One doubt about chart, pls help

#1
I trade in banknifty index. Suppose I have to buy 25000CE @57, I study the Banknifty Index Chart for support and resistance. But, Can I study the 25000 STRIKE price chart instead?? That way I can directly work on PRICE 57, sl Trgt etc, does it work that way or I am totally misunderstanding the Technical part? Please share your valuable thoughts, regards
 
#2
If you are not using indicators an need only current day chart and to a little extent previous day chart thn u can use directly option charts for trading
 
#3
You are misunderstanding. Options get affected by greeks and the underlying index or stock.

By applying technical analysis on Option charts what you are generally accounting for is only Delta (sensitivity to the underlying) whereas other components are equally important and may be more important for few strikes than others.

Option prices will have a natural negative slope due to the fact of Theta decay (as time passes by the premium of options will keep eroding). This will lead to supports getting breached more often despite the underlying staying firm.
The theta can affect the option prices significantly in even a short trading span of as low as 2 days. The closer the options are to expiry the more acceleration is evident in theta decay.

In the last week of expiry, options lose their premiums as high as 60% to the theta decay.

Increased Whipsaws:
The component of Vega (i.e. volatility/uncertainty) in option prices leads to large shadows in option prices which may often breach concepts like Moving averages/Trendlines etc.
This movement may not necessarily come from the underlying movement and due to increased uncertainty at times volatility spikes can drift the option prices higher which again cool off once uncertainty is less.

So instead stick to spot for technical analysis for now and use IV for options to analyse costliness.
 

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