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Essential Option Strategies is an introductory guide to options trading, designed to help new options traders better understand the market and the potential opportunities that exist. This book is designed to bring you up to speed with current practices and help you implement your own option trading strategies. You'll create a plan, track indicators, and understand underlying instruments, then apply that central investing knowledge directly to the options market. The discussion on pricing determinants and probabilities uses an intuitive approach to complex calculations, providing clear examples with no advanced math required, and extensive explanation of spreads, butterflies, and condors brings advanced strategies down to earth. Easy-reference appendices clarify the Greek terms and technical analysis charts, while focused discussion and expert insight throughout provide a highly informative crash course on options trading.
Options trading has undergone a rapid evolution beyond stocks and commodities into asset classes including fixed-income, precious metals, energy, and more. This book helps you build a solid foundation in the fundamentals, giving you a knowledge base that applies no matter how the instruments change. This book is designed to help you:
* Understand the options market inside and out
* Avoid common mistakes
* Learn some basic positions, and trades
* Read charts and interpret probabilities
Once the domain of the elites, the options market has been thrown wide open thanks to real-time price quotes, through brokerages, and the free flow of information online. The process of buying and selling options contracts is faster and more efficient than ever, and Wall Street is facing stiff competition from independent analysts and financial websites. As much as the market has changed, the fundamentals are the same--and Essential Option Strategies aims to provide expert guidance throughout the learning process.
Essential Option Strategies is an introductory guide to options trading, designed to help new options traders better understand the market and the potential opportunities that exist. This book is designed to bring you up to speed with current practices and help you implement your own option trading strategies. You'll create a plan, track indicators, and understand underlying instruments, then apply that central investing knowledge directly to the options market. The discussion on pricing determinants and probabilities uses an intuitive approach to complex calculations, providing clear examples with no advanced math required, and extensive explanation of spreads, butterflies, and condors brings advanced strategies down to earth. Easy-reference appendices clarify the Greek terms and technical analysis charts, while focused discussion and expert insight throughout provide a highly informative crash course on options trading.
Options trading has undergone a rapid evolution beyond stocks and commodities into asset classes including fixed-income, precious metals, energy, and more. This book helps you build a solid foundation in the fundamentals, giving you a knowledge base that applies no matter how the instruments change. This book is designed to help you:
* Understand the options market inside and out
* Avoid common mistakes
* Learn some basic positions, and trades
* Read charts and interpret probabilities
Once the domain of the elites, the options market has been thrown wide open thanks to real-time price quotes, through brokerages, and the free flow of information online. The process of buying and selling options contracts is faster and more efficient than ever, and Wall Street is facing stiff competition from independent analysts and financial websites. As much as the market has changed, the fundamentals are the same--and Essential Option Strategies aims to provide expert guidance throughout the learning process.
JJ Kinahan is Chief Strategist and Managing Director for TD Ameritrade. A thirty-year trading veteran and a Forbes contributor, he began his career as a Chicago Board Options Exchange (CBOE) market maker trading in the S&P 100 (OEX) and S&P 500 (SPX) pits. After leaving the floor, he joined thinkorswim, later purchased by TD Ameritrade, where he led initiatives on trading tools and education for retail clients.
