Could someone please tell me how index option lower price band is calculated? I was under impression that for an index option contract lowest possible price would be 0.05, but today (2022-02=24) I saw some option contracts with higher value for lower price band. For example - NIFTY FEB 16550 PE - had lower price band of 1.75 instead of 0.05.
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For now,this might help.
https://tradingqna.com/t/how-is-the-circuit-limit-of-an-option-decided-for-that-particular-day/1429/2