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Options Institute Ч Options: Essential Concepts and Trading Strategies
Options Institute Ч Options: Essential Concepts and Trading Strategies

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Ќазвание: Options: Essential Concepts and Trading Strategies

јвтор: Options Institute


Options, when used strategically can help investors control investment risk, capitalize on market opportunities, or enhance investment income. In order to maximize these opportunities, market participants must first grasp the fundamentals of options, including their attendant risk, features, and benefits. Options: Essential Concepts and Trading Strategies is an authoritative guide to options products and the tactics for incorporating them into an investment strategy. This easy-to-understand guide explains what options are, how they are priced, and how they are traded. Most importantly, it shows how options can enhance a portfolio's performance and help readers meet their investment objective. Covering Everything from the history of the options industry to the latest index options and products (including LEAPS, CAPS, and FLEX) this revised edition shows how to: Use options to protect profits, positions and portfolios; Make more informed, strategic decisions when buying or selling equity and index options- and avoid the most common pitfalls; Understand options pricing and forecasting theories without getting bogged down in the math.

язык: en

–убрика: Ёкономика и финансы/

—татус предметного указател€: √отов указатель с номерами страниц

ed2k: ed2k stats

»здание: 2nd

√од издани€: 1995

 оличество страниц: 430

ƒобавлена в каталог: 14.11.2006

ќперации: ѕоложить на полку | —копировать ссылку дл€ форума | —копировать ID
ѕредметный указатель
"Cost of carry"      253
"Free money"      106 133
"Hockey-stick" diagrams      31
"Trading at parity"      23
90/10 strategy      220Ч221 344Ч345 351Ч352 358Ч359
90/10 strategy, LEAPS call with      352 358Ч359
90/10 strategy, option alternatives for      352 358Ч359
90/10 strategy, versus protective put      344
adjusting      231 270
American Stock Exchange (AMEX)      10
American-style option      20 276 353 355
American-style option, versus European-style      241 332 353 355
Arbitrage      52Ч53 246Ч247 249Ч262
Arbitrage spreads      249Ч262; see also Conversion and Reversal
Arbitrage spreads, box spread      257Ч261
Arbitrage spreads, butterfly spread      278Ч279 284Ч288
Arbitrage spreads, jelly roll      261Ч262
Arbitrage spreads, option pricing and      249Ч262
Arbitrage spreads, time spread      278Ч284
Arbitrage, hidden risks      255Ч257
Arbitrage, market makers and      246Ч247
Arbitrage, mathematical      246Ч247
Arbitrage, spreads and option pricing      249Ч262
Arbitrage, synthetic      246
ASSIGNMENT      see Exercise and assignment
At-the-money options      20Ч21
At-the-money options, call price versus put price      254
At-the-money options, covered call writing and      104Ч105
At-the-money options, delta      38
At-the-money options, delta change over time and      46
At-the-money options, gamma and      42Ч46
At-the-money options, index calls and 90/10 strategy      221
At-the-money options, index calls as portfolio equivalents      221Ч222 229Ч230
At-the-money options, index puts as portfolio insurance      202Ч208 212Ч217
At-the-money options, stock price and      20Ч21
At-the-money options, time decay and      29Ч30 32Ч33 47Ч48
At-the-money options, uncovered call writing      97Ч98
At-the-money options, volatility and      34Ч36
Automatic exercise      19 156Ч159
Automatic exercise, portfolio management and      200
Backspreading      271 282
Barren's      299
Barren's, Confidence Index      304
Barren's, option premium index      303
Basis risk      275
Bear call spread      117
Bear put spread      113Ч117 309Ч310
Bear put spread, box spread and      258
Bear put spread, break-even point      113Ч114 116
Bear put spread, cost of      113
Bear put spread, motivation of spreader      114Ч115
Bear put spread, time decay and      115
Bear put spread, trade-offs of      115
Bear put spread, types of      115Ч117
Bear put spread, versus CAPS puts      156Ч158
Better switch      see Repair strategies
Binomial process      62; see also Volatility
Black Ч Scholes model      17 294 333 359;
Black Ч Scholes model, option pricing and      17
