Expiry brief · Friday, 13 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 | ||
|---|---|---|---|---|
| 19:00 | 🇺🇸 | high | Core PPI m/m | 0.3% |
| 19:00 | 🇺🇸 | high | PPI m/m | 0.4% |
Full week on the economic calendar →
At the open · 09:20 IST
Taken 09:20 IST · LIVE
NIFTY is at 25,112.45, -0.74% on the day. The 25100 straddle for the 17 Nov expiry costs ₹336.10 (172.00 call + 164.10 put), which is the market pricing a one-standard-deviation move of about ±336 points, ±1.34%, over the 4.3 days to expiry. Read that as the expected range: 24,776 to 25,449. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 16.32 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 (+1.7 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 ₹4,563 a lot with a maximum loss of ₹1,937 and breakevens at 24,930 / 25,270. The short strangle underneath it collects ₹15,948 — ₹11,385 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 ₹21,846 a lot and needs NIFTY beyond 24,764 or 25,436 at expiry to pay. It bleeds about ₹2,567 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.
Elsewhere: BANKNIFTY 60,942 with a straddle of ₹1,376 (±2.26%, expiry 23 Nov); SENSEX 81,419 with a straddle of ₹1,464 (±1.80%, expiry 19 Nov).
Strategies priced off this chain · NIFTY · lot 65
| Structure · legs (per share) | Net / lot | Max profit | Max loss | Breakevens |
|---|---|---|---|---|
| Iron condor −1 25000 PE @ 118.35 · +1 24900 PE @ 82.75 · −1 25200 CE @ 127.00 · +1 25300 CE @ 92.40 | credit ₹4,563 | ₹4,563 | ₹1,937 | 24,930 / 25,270 |
| Short strangle −1 25200 CE @ 127.00 · −1 25000 PE @ 118.35 | credit ₹15,948 | ₹15,948 | unlimited | 24,755 / 25,445 |
| Long straddle +1 25100 CE @ 172.00 · +1 25100 PE @ 164.10 | debit ₹21,846 | unlimited | ₹21,846 | 24,764 / 25,436 |
| Bull call spread +1 25100 CE @ 172.00 · −1 25200 CE @ 127.00 | debit ₹2,925 | ₹3,575 | ₹2,925 | 25,145 |
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.