Green Lines are potential levels for Monthly expiry.
Both levels are calculated plotted on the day of expiry for the next expiry.
Here green lines were calculated and plotted on 27-05-2021. And short strangle positions taken for 24-06-2021 Expiry at market close on 27-05-2021
NIFTY 24JUN2021 15900CE Sold at 74.8
NIFTY 24JUN2021 14800PE Sold at 102.55
The rightmost pair of red lines were calculated and plotted on 17-06-2021. Short strangle positions taken for 24-06-2021 Expiry at market close on 17-06-2021.
NIFTY 24JUN2021 15950CE Sold at 26.55
NIFTY 24JUN2021 15450PE Sold at 49.25
Firefighting and adjustments to be done accordingly when any of the levels are breached
The market should stay within this range for a short strangle to be profitable. If the market touches these levels, then should adjust the strike prices accordingly.