McMillan on Options

ISBN-10: 0471678759

ISBN-13: 9780471678755

Edition: 2nd 2004 (Revised)

List price: $89.50 Buy it from $25.89
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Description:

This guide to the world of options addresses a myriad of new techniques and methods needed for profiting consistently in todays' fast-paced investment arena. This edition features updates in almost every chapter as well as enhanced coverage of many new and increasingly popular products.
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Book details

List price: $89.50
Edition: 2nd
Copyright year: 2004
Publisher: John Wiley & Sons, Incorporated
Publication date: 10/4/2004
Binding: Hardcover
Pages: 672
Size: 6.50" wide x 9.25" long x 1.50" tall
Weight: 2.2
Language: English

Bennett A. McDowell is the founder of TradersCoach.comr and an expert in both technical analysis and complex trading platforms. As a financial advisor and broker, McDowell used his own proprietary trading system to serve a community of high-net-worth clients. This system later became known as Applied Reality Tradingr or ART, and today is used by traders and investors in more than forty countries around the world. McDowell lectures frequently and writes articles for many leading trading publications, including Technical Analysis of Stocks & Commodities magazine. He is a recognized leader in trading education and is honored to be a member of the eSignal "Trading with the Masters" team.

List of Figures
Option History, Definitions, and Terms
Underlying Instruments
Option Terms
The Cost of an Option
The History of Listed Options
The Over-the-Counter Market
The CBOE Beginning
Index Options
Exchange-Traded Funds
Futures Options
Today's Over-the-Counter Market
Option Trading Procedures
Electronic Trading
Exercise and Assignment
Mechanics of Exercise and Assignment
Futures and Futures Options
First Notice Day
Single Stock Futures
Volatility Indices and Futures
Futures Options Terms
Influences on an Option's Price
Volatility
How the Factors Affect the Option Price
Delta
What Affects Delta?
Technical Analysis
An Overview of Option Strategies
Profit Graphs
Outright Option Buying
Using Long Options to Protect Stock
Buying Puts as an Insurance Policy for Long Stock
Buying Calls to Protect Short Stock
Buying Both a Put and a Call
Selling Options
Covered Call Writing
Naked Option Writing
Naked Put Writing
Naked Call Writing
Straddle and Combination Selling
Spreads
Vertical Spreads
Calendar Spreads
Diagonal Spreads
When Spreads Are Attractive
Ratio Strategies
Ratio Writing
Ratio Spreads
More Complex Constructions
Using an Option Model
Summary
The Versatile Option
Options as a Direct Substitute for the Underlying
Equivalent Short Stock
Single Stock Futures
Defending against a Limit Move in Futures Contracts
Options as a Proxy for the Underlying
Option Buying as a Short-Term Stock Substitute
Option Buying as a Long-Term Stock Substitute
Using LEAPS Puts instead of Calls
The Effect of Stock Index Futures on the Stock Market
Index Arbitrage
Portfolio Insurance
Program Trading
The Effect of Index Futures and Index Option Expiration on the Stock Market
Games People Play
Open Interest Implications
A Hedged Strategy
Speculation Early in Expiration Week
Trading with the Arbs
The Postexpiration Effect of Futures on the Stock Market: A Trading System
Expiration's Effect on Individual Stocks
Options as an Insurance Policy
The Collar
Using LEAPS as Collars
Hedging with Over-the-Counter Options
Using Volatility Futures as Portfolio Insurance
The Contract Details
Strategies for Protecting a Portfolio of Stocks with VX Futures
What Can Go Wrong?
Options on VX Futures
Summary
The Predictive Power of Options
Using Stock Option Volume as an Indicator
How Much Is Too Much?
The Analysis
Analysis in Real Time
Examples
Profitability
Further Considerations
Using Stops
When Option Volume Is Not a Good Predictor
Using Option Prices as an Indicator
Expensive Stock Options May Predict Corporate News
Analyzing Implied Volatility for Speculative Trades
Implied Volatility Can Predict Trading Gaps
Some Strategies for Trading the Volatility Gap
Implied Volatility Can Predict a Change of Trend
Covered Call Writing When Volatility Increases
Implied Volatility of Index Options
A Case Study: The 1994 and 1995 Markets
Another Case Study: 1997-1999
The Seasonality of Volatility
Trading Volatility Directly
Further Observations on Index Volatility
The Put-Call Ratio
The Data
Interpreting the Ratios
Sector Index Options Put-Call Ratios
Using Put-Call Ratios to Trade Individual Stocks
Futures Options Put-Call Ratios
Futures Options Volume
Put-Call Ratio Trading Summary
On Moving Averages
Summary
Trading Systems and Strategies
Incorporating Futures Fair Value into Your Trading
Day-Trading Vehicles
The TICKI Day-Trading System
The Intraday Market-Reversal Corollary
A Short-Term Trading System
Monitoring the Oscillator Intraday
Problems with the Advance-Decline Line
Intermarket Spreads
European Options
The HUG/HOG Spread
The January Effect
Gold Stocks versus the Price of Gold
Oil Stocks versus the Price of Oil
Utility Stocks and 30-Year T-Bonds
Similar-Sector Index versus Futures Intermarket Spreads
Pairs Trading
Other Seasonal Tendencies
August: The Dull Month--Or Is It?
September-October: A Very Tradeable Time Period for the Stock Market
Late-October Buy Point
Late-January Buy Point
Summary
Trading Volatility and Other Theoretical Approaches
Volatility
Delta Neutral Trading
Keeping a Position Neutral
Other Forms of Neutrality
Predicting Volatility
Comparing Historical and Implied Volatility
Trading Implied Volatility
Selling Volatility
Buying Volatility
The "Greeks"
The Model
Delta
Vega
Theta
Rho
Gamma, Revisited
Gamma and Delta Neutral
Even More Advanced Constructions
Summary
Trading the Volatility Skew
Price Distributions
Trading the Positive Skew
Trading the Negative Skew
Put Ratio Spread
A Volatility Skew Biases a Position
Finding Where Volatility Skewing Exists
The Aggressive Calendar Spread
Using Probability and Statistics in Volatility Trading
Expected Return
Summary
Other Important Considerations
Support Activities
Order Entry
Brokers and Brokerage
Data Vendors
Software
Trading Methodology and Philosophy
Managing Your Money
Speculative Trading Procedures
Actual Trading Examples
Option Trading Philosophy
The Biggest Mistake
Summary
Listed Index and Sector Options
Futures Options Terms and Expirations
Option Models
Index
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