Option Spread TRADING The options industry has experienced incredible growth in recent years. With multiple exchanges now vying for orders from the public, the speed of execution has increased while the cost of trading options has decreased. This has leveled the playing field to the point where individual traders can not only compete in the options arena, but also capture consistent profits. Nobody understands this better than author Russell Rhoads?an instructor for the Options Institute at the CBOE?who has helped thousands of people successfully incorporate various options strategies into…mehr
Option Spread TRADING The options industry has experienced incredible growth in recent years. With multiple exchanges now vying for orders from the public, the speed of execution has increased while the cost of trading options has decreased. This has leveled the playing field to the point where individual traders can not only compete in the options arena, but also capture consistent profits. Nobody understands this better than author Russell Rhoads?an instructor for the Options Institute at the CBOE?who has helped thousands of people successfully incorporate various options strategies into their everyday trading endeavors. Now, with Option Spread Trading, he shares his extensive experience in this field and reveals what it takes to put the power of option spreads to work for you. Before getting into a detailed discussion of spread trades, this reliable resource opens with a quick overview of essential option knowledge, lays out the mechanics of putting on very basic positions involving two trading instruments, explores different approaches to creating similar payoffs, and covers the "Greeks." From there, you'll be introduced to a variety of spread strategies, with each chapter focusing on a specific one, and discover how to choose and use the best strategies for certain situations. * STRADDLES * STRANGLES * BULL AND BEAR SPREADS * BUTTERFLY SPREADS * CONDOR SPREADS * RATIO SPREADS * BACKSPREADS * CALENDAR SPREADS * DIAGONAL SPREADS Rounding out this comprehensive guide to option spread trading are some specialized chapters that address the concept of Delta-neutral trading?with an example of how market makers basically use isolating price risk when providing liquidity to the market place?and the issues involved in executing a spread trade. Designed in a modular format with each chapter laid out in a similar fashion, including examples of how each spread would be constructed and key levels to focus on, Option Spread Trading is a flexible guide that will help you get the most out of every option you trade.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
RUSSELL RHOADS is an instructor for the Options Institute at the Chicago Board Options Exchange. He conducts about ninety classes a year and, in addition, conducts webinars on behalf of the CBOE and a variety of brokerage firms. Rhoads's twenty-year trading career included positions at a variety of trading firms and hedge funds. His background includes trading and analysis, and he is author of Candlestick Charting For Dummies. Rhoads graduated the University of Memphis with a MS in finance and has a master's certificate in financial engineering from the Illinois Institute of Technology.
Inhaltsangabe
Preface xi Acknowledgments xiii CHAPTER 1 Essential Option Knowledge 1 The Option Basics 1 In-At-Out of the Money 5 Intrinsic and Time Value 6 Spread Basics 8 The Greeks 9 Payö Tables and Diagrams 10 Option Pricing Calculators 12 CHAPTER 2 Spreads Using an Underlying Security 15 Covered Call 15 Covered Call Using LEAPSQR 22 Systematic Covered Call Strategies 25 Cash-Secured Put 26 Systematic Cash-Secured Put 31 Protective Put 32 The Collar 33 CHAPTER 3 Synthetic Positions 37 Put-Call Parity 39 Synthetic Long Positions 40 Synthetic Short Positions 44 Arbitrage in Put-Call Parity 50 Individuals Using Put-Call Parity 52 CHAPTER 4 The Greeks 55 Price-Related Greeks 55 Time-Related Greek 61 Volatility-Related Greek 65 Interest Rate-Related Greek 67 Conclusion 69 CHAPTER 5 Straddles 71 Long Straddle Mechanics 72 Short Straddle 81 CHAPTER 6 Strangles 89 Long Strangle Mechanics 89 Short Strangle Mechanics 98 CHAPTER 7 Bull Spreads 107 Bull Put Spread 107 Bull Call Spread 114 CHAPTER 8 Bear Spreads 121 Bear Call Spread 121 Bear Put Spread 127 CHAPTER 9 Butterfly