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Sources & references

Where our concepts, formulas and conventions come from.

Regulatory & exchange

  • SEBI — the regulatory framework and studies on retail derivatives outcomes in India (which find a large majority of individual F&O traders lose money).
  • NSE India — contract specifications, lot sizes, SPAN+exposure margin and trading mechanics.
  • BSE India — derivatives specifications and market data.
  • Zerodha Varsity — India-focused trading and risk education.

Foundational theory

Discussion of risk and quantitative methods draws on established literature — portfolio theory and the Sharpe ratio (Markowitz, 1952; Sharpe, 1966), the Kelly criterion (Kelly, 1956), downside-risk measures (Sortino), Value at Risk and Expected Shortfall, and standard references on risk of ruin, position sizing and trading-system risk. Where we simplify, we say so. See our methodology.

Last updated 12 July 2026.