Options explained 2:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke
Macmillan
1994
|
| Series: | Finance and capital markets
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIII, 597 S. graph. Darst. |
| ISBN: | 0333628071 |
Staff View
MARC
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| 100 | 1 | |a Tompkins, Robert |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Options explained 2 |c Robert Tompkins |
| 264 | 1 | |a Basingstoke |b Macmillan |c 1994 | |
| 300 | |a XXIII, 597 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Finance and capital markets | |
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| 650 | 7 | |a Opties |2 gtt | |
| 650 | 7 | |a Vernieuwing |2 gtt | |
| 650 | 4 | |a Commodity futures | |
| 650 | 4 | |a Futures market | |
| 650 | 4 | |a Options (Finance) | |
| 650 | 4 | |a Securities | |
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Record in the Search Index
| _version_ | 1804124912601792512 |
|---|---|
| adam_text | Contents
Dedication v
Preface * x
1: The Basics of Options *
Introduction 1
Why Options exist 2
The Two Kinds of Options 3
Definitions 4
Explanation of Contract Terms 6
Disposition of Option Contracts *
Exercise and Assignment of Options
Why Options are tied to the Underlying Market 12
Profit/Loss Profiles 14
Options as the Good and Bad Features of the Underlying Asset 15
Splitting a Short Underlying Position into Good and Bad Parts 17
2: Basic Concepts in Options Pricing 23
In the money 24
At the money
Out of the money 25
The Fundamental Components of an Options Price
Intrinsic Value 26
Determining the Time Value
The Black and Scholes Model 21
Stochastic Dominance Arguments
Assumptions of the Black and Scholes Model 30
European versus American Call Option Prices 33
How Time Value is Estimated from the Black and Scholes Model 34
The Key Element in the Estimation ofTimeValue
from the Black and Scholes Formula
Effects of Time on the Price of an Option
The Implications of the Lognormal Distribution
The Impact of Volatility on the Price of an Option ^
How Volatility is Measured
Options Explained2
Historical Volatility 46
Implied Volatility 47
Forecasted Volatility 48
Impact of Changing Volatility on (he Price of a Call Option 48
Impacts of Interest Rates and Dividend on Options 50
Appendix to Chapter 2: Derivation of the Black and Scholes Formula 51
3: Advanced Concepts in Options Pricing 55
The Role Option Pricing Models Play in Option Evaluation 56
Option Derivatives Compared to Aeroplane Gauges 57
The Delta Concept 57
Delta as the Measure of Relative Change to the Underlying Asset 58
Delta as the Sloped Relationship between the Option Price
and the Price of the Underlying Asset 58
Delta as the Measure of Relative Risk of the Option to a
Buying Position in the Underlying Market 60
Delta as the Probability that the Option will Finish
In the Money at Expiration 61
Uses of Delta 61
Delta Exposures of the Basic Strategies 62
The Concept of Delta Neutral 63
The Problem with the Delta 65
The Concept of Gamma 66
The Measure of Volatility Exposure The Vega 69
The Exposure of the Option to Time Decay The Theta 70
The Sensitivity of Options to Interest Rates The Rho 72
The Gearing of an Option to the Underlying The Lambda 73
The Appropriate Pricing Models for Options on Foreign Exchange 74
European Options on Spot Currency 74
European Options on Currency Forwards 76
American Options on Foreign Exchange 77
Formulae for the Derivatives of the Currency Option Pricing Models 81
Put Call Parity : The Fundamental Arbitrage Relationship 83
Using Put Call Parity to Create Synthetic Securities 84
The Magic Graphing Rules and Put Call Parity 86
The Effects of Interest Rates on Options Prices 89
4: Volatility Estimation 95
Introduction to Volatility Analysis 95
Estimation of the Normal Distribution 99
Problems in Financial Markets with Normal Distributions 104
The Random Walk Hypothesis 105
Volatility as the Standard Deviation 111
Contents
The Types of Volatility Jj^
Estimation of Volatility Historically l4
Methods of Determining Asset Returns
Example of Historical Volatility Estimation 111
Sources of Error in the Volatility Estimate 1*8
Data Frequency for Estimation of Historical Volatility 120
The Impacts of Economic Days on the Historical Volatility 124
Sample Period for the Estimation of the Historical Volatility 131
Which Prices Should be Used for the Estimation of Volatility 133
Estimation of Seasonal Volatility J ^
Estimation of the Implied Volatility j^
Assumptions of the Option Pricing Models jâ„¢
Techniques for the Determination of Implied Volatility |4 f
Weighting of Implied Volatilities to Determine a Composite Estimate 147
5: Advanced Issues in Volatility Estimation
The Volatility Matrix _
Volatility Smiles for Various Markets
Analysis of the Smile Pattern for the FTSE ^
Analysis of the Smile Pattern for US Dollar/Deutsche Mark 5»
Analysis of the Smile Pattern for US Interest Rates °
The Construction of the Volatility Matrix for BTP Options ^ ^
Implications for the Existence of Smiles
The Term Structure of Volatility _.
