https://strategygyan.bulansarkar.com/ The reference library of trading and option strategies for the Indian market — every strategy with an original payoff diagram, its Greeks, its risks and worked NIFTY examples. en-in Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-call https://strategygyan.bulansarkar.com/strategies/long-call A Long Call is the purchase of a call option, giving the holder the right but not the obligation to buy the underlying at the strike. The loss is capped at the premium paid; the gain rises as the underlying climbs above the strike plus premium. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-put https://strategygyan.bulansarkar.com/strategies/long-put A Long Put is the purchase of a put option, giving the holder the right but not the obligation to sell the underlying at the strike. The loss is capped at the premium paid; the maximum gain is the strike minus the premium, reached only if the underlying falls to zero. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/married-put https://strategygyan.bulansarkar.com/strategies/married-put A Married Put is the simultaneous purchase of the underlying and a protective put on it, bought together as one planned position. The put caps the downside at the strike while leaving the upside open, in exchange for the premium paid for that protection. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/protective-put https://strategygyan.bulansarkar.com/strategies/protective-put A Protective Put is a put bought against an underlying already held, to insure existing holdings against a fall. The put caps the downside at its strike while the position keeps its upside, at the cost of the premium paid for the protection. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/synthetic-long-call https://strategygyan.bulansarkar.com/strategies/synthetic-long-call A Synthetic Long Call is a long position in the underlying combined with a long at-the-money put, a pairing whose payoff matches an ordinary long call. Put-call parity makes the two equivalent; the loss is capped near the put premium and the upside stays open. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/synthetic-long-put https://strategygyan.bulansarkar.com/strategies/synthetic-long-put A Synthetic Long Put is a short position in the underlying combined with a long at-the-money call, a pairing whose payoff matches an ordinary long put. Put-call parity makes them equivalent; the loss is capped near the call premium and the gain is finite, limited by the underlying reaching zero. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/covered-call https://strategygyan.bulansarkar.com/strategies/covered-call Covered Call is a long position in the underlying with a call sold against it: the premium lowers the cost of the holding and caps its upside at the strike, while the entire downside of the holding remains. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/cash-secured-put https://strategygyan.bulansarkar.com/strategies/cash-secured-put Cash-Secured Put is a short put backed by enough cash to buy the underlying at the strike if assigned: you collect a premium for accepting the obligation to buy, and the set-aside cash makes that purchase funded rather than forced. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/naked-put https://strategygyan.bulansarkar.com/strategies/naked-put Naked Put is a short put held on margin rather than against reserved cash: the payoff is identical to a cash-secured put, but because only margin is posted, an adverse move can trigger mark-to-market calls and a forced liquidation the trader cannot fund. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/naked-call https://strategygyan.bulansarkar.com/strategies/naked-call Naked Call is a short call with no underlying and no long call above it: the premium is the entire reward, while the loss is theoretically unlimited because the underlying can rise without bound. It appears here to complete the map, as an educational reference only. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/short-straddle https://strategygyan.bulansarkar.com/strategies/short-straddle Short Straddle sells a call and a put at the same strike, collecting both premiums to profit if the underlying barely moves: the combined credit is the maximum reward, while the short call leaves the loss theoretically unlimited on the upside. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/short-strangle https://strategygyan.bulansarkar.com/strategies/short-strangle Short Strangle sells an out-of-the-money call and an out-of-the-money put, collecting both premiums to profit if the underlying stays between the strikes: the credit is smaller than a straddle's but the profit band is wider, while the short call still leaves the upside loss unlimited. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/bull-call-spread https://strategygyan.bulansarkar.com/strategies/bull-call-spread A Bull Call Spread buys a lower-strike call and sells a higher-strike call of the same expiry for a net debit, giving a moderately bullish position whose maximum profit and maximum loss are both capped. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/bear-put-spread https://strategygyan.bulansarkar.com/strategies/bear-put-spread A Bear Put Spread buys a higher-strike put and sells a lower-strike put of the same expiry for a net debit, a moderately bearish position whose maximum profit and maximum loss are both fixed at entry. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/bull-put-spread https://strategygyan.bulansarkar.com/strategies/bull-put-spread A Bull Put Spread sells a higher-strike put and buys a lower-strike put of the same expiry for a net credit, a moderately bullish position that keeps the credit if the underlying holds above the short strike. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/bear-call-spread https://strategygyan.bulansarkar.com/strategies/bear-call-spread A Bear Call Spread sells a lower-strike call and buys a higher-strike call of the same expiry for a net credit, a moderately bearish position that keeps the credit if the underlying stays below the short strike. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/call-ratio-spread https://strategygyan.bulansarkar.com/strategies/call-ratio-spread A Call Ratio Spread buys one call and sells two higher-strike calls of the same expiry, usually for a net credit; because it is net short one call, the loss above the short strikes is genuinely unlimited. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/put-ratio-spread https://strategygyan.bulansarkar.com/strategies/put-ratio-spread A Put Ratio Spread buys one put and sells two lower-strike puts of the same expiry, usually for a net credit; because it is net short one put, the worst case is a large but finite loss if the underlying collapses toward zero. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/back-ratio-spread https://strategygyan.bulansarkar.com/strategies/back-ratio-spread A Call Ratio Backspread sells one lower-strike call and buys two higher-strike calls of the same expiry; being net long one call, its risk is defined and its profit on a strong rally is unlimited. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/calendar-spread https://strategygyan.bulansarkar.com/strategies/calendar-spread A Calendar Spread sells a near-dated option and buys a longer-dated option at the same strike for a net debit, profiting when time decays the short leg faster than the long leg while the underlying sits near the strike. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/diagonal-spread https://strategygyan.bulansarkar.com/strategies/diagonal-spread A Diagonal Spread sells a near-dated option and buys a longer-dated option at a different strike, combining the time-decay edge of a calendar with the directional lean of a vertical, for a net debit and defined risk. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/vertical-spread https://strategygyan.bulansarkar.com/strategies/vertical-spread A Vertical Spread combines a long and a short option of the same type and expiry but different strikes; the shared expiry and the strike width together fix both the maximum profit and the maximum loss. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/horizontal-spread https://strategygyan.bulansarkar.com/strategies/horizontal-spread A Horizontal Spread, the taxonomic name for a calendar, pairs two options of the same strike and type whose expiries differ along the time axis of the option chain, for a net debit and defined risk. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/iron-condor https://strategygyan.bulansarkar.com/strategies/iron-condor An Iron Condor is a defined-risk neutral strategy that sells an out-of-the-money put spread and an out-of-the-money call spread, collecting a net credit that is kept in full if the underlying settles between the two short strikes. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/iron-butterfly https://strategygyan.bulansarkar.com/strategies/iron-butterfly An Iron Butterfly is a defined-risk neutral strategy that sells an at-the-money put and call on one strike and buys wings above and below, collecting a large credit kept in full only if the underlying settles at the centre strike. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-butterfly https://strategygyan.bulansarkar.com/strategies/long-butterfly A Long Butterfly is a defined-risk neutral strategy of three equally spaced call strikes — buy one lower, sell two middle, buy one higher — for a small debit that pays a large multiple only if the underlying settles at the middle strike. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/short-butterfly https://strategygyan.bulansarkar.com/strategies/short-butterfly A Short Butterfly is a defined-risk, three-strike call strategy that collects a small credit kept only if the underlying finishes away from the middle strike, and takes its capped maximum loss if price pins the centre. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-condor https://strategygyan.bulansarkar.com/strategies/long-condor A Long Condor is a defined-risk neutral strategy built from four call strikes for a debit, paying a flat maximum across the range between its two inner strikes rather than at a single point — a wider, gentler cousin of the long butterfly. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/short-condor https://strategygyan.bulansarkar.com/strategies/short-condor A Short Condor is a defined-risk strategy of four call strikes that collects a small credit kept only if the underlying finishes outside the range, and loses its capped maximum if price settles between the two inner strikes. