Straddle/Strangle chart lets you track how the combined premium of custom Straddle or Strangle strategies changes over time for a selected underlying and expiry.

Unlike Auto ATM Straddle, you can manually pick strikes, compare multiple strategies on the same chart, and optionally place a Buy/Sell (B/S) order for a selected strategy from the kebab menu (⋮).

What is Straddle/Strangle?

This is an analytics chart that plots the strategy premium (combined premium of the selected Call + Put legs) over time. You can add multiple Straddles/Strangles and compare how each strategy’s premium behaves across the same timeline.

What does the  Straddle/Strangle chart show?

The chart can plot the following on a single timeline:

• Straddle/Strangle value (Y-axis) — combined premium of selected Call + Put legs
• Underlying price
• VWAP (optional, if enabled)

Important: The Y-axis represents the Straddle/Strangle premium (strategy value), not price or IV.

How are strategies selected?

You create strategies by selecting strikes (Call and Put legs) from the Option Chain for the chosen expiry.

Examples:

• Straddle: 26000 CE + 26000 PE
• Strangle: 25800 PE + 26200 CE

Once added, the chart tracks the total premium movement of each selected strategy over time.

Steps to access Multi Straddle/Strangle

On FYERS Web

1. Go to Options
2. Select an Underlying (example: NIFTY)
3. Open Analytics
4. Under Charts, open  Straddle/Strangle
5. Select strikes from the Option Chain to add your strategy

On FYERS App

1. Open the FYERS App
2. Tap Options from the bottom menu
3. Tap Analytics
4. Under Combined charts, tap Straddle/strangle chart
5. Choose the Underlying and Expiry
6. Select the required Call (CE) and Put (PE) strikes to build your strategy

Buying or Selling a strategy (B/S)

• The Buy (B) and Sell (S) actions are available from the kebab menu (⋮) next to the selected strategy.
• Choosing B or S opens the order flow for the combined strategy.
• You can also modify the selected strategy from the same menu (where available).
• Orders are not placed automatically — confirmation is always required.

How to use Straddle/Strangle effectively

This tool is commonly used to:

• Compare premium decay across different strike combinations
• Track volatility behaviour of custom strategies
• Evaluate which straddle/strangle is losing or gaining value faster
• Decide entry/exit timing for multi-leg strategies

Practical example

• If the straddle value is steadily declining while price is range-bound, it often indicates time decay and/or volatility contraction.
• If the strangle value spikes sharply, it can indicate volatility expansion and/or a directional move.

Chart controls available

• Time period: Intraday
• Resolution: 1 min, 5 min, 15 min, 30 min, 1 hour
• Expiry: Options expiry
• Multiple strategies: Compare more than one straddle/strangle on the same chart

What if the values look unexpected?

• Check if you’re comparing different strikes than intended.
• Confirm the selected expiry matches your strategy.
• Ensure you’re reading the strategy value (premium) on the Y-axis, not the underlying price line.
• Sudden spikes/drops usually reflect volatility shifts or one leg becoming more dominant.

What If?

• What if one leg becomes dominant? The strategy value may move sharply if either the Call or Put premium changes significantly relative to the other leg.
• What if strategies are hard to compare? Make sure all strategies use the same expiry and are created intentionally with the strike combinations you want to evaluate.
• What if you can’t place B/S from the menu? The B/S option may depend on the specific view, strategy state, or availability in that build. Use the Option Chain to place trades if the menu action is unavailable.

Important points to note

• The Y-axis always shows the Straddle/Strangle premium.
• Strike selection directly impacts strategy behaviour.
• Strategy value can jump when market conditions shift or one leg becomes dominant.
• Best used along with IV, OI, and price analytics.