Option Strategy Replay
Replay any multi-leg position minute by minute over a real session — after real costs.
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Replay any multi-leg position minute by minute over a real session — after real costs.
Pick a structure above, or add legs manually.
Build a multi-leg position on NIFTY, BankNifty, FinNifty or MidcpNifty, pick a past session, and replay it minute by minute against the premiums those exact contracts actually traded at. You get the combined premium curve plotted against spot, per-leg entry and exit fills, the full statutory cost of the round trip, expiry breakevens, and the worst point the position reached along the way.
Six structures are one click away — short straddle, short strangle, long straddle, bull call spread, bear put spread and iron condor — or build your own from up to four legs.
It replays a specific multi-leg option position — a straddle, strangle, spread or condor — against the actual minute-by-minute premiums those exact contracts traded at during a real session. Unlike an equity backtest, which only needs the stock price, this needs the premium series for every individual strike in the position, because an option's value moves on time decay and implied volatility as well as on direction.
NIFTY, BankNifty, FinNifty and MidcpNifty, on any currently listed expiry. Contracts that have already expired are not available: they are removed from the exchange instrument master once settled, and retrieving them requires a paid data subscription. In practice this means you can replay any session from the current contract cycle.
Because a round trip is charged. Each leg pays brokerage on entry and exit, STT at 0.1% on the sell side of the premium, exchange transaction charges, SEBI turnover fees, stamp duty on the buy side and GST on the service components — plus an allowance for slippage, since a market order crosses the spread. A four-leg condor pays eight brokerage charges, which is why the cost line grows faster with legs than with size.
It is the worst unrealised loss the position showed at any point during the session, and the time it happened. It matters because a closing profit tells you nothing about the path taken to reach it. A short straddle that finishes up ₹2,000 but was down ₹1,300 mid-morning is a very different trade from one that never went negative — the first would have triggered most stop-losses long before the profit arrived.
By solving the position's expiry payoff numerically across a wide band of spot prices and recording where it crosses zero. A basket of arbitrary legs has no single closed-form breakeven formula, but its expiry payoff is piecewise-linear in spot, so scanning finds every crossing — which is why this works for condors and butterflies as well as simple straddles.
No. Replaying one session shows what happened on that day, not what happens on average, and options strategies are especially prone to this illusion — a short straddle wins on most quiet days and gives it all back on one violent one. Replay many sessions, including the days the index gapped, before drawing any conclusion. This is a research tool, not investment advice.
Backtested results are hypothetical, assume fills at traded prices, and do not represent actual trading. Past performance does not indicate future results. Options carry a risk of substantial loss, and short option positions carry theoretically unlimited risk. MarketsEasy is not a SEBI-registered investment adviser; this tool is for research and education only.