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The views expressed herein arepublicly available data or othercomment on the profitability oinvestment ob"ectives and finaSharekhan #td makes no represto you or your representative$s%
View De
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Disclaimer
solely of the analyst, Any review, retransmission, or any other use is prohibited. The information contained hsources believed to be reliable. Sharekhan is not in any way promoting or criticizing any policy /reform. Sharethe product/scrip mentioned herein. !ach recipient of this information may take their own decisions based ocial position and using such independent advisors, as they believe necessary. This information is given in good
entations or warranties, express or implied as to the accuracy or completeness of the information and shall haresulting from use of this information.Sharekhan carries on proprietary trading.
Strategieso
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rein is fromkhan does nottheir specific
faith ande no liability
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*** Margin Assumption per lot can be
Bullish
PortfolioProtection
Margin Assumption (Rs.) pe
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19
changed by user
Strategy Selection
Bearish
Refresh !ata
lot
"traddle
Butter#y
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$ype * %&
Bullish Butter#y $imeframe * May
Middle "tri'e *
!egree of moement * 1
+ty to be bought(lots)May,-,%&* 1
Buy May,%& "tri'e -
"ell May,%& "tri'e
Buy May,%& "tri'e
Price May,-,%& 1/.
Price May,,%& 9.Price May,,%& /.1/
+ty to be bought May,-,%& -/
+ty to be "old May,,%& ,/
+ty to be Bought May,,%& -/
Butter#y %ost 1.9/
* %ompulsory 0nput ield
Butter#y
Result2ome
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Bull Butterfly
NIFTY Buy CE
Month May
Strike 8!!
"uantity #
$rice %#&'()alue &8
*utflo+ ,-s'.
In/0Margin 111
Ma2 $rofit ,-s'.
Ma2 $rofit 3e/el
Breake/en 4 I 11
Breake/en 4 II 11
-isk0-e+ar5
Scenario 7nalysis E2iry at8!!!'!
11 $rofit +ill 9e ma5e if market remain in the range 9et
Portfolio "ensitiity
5ifty "pot , %MP -4-./
5ifty (67,) %hange points 1
!ays &8pired 1
"ensitiity !ate /7-17-14
%urrent -,%& 0s :57A
%urrent ,%& 0s :57A
%urrent ,%& 0s :57Aolatility %hange (67,) 1
Price ,-,May,%& &rr;/
Price ,,May,%& &rr;/
Price ,,May,%& &rr;/
Portfolio P
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BUY
SE33 CE Buy CE
May May
8&!! 8(!!
4#! #
;8'& #8'%#4(;%# %(#(
3
3
-1-4
8&8#
8%#
#'6
4&6&'8
een Breake/en I : II
E2it -ules
2?M&
7 6 0 0
7 7
0 0
7 8 0 0
7 9 0 0
8 0 0 0
8 1
0 0
8 2 0 0
8 3 0 0
8 4
0 0
8 5
0 0
8 6 0 0
8 7
0 0
8 8 0 0
8 9 0 0
9 0 0 0
-500
0
500
1000
1500
2000
2500
P&L on Exir! P&L "Sensiti#it!$
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$ype Bullish
Bullishness timeframe * May
Bullish from * -/
Bullish pto * /
Price -/,May,%& 1-
Price /,May,%& -.1
+ty to be bought(lots) * 1
Ratio (0n case of Ratio spread) * -
+ty to be bought -/,May,%& -/
+ty to be "old /,May,%& /
* %ompulsory 0nput eld
ie@ , Bullish
Result2ome
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*tion % < Buy *tion
NIFTY Buy CE
Month May
Strike 8#!
"uantity #
$rice %&
)alue &!6#
*utflo+ ,-s'. 3/
In/0Margin 111 3/
Ma2 $rofit ,-s'. Unlimite5
Ma2 3oss ,-s'. 3/
Breake/en $oint 8&6&
-eturn
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7 7 5
0
7 8 5
0
7 9 5
0
8 0 5
0
8 1 5
0
8 2 5
0
8 3 5
0
8 4 5
0
8 5 5
0
8 6 5
0
8 7 5
0
8 8 5
0
-4000
-2000
0
2000
4000
P&L on Exir! P&L Sensiti#it!
