Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 OPTION TRADING STRATEGIES FOR THE TOP BANKING FIRMS 1 Rishika Jalhan1, 2Saba Malaika and 3 Raghunandan HJ 1,2 (BBA F&A, Department of Professional Studies, Christ University, Karnataka, India) 3 (Department of Professional Studies, Christ University, Karnataka, India) Abstract: The growing awareness of the financial sector has increased the participation in options markets by individuals. This has led to a number of ways a trader can strategize their investment in the market. The study shows calculations to understand which strategy is most profitable for the selected options; the options chosen are from the banking sector. The banking sector being the largest sector is impacted the most. By choosing options from same sector, the study ensures that the selected options are subjected to same conditions. This avoids any discrepancy that can arise due to any extraneous factor. The study will conclude which strategy of the chosen strategies is best suited for the different options. Key Words: option trading strategies, call and put options. I. INTRODUCTION Options are a derivative tool used to hedge the risk against the fluctuating prices of the underlying asset listed in the option market. Option is a contact between two parties in which it gives one party the right to buy (call) or sell (put) the underlying asset of the contract on a fixed future date at the pre-determined strike price, also known as the exercise price. Call option gives the contract holder a right to purchase the underlying asset at the strike price. Put option gives the contract holder a right to sell the underlying asset at the strike price. The purchaser of the call or put option is not obligated to perform the transaction, the investor, on the expiration date, may compare the strike price and current market price and then take a decision to perform or not to perform the transaction. The investor may take a long or a short position in call/put option. Long option is where the option is bought whereas short position is where one writes call/put option. Buying a contract means the investor has the right to perform the optional part of the contract while writing an option is where the writer is performs the obligatory part of the contract. Due to the setting off characteristic of option, there exists a series of permutation and combination giving birth to various strategies. One may opt for any of the strategies to cover the risk undertaken. II. REVIEW OF LITERATURE 1. T (Lazar, 2011) in his study has elaborated upon the fact that a keen understanding of the objective of the portfolio is necessary. To land upon an option strategy it is pivotal that we understand the return the entity expects from the portfolio. Different strategies are to be applied in different scenarios; the investor expecting to make maximum returns and an investor expecting to merely lock in prices, both lean towards different approaches. This parity of expectation is well complemented by the flexibility that options provide. 2. According to another study (Choy, 2012) option trading is a result of difference of opinion rather than information asymmetry. This difference of opinion can result from the speculative characteristics of the trader. If the trader has an intuition or a calculated idea of whether the market trend is going to be bearish or bullish, he/she can choose put or call options respectively. It also delves into the fact that movements in the option market in terms of fluctuation in investment are a mirror of what happens in the stock market. Therefore this study strives to give a practical framework to how to objectively trade in options of the banking sector. 