Futures & Options Mastery Course

Overview

An intermediate course on the Indian derivatives market. Learners study option Greeks, implied volatility and India VIX, multi-leg option strategies, expiry-day dynamics, futures and portfolio hedging — always with defined risk and a written trade journal. Practice is done through paper trading, ending with a capstone expiry-week paper trade.

Part of Trader (advanced capability) and Trading Professional (advanced capability).

Who this course is for

Traders who have completed the Foundation or Technical Analysis course and want to add derivatives to their toolkit
Equity investors who want to learn to hedge a portfolio with index futures and protective puts
People who trade F&O today and want to understand option pricing and strategy selection
Anyone who wants to understand how the NSE derivatives market works

Who this course is not designed for

People looking for tips, calls or recommendations on what to trade
Anyone seeking personalised investment advice
Anyone expecting a course to produce profits or income

Prerequisites

Prior knowledge of technical analysis is strongly recommended
Comfortable reading candlestick charts and identifying support/resistance zones
Basic understanding of how stock markets work (NSE, BSE, indices, equity trading)
Familiarity with option concepts such as call, put, strike price and expiry
No programming knowledge required

What you will be able to do

Understand the major option Greeks and use them to size, select and manage option positions
Read IV percentile and IV rank to judge premium-buying versus premium-selling conditions
Construct iron condors, vertical spreads and butterflies with calculated maximum loss and breakevens
Analyse expiry-day dynamics — gamma acceleration, time decay and pin risk
Use open interest, put-call ratio and max-pain levels as market-context tools
Hedge a stock or mutual fund portfolio using index futures and protective puts
Maintain a structured trade journal: entry rationale, volatility context, adjustments and lessons

Curriculum

8 modules · 51 lessons

Module 01 · F&O Market Structure & FoundationsWeek 1 · 6 lessons

1.1How the Indian F&O Market Works
1.2Calls and Puts — Deep Revision
1.3Expiry Cycles — Weekly vs. Monthly
1.4Margin, STT & Regulatory Framework
1.5Option Chain — Reading & Interpreting
1.6Tools for F&O Traders

Module 02 · Options Greeks — Delta, Gamma, Theta, Vega & RhoWeek 1–2 · 7 lessons

2.1Delta — Directional Sensitivity
2.2Gamma — The Rate of Change of Delta
2.3Theta — Time Decay
2.4Vega — Volatility Sensitivity
2.5Greeks in Practice — Live Option Chain Analysis
2.6Position Greeks — Aggregating Across a Portfolio
2.7Assignment — Greeks Scenario Analysis

Module 03 · Implied Volatility, India VIX & IV PercentileWeek 2–3 · 6 lessons

3.1What Implied Volatility Actually Measures
3.2India VIX — Reading the Fear Gauge
3.3IV Percentile & IV Rank — Your Primary Entry Filter
3.4IV Term Structure & Volatility Surface
3.5Expected Move — Quantifying Weekly Range
3.6Live Analysis — Pre-Expiry IV Setup

Module 04 · Nifty & Bank Nifty Options StrategiesWeek 3–4 · 9 lessons

4.1Short Straddle
4.2Short Strangle
4.3Iron Condor — Defined-Risk Premium Selling
4.4Bull Put Spread & Bear Call Spread
4.5Long Straddle & Long Strangle — Buying Volatility
4.6Butterfly Spread
4.7Calendar Spread — Harvesting the Term Structure
4.8Strategy Selection Framework — Choosing the Right Tool
4.9Project — Strategy Comparison Report

Module 05 · Expiry-Day Trading — Gamma, Theta & Pin RiskWeek 4–5 · 6 lessons

5.1Expiry-Day Market Dynamics
5.2Max Pain Theory & OI-Based Levels
5.3PCR (Put-Call Ratio) as a Sentiment Tool
5.4Expiry-Day Strategies — Entry & Exit Rules
5.5Managing STT Risk on Expiry
5.6Live Expiry Session

Module 06 · Futures Trading — Nifty, Bank Nifty & Stock FuturesWeek 5–6 · 7 lessons

6.1How Futures Contracts Work
6.2Futures Margin — Leverage & Risk
6.3Trend-Following Strategies on Nifty Futures
6.4Stock Futures — Leveraged Equity Positions
6.5Pair Trading with Futures — Bank Nifty vs. Nifty
6.6Combining Futures with Options — Synthetic Positions
6.7Project — Futures Trading Journal (2 Weeks)

Module 07 · Portfolio Hedging with F&OWeek 6–7 · 6 lessons

7.1Why Hedging Matters — Portfolio Beta & Correlation
7.2Short Futures Hedge — Computing the Hedge Ratio
7.3Protective Put — Defined Downside Insurance
7.4Collar Strategy — Funding the Hedge
7.5Covered Call
7.6Project — Design a Hedge for a Sample Portfolio

Module 08 · Live Market Practice, Trade Journal & CapstoneWeek 7–8 · 4 lessons

8.1Building a Trading System — Rules, Not Instinct
8.2Trade Journalling — The Non-Negotiable Discipline
8.3Position Sizing & Capital Allocation for F&O
8.4Capstone — Expiry Week Paper Trade

Projects

Project briefs for this course are being finalised. The capstone is described below where available.

Capstone

Expiry-Week Paper Trade and Presentation

Paper-trade a chosen strategy across a complete index expiry week, with live sessions at setup, mid-week review and expiry. Document every decision — setup analysis, entry, adjustments and exit — and present a written capstone report to the batch.

Practice on AlphaSync

Coming Soon

Practice exercises in AlphaSync's simulated environment are planned for this course. Until AlphaSync is available, practice uses paper trading and the tools named in the curriculum.

Instructors

Instructor profiles are published once each instructor has approved their profile and credentials have been verified.

Assessment

Four written projects with commentary, participation in live sessions and the capstone expiry-week paper trade.

Certification

Certification details available soon.

Frequently asked questions

Do I need to have traded F&O before joining this course?

No prior F&O trading experience is needed. Module 1 revises the F&O market structure and Module 2 builds Greeks knowledge from first principles. You should already be comfortable reading candlestick charts and understanding equity market basics, because most strategies require you to identify support and resistance on index charts. Completing the Foundation or Technical Analysis course first is strongly recommended.

Is this course relevant for stock options, not just Nifty and Bank Nifty?

Yes. The Greeks, volatility analysis and strategy mechanics apply equally to stock options. Index options are used as the primary teaching instruments because of their liquidity and weekly expiry structure; applying the mechanics to liquid stock options mainly requires accounting for lower liquidity and wider spreads.

Can I combine this course with Algorithmic Trading with Python?

Yes — the two courses complement each other. This course gives you the strategy knowledge (what to trade, when and why); the Python course gives you the tools to back-test and automate it. We recommend taking them in sequence: understand the manual strategy first, then automate it.

Fees and enrolment

Ask about fees, batch dates, format or whether the course fits your experience. The Academy will reply by email.