options-trading

name	options-trading
description	Options trading with OpenAlgo - single leg orders, multi-leg strategies (Iron Condor, Straddle, Strangle, Spreads), options chain analysis, and Greeks calculation

OpenAlgo Options Trading

Execute options trading strategies using OpenAlgo's unified Python SDK. Supports index options (NIFTY, BANKNIFTY, FINNIFTY), stock options, and complex multi-leg strategies.

Environment Setup

from openalgo import api

client = api(
    api_key='your_api_key_here',
    host='http://127.0.0.1:5000'
)

Quick Start Scripts

Single Leg Options Order

python scripts/options_order.py --underlying NIFTY --expiry 30JAN25 --offset ATM --option-type CE --action BUY --quantity 75

Iron Condor Strategy

python scripts/iron_condor.py --underlying NIFTY --expiry 30JAN25 --quantity 75

Straddle Strategy

python scripts/straddle.py --underlying BANKNIFTY --expiry 30JAN25 --action BUY --quantity 30

---

Options Symbol Format

OpenAlgo uses standardized symbol formats:

Type	Format	Example
Index Options	[INDEX][DDMMMYY][STRIKE][CE/PE]	NIFTY30JAN2526000CE
Stock Options	[SYMBOL][DDMMMYY][STRIKE][CE/PE]	RELIANCE30JAN251400CE
Index Futures	[INDEX][DDMMMYY]FUT	NIFTY30JAN25FUT

Offset System

OpenAlgo uses an intuitive offset system to select strikes relative to ATM:

Offset	Meaning	Example (NIFTY ATM=26000)
ATM	At The Money	26000
ITM1	1 strike In The Money	CE: 25950, PE: 26050
ITM2	2 strikes In The Money	CE: 25900, PE: 26100
OTM1	1 strike Out of The Money	CE: 26050, PE: 25950
OTM2	2 strikes Out of The Money	CE: 26100, PE: 25900
OTM5	5 strikes Out of The Money	CE: 26250, PE: 25750

---

Core API Methods

1. Single Leg Options Order

Place ATM, ITM, or OTM options orders:

# ATM Call Option
response = client.optionsorder(
    strategy="OptionsBot",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    offset="ATM",
    option_type="CE",
    action="BUY",
    quantity=75,
    pricetype="MARKET",
    product="NRML",
    splitsize=0  # 0 = no splitting
)

Response:

{
  "exchange": "NFO",
  "offset": "ATM",
  "option_type": "CE",
  "orderid": "25013000000001",
  "status": "success",
  "symbol": "NIFTY30JAN2526000CE",
  "underlying": "NIFTY30JAN25FUT",
  "underlying_ltp": 26015.50
}

ITM Put Option:

response = client.optionsorder(
    strategy="OptionsBot",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    offset="ITM3",  # 3 strikes ITM
    option_type="PE",
    action="BUY",
    quantity=75,
    pricetype="MARKET",
    product="NRML"
)

OTM Call Option:

response = client.optionsorder(
    strategy="OptionsBot",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    offset="OTM5",  # 5 strikes OTM
    option_type="CE",
    action="SELL",
    quantity=75,
    pricetype="MARKET",
    product="NRML"
)

2. Multi-Leg Options Order

Execute complex strategies with multiple legs in a single call:

Iron Condor (4 legs)

response = client.optionsmultiorder(
    strategy="Iron Condor",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "OTM6", "option_type": "CE", "action": "BUY", "quantity": 75},
        {"offset": "OTM6", "option_type": "PE", "action": "BUY", "quantity": 75},
        {"offset": "OTM4", "option_type": "CE", "action": "SELL", "quantity": 75},
        {"offset": "OTM4", "option_type": "PE", "action": "SELL", "quantity": 75}
    ]
)

Response:

