Options as a strategic investment:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY u.a.
New York Inst. of Finance
1993
|
| Edition: | 3. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 882 S. graph. Darst. |
| ISBN: | 0136360025 |
Staff View
MARC
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| 100 | 1 | |a MacMillan, Lawrence G. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Options as a strategic investment |c Lawrence G. McMillan |
| 250 | |a 3. ed. | ||
| 264 | 1 | |a New York, NY u.a. |b New York Inst. of Finance |c 1993 | |
| 300 | |a XVI, 882 S. |b graph. Darst. | ||
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Record in the Search Index
| _version_ | 1804123191859216384 |
|---|---|
| adam_text | Contents
Preface xz
PART ONE
Basic Properties of Stock Options i
CHAPTER 1
Definitions 3
Elementary Definitions 4, Factors Influencing the Price of an Option 9,
Exercise and Assignment: The Mechanics 15, The Option Markets 21,
Details of Option Trading 22, Order Entry 25, Profits and Profit Graphs 27
PART TWO
Call Option Strategies 29
CHAPTER 2
Covered Call Writing 31
The Importance of Covered Call Writing 31, Covered Writing Philosophy
34, The Total Return Concept of Covered Writing 37, Computing Return
on Investment 39, Execution of the Covered Write Order 48, Selecting a
Covered Writing Position 50, Writing Against Stock Already Owned 54,
Diversifying Return and Protection in a Covered Write 57, Follow Up Ac¬
tion 61, Special Writing Situations 78, Covered Call Writing Summary 83
Hi
iv Contents
CHAPTER 3
Call Buying 85
Why Buy? 85, Risk/Reward for the Call Buyer 87, Advanced Selection
Criteria 91, Follow Up Action 94, A Further Comment on Spreads 104
CHAPTER 4
Other Call Buying Strategies 105
The Protected Short Sale (or Synthetic Put) 105, The Reverse Hedge (Sim¬
ulated Straddle) 109, Altering the Ratio of Long Calls to Short Stock 114,
Summary 118
CHAPTER 5
Naked Call Writing 119
The Uncovered (Naked) Call Option 119, Investment Required 121, Risk
and Reward 123, Summary 128
CHAPTER 6
Ratio Call Writing 129
The Ratio Write 129, Investment Required 133, Selection Criteria 134, The
Variable Ratio Write 138, Follow Up Action 140, Summary 150, An In¬
troduction to Call Spread Strategies 151
CHAPTER 7
Bull Spreads 154
Degrees of Aggressiveness 157, Ranking Bull Spreads 158, Follow Up
Action 160, Other Uses of Bull Spreads 162, Summary 166
CHAPTER 8
Bear Spreads Using Call Options 167
The Bear Spread 167, Selecting a Bear Spread 170, Follow Up Action 171,
Summary 171
CHAPTER 9
Calendar Spreads 172
The Neutral Calendar Spread 173, Follow Up Action 175, The Bullish
Calendar Spread 177, Follow Up Action 178, Using All Three Expiration
Series 179, Summary 180
CHAPTER 10
The Butterfly Spread wi
Selecting the Spread 184, Follow Up Action 187, Summary 190
Contents v
CHAPTER 11
Ratio Call Spreads 191
Differing Philosophies 194, Follow Up Action 198, Summary 202
CHAPTER 12
Combining Calendar and Ratio Spreads 203
Ratio Calendar Spread 203, Choosing the Spread 206, Follow Up Action
207, Delta Neutral Calendar Spreads 208, Follow Up Action 210
CHAPTER 13
Reverse Spreads 211
Reverse Calendar Spread 211, Reverse Ratio Spread (Backspread) 212
CHAPTER 14
Diagonalizing a Spread 217
The Diagonal Bull Spread 218, Owning a Call for Free 220, Diagonal
Backspreads 221, Call Option Summary 222
PART THREE
Put Option Strategies 225
CHAPTER 15
Put Option Rasics 227
Put Strategies 228, Pricing Put Options 230, The Effect of Dividends on
