Options Greeks samajhna Indian traders ke liye game-changer hai. Delta, Gamma, Theta, Vega aur Rho – yeh sab price movement, time decay aur volatility ke against aapke trade ko kitna affect karte hain, yeh batate hain. Beginner log Greeks ignore karte hain aur expiry ke din surprise mein heavy loss face karte hain. Yeh article real Indian market examples, practical impacts aur common mistakes ke saath Greeks explain karega taaki aap confident decisions le sako aur capital protect kar sako.
Delta – Directional Risk
Delta batata hai ki underlying price ₹1 move kare to option price kitna change hoga.
| Delta Value | Meaning | Real Impact on Nifty Option |
|---|---|---|
| 0.50 (ATM) | Price ₹1 upar to option ₹0.50 upar | Neutral position, beginner safe feel karta hai |
| 0.80 (Deep ITM) | Almost stock jaisa move | High directional risk, small capital wipeout possible |
| -0.30 (OTM Put) | Price upar to option value ghatta hai | Hedging ke liye useful, loss limit karta hai |
Nifty 25000 CE delta 0.55 pe ₹1 up move se ₹0.55 profit, lekin gamma bhi kaam karta hai.
Gamma – Acceleration Effect
Gamma delta ko change karta hai, jaise acceleration speed badhati hai.
| Gamma Level | Effect on Delta | Beginner Consequence |
|---|---|---|
| High near expiry ATM | Delta fast change | Sudden big profit/loss, psychology shock |
| Low OTM options | Delta stable rehta hai | Safe for small moves, low stress |
| Gamma Scalping | Delta neutral rakhne ke liye trade | Frequent adjustments, high brokerage eat profit |
Expiry ke last 2 din mein high gamma se Nifty 100 points move pe ₹5,000–10,000 swing ho sakta hai.
Theta – Time Decay Killer
Theta har din option value ghatata hai, specially ATM aur expiry close mein.
| Theta Value | Daily Decay (approx) | Practical Trader Impact |
|---|---|---|
| -₹8 (ATM weekly) | ₹8/day loss if flat | Weekend pe double decay, Friday hold costly |
| -₹2 (OTM far) | Slow decay | Long-term hold safe, beginner ke liye better |
| Positive Theta (seller) | Daily income | Credit strategies mein consistent small profit |
Nifty 25000 CE theta -₹10 hai to flat market mein ek hafta mein ₹250 loss per lot, seller ke liye fayda.
Vega – Volatility Impact
Vega volatility badhne pe option premium badhata hai.
| Volatility Change | Vega Effect | Indian Market Example |
|---|---|---|
| IV up 5% | Premium ₹50–100 up | Budget day pe vega spike se long straddle profit |
| IV crush post event | Premium crash | Earnings ke baad vega negative, buyer loss |
| Low Vega OTM | Less sensitive | Safe for directional bets, beginner low stress |
Budget announcement pe IV 20 se 35 jaaye to ₹200–300 premium jump common.
Combining Greeks for Better Trades
Greeks ko combine karne se powerful setups bante hain.
| Strategy | Dominant Greek | Risk-Reward Reality |
|---|---|---|
| Long Call | Positive Delta + Vega | Bullish + IV up = big win, IV crush se loss |
| Short Straddle | Positive Theta | Time decay profit, gamma risk high expiry pe |
| Iron Condor | Positive Theta + Low Vega | Range-bound market mein 70% win, breakout se loss |
Beginners short straddle try karte hain aur gamma explosion se account khatam.
Options Greeks ko samajhna trading ko gambling se business banata hai. Indian market mein volatility aur time decay bahut powerful hote hain isliye Greeks ko daily check karo aur rules strictly follow karo. Paper trading se Greeks ka real feel aayega.
Frequently Asked Questions
1. Beginner ko sabse zyada kaunsa Greek pe dhyan dena chahiye? Delta aur Theta – directional risk aur time decay sabse zyada capital khate hain.
2. Vega crush se kitna loss ho sakta hai? Event ke baad IV 30 se 15 girne pe ₹100–300 premium loss per lot common.
3. Gamma scalping beginners ke liye safe hai? Nahi – high frequency adjustments brokerage khatam kar dete hain aur stress badhata hai.
4. Theta positive trade mein kitna daily profit realistic hai? Short straddle mein ₹200–500 per lot daily decay, lekin gamma risk manage karna padta hai.
5. Greeks ignore karne ka sabse bada nuksan kya hota hai? Expiry pe theta crush ya gamma spike se sudden heavy loss, psychology break ho jaati hai.
6. Nifty options mein vega kitna matter karta hai? Bahut – weekly expiry pe IV change se premium 20–40% swing ho sakta hai.