[Theta] BankNIFTY Batman Strategy

Shared in here first

To construct -

Buy 1 lot ATM Straddle -

Buy BankNIFTY 41300 PE @254.55 - 1 Lot
Buy BankNIFTY 41300 CE @303.65 - 1 Lot

Sell 2 lot OTM Strangle -

Sell BankNIFTY 41100 PE @172.4 - 2 Lots
Sell BankNIFTY 41500 CE @203.05 - 2 Lots

Buy 1 lot Deep OTM Strangle -

Buy BankNIFTY 40900 PE @115.25 - 1 Lot
Buy BankNIFTY 41700 CE @128.85 - 1 Lot

The margin needed for this trade is around 88K but You will need 1.1L in the account to execute it.

Max profit 3,889 (3.7%)
Max loss -1,111 (-1%)

The rationale for chosing this breakeven is already posted (read painted) in the chart.