Put Option Premiums 231, Exercise and Assignment 232, Conversion 235
CHAPTER 16
Put Option Buying 238
Put Buying vs. Short Sale 238, Selecting Which Put to Buy 240, Ranking
Prospective Put Purchases 243, Follow Up Action 244, Loss Limiting Ac¬
tions 249, Equivalent Positions 252
CHAPTER 17
Put Buying in Conjunction with Common Stock
Ownership 253
Which Put to Buy 255, Tax Considerations 257, Put Buying as Protection
for the Covered Call Writer 258
vi Contents
CHAPTER 18
Buying Puts in Conjunction with Call Purchases 26i
Straddle Buying 262, Selecting a Straddle Buy 265, Follow Up Action
266, Buying a Combination 269
CHAPTER 19
The Sale of a Put 273
The Uncovered Put Sale 273, Follow Up Action 276, Evaluating a Naked
Put Write 277, Buying Stock Below Its Market Price 280, The Covered Put
Sale 281, Ratio Put Writing 281
CHAPTER 20
The Sale of a Straddle 282
The Covered Straddle Write 282, The Uncovered Straddle Write 285,
Selecting a Straddle Write 287, Follow Up Action 288, Equivalent Stock
Position Follow Up 292, Starting Out with the Protection in Place 293,
Combination Writing 295, Further Comments on Uncovered Straddle and
Combination Writing 298
CHAPTER 21
Synthetic Stock Positions Created by Puts and Calls 301
Synthetic Long Stock 301, Synthetic Short Stock 303, Splitting the Strikes
304, Summary 307
CHAPTER 22
Basic Put Spreads 309
Bear Spread 309, Bull Spread 312, Calendar Spreads 313
CHAPTER 23
Spreads Combining Calls and Puts 316
The Butterfly Spread 316, Three Useful, But Complex Strategies 319,
Selecting the Spreads 327, Summary 330
CHAPTER 24
Batio Spreads Using Puts 332
The Ratio Put Spread 332, Using Deltas 335, The Ratio Put Calendar
Spread 335, A Logical Extension (The Ratio Calendar Combination) 338,
Put Option Summary 340
Contents w j
CHAPTER 25
LEAPS 341
The Basics 342, Pricing LEAPS 344, Comparing LEAPS and Short Term
Options 348, LEAPS Strategies 350, Speculative Option Buying with LEAPS
357, Selling LEAPS 365, Spreads Using LEAPS 377, Summary 382
CHAPTER 26
PERCS 384
Call Feature 385, A PERCS Is a Covered Call Write 387, Price Behavior
389, PERCS Strategies 391, Summary 402
PART FOUR
Additional Considerations 4os
CHAPTER 27
Buying Options and Treasury Bills 407
How the Treasury Bill/Option Strategy Operates 408, Summary 415
CHAPTER 28
The Best Strategy? 4ie
General Concepts—Market Attitude and Equivalent Positions 416, What
Is Best for Me Might Not Be Best For You 418, Mathematical Ranking 420,
Summary 421
CHAPTER 29
Arbitrage 422
Basic Put and Call Arbitrage ( Discounting ) 423, Dividend Arbitrage 425,
Conversions and Reversals 428, More on Carrying Costs 431, Back to
Conversions and Reversals 432, Risks in Reversals and Conversions 434,
Summary of Conversion Arbitrage 438, The Interest Play 439, The Box
Spread 440, Variations on Equivalence Arbitrage 444, The Effects of Ar¬
bitrage 445, Risk Arbitrage Using Options 446, Pairs Trading 455, Facil¬
itation (Block Positioning) 456
CHAPTER 30
Mathematical Applications 457
The Black Scholes Model 457, Expected Return 467, Applying the Cal¬
culations to Strategy Decisions 474, Facilitation or Institutional Block
Positioning 483, Aiding in Follow Up Action 487, Implementation 490,
Summary 490
yjjj Contents
PART FIVE
Index Options and Futures 491
CHAPTER 31
Introduction to Index Option Products and Futures 493
Indices 494, Cash Based Options 501, Futures 509, Options on Index Fu¬
tures 515, Standard Options Strategies Using Index Options 519, Put Call
Ratio 523, Summary 532
