1. #Banknifty Strategy : Here, I have created a weekly strategy which is high on time decay and has negative vega. Given vega has been falling off significantly in the past few days. Hoping the trend to continue. Bias is positive in weekly. 
2. As the market rallied hard last week and used last hours of Thursday and whole of Friday to consolidate without giving up crucial zone of 21800 completely,there is a good likelihood of it attempting the recent highs again in the coming week.Thats an assumption I am working on.
3. Hence the weekly has a positive delta. However, if the rally has to resume, the fall in volatility/Vega may continue. Thats why it makes more sense to write more, buy less. Hence theta is positive. Gamma would need to be tackled if there is a fresh breakout of sorts.
4. Now, to partially hedge my weekly setup, just in case things don't go as per expectations, my Monthly strategy has a negative delta, but with wide breakeven points and high theta decay.
5. Finally for the #OptionGreeks of the two strategies: Delta for the monthly strategy is higher than the weekly for a specific purpose. If market falls, there is higher chance that volatility would also shoot up.
6. Given both strategies are negative vega, rise in volatility would pinch a lot. Hence, additional -ve delta in longer term expiry to get a little cushion if more than expected downmove happens. That should provide precious time to put in required adjustments to the strategies.
7. If any sharp upmove happens, then -ve gamma would accelerate my -ve delta in Monthly, while reducing my +ve delta in Weekly,which would expose me to any further acceleration in rally.However, that would mostly be accompanied by further drop in vega and thus some greek cushion.
8. Best case scenario for my position is consolidation or slight positive bias in the next week for #Banknifty. For any other case, I would be ready with my adjustments to protect my P&L. #OptionsTrading
9. And finally, thankyou @Definedge for creating such a wonderful website. Whoever is reading this, believe me they have more free and relevant resources than what we get by paying some other options analytics platform.
