Trade Disc: option chain and Entries

Traders read a chain differently, so the chain has three views. The button you pressed stays filled in red, and the app opens on the same view next time on this computer.

Chain is the plain chain: every strike, the CE and the PE apart, B and S on each side.

Straddle puts one row per strike: Strike, then CE and PE — each leg's own premium — then CE + PE, the two added together, and one B / S column. With the 24,250 CE at Rs 120 and the 24,250 PE at Rs 110, the 24,250 row reads 120.00, 110.00 and 230.00.

Strangle has no strike column. The money is in the middle (ATM), OTM 1, 2, 3… above it and ITM 1, 2, 3… below. OTM n pairs the call n strikes ABOVE the money with the put n strikes BELOW it; ITM n is the other way round. With the money at 24,250 and strikes 50 apart, OTM 1 is the 24,300 CE with the 24,200 PE, and OTM 2 is the 24,350 CE with the 24,150 PE. The CE and PE columns show the premium of each of those two contracts, and CE + PE their total. Rest the mouse on a row and it names both strikes. A strike the exchange does not list is left out rather than replaced.

In Straddle and Strangle, B or S stages both legs into Entries, one lot each — exactly two ordinary clicks in the plain chain. S on the 24,250 row stages SELL 24,250 CE and SELL 24,250 PE; nothing goes to the broker until you press PLACE ORDER. A row whose legs you hold is outlined in green, and one with a leg waiting in Entries in orange.

Pressing B or S on the chain does not place anything. It puts a leg in Entries, the waiting area above Adjustments, so you can build a whole position and send it in one go. Each row is one leg, and every box on it is yours to change first.

• Product — MIS for the day, NRML to carry it.
• Qty (lots) — in lots, not quantity. One NIFTY lot is 65.
• Entry — BUY or SELL; click it to switch.
• Order — MARKET, or LIMIT with the Price box beside it.
• SL and Target — a number and its unit: PTS (points), %, MTM (rupees on that leg) or ABS (the price itself). Leave a box empty for no level.
• ✕ at the start of a row removes that leg; Clear All removes them all.

PLACE ORDER sends every leg in Entries to every broker account ticked in Config. In Live, the Entries title shows Margin Available for each of those accounts; in Forward Testing it is hidden, because a paper book spends no margin.

BUY legs go first. Stage a SELL and a BUY together — a spread — and the BUY is sent before the SELL, so the broker sees the bought leg before it is asked for the margin on the sold one.

A MARKET leg is sent as a limit price a little beyond the market, because SEBI does not allow MARKET orders through a broker API; in normal conditions it fills like a market order. Each leg is tried once — a refusal shows on its own row with the broker's reason, and nothing is retried behind your back.

An example: a bear call spread. Press S on the 24,250 CE and B on the 24,500 CE, then PLACE ORDER. The 24,500 CE BUY is sent first, then the 24,250 CE SELL.