Non Stationarity in the Price Series
Non Uniformity of Volatility __
Mean Reversion of Volatility Back to some Average
Corrections for the Smile and Term Structure of Volatility ^ ^
The Volatility Cone 186
The Super Model for the Pricing of Options 190
Estimation of Forward Volatilities
195
6: Directional Trading Strategies 196
Possible Viewpoints for the Underlying and Volatility
Three Ways to Benefit from an Increase in the Underlying Market j^
Buying a Crude Oil Futures Contract 99
Buying a Call Option on Crude Oil Futures
Buying Calls versus a Stop Loss Strategy with Long Futures ^
Selling a Put Option on Crude Oil Futures 2Q6
Comparison of the Bullish Strategies
Three Ways to Benefit from a Decrease in the Underlying Market ^
Selling a Crude Oil Futures Contract 209
Buying a Put Option on Crude Oil Futures
Options Explained2
Selling a Call Option on Crude Oil Futures 211
Comparison of the Bearish Strategies 214
Vertical Spreads 215
The Bull Vertical Spread 215
Time Decay and Volatility Sensitivities of a Bull Spread 219
The Bear Vertical Spread 221
Directional Trading Strategies Placement in the Strategy Matrix 224
7: Volatility Trading Strategies 227
How to Make Money from a Change in Volatility 228
The Pure Buying Volatility Strategies 232
Buying a Straddle 232
Buying a Strangle 236
Where Long Straddle and Strangles Fit in the Strategy Matrix 240
Leaning Volatility Buying Strategies: Ratio Back Spreads 241
Call Ratio Back Spreads: the Call Back 241
The Put Ratio Back Spread: The Put back 245
Where Back Spreads Fit in the Strategy Matrix 248
The Pure Selling Volatility Strategies 249
Selling the Straddle 250
Selling the Strangle 254
Buying a Butterfly Spread 258
Buying a Condor Spread 262
Comparison of the Pure Volatility Selling Strategies 266
Where Pure Volatility Selling Strategies Fit into the Strategy Matrix 267
Leaning Volatility Selling Strategies: The Ratio Spreads 267
The Put Ratio Spread 267
The Call Ratio Spread 271
Where Ratio Spreads Fit into the Strategy Matrix 274
The Difference Between Trading Futures and Options 275
I: Option Arbitrage 277
The Types of Arbitrage Strategies 278
Calendar Spreads 278
Long Calendar Spreads 279
Short Calendar Spreads 286
Comparison of all the Volatility Sensitive Strategies 289
Delta Neutral Trading 291
Pure Arbitrage Strategies 298
Practical Applications of Synthetic Transactions 300
The Conversion Arbitrage Strategy 302
The Reversal Arbitrage Strategy 305
The Box Arbitrage Strategy 306
Contents
Jelly Roll Arbitrage Strategies 309
Where the Arbitrage Strategies Fit in the Strategy Matrix 316
9: Trading Options Between Markets 319
Inter Market Trading Strategies in Futures Markets 319
Measuring the Relationship Between Markets The Correlation Coefficient 320
Inter market Directional Strategies Using Options 325
The Inter market Volatility Relationship 329
A Pricing Model for Assessing Intermarket Options Relationships 333
The Concept of the Implied Correlation 337
Application of the Correlation Coefficient in Pricing Cross Currency Options 338
Trading the Volatilities of Stock Options and Stock Index Options 339
The R squared Method for Comparing Stock and Stock Index Volatilties 340
Options on the Spreads Between Markets 347
10: Option Hedging Strategies 355
The Basic Considerations in Designing a Hedging Strategy 356
Market Conditions: 11 July 1994 357
The Relationship Between US. Treasury Bonds and T Bond Futures 358
Hedging Example 1: Buying T Bond Futures
versus Buying Call Options to Hedge a US. Treasury Bond Purchase 361