{
  "status": "success",
  "underlying": "NIFTY",
  "underlying_ltp": 26050.45,
  "results": [
    {"leg": 1, "action": "BUY", "offset": "OTM6", "option_type": "CE", "symbol": "NIFTY30JAN2526350CE", "orderid": "123", "status": "success"},
    {"leg": 2, "action": "BUY", "offset": "OTM6", "option_type": "PE", "symbol": "NIFTY30JAN2525750PE", "orderid": "124", "status": "success"},
    {"leg": 3, "action": "SELL", "offset": "OTM4", "option_type": "CE", "symbol": "NIFTY30JAN2526250CE", "orderid": "125", "status": "success"},
    {"leg": 4, "action": "SELL", "offset": "OTM4", "option_type": "PE", "symbol": "NIFTY30JAN2525850PE", "orderid": "126", "status": "success"}
  ]
}

Bull Call Spread (2 legs)

response = client.optionsmultiorder(
    strategy="Bull Call Spread",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "ATM", "option_type": "CE", "action": "BUY", "quantity": 75},
        {"offset": "OTM2", "option_type": "CE", "action": "SELL", "quantity": 75}
    ]
)

Bear Put Spread (2 legs)

response = client.optionsmultiorder(
    strategy="Bear Put Spread",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "ATM", "option_type": "PE", "action": "BUY", "quantity": 75},
        {"offset": "OTM2", "option_type": "PE", "action": "SELL", "quantity": 75}
    ]
)

Straddle (2 legs)

response = client.optionsmultiorder(
    strategy="Long Straddle",
    underlying="BANKNIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "ATM", "option_type": "CE", "action": "BUY", "quantity": 30},
        {"offset": "ATM", "option_type": "PE", "action": "BUY", "quantity": 30}
    ]
)

Strangle (2 legs)

response = client.optionsmultiorder(
    strategy="Short Strangle",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "OTM3", "option_type": "CE", "action": "SELL", "quantity": 75},
        {"offset": "OTM3", "option_type": "PE", "action": "SELL", "quantity": 75}
    ]
)

Diagonal Spread (Different Expiries)

response = client.optionsmultiorder(
    strategy="Diagonal Spread",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    legs=[
        {"offset": "ITM2", "option_type": "CE", "action": "BUY", "quantity": 75, "expiry_date": "27FEB25"},
        {"offset": "OTM2", "option_type": "CE", "action": "SELL", "quantity": 75, "expiry_date": "30JAN25"}
    ]
)

Calendar Spread (Same Strike, Different Expiries)

response = client.optionsmultiorder(
    strategy="Calendar Spread",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    legs=[
        {"offset": "ATM", "option_type": "CE", "action": "BUY", "quantity": 75, "expiry_date": "27FEB25"},
        {"offset": "ATM", "option_type": "CE", "action": "SELL", "quantity": 75, "expiry_date": "30JAN25"}
    ]
)

---

Options Analysis

Get Option Symbol

Find the exact symbol for a given strike:

response = client.optionsymbol(
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    offset="ATM",
    option_type="CE"
)
# Response: {'symbol': 'NIFTY30JAN2526000CE', 'exchange': 'NFO', 'lotsize': 75, ...}

Get Option Chain

Retrieve the full option chain for analysis:

chain = client.optionchain(
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    strike_count=10  # ±10 strikes from ATM
)

Response includes for each strike:

{
  "strike": 26000.0,
  "ce": {
    "symbol": "NIFTY30JAN2526000CE",
    "label": "ATM",
    "ltp": 250.50,
    "bid": 250.00,
    "ask": 251.00,
    "volume": 1500000,
    "oi": 5000000,
    "lotsize": 75
  },
  "pe": {
    "symbol": "NIFTY30JAN2526000PE",
    "label": "ATM",
    "ltp": 245.00,
    "bid": 244.50,
    "ask": 245.50,
    "volume": 1200000,
    "oi": 4500000,
    "lotsize": 75
  }
}

Calculate Option Greeks

Get Delta, Gamma, Theta, Vega, Rho for any option:

greeks = client.optiongreeks(
    symbol="NIFTY30JAN2526000CE",
    exchange="NFO",
    interest_rate=0.00,
    underlying_symbol="NIFTY",
    underlying_exchange="NSE_INDEX"
)

Response:

