Options are the part of the Indian market most likely to be bought before they are understood. The appeal is obvious: a small premium can produce a large percentage move, and the payoff diagrams look simple. The difficulty is that premium is not price, time is always working against a buyer, and the position can lose money even when the underlying moves in the expected direction.
This course builds options from first principles. You will draw payoffs by hand, calculate intrinsic and extrinsic value, and use the Greeks to describe what a position is actually exposed to. Only then do we look at structures and at the question of whether buying or selling suits the view you hold.
- Level: Intermediate to Advanced
- Format: Live online, with recordings for revision
- Best for: Learners who understand equity and want a rigorous, risk-first introduction to options rather than a collection of "strategies".
Who this course is for
It suits traders who have bought a few options and been confused by the result, investors who want to understand hedging, and experienced equity traders moving into derivatives. Basic chart literacy and an understanding of order types are assumed.
It is probably not the right fit if you are looking for a ready-made expiry-day strategy, a fixed income plan from selling options, or a guarantee that a particular spread will profit. Options carry leverage and the possibility of loss beyond the premium on short positions.
What you will be able to do afterwards
The syllabus is written as capabilities rather than topics. By the end of the programme, a learner who has done the work should be able to:
- Draw the payoff of any single option or two-leg structure by hand
- Explain why an option can lose value even when the underlying moves your way
- Use Delta, Theta, Vega and Gamma to describe what a position is actually exposed to
- Build and manage basic spreads, and state the maximum loss before entering
- Understand expiry mechanics, including how settlement works on Indian index options
Course syllabus
The course moves from contract mechanics and payoff diagrams to pricing behaviour, the Greeks, implied volatility, open interest, spreads and risk management. Indian index options are used for examples, with attention to how weekly and monthly contracts behave differently.
- Calls and puts: rights, obligations and payoff diagrams
- Strike, expiry, premium, intrinsic value and extrinsic value
- Moneyness: in, at and out of the money, and what each costs
- Option Greeks: Delta, Gamma, Theta, Vega and how they interact
- Implied volatility, volatility crush and event-driven pricing
- Open interest and volume: what they do and do not tell you
- Option buying versus option selling: margin, risk profile and assignment
- Spreads: vertical, calendar, straddle, strangle and iron condor
- Index options: Nifty and Bank Nifty contract specifications and expiry behaviour
- Risk management for defined and undefined risk positions
Why an option can lose money when you are right
An option premium has two parts: intrinsic value, which is what the option would be worth if exercised now, and extrinsic value, which is what the market pays for the possibility of a larger move before expiry. When you buy an option you pay both. As expiry approaches, the extrinsic part decays even if the underlying does nothing.
This is why direction alone is not enough. A trader who expects the Nifty to rise may buy a call, watch the index rise slowly, and still lose money because the move was smaller than the premium paid and the time value eroded. Understanding that arithmetic before the first trade is more valuable than memorising a list of option strategies.
The Greeks as a description of risk
Delta tells you how much the premium is expected to change for a one-point move in the underlying. Gamma tells you how quickly delta itself changes. Theta is the daily cost of time, and Vega is sensitivity to implied volatility. None of them predicts the market. Together they describe the risks a position carries.
We use them to compare structures rather than to forecast. A long call and a call spread can express the same directional view with very different theta, vega and maximum loss. Seeing that difference clearly is the point. The course also covers implied volatility around events, why premiums can fall after a news announcement even when the move is in your favour, and how open interest is often misread.
How the course is taught
Live sessions include payoff construction, Greek sensitivity exercises and worked examples on current Nifty and Bank Nifty contracts. You will calculate maximum loss and breakeven before discussing whether a structure is suitable.
Recordings, notes and a set of practice problems are provided. The course is educational and does not recommend specific option trades or promise an income from selling premium.
- Live sessions on a shared screen, using current NSE and BSE charts rather than static screenshots.
- Time for questions in every session, with doubts answered in plain language.
- Session recordings and revision notes, so a missed evening does not break the sequence.
- Exercises that ask you to mark a chart, size a position or explain a decision before you risk money on it.
Duration, fees and batch timings
We do not publish a fixed fee or a fixed calendar because both depend on the course and the batch you join. Contact us on WhatsApp for the latest course fees, available batches and complete course details.
When you enquire, ask for the session length, the number of sessions, the batch days and what happens if you miss a class. A provider should be able to answer all four before you pay.
Course completion and certificate
Learners who complete the programme receive a course completion record from Share Market Training. It confirms the training you attended and the topics covered. It is not a SEBI registration, a licence to advise others, or a guarantee of trading results, and it should never be presented as any of those things.
Completion means you attended the sessions and did the exercises. It does not mean you have passed a test of profitability, because no course can certify that.
What this course does not do
It does not give stock tips, model portfolios, buy or sell recommendations, or a signal service. It does not promise a return, a monthly income or a fixed number of profitable trades. It does not replace your own judgement or remove market risk.
Options involve leverage. Losses on a sold option can exceed the premium received and, in some structures, are theoretically unlimited. This course teaches options as a risk-management and trading discipline, not as a shortcut to income.
A sensible next step
Ask for the module list and confirm that payoff construction, the Greeks and expiry mechanics are taught before any strategy. If a provider starts with “bank nifty expiry strategy” and never explains vega, the course is not a foundation.