Most lessons here hand you the controls: a real option chain, a session we recorded minute by minute, and the arithmetic running live as you change it. You are not shown a worked example — you work it.
Start on the right. It takes about ten seconds and it teaches you what an option is actually worth.
Three calls expired on this session. Drag the closing level and watch what each one is worth.
Real prices. Read from 7,896 per-strike snapshots taken one a minute across that session. The real close was 23,329.
An option settles at the distance between the close and its strike, or at nothing. Nobody told you that — you watched a contract cross its strike and come alive, and another one die. Lesson 01 does it properly, with all nine strikes and the put side too.
Every one built the same way: a claim, checked against a session we recorded.
Each opens with a plain answer, then does its own job. The format is marked on every lesson so you know what you are getting before you click.
The short explanation, written once and correct for ever. Deliberately brief.
e.g. MoneynessYou build the position on a chain that traded, and the session settles it against you.
e.g. Iron condorOne dated session replayed, with the concept pulled out of what happened.
e.g. The 29-point missA textbook claim tested against our own recorded expiries — method and sample shown.
e.g. Does max pain pull price?A calculator that answers your numbers instead of ours.
e.g. Greeks calculatorEach answer states a figure and names the session it was measured in, so you can check it rather than take it.
The gap between the closing level and the strike, or nothing if the strike is higher. On 22 September 2026 NIFTY closed at 23,329 and the 23,300 call settled at ₹29.00 — the 29 points exactly.
NIFTY weekly expiry, 22 Sep 2026 · Option basics → What a call option is worth
Yes. The NIFTY 23,200 call finished 129 points in the money on that expiry and settled at ₹128.80 against ₹282.80 paid at the open — a 54% loss. Moneyness describes the strike against the close; profit depends on the premium.
NIFTY weekly expiry, 22 Sep 2026 · Option basics → Moneyness
Time value falls with the square root of the time remaining, so decay accelerates into expiry. A NIFTY 23,350 call six days out carried a theta of −₹13.27 a day against a ₹150.00 premium — about 8.8% of the contract per day.
Solved from the traded premium, 23 Sep 2026 · The Greeks → Theta and time decay
Delta holds everything but the index still. On 23 September 2026 a NIFTY call with delta 0.542 gained ₹18.30 on an 89-point rise, against ₹48.32 from delta alone — implied volatility fell 2.93 points and vega removed roughly ₹34.80.
NIFTY 23,350 CE, 23 Sep 2026 · The Greeks → When the Greeks disagree
Over the 30 sessions to 23 September 2026, NIFTY realised 7.01% annualised while implied read about 11% and India VIX 11.00. Whether that gap persists is a question our archive is not yet deep enough to answer.
^NSEI daily closes · NSE India VIX · Volatility → Historical against implied
On the 22 September 2026 chain the NIFTY 23,300/23,400/23,500/23,600 condor collected ₹41.50 against a maximum loss of ₹58.50, with breakevens at 23,359 and 23,542. The index closed at 23,329 and it lost ₹29.30.
NIFTY weekly expiry, 22 Sep 2026 · Strategies → Iron condor
Widely claimed and rarely tested. Our per-minute archive currently covers one NIFTY expiry, on which max pain read 23,450 and the index settled at 23,329 — 121 points away. One expiry cannot answer the question, so we publish the method rather than a conclusion.
MarketCue option-chain archive · Positioning → Does max pain pull price?
An exercised in-the-money option is charged on the contract's settlement value rather than on the premium. The rate is lower than on a sale but the base is far larger, so on a barely in-the-money contract the charge can exceed the gain.
Securities Transaction Act charge structure · Mechanics → STT on exercised options
Written and maintained by MarketCue research
Every price on these pages was traded on the exchange and is read from our own option-chain capture, which records the NIFTY and SENSEX chains once a minute through the session. Each page names the session its figures come from.
Figures that a model produced rather than the market — the Greeks, implied volatility — are labelled as model outputs wherever they appear, and never presented beside traded prices without saying which is which. The pricing is checked against published reference values on every change.
Where our own data cannot support a claim, the page says so instead of generalising. MarketCue is not a registered investment adviser, research analyst or broker under SEBI regulations.