Expiry brief · Thursday, 12 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 | ||
|---|---|---|---|---|
| 12:30 | 🇬🇧 | high | GDP m/m | 0.0% |
| 16:00 | 🇮🇳 | high | CPI y/y (inflation) | |
| 16:00 | 🇮🇳 | medium | Industrial Production (IIP) y/y | |
| 19:00 | 🇺🇸 | medium | Unemployment Claims | 194K |
Full week on the economic calendar →
At the open · 09:20 IST
Taken 09:20 IST · LIVE
NIFTY is at 25,308.25, +0.21% on the day. The 25300 straddle for the 17 Nov expiry costs ₹428.20 (219.00 call + 209.20 put), which is the market pricing a one-standard-deviation move of about ±428 points, ±1.69%, over the 5.3 days to expiry. Read that as the expected range: 24,880 to 25,736. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 16.91 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 (+1.5 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 ₹5,047 a lot with a maximum loss of ₹1,453 and breakevens at 25,122 / 25,478. The short strangle underneath it collects ₹21,863 — ₹16,816 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 ₹27,833 a lot and needs NIFTY beyond 24,872 or 25,728 at expiry to pay. It bleeds about ₹2,649 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 25,500 — the strike writers are defending as resistance; the largest put open interest below sits at 25,000, the floor.
Strategies priced off this chain · NIFTY · lot 65
| Structure · legs (per share) | Net / lot | Max profit | Max loss | Breakevens |
|---|---|---|---|---|
| Iron condor −1 25200 PE @ 163.00 · +1 25100 PE @ 123.00 · −1 25400 CE @ 173.35 · +1 25500 CE @ 135.70 | credit ₹5,047 | ₹5,047 | ₹1,453 | 25,122 / 25,478 |
| Short strangle −1 25400 CE @ 173.35 · −1 25200 PE @ 163.00 | credit ₹21,863 | ₹21,863 | unlimited | 24,864 / 25,736 |
| Long straddle +1 25300 CE @ 219.00 · +1 25300 PE @ 209.20 | debit ₹27,833 | unlimited | ₹27,833 | 24,872 / 25,728 |
| Bull call spread +1 25300 CE @ 219.00 · −1 25400 CE @ 173.35 | debit ₹2,967 | ₹3,533 | ₹2,967 | 25,346 |
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.