Ha ha ...
...just remember not to trade on expiry day....
Stop at 16.5/- ......, Sudden rise up to 25/- but immediately falling....! Ultimately CAPITAL LOSS (Including Higher STT warning from ZERODHA)...!
Moral for me:- AVOID Week end market...!
Closed my Terminal
We have to always Learn from the market. Most of the time in the last 4 days of expiry the Credit Spreads should give you profit. While I am saying this in Retrospective, I also took 5900PE @ 20 today and closed with a Loss of 4 points.
Just from continuous learning perspective, My observation of the last 5 days of expiry is as follows.
See if the Friday before the Expiry if there is a BIG Move and goes near the MAX Pain - If yes Buy the Credit Spread. Like for this month the MAX OI on Last Friday (5700-6000 Pair) was around 36 and today it closed at Zero.
If Friday there is no BIG move, then you can expect the BIG move on Monday and you take the Credit Spread on Monday EOD.
For example for this month, Last Thursday and Friday were BIG moves. On Friday the MAX Pain was at 5900 and so If somebody had taken CREDIT (SOLD) spread of 5900PE-5900CE then it would have given a profit of around 150 points. Or if somebody taken 5700-6000 Pair at 40 it would have given 40 points.
Let us try to remember this for the OCT-13 expiry.
Others who want to try this can backtest it for the past months.