--- title: "Why is my option premium not rising even though Nifty went" description: "An option premium moves with the index through delta, and it also loses value as time passes and moves with implied volatility." source_url: "https://www.rupeecase.com/learn/questions/why-premium-not-rising" --- A one percent rise can leave a bought call flat if volatility falls three points | Index move | Gain or loss, rupees | | --- | --- | | IV −3 | IV same | | −1% | −15,180 | −12,515 | | 0% | −9,180 | −6,192 | | +1% | −235 | +2,509 | | +2% | +11,318 | +13,394 | Green is profit and red is loss; deeper colour means a larger amount. The outlined cell is the starting point. A scenario, not a forecast: profit or loss on one bought call at the money, for one lot of 65 units, bought at the settle price on the 30 Jun 2026 chain on 10 Jun 2026 and valued after 10 days. Columns change implied volatility and rows move the index. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. The chart works through one call bought at the money on the 30 Jun 2026 chain, on 10 Jun 2026. It shows the profit or loss on that call after 10 days, for index moves from minus one to plus two percent, with volatility unchanged and with it down three points. Read the no move row first. With no index move and no volatility change, the call still loses value as time passes. Now read the row for a one percent rise. With volatility unchanged the call gains. With volatility down three points the gain is largely gone, and the value is close to flat. A rise in the index does not ensure a rise in the premium, because volatility is part of the same price. Three inputs do most of the work. Delta is the share of the index move that reaches the premium. Theta is the value lost each day as expiry nears. Vega is the sensitivity to implied volatility, and a fall in volatility can cancel a rise in the index. The Greeks calculator takes the same chain and shows each piece. Check the expiry date, the strike and the implied volatility on the same chain before you judge a premium. Then the number is one you can explain, rather than a surprise. The question on [Greeks](/learn/questions/what-are-option-greeks) covers each input in turn. **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](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) Why is my option premium not rising even though Nifty went up?An option premium moves with the index through delta, and it also loses value as time passes and moves with implied volatility, so a rise in Nifty can leave the premium flat or lower when volatility falls or time runs out. Check the expiry, the strike and implied volatility before you judge the move. LGo deeper ## Where Learn teaches this. [Go deeperFive things that move an option's price8 min, Beginner](/learn/path-14/module-14-5-what-moves-an-option-price)[Go deeperDelta: speed, hedge ratio and the probability shortcut8 min, Beginner](/learn/path-14/module-14-7-delta)[Go deeperTheta: the time decay curve into expiry7 min, Beginner](/learn/path-14/module-14-8-theta-time-decay)[Try itGreeks calculatorDelta to rho, and vanna to colour in expert mode, from one Black 76 engine.](/learn/tools/greeks-calculator) SSources ## Go to the source. 2 sources, NISM the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [NSE option chain page (the screen the school reads only as dated end of day files)](https://www.nseindia.com/option-chain) NSE 2. [NISM, Series VIII equity derivatives test objectives](https://www.nism.ac.in/revamp-nism/test-objectives-revised-nism-series-viii-equity-derivatives-certification-examination/) NISM ?Questions people ask ## Related questions. [QuestionWhat are option Greeks (Greeks kya hai)?Beginner](/learn/questions/what-are-option-greeks)[QuestionHow is an option price calculated?Intermediate](/learn/questions/how-option-price-is-calculated)[QuestionITM, ATM, OTM: what is intrinsic value and what is time value?Beginner](/learn/questions/itm-atm-otm-explained)[QuestionWhat is theta decay, and how fast is it on expiry day?Beginner](/learn/questions/theta-decay-on-expiry) [All 130 questions](/learn/questions/) Explore next ## Go deeper on this question. * [QuestionWhat is the Nifty lot size now, and why did it change?A short answer with a dated chart](/learn/questions/nifty-lot-size) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) * [GlossaryInvesting glossary, 230 termsPlain word definitions, and the app’s own](/learn/glossary) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.