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Options are an investment vehicle that can enhance virtually any investment philosophy. Fundamentals of the Options Market provides a clear, concise picture of this global marketplace. Using examples drawn from contemporary financial news, this completely accessible guidebook describes why and how these versatile tools can be used to hedge risk and enhance return, while explaining popular products including listed stock options, index options, and LEAPS.

Tabla de contenidos provista por Syndetics

• Introduction(p. xvii)
• 1. Introduction to Options(p. 1)
• Why Stock Options?
• History of Options
• The Earliest History
• The Birth and Rise of Today's Options Industry
• Options: A Conceptual Overview
• Example: Undeveloped Land
• Example: Property / Health Insurance
• 2. Characteristics of Stock Options(p. 9)
• Introduction
• Underlying Security
• The Two Types of Stock Options
• Call Option
• Put Option
• Strike Price / Exercise Price Expiration Cycle
• Unit of Trade / Contract Size
• Option Styles Option Styles: LEAPS and FLEX Options
• Option Class Reading Options Quotes
• Quiz
• 3. Building Blocks(p. 25)
• Introduction
• Long Stock
• Short Stock
• Long Call
• Short Call
• Long Put
• Short Put
• Graphing an Option Position
• Quiz
• 4. Pricing Options(p. 37)
• Introduction
• Option Status Relative to the Underlying Stock
• ITM
• ATM
• OTM
• Factors Affecting the Price of an Option Extrinsic Value
• Pricing Models: An Overview
• Pricing Model Variables
• Theoretical Value versus the Marketplace
• Summary
• Quiz
• 5. Option Volatility(p. 55)
• Introduction
• Measures of Volatility
• Factors Influencing Implied Volatility
• The Importance of Implied Volatility
• Volatility's Impact on the Pricing Model
• Pricing Models and Price Movement
• Mean
• Standard Deviation
• Volatility, Standard Deviation, and Mean
• Pricing Models and Option Theoretical Value
• Summary
• Quiz
• 6. Introduction to Synthetics(p. 71)
• Introduction
• Examples
• Pricing Synthetics
• The Synthetic Triangle
• Conversion / Reversal
• Conversion / Reversal and Free Money
• Conversion / Reversal Risks
• Interest-Rate Risk
• Closing at the Strike
• Summary
• Quiz
• 7. The Greeks(p. 85)
• Introduction
• The Greeks
• Delta Probability of an ITM Finish upon Expiration
• Delta and Time
• The Trouble with Deltas
• Gamma
• Gamma and Time
• Theta
• Rho
• Vega Vega and Time
• Summary
• Quiz
• 8. Position Trading(p. 107)
• Introduction
• Panic Sell-Off Expectation: The Bounce
• Market Maker
• General Observations on Position Trading
• Directional Risk Hedging
• Delta Neutral versus Contract Neutral Spreading
• Hedging Summary
• 9. Option Strategies(p. 125)
• Introduction
• Market Outlooks
• Spreads Legging
• Bullish Strategies
• Bullish: Long Stock
• Bullish Long Stock (Margined) Bullish Long Calls
• Leveraged Risk
• The Delta Position Managing the Position
• A Moderately Bullish Bull Spread
• Call Bull Spread
• Put Bull Spread
• Bullish: Ratio Bull Spread (Long)
• Managing the Position
• Bearish Strategies
• Bearish: Short Stock
• Bearish: Long Puts
• Leveraged Risk
• The Delta Position
• Managing the Position
• Moderately Bearish: Bear Spread
• Put Bear Spread
• Call Bear Spread
• Bearish: Ratio Bear Spread (Long)
• Managing the Position
• Neutral Strategies
• Covered Call Writing / Buy Write
• Long-Term Strategy
• Short-Term Strategy
• Bull Spread Covered Write / Buy Write Horizontal Calendar Spread
• Diagonal Calendar Spread Straddle (Short)
• Managing the Position
• Strangle (Short) Managing the Position
• Ratio Bull Spread (Short)
• Ratio Bear Spread (Short)
• Volatile Strategies ("Backspread")
• Straddle (Long)
• Market Risks: Analyzing the Greeks
• Managing a Long Straddle
