During the expiry of 18th November, I set up a Calendar by selling 5000 units of the 18th November and buying 5000 units of the 2nd December. This worked out so-so and I could derive a profit of about Rs. 35000 or so. The profits were low because the ViX dipped after I had bought, creating a loss in the long positions.
Anyway, against the 5000 units of 2nd December, I sold sold 5000 units of the 25th November. If the ViX does not dip further and if the Bank Nifty stays stable, I can take home a hefty profit from the trade.
(https://zerodha.trade/zerodha-uploads/bank_nifty_calendar_251121.png)
The Calendar went haywire because the Bank Nifty plunged from 38100 to 36800, compelling adjustments by way of bringing the short strikes closer to the ATM. However, this backfired when the Bank Nifty surged. Ultimately, the positions became unwieldy and I had no option but to book a loss. I set up a fresh Calendar. Thankfully, this yielded a gain of about Rs. 3.30 Lakh.
(https://zerodha.trade/zerodha-uploads/banknifty_calendar_251121.png)