Strongly Directional (Bullish for Call ZEBRA, Bearish for Put ZEBRA)
| Strategy Type | Synthetic Stock - Zero Extrinsic Back Ratio |
| Market Outlook | Strongly Directional (Bullish for Call ZEBRA, Bearish for Put ZEBRA) |
| Risk Profile | Limited to Net Debit Paid |
| Reward Profile | Stock-like gains up to short strike, capped beyond |
| Time Horizon | 30-90 days optimal for proper extrinsic dynamics |
| Capital Requirement | Net debit Rs.45,000-55,000 per lot (10-15% of equivalent stock exposure) |
| Best Used When | Want stock-like exposure with 10-15% of capital, deep ITM options have minimal extrinsic, longer-term directional view |
| Trading Hours | 9:15 AM - 3:30 PM IST |
| Weekly Expiry | Thursday (NIFTY, BANKNIFTY, FINNIFTY) |
| Monthly Expiry | Last Thursday of the month |
| Type | SPAN + Exposure Margin |
| Spread Benefit | Full spread margin benefit applies |
| Typical Margin Range | ₹20,000 - ₹40,000 per lot for index options |
| Margin Calculator | Use NSE SPAN calculator for exact requirements |
| Stt On Premium | 0.05% on sell side (options) |
| Stt On Exercise | 0.125% on intrinsic value if ITM at expiry |
| Income Classification | Business income for frequent traders |
| Gst On Brokerage | 18% on brokerage charges |
| Best Instruments | NIFTY and BANKNIFTY monthly options |
| Deep Itm Liquidity | May have wider spreads - use limit orders |
| Optimal Strikes | Deep ITM for long options, ATM for short |
| Bid Ask Spread | Expect 2-5 points on deep ITM options |
| Deep Itm Call Example | 24000 CE at ~₹520 (mostly intrinsic) |
| Atm Call Example | 24500 CE at ~₹280 (mix of intrinsic and extrinsic) |
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