Expiry brief · Tuesday, 03 November 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.
Scheduled today
| IST | RELEASE | ACTUAL / FCST | ||
|---|---|---|---|---|
| 05:30 | 🇯🇵 | holiday | Bank Holiday | |
| 09:00 | 🇦🇺 | high | Cash Rate | 4.85% |
| 09:00 | 🇦🇺 | high | RBA Monetary Policy Statement | |
| 09:00 | 🇦🇺 | high | RBA Rate Statement | |
| 10:00 | 🇦🇺 | high | RBA Press Conference | |
| 20:30 | 🇺🇸 | medium | JOLTS Job Openings | 7.15M |
| 20:46 | 🇺🇸 | high | Congressional Elections |
Full week on the economic calendar →
At the open · 09:20 IST
Taken 09:20 IST · LIVE
NIFTY is at 23,582.65, +0.61% on the day. The 23600 straddle for the 03 Nov expiry costs ₹134.30 (47.80 call + 86.50 put), which is the market pricing a one-standard-deviation move of about ±134 points, ±0.57%, over the 0.3 days to expiry. Read that as the expected range: 23,448 to 23,717. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 15.81 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 steep (+6.1 IV points, puts over calls two strikes out): the crowd is paying for downside, so put spreads are richer to sell than call spreads.
Priced off this chain, an iron condor collects ₹2,343 a lot with a maximum loss of ₹4,157 and breakevens at 23,464 / 23,736. The short strangle underneath it collects ₹3,790 — ₹1,447 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 ₹8,730 a lot and needs NIFTY beyond 23,466 or 23,734 at expiry to pay. It bleeds about ₹16,825 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.
Open interest across the loaded strikes: the largest call open interest above spot sits at 24,000 — the strike writers are defending as resistance; the largest put open interest below sits at 23,200, the floor.
Elsewhere: BANKNIFTY 55,316 with a straddle of ₹1,499 (±2.71%, expiry 23 Nov); SENSEX 76,311 with a straddle of ₹888 (±1.16%, expiry 05 Nov).
Strategies priced off this chain · NIFTY · lot 65
| Structure · legs (per share) | Net / lot | Max profit | Max loss | Breakevens |
|---|---|---|---|---|
| Iron condor −1 23500 PE @ 39.80 · +1 23400 PE @ 16.25 · −1 23700 CE @ 18.50 · +1 23800 CE @ 6.00 | credit ₹2,343 | ₹2,343 | ₹4,157 | 23,464 / 23,736 |
| Short strangle −1 23700 CE @ 18.50 · −1 23500 PE @ 39.80 | credit ₹3,790 | ₹3,790 | unlimited | 23,442 / 23,758 |
| Long straddle +1 23600 CE @ 47.80 · +1 23600 PE @ 86.50 | debit ₹8,730 | unlimited | ₹8,730 | 23,466 / 23,734 |
| Bull call spread +1 23600 CE @ 47.80 · −1 23700 CE @ 18.50 | debit ₹1,904 | ₹4,596 | ₹1,904 | 23,629 |
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.