Options Strategy Lab: build and check an options trade

The Options Strategy Lab helps you plan an options trade before you place it with your broker. You start with your view of the market until expiry: up, down, in a range, or a big move either way. The Lab does not predict the market. You form the view from your own research, from the calls of your SEBI-registered research analyst, or from the option chain, where the expected move and open interest show what traders are pricing in.

For a range-bound view the Lab offers three ready-made strategies. An iron condor sells a put below the market and a call above it, and buys cheaper protection further out on both sides: you keep the premium if NIFTY stays between the sold strikes, and the protection caps the loss. A short strangle sells the same put and call without the protection: more premium, but the loss is not capped if NIFTY moves sharply. An iron fly sells both options at today's price with protection on both sides: it earns the most if NIFTY ends where it is today, but the profit zone is narrow.

The profit and loss chart shows what the trade makes or loses at every NIFTY level at expiry, its breakevens and the expected move. The what-if sliders show the effect of a price move, of time passing, and of a change in volatility. The legs table shows each option you buy or sell, with its strike, price, IV and delta; minus and plus move a strike.

The Trade Check scores the trade out of 10 against fixed rules shown on the page: reward against risk, chance of profit, safety margin, option prices (IV rank), liquidity, capital needed and events before expiry. Green means the numbers work, amber means look closer, red means think again.

The Options Strategy Lab is a planning and learning tool. It does not place orders and it does not tell you what to buy or sell. This video uses prices from the close of 23 Oct 2026.