Hedge Ratio Determination 362
T Bond Futures Hedge Result 363
T Bond Call Options Hedge Result 365
Comparison of T Bond Futures and Call Options Hedges
if the Cash Market Exposure does not Materialise 368
The Impact of the Open T Bond Futures Contracts 368
The Impact of the Open Call Option Positions 369
Comparison of T Bond Futures and T Bond Options Impacts 370
Hedging Example 2: Buying a Put Option on T Bond Futures
to Protect the Value of a US. Treasury Bond 371
Complications of Using Options on T Bond Futures
to Hedge a US. Treasury Bond 372
Choosing At the Money or Out of the Money Puts 3 73
Hedge Ratio Determination 373
Conversion of the Option on T Bond Futures
to an Option on the US. Treasury Bond 374
Hedge Results of the Put Purchase 374
Hedging Example 3: Selling Call Options on T Bond Futures
Against a US. Treasury Bond to Reduce Risk and Enhance Returns 375
The Choice of the Call Option Strike Price to Sell 376
Hedge Ratio Determination 377
Result of the Covered Call Hedging Strategy 377
Options Explained2
The Risks of the Covered Call Hedging Strategy 379
Performance of the Covered Call Hedging Strategy 379
Hedging Example 4: Selling Put Options in Anticipation
of the Purchase of a US. Treasury Bonds 383
Results of the Cash Secured Put Writing Hedging Strategy 383
Summary 385
11: Option Portfolio Application 387
Basics of Stock Indices 388
Stock Index Futures Contracts 389
Options on Stock Index Futures Contracts 390
Options on Stock Indices 390
The 90/10 Money Market Strategy 391
The 90/10 Plus Strategy for Option with Futures Style Margining 393
Result of the 90/10 Call Option Buying Strategy 394
The Zero Cost Options Hedging Strategy 398
Zero Cost Option Hedging Strategy with Options on the S P 100 400
Comparison of the Zero Cost Options Hedge with a Futures Hedge 401
Portfolio Insurance 403
Basic Concepts in Portfolio Theory 403
The Foundations of Portfolio Insurance 404
The Relationship between Portfolio Insurance and Options 408
Reasons for the Use of Portfolio Insurance 408
Portfolio Insurance with Stock Index Futures 409
Portfolio Insurance with Put Options on S P 500 Futures 410
Cost Comparisons of Various Portfolio Insurance Techniques 411
The Fallacy of Delta Hedging a Stock Portfolio 411
How Options Impact the Beta of a Portfolio 413
Comparison of Alternative Hedging Strategies for Holder of Stock Portfolio 418
12: OTC Interest Rate Options 423
OTC Options on Bonds 424
Examples of Applications for OTC Bond Options 425
Pricing of OTC Bond Options 426
Estimation of the Volatility Input for Options on Bonds 431
Issues in the Pricing of OTC Options on Bonds 432
Steps Involved in Pricing an OTC Option on Bonds 432
Why Actual OTC Option Prices Differ from Theoretical Values 435
Credit Risk Implications of OTC Options 437
Impacts of OTC Bond Options on Bond Duration Convexity 438
Interest Rate Guarantee Agreements 440
Interest Rate Ceiling, Floor and Collar Agreements 442
Pricing of the Ceiling Rate Agreement 445
Contents
Hedging a Ceiling Rate Agreement with Eurodollar Futures Options 447
Risks of the Hedged Positions 448
Options on Interest Rate Swaps 451
The Structure of Swaption Agreements 451
Swaptions vs. Interest Rate Cap Agreements 453
The Logic Underlying Swaption Pricing 453
Present Market Conventions for Swaption Pricing 456
Conclusion for OTC Options on Interest Rates 458
13: Exotic Options 461
General Approaches to Pricing Exotic Options 463
The Analytic Models 463
The Numerical Models 463
Monte Carlo Simulation Models 464
