Jaise hi aap options ke baare mein padhna shuru karte ho, teen chhote abbreviations har jagah dikhte hain: ITM, ATM, aur OTM. Log inhe aise istemaal karte hain jaise aapko pehle se pata hona chahiye, aur zyaadatar beginners bas sar hila dete hain. Chalo inhe sach mein seekhte hain, simple bhasha mein, yeh maan kar ki aapko kuch nahi pata. Yeh technical lagte hain. Inke peeche ka idea sach mein simple hai.
Yeh teen shabd milkar "moneyness" kehlaate hain. Moneyness ka matlab sirf ek cheez hai: option ka strike price market jahan abhi actually hai usse kitni door hai. Bas yahi poora concept hai. Neeche sab kuch sirf detail hai.
Teeno ke peeche ek rule
Har option ka ek strike hota hai, woh price level jis pe aap bet kar rahe ho, aur market ki ek current price hoti hai (maan lo Nifty 22,000 pe). Moneyness sirf ek sawaal ka jawaab deti hai: agar aap is option ko abhi cash kar sako, toh kya yeh kisi keemat ka hoga?
Agar haan, toh isme abhi asli keemat hai, aur yeh in-the-money hai. Agar yeh lagbhag current price pe baitha hai, toh yeh at-the-money hai. Agar yeh aaj kisi keemat ka nahi hota, toh yeh out-of-the-money hai. Bas itna. ITM mein asli keemat hai, OTM mein abhi koi nahi, ATM line pe baitha hai.
Ek call ke liye ITM, ATM, OTM (ek real Nifty example ke saath)
Yaad rakho ek call yeh bet hai ki price upar jaayegi: yeh strike pe khareedne ka haq hai. Maan lo Nifty abhi 22,000 pe hai.
In-the-money (ITM) call: current price se neeche wala strike, jaise 21,800 call. Yeh aapko 21,800 pe khareedne deta hai jab market 22,000 pe hai, toh yeh abhi sach mein lagbhag 200 point ka hai. Yeh asli keemat hai. ITM calls zyada cost karte hain, kyunki aap us asli keemat ke liye pay kar rahe ho.
At-the-money (ATM) call: woh strike jo price pe hi baitha hai, 22,000 call. Isme abhi lagbhag koi asli keemat nahi, par yeh ekdum kinaare pe hai. Yahi woh hai jo zyaadatar active traders use karte hain.
Out-of-the-money (OTM) call: current price se upar wala strike, jaise 22,300 call. 22,300 pe khareedne ka haq bekaar hai jab market 22,000 pe hai, toh iski aaj zero asli keemat hai. Yeh poora "maybe" hai. Isiliye yeh sasta hai.
Put bas ulta aaina hain
Ek put yeh bet hai ki price neeche jaayegi, strike pe bechne ka haq, toh moneyness palat jaati hai. Ek put ke liye, ITM matlab current price se upar wala strike (aap market neeche hone par bhi upar bech sakte ho, toh asli keemat hai). OTM matlab price se neeche wala strike (aaj bekaar). ATM pehle jaisa hi, current price pe baitha. Same idea, ulti direction. Aapko yaad karne ki zaroorat nahi. Bas poochho "kya yeh abhi kisi keemat ka hoga?" aur jawaab aapko bata dega.
Sasta OTM option ek jaal kyun hai
Yeh woh hissa hai jo textbook definitions chhod dete hain, aur jo beginner accounts khaali karta hai.
Woh OTM 22,300 call lagbhag kuch bhi nahi cost karta, shaayad ₹40, jabki ITM 21,800 call ₹250 cost karta hai. Sasta wala zyada safe lagta hai: kam paisa risk pe, budget ke zyada lots. Yeh safe ka ulta hai. Kyunki isme zero asli keemat hai, ek OTM option poora "maybe" se bana hai, aur woh maybe time value hai, jo har ek din thoda pighalti hai expiry tak, jise theta kehte hain. Agar market kaafi door kaafi jaldi nahi jaata, ek OTM option sirf kuch value nahi khota, woh zero ho jaata hai.
Isiliye itne beginners direction pe sahi ho kar bhi haar sakte hain: woh saste OTM options khareedte hain, move bahut dheere aata hai, aur premium unke neeche se nikal jaata hai. Sasta ka matlab kam risk nahi. Options ke saath, sasta aksar matlab unlikely. Woh poora "asli keemat versus maybe" split hi premium hai, yahan samjhaaya.
Toh beginner ko kaunsa khareedna chahiye?
Imaandaar jawaab: ATM ya thoda ITM ki taraf jhuko, aur deep OTM options ko woh lottery tickets samjho jo woh hain.
ATM aur thoda-ITM options market ke saath zyada reliably move karte hain aur poora time value nahi hote, toh aap ek aisi ghadi se nahi lad rahe jiska jeetna pakka hai. Woh per trade zyada cost karte hain, jo exactly wahi wajah hai ki beginners inhe avoid karte hain aur saste OTM strikes ki taraf jaate hain. Woh instinct, "sasta wala, taaki main zyada khareed sakoon," naye options buyers ke market ko paisa donate karne ka sabse common tareeka hai.
Yeh sach mein knowledge problem nahi hai, yeh behaviour problem hai. Sasta strike tab sabse tempting hota hai jab aap ek move chase kar rahe ho ya ek loss jaldi wapas jeetne ki koshish kar rahe ho. Woh chase FOMO hai, aur yeh aapki trade history mein rehti hai. SubTrades in patterns ko aapke khud ke tradebook mein pakadta hai.
Yeh aap actually kahan dekhte ho
Moneyness exactly wahi hai jo aap dekhte ho jab aap option chain kholte ho: current price ke paas wale strikes ATM hain, jin mein asli keemat hai woh ITM hain, aur woh saste, door wale numbers ki lambi rows OTM hain. Ab jab aap unhe dekhoge, aapko pata hoga ki kaunsa kya hai, aur kaunsa chupke se aapke against kaam kar raha hai.
Ek cheez jo yaad rakhni hai
Moneyness bas price se doori hai. ITM mein asli keemat hai aur zyada cost karta hai. OTM mein abhi koi nahi aur sasta dikhta hai. ATM line pe baitha hai. Sasta OTM option sabse tempting hai aur zero pe expire hone ki sabse zyada sambhavna wala, toh "affordable" choice aksar mehngi galti hoti hai. Beginner ke roop mein shaq ho toh price ke paas raho aur ghadi ka samman karo.
SubTrades aapke tradebook ko padh kar dikhata hai ki aapne actually kaunse strikes trade kiye aur unhone aapko kya cost kiya, woh premium bhi jo aapke hold karte hue decay hui. Psychological patterns ka auto-detection. Apni Zerodha, Dhan, Upstox, ya Angel One trades import karo aur day one pe dekho. Founding beta ke dauraan free.