Hey all,

I have been trading options for a few days now. I initially started by taking advantage of the strong rally in Indian markets, mostly buying far OTM call options.

Based on yesterday's session, I observed repeated rejections around 25K, so I decided to buy a far OTM put at the 23K strike.

I know it's unlikely that NIFTY will reach 23K, but since the market is moving in that direction, shouldn't the premium increase to some extent? I've observed this happening with far OTM call buys when the market moves upwards.

Now, NIFTY is slightly down (around 0.2–0.4%), but I don't see my put option premium increasing much.

However, when NIFTY moves slightly up by a similar percentage, I've generally observed that far OTM call premiums tend to increase slightly or at least remain relatively stable.

I understand how delta works and that calls and puts have opposite directions So why is this happening?

If both options are far OTM and have similar delta magnitudes (but opposite signs), shouldn't their…