Intraday Batman ratio
The Batman is two ratio spreads put together. At 10:00 the strategy buys one lot each of the NIFTY at-the-money call and put, then sells three lots of the call three strikes higher and three lots of the put three strikes lower. The payoff chart has two peaks at the short strikes, which gives the strategy its name. The whole position is managed on its rupee profit or loss and closed the same day.How it trades
Results
PRE-BUILT · DEFAULTSWhere it made and lost money
Because the position is net short four options per lot, it behaved like an option sell. Quiet sessions with a range under 0.75% made ₹1,01,726 over 108 trades with an 82% win rate, as the extra short options decayed. Choppy days lost ₹38,911 over 66 trades and trend days ₹13,658 over 70, as wider swings pushed towards or through a short strike and tripped the ₹3,000 stop. Weekly expiry days, when decay is fastest, made ₹36,142 over 51 trades. Calm VIX below 11.5 lost ₹2,676 over 66, as premiums were too thin. Figures are before costs.
About this strategy
- At 10:00, after the opening move has settled, pick the nearest NIFTY weekly expiry and find the ATM strike.
- Buy one lot of the ATM call and one lot of the ATM put.
- Sell three lots of the call three strikes above ATM and three lots of the put three strikes below.
- Close everything if the combined position loses ₹3,000 per base lot.
- Once open profit reaches ₹2,000 per base lot, set a floor at half the best profit seen; the floor rises with each new high and the trade closes if profit falls back to it.
- Square off anything still open at 15:15. One trade a day, no re-entry.
Why traders use it
The Batman lets a trader earn from time decay without a pure short straddle. The bought ATM options gain if NIFTY drifts in either direction towards a short strike, while the extra short options pay for them and decay through the day. On a typical session with a moderate move, the position profits from both effects. The rupee-based stop and profit lock make the trade easy to manage as a single number rather than leg by leg.
The year in plain words
With default settings on NIFTY from 1 Oct 2025 to 30 Sep 2026, the Batman traded 246 days, won 68% and made ₹51,217 before costs, a profit factor of 1.24. The profit lock closed 93 trades, 89 ran to 15:15 and 64 hit the ₹3,000 stop. November (₹24,292) and September (₹12,752) were the best months. Each trade has four legs and eight orders, and once ₹20 per order and bid-ask slippage are charged the year becomes a ₹10,531 loss with a ₹42,259 drawdown. The edge before costs was smaller than the cost of trading eight legs a day.
What the settings do
Risks
- The position is net short four options per base lot, so a large move beyond a short strike can lose fast and fills on the stop can be worse than ₹3,000.
- Eight orders a day make the strategy very sensitive to brokerage and bid-ask spreads.
- Average losses (₹2,769) were well above average wins (₹1,591), so the high win rate is essential.
- Selling three lots per side needs considerably more margin than the single long lot suggests.
Who it suits
Experienced intraday option traders who understand ratio spreads, have margin for multiple short lots, can automate a rupee-based stop and profit lock, and will judge results after costs rather than before.
Questions traders ask
What is the Batman option strategy?
It combines a call ratio spread and a put ratio spread: buy the ATM call and put, sell more calls above and more puts below. The payoff graph has two peaks at the short strikes, resembling a bat's ears, which is where the name comes from.
Is the Batman strategy profitable on NIFTY?
From 1 Oct 2025 to 30 Sep 2026 the intraday version made ₹51,217 before costs but lost ₹10,531 after ₹20 per order and bid-ask slippage, statutory charges excluded. Eight orders a day ate the margin of profit. Past results do not guarantee future ones.
What is the maximum loss of a 1x3 Batman?
Beyond the far breakevens on either side, the extra short options are uncovered, so the loss is not capped by the structure. This strategy relies on its ₹3,000 per base lot stop, which can slip on fast moves.
How does the profit lock work?
Once the open profit reaches ₹2,000 per base lot, half of the best profit seen becomes a floor. If profit climbs further the floor rises with it, and if profit falls back to the floor the position is closed.