Analysis
Analysis has six tools for looking at the option chain and at pairs of stocks. Each tool is a tab.
Where to find it: left menu → MARKET → Analysis.
Most tabs have an index switch at the top: NIFTY, BANKNIFTY or SENSEX.
How fresh the numbers are. While the page is open and on screen, it asks for new numbers every 30 seconds. The server reuses a result for up to 2 minutes, so a figure can be up to 2 minutes old. If the data cannot be read, the tab shows a red message with Retry: that is not the same as “all clear”.
Pair Trading
Section titled “Pair Trading”Compares pairs of stocks from the same sector and shows when their price ratio has moved unusually far from its normal level.
- Pick a group: Top Pairs (the 15 most stretched pairs across all sectors), or one sector: Banking, IT, Auto, Pharma, Metal, Energy, FMCG or Financial.
- Pairs are sorted with the most stretched one at the top.
- The line above the table restates the rules, gives the time of the prices, and lists any stock with no data (no data: …).
| Column | What it shows |
|---|---|
| Stock A / Stock B | The two stocks. |
| Price A / Price B | Their current prices. |
| Chg A% / Chg B% | How much each moved today. |
| Z (ratio) | How far today’s price ratio of A to B is from its average over the last 60 completed trading days, in standard deviations. 0 is normal; ±2 is rare. |
| Corr | How closely the two stocks’ daily moves followed each other over those 60 days, from −1 to 1. |
| Signal | The rule (below). |
| Options | For SHORT_SPREAD and LONG_SPREAD rows only: the option pair the rule names, for example Buy ATM Put on A, Buy ATM Call on B. These rows are highlighted. |
The Signal rules:
| Signal | When |
|---|---|
| SHORT_SPREAD | Z is +2 or more and Corr is 0.6 or more: A is unusually expensive against B. |
| LONG_SPREAD | Z is −2 or less and Corr is 0.6 or more: A is unusually cheap against B. |
| LOW_CORR | Z is beyond ±2, but Corr is below 0.6: the two do not move together, so it is not treated as a pair. |
| WATCH | Z is beyond ±1.2 but not ±2. |
| NEUTRAL | Anything else. |
| NO_DATA | Fewer than 40 trading days of history for both stocks. |
| DATA_CHECK | Z is beyond ±8: almost certainly a data fault (a split, a bonus issue or a bad price), not an opportunity. |
Example: HDFCBANK vs ICICIBANK with Z +2.3 and Corr 0.82. Today HDFCBANK is unusually expensive against ICICIBANK compared with the last 60 days, and the two normally move together, so the rule reads SHORT_SPREAD.
Calendar Chain
Section titled “Calendar Chain”A calendar spread sells a near-expiry option and buys the same strike in a later expiry. This tab prices one at every strike, for calls and for puts.
The bar at the top shows the Near and Far expiries, with days to each and each one’s forward price (fwd), and the Lot Size.
Prices are the middle of the bid and ask where the feed has both. A side marked last uses the last traded price instead, which can be minutes old; mixed means one leg each way.
| Column | What it shows |
|---|---|
| Strike | The strike. The at-the-money one is marked ATM. |
| Debit / lot | What the spread costs for one lot, with the per-unit price in brackets. |
| IV F−N (pts) | Far-expiry IV minus near-expiry IV, in volatility points. Hover to see both. Green (0 or below) means the far option’s volatility is the cheaper one. |
| Θ ₹/day | What the spread gains (positive) or loses per day from time passing, for one lot. |
| Vega ₹/pt | What it gains if implied volatility rises by 1 point, for one lot. |
| Rating | One point for IV F−N at 0 or below, one for Θ above 0. Both: Strong. One: Neutral. None: Weak. Vega is not scored: it is positive at every strike. |
| Prem N / F | The near and far option prices. |
A strike reads not priceable when no volatility could be worked out for one leg. It also reads that when the far option is not dearer than the near one, which is a sign of a stale price.
Example: near 24,000 CE at ₹80, far 24,000 CE at ₹150, lot 65. The spread costs ₹70 per unit, ₹4,550 per lot.
Term Structure
Section titled “Term Structure”A line chart of at-the-money implied volatility for each expiry, against days to expiry. Each expiry is measured against its own forward price; hover a point for the expiry date, days and forward. It shows whether short-dated options are priced with more or less volatility than long-dated ones.
