Why Markov doesn't publish options signals

The short answer

The current product is built around NSE cash equities. Options aren't part of the production feed today.

The long answer

Three reasons:

1. Edge concentration

Our walk-forward research consistently finds the most robust edge in the multi-factor, cross-sectional cash-equity space. Quality, momentum, low-vol and residual-momentum strategies have decades of academic literature behind them, replicated cleanly in the Indian universe. Options is a different statistical problem — heavy tails, sharp mean-reversion in volatility, brutal sensitivity to time-to-expiry — that warrants a separate research stack we haven't built yet.

2. Position-size complexity

In cash equities, position size is one number — shares. In options, the equivalent calculation has to handle lot sizes, contract-specific deltas and the time-decay clock, all of which interact non-trivially with the published stop. A clean published-research signal in options would need a much richer set of pre-trade inputs than we currently publish.

3. Risk profile

Options' asymmetric payoff is a feature for some traders, but it makes the published-research format harder to do safely. A small position notional in options can carry materially larger downside than the same notional in equities, and we'd rather not introduce that risk under the same SEBI research framework without a dedicated methodology behind it.

What we do use options for, today

For some F&O-eligible equity names, we use the options chain as a confirmation overlay — the put/call open-interest balance and the volume skew sometimes corroborate the equity setup. That's a quiet internal input to the equity signal, not a separate options recommendation.

What it would take to ship options signals

A dedicated options research stack: a methodology, a multi-year backtest, a walk-forward gate set, a stop framework that respects delta and theta, and a separate compliance review for the options risk disclosure. Not on the roadmap today; not ruled out for the long term.

What we don't do

We don't run Telegram groups, paid options tipsters or "tomorrow's banknifty levels" services. If anyone claims to do that on behalf of Markov, they are not us — see the grievance redressal page for how to report.