Hello friend. I hope you are taking good care of yourself & your loved ones and staying safe. In my weekly analysis with options strategies post, I’m sharing about what levels or range we can expect in the coming week plus a free trading journal for tracking your trading activities.
Every week in our weekly analysis options strategies post, I’m taking one common problem and sharing my tips to solve that problem. Today’s we will talk about how to keep yourself organized so that we can analyze and do the proper optimization in our strategy.
If you want to be a successful trader, the First thing you have to do is: Make a trading journal to track all your trading activities. Trading Journal is very useful to look back and find the possible optimization you can do to build a profitable trading system. Your Trading Journal must contain some of the essential figures. Like:
- Your Trading decision (Buy/Sell)
- Your Entry and exit time
- Your lot size
- Profit or Loss from that trading decision.
It should look like this. You can create a simple spreadsheet to track all your activities. I too have created a simple google sheet for you. You can download it from here: Click here to download your free trading journal
Your trading decision is a critical column in this trading journal sheet. You should fill this at the same time when you are placing your order. It will help you to keep yourself remember that on what basis you are taking this trade.
You should start this practice from today itself. Because when you look at this journal after 4-5 months later, you will get a clear picture of what are you doing? What you should do? What you should not do?
One more thing “Consistency is the key.” How consistent you are to do your daily task, will only create that change you are looking in your trading journey. So start acting and keep updating your trading Journal.
Now the second task is to check what is working and what is not working for you. Analyze your trading Journal every 3 Months and find out what are the things you need to optimize to make your trading strategy more successful. Do not analyze it too frequently because you will not get any idea in just one or two weeks.
Nifty weekly analysis and options strategy with free trading Journal
We saw a very good rally in the nifty this week. As i shared the last week that Nifty is trading in a range of 8950 – 9650 and this is the no-trade zone. We saw that nifty broke that range this week and settle above 9650.
So is it a good time to go long? I think we should wait and let nifty settle down above 9650. If in the coming week we see that nifty is sustaining above 9650, then we can analyse all the things again to take a better decision.
On the Upper side, There is a good resistance around 10000. So for coming week, we can track 9650 – 10000 as a weekly range.
Here one thing I want to mention that market is full of emotions. We need to be a little cautious to take any decision. This is the best time to take some limited risk Non-directional credit spreads. You will get good credit because of high IV which can give you good risk: reward ratio.
Nifty weekly Options Chain analysis
Based on option chain data, the highest Open interest stands at 10000 CE & 9500 PE, followed by 9800 CE & 9700 PE. PCR of all strikes is 1.44, which indicates an overbought market. PCR at 9500 stands at 3.82, which is acting as an immediate support level.
The Put-call ratio at 10000 stands at 0.09, which is acting as a resistance level. Equally, important indicator Option Pain is at 9700, indicating weekly expiry at 9700. A shift in option pain will provide further levels of expiry. So keep tracking max pain.
Keep tracking open interest to analyze market participant’s behavior. If you don’t know how to analyze open interest for weekly option hedging strategies. Just enroll for our Option Strategies – A Mentorship Program.
Nifty weekly Options Strategy: Iron Condor
Initially, you can keep a stop loss of 10050 & 9600 for this strategy. Means square off if you find nifty is giving a breakout or breakdown. Or you can do this adjustment too.
If you find that Nifty is giving a breakdown and sustaining below 9600, then square off call spread and bring it down to 250 points lower levels.
The same thing you can do with put spread means if you got a breakout from 9550. You can shift your put spread to 250 points up.
If you want to learn these strategies and their adjustments in more practical ways with live mentorship, You can enroll in our Option Strategies – A Mentorship Program(33% OFF Expiring in the next 48 hours).
BankNifty Weekly Analysis and options strategy with free trading journal
This week we saw a good rally in banking stock that helped Banknifty close above 20700 that was acting as the resistance. Now 20700 – 23000 is the no-trade zone. A breakout will lead to further levels.
We should initiate a new long trade only above 23000. Nowadays the market is trading based on sentiments and there is no clear indication of the trend and movement. In such situations, we should trade with limited risk strategies only.
When you are trading with limited risk, your chances are high to make good and loose less which is the key to success in this market. So keep your positions with a proper hedge.
Bank Nifty Weekly options chain analysis
Based on option chain data, the highest Open interest stands at 22000 CE & 21000 PE, followed by 22000 CE & 21000 PE. PCR of all strikes is 0.86, which indicates a neutral market. PCR at 20500 stands at 3.23, which is acting as an immediate support level.
The Put-call ratio at 22000 stands at 0.25, which is acting as a resistance level. Equally, important indicator Option Pain is at 21500, indicating weekly expiry at 21500. A shift in option pain will provide further levels.
Remember one thing: When IV is high, data can change anytime so keep following more closely.
If you don’t know how to analyze open interest. Just enroll for our Option Strategies – A Mentorship Program.
Bank Nifty best Weekly Options Strategy: Iron Condor
If you find that BankNifty gives a breakdown and sustaining below 20700, then Shift your Call spread to 1000 points down.
The same thing you can do with put spread means if you got a breakout from 22300. You can shift your put spread to 1000 points up.
If you want to learn these Weekly expiry option strategies and their adjustments in more practical ways with live mentorship, You can enroll in our Option Strategies – A Mentorship Program(33% OFF).
Much Check this also– Performance of the Option strategies, Nifty & BankNifty Weekly Analysis with Option strategy, Nifty Option Strategy for Budget Session, A low-risk options strategy in LICHSGFIN, An iron condor options strategy in ICICIBANK, Reverse Jade Lizard options strategy in UPL, A high probability options strategy in YESBANK
Post your comments in the comment box if you have a query related to free trading journal or weekly analysis options strategies. You can ask any question related to option trading in the comment box.
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*( Please avoid any question like which Call or Put we should buy in the coming week).
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DISCLAIMER: – we are not a SEBI research analyst. Views posted here only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline to interpreting specified analysis methods. This information should only be used by investors and traders who are aware of the risk inherent in securities trading.