Option Strategies

Option Strategies is a strategy builder on top of a replayable option chain. Build a multi-leg position, see its payoff, greeks and margin, then step through a past session bar by bar to watch how it would have behaved.

Module

Option Strategies

How to open

Add Widget ▸ Options Trading ▸ Option Strategies

Data source

TrueData historical option chain (1-minute bars)

Saved in workspace

Yes

Option Strategies with a historical NIFTY option chain on the left and a Bull Call Spread payoff chart and legs on the right — A Bull Call Spread on NIFTY: the chain on the left, the strategy overview, payoff and legs on the right.

Loading a session

1
Search an underlying
Search and select the underlying, then choose the expiry and how many strikes to show around the money.
2
Choose the session
Under Replay session, pick a date or use Previous / Next trading day. Market holidays have no data and show an empty chain.
3
Choose the bar interval
1m, 5m or 15m.

Replay controls

Control	What it does
Session open / Session close	Jump to the first or last bar.
15 minutes back / forward	Jump by 15 minutes.
Previous bar / Next bar	Step one bar.
Play replay	Play forward automatically at the Playback speed.
Session progress	Drag to any time in the session.

The chain, the payoff and every figure update to the bar you are on.

The historical option chain

Calls on the left, puts on the right, strikes in the centre, each with OI, LTP and an Analysis tag. Hover an LTP cell for its actions: add a buy leg, add a sell leg, open the contract's chart, or add it to a watchlist.

Building a strategy

Add legs from the chain, or use Quick build:

Choose a view — Bullish, Bearish, Neutral or Others.
Choose a strategy. The bullish list, for example, includes Buy Call, Sell Put, Bull Call Spread, Bull Put Spread, Call Ratio Back Spread, Long Calendar with Calls, Bull Condor, Bull Butterfly, Range Forward and Long Synthetic Future.
Set the Width (strike spacing between legs) and press Add strategy.

Each leg can then be edited: Side (buy/sell), Type (call/put), Strike, Lots and Entry price. Save basket keeps the set of legs; Clear removes them.

Strategy overview

Figure	Meaning
Total P&L	Profit or loss at the current replay bar.
Probability	Estimated probability of profit.
Max profit / Max loss	The best and worst outcome at expiry.
Net debit / credit	Premium paid or received to open the position.
Capital required	Estimated margin, with the SPAN and exposure split beneath.
Risk/reward, Breakeven	Shown on the line below the cards.

Analysis tabs

Tab	Shows
Payoff	Profit and loss across underlying prices, with the projection for the selected day. Use the Target chips (−1% … +1%) and the Days ahead slider to move the scenario.
MTM	Mark-to-market P&L through the session.
Premium	Net premium of the position through the session.
OI / OI Δ	Open interest of the legs and its change.
Δ Delta, Γ Gamma, Θ Theta/day, V Vega, R Rho	The position's greeks through the session.
IV	Implied volatility of the legs.

The Delta tab showing position delta through the session — Δ Delta

The Theta tab showing theta per day through the session — Θ Theta/day

Backtester

Backtest opens a rule-based backtest of the strategy over a date range. Set the legs relative to ATM, the Entry and Square-off times, the bar Interval, the From / To dates, optional per-leg and MTM stop-loss and target, trailing, Re-entry, and costs (Brkg ₹ and Slip %), then press Run Backtest. Results show net P&L, win rate, profit factor, expectancy per day, maximum drawdown, Sharpe, days traded and costs paid, with an equity curve, daily P&L and a per-day table. Trades CSV downloads the trades.

Warning

Days for which the historical contracts cannot be loaded are skipped and listed with the reason, and are excluded from every statistic. Check the number of days actually traded before reading the results.