--- title: "Option Strategy Finder by View: Direction, IV | RupeeCase" description: "Free option strategy finder: choose a direction, a volatility view and a time frame, and see matching payoffs priced from a dated NSE Nifty chain." source_url: "https://www.rupeecase.com/learn/tools/strategy-finder" --- * Chain used**16 Jun 2026 expiry**6 days left on 10 Jun 2026 * Forward**23,229.26**Nifty future, lot of 65 units * At the money IV**14.6 vol points**from the chain * Matches**3 of 4**for rising, rising implied volatility **3 payoffs line up with the view.** Every payoff is priced at the NSE settlement premiums of 10 Jun 2026 for one lot, one lot being 65 units. A match describes how the payoff lines up with the view. It does not say the view is right, and it is not a recommendation. * #### Long call * Defined risk * Long volatility Pays when the index ends above the strike by more than the premium. The most that can be lost is the premium. PremiumPay Rs 10,634 Max gainNot capped Max lossRs 10,634 Breakeven23,414 Theta a day−Rs 939 Vega, per vol pointRs 771 [Open the long call in the payoff builder](/learn/tools/payoff-builder?chain=NIFTY_2026-06-10_2026-06-16&preset=long-call) * #### Bull call spread * Defined risk * Little volatility exposure A bought call and a sold call higher up. Cheaper than the call alone, with a cap on the gain. PremiumPay Rs 5,184 Max gainRs 7,816 Max lossRs 5,184 Breakeven23,330 Theta a day−Rs 121 Vega, per vol pointRs 91 [Open the bull call spread in the payoff builder](/learn/tools/payoff-builder?chain=NIFTY_2026-06-10_2026-06-16&preset=bull-call-spread) * #### Bull put credit spread * Defined risk * Little volatility exposure A sold put and a bought put lower down. Collects a premium and keeps it if the index stays above the sold strike. PremiumReceive Rs 5,398 Max gainRs 5,398 Max lossRs 7,602 Breakeven23,167 Theta a dayRs 60 Vega, per vol point−Rs 64 [Open the bull put credit spread in the payoff builder](/learn/tools/payoff-builder?chain=NIFTY_2026-06-10_2026-06-16&preset=bull-put-spread) 1 payoff with the right direction but the volatility view against itThese suit the direction, but implied volatility moving the way you expect would work against them through vega. Same chain, same prices. * #### Sold put * Open risk * Short volatility A sold put. Collects a premium; the loss grows as the index falls below the strike and stops only at zero. PremiumReceive Rs 8,886 Max gainRs 8,886 Max lossNot capped Breakeven23,013 Theta a dayRs 922 Vega, per vol point−Rs 758 [Open the sold put in the payoff builder](/learn/tools/payoff-builder?chain=NIFTY_2026-06-10_2026-06-16&preset=short-put) Source: NSE end of day settlement prices, payoffs and Greeks computed by RupeeCase. As of 10 Jun 2026. The time choice picks the chain: a weekly expiry is a few days away, so time decay runs fast and a move has to come soon; a monthly expiry gives the move more time and costs more premium. Theta is the premium lost or earned in a calendar day and vega the change for one vol point, both for one lot at the settlement prices. The payoff is at expiry; before expiry the value follows the Greeks. Selling options, and spreads without wings, can lose more than the margin blocked. Charges and margin are not included. This page cannot trade. Premiums are NSE end of day settlement prices of the example date for one lot. A match is not a prediction that the view is right, there are no orders, and this page cannot trade. ## How to read it ### Three parts of a view Direction decides the shape of the payoff. The volatility view decides which of those shapes work with vega and which against it. Time decides the chain: a weekly expiry a few days away, or a monthly expiry weeks away. ### How a match is made A template matches the direction when its payoff has the shape of that view. It is shown as a fit when its vega is not against the volatility view; otherwise it sits in the folded list. Everything shown is computed from the legs, not hand labelled. ### Read a card The thumbnail is the payoff at expiry for one lot, with profit above the dashed line. Premium is what the legs cost or collect. Max gain and max loss are over the range of the chart. Theta is rupees a day and vega rupees per vol point, at today's prices. Defined risk means the loss is capped. ### Open risk is a fact about the payoff A sold option with no bought wing has a loss that is not capped. [The choosing a strategy by view module](/learn/path-17/module-17-10-strategy-by-view) goes through the logic, and the payoff builder, linked on each card, lets you change the strikes. ## What it leaves out The templates are fifteen common ones with fixed strikes around the at the money strike, not the whole space of strategies. Premiums are settlement prices, not what a trade would get; spreads, charges and margin are not included. The payoff is at expiry, so the value before expiry follows the Greeks instead. A match says how a payoff lines up with a view; it does not say the view is right, and no ranking here is a recommendation. ## Go to the source 1. [NSE, equity derivatives contract specifications: European exercise, cash settlement and lot sizes](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) 2. [SEBI, Profitability of Individual Traders in the Equity Derivatives Segment, FY25 to FY26 (August 2026)](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) Does the finder tell me which strategy to use?No. It shows which payoffs line up with the view you enter, with their costs and risks. Whether the view is right is the part no tool can say. Why do some strategies show an open risk?A sold call, or a sold put without a bought wing, has a loss that keeps growing as the index moves against it. The tag says so before the numbers do. Why does the time choice change the prices?It picks a different expiry from the same dated chain. A nearer expiry costs less premium, loses time value faster and needs the move to come sooner. LLearn it in depth [Module 17.10Choosing a strategy by view: direction, volatility and timeIntermediate, Path 17](/learn/path-17/module-17-10-strategy-by-view)[Module 17.5Straddles and strangles, long and shortIntermediate, Path 17](/learn/path-17/module-17-5-straddles-and-strangles)[Module 17.6Credit spreads: bull put and bear callIntermediate, Path 17](/learn/path-17/module-17-6-credit-spreads)[Module 17.7Iron condor and iron fly on NiftyIntermediate, Path 17](/learn/path-17/module-17-7-iron-condor-and-iron-fly)[ToolPayoff builderLegs from a dated chain](/learn/tools/payoff-builder)[Pillar guideDerivatives and QuantPaths 12 to 19](/learn/derivatives) Explore next ## Learn the idea behind the numbers. * [CalculatorGreeks calculatorDelta to rho, and vanna to colour in expert mode, from one Black 76 engine.](/learn/tools/greeks-calculator) * [QuestionsQuestions on futures and optionsShort answers, each with a dated chart](/learn/questions/) * [Free module 17.10Choosing a strategy by view: direction, volatility and time9 min read](/learn/path-17/module-17-10-strategy-by-view) * [Free module 17.5Straddles and strangles, long and short8 min read](/learn/path-17/module-17-5-straddles-and-strangles) * [Free module 17.6Credit spreads: bull put and bear call9 min read](/learn/path-17/module-17-6-credit-spreads) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) 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.