Batman Strategy – Complex Range Play with Sharp Risk

Batman is a neutral strategy where slightly OTM Calls and Puts are bought, and further OTM options are sold on both sides, creating a wide range payoff structure. When to use: Use this strategy when the market is expected to stay near a specific price with no major directional breakout. Historic Example: By end of June 2023,

was expected to stay near ₹990 for July 2023 expiry. • Buy 1010 Call @ ₹20 (1 lot) • Sell 1020 Call @ ₹15 (2 lots) • Buy 970 Put @ ₹15 (1 lot) • Sell 960 Put @ ₹12 (2 lots) Net premium received = ₹19 Profit & Risk: Higher Breakeven = ₹1050 Lower Breakeven = ₹930 Max Loss = Unlimited if price moves sharply beyond range Key takeaway: Batman works only in stable markets; complexity and unlimited risk demand strict monitoring. 📌 Disclaimer: This content is for information only and not investment advice. Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered advisor before making any investment decisions.