# RupeeCase > RupeeCase (also written as Rupee Case) is India's first systematic investing terminal. 18 backtested rules-based strategies running in your own broker account. Back tests on NSE prices with brokerage, STT, exchange charges and GST deducted. Model, back tested CAGR range 15.2% to 54.1% (as of 27 Apr 2026). Built and operated by Tanmay Kurtkoti (QCAlpha). Brand spelling: officially written as one word, RupeeCase. Often searched and pronounced as two words, Rupee Case. Both refer to the same product. The wordmark renders as RUPEE CASE for readability. What the product is, in one line: superior indices that are ready to invest. Each index is built and rebalanced by a systematic quantitative algorithm, and the investor owns the underlying stocks in their own demat account. On the site and in this pack the investable products are called indices; inside the app each index is listed as a strategy, and the URLs use /strategies/. What is a quantitative index? A quantitative index picks and weights its stocks by fixed rules written in advance, such as momentum or quality, instead of by company size. An algorithm applies the rules and rebalances on a set schedule, so nobody decides by feel. RupeeCase builds indices this way, and the investor owns the stocks in their own broker account. Founder: Tanmay Kurtkoti (also written Tanmay U Kurtkoti or Tanmay Uday Kurtkoti; handle tanmaykurtkoti). He founded QC Alpha, which builds and operates RupeeCase, and hosts The Tanmay Edge podcast. RupeeCase is the product; QC Alpha Technologies Pvt. Ltd. is the company. Topic terms that describe this product accurately: systematic investing, quantitative investing, quant indices, algo, algorithmic rebalancing, rules based index, momentum, factor investing, direct demat ownership, Indian equities, NSE, BSE. Parent company: QCAlpha, also written QC Alpha, q c alpha, or qcalpha, and registered as QC Alpha Technologies Pvt. Ltd. All spellings refer to the same firm, founded by Tanmay Kurtkoti (also written Kurtkoti, Tanmay U Kurtkoti). QCAlpha is the quantitative research firm; RupeeCase is its systematic investing product. RupeeCase is a technology platform operated by QC Alpha Technologies Pvt. Ltd., not a fund or PMS. All trades execute through the user's own broker (5paisa, Zebu and Arrow live; Kotak Securities, Groww and Angel One in integration) via official API. Capital never leaves the user's broker account. Platform fee is 0.2% on traded value, charged only when trades execute. No subscription, no AUM fee, no performance fee. Who it is for: institutions, family offices (tailored mandates), UHNI, HNI and retail investors on NSE and BSE. Each strategy is an algorithm packaged like an index, built with institutional grade quantitative research (models optimised with AI and machine learning, then frozen and published), so RupeeCase is an alternative to PMS, AIF and mutual funds for rules based Indian equity. The journey: compare, validate the back test, invest. Pricing is one fee per rebalance, like brokerage: 0.2% of traded value, nothing else. 4,752 active users in 3.5 months, and growing (as of 12 Oct 2026). Live in the terminal: orders placed through your own broker, a smart ledger, order tracking and portfolio analysis; holdings you pledge at your broker to create margin show alongside the portfolio. Coming, not live yet: F&O used only for hedging a portfolio you own, never for speculation, and a research and analysis module for qualified investors and institutions. Regulatory status: RupeeCase is not a SEBI registered investment adviser or portfolio manager. A SEBI Research Analyst registration has been applied for via QC Alpha Research Pvt. Ltd and is pending. All strategy figures are backtested returns, not live performance. Key facts (the same figures every page states): minimum investment ₹22,000 to ₹4,75,912 per strategy (5Paisa Focused Alpha 5 to Dynamic Asset Allocator; published minimums as of 8 Aug 2026); no minimum to open an account. Model, back tested figures (CAGR, Sharpe, max drawdown) as of 27 Apr 2026, with brokerage, STT, exchange charges and GST deducted. Fee: 0.2% of traded value per rebalance, nothing else; from each strategy's published rebalance record that is about 1.2% to 3.3% of capital a year. Answers to the common questions: https://www.rupeecase.com/faq Knowledge pack last generated: 2026-10-17. ## The lineup | 18 systematic strategies Model, back tested CAGR and Sharpe as of 27 Apr 2026; published minimums as of 8 Aug 2026. The same figures as each strategy page. - [5Paisa Focused Alpha 5](https://www.rupeecase.com/strategies/5paisa-focused-alpha-5): Five stocks, three-week rotation. The most concentrated card on the lineup. (CAGR 54.1% · Sharpe 1.60 · min ₹22,000) - [Midcap Smallcap](https://www.rupeecase.com/strategies/midcap-smallcap): 40 stocks, fortnightly rotation. Momentum on the NSE Universe under 2000. (CAGR 42.6% · Sharpe 1.63 · min ₹80,000) - [Allcap](https://www.rupeecase.com/strategies/allcap): 50 stocks from the Nifty Total Market. Fortnightly rotation. (CAGR 44.7% · Sharpe 1.68 · min ₹2,25,000) - [Large Cap Multi Asset](https://www.rupeecase.com/strategies/largecap-multi-asset): 20 largecap stocks plus LiquidCase and GoldBees. 80/10/10 multi-asset on the Nifty 100. (CAGR 24.4% · Sharpe 1.32 · min ₹1,25,000) - [Allcap Multi Asset](https://www.rupeecase.com/strategies/allcap-multi-asset): 50 stocks, 10% debt, 10% gold. The broad-market engine with a cushion. (CAGR 40.5% · Sharpe 1.81 · min ₹2,81,000) - [TotalMarket Hybrid](https://www.rupeecase.com/strategies/totalmarket-hybrid): 50 stocks, 20% debt, no gold. Fortnightly rotation. (CAGR 39.5% · Sharpe 1.77 · min ₹2,81,000) - [Midcap](https://www.rupeecase.com/strategies/midcap): 20 stocks from the Nifty Midcap 150. Fortnightly rotation. (CAGR 38.8% · Sharpe 1.49 · min ₹90,000) - [Smallcap](https://www.rupeecase.com/strategies/smallcap): 50 stocks from the Nifty Smallcap 250. Fortnightly rotation. (CAGR 37.4% · Sharpe 1.59 · min ₹2,19,000) - [Microcap](https://www.rupeecase.com/strategies/microcap): 50 stocks from the Nifty Microcap 250. The deepest cap-curve card on the lineup. (CAGR 37.3% · Sharpe 1.52 · min ₹2,25,000) - [Large Mid Multi Asset](https://www.rupeecase.com/strategies/largemid-multi-asset): 40 equity stocks plus LiquidCase and GoldBees. 80/10/10 multi-asset on the LargeMidCap 250. (CAGR 34.3% · Sharpe 1.72 · min ₹2,49,000) - [Large Midcap](https://www.rupeecase.com/strategies/large-midcap): 40 stocks from the Nifty LargeMidCap 250. The large and mid-cap middle path. (CAGR 37.8% · Sharpe 1.69 · min ₹1,99,000) - [Large Mid Hybrid](https://www.rupeecase.com/strategies/large-mid-hybrid): 40 equity stocks plus 20% LiquidCase. 80/20 equity-plus-debt on the LargeMidCap 250. (CAGR 33.2% · Sharpe 1.67 · min ₹2,49,000) - [Focused Largecap 20](https://www.rupeecase.com/strategies/focused-largecap-20): 20 largecap stocks, 4-week rotation. Pure equity on the Nifty 100. (CAGR 26.3% · Sharpe 1.20 · min ₹1,00,000) - [Energy Basket](https://www.rupeecase.com/strategies/energy-basket): 10 stocks from CNX Energy, rotated weekly. The thematic satellite. (CAGR 33.1% · Sharpe 1.12 · min ₹75,000) - [Healthcare Basket](https://www.rupeecase.com/strategies/healthcare-basket): 10 stocks from Nifty MidSmall Healthcare, rotated weekly. The healthcare thematic satellite. (CAGR 15.2% · Sharpe 0.89 · min ₹36,000) - [Largecap Hybrid](https://www.rupeecase.com/strategies/largecap-hybrid): 20 largecap stocks plus 20% LiquidCase. 80/20 equity-plus-debt on the Nifty 100. (CAGR 22.7% · Sharpe 1.25 · min ₹1,25,000) - [Nifty 50 Equal Weight](https://www.rupeecase.com/strategies/nifty-50-equal-weight): All 50 Nifty names, equal weight. The simplest card on the lineup. (CAGR 16.4% · Sharpe 1.13 · min ₹2,49,000) - [Dynamic Asset Allocator](https://www.rupeecase.com/strategies/dynamic-asset-allocator): One fixed equity core, two regime switches. The machine decides how much risk to carry. (CAGR 45.2% · Sharpe 2.32 · min ₹4,75,912) - [Strategies hub | full lineup with year-by-year, drawdowns, methodology](https://www.rupeecase.com/strategies/) ## Product, pricing and comparisons - [RupeeCase | home](https://www.rupeecase.com/): India's first systematic investing terminal: the 18 index algos, how it works, the model record, pricing and the index finder - [The terminal | product tour](https://www.rupeecase.com/terminal): compare institutional grade index algos, validate the back test, invest in one click; stocks stay in your own demat - [Pricing | 0.2% of traded value, no subscription](https://www.rupeecase.com/pricing): one fee per rebalance, only when trades execute; no subscription, AUM fee or performance fee - [Getting started | four steps](https://www.rupeecase.com/getting-started): create an account, connect your broker, pick a strategy, invest at or above its minimum; about 11 minutes - [Fee calculator](https://www.rupeecase.com/fee-calculator): what a mutual fund, a PMS and a RupeeCase index cost in rupees over your horizon - [RupeeCase vs mutual funds, PMS and AIF](https://www.rupeecase.com/vs/): fees, minimum ticket, ownership, lock in and tax, side by side - [RupeeCase vs mutual funds](https://www.rupeecase.com/vs/mutual-funds): TER on the whole portfolio every year vs 0.2% of traded value; units vs shares in your name - [RupeeCase vs PMS | a PMS alternative under Rs 50 lakh](https://www.rupeecase.com/vs/pms): SEBI's Rs 50 lakh PMS minimum and 2% plus 20% fees vs a published rule in your own demat - [RupeeCase vs AIF](https://www.rupeecase.com/vs/aif): the Rs 1 crore AIF minimum, scheme terms and lock in vs institutional rules in your own account - [Index investing in India](https://www.rupeecase.com/index-investing): what an index is, rule based indices beyond the Nifty 50, and how to validate a back test - [Technology | the index engine](https://www.rupeecase.com/technology): models optimised with AI and machine learning, rules frozen before they run, every order and fill on record - [Track record](https://www.rupeecase.com/track-record): the model record of every strategy, every rebalance on its date, and every Tanmay Edge call graded against NSE data - [Hedging (coming)](https://www.rupeecase.com/hedging): F&O will be used only to hedge a portfolio you own, never for speculation; not available yet ## Who it is for - [Solutions](https://www.rupeecase.com/solutions): one engine for institutions, family offices, UHNI, HNI and retail investors, same fee for all - [Institutions](https://www.rupeecase.com/solutions/institutions): systematic Indian equity with an audit trail: published rule, your own custody, every order and fill on record - [Family offices](https://www.rupeecase.com/solutions/family-offices): tailored mandates run like an index in each member's own account, seen together in one ledger - [UHNI and HNI](https://www.rupeecase.com/solutions/hni): a PMS and AIF alternative without 2% a year plus 20% of gains; shares in your name - [Retail investors](https://www.rupeecase.com/solutions/retail): the same index algos from the lowest published minimum, in your own demat at your own broker ## Learn | 19 paths, 191 modules, 130 question pages - [Learn hub](https://www.rupeecase.com/learn/): the full curriculum index, free, with a certificate for every module and every path test - [Path 1 | Market Foundations](https://www.rupeecase.com/learn/path-1/): Learn how Indian stock markets work, read financial statements, and understand orders and taxation - [Path 2 | Systematic Investing Fundamentals](https://www.rupeecase.com/learn/path-2/): Learn why rules beat gut feeling, explore factors, risk metrics, backtesting, and build your first strategy - [Path 3 | Factor Investing Deep Dive](https://www.rupeecase.com/learn/path-3/): Deep dive into momentum, value, quality, low volatility, size factors, multi-factor construction, and India evidence - [Path 4 | Portfolio Construction](https://www.rupeecase.com/learn/path-4/): Master modern portfolio theory, position sizing, rebalancing, performance measurement, and risk management - [Path 5 | Advanced Quant Methods](https://www.rupeecase.com/learn/path-5/): Explore statistical foundations, time series analysis, machine learning for alpha, alternative data, and out-of-sample strategies - [Path 6 | Indian Financial Products](https://www.rupeecase.com/learn/path-6/): Understand equity shares, IPOs, mutual funds, ETFs, derivatives, bonds, REITs, and commodities in India - [Path 7 | Macroeconomics and Market Regimes](https://www.rupeecase.com/learn/path-7/): Understand India's macroeconomic landscape | from RBI policy and inflation to FII flows, credit cycles, and macro regime investing - [Path 8 | Behavioural Finance and Investor Psychology](https://www.rupeecase.com/learn/path-8/): Understand the psychological biases that cost investors money | and build systems to overcome them - [Path 9 | Business and Corporate Analysis](https://www.rupeecase.com/learn/path-9/): Learn to analyse businesses like a pro | from competitive moats and earnings quality to management assessment and annual reports - [Path 10 | Strategy Implementation and Execution](https://www.rupeecase.com/learn/path-10/): From how orders work on the NSE to SEBI's algo trading rules | everything you need to move a systematic strategy from backtest to live execution in India - [Path 11 | Tax and Regulatory Framework](https://www.rupeecase.com/learn/path-11/): Capital gains taxation, SEBI regulations, tax-loss harvesting, AIS reconciliation, and tax-efficient portfolio construction | everything you need to keep more of what you earn - [Path 12 | Derivatives Basics and Rules](https://www.rupeecase.com/learn/path-12/): Why futures and options exist, who trades them in India, contract specifications, margins, costs, SEBI's loss studies, tax and the red flags - [Path 13 | Futures](https://www.rupeecase.com/learn/path-13/): Futures P&L and mark to market, basis and cost of carry, open interest build ups, rollover, fair value and hedging a portfolio with futures - [Path 14 | Options and Greeks](https://www.rupeecase.com/learn/path-14/): Calls and puts, buyers and sellers, moneyness, what moves a premium, pricing from a binomial tree to Black 76, put call parity and every Greek - [Path 15 | Option Chain and Data](https://www.rupeecase.com/learn/path-15/): Reading the NSE option chain column by column, open interest and its change, PCR, max pain, liquidity, participant data, the expected move and GEX as a model - [Path 16 | Volatility](https://www.rupeecase.com/learn/path-16/): Historical and implied volatility, India VIX, IV rank and percentile, events and IV crush, smile and skew, term structure, forward volatility and surfaces - [Path 17 | Strategies and Hedging](https://www.rupeecase.com/learn/path-17/): Payoffs of spreads, straddles, strangles, condors and calendars, adjustments and expiry day, then portfolio hedges with puts, collars and tail cover - [Path 18 | Arbitrage and Relative Value](https://www.rupeecase.com/learn/path-18/): Cash futures arbitrage, conversions and reversals, box spreads, calendar arbitrage, pairs and cointegration, implied correlation and dispersion - [Path 19 | Algo, HFT and Backtesting](https://www.rupeecase.com/learn/path-19/): India's retail algo rules in practice, HFT against slower styles, microstructure, execution, honest backtests, overfitting and the deflated Sharpe ratio - [Free calculators](https://www.rupeecase.com/learn/tools): 28 calculators on the Tools page, each with its formula and a worked example, plus 72 more inside the learn modules, and 19 derivatives tools on dated NSE chains ## Guides | 50 practical guides for NSE and BSE investors - [Guides hub](https://www.rupeecase.com/guides/): every guide, answer first, with dated NSE, SEBI and AMFI figures - [How to invest in momentum stocks in India](https://www.rupeecase.com/guides/how-to-invest-in-momentum-stocks): How to invest in momentum stocks on NSE: the rule, the three routes (index fund, DIY, rules based index), costs, tax and the drawdowns to expect. - [Smart beta in India: factor investing on NSE, explained](https://www.rupeecase.com/guides/smart-beta-india): Smart beta and factor investing in India: momentum, value, quality, low volatility, alpha and equal weight indices on NSE, with dated returns. - [Nifty Alpha 50: how the index works and how to invest in it](https://www.rupeecase.com/guides/nifty-alpha-50): Nifty Alpha 50 explained: how NSE picks and weights the 50 high alpha stocks, quarterly reviews, returns to 31 Aug 2026, risks and ways to invest. - [How to beat the Nifty 50, and why most people do not](https://www.rupeecase.com/guides/how-to-beat-nifty): Can you beat the Nifty 50? SPIVA India data on active funds, the Nifty 50 concentration problem, and the rule based routes that have, with the risks. - [Portfolio rebalancing in India: what it is, how often, and the tax](https://www.rupeecase.com/guides/portfolio-rebalancing): What portfolio rebalancing is, how often to do it, what each rebalance costs in STT and fees, and how STCG and LTCG apply to the sales, in rupees. - [How much money do you need to start investing in stocks in India?](https://www.rupeecase.com/guides/how-much-money-to-start-investing): The minimum to start investing in Indian stocks is one share, but a diversified portfolio needs more. What each route needs, with RupeeCase minimums. - [How to invest ₹1 lakh, ₹5 lakh or ₹10 lakh in stocks](https://www.rupeecase.com/guides/invest-1-lakh-5-lakh-10-lakh): How to invest ₹1 lakh, ₹5 lakh or ₹10 lakh in Indian stocks: horizon, lump sum or staggered, a core and satellite split, and the costs at each size. - [SIP in stocks: how a stock SIP works, and when a fund SIP is better](https://www.rupeecase.com/guides/sip-in-stocks): A SIP in stocks buys shares on fixed dates in your demat. How it works, whole share rounding, charges per instalment, tax, and how it compares with a fund SIP. - [Direct indexing in India: owning the index stock by stock](https://www.rupeecase.com/guides/direct-indexing-india): Direct indexing in India: holding an index's stocks in your own demat instead of fund units. How it works, costs, tax, tracking error and who it suits. - [Are your shares safe in a demat account?](https://www.rupeecase.com/guides/demat-account-safety): Are your shares safe in a demat account if your broker fails? How NSDL and CDSL hold them, what DDPI, pledges and upstreaming changed, and the checks to run. - [How to pick stocks systematically: a five part rules recipe](https://www.rupeecase.com/guides/how-to-pick-stocks-systematically): How to pick stocks systematically in India: universe, filters, a score, portfolio rules and a rebalance calendar, with NSE examples and the tests to run. - [Quant investing in India, for retail investors](https://www.rupeecase.com/guides/quant-investing-for-retail): Quant investing for Indian retail investors: quant funds, rules based indices and algo trading compared, SEBI's 2025 retail algo rules, and the risks. - [Nifty 50 vs Sensex: what an index is, and how NSE and BSE build theirs](https://www.rupeecase.com/guides/nifty-50-vs-sensex): Nifty 50 vs Sensex explained: what a stock market index is, how NSE and BSE build them, how they differ, and which one funds, ETFs and traders track. - [Large cap vs mid cap vs small cap: the definitions, the record and the risk](https://www.rupeecase.com/guides/large-cap-mid-cap-small-cap): Large cap vs mid cap vs small cap: SEBI's rank rule, NSE index returns and volatility to 31 Aug 2026, valuations, and how to size each in a portfolio. - [How to read a factsheet: every number on a fund, index or strategy sheet](https://www.rupeecase.com/guides/how-to-read-a-factsheet): How to read a mutual fund, index or strategy factsheet: returns, expense ratio, riskometer, volatility, beta, P/E and holdings, worked on a real NSE factsheet. - [How to evaluate a PMS: the rules, the fees in rupees and the questions to ask](https://www.rupeecase.com/guides/how-to-evaluate-a-pms): How to evaluate a PMS in India: SEBI's ₹50 lakh rule, fee caps, the benchmark and TWRR rules from April 2023, a profit share worked in rupees, and a checklist. - [Mutual fund vs direct stocks: how the tax really differs](https://www.rupeecase.com/guides/mutual-fund-vs-direct-stocks-tax): Mutual fund vs direct stocks tax in India: the same 20% and 12.5% rates, but funds pay no tax on their own trades. Turnover, dividends and losses, in rupees. - [CAGR vs XIRR: which return number to use, worked on a real SIP](https://www.rupeecase.com/guides/cagr-vs-xirr): CAGR vs XIRR in practice: what each measures, why a SIP needs XIRR, and a real ₹10,000 monthly SIP worked three ways on RupeeCase model data. - [What to do when the stock market crashes: drawdowns, recoveries and a plan](https://www.rupeecase.com/guides/stock-market-crash-what-to-do): What to do when the stock market falls: the recovery maths, how long Nifty falls lasted, our worst drawdowns and days to recover, and a plan made in advance. - [Multi asset allocation in India: how to mix equity, debt and gold](https://www.rupeecase.com/guides/multi-asset-allocation-india): Multi asset allocation in India: why mix equity, debt and gold, SEBI's 10% rule for multi asset funds, the tax on each, and what the mix did in our record. - [Tax harvesting before 31 March: the ₹1.25 lakh exemption and your losses](https://www.rupeecase.com/guides/tax-harvesting-before-31-march): Tax harvesting in India before 31 March: use the ₹1.25 lakh LTCG exemption, book losses against gains, the set off rules, timing and costs, in rupees. - [How to choose a broker for systematic or algo investing in India](https://www.rupeecase.com/guides/choose-a-broker-for-systematic-investing): How to choose a broker for algo or systematic investing in India: SEBI registration, the 2025 algo rules, basket orders, charges per rebalance and safety. - [How to invest your first salary: an order of steps that works](https://www.rupeecase.com/guides/first-salary-investing): How to invest your first salary in India: emergency fund, insurance, EPF, the new tax regime and a first SIP, in order, with a worked ₹55,000 budget. - [Lump sum or SIP: what to do with money you already have](https://www.rupeecase.com/guides/lump-sum-vs-sip): Lump sum vs SIP vs STP when you already have the money: what our model record shows for every start month, the Dec 2024 peak worked through, and how to decide. - [Nifty 50 returns by year: every calendar year since 2013, and the falls inside them](https://www.rupeecase.com/guides/nifty-50-returns-by-year): Nifty 50 returns year by year from 2013 to 2026, from NSE's daily closes: the good years, the falls inside each year, the CAGR, and what averages hide. - [How long should you stay invested in equity? What every Nifty 50 holding period since 2012 shows](https://www.rupeecase.com/guides/how-long-to-stay-invested): How long to stay invested in Indian equity: every 1, 3, 5, 7 and 10 year window of the Nifty 50 since 2012, how often each lost money, and the worst case. - [Nifty PE ratio: what it measures, where it stands, and what it has predicted](https://www.rupeecase.com/guides/nifty-pe-ratio): The Nifty 50 PE ratio explained: 20.36 on 31 Aug 2026 against its range since 2012, the 2021 change of basis, P/B, yield, and what P/E did not predict. - [Equal weight vs market cap: what the NSE record shows for the same 100 companies](https://www.rupeecase.com/guides/equal-weight-vs-market-cap): Equal weight vs market cap weighting on NSE: the Nifty 100 and its equal weight twin since 2013, year by year, the deeper falls, costs and when each wins. - [Nifty Next 50 vs Nifty 50: the companies just below the top, and their record](https://www.rupeecase.com/guides/nifty-next-50): Nifty Next 50 vs Nifty 50: what the Next 50 holds, its record since 2012 from NSE closes, the deeper falls, valuations on 31 Aug 2026 and how investors use it. - [Sectoral and thematic investing: what thirteen years of NSE sector indices show](https://www.rupeecase.com/guides/sectoral-thematic-investing): Sectoral and thematic investing in India: nine NSE sector indices since 2013, how often the leader changed, the deep falls, and how to size a sector bet. - [Stop loss for long term investors: a trailing stop tested on the Nifty 50 since 2012](https://www.rupeecase.com/guides/stop-loss-for-long-term-investors): Should long term investors use a stop loss? A trailing stop tested on every Nifty 50 close since 2012: what it saved in falls, what it cost in return, and why. - [How to compare two investment strategies: seven checks, worked on two real rules](https://www.rupeecase.com/guides/how-to-compare-investment-strategies): How to compare two strategies or funds fairly: same dates, same benchmark, costs, the worst fall, Sharpe and Calmar, consistency and tax, worked in numbers. - [Capital gains tax on shares in India: the rules for 2026-27, worked in rupees](https://www.rupeecase.com/guides/capital-gains-tax-on-shares): Capital gains tax on shares