Adarsh Pandey

Trading Options. Thinking Beyond Charts.

[Adarsh Pandey @AdarshPandeyX]

10 things that have helped me stay profitable as a trader for nearly 4 years 🧵

[A thread]

[सौरभ  @saurabh_gunjal_]

You are delusional if you think scammer will return your money 😂😂

[Adarsh Pandey @AdarshPandeyX]

@AshishGupta325 Yeah, I only caught it because my P&L jumped suddenly. Seeing 997 on the chart is wild though.

[Adarsh Pandey @AdarshPandeyX]

@AshishGupta325 Any idea what happened here?

Crude Oil 8300 CE suddenly went from ₹0.30 to ₹997 and back within a minute. My P&L also jumped during that move.

Was this a broker-side glitch, or did it actually trade at ₹997? 🤯

[Adarsh Pandey @AdarshPandeyX]

This is not about whether CAS is transparent or not. The question is whether this kind of last-minute price discovery is suitable for settling 0DTE options.

Well put @_anujsinghal

[Anuj Singhal अनुज सिंघल @_anujsinghal]

This is what happened on expiry day

Sensex 78,000 Call went from 2 to 80

Sensex 78,000 Put went from 166 to 0

Why? The indicative equilibrium price which was 78,860 till 3.28 suddenly became 79,080 at close. This is not right. This is turning option trading into gambling. At this rate, nobody will be willing to sell options.

[Adarsh Pandey @AdarshPandeyX]

I think the cleanest solution is to decouple expiry from CAS.

Let expiring options settle at 3:15 PM, and let CAS determine the cash-market closing price separately.

That removes the 15-minute settlement uncertainty without changing the auction mechanism itself.

#CASkiAwaaz

[Anuj Singhal अनुज सिंघल @_anujsinghal]

SEBI chief said he is open to suggestions on CAS if any tweak is needed. However he made it clear that it’s a transparent system with no manipulation.

What changes do you want ? Post using hashtag #CASKiAwaaz and we will collate them and send to SEBI.

[Adarsh Pandey @AdarshPandeyX]

@Nick_khandelwal Also worth separating IV from realised vol here. If IV stays sticky but realised vol doesn’t pick up, short vol strategies may still work, just with a much worse path to capturing the same premium.

[Adarsh Pandey @AdarshPandeyX]

@Akshat_World This is basically the Wheel strategy, but the mindset makes the difference.

Sell puts only on stocks you'd actually want to own.

Get assigned, sell calls and repeat.

The strategy looks simple. The difficult part is sticking to stocks you genuinely don't mind holding.

[Adarsh Pandey @AdarshPandeyX]

One unintended consequence of CAS is that realised intraday volatility and settlement uncertainty are starting to diverge.

You can have a relatively quiet session, yet still carry meaningful settlement risk into the closing auction. Earlier, those two were much more aligned.

[Adarsh Pandey @AdarshPandeyX]

I'm not judging CAS after one day.
What I really want to see is how it behaves on an expiry. That's when the closing auction directly impacts settlement and we'll get a much better sense of its strengths, weaknesses, and any unintended consequences.

[Adarsh Pandey @AdarshPandeyX]

Day 1 of CAS and I think most people are focused on the wrong thing.
The 200-point jump grabbed all the attention, but the bigger change is what the closing price actually represents now. The close isn't just an average anymore—it's an auction outcome.

[Adarsh Pandey @AdarshPandeyX]

Another thing I noticed today was the Indicative Equilibrium Prices (IEP) visibility gap.

Not every broker displayed IEP during the auction. If CAS is going to play such an important role in price discovery, this information should be consistently available across platforms.

[Adarsh Pandey @AdarshPandeyX]

@AshishGupta325 Agree, but the IEP wasn't visible today, at least on my broker. Was this an exchange-side issue, or did some brokers simply not display it?

[Adarsh Pandey @AdarshPandeyX]

@Vidhey_PV Started with a bull call spread and in the last hour, did an option buying trade.

[Adarsh Pandey @AdarshPandeyX]

@rawabhi 1 option buying trade, the rest all selling trades.

[Adarsh Pandey @AdarshPandeyX]

@khanzubare My system captured the full up move of the above candle:

Entry at: 4.65
Exit at: 32

7x money 💰🤑 in single trade. Lucky day.

[Adarsh Pandey @AdarshPandeyX]

💡📈 Importance of Back-testing in trading:

• Analyze historical charts & data.
• Refine your strategy.
• Understand strengths and weaknesses of the system.
• Uncover potential pitfalls.
• Gain confidence in system.

✅ Back-testing is must do for every trader.

[Adarsh Pandey @AdarshPandeyX]

95% of traders spend 3-5 years on the wrong things.

Transform Your Trading in 6 Months: