NISM SERIES VIII – EQUITY DERIVATIVES

CHAPTER 5: OPTIONS
Comprehensive Exam-Oriented Notes
Covers: Option Basics • Payoffs • Black-Scholes Pricing • Option Greeks • Put-Call Parity •
Trading Strategies
1. INTRODUCTION TO OPTIONS

📌 KEY DEFINITIONS
▸ Option: A contract that gives the BUYER the RIGHT (but NOT the obligation) to buy or sell an
underlying asset at a predetermined price (Strike Price) on or before a specified date.
▸ Option Seller/Writer: The party who grants the right to the buyer. The writer has the
OBLIGATION to fulfil the contract if the buyer exercises.
▸ Premium: The price paid by the buyer to the seller/writer for the option right.
▸ Strike Price / Exercise Price: The pre-agreed price at which the underlying asset can be
bought or sold.
▸ Expiry Date: The last date on which the option can be exercised.

1.1 Types of Options

Feature Call Option Put Option

Right given to Right to BUY the underlying Right to SELL the underlying
buyer
Buyer profits when Price RISES above strike Price FALLS below strike
Seller profits when Price stays BELOW strike (premium Price stays ABOVE strike (premium
retained) retained)
Obligation on writer Must SELL at strike if exercised Must BUY at strike if exercised
Maximum loss – Premium paid Premium paid
Buyer
Maximum gain – Unlimited (theoretically) Strike Price – Premium (capped)
Buyer
Maximum loss – Unlimited (theoretically) Strike Price – Premium received
Writer
Maximum gain – Premium received Premium received
Writer

1.2 Exercise Styles

Style When Exercisable NSE Practice

European ONLY on the expiry date Index options (Nifty, Bank Nifty) —
European style
American On ANY day up to and including expiry Stock options — American style
 ⚠️ EXAM TRAP / COMMON MISTAKES
▸ Index options in India (Nifty, Bank Nifty) are EUROPEAN — exercisable only at expiry.
▸ Stock/equity options in India are AMERICAN — exercisable any day before expiry.
▸ Confusion between European/American and geography is a top trap — has NOTHING to do
with the country.

1.3 Moneyness of an Option

Moneyness describes the relationship between the current market price (CMP) of the underlying and
the Strike Price.

Moneyness Call Option Put Option Intrinsic Value

In-the-Money (ITM) CMP > Strike Price CMP < Strike Price Positive
At-the-Money (ATM) CMP = Strike Price CMP = Strike Price Zero
Out-of-the-Money CMP < Strike Price CMP > Strike Price Zero
(OTM)

🔢 IMPORTANT FORMULAS
▸ Intrinsic Value – Call: Max (CMP – Strike Price, 0)
▸ Intrinsic Value – Put: Max (Strike Price – CMP, 0)
▸ Time Value: Option Premium – Intrinsic Value
▸ Option Premium: Intrinsic Value + Time Value

✅ MUST REMEMBER FOR EXAM

▸ OTM options have ZERO intrinsic value but may still have TIME value.
▸ At expiry, TIME value = 0. Option price = Intrinsic Value only.
▸ Deep ITM options have high intrinsic value and behave like the underlying itself.
▸ Deep OTM options are cheap but have very low probability of profit.
▸ Time value is HIGHEST for ATM options.
2. OPTION PAYOFFS — PROFIT & LOSS PROFILES

2.1 Long Call (Buying a Call Option)

• View: Bullish — expect price to RISE

• Maximum Loss: Premium paid (limited)
• Maximum Profit: Unlimited (as price rises)
• Breakeven: Strike Price + Premium

🔢 IMPORTANT FORMULAS
▸ Payoff at Expiry (Long Call): Max(CMP – Strike Price, 0) – Premium Paid
▸ Breakeven (Long Call): Strike Price + Premium

2.2 Short Call (Writing/Selling a Call Option)

• View: Bearish or Neutral — expect price to STAY or FALL

• Maximum Profit: Premium received (limited)
• Maximum Loss: Unlimited (as price rises)
• Breakeven: Strike Price + Premium

🔢 IMPORTANT FORMULAS
▸ Payoff at Expiry (Short Call): Premium Received – Max(CMP – Strike Price, 0)

