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Produktbild: Option Theory and Trading

Option Theory and Trading A Step-by-Step Guide To Control Risk and Generate Profits

Aus der Reihe Wiley Trading Series

69,99 €

inkl. MwSt, Versandkostenfrei

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

01.07.2009

Verlag

John Wiley & Sons Inc

Seitenzahl

368

Maße (L/B/H)

23,5/15,7/2,4 cm

Gewicht

688 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-0-470-45578-4

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

01.07.2009

Verlag

John Wiley & Sons Inc

Seitenzahl

368

Maße (L/B/H)

23,5/15,7/2,4 cm

Gewicht

688 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-0-470-45578-4

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  • Produktbild: Option Theory and Trading

  • 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