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/christmas-tree-spread https://strategygyan.bulansarkar.com/strategies/christmas-tree-spread A Christmas Tree Spread is a defined-risk, mildly bullish strategy built from calls in a 1×3×2 ratio — buy one lower, sell three middle, buy two higher — so the two upper longs offset the three shorts and cap the risk. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/box-spread https://strategygyan.bulansarkar.com/strategies/box-spread A Box Spread combines a bull call spread and a bear put spread on the same two strikes so the payoff is fixed at the strike distance whatever the underlying does, making it a synthetic loan whose only return is an implied interest rate. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/jade-lizard https://strategygyan.bulansarkar.com/strategies/jade-lizard A Jade Lizard is a neutral-to-bullish strategy that sells an out-of-the-money put and an out-of-the-money call spread, structured so the total credit exceeds the width of the call spread, which removes all risk above the market and leaves the only risk on the unhedged downside. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/broken-wing-butterfly https://strategygyan.bulansarkar.com/strategies/broken-wing-butterfly A Broken Wing Butterfly is a defined-risk butterfly with deliberately unequal wing widths, skewed so the structure costs almost nothing and the loss is small on one side and larger on the other, moving risk toward the direction the trader considers less likely. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-straddle https://strategygyan.bulansarkar.com/strategies/long-straddle Long Straddle buys an at-the-money call and an at-the-money put on the same strike and expiry, so it profits from a large move in either direction, and loses the whole premium if the underlying sits still. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-strangle https://strategygyan.bulansarkar.com/strategies/long-strangle Long Strangle buys an out-of-the-money call and an out-of-the-money put, so it costs less than a straddle but needs a larger move to break even and loses the whole premium across a wide dead zone in between. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/reverse-iron-condor https://strategygyan.bulansarkar.com/strategies/reverse-iron-condor Reverse Iron Condor is a four-leg long-volatility structure — an iron condor with every leg reversed — that pays a capped profit when the underlying makes a large move in either direction, and loses its net debit if it stays range-bound. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/long-calendar https://strategygyan.bulansarkar.com/strategies/long-calendar Long Calendar Spread sells a near-dated option and buys a far-dated option at the same strike, profiting from the faster decay of the near leg while remaining long volatility — but it collapses if the underlying moves far from the strike. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/double-calendar https://strategygyan.bulansarkar.com/strategies/double-calendar Double Calendar Spread places two calendars at different strikes — one below spot, one above — widening the single calendar's tent into a profit plateau, at the cost of a larger debit and a maximum loss that can exceed that debit. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/trend-following https://strategygyan.bulansarkar.com/strategies/trend-following Trend Following is a futures approach that assumes returns are autocorrelated — that a move already underway is more likely to continue than to reverse — so it holds long in rising markets and short in falling ones until the trend turns. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/breakout https://strategygyan.bulansarkar.com/strategies/breakout Breakout Trading is a futures approach that assumes volatility clusters — that a period of contraction is followed by expansion — so it takes a position in the direction price moves as it clears a defined range, accepting that most such breaks fail. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/pullback https://strategygyan.bulansarkar.com/strategies/pullback Pullback Trading is a futures approach that assumes an established trend persists through a temporary counter-move, so it enters in the trend's direction during that dip, accepting that a pullback and a full reversal look identical until after the fact. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/mean-reversion https://strategygyan.bulansarkar.com/strategies/mean-reversion Mean Reversion is a futures approach that assumes returns are negatively autocorrelated — that a market stretched away from its average tends to snap back — so it fades the extreme, winning often but risking rare catastrophic losses when the move keeps going. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/momentum https://strategygyan.bulansarkar.com/strategies/momentum Momentum Trading is a futures approach that buys instruments with strong recent returns and often shorts weak ones, betting that relative performance persists — a bet distinct from trend following, which trades a single instrument's own past direction. