Trading options as a professional: techniques for market makers and experienced traders
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
McGraw-Hill
2009
|
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XX, 356 Seiten Diagramme 1 CD-ROM (12 cm) |
| ISBN: | 9780071465052 0071465057 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV039717525 | ||
| 003 | DE-604 | ||
| 005 | 20240606 | ||
| 007 | t | ||
| 008 | 111122s2009 |||| |||| 00||| eng d | ||
| 020 | |a 9780071465052 |9 978-0-0714-6505-2 | ||
| 020 | |a 0071465057 |9 0-07-146505-7 | ||
| 035 | |a (OCoLC)750533179 | ||
| 035 | |a (DE-599)BVBBV039717525 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-945 | ||
| 084 | |a QK 660 |0 (DE-625)141676: |2 rvk | ||
| 100 | 1 | |a Bittman, James B. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Trading options as a professional |b techniques for market makers and experienced traders |c James B. Bittman |
| 264 | 1 | |a New York [u.a.] |b McGraw-Hill |c 2009 | |
| 300 | |a XX, 356 Seiten |b Diagramme |e 1 CD-ROM (12 cm) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024565695&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
Datensatz im Suchindex
| _version_ | 1805076007365902336 |
|---|---|
| adam_text |
CONTENTS
Acknowledgments xv
Introduction — Learning to Trade Options as a Professional xvii
Chapter 1 Option Market Fundamentals 1
Fundamental Terms 1
The Market—Definition 1 10
The Market—Definition 2 11
National Best Bid and Best Offer 13
Margin Accounts and Related Terms 16
Profit/Loss Diagrams 19
Summary 29
Chapter 2 Operating the Op-Eval Pro Software 31
Overview of Program Features 31
Installing the Software 32
Choices of Pricing Formulas 34
Features of Op-Eval Pro 35
The Single Option Calculator 36
Calculating Implied Volatility 39
The Spread Positions Screen 39
Theoretical Graph Screen 42
Theoretical Price Table 44
The Portfolio Screen 45
IX
Contents
The Distribution Screen 46
Summary 48
Chapter 3 The Basics of Option Price Behavior 49
The Insurance Analogy 49
Option Pricing Formulas 53
Call Values and Stock Prices 54
Put Values and Stock Prices 56
Call Values Relative to Put Values 59
Option Values and Strike Price 60
Option Values and Time to Expiration 62
Time Decay Is Complicated 64
Time Decay and Volatility 64
Option Values and Interest Rates 67
Option Values and Dividends 69
Option Values and Volatility 69
Extreme Volatility 71
Dynamic Markets 71
Three-Part Forecasts 72
Trading Scenarios 72
Summary 75
Chapter 4 The Greeks 77
Overview 77
Delta 78
Gamma 80
Vega 83
Theta 85
Rho 87
How the Greeks Change 89
How Delta Changes 92
How Gamma Changes 99
How Vega Changes 104
How Theta Changes 108
How Rho Changes 111
Contents • xi
Position Greeks 118
Summary 131
Chapter 5 Synthetic Relationships 135
Synthetic Relationships 135
Synthetic Long Stock 137
Synthetic Short Stock 139
Synthetic Long Call 141
Synthetic Short Call 144
Synthetic Long Put 146
Synthetic Short Put 148
When Stock Price * Strike Price 151
The Put-Call Parity Equation 15 3
Applying the Effective Stock Price Concept 155
The Role of Interest Rates and Dividends 156
Summary 160
Chapter 6 Arbitrage Strategies 163
Arbitrage—the Concept 163
The Conversion 165
Pin Risk 167
Pricing a Conversion 168
Pricing a Conversion with Dividends 173
Pricing Conversions by Strike Price 176
The Concept of Relative Pricing 177
The Reverse Conversion 178
Pricing a Reverse Conversion 181
Pricing a Reverse Conversion with
Dividends 185
Box Spreads 188
The Long Box Spread 188
Pricing a Long Box Spread 193
The Short Box Spread 196
Pricing a Short Box Spread 199
Summary 203
xii • Contents
Chapter 7 Volatility 205
Volatility Defined 206
Historic Volatility 206
Another Look at Daily Returns 213
Realized Volatility 216
The Meaning of "30 Percent Volatility" 216
Converting Annual Volatility to Different
Time Periods 217
Calendar Days Versus Trading Days 220
Implied Volatility 222
Expected Volatility 230
Using Volatility 231
"Overvalued" and "Undervalued" 232
An Alternative Focus 234
Volatility Skews 234
Summary 238
Chapter 8 Delta-Neutral Trading: Theory and Reality 241
Delta-Neutral Defined 242
The Theory of Delta-Neutral Trading 247
Delta-Neutral Trading—Long
Volatility Example 248
Delta-Neutral-Trading—Short
Volatility Example 256
Simulated "Real" Delta-Neutral Trade 1 263
Simulated "Real" Delta-Neutral Trade 2 267
Delta-Neutral Trading—Opportunities and Risks
for Speculators 272
Delta-Neutral Trading—Opportunities and Risks
for Market Makers 275
Summary 277
Chapter 9 Setting Bid-Ask Prices 279
The Theory of the Bid-Ask Spread 280
The Need to Adjust Bid and Ask Prices 284
Contents • xiii
The Process of Adjusting Bid and Ask Prices 285
