Introducing: Straddle Chain on Options Trader Web

Product Announcements šŸ”ˆ
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Hello Super Traders,

Tracking the markets appears so simple but identifying the correct opportunity to trade is complex. Traders are often stuck at this stage. Infact, to identify & pick the right options contract for your strategy is even more challenging. There are many ways to do this. One can use a simple options chain or open interest bar graph or simply a chart. Others may run a rule-based comprehensive algorithm with complex data sets.

At Dhan, we have almost all the tools & features which help them identify & choose the correct instrument for trading. Few of those features that are used heavily by Super Traders on Dhan are:

  • Advanced Options Chain (link, link)
  • Live Market Scanner (link)
  • Market Outlook based Strategy (link)
  • Flash Trader (link)
  • 15 Min Build Up (link)
  • Multi Strike OI Graph (link)
  • Multi Screen Charts (link)
    and more

To add-on in the above list, we are live with a completely new, unique & first-in-the-industry feature.

Introducing: Straddle Chain on Options Trader Web

Straddle Chain on Options Trader web TW
Straddle Chain on Options Trader web TW1920Ɨ1080 156 KB

This looks exactly like the options chain without any demarcation of calls & puts. Straddle is a combination of ATM Call & ATM Put. It is also called Jodi-Bhav or Joda. If you buy both the legs it is a Long Straddle and if you sell both the legs it is a Short Straddle. The sum total of the premium of both legs is the Straddle Price.

Extending the same concept to all strike prices, makes a Straddle Chain. The combination of Call & Put of the same strike price is plotted here on straddle chain with few more data points like Combined Greeks, Average Implied Volatility, Put-Call Ratio and Combined Open Interest.

So you may ask, can we make straddle from ITM or OTM options? No, the straddle is made only with the ATM options. We are using the same concept of Straddle for other strike prices and plotting it on table.

How is the Straddle Chain useful in trading?

Few traders just track the Straddle Price in the market. With this they figure out the overall market sentiment and play with the options decay. Straddle Chain is the feature where you can track and execute this strategy. Also if the market moves and you now want to adjust to your straddle, you can do it from the Straddle Chain with a simple one click. And to help you make better decisions, there are more data sets to support.

To navigate the Straddle Chain on the Dhanā€™s Options Trader on Web, click ā€œAnalyseā€ in the Top Menu bar. A drop down menu will open and select ā€œStraddle Chainā€.

Its use case may vary for traders & trading style. This is a small effort from our team to easen our tradersā€™ lives by making it further easy to analyse markets.

Again, like many features launched in the past, this one is inspired from the suggestion by the traders from the Dhan community. We want to hear from you always, please let us know how Straddle Chain can be helpful for you and what else can be done to improvise on top of it.

Keep Trading,
Naman

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Nice feature :+1: Keep going up building for us.

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Nice feature. Keep doing the good work

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Kindly add option to view straddle chart too , that can be very helpful for those who trade with a stop loss on Straddle 's combined premiumā€¦ Right now we have to go to other websites too see Straddle chart

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Very useful feature! :clap:

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Hi @Naman ,

I remember that straddle used to take more margin than required. Is straddle margin issue resolved now?

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Hi @Hiteish

Click on ā€œSee in Builderā€ button, it will take you to strategy builder and there is an option to view strategy chart.

Hope this helps!

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Hi @amit

We have resolved it at our end, we are doing its proper QA. Soon we will deploy it in live environment.

Be assured, your upfront margin requirement will be same as it is after executing it for all straddle, strangle, iron condor & butterfly.

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Yes ,but its not realtime and updates every 5 minutes, if realtime is not possible, then can we get chart update every 1min instead of 5? Also chart doesnā€™t updates by itself, we have to manually hit refresh to update it

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any small GIF expaning exactly how to add will be appreciated much. thanks

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This Much Awaited Feature is Blessing for any Strategy Trader in Options is here. Thank you for listening patiently and developing this feature.

I remember meeting @AlokPandey, @Naman and the entire Tech Team who were open to listening to the suggestions put forward.

Appreciate this effort!

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Some More suggestions which can help in the optimum utilisation of the Straddle Chain.

  1. OHLC of the Straddle Total - a Total Game Changer
    Request you to kindly add the Open High Low Close and Previous Close of the Straddle Totals of the strike prices available. ( already discussed with @Naman )

  2. Ability to watch the straddle chain in ascending or descending order.
    The strike prices in the option chain are listed in ascending order only. If itā€™s possible to be able to choose the list as per preference that would also be great.

  3. Ability to Select the data we want to see - Most of the time as a trader Only want to see the Straddle totals. Iā€™m sure most traders will agree to this since the other data such as the delta , theta, gamma, vega etc.

The point here is if itā€™s possible to watch whatever data is required that can be helpful.

I hope this helps team Dhan to improve the platform ( which is by far the best trading platform hands. down for me ) .

Change is the Only Constant! and Iā€™m glad that team dhan has been putting in a lot of hard work to combat the ever-changing markets!

Regards
Samay Khandelwal

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Hi @thisissamay

Thanks for reaching out to us.

Your feedbacks are noted. We will evaluate your suggestions & try to incorporate it our roadmap.

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really nice & useful featureā€¦ plz give this feature or any option to view this data directly in tv.dhan alsoā€¦ @Naman

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Hi @Varsha777,

Feedback noted.

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Hi,

can we have a sum of straddle & put a condition of execution only when it is below or above certain price range ? similar query asked here :: DhanHQ Tradingview Chrome Extension - #40 by 007Decoder