in India for 2026-27: 20% short term, 12.5% long term above ₹1.25 lakh, the 12 month rule, FIFO, grandfathering and set off. - [How dividends are taxed in India: slab rates, TDS and what a dividend is really worth](https://www.rupeecase.com/guides/dividend-tax-india): How dividends are taxed in India: added to income at your slab rate, 10% TDS above ₹10,000 a company, Form 121 (was 15G/15H), record dates, IDCW, yields. - [How much equity should you hold at your age? The rule of thumb, and what to use instead](https://www.rupeecase.com/guides/equity-allocation-by-age): How much equity at your age in India: the 100 minus age rule, why horizon and the fall you can hold matter more, and four equity and debt mixes since 2015. - [How to invest for your child's education: the cost, the monthly amount and the glide path](https://www.rupeecase.com/guides/child-education-investing): How to invest for your child's education in India: the future cost, the monthly SIP it needs at different returns, a glide path out of equity, and tax. - [How to invest in gold in India: gold ETFs, Sovereign Gold Bonds, digital gold and coins compared](https://www.rupeecase.com/guides/how-to-invest-in-gold-india): Gold ETF, SGB, digital or physical gold in India: Gold BeES since 2012, the SGB record and tax from 2026-27, and how much gold a portfolio held. - [ETF tracking error and liquidity: why two ETFs on the same index can cost you very different amounts](https://www.rupeecase.com/guides/etf-tracking-error-and-liquidity): ETF tracking error, tracking difference and liquidity in India: SEBI's 2% cap, NAV vs price on 18 Nifty 50 ETFs, and premiums of up to 18.67% on thin days. - [NRI investing in Indian stocks: the RBI routes, the accounts and the tax, as rules](https://www.rupeecase.com/guides/nri-investing-in-indian-stocks): How NRIs invest in Indian shares: RBI's repatriation and non-repatriation routes, NRE and NRO accounts, the 10% and 24% limits, and tax and TDS from 2026-27. - [Market timing vs time in the market: what the Nifty 50 record since 2012 says](https://www.rupeecase.com/guides/market-timing-vs-time-in-market): Market timing vs time in the market on Nifty 50 data since 2012: missing the 10 best days, buying at each year's high, and waiting for a 10% dip. - [Best SIP date: does the day of the month matter? A test of every date from the 1st to the 28th](https://www.rupeecase.com/guides/best-sip-date): Is there a best SIP date? A ₹10,000 Nifty 50 SIP on each day from the 1st to the 28th, 2013 to 2026: XIRR 10.49% to 10.55%. What matters more than the date. - [How to read a stock's P/E and P/B ratio against the index, with NSE's own numbers](https://www.rupeecase.com/guides/stock-pe-pb-ratio): How to read a stock's P/E and P/B against the Nifty and its sector, with NSE figures for TCS, Tata Steel, Titan and banks, and why P/B ÷ P/E is ROE. - [International diversification from India: the two routes, the LRS and TCS rules, and what a foreign sleeve did](https://www.rupeecase.com/guides/international-diversification-india): Investing abroad from India: the LRS limit of USD 2,50,000, 20% TCS above ₹10 lakh, funds and ETFs that invest abroad, and the Nasdaq 100 ETF record. - [How to build a portfolio with ₹10,000 a month: an order of steps, and ten years of Nifty data](https://www.rupeecase.com/guides/portfolio-with-10000-a-month): A portfolio with ₹10,000 a month in India: emergency fund first, an index core, a yearly step up, and what ₹10,000 a month in the Nifty 50 did over 10 years. - [Model portfolio vs mutual fund vs PMS: who owns the shares, who decides, and what each costs](https://www.rupeecase.com/guides/model-portfolio-vs-mutual-fund-vs-pms): Model portfolio vs mutual fund vs PMS: who owns the shares, who decides, the ₹50 lakh PMS minimum, SEBI's 2025 model portfolio rules, fees as turnover and tax. - [How often should you check your portfolio? What the Nifty 50 shows at each frequency](https://www.rupeecase.com/guides/how-often-to-check-your-portfolio): How often to check your portfolio: on the Nifty 50 since 2012, 46% of days and 44% of months were losses, but 1 of 13 years. A review schedule that works. - [Smallcase alternatives in India: what else exists and how rules based index algos differ](https://www.rupeecase.com/guides/smallcase-alternatives): Smallcase alternatives in India compared: index funds, your own basket, PMS and rules based index algos. Who decides, what you pay, where shares sit. - [FII and DII flows: what they are, where NSE publishes them and how to read them](https://www.rupeecase.com/guides/fii-dii-data-explained): FII and DII flows explained: who they are, where NSE and NSDL publish the data, provisional against final, and how to read gross, net and cumulative figures. - [Direct vs regular mutual fund plans: same fund, different cost](https://www.rupeecase.com/guides/direct-vs-regular-mutual-fund): Direct vs regular mutual fund plans: same portfolio, different expense ratio. What SEBI's 2012 circular changed, how to read the TER, when advice pays. - [Nifty200 Momentum 30 index explained: how NSE scores, picks and rebalances it](https://www.rupeecase.com/guides/nifty200-momentum-30): Nifty200 Momentum 30 explained from NSE's methodology: the momentum score, weights and caps, the June and December rebalance, the buffer and its record. ## Derivatives and Quant | Learn paths 12 to 19, 115 modules live of 115, 130 questions answered - [Derivatives and Quant](https://www.rupeecase.com/learn/derivatives): futures, options, the option chain, Greeks, volatility, strategies, hedging, arbitrage and algos, taught from dated NSE end of day data at least 30 days old; no tips, calls or levels - [Questions on futures and options](https://www.rupeecase.com/learn/questions/): the questions Indian traders ask about F&O, each with a two sentence answer and a dated chart; short links rupeecase.com/q/ - [Payoff builder](https://www.rupeecase.com/learn/tools/payoff-builder): Legs from a dated chain, the expiry and before expiry curves, breakevens and the charges. - [Greeks calculator](https://www.rupeecase.com/learn/tools/greeks-calculator): Delta to rho, and vanna to colour in expert mode, from one Black 76 engine. - [IV solver](https://www.rupeecase.com/learn/tools/iv-solver): The implied volatility behind a dated settlement price. - [IV rank and percentile](https://www.rupeecase.com/learn/tools/iv-rank-percentile): Both definitions side by side on a dated series. - [Expected move](https://www.rupeecase.com/learn/tools/expected-move): The one standard deviation range from the straddle and from IV. - [Max pain checker](https://www.rupeecase.com/learn/tools/max-pain-checker): The calculation, and how it compares with a plain forecast. - [GEX lab](https://www.rupeecase.com/learn/tools/gex-lab): Gamma exposure under three sign conventions, switched on screen. - [Futures fair value](https://www.rupeecase.com/learn/tools/futures-fair-value): Carry, dividends and the arbitrage band after costs. - [Parity and box rate](https://www.rupeecase.com/learn/tools/box-rate): Synthetic futures, the parity gap and the rate a box implies. - [Forward vol and event move](https://www.rupeecase.com/learn/tools/forward-vol): The volatility between two expiries and the move an event prices in. - [Hedge calculator](https://www.rupeecase.com/learn/tools/hedge-calculator): Futures and put lots for a sample portfolio, and what the cover costs. - [Strategy finder](https://www.rupeecase.com/learn/tools/strategy-finder): Direction, volatility and time to a short list of payoffs, priced from a dated chain. - [Pair z score lab](https://www.rupeecase.com/learn/tools/pair-lab): Hedge ratio, ADF test, half life and z score bands on two dated series. - [Implied correlation](https://www.rupeecase.com/learn/tools/implied-correlation): The correlation the index IV and 50 stock IVs imply on a dated session, beside the realised one. - [Risk of ruin](https://www.rupeecase.com/learn/tools/risk-of-ruin): Win rate, payoff and size, simulated to the chance of losing the account. - [Delta hedge simulator](https://www.rupeecase.com/learn/tools/delta-hedge-simulator): Seeded paths, hedge count from 1 to 160, and hedged P&L against realised and implied vol. A model, not market data. - [VIX replication](https://www.rupeecase.com/learn/tools/vix-replication): The seven steps from a dated chain to a 30 day volatility number, checked against India VIX that day. - [Scenario grid](https://www.rupeecase.com/learn/tools/scenario-grid): A position repriced over spot, IV and days, beside what the Greeks estimate and what they miss. - [12.1 Why derivatives exist: forwards, futures and options in one story](https://www.rupeecase.com/learn/path-12/module-12-1-why-derivatives-exist): Forwards, futures and options as one story, with a dated Nifty future and call from 10 to 29 Jun 2026 and the history of F&O in India. - [12.2 India's F&O market map: exchanges, clearing, SEBI and who trades](https://www.rupeecase.com/learn/path-12/module-12-2-india-fo-market-map): The five layers between your order and the other side in Indian F&O, and who really trades, from SEBI's August 2026 study and a dated Nifty chain. - [12.3 Read SEBI's loss studies before your first trade](https://www.rupeecase.com/learn/path-12/module-12-3-sebi-fo-loss-studies): SEBI's August 2026 studies of individual F&O traders: who is counted, gross against net, what the data shows, and why most lose. - [12.4 Contract specs that matter now: lots, expiry days, strikes and settlement](https://www.rupeecase.com/learn/path-12/module-12-4-contract-specs-lots-and-expiries): The Nifty lot size and why it changed, why Nifty expires on Tuesday and Sensex on Thursday, strikes, ticks and settlement, read from dated NSE data. - [12.5 Margins without jargon: SPAN, exposure, expiry day margin and upfront premium](https://www.rupeecase.com/learn/path-12/module-12-5-fo-margins-explained): Premium upfront, SPAN, the exposure margin and its extra two percent on expiry day, worked on a dated Nifty lot, with what SEBI data say about capital. - [12.6 The real cost of a trade: STT, exchange fees, SEBI fee, GST and stamp duty](https://www.rupeecase.com/learn/path-12/module-12-6-cost-of-an-fo-trade): Every charge on an Indian F&O trade at 2026 rates, with STT at 0.15% on option sales, worked on dated Nifty prices as three round trips of one lot. - [12.7 Position sizing and risk of ruin for F&O beginners](https://www.rupeecase.com/learn/path-12/module-12-7-position-sizing-and-risk-of-ruin): How win rate, payoff and size combine into the chance of ruin, with a seeded model, one dated Nifty call lot sized step by step, and what SEBI data show. - [12.8 Red flags in F&O: tip groups, too good claims and registration checks](https://www.rupeecase.com/learn/path-12/module-12-8-fo-red-flags): Five questions for any F&O claim, tied to SEBI rules, with a far strike that wins most weeks by design and SEBI data on sellers, buyers and algo. - [12.9 Behaviour in F&O: loss chasing and what SEBI's behaviour study found](https://www.rupeecase.com/learn/path-12/module-12-9-fo-trading-behaviour): What SEBI's Aug 2026 behaviour study found about F&O traders who keep trading after losses, and why raising the stake after a loss raises the chance of ruin. - [13.1 Futures explained: long, short, leverage and daily mark to market](https://www.rupeecase.com/learn/path-13/module-13-1-futures-basics-mark-to-market): What a Nifty future is, and how a lot, margin and daily mark to market work, shown on a real NSE ledger from Budget Sunday and the June 2026 contract. - [13.2 Why futures trade above spot: basis, carry and convergence](https://www.rupeecase.com/learn/path-13/module-13-2-futures-basis-and-carry): Why the Nifty future costs more than the index: basis, cost of carry and convergence at expiry, worked on NSE end of day prices for June and July 2026. - [13.3 Open interest, volume and the four build up patterns](https://www.rupeecase.com/learn/path-13/module-13-3-open-interest-and-build-ups): What open interest counts, how it differs from volume, and what long build up, short build up, short covering and long unwinding can and cannot say. - [13.4 Rollover: when, why and what it costs](https://www.rupeecase.com/learn/path-13/module-13-4-futures-rollover): How a Nifty futures roll works, when traders do it and what it costs in spread, STT and charges, worked on the June and July 2026 contracts. - [13.5 Fair value of Nifty futures with dividends](https://www.rupeecase.com/learn/path-13/module-13-5-nifty-futures-fair-value): Fair value of a Nifty future: spot grown at the bill yield less dividends, solved backwards for the implied dividend, on NSE end of day prices of June 2026. - [13.6 Futures calendar spreads and roll yield](https://www.rupeecase.com/learn/path-13/module-13-6-futures-calendar-spreads): What a Nifty futures calendar spread and a roll are: the gap between expiries, roll yield, risk and margin, worked on NSE end of day data of June 2026. - [13.7 Hedging with futures: beta, hedge ratio and lots](https://www.rupeecase.com/learn/path-13/module-13-7-hedging-with-futures): How a model portfolio is hedged with Nifty futures: beta, lots, basis risk and the cash a hedge needs, worked on NSE data for February to June 2026. - [14.1 The call option, told as a story](https://www.rupeecase.com/learn/path-14/module-14-1-call-option-explained): A Nifty call as a priced right to buy: strike, premium, expiry, breakeven and result for one lot, worked on a dated NSE week, with F&O in one minute. - [14.2 The put option, told as a story](https://www.rupeecase.com/learn/path-14/module-14-2-put-option-explained): A Nifty put as a priced right to sell: breakeven, result for one lot, why a fall alone does not pay, and the six positions of F&O, on dated NSE data. - [14.3 Buyer or seller: payoffs, margin, win rate and expectancy](https://www.rupeecase.com/learn/path-14/module-14-3-option-buyer-vs-seller): Who can lose more on a Nifty call, what margin each side posts, and why a high win rate can still lose money, shown on one dated NSE week. - [14.4 Moneyness, intrinsic value and time value](https://www.rupeecase.com/learn/path-14/module-14-4-moneyness-intrinsic-and-time-value): In the money, at the money, out of the money, intrinsic value and time value, worked on a dated NSE Nifty chain, with the common mistake about cheap options. - [14.5 Five things that move an option's price](https://www.rupeecase.com/learn/path-14/module-14-5-what-moves-an-option-price): Index level, time, implied volatility, rate and dividends: the five dials of an option price, and why a call can fall when Nifty rises, on dated NSE data. - [14.6 Expiry and settlement: cash, physical, exercise and STT](https://www.rupeecase.com/learn/path-14/module-14-6-expiry-and-settlement): What happens to a Nifty option at expiry, in the money or out: cash settlement, which price settles, stock delivery, STT on exercise, shown on 16 Jun 2026. - [14.7 Delta: speed, hedge ratio and the probability shortcut](https://www.rupeecase.com/learn/path-14/module-14-7-delta): Delta on a dated NSE Nifty chain: rupees per point and per lot, units of the future an option mimics, and why delta is not a chance of profit. - [14.8 Theta: the time decay curve into expiry](https://www.rupeecase.com/learn/path-14/module-14-8-theta-time-decay): How option time decay runs on dated NSE Nifty chains: theta in rupees per lot, why the last days cost most, and why theta is a risk payment, not a salary. - [14.9 From a binomial tree to Black Scholes and Black 76](https://www.rupeecase.com/learn/path-14/module-14-9-binomial-tree-to-black-76): How an option price is built: a one step binomial tree, the Black 76 formula for Nifty options and where one volatility fails, on NSE data for 10 Jun 2026. - [14.10 Put call parity and synthetic positions](https://www.rupeecase.com/learn/path-14/module-14-10-put-call-parity): Why a bought call and a sold put equal a future: put call parity, synthetic positions and the implied forward, on NSE settle prices for 10 and 16 Jun 2026. - [14.11 Gamma: why it grows so fast near expiry](https://www.rupeecase.com/learn/path-14/module-14-11-gamma): Gamma on dated NSE Nifty chains: delta change per point and per lot, why gamma peaks at the money near expiry, and why it is paid for with theta. - [14.12 Vega: volatility exposure across weekly and monthly expiries](https://www.rupeecase.com/learn/path-14/module-14-12-vega): Vega on dated NSE Nifty chains: rupees per volatility point, why monthly options carry more, how IV moves by expiry, and what a high India VIX means. - [14.13 Rho and interest rates in Indian options](https://www.rupeecase.com/learn/path-14/module-14-13-rho): Rho on dated NSE Nifty chains: why Black 76 rho is negative for a call, how carry lifts it back, and why the rate effect is small next to vega. - [14.14 Position Greeks for multi leg strategies](https://www.rupeecase.com/learn/path-14/module-14-14-position-greeks): Position Greeks on a dated NSE Nifty chain: add leg Greeks with side and lot size, read an iron condor, and see why delta neutral is a snapshot. - [14.15 Dynamic delta hedging and the P&L identity](https://www.rupeecase.com/learn/path-14/module-14-15-delta-hedging): Delta hedging on dated NSE Nifty chains: the P&L identity of a hedged option, a sold call hedged on three dates, and why hedge frequency changes the scatter. - [14.16 Gamma scalping](https://www.rupeecase.com/learn/path-14/module-14-16-gamma-scalping): Gamma scalping on dated NSE Nifty data: the daily P&L of a long straddle with delta hedged, the break even move, the whole lot problem and what costs do. - [14.17 Second order Greeks: vanna, volga, charm, speed and colour](https://www.rupeecase.com/learn/path-14/module-14-17-second-order-greeks): Vanna, volga, charm, speed and colour on dated Nifty options: what each measures, where it is large, and how much it adds to a price and a hedge. - [15.1 Reading the NSE option chain, column by column](https://www.rupeecase.com/learn/path-15/module-15-1-reading-the-nse-option-chain): Read one dated NSE Nifty option chain column by column: strike, LTP, settle, volume, OI, change in OI and IV, and how to find the at the money row. - [15.2 OI and change in OI on the chain: what they can and cannot tell you](https://www.rupeecase.com/learn/path-15/module-15-2-open-interest-on-the-option-chain): What open interest, change in OI and cumulative OI count on an NSE chain, and why the biggest pile is not a floor or a ceiling, shown on dated Nifty data. - [15.3 Put call ratio: definitions and what the evidence says](https://www.rupeecase.com/learn/path-15/module-15-3-put-call-ratio): How to compute the put call ratio from open interest and from volume, why one close gives many ratios, and what dated NSE chains and published tests say. - [15.4 Max pain: the calculation and a Nifty test](https://www.rupeecase.com/learn/path-15/module-15-4-max-pain): How max pain is calculated from open interest, and how it did against a plain forecast on Nifty expiries from dated NSE chains, with the coin comparison. - [15.5 Liquidity in the chain: spreads, volume and tradable strikes](https://www.rupeecase.com/learn/path-15/module-15-5-option-chain-liquidity): Read volume, open interest and tick size on a dated Nifty chain to judge which strikes trade, and what a closing file cannot show about spreads. - [15.6 Participant wise OI and FII derivatives data, read honestly](https://www.rupeecase.com/learn/path-15/module-15-6-participant-wise-open-interest): How to read NSE's participant wise open interest: four groups, a ledger that sums to zero, the FII long short ratio and a dated test. - [15.7 Expected move from the straddle and from IV](https://www.rupeecase.com/learn/path-15/module-15-7-expected-move): Size the range an expiry is priced for from the Nifty straddle and from implied volatility, on a dated NSE chain, and see why it is not a forecast. - [15.8 Who is on the other side in India](https://www.rupeecase.com/learn/path-15/module-15-8-who-is-on-the-other-side): Read NSE participant wise open interest for eleven months of sessions to see who held the short side of index options, and why the file cannot name the dealers. - [15.9 Gamma exposure: the computation and its assumptions](https://www.rupeecase.com/learn/path-15/module-15-9-gamma-exposure-gex): Build gamma exposure for a dated Nifty chain from gamma, open interest and spot, and see how three sign conventions give three different answers. - [15.10 Zero gamma, call wall and put wall](https://www.rupeecase.com/learn/path-15/module-15-10-zero-gamma-and-walls): How zero gamma, the call wall and the put wall are found on a dated Nifty chain, why they move with the sign convention, and what five dated chains show. - [15.11 Pinning and max OI strikes: the evidence](https://www.rupeecase.com/learn/path-15/module-15-11-pinning-and-max-oi-strikes): Three tests of the pinning claim on dated NSE files: closes at strikes, the heaviest open interest strike, and call and put walls, with the maths. - [15.12 Vanna and charm flows around expiries and events](https://www.rupeecase.com/learn/path-15/module-15-12-vanna-and-charm-flows): Split the change in a Nifty option delta into index, volatility and time terms on dated chains, and see what a vanna or charm flow can and cannot mean. - [15.13 An Indian positioning model and its limits](https://www.rupeecase.com/learn/path-15/module-15-13-indian-positioning-model): Build a Nifty positioning model from NSE participant wise open interest, run it on dated chains, and see why its sign changes with the group and the date. - [16.1 Volatility: historical against implied](https://www.rupeecase.com/learn/path-16/module-16-1-historical-vs-implied-volatility): What historical, realised and implied volatility each measure, how India VIX and the option chain fit in, and why they differ, on dated NSE Nifty data. - [16.2 India VIX for beginners: what it measures and what it does not](https://www.rupeecase.com/learn/path-16/module-16-2-india-vix-explained): India VIX explained for beginners: what NSE builds it from, how to turn it into a Nifty range, and why it says nothing about the direction. - [16.3 Solving for implied volatility](https://www.rupeecase.com/learn/path-16/module-16-3-solving-for-implied-volatility): How implied volatility is solved from an option price with Black 76, by Newton and bisection, with a worked Nifty call, a full chain and cases with no answer. - [16.4 IV rank and IV percentile, done properly](https://www.rupeecase.com/learn/path-16/module-16-4-iv-rank-and-iv-percentile): IV rank and IV percentile defined, worked on a year of Nifty 30 day implied volatility, with the series, window and tie choices that make two screens disagree. - [16.5 Measuring realised volatility: four estimators](https://www.rupeecase.com/learn/path-16/module-16-5-realised-volatility-estimators): Close to close, Parkinson, Garman Klass and Yang Zhang realised volatility explained on Nifty data, with window, annualising factor and overnight gap effects. - [16.6 Events and IV crush: results, Budget, RBI and elections](https://www.rupeecase.com/learn/path-16/module-16-6-iv-crush-around-events): What IV crush is, how a known event sits in option prices, and what Nifty options did around the Budget of 1 Feb 2026, from NSE end of day data. - [16.7 Smile and skew: a first look at Nifty and stocks](https://www.rupeecase.com/learn/path-16/module-16-7-volatility-smile-and-skew): Volatility smile and skew read off dated NSE chains: Nifty on a calm day, on a stress day, Nifty Bank, and two stock options. Slope, curve and what they price. - [16.8 Skew measures: risk reversal, butterfly and slope](https://www.rupeecase.com/learn/path-16/module-16-8-skew-measures): Risk reversal, butterfly and slope read off dated NSE chains: Nifty on a calm day and a stress day, BANKNIFTY and a stock, with the delta convention stated. - [16.9 Term structure and event variance](https://www.rupeecase.com/learn/path-16/module-16-9-term-structure-and-event-variance): Why weekly and monthly implied volatility differ, and how to read one event day's variance from NSE option prices, on dated Nifty chains and the Budget of 2026. - [16.10 Forward volatility from two expiries](https://www.rupeecase.com/learn/path-16/module-16-10-forward-volatility): How to read the volatility priced between two Nifty expiries from their implied vols and days, with the total variance check, on dated NSE chains. - [16.11 India VIX rebuilt step by step](https://www.rupeecase.com/learn/path-16/module-16-11-india-vix-rebuilt): India VIX built from out of the money Nifty options, rebuilt step by step from NSE settlement prices on dated chains and compared with the published index. - [16.12 Forecasting volatility: EWMA, GARCH and HAR](https://www.rupeecase.com/learn/path-16/module-16-12-forecasting-volatility): EWMA, GARCH and HAR volatility forecasts explained on Nifty data, with decay, persistence, mean reversion and a dated scorecard of