Options Which Allow the Holder to Buy or Sell Another Option 464
Compound Options on Cap Rate Agreements: Captions And Floptions 467
Options Which Vary the Standard Terms of Normal Options 470
Bermudan Option 470
Applications of the Bermudan Option 470
Pricing of the Bermudan Option 471
Digital/Binary Options 471
Applications of the Digital Option ¦ 472
Pricing of the Digital Option 473
Pay Later Options 474
Applications of the Pay Later Option 475
Pricing of the Pay Later Option 475
Delayed Options 475
Applications of the Delayed Option 475
Pricing of the Delayed Option 476
Chooser Option 477
Applications of the Chooser Option 477
Pricing of the Chooser Option 478
Power Option 479
Applications of the Power Option 481
Pricing of the Power Option 481
Path Dependent Options 481
Average Rate Options The Asian Style Option 482
Applications of the Average Rate Option 482
Pricing of the Average Rate Option 482
Average Strike Option 484
Applications of the Average Strike Option 485
Comparison of Average Rate and Average Strike Price Options 485
Maximum/Minimum Options The Look Back Option 486
Options Explained2
Potential Uses for Look Back Options 487
Pricing of Look Back Options 487
Pricing the Strike Bonus Option 488
Cliquet or Ratchet Option 489
Applications of the Ratchet Option 490
Pricing of the Ratchet Option 490
Ladder Option 490
Applications of the Ladder Option 491
Pricing of the Ladder Option 491
Shout Option 492
Applications of the Shout Option 492
Pricing of the Shout Option 493
Barrier/Knock Out Option 493
Applications of the Knockout Option 494
Pricing of the Knockout Option 495
Multi Factor Options 496
Rainbow Option 496
Applications of the Rainbow Option 496
Pricing of the Rainbow Option 497
Basket Option 497
Applications of the Basket Option 497
Pricing of the Basket Option 497
Spread Option 498
Quanto 498
Applications of the Quanta Option 498
Pricing of the Quanto Option 499
Conclusion 501
14: Risk Management of Options 503
A Brief History of Option Markets 503
Why Options Markets Have Grown Exponentially Since the 1970s 503
An Option Risk Analysis Computer Programme 504
Contract Definitions in the Program 505
Adding Expiration Dates and Strike Prices into the Program 508
A Live Cattle Option Sample Trade Entry Spreadsheet 508
Entry of a Sample Portfolio of Live Cattle Options into the Spreadsheet 510
Comparison of Market Prices with Theoretical Prices 511
Comparison of Gamma Values Across Strike Prices and Maturities 512
Determination of the Implied Volatility 513
Evaluating the Risks of the Option Portfolio 515
Graphing the Risks of the Option Portfolio 517
Applications of Computer Risk Analysis Programs
to the Management of Options Portfolios by Market Makers 522
Contents
Daily Risk Management Issues 522
Risk Control of Option Books 523
Using Computer Risk Analysis Programs to Choose the Best Strategy 524
15: Structure of Exchange Traded Options Markets 533
The Clearing House and Its Role 533
The Mechanisms of Margining 534
The Margining of Options at a Typical Options Market 537
Structure of Different Option Markets World Wide 537
The Philadelphia Stock Exchange 538
Background 538
Membership 538
Clearing 539
Margin Requirements 540
Summary 540
The European Options Exchange 540
Background 540
Membership 540
Clearing 541
Margin Requirements 542
Exercise Procedure 542
Delivery of and Payment for Underlying Value 543
Clearing Fund 543
Summary 543
The Stockholm Options Market (OM) 543
Background 543
Ownership 544
Organisation of Trading 544
The Electronic Market System 544
