Combinations
Neutral to bullish
Credit
Risk: Large below; none above if the credit covers the call spread
Jade lizard
Sell a put, and sell a call spread above the price: if the total credit is at least the call spread's width, there is no loss on a rally.
Payoff sketch (per unit, index points)
At expiry
Today (30 days left)
Net premium
Credit 311 pts
Max profit
+311 pts (₹20,200 per lot)
Max loss
Large as the price falls
Breakeven
24,489
How it works
A short put plus a bear call spread. Above the call spread the worst case is its width minus the total credit; when the credit is larger than the width, that side cannot lose.
The downside is a naked short put: below the put strike the loss grows point for point.
When traders use it
- A neutral-to-bullish premium trade without upside risk, accepting the short put's downside.
Greeks
| Delta | Positive. |
| Gamma | Negative. |
| Theta | Positive. |
| Vega | Negative. |
Profit, loss and margin
| Max profit | The total credit less charges, between the put strike and the short call strike. |
| Max loss | Below: (put strike − credit) if the underlying went to zero. Above: (call spread width − credit), which is zero or less when the credit covers the width. |
| Breakeven | Put strike − total credit (and short call + credit, if the credit is smaller than the call spread width). |
| Margin | The naked short put's margin plus the call spread's. |
In India
- Short options are margined like futures: NSE Clearing's SPAN risk margin plus an exposure margin (2% of notional for index contracts, 3.5% for stocks in Arthfy's model). An at-the-money short option on NIFTY typically blocks well over a lakh of rupees per lot.
- STT is charged on the premium when an option is sold (0.15% of premium from 1 April 2026 in Arthfy's cost model). A short option left to expire, in or out of the money, is not charged STT again at settlement.
- Since 20 November 2024 an extra 2% extreme-loss margin applies to short index options on their expiry day, so a position carried into expiry morning can need more margin than it did the day before.
Arthfy numbers
Arthfy's history does not cover the jade lizard as one structure; its parts are on the short put and bear call spread pages. See Short put (naked).
Try it in the F&O hub
Opens the tool with this structure on today's NIFTY chain. Reading is free with an Arthfy account; some runs use free attempts.Open in the builderPayoff, Greeks, scenario grid and charges on today's NIFTY chain
Backtest since 2016Daily data, every NIFTY expiry
Replay on expiry daysMinute data since October 2024
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