Unofficed is sub-broker of Upstox. To register in through our sub brokership of Upstox, please follow this link. Make sure the Referral ID as 103436.
The account opening is completely free for Unofficed members. We do options only. So, there is no need for POA (You need to send a document to the broker to give them Power of Attorney in case you want to trade shares).
It will take 1-hour max to open. If you have any trouble contact +91 851 088 6888 (Shezin) in WhatsApp quoting You’re from Unofficed.
You will get access to
- Archimedes System – Trade setups by our scanner based on Bounce theory and Option Chain.
- Theta System – Trade setups by our scanner based on Option Greeks for expiry trading.
- Sessions – A step by step guide towards BankNIFTY Weekly Options Selling. Trading blind is dangerous. All the materials on the Internet are also designed for US Markets. We’ve tailored it custom.
If you’ve signed up for Upstox through us, type your Upstox ID in #general in Theta Channel (Its a community of like-minded bank nifty weekly options traders.) and wait 24 hours. You will be able to access the channel #archimedes where trade setups by the scanner are shared which can be traded with a margin of 30,000 INR.
We recommend Upstox for our theta program i.e. BankNIFTY Weekly Options as well as all options trading.
Powerful Context Menu – Unofficed as a community voiced for many serious issues on trading platforms. As a result of this campaign, Upstox has added many interesting features like Sell more, Reverse Positions, Exit all in the context menu which is quite beneficial for BankNIFTY options traders.
Intraday Leverage – Upstox provides extra leverage over BankNIFTY options traders in expiry days for intraday.
LTP Percentage Issue – There is no rejection with OTM options.
Alert – Alert is a pretty necessity for positional BankNIFTY option sellers as traders don’t want to look at the market unless the breakeven is breached.
You can set an alert in an index. You can also set an alert on the options/stocks/futures prices which will send you an email when conditions are met! It’s free. Here is how to set the alert –
Why not Zerodha:
Alert – Zerodha charges for setting alert.
LTP Percentage Issue – Order Rejection:RMS:Rule: Option Strike price based on LTP percentage
Zerodha has a high number of active clients compared to other brokers being the leader of the disruptive segment of discount brokers.
Now, the position of a trading member (Brokers are called Trading Members.) in index options contracts is limited to the higher of 500Cr or 15% of the Total Open Interest (OI) in the market. This limit would be applicable on open positions in all option contracts on a particular underlying index. You can read the NSE circular here.
BankNIFTY Weekly options being the most actively traded instrument by lots of traders ensures the limit hit very fast in Zerodha. So, Zerodha dynamically limits the strikes in which positions can be taken based on the LTP of BankNIFTY spot.
So, Zerodha is not good for options trading at all, especially for deep OTM options traders.
Why not Angel Broking:
Brokerage – BankNIFTY weekly options has high brokerage compared to the others.
But, for people having good number of shares or mutual funds lying around, We recommend Angel Broking! One gets immediate margin without paying for anything for pledging and it is instant. So, you can sell the pledged stocks in an instant as well.