Box spread      257Ч261
Box spread, advantages of      260Ч261
Box spread, bull/bear spread and      258
Box spread, cash-equivalent alternative as      367Ч368
Box spread, double      285Ч286
Box spread, extra premium and      260
Box spread, pricing      258Ч261
Box spread, time box      262
Break-even point, bear put spread      113Ч114 116
Break-even point, bull call spread      107Ч108 110Ч111
Break-even point, call buying      83Ч84
Break-even point, covered call writing      103Ч104
Break-even point, long butterfly      136
Break-even point, long straddle      118Ч120
Break-even point, long strangle      122Ч123
Break-even point, put buying      89Ч90
Break-even point, put writing      99Ч100
Break-even point, short butterfly      127Ч128
Break-even point, short straddle      131
Break-even point, short strangle      134
Break-even point, strategic break-even point      190Ч191
Break-even point, uncovered call writing      95
Bucket shops      4
Bull call spread      107Ч113 310
Bull call spread, box spread and      258
Bull call spread, break-even points      107Ч108 110Ч111
Bull call spread, cost of      107
Bull call spread, dividend risk      112
Bull call spread, early assignment and      112Ч113
Bull call spread, motivation of spreader      108
Bull call spread, repair strategy as      190Ч191
Bull call spread, time decay and      109Ч110
Bull call spread, trade-offs of spreading      108Ч109
Bull call spread, types of      110Ч111
Bull call spread, versus CAPS calls      156Ч158
Bull put spread      111Ч112
Bullish long call spread      see Bull call spread
Bullish short put spread      see Bull put spread
Butterfly spread      278Ч279 284Ч288
Butterfly spread, boxes and      285Ч286
Butterfly spread, bull/bear spreads and      284
Butterfly spread, CAPS and      158Ч159
Butterfly spread, directional strategy as      137Ч138
Butterfly spread, double box and      285Ч286
Butterfly spread, double butterfly      285Ч286
Butterfly spread, flat-top butterfly      286; see also Condor spread
Butterfly spread, iron butterfly      285
Butterfly spread, long      135Ч138; see also Long butterfly spread
Butterfly spread, market makers and      278Ч279 284Ч288
Butterfly spread, pan-head butterfly      286; see also Condor spread
Butterfly spread, profit/loss profiles      284Ч287
Butterfly spread, short      126Ч129; see also Short butterfly
Butterfly spread, stock price swings and      285
Butterfly spread, straddles/strangles and      285
Butterfly spread, time decay and      285
Butterfly spread, top hat butterfly      see Condor spread
Butterfly spread, trading inventory as      285
Butterfly spread, trading of      287Ч288
Butterfly spread, volatility and      285
Buy-write      103Ч105 310;
Buy-write, bullish strategy as      310
Calendar spread      see also Time spread
Calendar spread, far out-of the-money      181Ч182
Call options      18
Call options at-the-money versus put price      254
Call options, buying      82Ч89 310
Call options, buying with stock versus long call      94
Call options, covered writing      103Ч107 172Ч175 309Ч310 316Ч317 323Ч324 341 346Ч347;
Call options, delta      38Ч42
Call options, insurance value of buying      87Ч89
Call options, introduction of by CBOE      8
Call options, parity speculative buying      84Ч87 168Ч172 310
Call options, price relationship to puts      see Put-call
Call options, theoretical value      26Ч28
Call options, time decay      29Ч31
Call options, uncovered writing      94Ч99
Call options, writer motivation      96Ч97
Call options, writing covered versus naked      106
Call options, writing versus shorting stock      99
Capped options      see CAPS options
CAPS options      141 156Ч159 160
CAPS options, calls versus bull call spreads      156Ч158
CAPS options, puts versus bear put spreads      156Ч158
CAPS options, value of      157
CAPS options, versus butterfly and condor spreads      158Ч159
Carrying costs      55
Cash equivalent alternatives      367Ч368
Cash equivalent alternatives, box spread      367Ч368
Cash equivalent alternatives, forward conversion      367
Cash overlay strategy      367
Cash settlement      276
Cash settlement, index hedging surrogates and      275Ч276
Cash settlement, index options      11
Cash-plus-call portfolio      221
CBOE      see Chicago Board Options Exchange
