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Advanced3 weeks · 8 sessions

Futures & Options, From First Principles

Lot sizes, expiry, premium decay and margin — the mechanics before the strategies, so you know what you're actually holding.

Prerequisites: Technical Analysis and Risk & Position Sizing tracks required.

Explain what a lot size and expiry actually mean for your obligation

Read an option chain: strike, premium, OI, and implied volatility at a glance

Understand time decay (theta) and why holding options into expiry is often a losing habit

Know the margin and risk mechanics of a futures position before taking one

Session by session

What's covered in class

1

Futures: lot size, margin, and mark-to-market

55 min

What you're actually obligated to do, and how daily settlement works.

2

Options basics: calls, puts, strike, premium

55 min

The vocabulary, without the intimidation.

3

Reading the option chain

60 min

OI, change in OI, IV — what traders are actually positioned for.

4

Time decay and the Greeks, practically

55 min

Theta, delta, vega — only as much as you need to stop losing to decay.

5

Expiry day mechanics

50 min

Why expiry day behaves differently, and what physical/cash settlement means.

6

Common beginner strategies

55 min

Covered call, protective put, and why 'buying OTM options' is usually a slow bleed.

7

The real cost of a trade

45 min

Brokerage, STT, exchange charges, GST and stamp duty — line by line.

8

Building an F&O risk checklist

50 min

Margin buffer, max loss per position, and the discipline expiry week demands.

Sample lesson — The real cost of a trade

An intraday trade isn't just brokerage. STT on the sell side, exchange transaction charges, SEBI turnover fees, stamp duty on the buy side, and GST on brokerage and exchange charges all stack up — and most new traders only ever look at the brokerage line.

On a delivery trade the STT is higher (charged on both legs) but there's no intraday-style repeated cost; on F&O, STT on options is charged on the premium at sell, and on futures it applies differently again.

We built a calculator for exactly this — see the Analysis tools page — because the honest breakeven point on a trade is almost always further away than people assume before they've added it up.

This is taught in our offline classroom

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