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/range-trading https://strategygyan.bulansarkar.com/strategies/range-trading Range Trading is a futures approach that assumes a market stays within an identified band, so it buys near the floor and sells near the ceiling — winning often while the range holds, but exposed to the one break that eventually ends every range. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/gap-trading https://strategygyan.bulansarkar.com/strategies/gap-trading Gap Trading is a futures approach that positions around an opening gap, betting either that price fills back toward the prior close or continues in the gap's direction — a classification that can only be judged before the day resolves, which is the entire difficulty. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/pair-trading https://strategygyan.bulansarkar.com/strategies/pair-trading Pair Trading is a futures approach that goes long one instrument and short a correlated other, aiming to profit from the spread between them reverting to normal — a relative-value bet whose central risk is that the relationship breaks when most needed. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/weekly-expiry https://strategygyan.bulansarkar.com/strategies/weekly-expiry Weekly Expiry refers to index option contracts that expire within days rather than a month, carrying less total time value but much higher theta and gamma per day, which concentrates both decay and risk into a short window. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/monthly-expiry https://strategygyan.bulansarkar.com/strategies/monthly-expiry Monthly Expiry refers to index and stock option and futures contracts that expire at month-end, carrying more total time value, slower per-day decay, deeper far-strike liquidity, and the rollover flows on which positional structures and calendars are built. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/zero-dte-concepts https://strategygyan.bulansarkar.com/strategies/zero-dte-concepts Zero Days to Expiry concepts describe the day a contract expires, when at-the-money gamma reaches its maximum and delta becomes a step function, so a small index move can flip an option's value entirely while almost no time value remains to compensate a seller. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/expiry-day-neutral https://strategygyan.bulansarkar.com/strategies/expiry-day-neutral Expiry Day Neutral Approaches are neutral option structures placed near the settlement zone on expiry, where the theta collected is a fraction of a monthly's while the gamma carried is many times larger, so a small move dominates the position. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/expiry-day-volatility https://strategygyan.bulansarkar.com/strategies/expiry-day-volatility Expiry Day Volatility concepts describe how realised and implied volatility behave on the final day — measured intraday volatility often rising into the settlement window while quoted implied volatility becomes unstable and near-meaningless as the pricing model divides by a time to expiry rounding to zero. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/strategies/theta-harvest https://strategygyan.bulansarkar.com/strategies/theta-harvest Theta Harvest concepts describe collecting option time decay through short-premium positions, and the honest accounting behind it — theta is not income but compensation for carrying gamma and vega risk, earned every quiet day and paid back, with more, on the day the underlying moves. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/iron-condor-vs-iron-butterfly https://strategygyan.bulansarkar.com/compare/iron-condor-vs-iron-butterfly An Iron Condor sells a call spread and a put spread around a price range, so its profit is a plateau. An Iron Butterfly sells the call and put at the same strike, collecting far more credit but peaking at a single point. The choice turns on whether you expect a pin or a zone. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/straddle-vs-strangle https://strategygyan.bulansarkar.com/compare/straddle-vs-strangle A Long Straddle buys the call and put at the same at-the-money strike; a Long Strangle buys separated out-of-the-money strikes. The straddle costs more (₹746 vs ₹416) but needs a smaller move; the strangle is cheaper with a wider dead zone. The choice turns on move size versus price paid. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/bull-call-vs-bull-put https://strategygyan.bulansarkar.com/compare/bull-call-vs-bull-put A Bull Call Spread is a debit — you pay ₹162, and time and falling volatility work against you. A Bull Put Spread is a credit — you receive ₹98, and both work for you. The payoff shape is identical; the choice turns on your view of time and volatility, not on cash flow. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/covered-call-vs-cash-secured-put https://strategygyan.bulansarkar.com/compare/covered-call-vs-cash-secured-put A Covered Call is long stock plus a short call; a Cash-Secured Put is a short put backed by cash. Put-call parity makes their payoffs the same — both cap the upside and carry loss to zero. The choice turns on capital, dividends, tax and carry, not on which is income; both are short-put risk. