Fixing Stop Loss for Nifty Options -- Calculation based on Index/ Nifty future

Consider below imaginary scenario :

Imagine Nifty Index at 9000 (Nifty Future Mar 9050 ),consider according to my strategy, it will move up another 100 points in coming days to 9100 ( Nifty Future Mar 9143 ).

As Delivery of 1 lot Nifty costs 35k, I prefer Call options as its cheap. For example, 9200CE 1 lot @ Rs.70.

Question :

If I trade on Nifty Future my stoploss 9010 (Index value SL 8960). but how can I fix stoploss for 9200CE based on Index or fut values ? Meaning stoploss like @Rs.XX ( how to arrive/calculate this XX value based on index/future ?)

Is there any method / strategy to calculate stoploss based on Index/future values…

Watching Nifty and future values continously till it hits (9010 or 8960) and exiting my 9200CE based on that - I dont prefer.

I want to calculate my SL value in options in advance.

Thank you in Advance…Hoping Good Replies !!

You can check this link to calculate the option values in advance. 

Hi,

You set your stop loss value using Black & Scholes option calculator for option trade. The B&S calculator indicate the all option greeks (Delta, Gamma, Vega, Theta) values for both the call & put option price. You calculate approximately your stop-loss through the delta value.

Thank you.

Is there an easy way around?..also, the calc given in the link is approx and not accurate…any other source pls?

Yes, I agree with Shrav

When trading in options you’ve to set the SL as per the chart of Nifty Spot or Futures.
When it is a trend call you may fix a stop loss as per the Fibonacci levels or pivot low on Nifty Futures.

If scalping for which I give Nifty Live Commentary then you yourself if a stop loss.