Option Strategies

Option Strategies is a strategy builder on top of a replayable option chain. Build a multi-leg position, see its payoff, greeks and margin, then step through a past session bar by bar to watch how it would have behaved.

Module
Option Strategies
How to open
Add Widget ▸ Options Trading ▸ Option Strategies
Data source
TrueData historical option chain (1-minute bars)
Saved in workspace
Yes
Option Strategies with a historical NIFTY option chain on the left and a Bull Call Spread payoff chart and legs on the right
A Bull Call Spread on NIFTY: the chain on the left, the strategy overview, payoff and legs on the right.

Loading a session

  1. 1
    Search an underlying

    Search and select the underlying, then choose the expiry and how many strikes to show around the money.

  2. 2
    Choose the session

    Under Replay session, pick a date or use Previous / Next trading day. Market holidays have no data and show an empty chain.

  3. 3
    Choose the bar interval

    1m, 5m or 15m.

Replay controls

ControlWhat it does
Session open / Session closeJump to the first or last bar.
15 minutes back / forwardJump by 15 minutes.
Previous bar / Next barStep one bar.
Play replayPlay forward automatically at the Playback speed.
Session progressDrag to any time in the session.

The chain, the payoff and every figure update to the bar you are on.

The historical option chain

Calls on the left, puts on the right, strikes in the centre, each with OI, LTP and an Analysis tag. Hover an LTP cell for its actions: add a buy leg, add a sell leg, open the contract's chart, or add it to a watchlist.

Building a strategy

Add legs from the chain, or use Quick build:

  1. Choose a view — Bullish, Bearish, Neutral or Others.
  2. Choose a strategy. The bullish list, for example, includes Buy Call, Sell Put, Bull Call Spread, Bull Put Spread, Call Ratio Back Spread, Long Calendar with Calls, Bull Condor, Bull Butterfly, Range Forward and Long Synthetic Future.
  3. Set the Width (strike spacing between legs) and press Add strategy.

Each leg can then be edited: Side (buy/sell), Type (call/put), Strike, Lots and Entry price. Save basket keeps the set of legs; Clear removes them.

Strategy overview

FigureMeaning
Total P&LProfit or loss at the current replay bar.
ProbabilityEstimated probability of profit.
Max profit / Max lossThe best and worst outcome at expiry.
Net debit / creditPremium paid or received to open the position.
Capital requiredEstimated margin, with the SPAN and exposure split beneath.
Risk/reward, BreakevenShown on the line below the cards.

Analysis tabs

TabShows
PayoffProfit and loss across underlying prices, with the projection for the selected day. Use the Target chips (−1% … +1%) and the Days ahead slider to move the scenario.
MTMMark-to-market P&L through the session.
PremiumNet premium of the position through the session.
OI / OI ΔOpen interest of the legs and its change.
Δ Delta, Γ Gamma, Θ Theta/day, V Vega, R RhoThe position's greeks through the session.
IVImplied volatility of the legs.
The Delta tab showing position delta through the session
Δ Delta
The Theta tab showing theta per day through the session
Θ Theta/day

Backtester

Backtest opens a rule-based backtest of the strategy over a date range. Set the legs relative to ATM, the Entry and Square-off times, the bar Interval, the From / To dates, optional per-leg and MTM stop-loss and target, trailing, Re-entry, and costs (Brkg ₹ and Slip %), then press Run Backtest. Results show net P&L, win rate, profit factor, expectancy per day, maximum drawdown, Sharpe, days traded and costs paid, with an equity curve, daily P&L and a per-day table. Trades CSV downloads the trades.

Warning

Days for which the historical contracts cannot be loaded are skipped and listed with the reason, and are excluded from every statistic. Check the number of days actually traded before reading the results.