3. (Prof. Shalini H S, 2014) This paper examines the utilization of various alternative exchanging techniques as a viable device in Financial Engineering which is utilized as a powerful apparatus for overseeing hazard in both bullish and bearish markets. In spite of the fact that alternative exchanging methodologies help the financial specialists so as to deal with their value hazard they are not proficient in diminishing the expense since purchasing choice contracts includes premium, in which in the event that the choice isn't worked out, the holder will bring about purchase cost. 4. (Amin & Lee, 1997) Option market movement increases by over 10% in the 4 days before quarterly profit declarations. This paper demonstrates that the heading of this pre-announcement trading foreshadows subsequent earnings news. In particular, it is discovered that option stock dealers start a more noteworthy extent of long (short) positions preceding "good" ("bad") profit news. Mid quote returns to dynamic option exchanges are positive amid non announcement periods and are altogether higher immediately prior to earnings announcements. Bid-ask spreads for option broaden amid the announcement period; however dealers don't incline toward high delta contracts. All things considered, the proof shows option traders take Homepage: http://jmraonline.com, Email:
[email protected]Page 180 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 an interest for the most part in price discovery (the incorporation of private information in price), and more specifically in the dissemination of earnings news 5. (Shalini H S, 2017) This research study involves optimizing the returns to the option trader by analyzing and identifying four option trading strategies which are popularly known as cheap option trading strategies in terms of premium outlay. For the study two most actively traded index options and fifty most actively traded individual stock option contracts have been identified and the profit or loss profile is created in order to determine the optimal strategy which involves less premium outlay thereby optimizing returns to the option trader. III. RESEARCH DESIGN Statement of problem: Different strategies have differential result on different options based on the sector they belong to. Research conducted previously was neither sector specific nor company. Our motive was to trickle down to a specific sector and its top companies (stock). In our study we calculate how the same company’s option stock makes profit/loss using different trading strategies. Objective: Assessing the best possible option trading strategy for the top banking sector companies. Sources of data: Secondary data is used for the study from NSE website. Plan of analysis HDFC JAN The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (25th Jan) of that month. 1. Call Bull Spread Spot @ ₹1852.65 Buy a call at the lower strike of ₹1800 (premium of ₹74.30) and Write a call at the higher strike of ₹1900 (premium of ₹19.30) The closing price on 25th is ₹1974.95 Thus, lower strike contract makes a profit of ₹100.65 and the contract with higher strike a loss of ₹(55.65) ; making a net income of ₹45. 2. Call Back-spread Spot @ ₹1852.65 Write a call at the lower strike of ₹1800 (premium of ₹74.30) and Buy more number of calls at the higher strike of ₹1900 (premium of ₹19.30) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹1974.95 Thus, lower strike contract makes a loss of ₹(100.65) and the contract with higher strike a profit of ₹(55.65*2=111.3) ; making a net income of ₹10.65 3. Covered Call Spot @ ₹1852.65 Buy the underlying asset at the opening spot on first working day @ ₹1872.70 and Write a call at the higher strike of ₹1900 (premium of ₹19.30) The closing price on 25th is ₹1974.95 The opening price on the closing date is ₹1953.90 Thus, underlying asset makes a profit of ₹81.2 and the contract with higher strike a loss of ₹ (55.65); making a net income of ₹25.55. APRIL The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (26th April) of that month. 1. Call Bull Spread Spot @ ₹1931.20 Buy a call at the lower strike of ₹1900 (premium of ₹33) and Write a call at the higher strike of ₹2000 (premium of ₹6.9) The closing price on 25th is ₹1930.25 Thus, lower strike contract makes a profit of ₹2.75 and the contract with higher strike a profit of ₹6.9 ; making a net income of ₹9.65. 2. Call Back-spread Spot @ ₹1931.20 Write a call at the lower strike of ₹1900 (premium of ₹33) and Buy more number of calls at the higher strike of ₹2000 (premium of ₹6.9) {Note- ratio of write: call = 1:2} Homepage: http://jmraonline.com, Email:
