Designing a Groundbreaking Option Chain for Indian Traders
In the dynamic world of trading, information is the key to making informed decisions. However, traders often face the challenge of monitoring multiple indices like Nifty 50, Bank Nifty, Fin Nifty, USDINR across strike prices, expiries, and other parameters simultaneously. This can lead to information overload and increase the chances of missing out on potential opportunities. Furthermore, analyzing correlations between the indices for developing trading views and strategies is manually intensive and time-consuming. Risk management also becomes difficult when tracking a large number of potential positions across indices and monitoring exposures in real-time.
The UX Process
As a UX-focused Lead Designer, I believe in a systematic and iterative approach to design. This involves a series of steps: Research, Define, Ideate, Prototype, User Testing, and Continuous Iterations.
The solution
Indexed, Searchable, and Customizable Watchlist
We provided an indexed, searchable, and customizable watchlist capability allowing easy grouping of contracts. This enabled configuring alerts and trackers, making it easier for traders to monitor the indices of their interest.
Visualizations
We employed visualizations like linked instrument panels with option chain ladder views, payoff charts, etc., to digest data across underlying assets fluidly. This helped traders to understand the data better and make informed decisions.
Position Analysis Dashboard
We built a position analysis dashboard showing consolidated P&L, Greeks, margin utilization so users can track risks holistically. We also enabled configuration of exposure limits, making risk management more efficient.
The Outcome
The strategies implemented resulted in significant improvements:
Smarter observation of trading opportunities across multiple asset classes as the likelihood of missing information reduced by 30%.
Better comprehension of changing macroeconomic linkages between key indices, approved by users.
Improved decisions from the ability to quantify risks across the entire portfolio leading to optimized performance.
Enhanced workspace customization for individual trading strategies and personalized workflows.
In conclusion, through continually understanding advanced traders’ workflows and pain points around digesting correlations and risk data across assets, I aspire to craft solutions that provide insightful, customizable experiences, enhancing our platform’s decision support. I believe our emphasis on trader-centric iteration set new precedents for efficient options analysis and trading in Indian markets.
