Free Option Chain Analysis & Options Strategy Builder

Use the free option chain analysis and live options strategy builder — with live index option chain — under Tools to analyse OI/Delta, build multi-leg option strategies, and view an interactive expiry payoff chart.

Open the tool

1. Click Options Chain in the public header (or open /tools/free-options-strategy-builder).
2. Or go to Tools → Free Option Chain Analysis & Options Strategy Builder.

No login is required.

When you are logged in, open Strategy Builder → Option Chain in the app sidebar (same page at /tools/free-options-strategy-builder, shown inside the app layout). On desktop, the app sidebar starts collapsed on this page so the chain and payoff have more width — expand it anytime from the fold control.

Select underlying and expiry

1. Choose an index from the instrument search on the chain toolbar (before expiry): NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, or SENSEX (whichever is available in the market data master).
2. Choose an upcoming expiry next to it.
3. Spot and chain quotes refresh about every 2 seconds while the tab is visible.

Changing the underlying clears any selected trades so the payoff panel starts fresh for the new index. Changing expiry only reloads the chain — existing positions from other expiries stay so you can build calendar spreads.

A Live badge means premiums are flowing; Delayed / static means quotes may be incomplete (for example outside market hours). You can still edit legs manually.

Start with a strategy template

When there are no positions yet, the payoff pane shows Bullish / Bearish / Neutral tabs with ready-made templates (Buy Call, spreads, Jade Lizard, ratio backspreads, Iron Condor, Iron Fly, Long Butterfly, Batman, Short Strangle, and more). Each card shows a mini payoff shape — select one to auto-add the matching legs on the loaded chain (ATM-relative strikes and live premiums; ratio legs use 2× lots where needed). You can edit lots or strikes afterward, or build entirely with B / S on the chain.

On mobile, the page opens on Options Templates (same template picker). Switch to Option Chain to tap B / S, or pick a template to load legs. After at least one trade is added (or a template is applied), that tab renames to Payoff & Analysis.

Build trades from the chain

The chain shows Calls | Strike | Puts with OI, Delta, and LTP (IV is hidden to keep the chain compact).

• Click B to Buy that contract.
• Click S to Sell that contract.
• For a given strike and option type you can hold either Buy or Sell, not both. Clicking the opposite side automatically removes the earlier selection from positions.

Use Extrinsic values only (top-right of the chain) to show LTP − intrinsic for every call and put strike. Intrinsic uses the live spot (calls: max(spot − strike, 0); puts: max(strike − spot, 0)). Turning the switch off restores full LTP. Trades still use full LTP for premiums.

Selected trades appear in the positions panel.

With the option chain open, contract details are read-only (use B / S on the chain to change trades). You can still adjust lots or remove a leg.

When the chain is hidden (collapsed left panel), each position is editable:

• Use the checkbox to include or exclude that leg from the payoff chart (and margin). Unchecked legs stay in the list but are dimmed and ignored by the chart.
• Click B / S to flip Buy ↔ Sell
• Click CE / PE to flip Call ↔ Put (LTP refreshes for the new contract)
• Use − / + around the strike to step along the chain
• Change expiry from the compact dropdown (supports multi-expiry calendars)
• Adjust lots with − / +, or remove the leg with ×

Quantity is shown as lots × lot size (total contracts). When you edit strike, expiry, or option type in the collapsed panel, LTP and IV refresh from the live option-chain API for that contract (payoff and PoP update accordingly).

Collapse the option chain

Select Hide on the chain toolbar (shown only after you add at least one trade) to hide the chain. The left panel switches to a 40% / 60% split (restored when you expand again) and shows:

• Your positions (count and Clear all trash icon in the header)
• Qty Multiplier (scales the whole strategy for payoff/margin) and Add / Edit (re-opens the option chain)
• Risk management — compact Add risk management row (off by default). When enabled: Intraday square-off, Max Loss, Max Profit, and Profit Trailing
• Actions row: Broker Accounts dropdown (Paper Trade by default), then Deploy Strategy (market hours only), then Save (confirm name/description/tags)

Drag the vertical divider between panes to resize when the chain is open (default 60% / 40%, each pane at least 30%). Select Option chain or Add / Edit to expand the chain again.