[email protected]Page 181 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 The closing price on 25th is ₹1930.25 Thus, lower strike contract makes a loss of ₹(2.75) and the contract with higher strike a loss of ₹(6.9*2=13.8) ; making a net income of ₹(16.55) 3. Covered Call Spot @ ₹1931.20 Buy the underlying asset at the opening spot on first working day @ ₹1890.50 and Write a call at the higher strike of ₹1900 (premium of ₹6.9) The closing price on 25th is ₹1930.25 The opening price on the closing date is ₹1927.90 Thus, underlying asset makes a profit of ₹37.4 and the contract with higher strike a profit of ₹6.9; making a net income of ₹44.30. JULY The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (26th July) of that month. 1. Call Bull Spread Spot @ ₹ 2,073.25 Buy a call at the lower strike of ₹2000 (premium of ₹100.30) and Write a call at the higher strike of ₹2100 (premium of ₹39.85) The closing price on 25th is ₹2192.60 Thus, lower strike contract makes a profit of ₹92.3 and the contract with higher strike a loss of ₹(52.75) ; making a net income of ₹39.55. 2. Call Back-spread Spot @ ₹2,073.25 Write a call at the lower strike of ₹2000 (premium of ₹100.30) and Buy more number of calls at the higher strike of ₹2100 (premium of ₹39.85) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹2192.60 Thus, lower strike contract makes a loss of ₹(92.3) and the contract with higher strike a profit of ₹(52.75*2=105.5) ; making a net income of ₹13.2 3. Covered Call Spot @ ₹2,073.25 Buy the underlying asset at the opening spot on first working day @ ₹2,108.35 and Write a call at the higher strike of ₹1900 (premium of ₹39.85) The closing price on 25th is ₹2192.60 The opening price on the closing date is ₹2,165.00 Thus, underlying asset makes a profit of ₹56.65 and the contract with higher strike a loss of ₹ (52.75); making a net income of ₹3.9. OCT The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (25th Oct) of that month. 1. Call Bull Spread Spot @ ₹ 2,035.45 Buy a call at the lower strike of ₹2000 (premium of ₹49.50) and Write a call at the higher strike of ₹2100 (premium of ₹12.05) The closing price on 25th is ₹ 1,968.80 Thus, lower strike contract makes a loss of ₹(49.50) and the contract with higher strike a profit of ₹12.05 ; making a net income of ₹(37.45). 2. Call Back-spread Spot @ ₹2,035.45 Write a call at the lower strike of ₹2000 (premium of ₹49.50) and Buy more number of calls at the higher strike of ₹2100 (premium of ₹12.05) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹ 1,968.80 Thus, lower strike contract makes a profit of ₹49.50 and the contract with higher strike a loss of ₹(12.05*2=24.10) ; making a net income of ₹ 25.40. 3. Covered Call Spot @ ₹2,035.45 Buy the underlying asset at the opening spot on first working day @ ₹ 2,009.80 and Homepage: http://jmraonline.com, Email:
[email protected]Page 182 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 Write a call at the higher strike of ₹2100 (premium of ₹12.05) The closing price on 25th is ₹ 1,968.80 The opening price on the closing date is ₹ 1,973.60 Thus, underlying asset makes a loss of ₹ (36.20) and the contract with higher strike a profit of ₹12.05; making a net income of ₹ (24.15). ICICI BANK JAN The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (25th Jan) of that month. 