पुट और कॉल ऑप्शन का इस्तेमाल कहां होता है?

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इक्‍विटी डेरिवेटिव ट्रेडिंग से जुड़े कई शब्द आसानी से समझ में नहीं आते हैं. ऑप्शन, कॉल और पुट भी ऐसे शब्दों में शामिल हैं. क्या है इनका मतलब और बाजार के संदर्भ में कैसे होता है इनका इस्तेमाल, यहां जानते हैं !

1. क्या हैं इक्विटी ऑप्शन?

दही आप खाते होंगे. इसके दाम दूध पर निर्भर करते हैं. दूध महंगा होगा तो दही के दाम भी बढ़ जाएंगे. ठीक इसी तरह इक्विटी ऑप्शन की वैल्यू निफ्टी और बैंक निफ्टी जैसे इंडेक्स पर निर्भर करती है. इन इंस्ट्रूमेंट के दो प्रकार होते हैं. कॉल और पुट ऑप्शन. आप इंडेक्स या किसी शेयर के कॉल और पुट में ट्रेड कर सकते हैं !

2. कॉल और पुट ऑप्शन क्या हैं? कॉल के खरीदार को एक तय तरीख और निश्चित मूल्य पर अंडरलाइंग (जिनकी कीमतों के घटने बढ़ने पर कॉल पर असर होगा) स्टॉक खरीदने का अधिकार मिलता है !

यह प्रीमियम चुकाकर खरीदे जाते हैं. यह कुल कीमत का एक हिस्सा होता है. इसी तरह पुट में खरीदार को शेयरों को बेचने का अधिकार मिलता है. कॉल बेचने वाले विक्रेता को खरीदार से प्रीमियम मिलता है. इसे कॉन्ट्रैक्ट के मूल्य पर खरीदार को शेयर देने होते हैं. इसी प्रकार पुट विक्रेता को शेयरों को बेचना होता है !

3. वास्तव में ये कैसे काम करते हैं?
मान लेते हैं कि 29 अप्रैल 2021 को ट्रेडर निफ्टी की 14300 की एक कॉल खरीदता है. इसकी मियाद 29 अप्रैल 2021 को खत्म होनी है. मान लीजिए कि कॉल के हर एक शेयर की कीमत 62 रुपये है !

एक कॉन्ट्रैक्ट में 75 शेयर होते हैं. मान लेते हैं कि 29 अप्रैल 2021 को निफ्टी 14500 रुपये पर बंद होता है. इस तरह 14300 की कॉल में 100 रुपये को 'इन द मनी' कहा जाएगा. इसमें कॉल बेचने वाला ट्रेडर को 100 रुपये के अनुपात में भुगतान करेगा. यानी ट्रेडर को 62 रुपये के हर शेयर पर 38 रुपये का फायदा होगा. यह कुल निवेश पर रिटर्न का 61 फीसदी है !

अब मान लेते हैं कि निफ्टी 14300 की बजाय 14200 पर बंद होता है. इस मामले में 14300 रुपये की कॉल में 100 रुपये को 'आउट ऑफ द मनी' कहेंगे. इसमें कॉल खरीदने वाला बिक्री करने वाले के हाथ पूरे के पूरे प्रीमियम (62 रुपये) की रकम गंवा देगा !

यही बात पुट के लिए भी लागू होती है. बस अंतर यह है कि इसमें निफ्टी के गिरने पर खरीदार को फायदा होगा. वहीं, निफ्टी के बढ़ने पर विक्रेता प्रीमियम को रख लेगा !

4. फ्यूचर से यह कैसे अलग है?

उहादरण में आपने देखा कि खरीदार का नुकसान दिए गए प्रीमियम तक सीमित होता है. लेकिन, कॉल और पुट के विक्रेता का नुकसान असीमित हो सकता है. व्यावहारिक रूप से कॉल और पुट के खरीदार को असीमित फायदा हो सकता है. फ्यूचर के मामले में खरीदार या विक्रेता के नफे-नुकसान की सीमा नहीं होती है !

NIFTY PREDICTION & OPTION CALLS FOR 17 DEC 2019

After hitting a new record high of 41185 points, Sensex ended 71 points lower at 40938 today. The Nifty, on the other hand, lost 26 points to 12060 points. In the opening session, Sensex had jumped over 175 points to a new record high of 41185 while Nifty Bank had also hit a new high. The Nifty index remained volatile and swung both ways between the level 12134 high  & 12046 low before ending lower at 12053 below 12100 mark. The Nifty has been struggling to clear the 12150–12200 zone. Looking at the chart of the Nifty, it can be construed that the index is trading in the 11900–12150 range, which is similar to the previous week. The short-term trend would be dented only on a breach of the 11900 mark.

