If you exercise the option (assuming that is an american option) you would receive the intrinsic value, which is for a Call option $\max(S-K, 0) $, and for a Put option $\max(K-S, 0)$. Hence, 11300.00 - 11100.00 = 200.
If you are talking about selling the option instead of exercising it, I recommend to have a look at the Black & Scholes model, John C ...
I will try to be as concise as possible.
For obvious reasons, if you do not have any trades, choose the quotes, because they reflect the intention of a player to trade at that level of price/implied_vol at a certain point in time (where we have no trades because those quotes are not matched by other traders).
If instead you have a quote and a trade ...
It's a little dependent on whether its listed or otc options but your question about implied volatilities probably addresses the issue the best. I would calculate the implied volatility from the real transactions noting whether its a buy or sell and then do the same for the markets that you are seeing and compare them depending on what the market has done ...
You can fetch Indian stocks data from NSEpy.The data available on NESpy are:
1. Daily stock data
2. Stock futures data
3. Stock options data
4. Index futures data
5. Index options data
Example to get daily stock data from NSEpy in Python:
from nsepy import get_history
from datetime import datetime
start = datetime(2019, 1, 1)
end = datetime(2019, 30, 7)