• Market Risks: Analyzing the Greeks
• Managing a Long Strangle
• Volatile Strategy Summary
• The Truth about Butterflies
• Neutral Strategies
• Volatile Strategies
• Summary Risk-Reduction Strategies
• Protecting Unrealized Profit Married Puts
• Risk Collar / Fence
• Long Underlying Security (Risk Collar / Fence)
• Short Underlying Security (Risk Collar)
• Quiz
• 10. Market Making(p. 231)
• Introduction
• Who Are Market Makers?
• Individual Trader versus Market Maker
• Trading Styles
• Backspreader Frontspreader
• Market Maker Trading: An Overview
• Market Making As a Business
• A Market Maker's Complex Positioning Profit and Hedging
• 11. The Marketplace(p. 243)
• Introduction to Stocks
• Historical Quotes
• Real-Time Quotes Reading Stock Quotes
• The Exchanges
• The Specialist System NASDAQ and the Market-Maker System
• Options Exchanges Rules of the Option Exchange
• The Exchange Floor Staff and Members
• The Exchange Staff
• Stock Firms / Clerks
• Analyzing the Marketplace
• Fundamental Analysis
• CBOE Volatility Index--VIX
• Put-to-Call Ratio
• Indices
• Weighting Indices Using Indices
• 12. Getting Started(p. 265)
• Introduction
• Trading Stock
• Executing New York Stock Exchange (NYSE) Orders
• Executing NASDAQ Stock
• Executing NASDAQ Orders
• Options Execution
• Electronic Floor Broker Execution
• Auto-Execution
• Trading Accounts
• The Exercise / Assignment Process
• Trade Station
• The Brokers and Brokerage Firms
• Questions to Ask Brokerage Firms
• Data Providers
• A. Order Types(p. 285)
• All-or-None (AON) Order
• Day Order
• Market Order (MKT) Stop Orders
• Fill-or-Kill (FOK) Order
• Good-Until-Canceled (GTC) Order
• Limit Order
• Market-on-Close (MOC) Order Market-if-Touched (MIT) Order
• B. Strategy Formulas(p. 289)
• Married Put
• Protecting Unrealized Profit
• Covered Call Potential
• Bull Spread (Long Call Spread)
• Bull Spread (Short Put Spread)
• Bear Spread (Long Put Spread)
• Bear Spread (Short Call Spread)
• Ratio Bull Spread (Long)
• Ratio Bull Spread (Short)
• Ratio Bear Spread (Long)
• Ratio Bear Spread (Short)
• Long Straddle
• Short Straddle
• Long Strangle Short Strangle
• Long Butterfly
• Short Butterfly
• Long Iron Butterfly
• Short Iron Butterfly
• Long Condor
• Short Condor Risk Collar/Fence (Risk Conversion)
• Risk Collar/Fence (Risk Reversal)
• C. Indices(p. 295)
• Sector Indices
• Broad-Based Indices
• Foreign Market Indices
• D. Expiration Cycles(p. 299)
• E. Fractions to Decimal Conversion Chart(p. 303)
• F. The Options Clearing Corporation (OCC)(p. 305)
• Introduction
• Stock Options Exchanges
• G. Intrinsic and Premium Formulas(p. 307)
• Introduction
• Call Intrinsic Value
• Put Intrinsic Value Call Premium Value
• Put Premium Value
• H. The Black-Scholes Model(p. 309)
• Introduction
• The Binomial Model
• I. Quiz Answers(p. 311)
• Glossary(p. 319)
• Index(p. 333)

Notas de autor provistas por Syndetics

Michael S. Williams is president and CEO of Market Compass, LLC, which specializes in financial education for investors and traders online, via the Internet, and through the PCX Institute. Williams has been an options market maker on the Pacific Exchange (PCX) for nearly a decade. He is a frequent speaker at conferences around the country including the TSAA annual conference, the Options Industry Council seminars, and The Money Show .

Amy S. Hoffman is a founder and vice-president of Market Compass, LLC. She has been an options market maker on the Pacific Exchange (PCX) trading for hedge funds and as an independent market maker. Hoffman's financial career began in 1989 as a compliance officer and in-house trader for a large commodities firm. She is currently an instructor for the PCX Institute and Options Industry Council.