2.3 Long Put (Buying a Put Option)

• View: Bearish — expect price to FALL

• Maximum Loss: Premium paid (limited)
• Maximum Profit: Strike Price – Premium (as price falls toward zero)
• Breakeven: Strike Price – Premium

🔢 IMPORTANT FORMULAS
▸ Payoff at Expiry (Long Put): Max(Strike Price – CMP, 0) – Premium Paid
▸ Breakeven (Long Put): Strike Price – Premium
2.4 Short Put (Writing/Selling a Put Option)

• View: Bullish or Neutral — expect price to STAY or RISE

• Maximum Profit: Premium received (limited)
• Maximum Loss: Strike Price – Premium received (substantial)
• Breakeven: Strike Price – Premium

🔢 IMPORTANT FORMULAS
▸ Payoff at Expiry (Short Put): Premium Received – Max(Strike Price – CMP, 0)

Position Market View Max Profit Max Loss Breakeven

Long Call Bullish Unlimited Premium Paid Strike + Premium
Short Call Bearish/Neutral Premium Unlimited Strike + Premium
Received
Long Put Bearish Strike – Premium Premium Paid Strike – Premium
Short Put Bullish/Neutral Premium Strike – Premium Strike – Premium
Received

✅ MUST REMEMBER FOR EXAM

▸ Option buyers have LIMITED risk (only premium) but unlimited/large reward potential.
▸ Option writers/sellers have LIMITED profit (only premium) but unlimited/large risk.
▸ Breakeven for Calls: Strike + Premium. For Puts: Strike – Premium.
▸ A buyer needs significant price movement to profit; a seller profits from time decay.
3. OPTION PRICING — FACTORS & MODELS

3.1 Factors Affecting Option Premium

Factor Effect on Call Premium Effect on Put Premium

Underlying Price ↑ Increases ↑ Decreases ↓
Strike Price ↑ Decreases ↓ Increases ↑
Time to Expiry ↑ Increases ↑ (more time value) Increases ↑ (more time value)
Volatility ↑ Increases ↑ Increases ↑
Risk-free Interest Rate ↑ Increases ↑ (slightly) Decreases ↓ (slightly)
Dividends ↑ Decreases ↓ Increases ↑

⚠️ EXAM TRAP / COMMON MISTAKES

▸ Higher volatility INCREASES BOTH call and put premiums — not just call.
▸ Higher interest rates increase call and DECREASE put premiums — subtle but tested!
▸ Dividends are tricky: they DECREASE call and INCREASE put premiums.
▸ Time value always DECREASES as expiry approaches — this is called TIME DECAY (Theta).

3.2 Black-Scholes Option Pricing Model (BSM)

The Black-Scholes Model is used to price European options. It was developed by Fischer Black and
Myron Scholes in 1973.

📐 Black-Scholes Assumptions
▸ The underlying asset follows a lognormal distribution of returns.
▸ No dividends are paid during the option's life.
▸ Markets are efficient — no arbitrage opportunities.
▸ Risk-free interest rate and volatility are CONSTANT over the life of the option.
▸ The option is EUROPEAN (exercisable only at expiry).
▸ No transaction costs or taxes.
▸ Short selling is permitted with full use of proceeds.

🔢 IMPORTANT FORMULAS
 ▸ Call Price (C): S × N(d1) – K × e^(–rT) × N(d2)
▸ Put Price (P): K × e^(–rT) × N(–d2) – S × N(–d1)
▸ d1: [ln(S/K) + (r + σ²/2) × T] / (σ × √T)
▸ d2: d1 – σ × √T
▸ Where: S = Current stock price, K = Strike price, r = Risk-free rate, T = Time to expiry (in
years), σ = Volatility (std deviation of returns), N(.) = Cumulative normal distribution

✅ MUST REMEMBER FOR EXAM

▸ BSM is used for EUROPEAN options only.
▸ N(d2) = Probability that the call option will expire In-the-Money.
▸ N(d1) = Delta of the call option (approximately).
▸ BSM assumes CONSTANT volatility — a key limitation (real markets show volatility smile).
▸ BSM does not account for dividends in basic form (dividend-adjusted version exists).
▸ Binomial model can price BOTH American and European options; BSM only European.

3.3 Put-Call Parity

Put-Call Parity establishes a relationship between the price of a European call and put option with the
same strike and expiry, on the same underlying.