eight forecast misses. - [16.13 The variance risk premium in Nifty](https://www.rupeecase.com/learn/path-16/module-16-13-variance-risk-premium): The variance risk premium measured on Nifty: implied against the realised volatility that followed, fourteen windows and the tail in the average. - [16.14 Variance swaps and replication](https://www.rupeecase.com/learn/path-16/module-16-14-variance-swaps): How a strip of Nifty options replicates a variance swap, the fair strike for the 30 Jun 2026 expiry, what it paid, and why a volatility swap is different. - [16.15 Volatility surface models: SVI, SABR, local and stochastic vol](https://www.rupeecase.com/learn/path-16/module-16-15-volatility-surface-models): What a volatility surface must satisfy, how SVI and SABR fit one Nifty expiry, and what local and stochastic volatility add, on dated NSE chains. - [16.16 Skew dynamics: sticky strike against sticky delta](https://www.rupeecase.com/learn/path-16/module-16-16-skew-dynamics): How a Nifty smile moves with the index: sticky strike, sticky delta and local volatility, tested on dated NSE chains and the biggest daily falls and rises. - [17.1 Reading and building payoff diagrams](https://www.rupeecase.com/learn/path-17/module-17-1-payoff-diagrams): Read a payoff diagram from the axes inward, then build one leg by leg on a dated NSE Nifty chain: floors, breakevens, slopes, and what the picture hides. - [17.2 Vertical debit spreads: bull call and bear put](https://www.rupeecase.com/learn/path-17/module-17-2-bull-call-and-bear-put-spreads): Bull call and bear put spreads on a dated NSE Nifty chain: net debit, breakeven, maximum gain and loss, and the STT that hits a long leg at expiry. - [17.3 Covered call, protective put and cash secured put](https://www.rupeecase.com/learn/path-17/module-17-3-covered-call-and-protective-put): Covered call, protective put, cash secured put and collar on dated NSE Nifty chains: what each pays for, costs and gives away, in a fall and a rise. - [17.4 Why and when to hedge: insurance in plain numbers](https://www.rupeecase.com/learn/path-17/module-17-4-why-hedge): Why people hedge with a Nifty put, what the cover costs, why it costs more after a fall, and whether a put every month is worth it, on dated NSE data. - [17.5 Straddles and strangles, long and short](https://www.rupeecase.com/learn/path-17/module-17-5-straddles-and-strangles): Long and short straddles and strangles on a dated NSE Nifty chain: premium, breakevens, results at expiry, and why a high win rate is not an edge. - [17.6 Credit spreads: bull put and bear call](https://www.rupeecase.com/learn/path-17/module-17-6-credit-spreads): Bull put and bear call credit spreads on a dated NSE Nifty chain: the credit, maximum loss, breakeven and result at expiry, and why capped is not small. - [17.7 Iron condor and iron fly on Nifty](https://www.rupeecase.com/learn/path-17/module-17-7-iron-condor-and-iron-fly): Iron condor and iron fly on dated NSE Nifty chains: net credit, maximum loss, breakevens, STT, and why a success rate says little on its own. - [17.8 Butterflies and broken wing butterflies](https://www.rupeecase.com/learn/path-17/module-17-8-butterflies): Call butterfly and broken wing butterfly on dated NSE Nifty chains: cost, breakevens, maximum gain and loss, and why a tall payoff means a narrow band. - [17.9 Option calendar spreads](https://www.rupeecase.com/learn/path-17/module-17-9-option-calendar-spreads): Calendar spread on dated NSE Nifty chains: net debit, how time decay and forward volatility work, the expiry day margin rule, and two worked entries. - [17.10 Choosing a strategy by view: direction, volatility and time](https://www.rupeecase.com/learn/path-17/module-17-10-strategy-by-view): Match a view on direction, volatility and time to option payoffs, with two dated Nifty weeks, the strategy finder, and what India VIX does not tell you. - [17.11 Adjustments: what they really do to risk](https://www.rupeecase.com/learn/path-17/module-17-11-option-adjustments): What rolling, adding a wing or closing a short Nifty strangle does to payoff, delta, theta and gamma, shown on a dated NSE example with the arithmetic. - [17.12 Expiry day: gamma, theta, settlement and the rules](https://www.rupeecase.com/learn/path-17/module-17-12-expiry-day): What gamma and theta do on a Nifty option's last day, how the final value is set in 2026, SEBI's expiry day rules and what the Jane Street interim order says. - [17.13 Hedging a stock portfolio with Nifty puts](https://www.rupeecase.com/learn/path-17/module-17-13-hedging-with-nifty-puts): How many Nifty lots cover a stock portfolio, futures against puts, what a beta error does and what a put every month costs, on dated NSE data. - [17.14 Collars and put spreads as cheaper hedges](https://www.rupeecase.com/learn/path-17/module-17-14-collars-and-put-spreads): Put spreads and collars on dated NSE Nifty chains: what each saves in premium, what it gives up in a fall and in a rise, and why zero cost still has a price. - [17.15 Hedging mutual fund portfolios: beta and basis](https://www.rupeecase.com/learn/path-17/module-17-15-hedging-mutual-fund-portfolios): How a Nifty future hedges a fund on dated NSE data: estimating beta, the three parts of basis risk, and what a hedge left open in a fall and a rise. - [17.16 Ratio spreads and backspreads](https://www.rupeecase.com/learn/path-17/module-17-16-ratio-spreads-and-backspreads): How a 1 by 2 call ratio spread and its mirror, the backspread, behave on NSE settle prices for two June 2026 entry dates, and why the credit is not the point. - [17.17 Diagonals and double calendars](https://www.rupeecase.com/learn/path-17/module-17-17-diagonals-and-double-calendars): How a diagonal and a double calendar price the gap between two Nifty expiries, on NSE settle prices for June 2026 and Budget Day, and why range is not all. - [17.18 P&L attribution by Greeks](https://www.rupeecase.com/learn/path-17/module-17-18-pnl-attribution-by-greeks): P&L attribution on dated NSE Nifty chains: the delta, gamma, theta and vega pieces of a sold straddle over three windows, and why the residual grows. - [17.19 Event hedging with event variance](https://www.rupeecase.com/learn/path-17/module-17-19-event-hedging): How event variance is read from two Nifty expiries, why it rests on a guess, and what a put costs before an event, on NSE data around the Budget of 1 Feb 2026. - [17.20 Tail hedging and long dated Nifty options](https://www.rupeecase.com/learn/path-17/module-17-20-tail-hedging): What far out of the money Nifty puts did in the Feb to Mar 2026 fall, how a long dated put differs from a monthly one, and what carrying a tail hedge costs. - [17.21 Hedging an option selling book: wings, vega, gaps and margin stress](https://www.rupeecase.com/learn/path-17/module-17-21-hedging-an-option-selling-book): Hedging a sold Nifty strangle on dated NSE chains: what wings cost, how they cut gamma and vega, gap losses, and the SEBI margin rules that matter to a seller. - [17.22 Kelly and sizing for option strategies](https://www.rupeecase.com/learn/path-17/module-17-22-kelly-sizing): What the Kelly fraction says, why it is a ceiling, how a wrong win rate costs, and why lots and short options break the formula, on a dated Nifty put spread. - [17.23 Risk for option books: scenarios, stress, VaR, ES and margin shocks](https://www.rupeecase.com/learn/path-17/module-17-23-option-book-risk): A risk report for an option book: Greeks, scenario grids, stress tests, VaR and expected shortfall, and the margin shocks that arrive with them, on dated data. - [18.1 Cash futures arbitrage and the Nifty 50 Arbitrage index](https://www.rupeecase.com/learn/path-18/module-18-1-cash-futures-arbitrage): How cash futures arbitrage works on Nifty, what it locks in, the STT and cost stack, and how arbitrage funds and the NSE index use it, on NSE data of June 2026. - [18.2 Conversions and reversals](https://www.rupeecase.com/learn/path-18/module-18-2-conversions-and-reversals): How a conversion and a reversal lock the put call parity gap with three legs, on NSE settle prices for three days in Jun 2026, and why costs decide the rest. - [18.3 Pair trading intuition: correlation is not cointegration](https://www.rupeecase.com/learn/path-18/module-18-3-pair-trading-intuition): What a pair trade bets on and why correlation is not enough: a cointegration test and a walk forward check on Nifty and Bank Nifty closes, with India specifics. - [18.4 Futures calendar arbitrage and roll dynamics](https://www.rupeecase.com/learn/path-18/module-18-4-futures-calendar-arbitrage): What a Nifty futures calendar gap should be worth against carry, why a futures only calendar does not lock a profit, and how the roll moves it, on NSE data. - [18.5 Box spreads with European index options](https://www.rupeecase.com/learn/path-18/module-18-5-box-spreads): How a box spread on Nifty options pays a fixed amount, why it is a loan, and how its implied rate looks against the bill and the charges, on NSE data. - [18.6 Parity deviations in practice: what the frictions cost](https://www.rupeecase.com/learn/path-18/module-18-6-parity-deviations): Measure the put call parity gap on dated NSE Nifty chains, set it against STT and charges, and see why a gap in a settlement file is not a trade. - [18.7 Cointegration toolkit: Engle Granger, ADF, half life and z score](https://www.rupeecase.com/learn/path-18/module-18-7-cointegration-toolkit): The Engle Granger test step by step on dated Nifty and Bank Nifty closes: hedge ratio, ADF against strict values, half life, z score and a held out check. - [18.8 Pair trading with Indian stock futures](https://www.rupeecase.com/learn/path-18/module-18-8-pair-trading-with-stock-futures): What a pair trade meets in India after the statistics: no overnight cash short, whole lots, the roll, delivery, the ban list and costs, on dated NSE data. - [18.9 Mean reversion against momentum](https://www.rupeecase.com/learn/path-18/module-18-9-mean-reversion-vs-momentum): Autocorrelation and the variance ratio on dated Nifty closes, two counted rules, and why four quarters cannot name a regime or choose a style. - [18.10 Implied correlation](https://www.rupeecase.com/learn/path-18/module-18-10-implied-correlation): Solve the Nifty index volatility for one average implied correlation from fifty stock volatilities and weights, and set it beside what the stocks then did. - [18.11 Dispersion trades: construction and risks](https://www.rupeecase.com/learn/path-18/module-18-11-dispersion-trades): Build a dispersion position leg by leg on the Nifty, see its profit as a function of correlation, and weigh the 30 Jun 2026 result against the April 2026 spike. - [18.12 The correlation risk premium](https://www.rupeecase.com/learn/path-18/module-18-12-correlation-risk-premium): The correlation risk premium on the Nifty 50: implied against realised, split from the volatility premium, with a year of realised correlation. - [18.13 Baskets, PCA stat arb and Johansen tests](https://www.rupeecase.com/learn/path-18/module-18-13-pca-stat-arb): Principal components, residual reversion and the Johansen test on a year of Nifty 50 stocks, with every setting reported and what a basket screen finds. - [18.14 Kalman filter hedge ratios](https://www.rupeecase.com/learn/path-18/module-18-14-kalman-filter-hedge-ratios): A Kalman filter hedge ratio built step by step on a year of Nifty and Bank Nifty closes, with the dial, a trading test of every setting and the lots it implies. - [19.1 What a backtest is, and five biases that ruin it](https://www.rupeecase.com/learn/path-19/module-19-1-backtest-biases): What a backtest is and how look ahead, survivorship, overfitting, cost and sample bias distort it, shown on dated NSE data and the STT rates by date. - [19.2 Strategy metrics: CAGR, Sharpe, Sortino, drawdown and expectancy](https://www.rupeecase.com/learn/path-19/module-19-2-strategy-metrics): CAGR, Sharpe, Sortino, maximum drawdown and expectancy computed on dated NSE closes and made up records, with what each measure hides and how they fit. - [19.3 HFT, MFT and LFT compared](https://www.rupeecase.com/learn/path-19/module-19-3-hft-mft-lft): HFT, MFT and LFT as holding periods: a typical Nifty move by horizon against futures charges, SEBI's FY24 algo profit figures and the retail algo limits. - [19.4 Colocation, latency and fairness: NSE's history](https://www.rupeecase.com/learn/path-19/module-19-4-colocation-and-latency): What colocation is, the NSE tick feed, what SEBI's 2019 and 2024 orders and SAT's 2023 order say, and what a millisecond of Nifty movement is worth. - [19.5 Building a compliant retail algo](https://www.rupeecase.com/learn/path-19/module-19-5-building-a-compliant-algo): SEBI's retail algo framework in force from 1 Apr 2026 as a design: the ten orders a second line, static IP, tagging, kill switch and your own risk layer. - [19.6 Backtesting options on Indian data](https://www.rupeecase.com/learn/path-19/module-19-6-backtesting-options): What an options backtest needs from NSE end of day files, which rules changed by date, what a sold straddle costs and how many trades a result needs. - [19.7 Walk forward and out of sample testing](https://www.rupeecase.com/learn/path-19/module-19-7-walk-forward-testing): How walk forward testing fits a rule on one window and trades the next, shown on four test windows from NSE data, with efficiency, leakage and its limits. - [19.8 Monte Carlo and bootstrap of trade results](https://www.rupeecase.com/learn/path-19/module-19-8-monte-carlo-and-bootstrap): How Monte Carlo and bootstrap replay a strategy's trades, why trade order changes drawdown, how many paths are enough and what resampling cannot show. - [19.9 Microstructure models: spreads, informed trading and price impact](https://www.rupeecase.com/learn/path-19/module-19-9-microstructure-models): Three classic microstructure models, the tick as a floor on cheap Nifty options, what daily files cannot say, and the closing auction from 7 Dec 2026. - [19.10 Market making: inventory and quoting](https://www.rupeecase.com/learn/path-19/module-19-10-market-making): How a market maker sets bid and ask from inventory and volatility, run on Nifty data as a model quote, with adverse selection and an account's charges. - [19.11 Optimal execution and market impact](https://www.rupeecase.com/learn/path-19/module-19-11-optimal-execution): Why a large order has two costs, impact and timing risk, on a dated Nifty option chain and a made up Almgren and Chriss schedule, with India's auction rules. - [19.12 HFT economics and the latency race](https://www.rupeecase.com/learn/path-19/module-19-12-hft-economics): Why a winner takes all race for speed spends the prize on speed, in a made up model beside Nifty basis data, and what SEBI did about fast trading in India. - [19.13 Backtest overfitting: deflated Sharpe, PBO and multiple testing](https://www.rupeecase.com/learn/path-19/module-19-13-backtest-overfitting): How trying many variants inflates a backtest Sharpe: a model of the best of N no skill rules, the deflated Sharpe, PBO and the years of data needed. - [19.14 Financial machine learning done carefully](https://www.rupeecase.com/learn/path-19/module-19-14-financial-machine-learning): Why market data is hard for machine learning, and the method that matters: labels, overlap, purged validation, trial counts, bet size and the Indian rules. - [19.15 Expiry day market integrity: a SEBI interim order, FutEq limits and surveillance](https://www.rupeecase.com/learn/path-19/module-19-15-expiry-day-market-integrity): The SEBI interim order of 3 Jul 2025, the FutEq and intraday limit circulars and the 2026 settlement rules, read as written and dated, with what is pending. - [19.16 Capstone: a research note on an Indian derivatives question](https://www.rupeecase.com/learn/path-19/module-19-16-capstone-research-note): The brief and published rubric for a short research note on an Indian derivatives question: structure, data rules, marks by criterion and a marking example. - [What are futures and options (F&O kya hai)?](https://www.rupeecase.com/learn/questions/what-are-futures-and-options): A future is an exchange contract to buy or sell an index at a fixed price on a set expiry date, and both sides carry the full move. An option gives the buyer the right, not the duty, to buy the index with a call or sell it with a put at a strike price until expiry, and the buyer pays the premium up front for that right. - [Option buying or option selling: which is better?](https://www.rupeecase.com/learn/questions/option-buying-vs-selling): Buying and selling the same option are mirror payoffs, so the choice is about the shape of the payoff and the costs, not about which side is smarter. What decides it is expectancy, the average result per trade after the losing trades are counted, and a high win rate can still come with a negative expectancy. - [How much capital do I need to trade or sell options?](https://www.rupeecase.com/learn/questions/capital-needed-for-options): A buyer pays the full premium up front, so the most that can be lost is that premium. A seller posts margin set by the risk of the position, usually larger than the premium received, so the capital needed depends on the side and on how much loss the account can absorb. - [What happens if my option expires in the money or out of the money?](https://www.rupeecase.com/learn/questions/option-expires-itm-or-otm): An option that expires out of the money has no value and lapses, so a buyer loses the premium and a seller keeps it. An option that expires in the money settles in cash at its intrinsic value, the gap between the final index value and the strike, which the buyer gains and the seller pays. - [What happens on expiry day?](https://www.rupeecase.com/learn/questions/what-happens-on-expiry-day): On expiry day an index contract stops trading and is settled in cash, so an in the money option pays its intrinsic value and an out of the money one lapses at zero. The final index value is the index close for expiries before 7 Dec 2026, and from that date the index worked out from its stocks' volume weighted prices over the last thirty minutes. - [What is the Nifty lot size now, and why did it change?](https://www.rupeecase.com/learn/questions/nifty-lot-size): The Nifty lot is 65 units, and NSE's lot size file shows 65 for every expiry month it lists, including the long dated ones. SEBI has exchanges review the lot every six months to keep a contract's value in a set band, and NSE cut the Nifty lot to 65 in October 2025, phased in by contract. - [Why is my option premium not rising even though Nifty went up?](https://www.rupeecase.com/learn/questions/why-premium-not-rising): 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. - [How is an option price calculated?](https://www.rupeecase.com/learn/questions/how-option-price-is-calculated): An option's price is the discounted expected payoff at expiry, worked out from the futures price, the strike, the time left, the implied volatility and the interest rate. For an at the money option the whole premium is time value, and that part shrinks as expiry comes near. - [ITM, ATM, OTM: what is intrinsic value and what is time value?](https://www.rupeecase.com/learn/questions/itm-atm-otm-explained): An option with intrinsic value is in the money: it would pay something if it expired at that close. The rest of the premium is time value, the price of the chance that the index moves further before expiry. - [Futures or options: which suits a beginner?](https://www.rupeecase.com/learn/questions/futures-or-options-for-beginners): Neither product is easier by its name: a future gains and loses point for point with no floor, while an option loss stops at the premium and its value decays with time. What matters is which of those two losses the trader can carry. - [Can an option buyer lose more than the premium, and can I hold options to expiry?](https://www.rupeecase.com/learn/questions/can-option-buyer-lose-more): An option buyer cannot lose more than the premium paid plus charges, because the buyer holds a right and can let it lapse, while a seller carries an obligation with no such cap. Index options are cash settled and can be held to expiry, but a stock option in the money at expiry settles by delivery of shares. - [How do people set a stop loss on options, and when do they exit?](https://www.rupeecase.com/learn/questions/stop-loss-on-options): A stop loss on an option is an order that goes live once the price you set trades, so it is not a fixed cap on the loss. At a thinly traded strike the next traded price can sit well away from the trigger. - [What are SEBI's F&O rules on lot size, weekly expiry and upfront premium?](https://www.rupeecase.com/learn/questions/sebi-fo-rules): SEBI's circular of 1 Oct 2024 set six measures, among them one weekly expiry per exchange and a higher minimum contract value for new index lots, both from 20 Nov 2024, and upfront collection of the option premium from buyers, from 1 Feb 2025. SEBI's circular of 26 May 2025 then limited expiries to Tuesday or Thursday, and each rule starts on its own date, so read each figure with its circular date. - [Why is Nifty expiry on Tuesday and Sensex on Thursday, and why no Bank Nifty weekly?](https://www.rupeecase.com/learn/questions/expiry-days-nifty-sensex): From contracts expiring on 1 Sep 2025, NSE's NIFTY weekly expires on Tuesday and BSE's SENSEX weekly on Thursday: SEBI lets each exchange pick Tuesday or Thursday, and the two exchanges swapped the days they had. Bank Nifty has had no weekly contract since November 2024, because SEBI allows one weekly benchmark index per exchange and NSE kept NIFTY. - [Why do 9 out of 10 F&O traders lose money?](https://www.rupeecase.com/learn/questions/why-fo-traders-lose): Most individual F&O traders lose money because the losses sit mostly in options, most traders are options buyers, and costs come out of every trade whether it wins or loses. SEBI found that 87.7% of individual traders were net losers in FY26, and losses tend to repeat from year to year. - [How much margin does selling a Nifty option need, and why more on expiry day?](https://www.rupeecase.com/learn/questions/margin-to-sell-nifty-option): Margin for a sold Nifty option comes from the exchange risk model, which tests the position against price and volatility moves and adds an extreme loss margin, so there is no single amount for every day. On expiry day the calendar spread offset is removed and short options carry an extra tail risk margin, which is why the requirement rises. - [What is physical settlement in stock F&O?](https://www.rupeecase.com/learn/questions/physical-settlement-stock-fo): Since the October 2019 expiry, a stock option that is in the money at expiry, or a stock future still open at expiry, settles by delivery of shares rather than a cash difference. For a call or a future the buyer pays for the shares and the seller delivers them, and a put reverses that. - [What is STT on options and on exercise?](https://www.rupeecase.com/learn/questions/stt-on-options): From 1 Apr 2026 the STT on an option sale is 0.15% of premium, paid by the seller, and the same 0.15% applies on exercise to the intrinsic value, paid by the buyer. The sale rate has risen in steps since 2016, and the chart shows each step. - [How do I read an option chain?](https://www.rupeecase.com/learn/questions/how-to-read-option-chain): An option chain is one table for one expiry: each row is a strike, calls sit on the left, puts on the right, and each side shows open interest, change in open interest, volume and the settle price. Read it row by row from the at the money strike outwards, and check the date and the expiry before you read any number. - [What should I look at in option chain analysis for intraday?](https://www.rupeecase.com/learn/questions/option-chain-analysis-intraday): The chain the school uses is a closing snapshot, so its open interest and change in open interest are close to close figures and say nothing about what happened inside the session. A chain can describe the structure of the day's positions, but it cannot time an intraday move. - [Is the highest call OI strike resistance and the highest put OI strike support?](https://www.rupeecase.com/learn/questions/highest-oi-support-resistance): The largest call OI strike is not by itself a ceiling and the largest put OI strike is not by itself a floor, because open interest counts open contracts and not the reasons for holding them. The leading strikes move from one date to the next, so one chain cannot test whether a strike held. - [What is PCR and how do I read it?](https://www.rupeecase.com/learn/questions/what-is-pcr): The put call ratio divides put open interest by call open interest across the strikes you choose, so a ratio above one means more put contracts are open than call contracts. It describes how positions are split on one chain at one moment, and it does not by itself say which way the index will