Foreword xiii
Preface xv
Acknowledgments xix
About the Author xxi
Part I Getting Started in Investing 1
Chapter 1 The Opening Bell 3
Probabilities 4
Getting Started 5
Research 6
Data 9
Charts 11
Commissions and Fees 13
Virtual Trading Platforms 14
Summary 15
References 15
Chapter 2 First Days of Trading 17
Brief History of Stock Market Averages 17
Key Market Indexes Today 19
The Volatility Index 21
Futures 22
The Bond Market 25
Fed Watch 26
Economic Indicators 27
Earnings 28
Find Your Niche 29
Summary 29
References 30
Chapter 3 Know the Underlying 31
Where Do Options Trade? 32
Stock Talk 34
Exchange-Traded Funds 38
Short Selling 40
On the Margin 41
Summary 41
References 42
Chapter 4 Avoiding Mistakes 43
Position Size 44
Volume and Liquidity 44
Order Entry Techniques 46
Understand Risk 48
Summary 51
References 51
Part II The Options Market 53
Chapter 5 Options Basics 55
Stock Options 57
Option Value 61
Exercise and Assignment 62
Volume and Open Interest 64
Index Options 65
Summary 66
References 67
Chapter 6 Introduction to Call Options 68
Call Options versus Stock 69
Risk and Reward of Long Call 70
Real-World Example 72
Short Calls 75
Index Call Options 78
Summary 82
Reference 82
Chapter 7 Introduction to Put Options 83
Long Puts versus Short Selling 84
Risk and Reward 84
Real-World Example 86
Protective Puts 89
Index Put Options 92
Summary 94
References 95
Chapter 8 Components of Options Prices 96
Delta and Other Greeks 97
Strike Price 98
Theta and Time Decay 100
Vega and Implied Volatility 100
Dividends 103
Rho and Interest Rates 104
Put-Call Parity 105
Summary 108
References 109
Chapter 9 Probabilities 110
Probabilities 101 111
Probability of Profit 112
Probability of Touching 113
Example 114
Delta to Measure Probabilities 119
Summary 121
References 121
Part III Strategies and Positions 123
Chapter 10 Covered Calls 125
The Covered Call 125
Example 130
Summary 133
References 134
Chapter 11 Cash-Secured Puts 135
Short Puts 136
Example 138
Summary 142
Chapter 12 Long Vertical Spreads 143
Bull Call Spread 144
Example 147
Bear Put Spread 152
Example 153
Summary 157
Chapter 13 Short Vertical Spreads 158
Short (Bull) Put Spread 159
Example 162
Short (Bear) Call Spread 167
Example 168
Summary 171
Chapter 14 Calendar Spreads 173
Call Calendar Spread 174
Example 177
Put Calendar Spread 181
Example 183
Summary 187
Chapter 15 Butterfly Spreads 188
Butterfly Spread 189
Example 191
Iron Butterfly Spread 196
Example 198
Summary 201
Chapter 16 Condor Spreads 203
Condor Spread 204
Example 205
Iron Condor Spread 209
Example 210
Summary 214
Chapter 17 The Close 216
Risk Management 216
Options Orders 218
Using Options to Reduce Capital Commitment 220
Rolling with Spread Trades 222
Investing and Social Media 223
Final Thoughts 224
Appendix A The Greeks 227
Delta Defined 228
Delta Neutral 229
Gamma 230
Theta 231
Vega 231
Rho 234
Reference 234
Appendix B Strategy Recap 235
Long Call 235
Short Call 237
Long Put 238
Protective Put 239
Covered Call 241
Collar 242
Cash-Secured Put 243
Long Call Spread 245
Long Put Spread 246
Short Call Spread 247
Short Put Spread 248
Call Calendar Spread 250
Put Calendar Spread 251
Call Butterfly Spread (Long) 252
Put Butterfly Spread (Long) 253
Iron Butterfly 255
Call Condor Spread (Long) 256
Put Condor Spread (Long) 257
Iron Condor 259
Quick Strategy Guide 260
Appendix C Charts and Volatility Studies 265
Stock Charts 101 265
Time Frames 267
Volume and Volatility 269
Glossary 277
Index 295
| Erscheinungsjahr: | 2016 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 336 S. |
| ISBN-13: | 9781119263333 |
| ISBN-10: | 1119263336 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Kinahan, J J |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 235 x 157 x 22 mm |
| Von/Mit: | J J Kinahan |
| Erscheinungsdatum: | 19.09.2016 |
| Gewicht: | 0,635 kg |
JJ Kinahan is Chief Strategist and Managing Director for TD Ameritrade. A thirty-year trading veteran and a Forbes contributor, he began his career as a Chicago Board Options Exchange (CBOE) market maker trading in the S&P 100 (OEX) and S&P 500 (SPX) pits. After leaving the floor, he joined thinkorswim, later purchased by TD Ameritrade, where he led initiatives on trading tools and education for retail clients.
