IMO serious option writers allready exited thier positions before expiry and started to play thier expiry day game .only some retailers/newbies get panic....most of professional option writes are always in safe
I was tracking Oi live. I saw very high OI was there 10300PE and 25500PE. After the big downfall after 2:30 pm those OI reduced slowly so definitely some pro big option players trapped today.
Such OI was build up during the up move gradually not yesterday. Even yesterday 25500 PE oi was 969200, there was a reduction of about 44k oi so some pro writers definetely exited yesterday downfall but the percentage is less than 5% rest big number of pro also trapped.
Yesterday combined oi of there strike 25300-25400-25600 was just nearly equal to single strike oi 25500. A lot of pro options writers surely panicked after breaking of 25500, many market players was expecting 25500 as very strong support just like highest oi 26000 acted as strong resistance for few days.
@End of the day still about 1.77 Lakh oi in 25500 strikes, most of them are trapped option writers, usually retailers/newbies as u said. They usually forgot to cut loss quickly during panic.
Pro also panicked but exited quickly whenever 25500 was breaking so there was that speed of the fall, they used market orders and split orders below the support..
Actually, no one is safe in this market, pro options writers make more in aggregate but they also lose at least 2-3 day per month. When they lose they loose big like today, but in overall they make the good positive return. But when they loose big they give the opportunity to make big quick profit to option buyers, thats the market.. but such opportunities come very few days for option buyers..today was such a day.