move. - [What is max pain, and does max pain theory work?](https://www.rupeecase.com/learn/questions/does-max-pain-work): Max pain is the strike where option buyers would collect the least from the writers at expiry, worked out from open interest alone, so it is a calculation and not a forecast. The claim that the index settles near it can be tested, and on the six expiries that can be scored properly it is not yet shown to beat simply staying at spot. - [What are open interest, change in OI and cumulative OI?](https://www.rupeecase.com/learn/questions/what-is-open-interest): Open interest is the number of contracts still open at the end of a session, which NSE's files count in units, so one lot of 65 units is one contract. Change in OI is how much that number moved since the previous session, and cumulative OI is the total across the strikes of one chain. - [Long build-up, short build-up, short covering, long unwinding?](https://www.rupeecase.com/learn/questions/long-short-build-up): The four patterns read price and open interest together, for one contract on one day: price and OI both up is a long build up, price down with OI up is a short build up, price up with OI down is short covering and both down is long unwinding. Near expiry, a fall in OI can simply be a roll into the next month, as the June 2026 window shows. - [What do IV and IVP mean in the option chain?](https://www.rupeecase.com/learn/questions/iv-and-ivp-in-option-chain): IV in the option chain is the implied volatility of each traded strike, found by inverting its settle price through the Black 76 model, and the at the money reading is the one most often quoted. IVP, or IV percentile, is the share of past trading days on which the constant maturity IV was below today's reading, so it places today's IV against its own recent history. - [What do participant wise OI, the FII long short ratio and FII and DII data tell me?](https://www.rupeecase.com/learn/questions/participant-wise-oi-fii-data): The participant file counts open contracts for four groups, Client, DII, FII and Pro, across futures and options, and an FII long to short ratio is only one group's count, not a signal of where the index goes next. The count mixes hedges, arbitrage and spreads, so a ratio can show positioning without showing intent. - [Does the ATM straddle price tell me the expected move?](https://www.rupeecase.com/learn/questions/atm-straddle-expected-move): The price of the at the money straddle, a call and a put at the same strike added together, is a rough measure of the move the options market expects by expiry, and the usual shortcut reads it as about four fifths of one standard deviation of the move. It prices the size of a move, not its direction, and it is a measure of expectation, not a forecast. - [Volume or open interest: which matters?](https://www.rupeecase.com/learn/questions/volume-or-open-interest): Volume counts the contracts traded during a session, and open interest counts the contracts still open at the close. Volume shows how busy a strike was that day, and open interest shows how many positions carry into the next session, so the two answer different questions. - [Where do I get historical option chain and F&O data in India?](https://www.rupeecase.com/learn/questions/historical-option-chain-data): NSE publishes end of day F&O files for each session, with the settle price, open interest and volume for every listed strike, and that is enough to rebuild a past chain from official data. Intraday quotes for past dates are not in those files, and an end of day chain cannot show what the market did during the session. - [What are option Greeks (Greeks kya hai)?](https://www.rupeecase.com/learn/questions/what-are-option-greeks): The Greeks are sensitivities that tell you how an option's price moves when the future moves, when time passes, when volatility changes and when interest rates change. Delta, gamma, theta, vega and rho are the common five, and each one is a slope on the same price, not a forecast of where the index will go. - [What is delta, with an Indian example?](https://www.rupeecase.com/learn/questions/what-is-delta): Delta is how much an option's premium moves when the future moves one point, and it doubles as a hedge ratio, the number of futures that offset the option's move. A call's delta runs from zero to one, a put's from minus one to zero, and an at the money call sits near one half. - [What is gamma, and what is a "gamma blast"?](https://www.rupeecase.com/learn/questions/what-is-gamma): Gamma is how fast an option's delta changes when the index moves, and it is largest for the strike at the money in the last days before expiry. A gamma blast is the name traders give to the sudden jump in a cheap out of the money option near expiry, and that jump is only one outcome among many, most of which end with the option worth nothing. - [What is theta decay, and how fast is it on expiry day?](https://www.rupeecase.com/learn/questions/theta-decay-on-expiry): Theta is the amount an option loses each day from the passing of time alone, with the index and volatility held where they are. For an at the money option it grows as expiry gets close, and by the final settlement the time value has gone, so only intrinsic value is left. - [What is vega, and why does an option gain when volatility rises?](https://www.rupeecase.com/learn/questions/what-is-vega): Vega is the change in an option's price for a one point change in its implied volatility, and it is positive for both calls and puts. It is largest for at the money options with plenty of time left, so a volatility move matters most early in an option's life and very little in the last moments before expiry. - [How do I calculate Greeks and read position Greeks for a multi leg trade?](https://www.rupeecase.com/learn/questions/how-to-calculate-greeks): You calculate each Greek for one option from its model inputs, then add the Greeks of every leg with a plus sign for a bought leg and a minus sign for a sold leg, and multiply by the lots and the lot size to get the position figure. The method is the same for any strategy, but the result is only as good as the implied volatility and the rate fed into it. - [What is a delta neutral strategy or delta hedging?](https://www.rupeecase.com/learn/questions/delta-neutral-and-delta-hedging): Delta neutral means the net delta of a position is close to zero, so a small move in the future changes its value very little, and delta hedging is the act of adding futures or other options to pull the net delta back toward zero as the market moves. It removes the directional exposure but not gamma, vega or the cost of hedging. - [What is gamma scalping?](https://www.rupeecase.com/learn/questions/what-is-gamma-scalping): Gamma scalping holds a long gamma position and re-hedges the futures as the index moves, so the re-hedging gains come from realised moves while the option premium is the implied move paid at the start. The outcome depends on whether realised volatility over the holding period comes in above the implied volatility paid at entry, and time decay is the cost that works the other way. - [What are vanna and charm?](https://www.rupeecase.com/learn/questions/vanna-and-charm): Vanna is how much an option's delta changes for a one point move in implied volatility, and charm is how much its delta drifts as a day passes. Both are second order Greeks, so a hedge set at one volatility or one time of day moves away from the right size even when the future has not moved. - [Does rho matter in India?](https://www.rupeecase.com/learn/questions/does-rho-matter): Rho is the change in an option's price for a one percentage point change in the interest rate, and for short dated NSE index options it is small next to delta, gamma and vega. It matters more for longer dated options and for the cost of carry in the future, so for most short dated Nifty positions it is a footnote rather than the main risk. - [What is implied volatility?](https://www.rupeecase.com/learn/questions/what-is-implied-volatility): Implied volatility is the volatility figure that makes an option's model price equal its market price, given the index level, the strike, the time to expiry and the interest rate. It is quoted as an annual percentage, so it shows how much movement the option price is paying for, and it does not say which way the index will move. - [How do I calculate IV for Nifty options?](https://www.rupeecase.com/learn/questions/calculate-iv-nifty-options): You find the implied volatility by taking an option's settle price, the future, the strike, the time to expiry and the rate, then solving the Black 76 model for the volatility that returns that price, usually with a numerical search. Use the future for NSE index options, count time in calendar days over a year of 365 days, and use only strikes that traded, because a strike with no trade has no market price to invert. - [Historical, implied and realised volatility: what is the difference?](https://www.rupeecase.com/learn/questions/historical-implied-realised-volatility): Historical and realised volatility are both measured from past closes, and the difference between them is only the window and the method, while implied volatility is read from the prices people pay today. Comparing implied with the volatility that followed shows whether options were priced rich or cheap, but that comparison is a test, not a signal. - [IV rank or IV percentile: what is the difference?](https://www.rupeecase.com/learn/questions/iv-rank-vs-iv-percentile): IV rank places today's implied volatility between the lowest and the highest reading of the trailing year, so one spike sets the top of the scale and can squeeze every later reading low. IV percentile counts the share of past days with a lower reading, so it uses the whole distribution and is much less distorted by a single spike. - [What is India VIX?](https://www.rupeecase.com/learn/questions/what-is-india-vix): India VIX is NSE's measure of the movement that Nifty options price in over the next thirty calendar days, quoted as an annual percentage. It is built from the bid and ask quotes of Nifty options, so it reads option prices rather than past price moves, and it says nothing about direction. - [What does a high India VIX mean, and is VIX above 20 dangerous?](https://www.rupeecase.com/learn/questions/high-india-vix-meaning): A high India VIX means option prices imply a large expected move in the Nifty over the next thirty calendar days, and the figure is annualised, so it is not a forecast of direction. It makes options dearer, which costs buyers and pays sellers more while carrying larger risk, but on its own it does not say that a fall is coming. - [How are India VIX and Nifty related?](https://www.rupeecase.com/learn/questions/india-vix-and-nifty): India VIX and the Nifty tend to move in opposite directions on the same day, so a fall in the index usually comes with a rise in VIX. Over the longer run, VIX sits above the Nifty's recent realised volatility on most sessions, a gap that is a rough, backward looking stand in for the variance risk premium. - [How is India VIX calculated?](https://www.rupeecase.com/learn/questions/how-india-vix-is-calculated): India VIX is built from the prices of out of the money Nifty options in the near and next month expiries, blended to a thirty calendar day horizon, using the forward level and a money market rate, so it is a variance measure read from option prices. It is quoted as an annual percentage, so it gives the size of the move the options price in, and it does not say which way the index will move. - [What is IV crush around results and the Budget?](https://www.rupeecase.com/learn/questions/what-is-iv-crush): IV crush is the fall in an option's implied volatility once an expected event has passed, and it lowers the premium even when the index moves the way the market expected. It is largest for options whose expiry sits just after the event, because the uncertainty about the event is priced into them and then removed. - [Volatility smile or skew: what is the difference?](https://www.rupeecase.com/learn/questions/volatility-smile-vs-skew): A volatility smile is the curve of implied volatility across strikes for one expiry, and it is usually lowest near the money and higher at both ends. A skew is the tilt of that curve, and on the 10 Jun 2026 Nifty chain the puts below the index carried more implied volatility than calls at a similar distance above it. - [Why are Nifty OTM puts pricier than calls?](https://www.rupeecase.com/learn/questions/why-otm-puts-cost-more): On the chain used here, out of the money Nifty puts carried a higher implied volatility than calls at the same distance from the future, and that tilt is the volatility skew. The skew is a price that the options market pays for downside protection and for the risk of sharp falls, and it is not a forecast that the index will fall. - [Term structure: why do weekly and monthly IVs differ?](https://www.rupeecase.com/learn/questions/weekly-vs-monthly-iv): Weekly and monthly expiries cover different numbers of days, so their implied volatilities differ when the market prices an event inside one expiry and not the other, and the term structure shows that gap across all the expiries on one date. On the close of 1 Feb 2026, the Budget session, the nearest weekly carried far more volatility than the monthly. - [What is forward volatility and how does it relate to calendar spreads?](https://www.rupeecase.com/learn/questions/what-is-forward-volatility): Forward volatility is the volatility implied by option prices for the window between two expiries, found from total variance: the further expiry total minus the nearer one, divided by the time between them. It is the quantity a calendar spread is exposed to, and it describes what the option prices imply for that window, not a forecast. - [How do I estimate the expected move from IV?](https://www.rupeecase.com/learn/questions/expected-move-from-iv): The expected move over a period is roughly spot times implied volatility times the square root of the time to expiry, and it reads as a one standard deviation band, so the index should close inside it about two times in three if the model holds. Implied volatility is a price for future movement, not a promise, so the band is a check on option prices and a guide to risk, not a forecast. - [Is option selling paid for taking risk (the variance risk premium)?](https://www.rupeecase.com/learn/questions/variance-risk-premium): The variance risk premium is the gap between the variance that option prices imply and the variance that the index later realises, and a positive gap is the usual explanation for why option sellers can earn on average for taking that risk. The sign changes over time, so the premium is a pattern in the record and not a fixed return from selling options. - [What is a variance swap?](https://www.rupeecase.com/learn/questions/what-is-a-variance-swap): A variance swap pays the difference between realised variance over its life and a strike fixed at the start, so it is a bet on how much the index moves rather than where it ends. Variance swaps do not trade on Indian exchanges, but India VIX is built from the same strip of options that prices one. - [How do volatility forecasting models like GARCH work?](https://www.rupeecase.com/learn/questions/garch-volatility-forecasting): GARCH models forecast volatility by making today variance depend on yesterday squared return and yesterday variance, so large moves raise the forecast for the days after and calm sessions pull it down. They capture volatility clustering, which the record shows clearly, but they do not predict the direction of the index, and the forecast is only as good as the data and the fit. - [What are the volatility surface, SABR and local volatility?](https://www.rupeecase.com/learn/questions/volatility-surface-sabr): The volatility surface lays implied volatility out across strikes and expiries, and SABR is a model that fits the smile of one expiry with four parameters. Local volatility fits every price on the surface exactly but gives different dynamics, so each model suits a different job rather than showing how volatility really moves. - [Straddle or strangle: what is the difference?](https://www.rupeecase.com/learn/questions/straddle-vs-strangle): A straddle uses one strike, the one nearest the index, for both the call and the put. A strangle uses a call strike above the index and a put strike below it, so it costs less and its breakevens sit a little further out. - [Short straddle or short strangle: what is the “success rate” and the risk?](https://www.rupeecase.com/learn/questions/short-straddle-success-rate): A success rate counts how often a short straddle or strangle expires inside its breakevens, and it says nothing about how large the loss is on the days it fails. The measure that decides the result is expectancy, the average outcome per trade after every loss is counted, and the risk sits in the gap days that a success rate hides. - [Iron condor, iron fly and butterfly on Nifty: setup and "success rate"?](https://www.rupeecase.com/learn/questions/iron-condor-nifty): An iron condor is a short strangle with bought wings further out, so its profit is capped at the premium kept and its loss is capped at the width of the wings less that premium. A success rate counts how often a trade ends in profit and says nothing about how large the losses are, so it cannot show whether the condor pays after costs. - [What are a bull call spread and a bear put spread?](https://www.rupeecase.com/learn/questions/bull-call-and-bear-put-spread): A bull call spread buys a call and sells a call at a higher strike on the same expiry, so it gains as the index rises to the upper strike and stops gaining above it. A bear put spread is the mirror image, with puts, and it gains as the index falls to the lower strike. - [What are bull put and bear call credit spreads?](https://www.rupeecase.com/learn/questions/credit-spreads-explained): A bull put credit spread sells a put and buys a lower put in the same expiry, so the seller receives a net credit and the bought put limits the loss. A bear call credit spread is the mirror image on the call side, and its maximum loss is the distance between the strikes less the credit received. - [How does a calendar spread on Nifty options work, and what margin does it need?](https://www.rupeecase.com/learn/questions/nifty-calendar-spread): A calendar spread sells a near expiry option and buys a later expiry option at the same strike, so it earns from the faster time decay of the near leg and from the shape of the volatility term structure. Its margin is lower than the two legs taken alone, but that offset is removed on expiry day, so the margin a broker shows can change close to expiry. - [What are diagonal and double calendar spreads?](https://www.rupeecase.com/learn/questions/diagonal-and-double-calendar): A diagonal calendar sells a near expiry option and buys a later expiry option at a different strike, and a double calendar places two such calendars on either side of the money. Both are long the time value of the later expiry, so they gain when its implied volatility rises and the index stays between the strikes, and they lose most when the index moves far from them. - [Ratio spreads, backspreads, jade lizard and broken wing butterfly: what are they?](https://www.rupeecase.com/learn/questions/ratio-spreads-and-backspreads): A ratio spread buys one option and sells more options of the same type at a further strike, so it has a band of profit near the sold strike and an open ended loss beyond it. A backspread is the reverse: it sells one option and buys more further out, so it loses in the middle and gains if the index moves far in the direction of the bought options. - [Covered call, protective put and collar: how do they work?](https://www.rupeecase.com/learn/questions/covered-call-protective-put-collar): A covered call holds the underlying and sells a call above the market, so the premium cushions a small fall but the gain stops at the strike. A collar adds a bought put below the market to that position, and the call premium pays for part of the floor. - [Which option strategy suits a sideways, low VIX or volatile market?](https://www.rupeecase.com/learn/questions/strategy-for-sideways-market): No strategy suits a market by its label, because a sideways view is a view on realised movement against implied volatility, and a range position is short volatility with the same gap and volatility risk as any other short option position. A low VIX makes options cheaper to buy, but what a position pays still depends on how the index moves after the trade. - [How do I adjust a short strangle or iron condor?](https://www.rupeecase.com/learn/questions/adjusting-strangle-or-condor): Adjusting a short strangle or iron condor means changing the position after the index has moved toward one side, by rolling a leg, adding a wing or closing part of the trade. Each adjustment changes the risk and adds costs, and none of them removes the risk of the original position, so the useful check is the payoff and the Greeks after the change. - [What are synthetic futures and a synthetic long?](https://www.rupeecase.com/learn/questions/synthetic-futures): A synthetic long future is a long call and a short put at the same strike and expiry, and its expiry payoff matches a long future at that strike. Put call parity links the prices of the two, so any gap between the synthetic and the actual future is a question of costs and interest, not a free trade. - [Do expiry day setups like the 9:20 straddle or "hero zero" work?](https://www.rupeecase.com/learn/questions/expiry-day-strategies): The chain for 16 Jun 2026 shows what expiry day does at the close: every out of the money NIFTY option settled at zero and each in the money option at its intrinsic value. The school holds no intraday data, so it cannot test a 9:20 entry, and a hero zero payoff can only be judged by its odds and costs, not by a screenshot. - [What happens to options around Budget day and results day?](https://www.rupeecase.com/learn/questions/budget-day-option-strategy): On the 2026 Budget session India VIX rose from the previous close and fell on the next trading day, which is how an event premium builds and drains. This page gives no strategy for that day, because the size of the move depends on news nobody knows in advance and option prices already carry the expected move. - [Are there 0DTE options in India, and can I sell options on expiry day?](https://www.rupeecase.com/learn/questions/zero-dte-options-india): Yes, a weekly contract has zero days to expiry on the day it expires, so Nifty weekly options on their expiry day are 0DTE, but a short dated contract is not a shortcut. Selling on expiry day carries the highest gamma and extra margin, and a far out strike that pays on a steep move does not by itself show a positive expectancy. - [Is there a "sure shot" option strategy with 90% accuracy?](https://www.rupeecase.com/learn/questions/sure-shot-option-strategy): No option strategy is certain. A high win rate is easy to produce by selling far out of the money options, which pays small amounts most of the time and loses far more on the rare day the index runs through the strikes, so a win rate alone cannot show accuracy or profit. - [Can option selling give a "daily income"?](https://www.rupeecase.com/learn/questions/option-selling-daily-income): Theta does accrue to a seller every day, but priced fairly, the premium kept in quiet weeks is paid back by the losses in the other weeks before costs, so the premium alone is not an income. The model sells one fairly priced weekly option for a hundred weeks, so the bars show how the wins and the losses net off, with costs left out. - [How do I read a payoff diagram?](https://www.rupeecase.com/learn/questions/how-to-read-payoff-diagram): A payoff diagram plots the profit or loss at expiry on the vertical axis against the index level on the horizontal axis. Read it in three steps: the flat ends are the limits, the bends are the strikes, and the crossing with zero is the breakeven. - [How do I hedge a stock portfolio with Nifty puts, and how many lots?](https://www.rupeecase.com/learn/questions/hedge-portfolio-with-nifty-puts): The number of Nifty puts that offsets a stock portfolio is its value times its beta, divided by the value of one Nifty lot, and the premium is the cost of the floor. The hedge covers the market part of the risk and leaves stock specific risk and the basis unhedged. - [How do I hedge a mutual fund portfolio?](https://www.rupeecase.com/learn/questions/hedge-mutual-fund-portfolio): An individual investor cannot hedge a mutual fund with a derivative written on that fund, so the usual route is to hedge the index part of its risk with Nifty futures or puts, sized by the fund's beta against Nifty. What remains is the basis, the part of the fund's moves that Nifty does not explain, and