Expiry brief · Tuesday, 08 September 2026
What the NIFTY option chain is pricing today, in numbers a trader can act on: the straddle as the expected move, volatility, skew, and four structures priced live. Written by the server at fixed times, every trading day.
At the close · 15:35 IST
Taken 00:13 IST · LIVE
NIFTY is at 23,635.10, -0.61% on the day. The 23650 straddle for the 15 Sep expiry costs ₹259.85 (153.05 call + 106.80 put), which is the market pricing a one-standard-deviation move of about ±260 points, ±1.10%, over the 6.6 days to expiry. Read that as the expected range: 23,375 to 23,895. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 11.23 is in its ordinary range: premium is fairly priced, and the edge comes from structure and sizing rather than from volatility being mispriced. Skew is inverted (-1.6 IV points): calls are trading richer than puts, which usually means a chase for upside; call spreads carry the premium today.
Priced off this chain, an iron condor collects ₹4,137 a lot with a maximum loss of ₹2,363 and breakevens at 23,486 / 23,814. The short strangle underneath it collects ₹11,203 — ₹7,066 more — for a loss that has no ceiling. That difference is the price of sleeping through a gap; decide whether it is worth paying before the market decides for you.
On the other side, the long straddle costs ₹16,890 a lot and needs NIFTY beyond 23,390 or 23,910 at expiry to pay. It bleeds about ₹1,278 a day in time value right now. Buy it only if you expect the market to move more than it is charging for — and know why.
Elsewhere: BANKNIFTY 56,778 with a straddle of ₹1,303 (±2.29%, expiry 29 Sep); SENSEX 75,578 with a straddle of ₹561 (±0.74%, expiry 10 Sep).
Strategies priced off this chain · NIFTY · lot 65
| Structure · legs (per share) | Net / lot | Max profit | Max loss | Breakevens |
|---|---|---|---|---|
| Iron condor −1 23550 PE @ 71.00 · +1 23450 PE @ 45.70 · −1 23750 CE @ 101.35 · +1 23850 CE @ 63.00 | credit ₹4,137 | ₹4,137 | ₹2,363 | 23,486 / 23,814 |
| Short strangle −1 23750 CE @ 101.35 · −1 23550 PE @ 71.00 | credit ₹11,203 | ₹11,203 | unlimited | 23,378 / 23,922 |
| Long straddle +1 23650 CE @ 153.05 · +1 23650 PE @ 106.80 | debit ₹16,890 | unlimited | ₹16,890 | 23,390 / 23,910 |
| Bull call spread +1 23650 CE @ 153.05 · −1 23750 CE @ 101.35 | debit ₹3,360 | ₹3,140 | ₹3,360 | 23,702 |
Re-price any of these live in the builder →
BANKNIFTY and SENSEX
Why the straddle is the expected move — Finch, chapter 6 →
The expiry brief is generated by Finostat's server from its live option chains at fixed times and written up from templates; it is education and market description, not a recommendation. Prices are indicative and can be stale. Derivatives can lose more than you put in. Finostat is not a SEBI-registered adviser.