Greedy Strangle - N

Strategy Description: This is an intraday Strategy on BankNIFTY
Weekly Options.
Entry: It sells intraday NIFTY ATM+-100 options at 9:20 AM with 50% stop loss at each of the legs and exit at 2:50 PM.

Strategy Details

It will sell intraday NIFTY ATM+-100 options at 9:20 AM. It will have two stop losses –



SEBI has released circular no. SEBI/HO/MIRSD/DOP/P/CIR/2022/117 on September 02, 2022, regarding the performance/returns claimed by unregulated platforms providing algorithmic trading strategies, imposing restrictions on disclosing past performance or anticipated returns of any strategy. Due to slippage and varying costs (e.g., different brokerage fees), strategy returns exhibit significant fluctuations. That’s why, we are presenting backtested benchmark results instead.

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This is called Greedy StrangleStrategy because although it is a simple strategy based on Straddle., it uses 50% stop loss on each leg compared to Dumb Strategies which uses 20%. Like a Greedy Person, it risks more to get more win ratio and comfortablity.
It was supposed to sell sell intraday ATM options at the start of the market but since inception it is selling 5 minutes after the market start i.e. 9:20 AM to avoid the maddening volatility of market start.
Currently, brokers initiate an automatic square-off process 30 minutes before the market closes, precisely at 15:00. This timing aligns with the heightened volatility observed during the market’s final half-hour. That’s why, we set our reference time at 14:50.