🔢 IMPORTANT FORMULAS
▸ Put-Call Parity: C + PV(K) = P + S
▸ Alternatively: C – P = S – PV(K) where PV(K) = K × e^(–rT)
▸ In simpler form: Call Premium + PV(Strike) = Put Premium + Current Stock Price

⚠️ EXAM TRAP / COMMON MISTAKES

▸ Put-Call Parity applies to EUROPEAN options only — NOT American options.
▸ If parity is violated, an arbitrage opportunity exists — the exam may ask you to identify this.
▸ A Protective Put (Long Stock + Long Put) equals a Fiduciary Call (Long Call + PV of Strike in
cash) — this is the core of Put-Call Parity.
4. OPTION GREEKS — SENSITIVITY MEASURES

Greeks measure the sensitivity of an option's price to various factors. Each Greek represents how
much the option price changes when ONE factor changes by a small amount.

4.1 Delta (Δ)

📌 KEY DEFINITIONS
▸ Delta: Rate of change of option price with respect to a ₹1 change in the underlying asset price.

Option Type Delta Range Key Insight

Long Call 0 to +1 Delta is always POSITIVE for long call
Long Put –1 to 0 Delta is always NEGATIVE for long put
ATM option ≈ 0.5 (Call) / –0.5 Roughly 50% probability of expiring ITM
(Put)
Deep ITM Call Close to +1 Behaves almost like owning the stock
Deep OTM Call Close to 0 Very small sensitivity to price change

🔢 IMPORTANT FORMULAS
▸ Delta Hedging: Number of options needed = 1 / Delta (for delta-neutral portfolio)
▸ Portfolio Delta: Sum of (Delta of each position × Number of contracts)
▸ Important identity: Delta of Call – Delta of Put = 1 (for same strike and expiry)

✅ MUST REMEMBER FOR EXAM

▸ Call Delta: ranges from 0 to +1. Put Delta: ranges from –1 to 0.
▸ ATM options have delta ≈ 0.5 (call) and –0.5 (put).
▸ Delta is also interpreted as the probability that the option will expire ITM.
▸ Delta changes as the underlying price moves — this change is measured by Gamma.
▸ A delta-neutral portfolio has ZERO net delta — no directional risk.

4.2 Gamma (Γ)

📌 KEY DEFINITIONS
 ▸ Gamma: Rate of change of DELTA with respect to a ₹1 change in the underlying price. It
measures the curvature/convexity of the option price.

• Gamma is ALWAYS POSITIVE for both long calls and long puts.
• Gamma is HIGHEST for ATM options, especially close to expiry.
• Gamma is LOW for deep ITM and deep OTM options.
• Short options have NEGATIVE gamma — sellers face gamma risk.
• High gamma means delta changes rapidly — the option is more sensitive.

⚠️ EXAM TRAP / COMMON MISTAKES

▸ Gamma is always POSITIVE for option buyers (both calls and puts).
▸ Gamma is always NEGATIVE for option sellers.
▸ Gamma is NOT the change in option price — it is the change in DELTA.
▸ Near expiry, gamma for ATM options spikes sharply — maximum gamma risk at expiry for
ATM.

4.3 Theta (Θ) — Time Decay

📌 KEY DEFINITIONS
▸ Theta: Rate of change of option price with respect to TIME passing. It measures how much an
option loses value each day due to time decay.

• Theta is NEGATIVE for option buyers (options lose value with time).
• Theta is POSITIVE for option sellers (time decay benefits writers).
• Theta is HIGHEST (fastest decay) for ATM options near expiry.
• Time decay is NOT linear — it accelerates in the LAST 30 days.
• OTM options have faster percentage decay near expiry.

✅ MUST REMEMBER FOR EXAM

▸ Option buyers suffer from theta (time decay) — they need price movement to overcome it.
▸ Option sellers benefit from theta — they profit when nothing moves.
▸ Theta is greatest for ATM options close to expiry.
▸ Time decay is enemy of option buyers and friend of option writers.

4.4 Vega (ν)

 📌 KEY DEFINITIONS
▸ Vega: Rate of change of option price with respect to a 1% change in implied volatility of the
underlying.

• Vega is POSITIVE for both long calls and long puts.

• Higher volatility → higher option premiums (for both calls and puts).
• Vega is highest for ATM options with more time to expiry.
• Vega is LOW for deep ITM and deep OTM options.