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*tion < Bull Srea5
NIFTY Buy CE Sell CE
Month May May
Strike 8#! 8#!!
"uantity # 4#
$rice %& &'%
)alue &!6# 48!&
*utflo+ ,-s'. --3
In/0Margin 111 -1-3
Ma2 $rofit ,-s'. 93
Ma2 3oss ,-s'. --3
Ma2 $rofit 3e/el /
Breake/en $oint 8&(%
-eturn
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8 9 5
0
7 6 5
0
7 7 5
0
7 8 5
0
7 9 5
0
8 0 5
0
8 1 5
0
8 2 5
0
8 3 5
0
8 4 5
0
8 5 5
0
8 6 5
0
8 7 5
0
8 8 5
0
8 9 5
0
-3000
-2000
-1000
0
P&L on Exir! P&L Sensiti#it!
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*tion & < Bull -atio Srea5
NIFTY Buy CE Sell CE
Month May May
Strike 8#! 8#!!
"uantity # 4#!
$rice %& &'%
)alue &!6# 4%=!#
*utflo+ ,-s'. 13
In/0Margin 111 93
Ma2 $rofit ,-s'. 3
Breake/en $oint 8&!;
Ma2 $rofit 3e/el 8#!!
3oss +ill start a9o/e 8=;%
-eturn
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-20000
-15000
-10000
P&L on Exir! P&L Sensiti#it!
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$ype Bearish
Bearish timeframe * May
Bearish from * /
Bearish pto * 1
Price /,May,P& -3-.
Price 1,May,P& 43.3
+ty to be bought(lots) * 1
Ratio (0n case of Ratio spread) * -
+ty to be bought /,May,P& -/
+ty to be "old 1,May,P& /
* %ompulsory 0nput eld
ie@ , B&AR0"2
%es't(ome
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*tion % < Buy *tion
NIFTY Buy $E
Month May
Strike 8#!!
"uantity #!
$rice 6)alue =8!!!
outflo+ ,-s'. 4
In/0Margin 111 4
Ma2 $rofit ,-s'. Unlimite5
Ma2 3oss ,-s'. 4
Breake/en $oint 88
-eturn
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7 7 8 8 8 8 8 8 8 8 8 8 9 9
-80000
-60000
-40000
P&L on Exir! P&L Sensiti#it!
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*tion < Bear Srea5
NIFTY Buy $E Sell $E
Month May May
Strike 8#!! 8%!!
"uantity #! 4#!
$rice 6 =6'6)alue =8!!! 4%=;#
outflo+ ,-s'. /13/
In/0Margin 111 -13/
Ma2 $rofit ,-s'. 9-/
Ma2 3oss ,-s'. /13/
Ma2 $rofit 3e/el 1
Breake/en $oint 8;=
-eturn
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9
-60000
-40000
P&L on Exir! P&L Sensiti#it!
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*tion & < Bear -atio Srea5
NIFTY Buy $E Sell $E
Month May May
Strike 8#!! 8%!!
"uantity #! 4#!!
$rice 6 =6'6)alue =8!!! 4&&8#!
outflo+ ,-s'. 1/
In/0Margin 111 11/
Ma2 $rofit ,-s'. 4//
Breake/en $oint 8&=&
Ma2 $rofit 3e/el 8%!!
3oss +ill Start 9elo+ 68&6
-eturn
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-200000
-150000
P&L on Exir! P&L Sensiti#it!
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$ype Portfolio Protection
50$C "pot -4-./
Protection timeframe * May
Portfolio alue (Rs) * 1
Portfolio !escription * Midcap
Assumed Beta 1.
Protection from * /
Protection pto *
Price /,May,P& -3-
Price ,May,P& /./
+ty to be bought(lots) 3
Ratio (0n case of Ratio spread) * -
+ty to be bought /,May,P& 13/
+ty to be sold ,May,P& /
* %ompulsory 0nput eld
Result2ome
ie@ , Portfolio Protection
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*tion % < Buy *tion
NIFTY Buy $E
Month May
Strike 8#!!
"uantity %6#
$rice 6)alue (6=!!
