May Series Day=18 Nifty=4835 (-25)
The Expiry Zone (EZ) is further moved down to (4700~5000).
Though 4 strikes are present in this zone ,only 4700,4800 and 4900
are significant as 5000 strike has barely price=10.25.
In both CALL and PUT windows the OI of today ,is mixed, but 4800CE at 1M
and 4700PE at 1.5M are quite noteworthy ,indicating further downside of
the Index.
In this series we have 8 UP days and 11 DOWN days:
UUUDDDUDDDDDUDUUUDD
(After considering Previous Expiry day at the beginning)
THETA (time decay):
The option's theta is a measurement of the option's time decay.
The theta measures the rate at which options lose their value,
specifically the time value, as the expiration date draws nearer.
Generally expressed as a negative number, the theta of an option
reflects the amount by which the option's value will decrease every day.
(courtesy:theoptionguide.com)