⚠️ EXAM TRAP / COMMON MISTAKES

▸ Vega is technically NOT a Greek letter — but always referred to as a 'Greek' in options.
▸ Long options (both calls and puts) benefit from RISING volatility (positive Vega).
▸ Short options are hurt by rising volatility (negative Vega for sellers).
▸ Do NOT confuse Vega (sensitivity to volatility) with Volatility itself.

4.5 Rho (ρ)

📌 KEY DEFINITIONS
▸ Rho: Rate of change of option price with respect to a 1% change in risk-free interest rate.

• Call options have POSITIVE Rho — benefit from rising interest rates.
• Put options have NEGATIVE Rho — hurt by rising interest rates.
• Rho is LEAST significant of all Greeks in most practical scenarios.

Greek Measures Sign: Long Sign: Long Highest When

Call Put
Delta (Δ) Sensitivity to price Positive (+) Negative (–) Deep ITM (→ 1)
change
Gamma (Γ) Rate of change of Positive (+) Positive (+) ATM, near expiry
Delta
Theta (Θ) Time decay (per day) Negative (–) Negative (–) ATM, near expiry
Vega (ν) Sensitivity to volatility Positive (+) Positive (+) ATM, long-dated
Rho (ρ) Sensitivity to interest Positive (+) Negative (–) Long-dated options
rate

✅ MUST REMEMBER FOR EXAM

▸ Delta and Gamma are related: Gamma is the 'delta of delta'.
▸ Theta and Gamma are in conflict for option buyers: high gamma is good but comes with high
theta.
▸ All long options have POSITIVE Vega and NEGATIVE Theta.
▸ All short options have NEGATIVE Vega and POSITIVE Theta.
▸ Rho is least important; Delta and Gamma are most frequently tested.
5. IMPLIED VOLATILITY (IV)

📌 KEY DEFINITIONS
▸ Implied Volatility: The volatility figure that, when plugged into the BSM model, gives the
observed market price of the option. It is the market's EXPECTATION of future volatility.
▸ Historical Volatility: Actual past volatility of the underlying, calculated from historical price
data.

5.1 Volatility Smile and Skew

• BSM assumes constant volatility — but in reality, IV varies across strike prices.
• When IV is plotted against strike prices, the graph often forms a SMILE or SKEW shape.
• Volatility Smile: IV is higher for deep ITM and deep OTM options, lowest for ATM.
• Volatility Skew (more common in equity markets): IV is higher for lower strikes (puts).
• The skew exists because investors pay more for downside protection (puts).

⚠️ EXAM TRAP / COMMON MISTAKES

▸ BSM assumes CONSTANT volatility — this is its main limitation in real markets.
▸ Implied volatility is FORWARD-LOOKING (market's expectation); Historical volatility is
BACKWARD-LOOKING (actual past data).
▸ India VIX (Volatility Index) measures the market's expectation of 30-day volatility — derived
from Nifty options.
6. OPTION TRADING STRATEGIES

Option strategies combine calls, puts, and the underlying to create specific risk-reward profiles suited to
different market views.

6.1 Covered Call

• LONG underlying asset + SHORT call option on the same asset

• View: Mildly Bullish or Neutral
• Purpose: Generate income (premium) from existing stock holdings
• Maximum Profit: (Strike Price – Purchase Price) + Premium received
• Maximum Loss: Purchase Price of stock – Premium received (if stock falls to zero)
• Breakeven: Purchase Price – Premium received

⚠️ EXAM TRAP / COMMON MISTAKES

▸ Covered call LIMITS upside profit. If stock rises above strike, you miss out — the stock is
'called away'.

6.2 Protective Put

• LONG underlying asset + LONG put option on the same asset

• View: Bullish but want downside protection
• Acts like insurance on a stock position
• Maximum Loss: (Purchase Price – Strike Price) + Premium paid
• Maximum Profit: Unlimited (if stock rises)
• Breakeven: Purchase Price + Premium paid

✅ MUST REMEMBER FOR EXAM

▸ Protective Put = Buying Insurance for your stock. Limits downside, keeps unlimited upside.

