Payoff builder: an option position on a dated Nifty chain, leg by leg.
Pick a dated NSE example and a strategy, or build the legs yourself. The builder draws the payoff at expiry and before it from the Black 76 engine the lessons use, with the breakevens, the maximum profit and loss, the Greeks of the position and the statutory charges.
32 dated chains
19 strategies
No orders, no login
A calm June Wednesday and the main worked example: NIFTY moved only 0.12 percent (to 23,214.95) and India VIX edged up 0.06 points to 15.63.
Side
Leg
Strike
Lots
Premium
Buy
Call, 30 Jun 2026
23,250
1
321.65
Sell
Call, 30 Jun 2026
23,450
1
226.65
The payoff of a bull call spread, at expiry and before it
Buy the 23,250 call, sell the 23,450 call, one lot each, at the settlement prices of 10 Jun 2026. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026.
Premium paidRs 6,175
Max profitRs 6,825
Max loss−Rs 6,175
Breakevens23,345
DeltaRs 6.4 a point
Theta−Rs 27 a day
VegaRs 41 a vol point
Charges on entry, 10 Jun 2026 rates: Rs 38. STT Rs 22, NSE transaction charge Rs 13, SEBI fee Rs 0, stamp duty Rs 1, GST on the exchange charge Rs 2. Brokerage is left out. Closing the position, or exercise at expiry, adds charges again. Rates: NSE/FATAX/73524 and NSE/FA/73061.
Example data from NSE end of day files, as of the date of the chain you pick. Not live, not a recommendation, and there is no order button: this page cannot trade.
How it works
Each leg is a call, a put or a future, bought or sold, at a strike from the chain you picked. The premium is the settlement price of that strike on that day and the volatility is the implied volatility of that price, so the curve before expiry starts from the market's own prices.
At expiry an option is worth what it pays: the index minus the strike for a call, the strike minus the index for a put, never less than zero. The profit of the position is that value less the premium paid, or plus the premium received, times the lots and the lot size of the contract on that date.
Before expiry the builder values each option with the Black 76 model on the forward, with the days left, the rate of the day and the leg's own volatility. The slider moves the date forward. A calendar spread is valued at the expiry of its nearer leg.
What it leaves out
Brokerage, slippage, the margin the exchange blocks and any change in volatility. The charges line covers the statutory ones on entry only. A real position can also be closed before expiry at prices this page does not know.
Is this the live option chain?
No. Every example is an NSE end of day file at least 30 days old, dated on the page. The builder never shows live prices and cannot place an order.
Why Black 76 and not Black Scholes?
NSE index options are European and the future for the same expiry is the cleanest forward. Black 76 prices from that forward, so it needs no separate guess of dividends.
Which lot size does it use?
The lot size of the contract on the example date: 75 for Nifty contracts up to the 30 Dec 2025 expiry and 65 after that, 35 then 30 for Nifty Bank.
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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.