{
  "status": "success",
  "symbol": "NIFTY30JAN2526000CE",
  "option_type": "CE",
  "strike": 26000.0,
  "spot_price": 25966.05,
  "option_price": 250,
  "days_to_expiry": 28.5,
  "implied_volatility": 15.6,
  "greeks": {
    "delta": 0.4967,
    "gamma": 0.000352,
    "theta": -7.919,
    "vega": 28.9489,
    "rho": 9.733994
  }
}

Calculate Synthetic Future Price

synthetic = client.syntheticfuture(
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25"
)
# Response: {'synthetic_future_price': 26050.05, 'atm_strike': 26000.0, ...}

Get Expiry Dates

expiries = client.expiry(
    symbol="NIFTY",
    exchange="NFO",
    instrumenttype="options"
)
# Returns list of expiry dates: ['30-JAN-25', '06-FEB-25', '13-FEB-25', ...]

---

Common Index Details

Index	Exchange	Lot Size	Strike Gap
NIFTY	NSE_INDEX	75	50
BANKNIFTY	NSE_INDEX	30	100
FINNIFTY	NSE_INDEX	65	50
MIDCPNIFTY	NSE_INDEX	50	25
SENSEX	BSE_INDEX	20	100
BANKEX	BSE_INDEX	30	100

---

Strategy Patterns

Weekly Options Selling (Theta Decay)

# Short Strangle - Sell OTM options to collect premium
response = client.optionsmultiorder(
    strategy="Weekly Strangle",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",  # Weekly expiry
    legs=[
        {"offset": "OTM5", "option_type": "CE", "action": "SELL", "quantity": 75},
        {"offset": "OTM5", "option_type": "PE", "action": "SELL", "quantity": 75}
    ]
)

Directional Play with Protection

# Bull Call Spread - Limited risk bullish bet
response = client.optionsmultiorder(
    strategy="Bullish Spread",
    underlying="BANKNIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "ATM", "option_type": "CE", "action": "BUY", "quantity": 30},
        {"offset": "OTM3", "option_type": "CE", "action": "SELL", "quantity": 30}
    ]
)

Event Day Volatility Play

# Long Straddle before results/events
response = client.optionsmultiorder(
    strategy="Event Straddle",
    underlying="RELIANCE",
    exchange="NSE",
    expiry_date="30JAN25",
    legs=[
        {"offset": "ATM", "option_type": "CE", "action": "BUY", "quantity": 250},
        {"offset": "ATM", "option_type": "PE", "action": "BUY", "quantity": 250}
    ]
)

Butterfly Spread (Low Capital)

response = client.optionsmultiorder(
    strategy="Long Butterfly",
    underlying="NIFTY",
    exchange="NSE_INDEX",
    expiry_date="30JAN25",
    legs=[
        {"offset": "ITM2", "option_type": "CE", "action": "BUY", "quantity": 75},
        {"offset": "ATM", "option_type": "CE", "action": "SELL", "quantity": 150},
        {"offset": "OTM2", "option_type": "CE", "action": "BUY", "quantity": 75}
    ]
)

---

Margin Calculation

Calculate required margin before placing orders:

margin = client.margin(positions=[
    {
        "symbol": "NIFTY30JAN2526000CE",
        "exchange": "NFO",
        "action": "SELL",
        "product": "NRML",
        "pricetype": "MARKET",
        "quantity": "75"
    },
    {
        "symbol": "NIFTY30JAN2525000CE",
        "exchange": "NFO",
        "action": "BUY",
        "product": "NRML",
        "pricetype": "MARKET",
        "quantity": "75"
    }
])

print(f"Total Margin Required: {margin['data']['total_margin_required']}")
print(f"SPAN Margin: {margin['data']['span_margin']}")
print(f"Exposure Margin: {margin['data']['exposure_margin']}")

---

Notes

• Always check available margin before placing option sell orders
• Use splitsize parameter for large orders to avoid freeze quantity limits
• Weekly options expire on Thursday, monthly on last Thursday
• NIFTY lot size is 75, BANKNIFTY is 30
• Use Analyzer mode for paper trading: client.analyzertoggle(mode=True)