the hedge is only as good as the beta estimate. - [Hedge with futures or options: what is beta hedging?](https://www.rupeecase.com/learn/questions/futures-or-options-to-hedge): A short futures hedge offsets both the gains and the losses of an index exposure, while a bought put keeps the upside and covers the downside for a premium. Beta hedging sizes the futures or the puts by how far the portfolio tends to move with Nifty, so the hedge is measured in index terms, not in rupees of holding. - [Is buying puts every month worth it for a long term investor?](https://www.rupeecase.com/learn/questions/buying-puts-every-month): Buying a put every month is a recurring premium for protection, and the price of that protection moves with implied volatility, so the monthly bill is not the same from one month to the next. Whether it is worth the cost depends on how large a fall the portfolio can take and how often the cover would pay, which one chart cannot settle. - [Are collars and put spreads cheaper hedges?](https://www.rupeecase.com/learn/questions/collars-and-put-spreads-cheaper): A collar buys a put and pays for it by selling a call, so the net cost is lower but the gain is capped above the call; a put spread buys one put and sells a lower strike put, so the cover stops growing at the lower strike. Both are cheaper than a single bought put only because they give up something, so the lower price is not a free hedge. - [How does hedging before elections, the Budget or an RBI policy work?](https://www.rupeecase.com/learn/questions/hedge-before-elections-budget): A hedge bought before an election, the Budget or a policy decision pays for the volatility the options market already prices for that event, and that premium usually falls back once the event passes. The hedge pays off in the outcome where the index falls sharply, and it costs premium in every other outcome, so the decision is cover against cost. - [Tail risk hedging in India: what do long dated Nifty options do?](https://www.rupeecase.com/learn/questions/tail-risk-hedging-india): A long dated Nifty put pays most when the index falls far and fast, and its premium is paid up front and lost if the fall does not come. The price of that cover moves with implied volatility, so the cost of protection is not fixed from one month to the next. - [How do I hedge an option selling position?](https://www.rupeecase.com/learn/questions/hedge-option-selling-position): A sold option position is hedged by buying a further out option that caps the loss on one side, or by holding a future that offsets the side the sold option is exposed to, and each hedge gives up part of the premium or adds exposure on the other side. The hedge changes the shape of the payoff, so the test is the new shape, not a claim that losses will stay small. - [What is basis risk when hedging a stock or fund with Nifty?](https://www.rupeecase.com/learn/questions/what-is-basis-risk): Basis risk is the chance that a hedge and the holding it covers do not move together, so the hedge gains or loses what the holding does not. In India it comes from two gaps: the Nifty future trades away from the index until expiry, and a stock or fund does not follow the Nifty one for one. - [How does cash futures arbitrage work, and what does it earn?](https://www.rupeecase.com/learn/questions/cash-futures-arbitrage): Cash and futures arbitrage buys the index basket in cash and sells the near month future when the future trades above its fair value by more than the costs, then holds to expiry, so the earning is the basis after costs and funding. The annualised basis is a gross figure, and for a retail account the costs and the funding can take most of it. - [How do arbitrage funds work?](https://www.rupeecase.com/learn/questions/how-arbitrage-funds-work): An arbitrage fund buys shares in cash and sells futures on the same shares, so the gap between the two prices is its main source of return, and the rest of its money sits in debt and cash. The gap is the basis, which was positive on most sessions from 1 Jan to 15 Sep 2026, but it can turn negative, so the return is not a fixed yield. - [What is cost of carry, and why is Nifty futures at a premium?](https://www.rupeecase.com/learn/questions/cost-of-carry-futures-premium): Cost of carry is what it costs to hold the index to a later date, which is the interest on the money tied up less the dividends the stocks pay in that window, so the future is priced above spot by that net cost for the time left. Dividends that go ex before expiry reduce the carry, which is why the premium can shrink or turn into a discount when dividends fall before expiry. - [What does futures rollover cost, and what is a futures calendar spread?](https://www.rupeecase.com/learn/questions/futures-rollover-cost): Rolling a future means closing the expiring month and opening the next, and the cost is the roll spread: the next settle less the near settle, which is the price of carrying the position for the extra days. A calendar spread is the same pair traded as one order, so its price is that carry measured on a single day. - [Can I arbitrage put call parity?](https://www.rupeecase.com/learn/questions/put-call-parity-arbitrage): Put call parity ties a call, a put, the future and the strike at one expiry together, and a gap between the two sides can be traded, but only when it is larger than the full cost of the legs and the margin they tie up. For a retail account the gap is usually smaller than those costs, so the trade is not a free profit. - [Is a box spread in India "risk free"?](https://www.rupeecase.com/learn/questions/is-box-spread-risk-free): A box spread holds four option legs that together pay the gap between two strikes at expiry, whatever the index does, so the market move does not decide the payoff. Whether it is free of risk for a retail account depends on the costs, the margin tied up and the exercise charges, and the prices used to work it out are settlement prices, not fills. - [What are conversion and reversal arbitrage?](https://www.rupeecase.com/learn/questions/conversion-and-reversal): A conversion is a long future, a long put and a short call at one strike and expiry, which fixes the result at expiry whatever the index does, and a reversal is the mirror image: short future, short put and long call. Either pays only when the gap between the two sides is larger than all the costs of the three legs, and a settlement gap on a chart is not that test. - [Is arbitrage still possible, or legal, for retail in India?](https://www.rupeecase.com/learn/questions/arbitrage-for-retail-india): Arbitrage is an ordinary market trade that a retail account can place, so the rules do not ban the idea, but the trade only pays when the price gap left after every cost is positive. For most retail sizes the gap is smaller than the costs and the funding, so the answer depends on the numbers of each trade rather than on the word arbitrage. - [What is GEX (gamma exposure)?](https://www.rupeecase.com/learn/questions/what-is-gex): Gamma exposure, or GEX, adds up the gamma of every option strike, scaled by open interest and the index level, to estimate how much hedging the option writers would need to do as the index moves. It is a model built on an assumption about which side each party holds, because no exchange in India publishes that by strike, so the sign of each bar depends on the convention chosen. - [Is Nifty GEX reliable in India?](https://www.rupeecase.com/learn/questions/is-nifty-gex-reliable): Nifty GEX can be computed, but it cannot be checked against positioning, because no exchange publishes dealer or customer positions by strike, so its sign and its zero gamma level depend on the convention and the expiries chosen. On dated chains the same day gives a positive total under one convention and a negative total under another, so GEX is a model to read, not a certainty. - [What are the call wall, put wall and zero gamma (gamma flip)?](https://www.rupeecase.com/learn/questions/call-wall-put-wall-zero-gamma): The call wall and put wall are the strikes above and below the index with the largest call and put gamma exposure, and the zero gamma level, or gamma flip, is the index level where the total exposure changes sign under the assumed convention. They are model outputs that move as open interest rolls and as the expiries in the sum change, so they show where a model's hedging flow is largest, not where the index will stop. - [Who are the market makers and option sellers in India?](https://www.rupeecase.com/learn/questions/who-are-option-sellers-india): Option sellers in India are a mix of groups, and the public NSE participant file lists four of them, Client, DII, FII and Pro, without naming market makers or saying who wrote a given option. Reading one of those groups as the whole sell side misreads the file, because each category holds hedges, arbitrage and directional bets together. - [What is a gamma squeeze?](https://www.rupeecase.com/learn/questions/what-is-a-gamma-squeeze): A gamma squeeze is a story in which dealers who are short calls buy the underlying as it rises, which pushes it higher and makes them buy more. The loop is real on paper, but it needs a large move that hedging keeps feeding, and a daily index path cannot show that on its own. - [Does Nifty pin to big OI strikes at expiry?](https://www.rupeecase.com/learn/questions/does-nifty-pin-to-oi-strikes): Pinning is the idea that the index settles near the strike with the largest open interest, and the research on expiry clustering is about individual US stocks, where prices sometimes gather near option strikes, which is narrower than a claim about the Nifty close. On the six near expiries that can be scored here, the top open interest strike was nearer the settlement than the spot was on three and further on the other three, which is too few to call. - [What are vanna and charm flows?](https://www.rupeecase.com/learn/questions/vanna-and-charm-flows): Vanna measures how delta changes when implied volatility moves, and charm measures how delta changes as time passes, so a hedge built on one day's delta is out of date by the next. Those shifts can add to hedging demand near expiry, but no public data shows dealers' full books, so any flow estimate is a model with stated assumptions. - [What is pair trading, and is there an NSE pair trading stock list?](https://www.rupeecase.com/learn/questions/what-is-pair-trading): Pair trading takes a position in two related prices when their spread moves far from its usual level, betting that the spread returns, so it trades the gap rather than the direction of the market. NSE publishes no pair list, and any list has to be tested on prices it was not chosen from, because pairs that looked related often stop being related. - [Cointegration or correlation: what is the difference?](https://www.rupeecase.com/learn/questions/cointegration-vs-correlation): Correlation measures whether two prices move together in their daily changes, while cointegration asks whether a weighted gap between them returns to a stable level over time. Two series can be highly correlated and still drift apart for good, so a pair is tested for cointegration before any spread is traded. - [How do I compute the half life and z score of a pair?](https://www.rupeecase.com/learn/questions/pair-half-life-and-z-score): The spread of a pair is the series to study, its half life is the time a gap takes to close half way back to the mean, and its z-score is the gap in units of its own recent standard deviation. These measures set the lookback, the entry band and the time stop, and each one is an estimate that changes with the sample. - [How do people pair trade in India without shorting stocks overnight?](https://www.rupeecase.com/learn/questions/pair-trading-without-overnight-shorts): In India a retail account cannot generally carry a cash market short overnight, so a pair meant to last several sessions usually runs on stock futures for both legs. Futures bring lot sizes, rollovers, F&O bans and margin into the test, and each of them changes the trade that was first tested on paper. - [What is statistical arbitrage?](https://www.rupeecase.com/learn/questions/what-is-statistical-arbitrage): Statistical arbitrage trades many small, hedged bets on prices that have moved away from a statistical relation, and it expects them to move back. Its edge per trade is small and depends on costs, fills and rolls, so a result on paper can disappear once those are charged. - [What is dispersion trading?](https://www.rupeecase.com/learn/questions/what-is-dispersion-trading): Dispersion trading sells volatility on the index and buys volatility on the stocks inside it, so it earns when the stocks move more independently than the index's option prices imply. Its main risk is that correlation rises in a sell-off, when most stocks fall together and the gap the trade depends on closes. - [Mean reversion or momentum: what is the difference?](https://www.rupeecase.com/learn/questions/mean-reversion-vs-momentum): Momentum bets that a move keeps going, and mean reversion bets that a stretched price returns toward its average, so the two give opposite answers to the same question about the last move. Both can look right on one chart, which is why a fair test needs a fixed rule, a holding period and data the rule did not see. - [Does machine learning work for trading?](https://www.rupeecase.com/learn/questions/does-machine-learning-work-for-trading): Machine learning can find structure in market data, but a model that scores well on the data used to build it has not shown a tradable edge. The test that counts is a held back period, with costs charged, that the model never saw while it was being built. - [What is a Kalman filter pairs strategy?](https://www.rupeecase.com/learn/questions/kalman-filter-pairs): A Kalman filter pairs approach updates the hedge ratio between two series after each new price, rather than fitting it once on a past window, so it can follow a relationship that drifts. It does not make a pair stable, so the spread still needs a test that uses only the data a trader would have had at each date. - [Is algo trading legal in India for retail?](https://www.rupeecase.com/learn/questions/is-algo-trading-legal-in-india): Yes, a retail investor can run an algo in India through a SEBI regulated broker's API, within rules on order rate, registration and who may use or sell the algo. Above ten orders a second per exchange the algo must be registered through the broker, and an algo offered to others must come from a provider the exchange has empanelled. - [What are SEBI's algo rules (static IP, 10 orders per second, algo ID)?](https://www.rupeecase.com/learn/questions/sebi-algo-rules): SEBI's retail algo framework, set out in its circular of 4 Feb 2025, runs algo orders through the broker's API under a static IP, a client specific key and two factor login, and it asks exchanges to tag every algo order with an identifier. An own algo must be registered through the broker only above the order rate threshold, which NSE's standards set at ten orders a second per exchange to begin with, and the framework applies to all brokers from 1 Apr 2026. - [Do SEBI registered algo platforms make algo trading profitable?](https://www.rupeecase.com/learn/questions/algo-platforms-and-profitability): No, SEBI's rules for retail algos govern who may run an algo, how orders are tagged and who may make return claims, and none of them promises that a strategy will make money. SEBI's Aug 2026 study covers every individual trader in equity derivatives, and most of them lost money in FY26. - [How do people build an algo with Python and broker APIs?](https://www.rupeecase.com/learn/questions/build-an-algo-with-python): A Python algo is a program that reads prices, forms a signal, checks risk and sends orders through a broker's API, and in India that last step must follow the broker's key, static IP and login rules and the SEBI retail framework. Writing the code is the easy part; testing on dated data, paper trading and watching the live system is where most of the work sits. - [HFT, MFT and LFT: what is the difference?](https://www.rupeecase.com/learn/questions/hft-vs-mft-vs-lft): HFT, MFT and LFT are shorthand for how fast and how long a strategy holds and reacts, not formal SEBI categories, running from microseconds and milliseconds at one end to days or weeks at the other. Speed depends on hardware, placement near the exchange and code, and a retail algo in India runs through a broker API, where order rate limits apply. - [What was the NSE colocation case, and how does HFT work in India?](https://www.rupeecase.com/learn/questions/nse-colocation-case): The NSE colocation case began with complaints to SEBI in 2015 that some trading members got prices sooner from NSE's tick by tick data feed by logging in to lightly loaded servers first. SEBI passed its order on 30 Apr 2019, the appellate tribunal (SAT) set parts of the findings aside on 23 Jan 2023, and on 13 Sep 2024 SEBI disposed of the remanded proceedings against NSE and others without any direction. - [What is market making?](https://www.rupeecase.com/learn/questions/what-is-market-making): Market making means quoting a price to buy and a price to sell in the same contract, and earning the gap between them when both sides fill. The real risk is the inventory that builds up when one side fills more often, so market makers hedge it and move their quotes as the risk changes. - [What are the order book, bid ask spread, impact cost and tick size?](https://www.rupeecase.com/learn/questions/order-book-spread-impact-cost): The order book lists the buy and sell orders waiting at each price, and the bid ask spread is the gap between the best buy and the best sell price. Impact cost is how far a large order pushes its average fill away from the middle of the book, and tick size is the smallest step in which a price can move. - [What is slippage, and what are VWAP and TWAP?](https://www.rupeecase.com/learn/questions/slippage-vwap-twap): Slippage is the gap between the price a strategy expected and the price it actually got, and VWAP and TWAP are two benchmark prices that large orders are often sliced against. VWAP weights each price by the volume traded at it, while TWAP weights each time slice equally, so the two differ whenever volume is uneven across the day. - [Does order flow or footprint chart trading work?](https://www.rupeecase.com/learn/questions/order-flow-trading): Order flow and footprint charts show traded volume split by price and by side, which is real and useful for describing a session, but using them to forecast price has not been shown with public data for Indian index options. A chart of past trades cannot say who was behind them, so any edge claim needs a dated, costed and out of sample test. - [What did SEBI's July 2025 expiry day interim order allege?](https://www.rupeecase.com/learn/questions/sebi-expiry-day-interim-order): SEBI's interim order of 3 Jul 2025 alleged, on a prima facie basis, that a trading group built large cash equivalent positions in index options and moved index prices on expiry days in ways that favoured those positions, and it issued interim directions while the matter was investigated. It is an allegation with a right of reply, not a final finding, and the order itself is the primary text to read. - [How do I backtest an option strategy in India, or in Python?](https://www.rupeecase.com/learn/questions/backtest-option-strategy): Backtest an option strategy by writing the rule down before opening the data, then testing it on dated end of day chains with the lot size, expiry rules and costs of each date, over a period the rule never saw. Judge it by expectancy and drawdown across many expiries, not by a single equity curve. - [What are overfitting, look ahead bias and survivorship bias?](https://www.rupeecase.com/learn/questions/overfitting-and-biases): Overfitting means a rule has been tuned to the noise in one sample, so it looks strong there and fails on new data. Look ahead bias and survivorship bias flatter a backtest in two other ways, by using information that was not yet known or by testing only the contracts and stocks that lasted. - [What is walk forward testing?](https://www.rupeecase.com/learn/questions/what-is-walk-forward-testing): Walk forward testing fits a rule on one stretch of past data, tests it on the next stretch it has not seen, then moves both windows forward and repeats. The result is a string of out of sample tests, a stronger check than one fit on the whole history. - [Sharpe, max drawdown, Kelly, position sizing and risk of ruin: how do they fit?](https://www.rupeecase.com/learn/questions/sharpe-drawdown-kelly-sizing): The Sharpe ratio measures return per unit of volatility, max drawdown measures the worst fall from a peak, and the Kelly fraction sizes a bet from win rate and payoff ratio, so each answers a different question about the same strategy. Position size decides whether a strategy survives its own bad run, which is why sizing matters as much as the signal. - [How do I use Monte Carlo to test strategy risk?](https://www.rupeecase.com/learn/questions/monte-carlo-strategy-risk): Monte Carlo testing redraws a strategy's trade results many thousands of times, so the spread of outcomes that the same win rate and payoff could produce becomes visible. It shows how deep a drawdown can run and how often a ruin level is crossed under a sizing rule, but it cannot tell what the next market will do. - [Must a backtest include STT and costs?](https://www.rupeecase.com/learn/questions/backtest-include-stt): Yes: a backtest that leaves out STT, exchange charges, GST, stamp duty and slippage reports a gross result that no account earned, and STT has changed in steps, so each historical trade needs the rate that applied on its own date. The sale rate is 0.15% of premium from 1 Apr 2026, and an exercise is charged on intrinsic value. - [How is F&O income taxed, which ITR applies, and what changed under the new Act?](https://www.rupeecase.com/learn/questions/how-is-fo-income-taxed): Exchange traded F&O income is non speculative business income, so a profit or loss goes into the business head and is reported on ITR-3 for the assessment year that follows the trading year. From 1 Apr 2026 the same treatment carries over into the Income-tax Act, 2025, with new section numbers and tax years. - [Can I carry forward and set off F&O losses?](https://www.rupeecase.com/learn/questions/carry-forward-fo-losses): An F&O loss is a non speculative business loss, so it can be set off against other income except salary in the same year, and any unused balance carries forward for up to eight years against business income only. A loss from intraday cash trading is a speculation loss, which carries forward for up to four years and only against speculation income. - [How is F&O turnover calculated, and when is a tax audit required?](https://www.rupeecase.com/learn/questions/fo-turnover-and-tax-audit): For the audit test, F&O turnover is the sum of the favourable and unfavourable differences on each trade, plus premium received on options sold unless that premium already sits in net profit. Compare that figure with the business thresholds in section 44AB of the old Income-tax Act and section 63 of the 2025 Act. - [How does the 2026 STT hike change my costs?](https://www.rupeecase.com/learn/questions/stt-hike-2026): From 1 Apr 2026 the STT rose on all three F&O charges: 0.15% on an option sale, 0.15% on an option exercised, and 0.05% on a futures sale. The change is a higher line on each contract note, and its size depends on how much premium and futures turnover a trader sells or exercises in a year. ## Terminal tutorials | 67 short videos of the RupeeCase app, each with a transcript - [Terminal tutorials hub](https://www.rupeecase.com/learn/terminal/): every screen and figure, where it is, what it means and how the app computes it - [Model history or your portfolio: which numbers am I looking at?](https://www.rupeecase.com/learn/terminal/model-history-vs-your-portfolio): Strategy pages show a back tested model after estimated charges. The Dashboard shows your own live portfolio. How to tell them apart in the app. - [Basic or Advanced: where did the other figures go?](https://www.rupeecase.com/learn/terminal/basic-and-advanced): The Basic and Advanced switch, the "more in Advanced" rows, info buttons and pins: how the app hides figures without deleting any of them. - [Practice or Live: is my money really invested?](https://www.rupeecase.com/learn/terminal/practice-vs-live): Practice follows a strategy with no broker order. Live sends real orders to your own broker. Where the choice is made and how to tell which one you hold. - [Getting around: where are the tabs, markets and glossary?](https://www.rupeecase.com/learn/terminal/getting-around): The three main tabs, the Markets sheet behind the NIFTY chip, the "What the figures mean" glossary and the