Paired options contracts allow you to hold 2 positions on the same Option with the same strike price and expiration. It consists of 2 legs: a Call option as well as a Put option with the same expiry and strike prices. A paired option contract has the same market lot and tick size as the Call option.
If you 'Buy' an option contract with paired options, a buy call option and a sale put option are generated. However, if you 'Sell' an option contract with paired options, a sell call option and a buy put option are generated.
If you buy 1 lot of TCS paired options contract at strike price 3600 and expiry on May 31, then a Buy call option for 3600 may 31 of 1 lot, and a sell put option for 3600 may 31 of 1 lots is generated.
Trading is possible with minimum 2 In-theMoney, 2 Out-of the-Money and 1 At-the–Money paired option contracts.