*utflo+ ,-s'. 34
In/0Margin 111 34
Ma2 $rofit ,-s'. Unlimite5
Ma2 3oss ,-s'. 34
Breake/en $oint 88
-eturn
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7 8 0 0
7 9 0 0
8 0 0 0
8 1
0 0
8 2 0 0
8 3 0 0
8 4
0 0
8 5
0 0
8 6 0 0
8 7
0 0
8 8 0 0
8 9 0 0
9 0 0 0
9 1
0 0
9 2 0 0
-60000
-40000
-20000
0
20000
P&L on Exir! P&L Sensiti#it!-6
-4
-2
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*tion < Bear Srea5
NIFTY Buy $E Sell $E
Month May May
Strike 8#!! 8!!!
"uantity %6# 4%6#
$rice 6 (#'#)alue (6=!! 46;=&
*utflo+ ,-s'. 94
In/0Margin 111 13-4
Ma2 $rofit ,-s'. 34
Ma2 3oss ,-s'. 94
Ma2 $rofit 3e/el
Breake/en $oint 86(
-eturn
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7 6 0 0
7 7
0 0
7 8 0 0
7 9 0 0
8 0 0 0
8 1
0 0
8 2 0 0
8 3 0 0
8 4
0 0
8 5
0 0
8 6 0 0
8 7
0 0
8 8 0 0
8 9 0 0
9 0 0 0
000
000
000
0
P&L on Exir! P&L Sensiti#it!
7 2 0 0
7 3 0 0
7 4
0 0
-100000
-80000
-60000
-40000
-20000
0
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*tion & < Bear -atio Srea5
NIFTY Buy $E Sell $E
Month May May
Strike 8#!! 8!!!
"uantity %6# 4!
$rice 6 (#'#)alue (6=!! 4%#;#
*utflo+ ,-s'. 143/
In/0Margin 111 -9343/
Ma2 $rofit ,-s'. //-/
Breake/en oint 8&%;
Ma2 $rofit 3e/el 8!!!
3oss +ill Start 9elo+ 6=8%
-eturn
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7 6 0 0
7 7
0 0
7 8 0 0
7 9 0 0
8 0 0 0
8 1
0 0
8 2 0 0
8 3 0 0
8 4
0 0
8 5
0 0
8 6 0 0
8 7
0 0
8 8 0 0
8 9 0 0
9 0 0 0
P&L on Exir! P&L Sensiti#it!
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Month * Eune
Action * "ell
"tri'e * 4
+ty to be bought(lots) * -
Price 4,Eune,%& 34.
Price 4,Eune,P& 3./
+uantity 4,Eune,%& ,/
+uantity 4,Eune,P& ,/
$otal "traddle 0n#o@ //.-/
* %ompulsory 0nput eld
"traddle
Result2ome
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*tion Stra55le SE33
NIFTY SE33 CE
Month ?une
Strike 8=!!
"uantity 4#!
$rice 6='(
)alue 4&8!
Inflo+,-s'. --34
In/0Margin 111 /-
Ma2 $rofit ,-s'. --34
Ma2 3oss ,-s'. Unlimit
3oss +ill start a9o/e ;!#
3oss +ill start 9elo+ 8%(
Ma2 $rofit 3e/el 8=!
Ma2 3oss 3e/el Unlimit
Scenario 7nalysis E2iry at #==(
Portfolio "ensitiity
5ifty "pot , %MP -4-./
5ifty (67,) %hange points /
!ays &8pired -
"ensitiity !ate /717-14
%urrent %all 0s Eune,4 :57A
%urrent Put 0s Eune,4 :57A
olatility %hange (67,) /
?ption Price ; Eune,4,%& :57A
?ption Price ; Eune,4,P& :57A
Portfolio P 2?M&
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SE33 $E
?une
8=!!
4#!