in-app guide. - [The performance disclosure: why do the charts wait for I agree?](https://www.rupeecase.com/learn/terminal/performance-disclosure): Before a strategy's chart, holdings and Returns, Risk and History tabs open, the app asks once a day for I agree to its performance disclosure. - [The account menu: where are sessions, links and codes?](https://www.rupeecase.com/learn/terminal/your-account): The account menu holds your user id, referral code, theme, Customise, profile settings, active sessions with the device limit and Link another account. - [Growth per year: how fast did the model grow?](https://www.rupeecase.com/learn/terminal/growth-per-year): Growth per year is the compound yearly growth of the model after estimated charges. Where it appears, how the app computes it and the one year rule. - [Max drawdown: how bad did it get?](https://www.rupeecase.com/learn/terminal/max-drawdown): Max drawdown is the deepest fall of the model from a running high to a later low. Where it appears, how it is computed and how to read it. - [The riskometer: what sets Low to Very High?](https://www.rupeecase.com/learn/terminal/riskometer): The six step riskometer on each strategy, from Low to Very High, and the score the server adds up to set it. - [Minimum investment: why does each strategy have one?](https://www.rupeecase.com/learn/terminal/minimum-investment): The minimum is what it takes to buy at least one share of every stock at its target weight. How the server works it out and where the app enforces it. - [Rebalance cadence: how often does the strategy trade?](https://www.rupeecase.com/learn/terminal/rebalance-cadence): Weekly, every N weeks or monthly: what the rebalance figure on a strategy means, what a rebalance does and where turnover is recorded. - [Rs 10,00,000 became: what do the hero figure and periods show?](https://www.rupeecase.com/learn/terminal/hero-figure-and-periods): The large hero figure is the model's net return over the chosen period. The period chips drive every figure on the page and are remembered across strategies. - [The benchmark line: what is the strategy compared with?](https://www.rupeecase.com/learn/terminal/benchmark-line): The grey line and the "vs NIFTY 50" figure: the benchmark index over the same window, rebased to the same start, with no costs. - [Alpha: which of the two alphas is this?](https://www.rupeecase.com/learn/terminal/which-alpha): The app shows two alphas: total return points on a Marketplace card, and the difference in growth per year in the key figures of a strategy or a portfolio. - [Sharpe and volatility: how bumpy was the ride?](https://www.rupeecase.com/learn/terminal/sharpe-and-volatility): Volatility is the yearly swing of weekly returns. Sharpe is return above a 6 percent risk free rate per unit of that swing. How the app computes both. - [Net return and charges: what do estimated costs take?](https://www.rupeecase.com/learn/terminal/net-return-and-charges): Net return is the model after estimated charges. The Charges card shows before and after over the full history; cost per year is the yearly estimate. - [The key figures card: what are the four lead figures?](https://www.rupeecase.com/learn/terminal/key-figures-card): The key figures card recomputes each figure over your chosen period against the chosen benchmark, with four lead figures first and the rest after them. - [Holdings, Returns, Risk, History: what is in each tab?](https://www.rupeecase.com/learn/terminal/strategy-tabs): A tour of the four tabs on a strategy page: Holdings, Returns, Risk and History, which cards are in Basic and why the rebalance history has no grand total. - [The Holdings table: what do entry, last price and weight mean?](https://www.rupeecase.com/learn/terminal/reading-the-holdings-table): Each Holdings column explained: Since, model quantity or quantity, entry or average buy price, last price, Today, Return, P&L, value and weight. - [Position sizes: what do Herfindahl and effective holdings say?](https://www.rupeecase.com/learn/terminal/concentration-herfindahl): The Position sizes card: top 5 share, largest position, the Herfindahl index, effective holdings and, on a portfolio, the cash share. - [Market cap bands: how does the app call a stock large or small?](https://www.rupeecase.com/learn/terminal/market-cap-bands-and-indices): How the Composition card sorts holdings into Large, Mid, Small, Micro cap or Other by NSE index membership, and how the index lists are grouped. - [The Return figures card: what do year to date and best week say?](https://www.rupeecase.com/learn/terminal/return-figures-card): Year to date, last 52 weeks, best and worst week, month and year, averages, streaks, gain to pain and positive weeks, as the app works them out. - [Drawdown shape: what do ulcer, pain and time under water add?](https://www.rupeecase.com/learn/terminal/how-the-falls-looked): Beyond max drawdown: current drawdown, the deepest five falls, time under water, ulcer and pain index, worst 4 weeks and falls deeper than 10 percent. - [Charges by kind: what are brokerage, STT, GST and the platform fee?](https://www.rupeecase.com/learn/terminal/cost-per-year-by-kind): The kinds of charge behind a strategy's estimated costs: brokerage, securities transaction tax, GST, exchange charges, SEBI fee, stamp duty and platform fee. - [Trade book: what do hit rate, payoff and expectancy mean?](https://www.rupeecase.com/learn/terminal/trade-book-statistics): The model trade book on the History tab: positions open and closed, hit rate, average win and loss, payoff, expectancy, profit factor and open P&L. - [Filters, sort and shortlist: how do I narrow the list?](https://www.rupeecase.com/learn/terminal/filters-sort-and-table): Narrow the Marketplace with filters, order it with sort, keep a shortlist and, in Advanced, read it as a table with computed columns. - [Compare strategies: how do I set up to four side by side?](https://www.rupeecase.com/learn/terminal/compare-strategies): Pick up to four strategies on the Marketplace and compare their model growth, drawdowns and figures in one sheet, with a mark on the better value. - [Compare with: what do index, fund and strategy lines show?](https://www.rupeecase.com/learn/terminal/compare-with-indices-and-funds): The Compare button on a strategy chart adds up to ten indices, funds or other strategies. Each kind of line measures something different. - [The Compare card: return or growth per year?](https://www.rupeecase.com/learn/terminal/compare-card): The Compare card on the Returns tab ranks the strategy against its benchmark and picks: return under 12 months, growth per year at 12 months or more. - [Chart metrics: Value, Return, Drawdown and the log scale](https://www.rupeecase.com/learn/terminal/chart-metrics-and-log): The chip on a strategy chart switches between Value, Return and Drawdown; Advanced adds rolling figures and a log scale for long histories. - [Marketplace chips: what do New, Partner and the themes mean?](https://www.rupeecase.com/learn/terminal/marketplace-card-chips): What New, Partner, the theme tags such as Momentum and Equal weight, and the Factsheet link on a Marketplace card mean, and where each one comes from. - [Correlation: how closely did two lines move together?](https://www.rupeecase.com/learn/terminal/correlation-and-diversification): Correlation and R squared in the Market link card, and the Diversification card's pairs with the benchmark and your Compare picks, as the app works them out. - [The invest sheet: what happens when I press Invest?](https://www.rupeecase.com/learn/terminal/invest-sheet): Invest opens Confirm investment: the amount with its minimum, Practice or Live, your broker and consent. Nothing is placed until Invest now. - [The Dashboard summary: value, invested and return](https://www.rupeecase.com/learn/terminal/dashboard-strip): Current value, profit or loss, today, invested and return at the top of the Dashboard. Invested is net of withdrawals, and return uses it. - [The portfolio card: status, due pill and cycle ring](https://www.rupeecase.com/learn/terminal/portfolio-card): Each portfolio card on the Dashboard shows its status, a due pill, the rebalance cycle ring, its value, profit or loss and the benchmark on the same money. - [Portfolio value: what does "Same money in NIFTY 50" mean?](https://www.rupeecase.com/learn/terminal/portfolio-hero-and-same-money): A portfolio page leads with its live value since you invested and the same money in the benchmark. The period chips move only the chart. - [Model cards on a portfolio: which figures are mine?](https://www.rupeecase.com/learn/terminal/model-cards-vs-your-figures): On a portfolio page the hero, key figures and holdings are yours. Most Returns and Risk cards show the linked strategy's model since you invested. - [Rebalance in the app: what does Rebalance now do?](https://www.rupeecase.com/learn/terminal/rebalance-in-the-app): When a rebalance is due, the card and the portfolio say so. Rebalance now opens Confirm rebalance; nothing is sent until you accept and confirm. - [Top up: how is new money added to a portfolio?](https://www.rupeecase.com/learn/terminal/top-up): Top up adds a one time amount to a portfolio and spreads it across the current holdings in proportion, with a minimum so every stock gets its share. - [Withdraw: what is sold, and where does the money go?](https://www.rupeecase.com/learn/terminal/withdraw): Withdraw sells holdings to raise an amount: Part of it sells every stock in proportion, Everything sells all. The money stays in your broker account. - [Ledger and Orders: where is every rupee in and out?](https://www.rupeecase.com/learn/terminal/ledger-and-orders): The Ledger tab lists your money in and out, your charges and every event; Orders lists the open orders at your broker while an action runs. - [Your return three ways: why do the hero, key figure and XIRR differ?](https://www.rupeecase.com/learn/terminal/your-return-three-ways): A portfolio shows its return on net invested in the hero, a time weighted return in the key figures, and a money weighted return per year in Advanced. - [MTF: what changes when the broker funds part of a buy?](https://www.rupeecase.com/learn/terminal/mtf-on-the-invest-sheet): On a 5paisa Live invest or top up sheet, MTF lets your broker fund part of a buy. What the block shows, what the total means and how a loss grows. - [Broker positions: does the app hold my money or shares?](https://www.rupeecase.com/learn/terminal/your-money-stays-at-your-broker): Your cash and shares stay in your own broker and demat account. Broker positions shows what the broker holds, and Gaps compares it with your portfolios. - [Customise: how do I set what each page shows?](https://www.rupeecase.com/learn/terminal/customise): Customise picks the lead key figures, cards, default tab, chart and benchmark for each page, saved on this device, with a reset. - [Advanced risk figures: Sortino, Calmar, VaR, beta and more](https://www.rupeecase.com/learn/terminal/advanced-risk-figures): Sortino, Calmar, VaR and CVaR, beta, tracking error, information ratio and up and down capture: what each measures and how the app works it out. - [Numbers: how do lakh, crore, Short and Full change a figure?](https://www.rupeecase.com/learn/terminal/numbers-lakh-crore): Customise, Numbers: Indian or Plain digit grouping and rupee figures Short or Full, with 12.35 L and 1.2 Cr read out, and what stays as it is. - [Return distribution: what do skew and kurtosis say?](https://www.rupeecase.com/learn/terminal/shape-of-weekly-returns): The Return distribution histogram with its mean and VaR markers, and the skew and excess kurtosis figures, as the app works them out from weekly returns. - [Treynor, Omega and weeks ahead: three more ways to read risk?](https://www.rupeecase.com/learn/terminal/treynor-omega-weeks-ahead): Treynor, Omega at 6% and Weeks ahead of benchmark on the Risk tab: what each one measures and how the app works it out from weekly returns. - [Rank table: how does a dynamic allocation share out its money?](https://www.rupeecase.com/learn/terminal/rank-table-dynamic-allocation): The Research Lab's dynamic allocation: rank groups of universes, the rank table that gives each rank its share, fixed sleeves and the 100 percent total. - [Exit rank and strength filters: when does a sleeve sell?](https://www.rupeecase.com/learn/terminal/exit-rank-and-strength-filters): Exit rank, Max entry, Strength quality, Strength exit, Cash parking and Max stock price in the Research Lab, and the Rank column of the Holdings table. - [Order status: what do Placed, Open and Partly filled mean?](https://www.rupeecase.com/learn/terminal/order-status-explained): Every order a Top up, Withdraw or Rebalance sends has a status: Placed, Open, Partly filled, Filled, Rejected or Cancelled. Here is what each one means. - [Needs attention: what does the app tell me when a task stops?](https://www.rupeecase.com/learn/terminal/needs-attention-alerts): When an investment, rebalance or withdrawal stops, the portfolio reads Needs attention, the Dashboard tab shows a badge and money actions pause. - [Resume: how do I restart a rebalance that stopped?](https://www.rupeecase.com/learn/terminal/resume-a-rebalance): Resume checks every order at your broker again, books what filled and sends fresh orders for what did not. Here is what it does and what to check first. - [Partly done: how do I finish a rebalance that partly filled?](https://www.rupeecase.com/learn/terminal/complete-a-partial-rebalance): Some orders filled, some did not. Read the Orders tab, then re-price, resend or cancel each open leg and Resume to close the rebalance. - [Rejected orders: why did my broker refuse an order?](https://www.rupeecase.com/learn/terminal/rejected-orders-and-why): A Rejected order is one your broker refused. The broker's message is in the order row; the app retries buys a few times, then leaves the rest to you. - [Resend: how do I send a rejected order again?](https://www.rupeecase.com/learn/terminal/resend-a-failed-order): Resend opens a sheet with the broker's reason, what filled, the live price and your broker funds, and lets you choose how many shares to send again. - [Cancel order: how do I drop a stuck order?](https://www.rupeecase.com/learn/terminal/cancel-an-order): Cancel order cancels a stuck order at your broker first, then skips that leg. Resume afterwards to close the task. Here is when it shows and what it does. - [Broker session expired: why sign in again every day?](https://www.rupeecase.com/learn/terminal/broker-session-expired): Brokers ask for a fresh login every trading day. The Dashboard shows when your session has expired; sign in again before any Live order, Resume or Resend. - [Not enough cash: what happens when funds or margin fall short?](https://www.rupeecase.com/learn/terminal/insufficient-funds-or-margin): The app shows your broker cash before you invest, warns when it is short, and stops a Live task that needs more than the broker has. Here is each check. - [Practice and Live: what can go wrong in each?](https://www.rupeecase.com/learn/terminal/practice-vs-live-when-things-fail): Practice fills every order at once with no broker, so most failures cannot happen. Live meets real brokers, cash and sessions. Here is the difference. - [Phone or desktop: how do I put the terminal on my home screen?](https://www.rupeecase.com/learn/terminal/using-the-terminal-on-phone-and-desktop): Add the terminal to your phone home screen for a full screen app with a tab bar, or use it in a desktop browser. Here is how to install it and what differs. - [Broker positions and gaps: does my broker hold what the app says?](https://www.rupeecase.com/learn/terminal/broker-positions-and-gaps): Broker positions reads your demat and compares it with your Live portfolios. A gap means the broker holds fewer shares than the portfolios expect. - [Cash at the broker: where is my uninvested money?](https://www.rupeecase.com/learn/terminal/cash-at-the-broker): Your money stays in your broker account. The Dashboard reads your broker cash when you ask, and each portfolio shows its own cash not yet invested. - [Combine portfolios: how do I merge two on the same strategy?](https://www.rupeecase.com/learn/terminal/combine-portfolios): Combine rolls one or more portfolios on the same strategy and mode into another. Holdings and cash move over in the books; no broker order is placed. - [Change strategy: what happens to my holdings if I switch?](https://www.rupeecase.com/learn/terminal/change-strategy): Change strategy links a portfolio to another strategy with the same benchmark. Nothing is traded at once; the next rebalance adjusts only the differences. - [The app's questions: what is each prompt asking me?](https://www.rupeecase.com/learn/terminal/answering-the-app-prompts): The disclosure before history, the broker consent before Live orders, the confirm sheets, Market closed and the Welcome cards: what each one asks and means. ## Product walkthroughs | 8 short videos of the RupeeCase app on sample data - [Your money stays in your demat | RupeeCase Walkthrough](https://www.rupeecase.com/watch/money-in-demat): How RupeeCase works through your own broker account: log in with your broker, see your broker cash, Live orders need your consent. - [Investing: Practice first, then Live | RupeeCase Walkthrough](https://www.rupeecase.com/watch/invest-practice-live): Invest in a strategy from its page: the Invest bar, the amount and Use minimum, Practice with no broker order. - [What a rebalance looks like | RupeeCase Walkthrough](https://www.rupeecase.com/watch/rebalance): A due rebalance shows on the Dashboard; open the portfolio, press Rebalance, read the confirm sheet. - [What it costs | RupeeCase Walkthrough](https://www.rupeecase.com/watch/costs): Model returns are after estimated charges; your own charges and turnover are on the Ledger tab; the platform fee is 0.2% of traded value per rebalance. - [How a strategy is chosen | RupeeCase Walkthrough](https://www.rupeecase.com/watch/choose): Find a strategy in the marketplace: search, filters, the figures on a card, the strategy page with its model history, key figures, risk band and minimum. - [Compare before you pick | RupeeCase Walkthrough](https://www.rupeecase.com/watch/compare): Select up to four strategies in the marketplace, read the compare sheet row by row, then add NSE indices to a strategy's chart. - [Track your portfolio | RupeeCase Walkthrough](https://www.rupeecase.com/watch/track): After you invest: the Dashboard summary, each portfolio's card, the portfolio page with its value since you invested and the same money in the NIFTY 50. - [Exit any time | RupeeCase Walkthrough](https://www.rupeecase.com/watch/exit): Withdraw part of a portfolio or everything: part of it sells about the same share of every holding, everything sells all the holdings. ## The Tanmay Edge archive | Season 2 pre-market podcast, part of Learn - [Podcast archive | Season 2, every episode graded against NSE settlement](https://www.rupeecase.com/podcast/) Season 2 archive: 124 episodes from 16 Mar to 16 Sep 2026, now a free learning resource inside RupeeCase Learn; no new episodes are published. Each episode made specific, checkable predictions (range, VIX, pin level, ceiling, AND gate state), graded against NSE settlement data. The archive streams on Apple Podcasts, Spotify, Amazon Music and YouTube. Join the WhatsApp group with one short form: https://forms.gle/C6HMtM1Z2GfeocQV7 (slides, sources, factsheets, rebalance logs and a daily Google Meet for members). - [2026-09-16 | Breadth Broke To 0.164, And The Only Bid Left Was IT](https://www.rupeecase.com/podcast/episodes/2026-09-16) (graded TBD) - [2026-09-15 | The Writers Swapped Sides On The Last Day, And We Gap Up Onto The Magnet | Nifty Expiry](https://www.rupeecase.com/podcast/episodes/2026-09-15) (graded 1.5/5) - [2026-09-11 | I Called The Pin And It Landed Inside Three Points. I Also Told You To Buy Volatility And That Leg Lost 349. | Brent Went Vertical To 107.85 | The Nikkei Is Down Three Percent](https://www.rupeecase.com/podcast/episodes/2026-09-11) (graded 4.5/5) - [2026-09-10 | Three Indices Closed At The Exact Low, And Brent Crossed 100 And Held It All Night | There Is No Green In Asia This Morning | Both Sides Just Piled Onto 23,500](https://www.rupeecase.com/podcast/episodes/2026-09-10) (graded 4.5/5) - [2026-09-09 | I Got The Direction Wrong And The Fly Lost 73.55, Which Is The Exact Number I Published Before I Entered It | The Wings Saved 33 Points | And My Model Projected The Settlement To Within 2.85 Points](https://www.rupeecase.com/podcast/episodes/2026-09-09) (graded 4/5) - [2026-09-08 | Friday's Board Was Built For A Rally And It Took One Session To Take The Whole Thing Apart | 659 Lakh Calls Written, 189 Lakh Puts Covered | I Am Still Buying The Dip Into 23,600 With An Expiry Target Of 23,900](https://www.rupeecase.com/podcast/episodes/2026-09-08) (graded 3/5) - [2026-09-07 | The Board Got Ready For A Rally And The Close Did Not Get The Memo | Calls Covered, Puts Written, Volatility Crushed, And Now We Open 35 Points Lower | The First Question Today Is 23,900, Not 24,000](https://www.rupeecase.com/podcast/episodes/2026-09-07) (graded 4/5) - [2026-09-04 | It Is Not Volume. It Is One Way Flow. | Three Tests In Three Days Settle The Closing Auction Argument | On Expiry Day It Mispriced One Stock Out Of 210 Against 72 Out Of 1,955 Outside It](https://www.rupeecase.com/podcast/episodes/2026-09-04) (graded 3.5/5) - [2026-09-03 | I Tested My Own Finding And It Did Not Repeat | Correlation Minus 0.712 On The Rebalance Day, Minus 0.087 On A Normal One | 44 Stocks Mispriced Then, One Now | The Auction Is Not Broken, It Is Thin](https://www.rupeecase.com/podcast/episodes/2026-09-03) (graded 4/5) - [2026-09-02 | The Auction Gave It All Back | 69 of the 70 Stocks It Marked Up on Monday Fell on Tuesday | Correlation Minus 0.712 Inside the Auction, Zero Outside It | ITC Printed 255.50, Closed 266.60](https://www.rupeecase.com/podcast/episodes/2026-09-02) (graded 2.5/5) ## Blog | systematic investing education - [Blog hub | 197 data-backed posts on factors, portfolio theory, fund costs, and behaviour](https://www.rupeecase.com/blog/) Short, numbers-first lessons on systematic investing. Educational, not advice. Figures illustrative. Sourced from NSE, BSE, SEBI, AMFI, RBI public data. - [05 Sep 2026 - Same Returns Different Retirement - All Cards](https://www.rupeecase.com/blog/2026-09-05-morning-same-returns-different-retirement/): Portfolio Theory. Wednesday evening, a call from a man who stops working in April. Sixty one, sold a small business, sitting on a corpus he is never going to add to again. - [03 Sep 2026 - Three Ways To Make Eighteen Percent - All Cards](https://www.rupeecase.com/blog/2026-09-03-morning-three-ways-to-make-eighteen-percent/): Corporate Finance. Wednesday morning, a little past nine. A friend who runs a small advisory practice sends me a screenshot. - [The index rewrites itself.](https://www.rupeecase.com/blog/2026-09-02-morning-the-index-rewrites-itself/): Market Mechanics + Behavioural. A colleague said something at lunch last week that I have heard maybe two hundred times, and it is the most reasonable wrong sentence in Indian personal fi - [Size decides more than selection.](https://www.rupeecase.com/blog/2026-09-01-evening-size-decides-more-than-selection/): Systematic Investing. Nine in the evening on the first of September and a friend is sharing his screen with me. - [A stop-loss is not a floor. It is a request.](https://www.rupeecase.com/blog/2026-08-28-morning-the-stop-loss-that-did-not-stop/): Market Mechanics + Behavioural. Tuesday evening, a terrace in Powai, the sort of party where two people find out what you do for a living and it stops being a party. - [A 1 pct fee does not cost you 1 pct.](https://www.rupeecase.com/blog/2026-08-26-evening-one-percent-is-not-one-percent/): MF vs PMS vs RupeeCase. Tuesday evening, a reader sends me two screenshots. Two fund pages side by side, the expense ratio circled in red on each. - [The default decides more than the advice does.](https://www.rupeecase.com/blog/2026-08-25-evening-the-default-decides/): Market Mechanics + Behavioural. A friend of mine has run his own SIP manually for eleven years. Not because he does not know about auto debit. - [Every March we argue about the returns. The exit clause decides the money.](https://www.rupeecase.com/blog/2026-08-24-morning-what-the-lock-in-costs-you/): Personal Finance. March, about nine at night. A friend forwards me a screenshot of his office WhatsApp group and types one word underneath it. - [21 Aug 2026 - The Average Return Is A Lie - All Cards](https://www.rupeecase.com/blog/2026-08-21-evening-the-average-return-is-a-lie/): Portfolio Theory. Thursday afternoon, a conference room in Lower Parel, slide three of a pitch deck. - [The 1.25 lakh you throw away every year.](https://www.rupeecase.com/blog/2026-08-19-evening-the-exemption-you-throw-away/): MF vs PMS vs RupeeCase. A friend sent me two documents in June and asked which one was cheaper. - [19 Aug 2026 - The Edge Decays When You Read About It - All Cards](https://www.rupeecase.com/blog/2026-08-19-morning-the-edge-decays-when-you-read-about-it/): Factor Models. Tuesday morning a PDF lands in my inbox with the subject line \"clean numbers, have a look\". - [Rebalancing is not free. And it is not always money.](https://www.rupeecase.com/blog/2026-08-17-evening-what-rebalancing-actually-pays/): Systematic Investing. Monday night, around nine, and a founder I have known since his first raise sends me a photo of a slide. - [14 Aug 2026 - Selling The Wrong Half - All Cards](https://www.rupeecase.com/blog/2026-08-14-morning-selling-the-wrong-half/): Market Mechanics + Behavioural. Friday evening, a friend slides his phone across the table with his holdings screen open and asks me whether the portfolio is any good. - [Profitable and broke . 