6.3 Bull Call Spread

• BUY a call at lower strike + SELL a call at higher strike (same expiry)
• View: Moderately Bullish
• Net cost = Premium of lower call – Premium of higher call (lower cost than outright call)
• Maximum Profit: Higher Strike – Lower Strike – Net Premium Paid
 • Maximum Loss: Net Premium Paid
• Breakeven: Lower Strike + Net Premium Paid

6.4 Bear Put Spread

• BUY a put at higher strike + SELL a put at lower strike (same expiry)
• View: Moderately Bearish
• Maximum Profit: Higher Strike – Lower Strike – Net Premium Paid
• Maximum Loss: Net Premium Paid
• Breakeven: Higher Strike – Net Premium Paid

6.5 Straddle

• BUY call + BUY put at the SAME strike and expiry

• View: Expect HIGH VOLATILITY but direction uncertain
• Profits from significant price movement in EITHER direction
• Maximum Loss: Total Premium paid (if price stays exactly at strike)
• Breakeven (Upper): Strike + Total Premium
• Breakeven (Lower): Strike – Total Premium

⚠️ EXAM TRAP / COMMON MISTAKES

▸ A SHORT Straddle (sell call + sell put, same strike) profits when price stays NEAR the strike —
neutral/low volatility view.

6.6 Strangle

• BUY OTM call + BUY OTM put (DIFFERENT strikes, same expiry)
• View: Expect HIGH VOLATILITY — but CHEAPER than a straddle
• Requires LARGER price movement than straddle to profit (OTM strikes)
• Maximum Loss: Total Premium paid
• Breakeven (Upper): Higher Strike + Total Premium
• Breakeven (Lower): Lower Strike – Total Premium

Strategy Components Market View Max Profit Max Loss

Covered Call Long stock + Short Mild Limited (capped at Large (stock
call bullish/Neutral strike) falls)
Protective Put Long stock + Long Bullish + Unlimited Limited (floor
put protection set)
Bull Call Spread Long low call + Short Moderately Spread – Net Net Premium
 high call Bullish Premium paid
Bear Put Spread Long high put + Short Moderately Spread – Net Net Premium
low put Bearish Premium paid
Long Straddle Long call + Long put High Volatility Unlimited Total Premium
(same strike) paid
Long Strangle Long OTM call + High Volatility Unlimited Total Premium
Long OTM put (cheaper) paid

✅ MUST REMEMBER FOR EXAM

▸ Bull/Bear SPREADS reduce cost but also CAP the maximum profit.
▸ Straddle uses SAME strike; Strangle uses DIFFERENT strikes (OTM).
▸ Strangle is CHEAPER than straddle but requires BIGGER price movement.
▸ Long Straddle/Strangle = Long Volatility; Short Straddle/Strangle = Short Volatility.
▸ Covered call is MOST POPULAR strategy among retail investors with stock holdings.
7. HEDGING WITH OPTIONS

7.1 Portfolio Hedging Using Index Puts

A portfolio manager holding a diversified equity portfolio can hedge downside risk by buying index put
options.

🔢 IMPORTANT FORMULAS
▸ Number of puts required: = (Portfolio Value × Beta) / (Index Level × Lot Size)
▸ Hedge Effectiveness: Depends on Beta of portfolio vs Index. Perfect hedge = Beta of 1.

• Buy index put options proportional to portfolio beta.

• If portfolio beta = 1.2 and index moves –10%, portfolio expected to fall ~12%.
• Index put gains offset the portfolio loss.

✅ MUST REMEMBER FOR EXAM

▸ To hedge a LONG portfolio: BUY PUT OPTIONS on the index.
▸ To hedge a SHORT portfolio (short stock): BUY CALL OPTIONS on the index.
▸ Higher beta portfolio requires MORE put options to hedge effectively.
▸ Hedging with options is superior to futures — it allows upside participation while providing
downside protection.
8. OPTIONS MARKET — REGULATIONS & STRUCTURE IN
INDIA

8.1 Options Trading on NSE

Parameter Index Options (Nifty/Bank Nifty) Stock Options

Exercise Style European American
Settlement Cash settled only Cash settled (post 2018)
Expiry Last Thursday of month (monthly) + Last Thursday of month
weekly
Strike price intervals As notified by exchange As notified by exchange
Contract size Lot size notified by NSE Lot size notified by NSE

8.2 Settlement of Options

• Options in India are settled on T+1 basis (premium settlement).

• Exercise settlement is also cash-based (no physical delivery of index).
• Stock options: Post October 2019, physically settled for exercised options.
• At expiry — ITM options are automatically exercised; OTM expire worthless.