&68'8#
4%8;(&
e5
e5
4%(!&6'#
E2it -ules
7
9 0 0
8
0 0 0
8
1 0 0
8
2 0 0
8
3 0 0
8
4 0 0
8
5 0 0
8
6 0 0
8
7 0 0
8
8 0 0
8
9 0 0
9
0 0 0
9
1 0 0
9
2 0 0
9
3 0 0
-15000
-10000-5000
0
5000
10000
15000
20000
25000
P&L on Exir! P&L "Sensiti#it!$
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Nake5 otion
@henA
ee in Min5
Srea5s
@henA
ee in Min5
-atio
@henA
ee in Min5
Butterfly
@henA
ee in Min5
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Stra55le
@henA
ee in Min5
M7IN $7E
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Entry 0 E2it -ules
Bullish
)ie+ is Bullish +ith 3imite5 mo/ement in the Un5erlying'
Buy Stra55le
)ie+ is e2tremely /e an5 5ont +ant to limit the usi5earticiation'
Theta Decay +ill 9e high if /ie+ 5oesnt go right +ithin the5esire5 time frame timely EGIT is critical'
)ie+ is Bullish : +ants to re5uce some comonent of the initialoutflo+'
Usi5e $otnetial is 3imite5 ,till the Uer Strike.' $articiation+oul5 9e relati/ely less If there is fast mo/ement in theUn5erlying'
If the mo/ement in the un5erlying is fast to+ar5s the UerStrike the rofit otential +ill re5uce an5 EGIT aroun5 the
Uer Strike is critical to a/oi5 9ig losses'
HCE ButterflyH )ie+ is /e uto certain le/el,Mi55le Strike. an5you +ant to ha/e limite5 outflo+,3o+ risk.' I5eal to 5o +henI)S are high'
If there is e2treme mo/ement in the un5erlying in shorter sanof time results +ill /ary' The strike to 9e +ritten 0sol5,Mi55le Strike. shoul5 9e the target of un5erlying or E2it oint'E'g' If NIFTY sot is #6!! an5 /ie+ is #;!! then 9utterly +ill9e Buy #6!!CE %3ot Sell #;!!CE 3ots an5 9uy =%!!CE lot'
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)or Dis*'aimer + %ea, ain s.eet
@hen the /ie+ is of e2treme mo/ement on either si5e' It can9e on account of an e/ent , -BI $olicy FED olicy -esultSeason etc.' I5eally shoul5 9e a/oi5e5 in si5e+ays market
The strategy has unlimite5 usi5e otential' o+e/er if thereis no mo/ement after entering into the tra5e then theta 5ecay+ill 9e high : +ill +ork against the 9uyer '
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Bearish
)ie+ is Bearish +ith 3imite5 mo/ement in the Un5erlying'
Sell Stra55le
M7IN $7E
ST-7TEY $7E
)ie+ is e2tremely 4/e an5 5ont +ant to limit the 5o+nsi5earticiation'
Theta Decay +ill 9e high if /ie+ 5oesnt go right +ithin the5esire5 time frame timely EGIT is critical'
)ie+ is Bearish : +ants to re5uce some comonent of the initialoutflo+'
Do+nsi5e $otnetial is 3imite5 ,till the 3o+er Strike.'$articiation +oul5 9e relati/ely less If there is fast mo/ementin the Uner5erlying'
If the mo/ement in the un5erlying is fast to+ar5s the 3o+erStrike the rofit otential +ill re5uce an5 EGIT aroun5 the
3o+er Strike is critical to a/oi5 9ig losses'
$E Butterfly )ie+ is 4/e uto certain le/el,Mi55le strike. an5+ant to ha/e limite5 outflo+,lo+ -isk.'I5eal to 5o +hen I)S arehigh'
If there is e2treme mo/ement in the un5erlying in shorter sanof time results +ill /ary' The strike to 9e +ritten 0 sol5 ,Mi55leStrike. shoul5 9e the target of un5erlying or E2it oint' E'g' IfNIFTY sot is #6!! an5 /ie+ is ##!! then 9utterly +ill 9e Buy#6!!$E %3ot Sell #&!!$E 3ots an5 9uy #%!!$E % lot'
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@hen the /ie+ is si5e+ays or range9oun5 mo/ement'
The strategy has unlimite5 -isk otential +ith limite5 rofits,EJui/alent to Inflo+.' I5eally shoul5 9e 5one +hen I)Ks are high
ST-7TEY $7E
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