se compare karke samajhte hain ki options cheap hain ya expensive.
IV Rank
IV रैंक
Current IV compared to last 1 year ki IV range. 80+ = options expensive, 20- = options cheap.
Example
IV Rank 90 hai matlab current IV past 1 year ki almost sabse high IV ke paas hai.
Intrinsic Value
इंट्रिन्सिक वैल्यू
Option ki real value — agar abhi exercise karo toh kitna milega. ITM options mein hoti hai, OTM mein zero.
Example
NIFTY spot 22100, tumhara 22000 CE. Intrinsic value = 22100 - 22000 = ₹100.
Time Value
टाइम वैल्यू
Premium minus intrinsic value. Jitna time bacha hai expiry mein, utni time value. Expiry pe zero ho jaati hai.
Example
Option premium ₹250 hai, intrinsic value ₹100 hai. Time value = ₹150.
Straddle
स्ट्रैडल
Same strike pe Call aur Put dono khareedna. Big move expect karo kisi bhi direction mein. Event-based strategy.
Example
NIFTY 22000 CE + 22000 PE dono khareed lo. Market upar ya neeche — tum profit mein.
Strangle
स्ट्रैंगल
Different strikes pe Call aur Put khareedna. Straddle se sasta hai lekin bigger move chahiye profit ke liye.
Example
NIFTY 22200 CE + 21800 PE khareed lo. Straddle se sasta, lekin zyada movement chahiye.
Iron Condor
आयरन कोंडोर
4 options ka combination — ek range define karo jisme market rahega. Range ke andar rahe toh profit, bahar jaaye toh limited loss.
Example
Sell 22200 CE + Buy 22400 CE + Sell 21800 PE + Buy 21600 PE. Market 21800-22200 mein rahe toh full profit.
Covered Call
कवर्ड कॉल
Stock hold karo aur uska Call option becho. Extra income generate karo stocks se. Conservative strategy.
Bull Call Spread
बुल कॉल स्प्रेड
Lower strike Call khareedna + Higher strike Call bechna. Limited risk, limited reward. Mildly bullish view.
Example
Buy 22000 CE at ₹200, Sell 22200 CE at ₹100. Net cost ₹100, Max profit ₹100.
F&O (Futures & Options)
फ्यूचर्स एंड ऑप्शन्स
Derivatives market jahan futures aur options trade hote hain. India mein NSE pe F&O segment hai.
NIFTY
निफ्टी
NSE ka benchmark index — top 50 companies ka weighted average. India mein sabse zyada traded options NIFTY ke hain.
BANKNIFTY
बैंकनिफ्टी
Banking sector ka index — top 12 banks ka weighted average. NIFTY ke baad second most traded options.
Margin
मार्जिन
Option selling ke liye broker jo amount block karta hai as security. Buying mein sirf premium lagta hai, selling mein margin chahiye.
Example
NIFTY option sell karne ke liye approx ₹1-1.5 lakh margin lagta hai.
Option Chain
ऑप्शन चेन
Ek table jo ek underlying ke saare available options dikhati hai — strikes, premiums, OI, volume sab ek jagah.