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Practice free exam-style questions for Equity Derivatives Certification Examination.
A trader sells a futures contract at ₹1,200. The next day, the settlement price is ₹1,180. The MTM settlement will result in:
A call option with strike ₹600 is trading at ₹35 when spot is ₹620. This option is:
The "final settlement price" for a stock futures contract on NSE is based on:
A client has a short position in 1 ITM call option (lot size 2,000) with strike ₹50. Stock closes at ₹65 on expiry. What is the client's obligation?
A trader buys a put option with delta -0.4. To delta-hedge, the trader should:
A stock's beta is 0.3. The market rises by 10%. The expected return on the stock is:
A put option has a theta of -1.5. This means the option:
A trader buys a call option with delta 0.4. If the underlying rises by ₹8, the option premium will approximately:
A deep out-of-the-money call option has a delta closest to:
A trader sells a call option with strike ₹400 for a premium of ₹15. The maximum profit on this position is:
A stock is trading at ₹2,500. The 1-month futures contract is at ₹2,525. Risk-free rate is 9% p.a. (continuous compounding). What is the fair futures price, and is there arbitrage?
In the cash-and-carry arbitrage from Q11, what is the arbitrage profit per unit (before transaction costs)?
A trader creates a bear call spread: short call strike ₹800 (premium ₹40), long call strike ₹850 (premium ₹15). What is the net premium received?
For the bear call spread in Q13, what is the maximum loss?
A portfolio has a beta of 0.7 and value ₹15 crore. Index futures price is 18,000, lot size 75. How many futures contracts to short for hedging?
A client has a long position in 1 futures contract (lot size 2,500) at ₹200. The final settlement price is ₹190. What is the profit/loss?
A trader buys a strangle: put strike ₹7,000 (premium ₹45), call strike ₹13,000 (premium ₹35). The total premium paid is:
For the strangle in Q17, the lower break-even point is:
For the same strangle, the upper break-even point is:
A trader buys a call option with delta 0.65 and gamma 0.03. If the underlying rises by ₹6, what is the new delta?
A trader has a short put option with delta +0.35 and gamma 0.025. If the underlying falls by ₹5, what is the new delta?
A stock has a free float of 8 crore shares. MWPL is 20%. Open interest in futures is 1.3 crore shares and options notional is 0.4 crore shares. Is the stock in ban period?
A client has a long position in 3 ITM put options (lot size 500) with strike ₹100. Stock closes at ₹85 on expiry. What is the client's obligation?
A trader has a portfolio with delta +700 and gamma +140. An option has delta 0.6 and gamma 0.07. How many options to sell to achieve gamma neutrality?
After selling 2,000 options in Q24, what is the new portfolio delta?
A stock undergoes a 3:1 stock split. The old futures lot size was 600. What is the new lot size?
After the split in Q26, the old strike price was ₹450. What is the new strike price?
A company announces a bonus issue of 2:1 (2 new shares for every 1 held). The adjustment factor for futures is:
After the bonus issue in Q28, if the old lot size was 400 and old strike was ₹600, what are the new values?
A trader has a long put option with theta -2.0. After 3 days, the approximate change in option premium (all else equal) is:
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