Why Upstox is better than Zerodha for Weekly Index Option Sellers?
You can find a detailed comparison here with Zerodha and Alice Blue.
Also, 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.
The Inbuilt Alert System
Alert – Alert is a pretty necessity for positional BankNIFTY option sellers as traders don’t want to look at the market unless the break even 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.
In the Left side, You can see how to set the alert in the Youtube Video.
Why not Zerodha:
Alert – Zerodha charges for setting alert.
LTP Percentage Issue – Order Rejection:RMS:Rule: Option Strike price based on LTP percentage
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.
Weekly options being the most actively traded instrument by lots of traders ensures the limit hit very fast in Zerodha due to its high number of clients. So, it dynamically limits the strikes in which positions can be taken based on the LTP of the spot.
So, You can not even trade near OTM Options when You need the most, like – In a volatile day, You can not hedge using OTM options.
It also blocks near OTM options of near expiry cycle of same strike price. So, One leg of Calendar spread or Time butterfly spread will not execute at all!