⚠️ EXAM TRAP / COMMON MISTAKES

▸ Index options are ALWAYS cash settled — there is no physical delivery of Nifty stocks.
▸ Stock options in India moved to PHYSICAL settlement for ITM positions at expiry.
▸ OTM options at expiry expire WORTHLESS — buyer loses the entire premium paid.
▸ Auto-exercise applies to ITM options at expiry — the buyer does not need to do anything.

8.3 Margins in Options

• Option BUYERS: Pay only premium upfront — NO additional margin required.

• Option SELLERS/WRITERS: Must pay margin (SPAN + Exposure margin).
• Margin for writers is significant because their risk is large/unlimited.
• Margin requirement decreases as option moves deep OTM (lower risk for writer).

✅ MUST REMEMBER FOR EXAM

▸ Buyers pay PREMIUM only. Sellers/writers pay MARGIN.
▸ SPAN (Standard Portfolio Analysis of Risk) margin captures worst-case loss of options
portfolio.
▸ Exposure margin is collected over and above SPAN margin for additional safety.
▸ MTM (Mark-to-Market) losses apply to option writers daily.
📋 FINAL QUICK REVISION SHEET — CHAPTER 5

A. Core Concepts at a Glance

Concept Key Point

Call Option Right to BUY. Buyer profits when price RISES.
Put Option Right to SELL. Buyer profits when price FALLS.
European Style Exercise only at EXPIRY. (Index options in India)
American Style Exercise ANY day before expiry. (Stock options in India)
Intrinsic Value Call Max(CMP – Strike, 0)
Intrinsic Value Put Max(Strike – CMP, 0)
Time Value Premium – Intrinsic Value
ITM Call CMP > Strike. ITM Put: CMP < Strike.
OTM Call CMP < Strike. OTM Put: CMP > Strike.
Breakeven Call Strike Price + Premium Paid
Breakeven Put Strike Price – Premium Paid

B. Greeks — One-Liner Summary

Greek One-Line Definition Long Option Sign

Delta (Δ) Price sensitivity (₹1 move in underlying) Call: +ve, Put: –ve
Gamma (Γ) Rate of change of Delta Always +ve (buyer)
Theta (Θ) Daily time decay of option value Always –ve (buyer)
Vega (ν) Sensitivity to 1% volatility change Always +ve (buyer)
Rho (ρ) Sensitivity to 1% interest rate change Call: +ve, Put: –ve

C. BSM Model — Key Inputs

• S = Current stock price

• K = Strike price
• r = Risk-free interest rate
• T = Time to expiry (in years)
• σ = Volatility of the underlying
• N(.) = Cumulative standard normal distribution
D. Strategies Summary

If market view is... Use this strategy

Strongly Bullish Long Call
Strongly Bearish Long Put
Mildly Bullish Bull Call Spread / Covered Call
Mildly Bearish Bear Put Spread / Short Call
High Volatility (any direction) Long Straddle / Long Strangle
Low Volatility / Neutral Short Straddle / Short Strangle
Own stock, want income Covered Call
Own stock, want protection Protective Put

E. Top 15 Exam Points — Must Know

1 Index options = European. Stock options = American style in India.

2 Option buyer pays premium. Option writer pays margin.
3 Breakeven Call = Strike + Premium. Breakeven Put = Strike – Premium.
4 Buyer's max loss = Premium. Writer's max loss = Unlimited (call) / Large (put).
5 Higher volatility increases BOTH call and put premiums.
6 Time decay (Theta) is NEGATIVE for buyers and POSITIVE for sellers.
7 ATM options have highest Time Value and highest Gamma/Theta.
8 BSM is for European options only. Binomial works for both styles.
9 Put-Call Parity: C + PV(K) = P + S (European options only).
10 Delta: Call between 0 and +1. Put between –1 and 0.
11 Gamma is always POSITIVE for option buyers (both calls and puts).
12 Vega: Positive for buyers. Rising volatility benefits option holders.
13 India VIX = Market's expected 30-day volatility from Nifty options.
14 Physical settlement applies to stock options at expiry (ITM positions).
15 Straddle (same strike) is costlier than Strangle (different OTM strikes).

🎯 ALL THE BEST FOR YOUR NISM SERIES VIII EXAM!

Revise Greeks, Payoffs, BSM assumptions, and Strategies before the exam.