1. Call Bull Spread Spot @ ₹310.30 Buy a call at the lower strike of ₹300 (premium of ₹16.65) and Write a call at the higher strike of ₹350 (premium of ₹0.70) The closing price on 25th is ₹ 360.80 Thus, lower strike contract makes a profit of ₹44.15 and the contract with higher strike a loss of ₹(10.10) ; making a net income of ₹ 34.05 2. Call Back-spread Spot @ ₹310.30 Write a call at the lower strike of ₹300 (premium of ₹16.65) and Buy more number of calls at the higher strike of ₹350 (premium of ₹0.70) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹360.80 Thus, lower strike contract makes a loss of ₹(44.15) and the contract with higher strike a profit of ₹(10.10*2=20.20) ; making a net income of ₹(23.95) 3. Covered Call Spot @ ₹ 310.30 Buy the underlying asset at the opening spot on first working day @ ₹ 314.00 and Write a call at the higher strike of ₹350 (premium of ₹0.70) The closing price on 25th is ₹360.80 The opening price on the closing date is ₹352.50 Thus, underlying asset makes a profit of ₹38.50 and the contract with higher strike a loss of ₹ (10.80); making a net income of ₹27.7. APRIL The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (26th April) of that month. 1. Call Bull Spread Spot @ ₹261 Buy a call at the lower strike of ₹250 (premium of ₹24.50) and Write a call at the higher strike of ₹300 (premium of ₹2.05) The closing price on 25th is ₹278.85 Thus, lower strike contract makes a profit of ₹5.35 and the contract with higher strike a profit of ₹2.05 ; making a net income of ₹7.40. 2. Call Back-spread Spot @ ₹261 Write a call at the lower strike of ₹250 (premium of ₹24.50) and Buy more number of calls at the higher strike of ₹300 (premium of ₹2.05) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹278.85 Thus, lower strike contract makes a loss of ₹(5.35) and the contract with higher strike a loss of ₹(2.05*2=4.1) ; making a net income of ₹(9.45) 3. Covered Call Spot @ ₹261 Buy the underlying asset at the opening spot on first working day @ ₹273 and Write a call at the higher strike of ₹300 (premium of ₹2.05) The closing price on 25th is ₹278.85 The opening price on the closing date is ₹279.80 Thus, underlying asset makes a profit of ₹6.80 and the contract with higher strike a profit of ₹2.05; making a net income of ₹9.85. Homepage: http://jmraonline.com, Email:
[email protected]Page 183 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 JULY The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (26th July) of that month. 1. Call Bull Spread Spot @ ₹ 277.40 Buy a call at the lower strike of ₹250 (premium of ₹25.55) and Write a call at the higher strike of ₹300 (premium of ₹1.80) The closing price on 25th is ₹285.65 Thus, lower strike contract makes a profit of ₹10.10 and the contract with higher strike a loss of ₹1.8 ; making a net income of ₹39.55. 2. Call Back-spread Spot @ ₹ 277.40 Write a call at the lower strike of ₹250 (premium of ₹25.55) and Buy more number of calls at the higher strike of ₹300 (premium of ₹1.80) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹285.65 Thus, lower strike contract makes a loss of ₹(1.10) and the contract with higher strike a loss of ₹(1.8*2=105.5) ; making a net income of ₹13.70. 3. Covered Call Spot @ ₹ 277.40 Buy the underlying asset at the opening spot on first working day @ ₹274.00 and Write a call at the higher strike of ₹300 (premium of ₹1.80) The closing price on 25th is ₹285.65 The opening price on the closing date is ₹275.00 Thus, underlying asset makes a profit of ₹1.00 and the contract with higher strike a profit of ₹ 1.80; making a net income of ₹2.80. OCT The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (25th Oct) of that month. 1. Call Bull Spread Spot @ ₹ 314.00 Buy a call at the lower strike of ₹300 (premium of ₹17.00) and Write a call at the higher strike of ₹350 (premium of ₹1.20) The closing price on 25th is ₹ 319.95 Thus, lower strike contract makes a profit of ₹2.95 and the contract with higher strike a profit of ₹1.20 ; making a net income of ₹4.15. 2. Call Back-spread Spot @ ₹ 314.00 Write a call at the lower strike of ₹300 (premium of ₹17.00) and Buy more number of calls at the higher strike of ₹350 (premium of ₹1.20) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹ 319.95 Thus, lower strike contract makes a loss of ₹(2.95) and the contract with higher strike a loss of ₹(1.20*2=2.40) ; making a net income of ₹ 5.35. 3. Covered Call Spot @ ₹ 314.00 Buy the underlying asset at the opening spot on first working day @ ₹ 306.30 and Write a call at the higher strike of ₹350 (premium of ₹1.20) The closing price on 25th is ₹ 319.95 The opening price on the closing date is ₹ 318.50 Thus, underlying asset makes a profit of ₹12.20 and the contract with higher strike a profit of ₹1.20; making a net income of ₹ 13.40. SBI JAN The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (25th Jan) of that month. 1. Call Bull Spread Spot @ ₹307.10 Homepage: http://jmraonline.com, Email:
