I work in institutional risk — have spent 12 years computing Greeks, scenario analysis and P&L attribution for large derivatives books. It’s what I do professionally.
As a passion project over the last few weeks, I’ve been building a tool that brings some of this institutional risk visibility to retail options traders on Zerodha.
When I looked at what was available for retail options traders in India, I was genuinely surprised. You have brokers, you have charts, you have P&L — but almost nobody is showing you your actual risk in real time.
Do you know your net delta, vega, gamma right now? Your theta bleed per hour/day? What happens to your short straddle if Nifty drops 2% and IV spikes 20% at the same time?
Professionals never put on a position without answering these questions. Retail traders almost never get to ask them at all. That gap is what I built Thetix to close — and it’s completely free.
What it does:
Live Greeks on your real Zerodha portfolio — Delta, Gamma, Theta/day, Vega
Scenario analysis — see your P&L across spot moves, vol shifts and time decay simultaneously
P&L profile chart built from your actual live positions
Strategy simulator — build and stress-test a Short Straddle, Iron Condor, Strangle before putting it on
Live IV data for Nifty, Banknifty and Finnifty with rank and percentile
I’d definitely be open to an AMA if there’s enough interest from the community.
Happy to discuss topics around risk analytics, derivatives microstructure, systematic trading, portfolio/risk management and of-course Thetix, that may be useful for retail traders.
I may not have all the answers, but I’ll try to share practical insights wherever I can.
Apologies — the Zerodha auth approval for third-party apps is still in progress and login isn’t working yet. My fault for posting before it was fully live.
In the meantime I’ve put up an interactive demo at thetix.trade/demo — no broker login needed. You can explore the scenario analysis and Greeks on a sample Short Straddle and Long Straddle portfolio right now.
The full version with your real Zerodha portfolio, all strategies and P&L attribution should be live early next week once auth is approved. Will update here the moment it’s ready.
Quick update on this and bringing up the thread again.
Zerodha auth is approved- so it’s no longer just a demo. You can connect your actual account and see your live portfolio.
Two things I’ve added since the original post:
Cross-index Greek aggregation — if you’re running positions across Nifty, Banknifty and Finnifty simultaneously, you now see your net delta, gamma, vega, theta at the portfolio level. Not three separate views. One number that tells you your actual exposure.
P&L attribution — instead of just “I made/lost X today,” you can see how much came from delta (directional move), theta (time decay), vega (IV change) and gamma. Same thing a trading desk does after every session.
