Signal on the option's own chart · SELL · loser · taken out by the trail

12 May 20234 trading days to expiry

SELL ITM4 · 18,050 CE−₹815−₹715 before ₹100 costs
Entry9:35 SELL at 204.00 — the 9:30 candle closed below its own OR lowExit215.00 — 9:50 candle closed through the SMA 5 — out at 9:55
200.0250.0300.0OR high 310.1OR low 219.2 · stop: close back aboveEntryExit9:1510:0011:0012:0013:0014:0015:0015:30
exit ruleout atwhySELL ITM4
no trail10:00back in range−₹1,153
SMA 59:55trail−₹815
SMA 1010:00back in range−₹1,153
SMA 2010:00back in range−₹1,153
half-candle10:00back in range−₹1,153
The signal, the stop and the trail are all read from this option's own candles — spot is not used. Strike fixed from spot at 9:15. Selling profits when the option falls.
Backtest data, 5-minute candles. Gold lines = 9:15–9:30 opening range; blue line = the trailing SMA. Entry at the next candle's open. A failed breakout exits at the close of the candle that fell back inside; other exits at the next open. Printed prices only. 1 lot = 65, ₹100 per trade.