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Nifty is an interesting index. Many, many years ago I once received an idea from a trader in India who wanted to know more about the following "Option Hedge Strategy" on the Nifty. I modified it in the same way I have done with many other "Options Hedge Strategies" ideas in the US Futures market before they went live in trading.
Below is a screenshot from the cover sheet for this folder I created, as the analysis images of the matrix were also always included in such work to make it easy and stress-free to implement in trading. Many internal technical abbreviations to see, but this is what I understand as professional work of "Future Option Hedge Strategists". It also shows that besides the knowledge of the "Options Greeks" is much more behind it, if you are interested in this level at all, because of course I can only buy and sell an option as you can buy and sell a future.
I think that I have hereby given an insight into how I learned it and how complex the topic can really become.
I get where you are coming from and trust me I've dabbled in it. In fact one of the biggest losses in my trading history I took was from implementation of one such a strategy back in 2017, where a stock which traded a certain range for nearly 10 years gave brake out and ran for near circuit breaker two sessions in a row. It took about 70% of the account I had at the time.
Since then I decided option strategies were not really what I want to trade in, it was too high on margins and I had to be invested in for more than amount of time I'm willing to (intra). And most importantly, it requires considerable time to gain experience to dabble in "adjustments" to see it through till success.
My process is simple. I use options to my benefit but in a different ways.
Lets say I want to trade a near futures level gain but don't want to risk more than a options contracts worth amount at any time, getting myself single contract with delta near 1 sounds like a good idea than going for futures contract itself. In kind of round about way, I do end up using options for their intended purpose, that is to reduce maximum risk of futures contracts
I also use option chain data to analyze markets and what I posted above was a screen I had created myself to make it possible depending on my needs.
Its a case of being different kind of traders, like I mentioned in original post, its a different ball game. We both handle it in a different ways.
Most options learning resources available are for stocks and ETFs. I have never traded those and I doubt I ever will. I am too old and you know what they say about old dogs learning new tricks. I am looking to augment my strategies trading commodity futures and spreads.
Also, most information available encourages option selling pointing out the fact that most options expire worthless. Even if you are covering your short option position someway, the odds remain the same. Option sellers win a lot but the losses are much bigger than wins. That does not sit well with me. Historically, my wins have been far bigger than my losses. Most of my strategies have a win ratio around 45-60% and a profit factor in the range of 1.5-3+. I cannot see myself selling options as a primary strategy. It makes sense to me to have a short option position as a leg of a spread but not by itself.
Besides, I just started learning so what do I know. Maybe selling options on futures will make sense later.
The most useful information I found was in the books by Carley Garner. Her new book on options was very helpful. I had her other 2 books but I had skipped over the options sections and I am going through those now.