Three days off the screen. The 76750 PE wing under Thursday's short straddle paid 492 points intrinsic at the intraday low and expired worthless at close. The straddle writer kept 210 points net premium and walked through the Hormuz tail without forced cover. That is the wing-paid mechanic.

Asia came in hot Monday. KOSPI plus 3.93. Taiwan plus 4.02. Hang Seng plus 1.58. Brent backed off the Hormuz peak from 121 to 108 on Iran peace talks. Branch trigger of Brent above 125 by Monday EOD: unfired.

Tuesday is Nifty weekly expiry. Pin thesis lives. IV at 15.29 percent is the cheapest front weekly of season two. Pro index futures plus 142365 deepened long. FII covering grind continues from peak short minus 288354 to current minus 171608. Client max bullish trapped on short puts.

Stream the show live on  ...