On the 16 Jun 2026 expiry every strike out of the money at the close settled at zero
| Calls | Strike | Puts | ||
|---|---|---|---|---|
| Settle | OI | OI | Settle | |
| 289.15 | 6.1L | 23,700 | 70.6L | 0.00 |
| 239.15 | 3.1L | 23,750 | 66.3L | 0.00 |
| 189.15 | 11L | 23,800 | 83.1L | 0.00 |
| 139.15 | 15.5L | 23,850 | 82.9L | 0.00 |
| 89.15 | 55.3L | 23,900 | 1.97Cr | 0.00 |
| 39.15 | 82.2L | 23,950 | 3.08Cr | 0.00 |
| Spot 23,989.15 | ||||
| 0.00 | 3.97Cr | 24,000ATM | 1.87Cr | 10.85 |
| 0.00 | 1.1Cr | 24,050 | 22.9L | 60.85 |
| 0.00 | 96.3L | 24,100 | 12.2L | 110.85 |
| 0.00 | 72.2L | 24,150 | 2.2L | 160.85 |
| 0.00 | 86L | 24,200 | 3.5L | 210.85 |
| 0.00 | 48.3L | 24,250 | 70,200 | 260.85 |
| 0.00 | 74.4L | 24,300 | 1.4L | 310.85 |
Shaded cells are in the money. Outlined cells hold the most open interest among the strikes shown. OI is in units and volume is in contracts; L is lakh and Cr is crore.
Take the NIFTY weekly that expired on 16 Jun 2026. The chart is its chain at the close. The settle column is the final value of each strike, and the in the money strikes are shaded. Every out of the money strike settled at zero.
A hero zero trade buys a cheap option far from the index late in the session and hopes for a large move. The payoff is real: a cheap option can multiply in a short time, and it can also end at zero. An end of day chain shows only where things ended. It cannot say which options were cheap in the morning, or what they cost to buy, so it cannot score the trade either way. What decides it is expectancy, the average result across every such trade, after costs, with the losing days counted too.
The 9:20 straddle buys or sells both legs at the money soon after the open. The school's data is end of day, so it has no entry at 9:20 and no fill that comes with one. Any claim about that entry needs its own dated test, with the same counts.
SEBI's August 2026 study of individual F&O traders (FY25 and FY26) found that options made up 92% of individual losses. It also reported that more than half of index option turnover in FY26 came on expiry day itself. Expiry day is where the trading is, and options are where the losses are. That is not proof that a setup on expiry day works.
Before you trade. Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. Read the SEBI study