Manual trading desk

Buy the hedge first. Matching same-expiry long options reduce the short reserve to the vertical’s combined maximum expiry loss, accounting for the long premium already paid. Entry fees remain separate. Uncovered quantities retain max(spot, strike) × underlying quantity reserve. Each long can cover only one short contract. Selling a pledged hedge also covers the required shorts first. This is PAPER collateral, not Delta margin; fees and execution gaps can exceed expiry payoff estimates. Net returns are measured against entry premium.

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Automatic protection · V4 revised

Volatility-sized entry stop: 15–30%, or choose 15–45% with quantity reduced to fit your INR risk budget. Hard after-fee loss = chosen stop + 3% of premium, capped at ₹10,000. Spread plus both fees must fit 40% of that budget.

Premium R = absolute difference between entry and initial stop, per unit. TP1 closes 50% at 1.5R profit; TP2 closes 25% at 3R profit. Long targets are above entry; short targets are below entry. Remaining contracts run with the trail and earned protection. R is frozen at entry and is independent of the INR loss cap. Whole contract quantities round down. TP1 requires at least ₹500 net gain on the portion being sold, after allocated entry and exit fees.

From the first positive executable net gain, lock at least 50% of the best remaining-position net gain. The lock rises with new peaks and can exit on the next fresh check, before TP1 and during the first 10 minutes. Stronger earned fee-cushion and 55%/70% floors remain active. A trail starts only after TP1 fills, at least 12% below the highest executable bid for longs, or above the lowest executable ask for shorts, observed from that fill onward. Earned protection never loosens.

Targets and premium trails require two consecutive fresh executable exit checks (bid for longs, ask for shorts), normally 5 seconds apart (roughly 5–10 seconds after crossing). Recovery, failed quotes, or gaps over 15 seconds reset confirmation. No target or premium-trail exits during the first 10 minutes unless current net exceeds +30%. The early net-profit lock and hard loss always use live executable quotes. Price stops and spot exits can optionally wait for a completed 15-minute candle after entry or the latest limits edit. Missing candles hold only the selected candle-based rule; live hard loss and net-profit protection remain active.

Targets and trailing no longer accelerate near swings or events. Event windows still pause new entries; enter event times manually in IST. Under 6h to expiry, exit below +10% net; new entries are blocked. Forced exit remains 30 minutes before expiry. Thesis requires a completed 5m close beyond your level. Gaps and missing depth may exceed protective budgets. All trades are PAPER.

Leave TP1 / TP2 price fields blank for automatic targets. Optional full/partial targets remain available but use the same profit confirmation and hold rules. Existing V2/V3 trades require an explicit Upgrade to V4. Previously earned protection is preserved.