12 Aug 2026](https://www.rupeecase.com/blog/2026-08-12-evening-profitable-and-broke/): Corporate Finance. Tuesday evening, a founder I have known for eight years forwards me his annual results and one line of text. - [10 Aug 2026 - Prepay Or Invest - All Cards](https://www.rupeecase.com/blog/2026-08-10-morning-prepay-or-invest/): Personal Finance. Sunday morning, a coffee place off Church Street, and Rohit is stirring a flat white he has no intention of drinking. - [07 Aug 2026 - Twenty Funds One Bet - All Cards](https://www.rupeecase.com/blog/2026-08-07-evening-twenty-funds-one-bet/): Portfolio Theory. Thursday evening, a friend forwards me a screenshot of his mutual fund dashboard. - [Your portfolio is not down. You are looking at it too often.](https://www.rupeecase.com/blog/2026-08-06-morning-checking-too-often/): Market Mechanics + Behavioural. My brother in law has a habit. Every time the car stops at a signal, out comes the phone, open goes the app, and there is the number. - [05 Aug 2026 - Momentum Pays Then Bites - All Cards](https://www.rupeecase.com/blog/2026-08-05-morning-momentum-pays-then-bites/): Factor Models. Tuesday evening a reader sends me a photo of a factsheet. An actual photo, of actual paper, three rows marked in yellow highlighter. - [You sorted by return. Here is what you missed.](https://www.rupeecase.com/blog/2026-08-03-evening-sort-by-return/): Systematic Investing. Friend forwarded a screenshot last week. Sixteen systematic strategies on a marketplace page, sorted by five-year CAGR, highest first. - [03 Aug 2026 - Ten Days That Mattered - All Cards](https://www.rupeecase.com/blog/2026-08-03-morning-ten-days-that-mattered/): Systematic Investing. Saturday morning I am staring at a WhatsApp forward in the family group. - [Volatility Tax Cards](https://www.rupeecase.com/blog/2026-07-31-evening-volatility-tax/): Portfolio Theory. Saturday morning a friend forwarded his mutual fund statement. Two funds, same category, same five-year window, roughly the same average annual return. - [31 Jul 2026 AM . The Stock Split That Changed Nothing](https://www.rupeecase.com/blog/2026-07-31-morning-stock-split-illusion/): Systematic Investing. Last Thursday a cousin forwarded a screenshot to the family group. The board of a mid-cap company had approved a 1:1 stock split. - [Confirmation Bias . RupeeCase Cards](https://www.rupeecase.com/blog/2026-07-30-evening-confirmation-bias/): Systematic Investing. Last Thursday a friend sent me his watchlist notes on a stock he has held for fourteen months. - [30 Jul 2026 AM . Step-Up SIP vs Flat SIP](https://www.rupeecase.com/blog/2026-07-30-morning-flat-sip-shrinks/): Systematic Investing. Saturday morning a friend pinged me a screenshot. His SIP summary. Five years running, Rs 10000 a month, not a single miss. - [The Three-Year Number That Changes Every Day](https://www.rupeecase.com/blog/2026-07-29-morning-three-year-number/): Systematic Investing. Last Tuesday a friend forwarded me two factsheets of the same fund. Same scheme name. - [The Shallow Fall Compounds](https://www.rupeecase.com/blog/2026-07-28-evening-shallow-fall-compounds/): Systematic Investing. Sunday evening my father pulls up a comparison table on his phone. Eleven strategies side by side, sorted by five year CAGR, highest first. - [Dividend Yield Factor](https://www.rupeecase.com/blog/2026-07-28-morning-dividend-yield-factor/): Systematic Investing. Saturday morning a cousin forwards me a screener. Thirty stocks sorted by dividend yield, highest first, with a caption that said \"passive income portfolio - [Disposition Effect . 27 Jul 2026 . Card Viewer](https://www.rupeecase.com/blog/2026-07-27-evening-disposition-effect/): Market Mechanics + Behavioural. Saturday afternoon. Cousin sends a screenshot of his portfolio app. Two positions side by side. - [Sequence of Returns](https://www.rupeecase.com/blog/2026-07-27-morning-sequence-of-returns/): Portfolio Theory. Past eleven at night my phone lights up. A friend, four weeks into the first SIP he has ever set up, has watched the market slide a few percent and he is s - [A Loss You Do Not Book](https://www.rupeecase.com/blog/2026-07-26-evening-tax-loss-harvest/): Personal Finance. A friend pinged me last week with a screenshot and a grin I could hear through the text. - [The Buyback Illusion](https://www.rupeecase.com/blog/2026-07-26-morning-buyback-illusion/): Corporate Finance. Saturday morning, second coffee, and a cousin drops a screenshot into the family group with two words sitting on top of it. - [The Mix Beats The Pick](https://www.rupeecase.com/blog/2026-07-24-evening-mix-beats-the-pick/): Systematic Investing. My cousin had twelve browser tabs open on a Saturday afternoon, every one of them a fund comparison page, and he had been on the same decision for two hour - [The Boring Stock Won](https://www.rupeecase.com/blog/2026-07-24-morning-low-vol-anomaly/): Factor Models. A cousin, twenty six, corners me at a family lunch with his phone already out. - [All In Now, Or Drip It In](https://www.rupeecase.com/blog/2026-07-23-evening-lump-sum-vs-drip/): Portfolio Theory. A message landed on Tuesday afternoon. A friend had finally sold a small plot he'd been trying to offload for two years, and about Rs 12 lakh had hit his s - [The Diversifier That Concentrates](https://www.rupeecase.com/blog/2026-07-23-morning-sector-fund-concentration/): MF vs PMS vs RupeeCase. Saturday morning, and a friend I have known since college sends me two screenshots from his investing app. - [Nominee Is Not An Heir](https://www.rupeecase.com/blog/2026-07-22-evening-nominee-is-not-an-heir/): Systematic Investing. A friend sent me a screenshot on Sunday. Nomination updated across every folio, green ticks all the way down, captioned \"estate planning done.\" He had told - [Who Sells First](https://www.rupeecase.com/blog/2026-07-21-evening-who-sells-first/): Systematic Investing. My cousin and his wife took the same risk questionnaire last year. He came out aggressive. - [Overlap Cap](https://www.rupeecase.com/blog/2026-07-21-morning-overlap-cap/): Systematic Investing. Cousin showed me his app on Sunday. Five equity funds, five different names, and he felt spread out. - [Size Factor](https://www.rupeecase.com/blog/2026-07-21-morning-size-factor/): Systematic Investing. Everyone hears the same line when they start out. Smaller companies pay you more, so go down the cap ladder for the bigger number. - [the 41 percent and the 322 days | 2026-07-20 evening](https://www.rupeecase.com/blog/2026-07-20-evening-midcap-drawdown/): Strategy Spotlight. My cousin found one of our Midcap cards on Saturday. Forty one percent a year on a five year backtest. - [Turnover Tax](https://www.rupeecase.com/blog/2026-07-20-morning-turnover-tax/): Systematic Investing. Pulled a factor study last week and did the boring thing. I read the footnote. - [one company two sets of books | 2026-07-19 evening](https://www.rupeecase.com/blog/2026-07-19-evening-two-sets-of-books/): Systematic Investing. A friend pulled up a holding company last week, glanced at its profit, saw a small number sitting under a big market value, and decided it was overpriced. - [Since Inception Trap](https://www.rupeecase.com/blog/2026-07-19-morning-since-inception-trap/): Systematic Investing. A fund's ad flashed \"18.9% since inception\" at me last week. Right below it on the same screener sat a fifteen-year-old fund saying 13. - [Tax Free Allowance](https://www.rupeecase.com/blog/2026-07-18-evening-tax-free-allowance/): Systematic Investing. A friend told me he has never sold a single unit of his index fund in seven years. - [Home Bias](https://www.rupeecase.com/blog/2026-07-18-morning-home-bias/): Systematic Investing. Friend showed me his portfolio yesterday. Eight funds. Large cap, mid cap, small cap, a little gold on the side. - [One Country Bet](https://www.rupeecase.com/blog/2026-07-18-morning-one-country-bet/): Systematic Investing. In early 1989, Japan was 45 percent of the world's stock market. Bigger than America, which sat at 33. - [Bonus Shares](https://www.rupeecase.com/blog/2026-07-17-evening-bonus-shares/): Systematic Investing. Friend messaged this evening. A company he owns announced a 1:1 bonus, his 100 shares became 200 overnight, and he was pleased in the way you are pleased w - [Worst So Far](https://www.rupeecase.com/blog/2026-07-17-evening-worst-so-far/): Systematic Investing. Cousin was scrolling our marketplace on Wednesday, hunting for the card with the shallowest drawdown. - [Funds That Vanished](https://www.rupeecase.com/blog/2026-07-17-morning-funds-that-vanished/): Systematic Investing. Friend sorted his app by ten year returns on Tuesday and picked from the top of the list. - [Which Value](https://www.rupeecase.com/blog/2026-07-16-evening-which-value/): Systematic Investing. Cousin had two funds open on the same tab last night. Both said value. - [the asset that only exists because they overpaid](https://www.rupeecase.com/blog/2026-07-16-morning-goodwill-overpaid/): Systematic Investing. A friend forwarded me a results screenshot this morning, half worried. - [One Profile Many Goals](https://www.rupeecase.com/blog/2026-07-15-evening-one-profile-many-goals/): Systematic Investing. Cousin took a risk questionnaire on Sunday afternoon. It thought about him for a moment and gave one word back. - [The clause that shrinks your health cover](https://www.rupeecase.com/blog/2026-07-15-morning-room-rent-cap/): Systematic Investing. Friend forwarded me his health insurance claim settlement last week, half proud he was finally using the cover, half confused. - [Rule of 72](https://www.rupeecase.com/blog/2026-07-14-evening-doubling-clock/): Systematic Investing. A friend asked me over chai how long his money takes to double. Not what return he should chase. - [the same shelf, opposite small cap mandates](https://www.rupeecase.com/blog/2026-07-14-morning-multicap-flexicap/): Systematic Investing. A cousin forwarded me two funds last week and asked which one to buy. Both were sitting under the same tab on his app. - [Gold Free Twin](https://www.rupeecase.com/blog/2026-07-13-evening-gold-free-twin/): Systematic Investing. A friend was scrolling the RupeeCase shelf the other day and stopped on two strategies that looked like identical twins. - [the risk you didn't choose](https://www.rupeecase.com/blog/2026-07-13-morning-allocation-drift/): Systematic Investing. A friend set up a tidy 60/40 three years ago. Equity for the growth, debt so he could sleep at night. - [Your biggest asset is not in your portfolio](https://www.rupeecase.com/blog/2026-07-13-morning-human-capital/): Systematic Investing. A friend at a big IT services firm showed me his portfolio last week, pretty pleased with it. - [Interest Coverage](https://www.rupeecase.com/blog/2026-07-12-evening-interest-coverage/): Systematic Investing. A friend told me a company he owns is perfectly safe on its debt. It made a profit last year, he said, so it can clearly pay its loans. - [12 Jul 2026 morning](https://www.rupeecase.com/blog/2026-07-12-morning-asset-growth-factor/): Systematic Investing. A friend was pitching me a stock last week, genuinely excited. They are doubling their factories, buying a smaller rival, raising fresh money to pay for al - [Risk Tolerance Is A Mood](https://www.rupeecase.com/blog/2026-07-11-evening-risk-tolerance-is-a-mood/): Systematic Investing. A friend filled out a risk questionnaire on a quiet Sunday afternoon. Twelve questions, a score, one word at the end. - [Doing Nothing Is The Skill | 11 Jul 2026 morning](https://www.rupeecase.com/blog/2026-07-11-morning-action-bias/): Market Mechanics + Behavioural. Watched a penalty shootout with a friend who runs money for a living. Keeper guessed left, the ball rolled straight down the middle, net rippling in the ex - [The settlement cycle](https://www.rupeecase.com/blog/2026-07-11-morning-settlement-cycle/): Market Mechanics + Behavioural. A friend sold some shares on Monday morning to free up cash for a deposit. - [The Minimum Due Trap](https://www.rupeecase.com/blog/2026-07-10-evening-minimum-due-trap/): Systematic Investing. A friend told me over dinner that his credit card is under control. Never missed a due date in his life. - [The Rs 50 lakh door](https://www.rupeecase.com/blog/2026-07-10-morning-fifty-lakh-door/): Systematic Investing. Cousin pinged me over the weekend, half sold on a PMS his relationship manager had just pitched. - [Capacity Tolerance Need | 9 Jul 2026 evening](https://www.rupeecase.com/blog/2026-07-09-evening-three-risks/): Systematic Investing. A friend ran one of those risk questionnaires last week. Twelve questions, a score, a single word at the end. - [Pe Not Price](https://www.rupeecase.com/blog/2026-07-09-morning-pe-not-price/): Systematic Investing. A friend showed me two stocks over coffee last week. Both trading at a price to earnings of 20. - [8 Jul 2026 evening](https://www.rupeecase.com/blog/2026-07-08-evening-factor-timing/): Systematic Investing. A friend forwarded a factor rotation pitch last night. Move into whichever style is working right now, it said. - [Average Year Myth](https://www.rupeecase.com/blog/2026-07-08-morning-average-year-myth/): Systematic Investing. A friend laid out his investing plan for me last week. Simple, he said. - [7 Jul 2026 evening](https://www.rupeecase.com/blog/2026-07-07-evening-depth-vs-duration/): Systematic Investing. A friend sent me two factsheets last night. Both funds showed a max drawdown near minus 20 percent. - [Cost Of Switching Funds](https://www.rupeecase.com/blog/2026-07-07-morning-cost-of-switching-funds/): Systematic Investing. A friend runs the same play every March. He sells whatever fund lagged last year and buys whatever sits at the top of the one year chart. - [the behaviour gap](https://www.rupeecase.com/blog/2026-07-07-morning-fund-vs-investor-return/): Systematic Investing. A friend forwarded me a factsheet last night. Twenty years, 19.1 percent a year. - [the debt sleeve that did two jobs](https://www.rupeecase.com/blog/2026-07-06-evening-debt-sleeve-two-jobs/): Systematic Investing. I have spotlighted two of these three cards already, so this one closes the set. - [a buffer is a shock absorber, not a shield](https://www.rupeecase.com/blog/2026-07-06-evening-largecap-hybrid-buffer/): Strategy Spotlight. A friend was sorting my marketplace for the calm end on Saturday, the low volatility cards. - [the two factors that disagree beat either one alone](https://www.rupeecase.com/blog/2026-07-06-morning-value-momentum-disagree/): Factor Models. A friend told me he had picked his factor and was done. Momentum, he said. - [the risk you can shed vs the risk you get paid to hold](https://www.rupeecase.com/blog/2026-07-05-evening-risk-you-get-paid-for/): Portfolio Theory. A friend told me he doesn't need fifty stocks. Six names. All researched, all high conviction. - [The Bigger Number Is The Smaller Return | 2026-07-05 morning](https://www.rupeecase.com/blog/2026-07-05-morning-total-return-vs-cagr/): Systematic Investing. A friend sent me two fund screenshots on Saturday and asked which one to buy. - [Flat Rate Trap](https://www.rupeecase.com/blog/2026-07-04-evening-flat-rate-trap/): Personal Finance. A friend sent me a car loan offer this week, pretty pleased with it. Ten percent flat, he said. - [the two numbers the dead money line skips](https://www.rupeecase.com/blog/2026-07-04-evening-rent-vs-buy-home/): Personal Finance. A friend told me over the weekend that renting is throwing money away. - [Myopic Loss Aversion](https://www.rupeecase.com/blog/2026-07-04-morning-price-of-looking/): Systematic Investing. A friend refreshes his holdings app maybe ten times a day. I check mine about twice a year. - [the three bills it strips out](https://www.rupeecase.com/blog/2026-07-03-evening-ebitda-not-profit/): Corporate Finance. A friend forwarded an investor deck on Saturday, genuinely excited. EBITDA margin 28 percent. - [the base rate of beating the market](https://www.rupeecase.com/blog/2026-07-03-morning-active-vs-index-base-rate/): Systematic Investing. A friend forwarded me a fund's ten year track record on Saturday. Every year green. - [A Risk Profile Has an Expiry Date](https://www.rupeecase.com/blog/2026-07-02-evening-risk-profile-expiry/): Systematic Investing. My friend has been putting money into his daughter's college fund since she was three years old. - [Size Vs Junk](https://www.rupeecase.com/blog/2026-07-02-morning-size-vs-junk/): Systematic Investing. A friend runs a small-cap SIP and asked me last week whether the small-cap premium is real or just a story funds tell to sell the product. - [1 Jul 2026 evening](https://www.rupeecase.com/blog/2026-07-01-evening-real-vs-nominal-return/): Systematic Investing. A friend called his new fixed deposit the safe part of his portfolio. 6.5 percent, locked for a year, done. - [Single Stock Skew](https://www.rupeecase.com/blog/2026-07-01-morning-single-stock-skew/): Portfolio Theory. A friend asked me last week for the one stock to buy and forget for the next ten years. - [Breadth Is Not Diversification | THREAD](https://www.rupeecase.com/blog/2026-06-30-evening-midcap-smallcap-breadth/): Strategy Spotlight. Pulled the factsheet on one of our higher-octane cards this weekend. A 40-stock momentum basket built from the smallest end of the market. - [Impact Cost](https://www.rupeecase.com/blog/2026-06-30-morning-impact-cost/): Market Mechanics + Behavioural. A friend showed me his trading app last week, genuinely pleased that it charges zero brokerage. - [Emergency Fund as Risk-Profile Prerequisite](https://www.rupeecase.com/blog/2026-06-29-evening-emergency-fund-risk-profile/): Systematic Investing. A friend texted me on Sunday. He had just taken a risk questionnaire, scored aggressive, and wanted to push his SIP to ninety percent equity. - [the fund that got too big to beat the index](https://www.rupeecase.com/blog/2026-06-29-morning-fund-size-bloat/): MF vs PMS vs RupeeCase. A friend forwarded me his mutual fund's factsheet last week, a little deflated. - [the most expensive instinct](https://www.rupeecase.com/blog/2026-06-28-evening-pausing-sip-downturn/): Systematic Investing. A friend pinged the group the morning the index dropped four percent. \"Pausing my SIP till the dust settles.\" Two others agreed inside a minute. - [Factor Zoo](https://www.rupeecase.com/blog/2026-06-28-morning-factor-zoo/): Factor Models. A friend forwarded me a smallcase last week. Six-factor edge, the pitch said. - [The card that finished 2025 green](https://www.rupeecase.com/blog/2026-06-27-evening-largemid-multi-asset/): Strategy Spotlight. Saturday morning, I had the RupeeCase marketplace open, sorted by CAGR like everyone sorts it. - [the cash dial, not the stock list](https://www.rupeecase.com/blog/2026-06-27-morning-two-fund-separation/): Systematic Investing. A friend asked me last week which stocks the \"conservative\" version of his portfolio should hold. - [After Tax And Inflation, Safe Can Go Backwards](https://www.rupeecase.com/blog/2026-06-26-evening-fd-real-return/): Systematic Investing. An uncle cornered me at a wedding last month to tell me his fixed deposit had doubled his money in ten years. - [Overtrading Overconfidence](https://www.rupeecase.com/blog/2026-06-26-evening-overtrading-overconfidence/): Market Mechanics + Behavioural. A friend asked me over the weekend why his portfolio keeps lagging the index. - [NAV myth](https://www.rupeecase.com/blog/2026-06-26-morning-nav-myth/): Systematic Investing. A friend showed me two funds last week and asked which was the better buy. - [Goodwill Impairment](https://www.rupeecase.com/blog/2026-06-25-evening-goodwill-impairment/): Systematic Investing. Reading through an acquisition last week and the number that stopped me was not the price. - [Other Income Quality](https://www.rupeecase.com/blog/2026-06-25-evening-other-income-quality/): Corporate Finance. A friend forwarded me a results screenshot last week, genuinely thrilled. - [the first crore is the hardest](https://www.rupeecase.com/blog/2026-06-25-morning-compounding-back-loaded/): Systematic Investing. A friend showed me his SIP statement last week. Eight years of steady investing, and he was deflated. - [the premium is the pay for sitting through the drought](https://www.rupeecase.com/blog/2026-06-24-evening-factor-winters/): Factor Models. A friend forwarded me a value tilt fund last week. Few years in, it had gone nowhere, and he wanted to know if the whole idea was broken. - [24 Jun 2026 morning](https://www.rupeecase.com/blog/2026-06-24-morning-star-rating-rear-view-mirror/): Systematic Investing. A friend sent me a screenshot on Saturday. A five-star fund, finger hovering over the buy button, asking if it was the one. - [the long run makes the rate safe and the rupees wild](https://www.rupeecase.com/blog/2026-06-23-evening-time-diversification/): Systematic Investing. A friend told me over chai he had stopped checking the volatility number on his funds. - [Large Midcap Spotlight](https://www.rupeecase.com/blog/2026-06-22-evening-large-midcap-spotlight/): Systematic Investing. A friend sorted the RupeeCase marketplace by returns last week. He stopped scrolling right at the top, where three cards sat almost on top of each other, a - [Promoter Pledging](https://www.rupeecase.com/blog/2026-06-21-evening-promoter-pledging/): Systematic Investing. A friend forwarded me a stock last week, down about 40 percent in two sessions, and asked what I thought had broken. - [the business that grows on its suppliers' money](https://www.rupeecase.com/blog/2026-06-21-evening-working-capital-cycle/): Corporate Finance. Two companies crossed my desk last week with almost identical income statements. - [the lever you control beats the one you chase](https://www.rupeecase.com/blog/2026-06-21-morning-step-up-sip/): Systematic Investing. Everyone shops for the fund doing 14 instead of 12. I did too, for years. - [the calm-day contract](https://www.rupeecase.com/blog/2026-06-19-evening-risk-profile-calm-day-contract/): Systematic Investing. A friend filled out a risk questionnaire last year. Picked Moderately Aggressive without much hesitation. - [Volatility vs correlation](https://www.rupeecase.com/blog/2026-06-19-morning-volatility-vs-correlation/): Portfolio Theory. A friend told me over chai he wanted to add a little gold to his portfolio, then talked himself out of it. - [the leg you can actually buy](https://www.rupeecase.com/blog/2026-06-18-evening-long-only-factor/): Systematic Investing. A friend forwarded a smart-beta value fund last week. The pitch leaned on the value premium from the textbooks, something like five points a year over the - [The cheaper sticker is not the cheaper hold](https://www.rupeecase.com/blog/2026-06-18-morning-etf-vs-index-fund/): Systematic Investing. A friend texted me on Saturday, pretty pleased with himself. He had found a Nifty 50 ETF charging 0.04 pct a year. - [THREAD](https://www.rupeecase.com/blog/2026-06-17-evening-missing-the-best-days/): Systematic Investing. A red morning a few weeks ago. Market down about four percent by 10am, and the group chat was already moving. - [Why Last Year's Best Factor Is A Bad Forecast](https://www.rupeecase.com/blog/2026-06-17-morning-factor-chasing/): Systematic Investing. A friend sent me last year's factor leaderboard this week. Momentum on top, value scraping the bottom. - [capital weight is not risk weight (2026-06-16 evening)](https://www.rupeecase.com/blog/2026-06-16-evening-risk-contribution/): Systematic Investing. A friend showed me his portfolio last week, proud of how balanced it was. - [Why EPS Growth Lags Net Profit Growth](https://www.rupeecase.com/blog/2026-06-16-evening-share-dilution/): Systematic Investing. A friend sent me a results screenshot last night. Net profit up 40 percent year on year. - [the volatility tax (2026-06-16 morning)](https://www.rupeecase.com/blog/2026-06-16-morning-average-vs-cagr/): Systematic Investing. A friend told me last week his fund had averaged a great year. Up 50 percent, then down 50. - [Concentration is a position size, not a return setting](https://www.rupeecase.com/blog/2026-06-16-morning-focused-alpha-5-spotlight/): Strategy Spotlight. A friend forwarded me a card off the marketplace last week. The one with the steepest line on it. - [Risk contribution vs capital weight](https://www.rupeecase.com/blog/2026-06-15-morning-6040-risk-vs-capital/): Portfolio Theory. A friend showed me his \"balanced\" portfolio on Saturday. 