One hundred episodes. One hundred trading mornings of reading the actual exchange data, taking a view on record, and grading it in public the next day. And for the milestone, the market arranged a proper exam: a weekly expiry with the entire options board squeezed into one 100 point box.

The board, from official settlement data: 24,500 now holds a 112 lakh contract put fortress, 39 lakh added in a single session, the biggest wall on the board. 24,600 carries 146 lakh calls AND 109 lakh puts, both armies on the same strike, with max pain sitting there for the third straight day. On Monday put writers added 2 crore contracts against just 10 lakh fresh calls, lifting the put call ratio from 0.73 to 0.85. Above the box: 109 lakh calls at 24,700, 118 lakh at 24,900, 129 lakh at 25,000.

The special segment: a volatility masterclass in three ...