A lot of students are trading options as well as stocks or stock futures. I think this is a terrific thing to do. The more knowledgeable you are about multiple asset classes, the more opportunities you will find. Due to the relationship between the asset classes, you can increase your odds of success in trading through proper analysis of the related assets.
A common mistake that I have noticed with traders who look at trading options is that they apply their technical analysis to the chart of the option premium itself. You have to remember that options are a derivative and they get their value from the underlying security. Therefore you would want to chart the security itself to make your trading decisions on the options.
Looking at the following stock options chart of the Nifty futures, you can see that price is at a supply zone.
To increase the odds of our trading becoming successful, we may want to look at the premium option charting. The 5100 calls happen to be at a supply zones while the puts are at demand. Both of these are bearish signals for the index.
Do not think that stock options charting the premiums is the best way to trade a stock or the option itself. In the following stock options chart, SBIN is at a demand zone but it is the second time to that zone and it is likely to break down.
The 2200 call option is also at a demand zone. A trader who only views the chart of the premium may be enticed to buy the call. However with the stock at a weakened demand, this trade has a lower probability of working.
Options are perhaps the most difficult asset class to trade. This is due to the fact that you must have a proper understanding of the Greeks in order to trade them with a high degree of accuracy. Do not make the mistake of trading them without that knowledge and do not trade solely on the premium options charts.