Expiry brief · Monday, 09 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.
At the open · 09:20 IST
Taken 09:20 IST · LIVE
NIFTY is at 24,921.10, -0.26% on the day. The 24900 straddle for the 09 Nov expiry costs ₹208.00 (111.55 call + 96.45 put), which is the market pricing a one-standard-deviation move of about ±208 points, ±0.83%, over the 0.3 days to expiry. Read that as the expected range: 24,713 to 25,129. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 17.95 is elevated: the market is paying up for protection, which is the environment in which defined-risk premium selling is best paid — and in which naked selling gets hurt. Skew is mild (+1.1 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 ₹3,455 a lot with a maximum loss of ₹3,045 and breakevens at 24,747 / 25,053. The short strangle underneath it collects ₹8,070 — ₹4,615 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 ₹13,520 a lot and needs NIFTY beyond 24,692 or 25,108 at expiry to pay. It bleeds about ₹26,188 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 25,100 — the strike writers are defending as resistance; the largest put open interest below sits at 24,500, the floor.
Strategies priced off this chain · NIFTY · lot 65
| Structure · legs (per share) | Net / lot | Max profit | Max loss | Breakevens |
|---|---|---|---|---|
| Iron condor −1 24800 PE @ 55.45 · +1 24700 PE @ 29.85 · −1 25000 CE @ 68.70 · +1 25100 CE @ 41.15 | credit ₹3,455 | ₹3,455 | ₹3,045 | 24,747 / 25,053 |
| Short strangle −1 25000 CE @ 68.70 · −1 24800 PE @ 55.45 | credit ₹8,070 | ₹8,070 | unlimited | 24,676 / 25,124 |
| Long straddle +1 24900 CE @ 111.55 · +1 24900 PE @ 96.45 | debit ₹13,520 | unlimited | ₹13,520 | 24,692 / 25,108 |
| Bull call spread +1 24900 CE @ 111.55 · −1 25000 CE @ 68.70 | debit ₹2,785 | ₹3,715 | ₹2,785 | 24,943 |
Re-price any of these live in the builder →
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.