Paperstrike: Paper Trading

Paperstrike is a paper trading app for Indian index options. You get a practice account with 25 lakh of practice money and trade NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY and NIFTY NEXT 50 options on real strikes and real expiries. No real money moves, ever.

It is for anyone who wants to understand how options trading actually works before putting real money into it: what a lot costs, what a short position blocks, how charges eat a small trade, and what a spread does when the market moves against it.

WHAT YOU CAN DO

Option chain
- Every strike for the chosen expiry, with price, open interest and IV a tap apart
- Tap B or S on any traded strike to open the order ticket
- Basket mode: pick several legs off the chain and place them together as one order
- A watchlist for the strikes you keep coming back to

Order ticket
- Shows the estimated charges before you place, added up from brokerage, STT, exchange and SEBI fees, stamp duty and GST
- Shows the margin a short position blocks and the premium a long one pays
- Intraday or positional
- Refuses an order it cannot fill honestly, and says exactly why

Positions
- Open and closed positions with P&L marked against the same chain you traded from
- Intraday positions are squared off at the day's close and positional ones at expiry, at the last price the app recorded that day
- Positions, the portfolio overview and order confirmations carry a diagonal "Paperstrike - Practice" watermark, so a screenshot says what it is

Strategy builder
- Over thirty named strategies, from Long Call to Iron Condor and Jade Lizard
- Payoff chart at expiry, break-evens, maximum profit and maximum loss
- Greeks for the position as a whole

Journal and report
- Write up any closed trade: what happened, why you took it, and tags such as followed-plan or revenge-trade
- Monthly report: net result, best and worst day, drawdown, and trades, win rate and net result by tag
- The report says what happened. It never says what to do next.

Learn
- Five short lessons: what a call option is, CE and PE in one page, the Greeks without the calculus, how charges eat returns, and why paper trading differs from real trading

Crypto practice
- A separate tab for crypto perpetual futures and options
- Its own practice wallet of 10,000 practice dollars, with its own positions and charges
- Kept fully apart from the Indian market. The two are never added together.

Important

- This is a practice app. No real money moves. Nothing you do here buys or sells anything on any exchange.
- Paperstrike is not registered with SEBI as a research analyst or investment adviser, and is not a broker. Nothing in the app is investment advice, a recommendation, a signal or a prediction.
- Prices are delayed exchange data. Fills, charges and margin follow the app's own model of how a broker behaves and will differ from a real account.
- Paperstrike is not part of, endorsed by, or affiliated with any exchange or broker. The crypto tab carries a referral link to a crypto exchange: if you open a real account through it, Paperstrike earns a commission. Nothing you have traded in Paperstrike goes with you.
- The app is free and shows ads.
- There is no account and no Paperstrike server. Your trades, journal and settings are stored on your phone.
- Trading in derivatives carries a substantial risk of loss. Results in a practice account do not predict results with real money.

Recent changes:
Strategies and baskets now work on far expiries. A contract that has not traded today but is still being quoted is priced at its live quote, so the payoff chart and the order ticket work on next month's expiry instead of refusing.

Positions: after you close everything, the Open tab still shows today's result rather than emptying.

A basket whose legs expire on different dates now says why it cannot draw one payoff curve, instead of leaving a blank.