Ready-to-run Python examples for common Nifty 50 options strategies using the Upstox Python SDK.
Each script finds the required option legs via InstrumentsApi.search_instrument() and places market orders via OrderApiV3.place_order(). Replace ACCESS_TOKEN with your token before running.
Note: All strategies default to Nifty 50 but work with any index. To switch, change the
queryargument insearch_instrument()— for example, use"Nifty Bank"for Bank Nifty,"Nifty Fin Service"for FinNifty, or"SENSEX"for BSE Sensex.
Strategies that profit when the market moves up. Use these when you expect Nifty 50 to rise.
| Strategy | Description |
|---|---|
| Buy Call | Simplest bullish bet — buy an ATM call, profit increases as market rises. |
| Sell Put | Collect premium by selling an ATM put — profitable if market stays flat or rises. |
| Bull Call Spread | Buy ATM call, sell OTM call to reduce cost — capped profit, capped loss. |
| Bull Put Spread | Sell ATM put, buy lower OTM put — profit from premium if market stays above short strike. |
| Bull Butterfly | Buy ATM call, sell 2× ATM+1 call, buy ATM+2 call — low cost, peak profit at middle strike. |
| Bull Condor | Buy ATM call, sell ATM+1 and ATM+2, buy ATM+3 — wider profit zone than butterfly at slightly higher cost. |
| Long Calendar with Calls | Sell current-week ATM call, buy next-week ATM call — profits from near-term time decay then upside. |
| Long Synthetic Future | Buy ATM call, sell ATM put — replicates a long futures payoff using options. |
| Call Ratio Back Spread | Sell ATM call, buy 2× OTM call — low-cost entry, profits accelerate on a large rally. |
| Range Forward | Sell OTM put, buy OTM call — near-zero cost bullish position, unlimited risk on both sides. |
Strategies that profit when the market moves down. Use these when you expect Nifty 50 to fall.
| Strategy | Description |
|---|---|
| Buy Put | Simplest bearish bet — buy an ATM put, profit increases as market falls. |
| Sell Call | Collect premium by selling an ATM call — profitable if market stays flat or falls. |
| Bear Call Spread | Sell ATM call, buy higher OTM call to cap risk — profit from premium if market stays below short strike. |
| Bear Put Spread | Buy ATM put, sell lower OTM put to reduce cost — capped profit, capped loss. |
| Bear Butterfly | Buy ATM put, sell 2× ATM-1 put, buy ATM-2 put — low cost, peak profit at middle strike. |
| Bear Condor | Buy ATM put, sell ATM-1 and ATM-2, buy ATM-3 — wider profit zone than butterfly at slightly higher cost. |
| Long Calendar with Puts | Sell current-week ATM put, buy next-week ATM put — profits from near-term time decay then downside. |
| Short Synthetic Future | Sell ATM call, buy ATM put — replicates a short futures payoff using options. |
| Put Ratio Back Spread | Sell ATM put, buy 2× OTM put — low-cost entry, profits accelerate on a large fall. |
| Risk Reversal | Sell OTM call, buy OTM put — near-zero cost bearish position, unlimited risk on both sides. |
Strategies that profit when the market moves sideways or stays range-bound. Use these when you expect low volatility.
| Strategy | Description |
|---|---|
| Short Straddle | Sell ATM call and ATM put at the same strike — maximum premium collected, profits if market barely moves. |
| Short Strangle | Sell OTM call and OTM put — wider breakeven range than straddle, lower premium collected. |
| Iron Butterfly | Sell ATM call and put, buy OTM call and put as wings — limited risk version of short straddle. |
| Short Iron Condor | Sell OTM call and put, buy further OTM wings — wider range than iron butterfly, fully capped risk. |
| Batman | Double butterfly (call + put side) — profits in a narrow range, defined risk on both sides. |
Strategies that combine directional and volatility views, or are primarily volatility plays regardless of market direction.
| Strategy | Description |
|---|---|
| Call Ratio Spread | Buy ATM call, sell 2× OTM call — near-zero cost, profits at short strike, unlimited upside risk. |
| Put Ratio Spread | Buy ATM put, sell 2× OTM put — near-zero cost, profits at short strike, large downside risk. |
| Long Straddle | Buy ATM call and ATM put — profits from a big move in either direction. |
| Long Strangle | Buy OTM call and OTM put — cheaper than straddle, needs a larger move to profit. |
| Long Iron Butterfly | Buy ATM call and put, sell OTM wings — defined-risk volatility play, profits outside the short strikes. |
| Long Iron Condor | Buy OTM call and put, sell further OTM wings — cheaper breakout play with fully capped risk. |
| Strip | Buy ATM call and 2× ATM put — volatility play with bearish tilt, downside pays twice. |
| Strap | Buy 2× ATM call and ATM put — volatility play with bullish tilt, upside pays twice. |