Expiry brief · Thursday, 05 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 | ||
|---|---|---|---|---|
| 17:30 | 🇬🇧 | high | BOE Monetary Policy Report | |
| 17:30 | 🇬🇧 | high | Monetary Policy Summary | |
| 17:30 | 🇬🇧 | high | MPC Official Bank Rate Votes | 7-0-2 |
| 17:30 | 🇬🇧 | high | Official Bank Rate | 4.00% |
| 18:00 | 🇬🇧 | high | BOE Gov Bailey Speaks | |
| 19:00 | 🇺🇸 | medium | Unemployment Claims | 197K |
Full week on the economic calendar →
At the open · 09:20 IST
Taken 09:20 IST · LIVE
NIFTY is at 24,359.60, +1.67% on the day. The 24350 straddle for the 09 Nov expiry costs ₹306.55 (151.10 call + 155.45 put), which is the market pricing a one-standard-deviation move of about ±307 points, ±1.26%, over the 4.3 days to expiry. Read that as the expected range: 24,053 to 24,666. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 14.99 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 mild (+2.4 IV points): neither side of the chain is paying up, so structures can be built symmetric around spot.
Priced off this chain, an iron condor collects ₹4,322 a lot with a maximum loss of ₹2,178 and breakevens at 24,184 / 24,516. The short strangle underneath it collects ₹14,228 — ₹9,906 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 ₹19,926 a lot and needs NIFTY beyond 24,044 or 24,656 at expiry to pay. It bleeds about ₹2,343 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 24,500 — the strike writers are defending as resistance; the largest put open interest below sits at 23,900, the floor.
Elsewhere: BANKNIFTY 56,928 with a straddle of ₹1,362 (±2.39%, expiry 23 Nov); SENSEX 78,706 with a straddle of ₹541 (±0.69%, 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 24250 PE @ 109.90 · +1 24150 PE @ 75.30 · −1 24450 CE @ 109.00 · +1 24550 CE @ 77.10 | credit ₹4,322 | ₹4,322 | ₹2,178 | 24,184 / 24,516 |
| Short strangle −1 24450 CE @ 109.00 · −1 24250 PE @ 109.90 | credit ₹14,228 | ₹14,228 | unlimited | 24,031 / 24,669 |
| Long straddle +1 24350 CE @ 151.10 · +1 24350 PE @ 155.45 | debit ₹19,926 | unlimited | ₹19,926 | 24,044 / 24,656 |
| Bull call spread +1 24350 CE @ 151.10 · −1 24450 CE @ 109.00 | debit ₹2,736 | ₹3,764 | ₹2,736 | 24,392 |
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.