Foreword xiii
Preface xv
Acknowledgments xix
About the Author xxi
Part I Getting Started in Investing 1
Chapter 1 The Opening Bell 3
Probabilities 4
Getting Started 5
Research 6
Data 9
Charts 11
Commissions and Fees 13
Virtual Trading Platforms 14
Summary 15
References 15
Chapter 2 First Days of Trading 17
Brief History of Stock Market Averages 17
Key Market Indexes Today 19
The Volatility Index 21
Futures 22
The Bond Market 25
Fed Watch 26
Economic Indicators 27
Earnings 28
Find Your Niche 29
Summary 29
References 30
Chapter 3 Know the Underlying 31
Where Do Options Trade? 32
Stock Talk 34
Exchange-Traded Funds 38
Short Selling 40
On the Margin 41
Summary 41
References 42
Chapter 4 Avoiding Mistakes 43
Position Size 44
Volume and Liquidity 44
Order Entry Techniques 46
Understand Risk 48
Summary 51
References 51
Part II The Options Market 53
Chapter 5 Options Basics 55
Stock Options 57
Option Value 61
Exercise and Assignment 62
Volume and Open Interest 64
Index Options 65
Summary 66
References 67
Chapter 6 Introduction to Call Options 68
Call Options versus Stock 69
Risk and Reward of Long Call 70
Real-World Example 72
Short Calls 75
Index Call Options 78
Summary 82
Reference 82
Chapter 7 Introduction to Put Options 83
Long Puts versus Short Selling 84
Risk and Reward 84
Real-World Example 86
Protective Puts 89
Index Put Options 92
Summary 94
References 95
Chapter 8 Components of Options Prices 96
Delta and Other Greeks 97
Strike Price 98
Theta and Time Decay 100
Vega and Implied Volatility 100
Dividends 103
Rho and Interest Rates 104
Put-Call Parity 105
Summary 108
References 109
Chapter 9 Probabilities 110
Probabilities 101 111
Probability of Profit 112
Probability of Touching 113
Example 114
Delta to Measure Probabilities 119
Summary 121
References 121
Part III Strategies and Positions 123
Chapter 10 Covered Calls 125
The Covered Call 125
Example 130
Summary 133
References 134
Chapter 11 Cash-Secured Puts 135
Short Puts 136
Example 138
Summary 142
Chapter 12 Long Vertical Spreads 143
Bull Call Spread 144
Example 147
Bear Put Spread 152
Example 153
Summary 157
Chapter 13 Short Vertical Spreads 158
Short (Bull) Put Spread 159
Example 162
Short (Bear) Call Spread 167
Example 168
Summary 171
Chapter 14 Calendar Spreads 173
Call Calendar Spread 174
Example 177
Put Calendar Spread 181
Example 183
Summary 187
Chapter 15 Butterfly Spreads 188
Butterfly Spread 189
Example 191
Iron Butterfly Spread 196
Example 198
Summary 201
Chapter 16 Condor Spreads 203
Condor Spread 204
Example 205
Iron Condor Spread 209
Example 210
Summary 214
Chapter 17 The Close 216
Risk Management 216
Options Orders 218
Using Options to Reduce Capital Commitment 220
Rolling with Spread Trades 222
Investing and Social Media 223
Final Thoughts 224
Appendix A The Greeks 227
Delta Defined 228
Delta Neutral 229
Gamma 230
Theta 231
Vega 231
Rho 234
Reference 234
Appendix B Strategy Recap 235
Long Call 235
Short Call 237
Long Put 238
Protective Put 239
Covered Call 241
Collar 242
Cash-Secured Put 243
Long Call Spread 245
Long Put Spread 246
Short Call Spread 247
Short Put Spread 248
Call Calendar Spread 250
Put Calendar Spread 251
Call Butterfly Spread (Long) 252
Put Butterfly Spread (Long) 253
Iron Butterfly 255
Call Condor Spread (Long) 256
Put Condor Spread (Long) 257
Iron Condor 259
Quick Strategy Guide 260
Appendix C Charts and Volatility Studies 265
Stock Charts 101 265
Time Frames 267
Volume and Volatility 269
Glossary 277
Index 295
| Erscheinungsjahr: | 2016 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 336 S. |
| ISBN-13: | 9781119263333 |
| ISBN-10: | 1119263336 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Kinahan, J J |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 235 x 157 x 22 mm |
| Von/Mit: | J J Kinahan |
| Erscheinungsdatum: | 19.09.2016 |
| Gewicht: | 0,635 kg |
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