Payoff chart

Metrics use a compact strip: max profit, max loss, credit/debit, time value, then breakeven, then P&L @expiry / Risk Reward / Profit Zone % / PoP. Max profit and max loss show the ₹ amount and, once margin is known, the same figure as a % of margin required (capital deployed) — e.g. ₹12,500 (25.0%). Unlimited sides omit the percentage. Margin required appears in a compact bar directly above the payoff chart. The chart X-axis spans the exact min–max strikes on the loaded option chain. The chart plots Call OI and Put OI bars (Sensibull-style) on a secondary scale.

The green/red curve is P&L on expiry — for a single expiry that is intrinsic settlement; for calendars / diagonals it is P&L on the nearest expiry (near legs settle to intrinsic, farther legs keep Black-Scholes time value). A blue curve is theoretical P&L on the target date (default: today / T+0): each leg’s mark is anchored to its premium at the live spot so T+0 MTM starts near zero, then reshapes with spot and the IV scenario slider. Max profit / loss / breakevens / PoP use the on-expiry curve. The spot slider sits under the chart.

Same expiry: green/red = expiry intrinsic; blue = theoretical P&L today (remaining DTE + IV).

Multiple expiries (calendar / diagonal): green/red = P&L on the nearest expiry; blue = theoretical P&L today for all legs. Do not confuse the flat “all legs final intrinsic” debit line with on-expiry P&L — calendars stay curved on the near expiry.

When the option chain is open, positions appear below the chart (with count and Clear all in the header), followed by Qty Multiplier, risk, then the broker / Deploy / Save action row. Add / Edit appears only when the chain is collapsed.

Call and Put OI bars both grow up from the P&L zero line (shared axis alignment — not from the chart floor).

IV and Greeks

Delta remains on the chain for quick context. The IV scenario slider scales model IV for the blue target curve. IV and Greeks are Black-Scholes model approximations from observed premiums — for analysis only and not exchange-published values.

Tips

• Keep the tab visible for live polling; hidden tabs pause refresh to save resources.
• Collapse the chain when you want a wider payoff view and to pick a broker before deploy.
• Use Deploy Strategy to create and deploy directly from this page (see below).

Margin required

When you add positions, Margin required appears above the payoff chart and is calculated with the same Zerodha margin API used by Strategy Builder (SPAN). Multi-expiry calendars are sent as Positional. This matches Sensibull’s Margin Needed — Sensibull’s separate Funds Needed figure can be higher (includes other capital components) and is not the same field. If live Zerodha credentials are unavailable, a configured estimate is shown instead.

In the actions row, open the Broker Accounts dropdown: Paper Trade (default) or any connected account when signed in. The closed control and every option show broker logo, account name, connection status, and available balance (shortfall vs margin required is highlighted). Guests see Paper Trade only until they sign in.

Deploy Strategy (from option chain)

When you are signed in and have at least one position:

• Deploy Strategy is enabled only while the market is open (and before square-off, if you enabled an intraday square-off time). It creates the strategy with default name/description/tags, deploys it to the selected broker, and starts the run — no separate deploy page.
• Save (after Deploy in the actions row) opens a confirm dialog (same as Strategy Builder) with a default name, an auto-generated description of your trades and any risk settings, and the OptionChainCreated tag. You can edit name/description, add tags, or save the defaults as-is. The strategy is created without deploying, then the strategy detail page opens.

On mobile, open the Payoff & Analysis tab for margin, positions, risk, broker, and Deploy / Save. When you add trades from the chain, the page stays on Option Chain so you can finish selecting legs; use the View Payoff button (bottom-right) or the Payoff & Analysis tab when ready. Risk inputs stack full-width when enabled. The spot and IV scenario sliders are desktop-only here so the action row stays easy to reach.

Market closed or at square-off

If the market is closed, or the current time is at or past the square-off time (when risk square-off is enabled; default: market close minus 5 minutes), Deploy Strategy is unavailable. Use Save instead to create the strategy without deploying. You are redirected to the strategy detail page, where you can deploy later from the standard Deploy Strategy flow when the market reopens.

How the created strategy works

• Entry: each leg enters immediately after market open (uses a CurrentTime >= market open condition).
• Exit: no automatic exit conditions — the strategy relies on risk management (square-off, max loss/profit) or manual stop.
• Tag: all strategies created this way are tagged OptionChainCreated.
• Options: legs use Weekly expiry and ATM Difference (offset from live ATM at create time), so they open cleanly in Strategy Builder edit mode.
• Once deployed, the strategy behaves like any other live strategy — you can see live P&L, stop/start, and manage it from the Run Console.