Example: the nearest expiry (3 days) shows 15%, the next (10 days) 13.5%, and the monthly (24 days) 13%. The line slopes down: the market expects more movement in the next few days than later, which often happens before an event. A line sloping up is the usual, calm shape.
IV Skew
Section titled “IV Skew”How implied volatility changes across strikes.
| Item | What it shows |
|---|---|
| ATM IV | Implied volatility at the money. |
| Skew Ratio (Put/Call) | Average out-of-the-money put IV ÷ average out-of-the-money call IV. Above 1 means puts are priced richer than calls. |
| Avg OTM Put IV / Avg OTM Call IV | The two averages, over strikes 3% to 8% out of the money for NIFTY (1.5% to 6.5% for the others), using only strikes that traded. |
| 2D Smile | Implied volatility across strikes for the nearest expiry: puts below the forward, calls above it (each side out of the money only). A gap means no volatility could be worked out at that strike. |
| 3D Surface | The same across strikes and days to expiry. Drag to turn it, scroll to zoom, hover for values. |
Example: Avg OTM Put IV 16.8% and Avg OTM Call IV 12.0% give a Skew Ratio of 1.4. Puts are priced much richer than calls: the market is paying more for protection against a fall than for a rise.
If a refresh fails, Refresh failed appears over the last chart.
Optimizer
Section titled “Optimizer”Builds standard option spreads for the view you choose and compares them.
- Pick the index.
- Pick a view: BULLISH, BEARISH, NEUTRAL or VOLATILE.
- Optionally type a target in Target (Enter) and press Enter. clear target removes it. With no target, the app uses the forward plus (bullish) or minus (bearish) one expected move, or the forward itself (neutral and volatile).
The cards at the top:
| Card | What it shows |
|---|---|
| Fwd (synthetic) | The index forward, worked out from the option prices. |
| ATM IV | At-the-money implied volatility. (default) means none could be worked out and 15% is used. |
| 1σ Expected Move | How far the index could move by expiry at one standard deviation. Example: forward 24,000, IV 12%, 7 days left: 24,000 × 0.12 × √(7 ÷ 365) ≈ ±399 points. |
| Target | The target price used. |
| DTE / Lot Size | Days to expiry, and units in one lot. |
The candidates are bull and bear call and put spreads, a long strangle, a call butterfly centred on the target and a 1σ iron condor. Only those that fit your view are shown, and only if their max loss is above zero and at most ₹50,000. If none fits, a message says so; the app does not show other views instead.
Each row shows NET CREDIT or NET DEBIT, BREAKEVEN (and its distance from the forward), MAX PROFIT, MAX LOSS, R:R, POP, P&L @ TARGET and EXP. P&L:
- POP (probability of profit) and the breakevens are at expiry, from today’s IV. POP is a model figure, not a measured win rate.
- EXP. P&L is the average P&L at expiry, if the index ends up spread around your target the way today’s ATM IV implies. The % of risk under it is that average divided by the max loss.
- Rows are ranked by that % of risk, best first, then by POP. Up to 10 are shown.
Alerts
Section titled “Alerts”Structural Market Alerts for the chosen index. Each alert has a type, a severity (HIGH, MEDIUM, LOW) and a message.
| Type | When it appears |
|---|---|
| MAX_PAIN | The index is within 0.3% of max pain. |
| IV_SPIKE | Implied volatility is more than 5 points above realised volatility, when both are measured (not assumed). |
| GAMMA_FLIP | Dealers are short gamma: the index is on the side of the gamma flip where their hedging tends to make moves bigger (see Gamma flip in Key terms). The message gives the distance to the flip. |
| BLOCK_TRADE | Open interest added today at one strike is more than 20,000 lots: calls (Resistance) or puts (Support). |
| SKEW_ALERT | OTM put IV is more than 1.5 × OTM call IV (HIGH), or OTM call IV is more than 1.2 × OTM put IV (MEDIUM). The same averages as the IV Skew tab. |
| PCR | The put-call ratio is above 1.5 or below 0.6. |
Example: NIFTY is 24,080 and max pain is 24,100: the index is 0.08% from it, inside 0.3%, so a MAX_PAIN alert appears. If 25,000 lots of puts were added today at 23,800, a BLOCK_TRADE alert names 23,800 as Support.
No structural alerts detected. means none of these rules is true right now.