The premium chart
- Side. Plot calls, puts or a paired view, with distinct line treatments for quick comparison.
- Lens. View raw premium, return or extrinsic value, so the same lines can answer different questions.
- Range. Use intraday and wider range controls to focus the visible history.
- Strike range. Choose a symbol, expiry, date and a valid strike range. Saving a range keeps it for the symbol.
- Interaction. The chart is line-based, which suits snapshot prices, and pairs premium with the underlying and implied volatility.
Pairing premium lines with spot and IV is the point of the page: a premium line that moves with spot is responding to delta, while one that rises on its own may be responding to implied volatility or demand.
The strike table
The table pairs the latest call and put premium with the change over the selected window, open interest and OI change, volume, moneyness and the straddle value at each strike. The window change compares the first and the latest valid premium in the selected view, while open interest and volume reflect the latest available snapshot.
Because it is built from the selected strike range, a small ATM-centred range avoids distortions from distant strikes and stale quotes.
Intrinsic and extrinsic value
| Term | Definition | Why it matters here |
|---|---|---|
| Intrinsic value | The in-the-money amount against the underlying. | Moves one-for-one with spot for in-the-money options and is zero for out-of-the-money ones. |
| Extrinsic value | The premium above intrinsic value. | Reflects time, implied volatility and demand. It is what decays. |
| Moneyness | How far the strike is from spot. | Changes as spot moves, so the same strike behaves differently over a session. |
Observed extrinsic loss is not pure theta when spot or implied volatility changes. A premium can also rise despite negative theta if a favourable spot move or a volatility increase outweighs elapsed-time decay.
A comparison routine
- Choose a small ATM-centred strike range for one expiry and one side, or the paired view.
- Check the underlying and implied volatility alongside premium so the main driver is visible.
- Estimate how much of each premium is intrinsic and how much is extrinsic before interpreting a change.
- Compare nearby strikes: they differ in intrinsic value, Greeks, IV and liquidity, so they move differently.
- Reassess frequently near expiry, when delta, gamma and decay change quickly, and check bid, ask, volume and timestamp before trusting a last traded price.
Limits
A stronger premium line does not identify a better risk-adjusted trade. Last-traded prices in thin contracts can create jumps that are not representative of executable value, and fast moves in Indian weekly index options can cause convex premium responses across nearby strikes. The page's volume analysis tab covers multi-day option activity where your plan includes it, while the price analysis tab shows the previous session. To price a contract yourself, use the option price calculator, and for combined straddle and strangle premium see the multi-straddle and multi-strangle guides.