[email protected]Page 184 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 Buy a call at the lower strike of ₹300 (premium of ₹17.00) and Write a call at the higher strike of ₹350 (premium of ₹1.30) The closing price on 25th is ₹ 313.15 Thus, lower strike contract makes a loss of ₹ (2.55) and the contract with higher strike a profit of ₹1.30 ; making a net income of ₹ (2.55) 2. Call Back-spread Spot @ ₹307.10 Write a call at the lower strike of ₹300 (premium of ₹17.00) and Buy more number of calls at the higher strike of ₹350 (premium of ₹1.30) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹ 313.15 Thus, lower strike contract makes a profit of ₹3.85 and the contract with higher strike a profit of ₹(1.30*2=2.60) ; making a net income of ₹1.25 3. Covered Call Spot @ ₹307.10 Buy the underlying asset at the opening spot on first working day @ ₹ 310.60 and Write a call at the higher strike of ₹350 (premium of ₹1.30) The closing price on 25th is ₹ 313.15 The opening price on the closing date is ₹332.75 Thus, underlying asset makes a profit of ₹22.15 and the contract with higher strike a profit of ₹1.30; making a net income of ₹23.45. APRIL The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (26th April) of that month. 1. Call Bull Spread Spot @ ₹246.15 Buy a call at the lower strike of ₹200 (premium of ₹52.00) and Write a call at the higher strike of ₹250 (premium of ₹9.70) The closing price on 25th is ₹233.20 Thus, lower strike contract makes a loss of ₹ (18.80) and the contract with higher strike a profit of ₹9.70 ; making a net income of ₹9.10. 2. Call Back-spread Spot @ ₹246.15 Write a call at the lower strike of ₹200 (premium of ₹52.00) and Buy more number of calls at the higher strike of ₹250 (premium of ₹9.70) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹233.20 Thus, lower strike contract makes a profit of ₹18.80 and the contract with higher strike a loss of ₹(9.70*2=19.40) ; making a net income of ₹(0.60) 3. Covered Call Spot @ ₹246.15 Buy the underlying asset at the opening spot on first working day @ ₹251.80 and Write a call at the higher strike of ₹250 (premium of ₹9.70) The closing price on 25th is ₹233.20 The opening price on the closing date is ₹238.40 Thus, underlying asset makes a loss of ₹ (13.40) and the contract with higher strike a profit of ₹9.70; making a net income of ₹ (3.70). JULY The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (26th July) of that month. 1. Call Bull Spread Spot @ ₹ 258.85 Buy a call at the lower strike of ₹250 (premium of ₹14.85) and Write a call at the higher strike of ₹300 (premium of ₹.70) The closing price on 25th is ₹287.70 Thus, lower strike contract makes a profit of ₹22.85 and the contract with higher strike a profit of 0.70 ; making a net income of ₹23.55. Homepage: http://jmraonline.com, Email:
[email protected]Page 185 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 2. Call Back-spread Spot @ ₹ 258.85 Write a call at the lower strike of ₹250 (premium of 14.85) and Buy more number of calls at the higher strike of ₹300 (premium of ₹.70) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹287.70 Thus, lower strike contract makes a loss of ₹(22.85) and the contract with higher strike a loss of ₹(0.70*2=1.40) ; making a net income of ₹(24.25). 3. Covered Call Spot @ ₹258.85 Buy the underlying asset at the opening spot on first working day @ ₹258.95.00 and Write a call at the higher strike of ₹300 (premium of ₹.70) The closing price on 25th is ₹287.70 The opening price on the closing date is ₹275.10 Thus, underlying asset makes a profit of ₹16.15 and the contract with higher strike a profit of ₹ 0.70; making a net income of ₹16.85. OCT The investor enters into a contract on the first working day of the month for the contract ending on last Thursday (25th Oct) of that month. 