Description
NSE revises the minimum number of strikes for Silver Options on Goods (OPTBLN) from 51 CE/PE to 201 CE/PE, effective May 25, 2026 for June 2026 contracts and onwards.
Summary
NSE’s Commodity Derivatives department has revised the Minimum Number of Strikes for Silver Options on Goods (Symbol: SILVER, Instrument: OPTBLN). The revision significantly expands the strike range from 51 CE/51 PE to 201 CE/201 PE, effective May 25, 2026, applicable from June 2026 contracts onwards. The change aims to align strike coverage with current Silver price levels and volatility.
Key Points
- Symbol affected: SILVER (Options on Goods / OPTBLN)
- Minimum strikes revised from 25 ITM + 25 OTM + 1 NTM (51 CE and 51 PE) to 100 ITM + 100 OTM + 1 NTM (201 CE and 201 PE)
- Exchange retains discretion to introduce additional strikes beyond the revised minimum
- Effective date: May 25, 2026
- Applicable for June 2026 expiry contracts and all subsequent contracts
- Circular issued under reference NSE/COM/74161, Circular Ref. No. 28/2026
Regulatory Changes
The Minimum Number of Strikes parameter for Silver Options on Goods contracts has been officially modified:
| Parameter | Existing | Revised |
|---|---|---|
| In-the-money strikes | 25 | 100 |
| Out-of-the-money strikes | 25 | 100 |
| Near-the-money strikes | 1 | 1 |
| Total CE | 51 | 201 |
| Total PE | 51 | 201 |
Compliance Requirements
- Members trading in Silver Options on Goods must note the expanded strike range effective May 25, 2026
- No specific action required from members; the change is implemented by the Exchange
- Members should update their trading systems and risk models to accommodate the increased number of available strikes (201 CE and 201 PE)
- For queries, members may contact NSE at msm@nse.co.in or call Toll Free No. 1800-266-0050 (Option 1)
Important Dates
- May 12, 2026: Circular issued
- May 25, 2026: Revision in Minimum Number of Strikes becomes effective
- June 2026 contracts: First contracts to reflect the revised strike structure (and all subsequent contracts)
Impact Assessment
This change meaningfully enhances the depth and flexibility of the Silver options market on NSE. By expanding the minimum strike count nearly four-fold (from 51 to 201 strikes on each side), the Exchange ensures better coverage across a wider price range, which is particularly relevant given Silver’s price volatility. The revision benefits options traders, hedgers, and market makers by providing a more granular and comprehensive strike ladder for expressing directional views or hedging positions. Risk management systems and algorithmic strategies involving Silver options will need to account for the increased number of available strikes. The change does not alter margin requirements, lot sizes, or settlement procedures.
Impact Justification
This is a structural change to Silver Options contracts expanding strike coverage from 51 to 201 strikes per side, improving market depth and trading flexibility for commodity derivatives participants. It does not alter trading rules or compliance obligations but has meaningful operational impact for options traders and market makers.