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/calendar-vs-diagonal https://strategygyan.bulansarkar.com/compare/calendar-vs-diagonal A Calendar Spread sells and buys the same strike in two expiries; a Diagonal Spread uses different strikes across two expiries, adding a directional lean. Both are defined risk and long vega. The choice turns on whether you want a pure bet on time and volatility, or that bet tilted directionally. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/debit-spread-vs-credit-spread https://strategygyan.bulansarkar.com/compare/debit-spread-vs-credit-spread A Debit Spread and a Credit Spread at the same strikes on opposite sides are near mirror images: width minus debit equals credit, before costs. Here each is ₹162. Neither keeps a free premium. The choice turns on vega, theta, margin and assignment — not cash-flow direction. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/buying-vs-selling-options https://strategygyan.bulansarkar.com/compare/buying-vs-selling-options Buying an option carries defined risk — the long call loses at most its ₹437 premium — with unlimited upside. Selling a naked call caps profit at ₹275 and carries genuinely infinite loss. Buyers lose often and small; sellers win often, then can lose catastrophically. The choice turns on which asymmetry you can bear. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/compare/defined-vs-undefined-risk https://strategygyan.bulansarkar.com/compare/defined-vs-undefined-risk A Defined-risk position has its maximum loss capped by its own structure — a long leg caps a short one, so the payoff stops falling toward zero and toward infinity. An Undefined-risk position is capped only by the underlying reaching zero, or by nothing. The distinction is structural, not size. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/position-sizing https://strategygyan.bulansarkar.com/risk/position-sizing Position sizing is the rule that fixes how many lots to trade so that a losing trade costs a pre-chosen fraction of the account. It converts a risk budget in rupees into a whole number of lots, and it dominates outcomes on leveraged instruments. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/risk-of-ruin https://strategygyan.bulansarkar.com/risk/risk-of-ruin Risk of ruin is the probability that cumulative losses reduce capital below a threshold at which the account can no longer continue, before any long-run edge can express itself. It is a property of the path, not the average, so a positive-expectancy strategy can still ruin the trader. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/maximum-drawdown https://strategygyan.bulansarkar.com/risk/maximum-drawdown Maximum drawdown is the largest peak-to-trough decline in account equity over a period, expressed as a percentage of the peak. Its defining feature is recovery asymmetry: a loss requires a proportionally larger gain to undo, so a 50% drawdown needs a 100% gain just to break even. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/capital-allocation https://strategygyan.bulansarkar.com/risk/capital-allocation Capital allocation is the division of a finite account across strategies, instruments and time horizons. The institutional standard is to allocate by risk contribution rather than by rupees deployed, because margin used and risk taken are not proportional, and to reserve headroom for intraday margin expansion. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/diversification https://strategygyan.bulansarkar.com/risk/diversification Diversification is the reduction of portfolio variance achieved by combining imperfectly correlated positions. It reduces idiosyncratic risk — the part specific to each position — but not systematic risk, and correlations rise toward one in a crash, precisely when the protection is most needed. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/trade-management https://strategygyan.bulansarkar.com/risk/trade-management Trade management is the set of decisions taken after a position is opened and before it is closed. It concerns mark-to-market versus realised profit and loss, portfolio-level Greeks, margin behaviour through the life of the trade, and the discipline of separating risk management from re-litigating the entry view. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/rolling-positions https://strategygyan.bulansarkar.com/risk/rolling-positions Rolling is closing an existing option leg and simultaneously opening a further-dated or different-strike leg as a single transaction. Rolling a losing position for a credit converts a realised loss into a larger unrealised risk; it is a new trade adjacent to the old one, not a repair of it. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/adjustments https://strategygyan.bulansarkar.com/risk/adjustments Adjustments are changes made to a multi-leg option position when the market tests it — adding a leg, converting a strangle to an iron condor, or rolling the untested side. Every adjustment adds risk, cost, or both; it is a decision about risk, not a way to rescue a view. Thu, 09 Jul 2026 12:35:07 GMT https://strategygyan.bulansarkar.com/risk/exit-planning https://strategygyan.bulansarkar.com/risk/exit-planning Exit planning is defining a trade's exits — profit target, time limit, and loss response — before entry. Pre-committing matters because a stop on an option is an instruction, not a guarantee, and because the decision is worst made in the moment; the plan removes it from that moment. Thu, 09 Jul 2026 12:35:07 GMT