60 percent equity, 40 percent debt. - [Idcw Vs Growth](https://www.rupeecase.com/blog/2026-06-15-morning-idcw-vs-growth/): Systematic Investing. A cousin texts me a screenshot on Saturday morning. His mutual fund declared a dividend, Rs 12000 landed in his account, and he is genuinely thrilled. - [SIP start-date is the input you cannot buy back](https://www.rupeecase.com/blog/2026-06-14-evening-cost-of-waiting/): Systematic Investing. A friend turned 35 last week and asked, a little embarrassed, whether it was too late to start a SIP. - [the tax you pay for someone else's trades](https://www.rupeecase.com/blog/2026-06-14-morning-pms-vs-mf-tax-drag/): Systematic Investing. A friend was deciding between a mutual fund and a PMS running roughly the same strategy. - [Alpha Is Beta In Disguise](https://www.rupeecase.com/blog/2026-06-12-evening-alpha-is-beta-in-disguise/): Systematic Investing. A friend forwarded me a fund deck last night. 16.5 pct a year for ten years against the index at 12.5. - [Earnings Quality Five Lines](https://www.rupeecase.com/blog/2026-06-12-morning-earnings-quality-five-lines/): Systematic Investing. A midcap's Q4 press release landed in a group chat I am on yesterday evening. - [why the optimized portfolio loses to the boring one](https://www.rupeecase.com/blog/2026-06-11-evening-optimizer-error-maximizer/): Systematic Investing. A friend showed me his portfolio spreadsheet on Sunday. He had run Solver on five years of returns and it handed back weights to two decimal places. - [TRI vs price index](https://www.rupeecase.com/blog/2026-06-11-morning-tri-vs-price-index/): Systematic Investing. A friend forwarded me a fund factsheet last night. The pitch line was right at the top. - [time in the market vs timing the market](https://www.rupeecase.com/blog/2026-06-10-evening-sip-vs-lump-sum/): Systematic Investing. A friend sold a flat last month. For the first time he had a genuinely large number sitting in one account, and it made him nervous. - [the finder's fee you pay forever](https://www.rupeecase.com/blog/2026-06-10-morning-direct-vs-regular-plan/): Systematic Investing. A friend has held the same equity fund for years. He bought it through his bank relationship manager, picked it once, and never thought about it again. - [Eps vs Fcf](https://www.rupeecase.com/blog/2026-06-09-morning-eps-vs-fcf/): Systematic Investing. A friend texted me a screenshot last week. A midcap whose earnings per share had grown roughly thirty percent two years running. - [Allcap Spotlight](https://www.rupeecase.com/blog/2026-06-08-evening-allcap-spotlight/): Strategy Spotlight. Pulled the cap-curve table again last week, the one I keep on a sticky note, and landed on the same quiet contradiction I always do. - [Why your sell is not cash yet](https://www.rupeecase.com/blog/2026-06-08-morning-t1-settlement/): Systematic Investing. A friend sold a chunk of his portfolio on a Friday. He needed cash for a weekend payment, and selling felt like the fast way to get it. - [the raise that never reaches your portfolio](https://www.rupeecase.com/blog/2026-06-05-evening-lifestyle-creep/): Personal Finance. A friend got his third raise in three years last month. He earns nearly double what he did when we met. - [Off Balance Sheet Debt](https://www.rupeecase.com/blog/2026-06-05-morning-off-balance-sheet-debt/): Systematic Investing. A friend sent me an investor deck last week. Net debt to EBITDA of 1.2. - [the lower number is your profile](https://www.rupeecase.com/blog/2026-06-04-evening-risk-capacity-vs-tolerance/): Systematic Investing. A friend texted me last week to put him in the highest growth strategy on the shelf. - [Survivorship Bias](https://www.rupeecase.com/blog/2026-06-04-morning-survivorship-bias/): Systematic Investing. A friend forwarded me a backtest last week. Beautiful curve. A basket of fifty large caps, run over ten years, and the line never had a lost decade. - [The pop is not the business](https://www.rupeecase.com/blog/2026-06-03-evening-ipo-grey-market-signal/): Systematic Investing. A friend pinged me before an IPO last week. \"Grey market is showing 60, should I apply?\" Fair question. - [the day the market did not let you sell](https://www.rupeecase.com/blog/2026-06-03-morning-circuit-breakers/): Systematic Investing. A friend texted me at 9:20 one morning a few years back. \"The app won't let me sell.\" He thought something was broken. - [Goal-Based Investing](https://www.rupeecase.com/blog/2026-06-02-evening-goal-based-investing/): Personal Finance. A friend texted me on Saturday asking which fund to pick for his daughter's college. - [six funds, three apps, one portfolio you have never seen in one place](https://www.rupeecase.com/blog/2026-06-02-morning-cas-consolidation/): MF vs PMS vs RupeeCase. A friend told me last week he was well diversified. Six funds, three different apps, everything green. - [LargeCap Multi Asset Spotlight](https://www.rupeecase.com/blog/2026-06-01-evening-largecap-multi-asset-spotlight/): Strategy Spotlight. A friend sorted the RupeeCase marketplace by returns last week and stopped scrolling about a third of the way down. - [the amplifier nobody prices in](https://www.rupeecase.com/blog/2026-06-01-morning-operating-leverage/): Corporate Finance. A midcap industrial reported last week. Sales down 10%. Operating profit down 40%. - [Asset Allocation As Alpha](https://www.rupeecase.com/blog/2026-05-31-evening-asset-allocation-as-alpha/): Systematic Investing. A friend spent his entire Sunday comparing two large-cap funds. Spreadsheet open, expense ratios lined up, five year charts side by side. - [the small-cap edge is a regime, not a rule](https://www.rupeecase.com/blog/2026-05-31-morning-size-factor-decoded/): Factor Models. A friend forwarded me a small-cap fund chart on Sunday morning. Five years, straight up and to the right. - [RBI Repo Duration](https://www.rupeecase.com/blog/2026-05-30-evening-rbi-repo-duration/): Systematic Investing. A friend texted me last night. RBI meets the first week of June, the whole timeline says a cut is coming, and he wanted to know whether to move money into - [Herding And Social Proof . By The Time The Group Agrees, The Trade Is Finished](https://www.rupeecase.com/blog/2026-05-30-morning-herding-social-proof/): Factor Models. Saturday morning. The family WhatsApp group lights up. Someone forwards a stock that has already doubled, with one line under the chart . - [Sharpe . Sortino . Calmar](https://www.rupeecase.com/blog/2026-05-29-evening-sharpe-sortino-calmar/): Systematic Investing. Friend pulled up three MF factsheets at Friday chai. CAGRs hovering between 13 and 20 pct on the same five-year window. - [Term Insurance Sum Assured](https://www.rupeecase.com/blog/2026-05-29-morning-term-insurance-sum-assured/): Personal Finance. Friend on a chai-call last week asked if his Rs 2 crore term cover was enough. - [ROCE vs WACC . Capital Destroyed Politely](https://www.rupeecase.com/blog/2026-05-28-evening-roce-vs-wacc/): Systematic Investing. Friend forwarded a screenshot Thursday evening. Midcap industrial. Sales up 9 pct YTD. - [Hybrid Three Meanings](https://www.rupeecase.com/blog/2026-05-28-morning-hybrid-three-meanings/): Strategy Spotlight. Saturday morning. Friend's WhatsApp lands with a question that sounds simple. - [Methodology Read . Recipe Versus Paragraph](https://www.rupeecase.com/blog/2026-05-27-evening-methodology-open-rule/): Systematic Investing. Friend forwards a PMS factsheet on Wednesday evening. Twelve pages of marketing. - [Factor Crowding And Decay . Every Anomaly Published Is A Factor In Decay](https://www.rupeecase.com/blog/2026-05-27-morning-factor-crowding-decay/): Systematic Investing. Monday morning. Friend forwards a smart beta brochure. Cover number \"Backtested 18 pct CAGR since 2008.\" Small print at the bottom . - [Gold Structural Vehicle Math . Read The Door Before The Metal](https://www.rupeecase.com/blog/2026-05-26-evening-gold-structural-vehicle/): Systematic Investing. Cousin's WhatsApp lands Tuesday evening. a gold-price service screenshot. Gold at $4720. - [Sunk Cost Trap . The First Loss Is The Cheapest](https://www.rupeecase.com/blog/2026-05-26-morning-sunk-cost-trap/): Systematic Investing. Sunday evening. Friend's brokerage app open on the kitchen table. One position 35 pct red. - [Focused Largecap 20 Spotlight](https://www.rupeecase.com/blog/2026-05-25-evening-focused-largecap-20-spotlight/): Strategy Spotlight. This morning we wrote about position sizing. Full Kelly is a graveyard with the right tombstone math. - [Position Sizing . Kelly Criterion](https://www.rupeecase.com/blog/2026-05-25-morning-position-sizing-kelly/): Portfolio Theory. Monday morning. Friend forwards a WhatsApp on a \"high conviction\" trade. - [DuPont ROE Decomposition](https://www.rupeecase.com/blog/2026-05-24-evening-dupont-roe-three-stories/): Corporate Finance. Saturday afternoon. Friend forwards a screenshot of three Nifty 200 stocks. - [NPS vs PPF vs ELSS . The Order Matters More Than The Rate](https://www.rupeecase.com/blog/2026-05-23-evening-nps-ppf-elss-order/): Systematic Investing. Friend rang up on a chai call this evening. Fresh financial year just started. - [Multi Factor Stacking](https://www.rupeecase.com/blog/2026-05-23-morning-multi-factor-stacking/): Factor Models. Saturday morning. Friend forwards a smart beta brochure. Five factors stacked into one fund. - [Conservative Starter . Risk Profile First](https://www.rupeecase.com/blog/2026-05-22-evening-conservative-starter-risk-profile/): Systematic Investing. Saturday morning. Friend's brokerage app open. Two strategies side by side. - [Rebalance Cadence Latency](https://www.rupeecase.com/blog/2026-05-22-morning-rebalance-cadence-latency/): MF vs PMS vs RupeeCase. Friday evening. Friend forwards a screenshot of his smallcase, the one with the friendly name and the slick onboarding. - [Recency Bias + Factor Crowding](https://www.rupeecase.com/blog/2026-05-21-evening-recency-bias-factor-crowding/): Market Mechanics + Behavioural. Thursday night. Friend texts a screenshot of a smallcase up 60 percent YTD. - [Volatility Drag](https://www.rupeecase.com/blog/2026-05-21-morning-volatility-drag/): Portfolio Theory. Monday morning. Friend forwards two MF factsheets. Both print \"10Y average annual return 12 pct\" in big type at the top. - [Cash vs Profit](https://www.rupeecase.com/blog/2026-05-20-evening-cash-vs-profit/): Market Mechanics + Behavioural. Tuesday afternoon at the desk. Two Q4 results land in the same hour. Two midcap industrials. - [Fii Flow Signal Vs Noise](https://www.rupeecase.com/blog/2026-05-20-morning-fii-flow-signal-vs-noise/): Systematic Investing. Tuesday close. Three numbers on the desk. FII net buyer plus Rs 1329 cr. - [Emergency Fund . Six Months Rule + Vehicle Stack](https://www.rupeecase.com/blog/2026-05-19-evening-emergency-fund-vehicle/): Systematic Investing. Sunday chai with a friend. He asks how big his emergency fund should be. - [Cheap For A Reason . Value vs Trap](https://www.rupeecase.com/blog/2026-05-19-morning-cheap-for-a-reason-value-trap/): Systematic Investing. Sunday morning. A friend forwards a screenshot. The 30 cheapest stocks in Nifty 500 sorted by trailing P/E. - [Allcap Multi Asset Spotlight](https://www.rupeecase.com/blog/2026-05-18-evening-allcap-multi-asset-spotlight/): Portfolio Theory. Monday evening, factsheet on the screen. The strategy quoted its Sharpe ratio before its CAGR. - [Day 364 vs Day 366](https://www.rupeecase.com/blog/2026-05-18-morning-stcg-cliff-day-364/): Systematic Investing. A friend texted me Monday morning. He wanted to redeem an equity mutual fund the next day. - [Efficient Frontier](https://www.rupeecase.com/blog/2026-05-17-morning-efficient-frontier/): Portfolio Theory. Sunday morning. Friend over chai. Says he is 100 pct equity. Asks why he would add gold to the book if gold compounds slower than equity. - [Sharpe Ratio Decoded](https://www.rupeecase.com/blog/2026-05-15-evening-sharpe-ratio-decoded/): Systematic Investing. Friend forwarded a fund factsheet on Saturday evening. Highlighted the 14 pct CAGR over five years. - [Quality Factor](https://www.rupeecase.com/blog/2026-05-15-morning-quality-factor/): Factor Models. Friend opened his brokerage app on Friday after the four day rout. His boring stack of staples and pharma barely moved. - [INR Record Low Redistribution](https://www.rupeecase.com/blog/2026-05-14-evening-inr-record-low-redistribution/): Systematic Investing. Wednesday at the desk. USD INR printed 95.85 today. Fresh record. Brent held above 105 for the third session running. - [2W Rebalance Tax Math](https://www.rupeecase.com/blog/2026-05-13-evening-2w-rebalance-tax-math/): Strategy Spotlight. Friend pinged on Tuesday evening with the same WhatsApp objection I have heard maybe fifty times now. - [Mental Accounting](https://www.rupeecase.com/blog/2026-05-13-morning-mental-accounting/): Market Mechanics + Behavioural. Cousin got his Diwali bonus last October. Two lakh straight in. The TV upgrade was done by Friday. - [Microcap . The Deeper You Go](https://www.rupeecase.com/blog/2026-05-12-evening-microcap-deeper-cap-curve/): Strategy Spotlight. Friend asked over the weekend why we do not just push every rupee into microcap. - [Prepay vs Invest](https://www.rupeecase.com/blog/2026-05-12-morning-loan-prepay-vs-invest/): Personal Finance. Friend asked over coffee whether to prepay his home loan or invest the same five lakh instead. - [Momentum Factor Primer](https://www.rupeecase.com/blog/2026-05-11-evening-momentum-primer/): Systematic Investing. Saturday morning. A friend WhatsApps me a screenshot of a momentum smallcase down 18 percent for the year. - [Rolling Returns vs CAGR](https://www.rupeecase.com/blog/2026-05-11-morning-cagr-vs-rolling-returns/): Systematic Investing. Monday morning. A friend forwards a fund brochure with the headline \"18 percent CAGR since 2018\". - [Diversification Cliff](https://www.rupeecase.com/blog/2026-05-10-evening-diversification-cliff/): Portfolio Theory. Sunday afternoon I pulled up two crisis charts side by side. March 2008. - [Brent Absorbers vs Amplifiers](https://www.rupeecase.com/blog/2026-05-10-morning-brent-absorbers-vs-amplifiers/): Systematic Investing. Saturday morning. Friend's brokerage app open on the kitchen counter. Nifty was basically flat for the week. - [MF True Cost Stack](https://www.rupeecase.com/blog/2026-05-09-evening-mf-true-cost-stack/): MF vs PMS vs RupeeCase. Friend texted his MF statement on Saturday morning. KIM at the top said TER 1.65 percent. - [Anchoring On Your Buy Price](https://www.rupeecase.com/blog/2026-05-09-morning-anchoring-buy-price/): Market Mechanics + Behavioural. Saturday morning. Filter coffee. My buddy slides his brokerage app across the kitchen counter and shows me a position that has been red for three years. - [SIP XIRR vs Absolute](https://www.rupeecase.com/blog/2026-05-08-evening-sip-xirr-vs-absolute/): Personal Finance. Cousin showed me his SIP statement over chai last Sunday. Number at the bottom said 33 pct. - [Rebalancing Harvests Volatility](https://www.rupeecase.com/blog/2026-05-07-evening-rebalancing-harvests-volatility/): Systematic Investing. ``` Friend pulled his CAS out over coffee on Saturday. He had been upset about his five-fund SIP underperforming the index by a margin he could not explain - [Stops in feel not math . 07 May 2026 morning . RupeeCase](https://www.rupeecase.com/blog/2026-05-07-morning-stops-in-feel-not-math/): Systematic Investing. Friend texted me last week. He had been holding a name for two years. Got stopped out on a Tuesday at the recent low. - [Flow vs Direction](https://www.rupeecase.com/blog/2026-05-06-evening-fii-flow-not-direction/): Market Mechanics + Behavioural. ``` Got a message yesterday. Smart guy, runs his own portfolio. He had read that FII outflows in 2026 just crossed the entire 2025 number, and he was askin - [How Many Stocks Do You Own](https://www.rupeecase.com/blog/2026-05-06-morning-midcap-dilution-math/): Systematic Investing. Friend showed me his portfolio over coffee last weekend. Seven mutual funds. - [Drawdown Real KPI](https://www.rupeecase.com/blog/2026-05-05-evening-drawdown-real-kpi/): Systematic Investing. Pulled the data on the 16 RupeeCase strategies last week and stopped on one comparison. - [The Cadence Question](https://www.rupeecase.com/blog/2026-05-05-morning-2-week-rebalance/): Systematic Investing. Pulled the rebalance log on RupeeCase Large Midcap this week. The strategy moved 131 times in five years. - [Smallcap . The Honest Year](https://www.rupeecase.com/blog/2026-05-04-evening-smallcap-honest-year/): Strategy Spotlight. Tonight every chart show is going to talk BJP wins across states. By Tuesday open every retail screen will be tilting toward the domestic growth basket. - [Active MF Stripped](https://www.rupeecase.com/blog/2026-05-04-morning-active-largecap-mf-stripped/): Systematic Investing. Stripped down HDFC Top 100 Fund last weekend. 29 years live. Rs 38432 Cr AUM. - [Sharpe Ratio Decoded](https://www.rupeecase.com/blog/2026-05-04-morning-sharpe-ratio-decoded/): Systematic Investing. Pulled the Sharpe numbers across the marketplace last week. Wanted to know which strategy earned its return cleanly and which one earned it by sitting thro - [Risk Profile Fit](https://www.rupeecase.com/blog/2026-05-03-evening-risk-profile-fit/): Systematic Investing. Asked myself the question I keep forgetting to ask the people I onboard. - [PMS 2 and 20 Math](https://www.rupeecase.com/blog/2026-05-03-morning-pms-2-and-20-math/): Systematic Investing. Pulled the fee math on a 2-and-20 PMS structure last week. Not the abstract version. - [Energy Basket](https://www.rupeecase.com/blog/2026-05-02-evening-energy-basket-satellite/): Strategy Spotlight. Saturday evening I am sitting with the Energy Basket factsheet open. Most volatile card on the RupeeCase marketplace. - [5 vs 20 vs 50](https://www.rupeecase.com/blog/2026-05-02-morning-concentration-vs-diversification/): Strategy Spotlight. Saturday morning I am laying three RupeeCase strategy backtests next to each other on the same screen. - [Equal Weight vs Cap Weight](https://www.rupeecase.com/blog/2026-05-02-morning-equal-weight-vs-cap-weight/): Systematic Investing. ``` Pulled the NIFTY 50 weights this morning. Wanted to test something. - [MF Cost Stack](https://www.rupeecase.com/blog/2026-05-02-morning-mf-cost-stack/): MF vs PMS vs RupeeCase. Saturday morning I am staring at an AMFI factsheet for an average regular-plan large-cap active equity scheme. ## Comparisons and tools - [Compare RupeeCase vs mutual funds, ETFs, smallcase](https://www.rupeecase.com/compare) - [Risk profile assessment | 28 questions, SEBI-aligned](https://www.rupeecase.com/risk-profile) - [Stocks held by the index algos | 254 NSE stock pages](https://www.rupeecase.com/stocks/): every stock on a published list, with the algos that hold it, its sector and its entries and exits - [Sectors held across the book | one page per NSE sector with weights and entry/exit history](https://www.rupeecase.com/sectors/) - [Rebalance record | every published list by date](https://www.rupeecase.com/rebalance/) ## Sectors | which index algos hold what - [Automobile and Auto Components](https://www.rupeecase.com/sectors/automobile-and-auto-components): Automobile and Auto Components on NSE: held by 13 of 18 RupeeCase index algos on their latest lists (9 stocks, up to 8% of a list). - [Capital Goods](https://www.rupeecase.com/sectors/capital-goods): Capital Goods on NSE: held by 17 of 18 RupeeCase index algos on their latest lists (58 stocks, up to 50% of a list). - [Chemicals](https://www.rupeecase.com/sectors/chemicals): Chemicals on NSE: held by 8 of 18 RupeeCase index algos on their latest lists (12 stocks, up to 10% of a list). - [Construction](https://www.rupeecase.com/sectors/construction): Construction on NSE: held by 8 of 18 RupeeCase index algos on their latest lists (5 stocks, up to 4% of a list). - [Construction Materials](https://www.rupeecase.com/sectors/construction-materials): Construction Materials on NSE: held by 2 of 18 RupeeCase index algos on their latest lists (1 stocks, up to 4% of a list). - [Consumer Durables](https://www.rupeecase.com/sectors/consumer-durables): Consumer Durables on NSE: held by 8 of 18 RupeeCase index algos on their latest lists (7 stocks, up to 6% of a list). - [Consumer Services](https://www.rupeecase.com/sectors/consumer-services): Consumer Services on NSE: held by 4 of 18 RupeeCase index algos on their latest lists (7 stocks, up to 7% of a list). - [Fast Moving Consumer Goods](https://www.rupeecase.com/sectors/fast-moving-consumer-goods): Fast Moving Consumer Goods on NSE: held by 15 of 18 RupeeCase index algos on their latest lists (13 stocks, up to 10% of a list). - [Financial Services](https://www.rupeecase.com/sectors/financial-services): Financial Services on NSE: held by 16 of 18 RupeeCase index algos on their latest lists (31 stocks, up to 25% of a list). - [Healthcare](https://www.rupeecase.com/sectors/healthcare): Healthcare on NSE: held by 13 of 18 RupeeCase index algos on their latest lists (27 stocks, up to 100% of a list). - [Information Technology](https://www.rupeecase.com/sectors/information-technology): Information Technology on NSE: held by 7 of 18 RupeeCase index algos on their latest lists (9 stocks, up to 11% of a list). - [Media, Entertainment & Publication](https://www.rupeecase.com/sectors/media-entertainment-publication): Media, Entertainment & Publication on NSE: held by 4 of 18 RupeeCase index algos on their latest lists (4 stocks, up to 4% of a list). - [Metals & Mining](https://www.rupeecase.com/sectors/metals-mining): Metals & Mining on NSE: held by 16 of 18 RupeeCase index algos on their latest lists (14 stocks, up to 40% of a list). - [Oil, Gas & Consumable Fuels](https://www.rupeecase.com/sectors/oil-gas-consumable-fuels): Oil, Gas & Consumable Fuels on NSE: held by 7 of 18 RupeeCase index algos on their latest lists (5 stocks, up to 7% of a list). - [Power](https://www.rupeecase.com/sectors/power): Power on NSE: held by 17 of 18 RupeeCase index algos on their latest lists (16 stocks, up to 50% of a list). - [Realty](https://www.rupeecase.com/sectors/realty): Realty on NSE: held by 8 of 18 RupeeCase index algos on their latest lists (5 stocks, up to 5% of a list). - [Services](https://www.rupeecase.com/sectors/services): Services on NSE: held by 13 of 18 RupeeCase index algos on their latest lists (6 stocks, up to 5% of a list). - [Telecommunication](https://www.rupeecase.com/sectors/telecommunication): Telecommunication on NSE: held by 12 of 18 RupeeCase index algos on their latest lists (7 stocks, up to 10% of a list). - [Textiles](https://www.rupeecase.com/sectors/textiles): Textiles on NSE: held by 3 of 18 RupeeCase index algos on their latest lists (3 stocks, up to 3% of a list). - [Utilities](https://www.rupeecase.com/sectors/utilities): Utilities on NSE: held by 4 of 18 RupeeCase index algos on their latest lists (2 stocks, up to 2% of a list). ## Page families | one line each - [Strategy pages, 18 pages](https://www.rupeecase.com/strategies/): URLs like /strategies/; rules, universe, cadence, model back test (Model, back tested, as of the date on the page), minimum and fee, FAQ - [Factsheets, 18 pages](https://www.rupeecase.com/strategies/): URLs like /strategies/factsheets/; one printable page per strategy: CAGR, drawdown, Sharpe, months, costs - [Head to head pairs, 24 pages](https://www.rupeecase.com/strategies/compare/): URLs like /strategies/compare/-vs-; two strategies side by side: model curves, risk figures, shared holdings - [Tiers, 6 pages](https://www.rupeecase.com/strategies/): URLs like /strategies/by-tier/; strategies grouped by the job a slice of capital is meant to do - [Rebalance histories, 18 pages](https://www.rupeecase.com/rebalance/): URLs like /rebalance//; every published model rebalance with names in, out and held; CSV and Dataset - [Stock pages, 254 pages](https://www.rupeecase.com/stocks/): URLs like /stocks/; which index algos list an NSE stock, since when, its sector and peers - [Sector pages, 20 pages](https://www.rupeecase.com/sectors/): URLs like /sectors/; NSE sector share of every list, year by year, and its names - [Fund pairs, 9 pages](https://www.rupeecase.com/compare): URLs like /compare/; an index algo against a named mutual fund - [Versus pages, 4 pages](https://www.rupeecase.com/vs/): URLs like /vs/