1. Call Bull Spread Spot @ ₹ 273.85 Buy a call at the lower strike of ₹250 (premium of ₹21.75) and Write a call at the higher strike of ₹300 (premium of ₹1.90) The closing price on 25th is ₹ 249.55 Thus, lower strike contract makes a loss of ₹ (21.75) and the contract with higher strike a profit of ₹1.20 ; making a net income of ₹ (19.85). 2. Call Back-spread Spot @ ₹ 273.85 Write a call at the lower strike of ₹250 (premium of ₹21.75) and Buy more number of calls at the higher strike of ₹300 (premium of ₹1.90) {Note- ratio of write: call = 1:2} The closing price on 25th is ₹ 249.55 Thus, lower strike contract makes a profit of ₹21.75 and the contract with higher strike a loss of ₹(1.90*2=3.80) ; making a net income of ₹ 17.95. 3. Covered Call Spot @ ₹ 273.85 Buy the underlying asset at the opening spot on first working day @ ₹ 265.50 and Write a call at the higher strike of ₹300 (premium of ₹1.90) The closing price on 25th is ₹ 249.55 The opening price on the closing date is ₹ 254.50 Thus, underlying asset makes a loss of ₹ (11.00) and the contract with higher strike a profit of ₹1.90; making a net income of ₹ (9.1). Limitations of the study 1. The internal factors of the individual company haven’t been taken into consideration while using specific option trading strategies. 2. Not all categories of strategies have been covered during the study. 3. The financial capacity of the investor hasn’t been covered. 4. Option trading around earning announcement is mostly speculative in nature. 5. The study hasn’t included the bearish trend companies. IV. DATA ANALYSIS AND INTERPRETATION HDFC Call Bull spread Call Back-Spread Covered Call Jan 45 10.65 25.55 April 9.65 -16.55 44.3 July 39.55 13.2 3.9 Oct -37.45 25.4 -24.15 Homepage: http://jmraonline.com, Email:
[email protected]Page 186 Rishika Jalhan et al., Journal of Management Research and Analysis (JMRA) Available online at http://jmraonline.com ISSN: 2394-2770, Impact Factor: 4.878, Volume 05 Issue 4(1), December 2018, Pages: 180-187 ICICI Call Bull spread Call Back-Spread Covered Call Jan 34.05 -23.95 27.70 April 7.40 -9.45 9.85 July 11.90 -13.70 2.80 Oct 4.15 -5.35 13.40 SBI Call Bull spread Call Back-Spread Covered Call Jan -2.55 1.25 23.45 April -9.10 -0.60 -3.70 July 23.55 -24.25 16.85 Oct -19.85 17.95 -9.10 FINAL TALLY HDFC ICICI SBI Jan Call Bull Spread Call Bull Spread Covered call April Covered call Covered call Call back-spread July Call Bull Spread Call Bull Spread Call Bull Spread Oct Call back-spread Covered call Call back-spread V. CONCLUSION After interpreting the calculations we see that for the reference period (start of every quarter for the year 2018) is a bullish market; call option is considered to be the best stance. A thorough analysis of the trend reveals that the stocks are most compatible with the call bull spread strategy as this generates the most favorable returns. While dealing with the banking stocks individually, we see that in few quarters there is a down trend in the stock prices of the companies for a specific period of time. HDFC has a constant up trend while there is a dip in the share prices of ICICI and SBI in the April quarter. The reason for the same is due to its internal decisions and activities, though there is a constant surge in the market. VI. BIBLIOGRAPHY 1. Amin, K. l., & Lee, C. M. (1997). Option Trading, price discovery and earnings news disseminatin. Contemporary Accounting Research; Toronto, 40. 2. Choy, S. K. (2012). Option Trading: information or differences of opinion? Journal of Banking and Finance; Amsterdam. 3. Lazar, V. L. (2011). option strategies. Metalurgia International, 120. 4. Prof. Shalini H S, D. R. (2014). Analysis of Option Trading Strategies as an Effective Financial. The International Journal Of Engineering And Science (IJES), 58. 5. Shalini H S, D. R. (2017). A Study on “Optimizing Returns through Developing Effective. IOSR Journal of Business and Management (IOSR-JBM), 90-98. I. Homepage: http://jmraonline.com, Email:
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