Ron Ianieri

Options Theory and Trading (eBook, ePUB)

A Step-by-Step Guide to Control Risk and Generate Profits

• Format: ePub

Produktbeschreibung

Praise for Options Theory and Trading "e;I've had the pleasure of teaching with Ron Ianieri at numerous live seminars for traders and investors, and one thing is for sure-Ron knows options! Now Ron has created a thorough, easy-to-read guide that you can benefit from in many ways, whether you are experienced in options trading or just starting out. I believe you will find Options Theory and Trading like Ron himself . . . full of knowledge, entertaining, fast-paced, and a joy to be around."e; Price Headley, CFA, CMT, founder of BigTrends.com "e;I've had the pleasure of knowing and working with Ron for many years now. When managing funds in our asset management company, Ron has always been our 'go-to guy' on anything options-related. I've also taught a number of seminars side by side with Ron over the years where I've always come home knowing more about options than when I left! The man is truly the 'pitbull' of derivatives."e; Peter Reznicek, Chief Equity Strategist, www.ShadowTrader.net "e;What a pleasure to read Ron Ianieri's new book, Options Theory and Trading. As a market technician for the last thirty-three years I am always looking for technical moves in stocks, and I rely on Ron's expertise for the optimum options strategy needed for each specific move I perceive happening in the markets. Ron's 'in the pits' experience serves to correct the misinformation in much of the published material and classes currently available to the unsuspecting options trader."e; David Steelsmith Elliott, Wallstreetteachers.com, World's #1 Market Timer, USIC "e;Ron's expertise in options is as high as there is and his experience is unparalleled. Ron not only knows the answer but can explain it in a '101' fashion that is simple enough for even a novice to understand. His book is written in the same fashion. Ron not only explains the 'how to's' but also the 'how and why' which other books just don't seem to do. As a day trader/swing trader by nature, I also appreciate Ron incorporating real chart examples for us directional traders. For these reasons, I would highly recommend Ron's book to anyone interested in using options."e; Chris Rowe, The Trend Rider, www.tycoonresearch.com

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 368
• Erscheinungstermin: 28. Mai 2009
• Englisch
• ISBN-13: 9780470502891
• Artikelnr.: 37293493

Autorenporträt

RON IANIERI is the cofounder and past chief options strategist for Options University, and the founder and Chief Options Strategist of ION Options, his new firm that provides courses, services, and training to aspiring options traders. Ianieri's Option Theory and Trading Course is considered one of the best options training tools in the industry. He has appeared on CNBC, CNN, and Fox Business News. Ianieri graduated from St. Joseph's University in Philadelphia with a degree in finance.

Inhaltsangabe

Preface xi
Acknowledgments xv
Part I Understanding Terms and Theory 1
Chapter 1 Options Basics and Terms 3
Calls and Puts 4
Classes and Series 5
In the Money, Out of the Money, and At the Money 7
Premium and Time Decay 9
Intrinsic versus Extrinsic Value 9
Volatility 12
Chapter 2 Calls and Puts 15
Call Options 15
Put Options 16
Chapter 3 Option Theory 19
Option Pricing Models 20
Fundamentals of Pricing Models 21
Types of Pricing Models 25
Inputs of the Options Pricing Model 32
Outputs of the Pricing Model 39
Chapter 4 Option Theory and the Greeks 41
Delta 42
Gamma 52
Vega 57
Theta 68
Second-Tier Greeks 80
Chapter 5 Synthetic Positions 85
Defining Synthetics 86
Synthetic Stock 88
Synthetic Call 96
Synthetic Put 106
Part II Basic Strategies 117
Chapter 6 Introduction to Trading Strategies 119
Directional Trading Strategies 119
In-the-Money, Out-of-the-Money, and At-the-Money Options 123
Leverage and Risk 128
Chapter 7 Covered Call/Buy-Write Strategy 131
Foundations of the Strategy 131
Performance in Different Scenarios 135
Lean 138
Rolling the Position 139
Examples 141
Covered Call/Buy-Write Synopsis 146
Chapter 8 The Covered Put/Sell-Write Strategy 147
Reviewing Selling Short 147
Foundations of the Strategy 148
Performance in Different Scenarios 151
Lean 154
Rolling the Position 157
Examples 157
Covered Put/Sell-Write Synopsis 163
Chapter 9 The Protective Put Strategy 165
Foundations of the Strategy 165
Performance in Different Scenarios 166
Lean 168
When to Use the Protective Put Strategy 170
Examples 172
Protective Put Synopsis 177
Chapter 10 The Synthetic Put/Protective Call Strategy 179
Foundations of the Strategy 179
Performance in Different Scenarios 181
Lean 183
When to Use the Protective Call Strategy 184
Examples 187
Synthetic Put Synopsis 191
Chapter 11 The Collar Strategy 193
Foundations of the Strategy 193
Performance in Different Scenarios 194
Lean 197
Examples 199
Collar Synopsis 204
Part III Advanced Strategies: Spread Trading, Straddles, and Strangles 207
Chapter 12 Vertical Spreads 209
Construction of a Vertical Spread 210
Value and the Vertical Spread 211
Spread Prices Fluctuate 217
Factors that Affect Spread Pricing 218
Rolling the Position 218
Time Decay and Volatility Trading Opportunities 220
An Imaginary Spread Scenario 222
Recap with Special Insights 224
Examples 225
Bull Spread Synopsis 230
Bear Spread Synopsis 231
Chapter 13 Time Spreads 233
Construction of the Time Spread 233
Behavior of the Spread 234
Effects of Stock Price on the Time Spread 236
Effects of Volatility on the Time Spread 237
Buyer Risk and Reward 244
Seller Risk and Reward 245
Rolling the Position 246
Concluding Thoughts 249
Examples 249
Time Spread Synopsis 253
Chapter 14 The Stock Replacement/Covered Call Strategy (Diagonal Spread)
255
When to Use the Diagonal Spread 257
Rolling the Position 259
Conclusion 259
Chapter 15 Straddles 261
What Is a Straddle? 261
Straddle Scenarios 262
How It Works 262
Factors that Affect Straddle Prices 263
Risks and Rewards 266
Break-Even, Maximum Reward, and Maximum Risk 267
Conclusion 271
Examples 271
Long Straddle Synopsis 276
Short Straddle Synopsis 277
Chapter 16 Strangles 279
What Is a Strangle? 280
Strangle Scenarios 281
How It Works 281
Factors that Affect Strangle Prices 282
Risks and Rewards 285
Break-Even, Maximum Reward, and Maximum Risk 285
Conclusion 289
Examples 289
Long Strangle Synopsis 294
Short Strangle Synopsis 294
Part IV Combination Strategies 297
Chapter 17 The Butterfly 299
Constructing the Butterfly 299
Why Use Butterflies? 301
Butterfly and Synthetic Positions 303
What Will a Butterfly Cost? 305
Butterfly and the Greeks 307
Iron Butterfly 309
Long Iron Butterfly 312
Using the Butterfly 312
Long Butterfly Synopsis 313
Short Butterfly Synopsis 314
Chapter 18 The Condor 315
Long Condor 315
Short Condor 316
Why Use Condors? 317
How It Works 320
Condors versus Butterflies 321
Condors and the Greeks 323
Iron Condors 326
How Do We Use Condors? 330
Long Condor Synopsis 331
Short Condor Synopsis 332
Conclusion 335
Appendix: Five Trading Sheets 337
About the Author 343
Index 345