Spreads 135 Introduction to Butter y Spreads 136 Long Call Butter y 136 Long Put Butter y 139 Iron Butter y 142 Short Straddle Comparison 146 Short Call Butter y 149 Short Put Butter y 152 Reverse Iron Butter y 154 Reverse Iron Butter y versus Straddle 156 CHAPTER 10 Condor Spreads 159 Introduction to Condor Spreads 159 Long Call Condor 160 Long Put Condor 163 Iron Condor 166 Iron Condor versus Short Strangle 170 Short Condor Spreads 172 Reverse Iron Condor 176 Reverse Iron Condor versus Long Strangle 179 CHAPTER 11 Ratio Spreads 183 Call Ratio Spread 184 Put Ratio Spread 189 Ratio Spread Comparisons 192 CHAPTER 12 Backspreads 199 Call Backspread 199 Put Backspread 203 Backspread Comparisons 207 CHAPTER 13 The Stock Repair Strategy 213 Doubling Down on a Position 214 The Stock Repair Trade 215 CHAPTER 14 Calendar Spreads 219 Time Value E ect 220 Long Call Calendar 221 Long Put Calendar 224 Combined Calendar Spread 227 CHAPTER 15 Diagonal Spreads 231 Call Diagonal Spread 231 LEAPS Call Diagonal Spread 234 Put Diagonal Spread 237 LEAPS Put Diagonal Spread 239 Double Diagonal Spread 241 CHAPTER 16 Delta Neutral Trading 245 Delta Review 245 Delta-Neutral Positions 246 Gamma 250 Market Maker Trading 251 CHAPTER 17 Executing a Spread Trade 255 Executing a Stock or Option Trade 256 A Single Option Spread 258 A Spread with Two Options 260 A Spread with Multiple Legs 261 Legging into a Spread Trade 265 About the Author 269 Index 271
Preface xi Acknowledgments xiii CHAPTER 1 Essential Option Knowledge 1 The Option Basics 1 In-At-Out of the Money 5 Intrinsic and Time Value 6 Spread Basics 8 The Greeks 9 Payö Tables and Diagrams 10 Option Pricing Calculators 12 CHAPTER 2 Spreads Using an Underlying Security 15 Covered Call 15 Covered Call Using LEAPSQR 22 Systematic Covered Call Strategies 25 Cash-Secured Put 26 Systematic Cash-Secured Put 31 Protective Put 32 The Collar 33 CHAPTER 3 Synthetic Positions 37 Put-Call Parity 39 Synthetic Long Positions 40 Synthetic Short Positions 44 Arbitrage in Put-Call Parity 50 Individuals Using Put-Call Parity 52 CHAPTER 4 The Greeks 55 Price-Related Greeks 55 Time-Related Greek 61 Volatility-Related Greek 65 Interest Rate-Related Greek 67 Conclusion 69 CHAPTER 5 Straddles 71 Long Straddle Mechanics 72 Short Straddle 81 CHAPTER 6 Strangles 89 Long Strangle Mechanics 89 Short Strangle Mechanics 98 CHAPTER 7 Bull Spreads 107 Bull Put Spread 107 Bull Call Spread 114 CHAPTER 8 Bear Spreads 121 Bear Call Spread 121 Bear Put Spread 127 CHAPTER 9 Butterfly Spreads 135 Introduction to Butter y Spreads 136 Long Call Butter y 136 Long Put Butter y 139 Iron Butter y 142 Short Straddle Comparison 146 Short Call Butter y 149 Short Put Butter y 152 Reverse Iron Butter y 154 Reverse Iron Butter y versus Straddle 156 CHAPTER 10 Condor Spreads 159 Introduction to Condor Spreads 159 Long Call Condor 160 Long Put Condor 163 Iron Condor 166 Iron Condor versus Short Strangle 170 Short Condor Spreads 172 Reverse Iron Condor 176 Reverse Iron Condor versus Long Strangle 179 CHAPTER 11 Ratio Spreads 183 Call Ratio Spread 184 Put Ratio Spread 189 Ratio Spread Comparisons 192 CHAPTER 12 Backspreads 199 Call Backspread 199 Put Backspread 203 Backspread Comparisons 207 CHAPTER 13 The Stock Repair Strategy 213 Doubling Down on a Position 214 The Stock Repair Trade 215 CHAPTER 14 Calendar Spreads 219 Time Value E ect 220 Long Call Calendar 221 Long Put Calendar 224 Combined Calendar Spread 227 CHAPTER 15 Diagonal Spreads 231 Call Diagonal Spread 231 LEAPS Call Diagonal Spread 234 Put Diagonal Spread 237 LEAPS Put Diagonal Spread 239 Double Diagonal Spread 241 CHAPTER 16 Delta Neutral Trading 245 Delta Review 245 Delta-Neutral Positions 246 Gamma 250 Market Maker Trading 251 CHAPTER 17 Executing a Spread Trade 255 Executing a Stock or Option Trade 256 A Single Option Spread 258 A Spread with Two Options 260 A Spread with Multiple Legs 261 Legging into a Spread Trade 265 About the Author 269 Index 271
Es gelten unsere Allgemeinen Geschäftsbedingungen: www.buecher.de/agb
Impressum
www.buecher.de ist ein Internetauftritt der buecher.de internetstores GmbH
Geschäftsführung: Monica Sawhney | Roland Kölbl | Günter Hilger
Sitz der Gesellschaft: Batheyer Straße 115 - 117, 58099 Hagen
Postanschrift: Bürgermeister-Wegele-Str. 12, 86167 Augsburg
Amtsgericht Hagen HRB 13257
Steuernummer: 321/5800/1497