CHAPTER 32
Stock Index Hedging Strategies 533
Market Baskets 533, Program Trading 539, Index Arbitrage 549, Follow
Up Strategies 559, Market Basket Risk 562, Impact on the Stock Market
564, Simulating an Index 568, Trading the Tracking Error 577, Summary
580
CHAPTER 33
Index Spreading ssi
Inter Index Spreading 581, Summary 604
CHAPTER 34
CAPS 606
Call CAPS 606, Put CAPS 609, Selling CAPS 612, CAPS Strategies 613,
Pricing CAPS 633, Summary 643
CHAPTER 35
Mathematical Considerations for Index Products 644
Arbitrage 644, Mathematical Applications 647
CHAPTER 36
Futures and Futures Options 654
Futures Contracts 655, Options on Futures 662, Futures Option Trading
Strategies 679, Commonplace Mispricing Strategies 689, Summary 701
CHAPTER 37
Futures Options Strategies for Futures Spreads 702
Futures Spreads 702, Using Futures Options in Futures Spreads 710, Sum¬
mary 725
Contents ix
CHAPTER 38
Advanced Concepts 727
Using Implied Volatility 727, Neutrality 741, The Greeks 742, Position
Delta 747, Strategy Considerations—Using the Greeks 761, Advanced
Mathematical Concepts 797, Summary 803
CHAPTER 39
Taxes 804
History 805, Basic Tax Treatment 806, Exercise and Assignment 810,
Special Tax Problems 818, Summary 821, Tax Planning Strategies for
Equity Options 822, Summary 826
Postscript 828
PART SIX
Appendices 3i
Appendix A
Strategy Summary 833
Appendix B
Equivalent Positions 835
Appendix C
Formulae 837
Appendix D
Graphs 847
Appendix E
Qualified Covered Calls 850
Glossary 853
Index 872
|
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| discipline | Wirtschaftswissenschaften |
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| institution | BVB |
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| publisher | New York Inst. of Finance |
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| spelling | MacMillan, Lawrence G. Verfasser aut Options as a strategic investment Lawrence G. McMillan 3. ed. New York, NY u.a. New York Inst. of Finance 1993 XVI, 882 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier opcije - investicije - strategija Investition (DE-588)4027556-5 gnd rswk-swf Optionsgeschäft (DE-588)4043670-6 gnd rswk-swf Börse (DE-588)4007502-3 gnd rswk-swf Option (DE-588)4115452-6 gnd rswk-swf Optionsgeschäft (DE-588)4043670-6 s Börse (DE-588)4007502-3 s DE-604 Option (DE-588)4115452-6 s Investition (DE-588)4027556-5 s DE-188 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005844317&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | MacMillan, Lawrence G. Options as a strategic investment opcije - investicije - strategija Investition (DE-588)4027556-5 gnd Optionsgeschäft (DE-588)4043670-6 gnd Börse (DE-588)4007502-3 gnd Option (DE-588)4115452-6 gnd |
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| title | Options as a strategic investment |
| title_auth | Options as a strategic investment |
| title_exact_search | Options as a strategic investment |
| title_full | Options as a strategic investment Lawrence G. McMillan |
| title_fullStr | Options as a strategic investment Lawrence G. McMillan |
| title_full_unstemmed | Options as a strategic investment Lawrence G. McMillan |
| title_short | Options as a strategic investment |
| title_sort | options as a strategic investment |
| topic | opcije - investicije - strategija Investition (DE-588)4027556-5 gnd Optionsgeschäft (DE-588)4043670-6 gnd Börse (DE-588)4007502-3 gnd Option (DE-588)4115452-6 gnd |
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