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Trading Options in Turbulent Markets Master Uncertainty Through Active Volatility Management

ISBN-10: 1576603601
ISBN-13: 9781576603604
Edition: 2010
Authors: Larry Shover
List price: $60.00
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Book details

List price: $60.00
Copyright year: 2010
Publisher: John Wiley & Sons, Incorporated
Publication date: 8/31/2010
Binding: Hardcover
Pages: 254
Size: 6.50" wide x 9.50" long x 1.00" tall
Weight: 0.990

Understanding the Relationship between Market Turbulence and Option Volatility
Managing Risk and Uncertainty with Options
What Is Risk?
What Is Uncertainty?
Seven Lessons Learned from Market Volatility
Understanding Derivatives
The Six Benefi ts of Options
Making Sense of Volatility in Options Trading
Volatility as an Asset Class
Analyzing Volatility with Implied Volatility
What Does Implied Volatility Reveal?
Making Trading Decisions Based on the Disparity between Historical and Implied Volatility
Appreciating Volatility for All It Is Worth
How Volatility Really Works on the Trading Floor
Volatility and Uncertainty: Lessons for the Irrational Option Trader
Varieties of Option Volatility Trading
Working with Volatility to Make Investment Decisions
On Predicting the Future
Starting with Historical Volatility
Implied Volatility
Why Do Volatilities Increase as Equities Fall?
Implied Versus Historical Volatility
Justifi cation for the Disparity Between Historical and Implied Volatility
Volatility Skew: Smile or Smirk?
Considering Some Examples
A Primer on Random Walk and Normal Distribution
Dealing with the Higher Moments of the Normal Distribution
Skew Is High, Skew Is Low. So What?
Does a "Flat" or "Steep" Skew Predict the Future?
A Fair Warning About Thinking About Skew Too Much
Understanding Option Volatility and its Relationship to Option Greeks, Personal Decision Making, and Odds Creation
Extreme Volatility and Option Delta
The Misnomer of Delta and Probability of Exercise
Delta Defi ned
The Relationship Between Volatility and Delta
Higher Volatility and Delta
Lower Volatility and Delta
Delta, Time, and Volatility
Delta, Position Delta, Volatility, and the Professional Trader
Smoke and Mirrors: Managing Gamma through Volatile Markets
Gamma and Volatility
Managing Positive Gamma during a High-Volatility Environment
The Bad News: There's Always More than Meets the Eye
Practical Considerations for Managing Long Gamma in a High-Volatility Environment
Managing Negative Gamma in a High-Volatility Environment
Practical Considerations of Negative Gamma in High Volatility
Gamma and Volatility with Respect to Time Structure
Price Explosion: Volatility and Option Vega
The Relationship between Implied Volatility and Vega
Implied Volatility: Price Analogy
Option Vega and Time
Option Vega and Its Greek Cousins
Option Vega Implications
Don't Underestimate the Relationship between Volatility and Option Vega
Volatility and Vega Insensitivity
Important Concepts When Applying Option Vega in a Volatile Marketplace
Sand in the Hourglass: Volatility and Option Theta
Balancing Time Decay with Volatility: Mistakes Traders Make
Volatility and Theta: What Every Investor Needs to Know
Ten Proven Strategies to Employ in Uncertain Times
Preparing for Trading Using Volatility Strategies
The Elements of a Sound Trading Decision
Developing an Approach to Options Trading
The Mind of a Successful Trader
Decision Making, Options versus Everything Else
The Buy-Write, or the Covered Call
The Buy-Write (Covered Call) Defi ned
An Example of the Covered Call Strategy
The Theory and Reality of the Covered Call
Covered Call Writing and Implied Volatility
Implied Volatility in Practice
Managing Contracts in a Time of High Volatility or a Falling Market
Effective Call Writing in a Volatile Market
Covering the Naked Put
Contemplating the Cash-Secured Put
Utilizing the Cash-Secured Put in a High-Volatility Environment
Cash-Secured Put and Volatility: Risks and Consequences
Income Strategy: Volatility as an Asset Class and Cash-Secured Puts
Position Management
The Married Put: Protecting Your Profit
Volatility, Downside Risk, and the Case for Portfolio Insurance
Why Buy High Volatility?
The Married Put
How and When to Use a Married Put
Example of When to Use a Married Put
The Married Put: Limiting Loss, Neutralizing Volatility, and Unleashing Upside Potential
Married Put: A Real-Life Illustration
The Collar: Sleep at Night
Collar Strategy
Types of Collars
Conclusions on the Collar Strategy
The Straddle and Strangle: The Risks and Rewards of Volatility-Sensitive Strategies
The Buying or Selling of Premium
Properties of Straddles and Strangles
Comparing Straddles and Strangles
How to Compare Historical and Implied Volatility
The Impact of Correlation and Implied Volatility Skew
An Alternative to the Naked Volatility Sale via the Straddle/Strangle: The Strangle Swap
The Vertical Spread and Volatility
Introduction to the Vertical Spread
A Trader's Reasoning for Trading a Vertical Spread
Designing Your Vertical Spread
Vertical Spreads and Greek Exposure
Vertical Spreads as a Pure Volatility Play
Comparing Volatility's Effect on Vertical Spreads
Summary: Comparing Vertical Spreads and Implied Volatility
Calendar Spreads: Trading Theta and Vega
Calendar Spreading-Trading Time
Risks and Rewards of the Calendar Spread
A Calendar Spread with a Bullish Expectation
Considerations and Observations for Calendar Spreads and Volatility
Ratio Spreading: Trading Objectives Tailor Made
How Back Spreads and Ratio Spreads Work
Back Spreads
Ratio Spreads
Greek Values and the Back Spread or Ratio Spread
Configuring and Pricing a Back Spread or Ratio Spread
Reconciling Volatility and the Back Spread or Ratio Spread
The Butterfly Spread
Setting up a Butterfly
The Butterfly Spread as a Volatility Investment
Greek Values and the Butterfly
Structuring and Pricing a Butterfly
Trading Butterfl ies in a Volatile Market
The Iron Butterfly and the Condor
The Iron Butterfly
The Condor
The Iron Butterfl y, the Condor, and a Volatile Marketplace

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