{"id":217669,"date":"2026-08-25T12:27:54","date_gmt":"2026-08-25T06:57:54","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=217669"},"modified":"2026-08-25T12:27:56","modified_gmt":"2026-08-25T06:57:56","slug":"jade-lizard-bankex","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/jade-lizard-bankex\/","title":{"rendered":"Jade Lizard Bankex: Setup, Payoff and Risk Guide"},"content":{"rendered":"
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Bankex level used in this article: Rs 59,500 (as of illustrative reference level; verify current level on BSE). Next monthly (last Thursday of the month) expiry: 27 August 2026 (Thursday). Lot size 15. Weekly options on Bankex were discontinued in November 2024 under SEBI’s one weekly index per exchange rule; only monthly contracts remain.<\/em><\/p>\n

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Quick Answer<\/strong><\/p>\n

The jade lizard Bankex combines a short out of the money put with a bear call spread (a short call and a further out of the money long call), all on the same expiry. With Bankex at Rs 59,500, the jade lizard Bankex is designed so that the total credit collected is greater than or equal to the width of the call spread, which removes upside risk entirely: the position cannot lose money if the index rises, regardless of how far. The trade off is that the short put retains undefined downside risk, similar to a naked short put, making the jade lizard Bankex a directionally asymmetric strategy that profits from a stable to moderately bullish index.<\/p>\n<\/div>\n

The defining feature of the this strategy is its no upside risk design. By collecting a total credit that meets or exceeds the call spread width, the position sacrifices upside profit potential above the credit already collected in exchange for eliminating the possibility of a loss if the index rallies. This distinguishes the jade lizard Bankex from a simple short strangle or iron condor, both of which carry two sided risk.<\/p>\n

The the position is generally considered a premium collection strategy suited to a neutral to mildly bullish outlook, since it explicitly removes concern about the index rising while retaining exposure to a significant decline, similar to selling a naked put.<\/p>\n

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