Essential Option Strategies
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Оглавление
J. J. Kinahan. Essential Option Strategies
Foreword
Preface
Acknowledgments
About the Author
Part I. Getting Started in Investing
Chapter 1. The Opening Bell
Probabilities
Getting Started
Research
Data
Charts
Commissions and Fees
Virtual Trading Platforms
Summary
References
Chapter 2. First Days of Trading
Brief History of Stock Market Averages
Key Market Indexes Today
The Volatility Index
Futures
The Bond Market
Fed Watch
Economic Indicators
Earnings
Find Your Niche
Summary
References
Chapter 3. Know the Underlying
Where Do Options Trade?
Stock Talk
Exchange-Traded Funds
Short Selling
On the Margin
Summary
References
Chapter 4. Avoiding Mistakes
Position Size
Volume and Liquidity
Order Entry Techniques
Understand Risk
Summary
References
Part II. The Options Market
Chapter 5. Options Basics
Stock Options
Option Value
Exercise and Assignment
Volume and Open Interest
Index Options
Summary
References
Chapter 6. Introduction to Call Options
Call Options versus Stock
Risk and Reward of Long Call
Real-World Example
Short Calls
Index Call Options
Summary
Reference
Chapter 7. Introduction to Put Options
Long Puts versus Short Selling
Risk and Reward
Real-World Example
Protective Puts
Index Put Options
Summary
References
Chapter 8. Components of Options Prices
Delta and Other Greeks
Strike Price
Theta and Time Decay
Vega and Implied Volatility
Dividends
Rho and Interest Rates
Put-Call Parity
Summary
References
Chapter 9. Probabilities
Probabilities 101
Probability of Profit
Probability of Touching
Example
Delta to Measure Probabilities
Summary
References
Part III. Strategies and Positions
Chapter 10. Covered Calls
The Covered Call
Example
Summary
References
Chapter 11. Cash-Secured Puts
Short Puts
Example
Summary
Chapter 12. Long Vertical Spreads
Bull Call Spread
Example
Bear Put Spread
Example
Summary
Chapter 13. Short Vertical Spreads
Short (Bull) Put Spread
Example
Short (Bear) Call Spread
Example
Summary
Chapter 14. Calendar Spreads
Call Calendar Spread
Example
Put Calendar Spread
Example
Summary
Chapter 15. Butterfly Spreads
Butterfly Spread
Example
Iron Butterfly Spread
Example
Summary
Chapter 16. Condor Spreads
Condor Spread
Example
Iron Condor Spread
Example
Summary
Chapter 17. The Close
Risk Management
Options Orders
Using Options to Reduce Capital Commitment
Rolling with Spread Trades
Investing and Social Media
Final Thoughts
Appendix A. The Greeks
Delta Defined
Delta Neutral
Gamma
Theta
Vega
Rho
Reference
Appendix B. Strategy Recap
Long Call
Short Call
Long Put
Protective Put
Covered Call
Collar
Cash-Secured Put
Long Call Spread
Long Put Spread
Short Call Spread
Short Put Spread
Call Calendar Spread
Put Calendar Spread
Call Butterfly Spread (Long)
Put Butterfly Spread (Long)
Iron Butterfly
Call Condor Spread (Long)
Put Condor Spread (Long)
Iron Condor
Quick Strategy Guide
Appendix C. Charts and Volatility Studies
Stock Charts 101
Time Frames
Volume and Volatility
Glossary
Отрывок из книги
I began trading options on the floor of the CBOE in the early 1980s, just a few years before JJ. Back then, we were trader indifferent, which meant we would trade anything with anybody. Today, we would say the same about our approach to the products and strategies that we choose. These days, the counterparty to our trades is a computer with theoretical algorithm with unlimited funding. Back then, it was some kid just like us – nervous and sweating while trying to make a few eighths.
JJ and I traded together, played together, worked together, and learned together. Luckily, we were among the survivors. We excelled at our craft by managing our egos and not getting caught in the fat tails (volatility) of a few explosive moves. But the business changed as it grew exponentially, and open outcry faced certain extinction around 2000.
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• Last: The most recent price.
• High: The highest price of the trading day.
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