Option Wizard on Tick2Trade: Build and Analyze Option Strategies in Seconds

Most options traders start with a strike, not a view. They pick a premium that looks cheap and only later ask what has to happen for it to make money. Option Wizard flips that around. You tell it what you expect the underlying to do, and it searches the live option chain for strategies that profit if your view plays out, then ranks them so you can compare before you commit a single rupee.

What is Option Wizard?

Option Wizard is a strategy finder built into Tick2Trade. Instead of building spreads leg by leg, you describe your market view in plain terms, set how far and how fast you expect the move to happen, and the wizard returns a ranked list of ready-made strategies on NIFTY, BANKNIFTY, SENSEX or any F&O stock.

Step 1: Choose your view

The wizard starts with one question: what is your view on the underlying? You pick one of six projections:

• Will go up – you expect a move higher.
• Will go down – you expect a move lower.
• Will stay in a range – you expect price to hold between two levels.
• Will break out of a range – you expect a big move, but are not sure which way.
• Volatility will go up – you expect implied volatility to rise.
• Volatility will go down – you expect implied volatility to fall.

Separating direction from volatility is important. Many traders are right about direction and still lose money because IV collapsed after an event. The wizard lets you trade the view you actually hold.

Step 2: Set targets and timing

Next, you tell the wizard how far you expect the underlying to move and by when. A view of "NIFTY up 150 points by Thursday's expiry" produces very different strategies from "NIFTY up 400 points over the next month". Short, sharp moves favour near-expiry debit structures; slower moves often suit spreads that reduce time decay.

Step 3: Compare ranked strategies

The wizard scans the option chain and ranks matching strategies. By default they are sorted by probability of profit, but you can re-sort by:

• Expected value – the average outcome weighted by probability.
• Max gain – the best-case payoff.
• Alpha – the edge relative to fair value.
• Price – the capital or premium required.
• Aggressiveness – how leveraged the position is to your view.

There is no single "best" sort. A conservative trader might choose a high probability-of-profit credit spread, while an aggressive trader might prefer a cheaper debit spread with a larger max gain.

Step 4: Open it in Strategy Builder

Once a strategy looks right, open it in Strategy Builder with one click. There you can view the payoff chart, check the Greeks, adjust strikes and run what-if scenarios on spot, IV and days to expiry before placing the trade.

Example: a range-bound view on NIFTY

Suppose NIFTY has been stuck between two levels for a week and you expect that to continue until expiry. Choose Price will stay in a range, enter your range and expiry, and the wizard will typically surface strategies such as iron condors, short strangles with hedges and iron butterflies. Sort by probability of profit, compare the max loss of each, and pick the one that fits your risk limits.

Tips for using Option Wizard well

• Be specific about your target. A vague view produces vague results.
• Always check max loss. High probability of profit often comes with a larger potential loss.
• Watch liquidity. Prefer strikes with healthy open interest and tight bid-ask spreads.
• Mind events. Results, RBI policy and budget days can change IV sharply.

Try it on Tick2Trade

Option Wizard turns a market opinion into a shortlist of tradeable strategies in seconds. Open Option Wizard on Tick2Trade, pick your view, and compare strategies before you trade.

Disclaimer: This article is for educational purposes only and is not investment advice. Options trading involves substantial risk.