The Broker Function 545
Clearing 545
Margin Requirements 545
Delivery Capacity 546
Reporting of Deals Closed 546
Summary 546
The Chicago Mercantile Exchange 546
Background 546
Function of the Exchange 547
Organisation of Trading 547
Clearing 548
Performance Bond (Margin) 548
Daily Settlement 548
Summary 549
Options Explained2
The Span System Explained 549
How the Risk Arrays are Constructed 551
Examples of Span Initial Margin Calculations 551
The Variation Margin 553
16: Accounting, Regulation and Taxation Issues for Options 555
Regulations: A Global Survey 555
Australia _,
Accounting «
Regulation , „
Tav
m 556
Belgium 556
Accounting „
Regulation ,,_
Tax 558
Canada ^
Accounting 55g
Regulation 55g
Tax 558
Denmark g*
Accounting 559
Regulation 559
F—TaX ™
Accounting 56Q
Regulation ,.„
¦ pi jOU
Tax
Germany ^
Accounting ,fi]
Regulation .,.
Tax
Hong Kong J*
Accounting
Regulation .,.
Tax 5«
Irish Republic „,
a • 563
Accounting
Regulation ;
Tax ^S
Italy 564
Accounting ^
Regulation ,°j
Tax 564
564
Contents
Japan 565
Accounting 565
Regulation 565
Tax 566
Luxembourg 567
Accounting 567
Regulation 567
Tax 567
Netherlands 567
Accounting 567
Regulation 568
Tax 568
Singapore 569
Accounting 569
Regulation 569
Tax 569
South Africa 570
Accounting 570
Regulation 571
Tax 571
Spain 572
Accounting 572
Regulation 572
Tax 572
Sweden 573
Accounting 573
Regulation 573
Tax 573
Switzerland 574
Accounting 574
Regulation 574
Tax 574
United Kingdom 575
Accounting 575
Regulation 575
Tax 575
United States of America 576
Accounting 576
Regulation 576
Tax 576
Appendix 579
Index 591
|
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| id | DE-604.BV010479624 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:53:12Z |
| institution | BVB |
| isbn | 0333628071 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006983095 |
| oclc_num | 32391240 |
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| owner_facet | DE-384 DE-Aug4 DE-11 |
| physical | XXIII, 597 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
| publisher | Macmillan |
| record_format | marc |
| series2 | Finance and capital markets |
| spelling | Tompkins, Robert Verfasser aut Options explained 2 Robert Tompkins Basingstoke Macmillan 1994 XXIII, 597 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Finance and capital markets Kapitaalmarkt gtt Opties gtt Vernieuwing gtt Commodity futures Futures market Options (Finance) Securities Optionsgeschäft (DE-588)4043670-6 gnd rswk-swf Optionsgeschäft (DE-588)4043670-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006983095&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Tompkins, Robert Options explained 2 Kapitaalmarkt gtt Opties gtt Vernieuwing gtt Commodity futures Futures market Options (Finance) Securities Optionsgeschäft (DE-588)4043670-6 gnd |
| subject_GND | (DE-588)4043670-6 |
| title | Options explained 2 |
| title_auth | Options explained 2 |
| title_exact_search | Options explained 2 |
| title_full | Options explained 2 Robert Tompkins |
| title_fullStr | Options explained 2 Robert Tompkins |
| title_full_unstemmed | Options explained 2 Robert Tompkins |
| title_short | Options explained 2 |
| title_sort | options explained 2 |
| topic | Kapitaalmarkt gtt Opties gtt Vernieuwing gtt Commodity futures Futures market Options (Finance) Securities Optionsgeschäft (DE-588)4043670-6 gnd |
| topic_facet | Kapitaalmarkt Opties Vernieuwing Commodity futures Futures market Options (Finance) Securities Optionsgeschäft |
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