The Limit on Adjusting Bid and Ask Prices 288
Estimating Option Prices as Volatility Changes 290
Expressing Bid and Ask Prices in Volatility
Terms 292
Trading Exercises Introduced 294
Exercise 1: Buying Calls Delta-Neutral 296
Exercise 2: Creating a Butterfly Spread in
Three Trades 298
Exercise 3: Creating a Reverse Conversion in
Two Trades 302
Exercise 4: Creating a Long Box Spread in
Two Trades 306
Summary 310
Chapter 10 Managing Position Risk 311
Calculating Position Risks 312
Managing Directional Risk with Delta 314
Vertical Spreads versus Outright
Long Options 320
Vertical Spreads—How the Risks Change 321
Greeks of Delta-Neutral Positions 327
Neutralizing Position Greeks 329
Neutralizing Greeks when Interest Rates
Are Positive 333
Establishing Risk Limits 337
Summary 340
Epilogue 343
Index 345 |
| any_adam_object | 1 |
| author | Bittman, James B. |
| author_facet | Bittman, James B. |
| author_role | aut |
| author_sort | Bittman, James B. |
| author_variant | j b b jb jbb |
| building | Verbundindex |
| bvnumber | BV039717525 |
| classification_rvk | QK 660 |
| ctrlnum | (OCoLC)750533179 (DE-599)BVBBV039717525 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000 c 4500</leader><controlfield tag="001">BV039717525</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20240606</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">111122s2009 |||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780071465052</subfield><subfield code="9">978-0-0714-6505-2</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0071465057</subfield><subfield code="9">0-07-146505-7</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)750533179</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV039717525</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-945</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QK 660</subfield><subfield code="0">(DE-625)141676:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Bittman, James B.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Trading options as a professional</subfield><subfield code="b">techniques for market makers and experienced traders</subfield><subfield code="c">James B. Bittman</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">New York [u.a.]</subfield><subfield code="b">McGraw-Hill</subfield><subfield code="c">2009</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XX, 356 Seiten</subfield><subfield code="b">Diagramme</subfield><subfield code="e">1 CD-ROM (12 cm)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024565695&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield></record></collection> |
| id | DE-604.BV039717525 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-20T05:50:27Z |
| institution | BVB |
| isbn | 9780071465052 0071465057 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024565695 |
| oclc_num | 750533179 |
| open_access_boolean | |
| owner | DE-945 |
| owner_facet | DE-945 |
| physical | XX, 356 Seiten Diagramme 1 CD-ROM (12 cm) |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Bittman, James B. Verfasser aut Trading options as a professional techniques for market makers and experienced traders James B. Bittman New York [u.a.] McGraw-Hill 2009 XX, 356 Seiten Diagramme 1 CD-ROM (12 cm) txt rdacontent n rdamedia nc rdacarrier HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024565695&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bittman, James B. Trading options as a professional techniques for market makers and experienced traders |
| title | Trading options as a professional techniques for market makers and experienced traders |
| title_auth | Trading options as a professional techniques for market makers and experienced traders |
| title_exact_search | Trading options as a professional techniques for market makers and experienced traders |
| title_full | Trading options as a professional techniques for market makers and experienced traders James B. Bittman |
| title_fullStr | Trading options as a professional techniques for market makers and experienced traders James B. Bittman |
| title_full_unstemmed | Trading options as a professional techniques for market makers and experienced traders James B. Bittman |
| title_short | Trading options as a professional |
| title_sort | trading options as a professional techniques for market makers and experienced traders |
| title_sub | techniques for market makers and experienced traders |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024565695&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT bittmanjamesb tradingoptionsasaprofessionaltechniquesformarketmakersandexperiencedtraders |