TRADING TIPS FOR BEGININERS

Day Trading Strategies For Beginners

Day Trading Strategies For Beginners

When people use the term "day trading", they mean the act of buying and selling a stock within the same day. Day traders seek to make profits by leveraging large amounts of capital to take advantage of small price movements in highly liquid stocks or indexes. Here we look at some common day trading strategies that can be used by retail traders.

Entry Strategies
Certain stocks are ideal candidates for day trading. A typical day trader looks for two things in a stock: liquidity and volatility. Liquidity allows you to enter and exit a stock at a good price (i.e. tight spreads and low slippage). Volatility is simply a measure of the expected daily price range - the range in which a day trader operates. More volatility means greater profit or loss. (To learn more, see Day Trading: An Introduction or Forex Trading Walkthrough.)

Once you know what kinds of stocks you are looking for, you need to learn how to identify possible entry points. There are three tools you can use to do this:

Intraday Candlestick Charts - Candles provide a raw analysis of price action.

Level II Quotes/ECN - Level II and ECN provide a look at orders as they happen.

Real-Time News Service - News moves stocks. This tells you when news comes out.

We will look at the intraday candlestick charts and focus on the following three factors:

Candlestick Patterns - Engulfings and dojis

Technical Analysis - Trendlines and triangles

Volume - Increasing or decreasing volume

There are many candlestick setups that we can look for to find an entry point. If properly used, the doji reversal pattern 

First, we look for a volume spike, which will show us whether traders are supporting the price at this level. Note that this can be either on the doji candle, or on the candles immediately following it.

Second, we look for prior support at this price level. For example, the prior low of day (LOD) or high of day (HOD).

Finally, we look at the Level II situation, which will show us all the open orders and order sizes.

If we follow these three steps, we can determine whether the doji is likely to produce an actual turnaround, and we can take a position if the conditions are favorable. Typically, entry points are found using a combination of these three tools.

Finding a Target
Identifying a price target will depend largely on your trading style. Here is a brief overview of some common day trading strategies:

Strategy	Description
Scalping	Scalping is one of the most popular strategies, which involves selling almost immediately after a trade becomes profitable. Here the price target is obviously just after profitability is attained.
Fading	Fading involves shorting stocks after rapid moves upwards. This is based on the assumption that (1) they are overbought, (2) early buyers are ready to begin taking profits and (3) existing buyers may be scared out. Although risky, this strategy can be extremely rewarding. Here the price target is when buyers begin stepping in again.
Daily Pivots	This strategy involves profiting from a stock's daily volatility. This is done by attempting to buy at the low of the day (LOD) and sell at the high of the day (HOD). Here the price target is simply at the next sign of a reversal, using the same patterns as above.
Momentum	This strategy usually involves trading on news releases or finding strong trending moves supported by high volume. One type of momentum trader will buy on news releases and ride a trend until it exhibits signs of reversal. The other type will fade the price surge. Here the price target is when volume begins to decrease and bearish candles start appearing.

You can see that, although the entries in day trading strategies typically rely on the same tools used in normal trading, the exits are where the differences occur. In most cases, however, you will be looking to exit when there is decreased interest in the stock 

Determining a Stop-Loss
When you trade on margin, you are far more vulnerable to sharp price movements than regular traders. Therefore, using stop-losses is crucial when day trading. One strategy is to set two stop losses:

1. A physical stop-loss order placed at a certain price level that suits your risk tolerance. Essentially, this is the most you want to lose.
2. A mental stop-loss set at the point where your entry criteria are violated. This means that if the trade makes an unexpected turn, you'll immediately exit your position.

Retail day traders usually also have another rule: set a maximum loss per day that you can afford (both financially and mentally) to withstand. Whenever you hit this point, take the rest of the day off. Inexperienced traders often feel the need to make up losses before the day is over and end up taking unnecessary risks as a result. 

Evaluating and Tweaking Performance
Many people get into day trading expecting to make triple digit returns every year with minimal effort. In reality, many day traders lose money. However, by using a well-defined strategy that you are comfortable trading, you can improve your chances of beating the odds.

How do you evaluate performance? Most day traders evaluate performance not so much by a percentage of gain or loss, but rather by how closely they adhere to their individual strategies. In fact, it is far more important to follow your strategy closely than to try to chase profits. By keeping this mindset, you make it easier to identify where problems exist and how to solve them.

The Bottom Line
Day trading is a difficult skill to master. As a result, many of those who try it fail. But the techniques described above can help you create a profitable strategy and, with enough practice and consistent performance evaluation, you can greatly improve your chances of beating the odds.