CBOE 100 index      see Standard & Poor's 100 Stock Index
CBOT      see Chicago Board of Trade
CFTC      see Commodity Futures Trading Commission
Chicago Board of Trade      19
Chicago Board of Trade, creation of CBOE      8Ч9
Chicago Board of Trade, registration by SEC      8
Chicago Board Options Exchange, (CBOE)      6 8Ч13 290
Chicago Board Options Exchange, (CBOE), annual volume      10
Chicago Board Options Exchange, (CBOE), creation of      8Ч9
Chicago Board Options Exchange, (CBOE), Equity Put-Call Ratio      299
Chicago Board Options Exchange, (CBOE), introduction of index options      11
Chicago Board Options Exchange, (CBOE), introduction of put options      10
Chicago Board Options Exchange, (CBOE), Market Volatility Index (VIX)      161Ч162 305Ч306
Chicago Board Options Exchange, (CBOE), new product expansion      11Ч13
Chicago Board Options Exchange, (CBOE), opening day      9
Chicago Board Options Exchange, (CBOE), Put and Call Option Premium Indexes      301Ч304
Chicago Board Options Exchange, (CBOE), S&P 100 Put-Call Ratio      299
Chicago Board Options Exchange, (CBOE), SEC expansion moratorium      10Ч11
Chicago Board Options Exchange, (CBOE), SEC pilot program      8
Chicago Mercantile Exchange (CME)      20 275 359
Clearing firms      291Ч292
CME      see Chicago Mercantile Exchange
Collar/fence strategy      235Ч239 328 349Ч350 368Ч369 375
Collar/fence strategy, institutional portfolio and      235Ч239
Collar/fence strategy, LEAPS options and      154Ч155
Combination      186Ч188
Commodity Futures Trading Commission (CFTC)      290
Computer technology, computer-based trading      294
Computer technology, proprietary      247
Condor spread, long      139Ч140 286Ч287
Condor spread, short      129Ч130
Condor spread, top hat, flat-top, pan-head butterfly as      286Ч287
Condor spread, versus CAPS      158Ч159
Confidence Index, Barron 's      304
Contrary sentiment indicators      298Ч301
Conversion      3Ч4 252Ч257 299
Conversion, advantages      260Ч261
Conversion, dividends and      254Ч255
Conversion, forward      367
Conversion, hidden risks      255Ч257
Conversion, interest and      252
Conversion, option premiums and      303Ч304
Conversion, put-call ratios and      299
Conversion, synthetic equivalents and      252
Cost-of-money      54Ч55
Counterparty risk      160
Covered call writing      103Ч107 172Ч175 309Ч310 323Ч324
Covered call writing, against portfolio      316Ч317 341 346Ч347
Covered call writing, buy-write      103Ч105 310
Covered call writing, expected returns      341
Covered call writing, insurance value      173 324 346Ч347
Covered call writing, motivation of writer      172Ч173
Covered call writing, opportunity cost      106 175
Covered call writing, overwriting      105Ч106 309
Covered call writing, percentage return of      173Ч175
Covered call writing, protection aspect      104Ч105 173
Covered call writing, systematic writing      178Ч179
Covered call writing, versus naked put writing      106Ч107 175Ч176 241Ч244
Covered call writing, volatility and      105
Covered straddle writing      177Ч178; see also Short straddle
Cox, John      59
Crash, stock market of 1929      5
Crash, stock market of 1987      211 213 241 317
Curve      269Ч270
Daily Graphs Option Guide      307
Day traders      248
Day traders, direction risk and      264
Delta      23 38Ч42 267Ч269
Delta, curve and      269Ч270
Delta, dynamic hedging and      218Ч220 230Ч232 270Ч271
Delta, gamma and      42Ч46 269Ч270 272
Delta, hedge ratio and      268
Delta, LEAPS      145
Delta, net delta      268Ч269 277
Delta, neutral      45
Delta, neutral spreading      267Ч271 276Ч278
Delta, short straddle      133
Delta, speculative call buying and      86Ч87
Delta, time passage and      46Ч47
Delta, uncovered call writing      98
Designated Primary Market Maker (DPM)      294
Distribution of stock price      59Ч71
Distribution of stock price, expected      68 71
Distribution of stock price, volatility as      68
Diversification, portfolio      319 357
Diversification, speculative call buying and      171Ч172
Dividends      54
Dividends, ex-dividend date      112 254
Dividends, LEAPS and      143Ч144
Dividends, portfolio yield versus writing index calls      232Ч235
Dividends, pricing relationships and      254Ч255
Dividends, risk in spreading      112
DJIA      see Dow Jones Industrial Average
Dow Jones Industrial Average (DJIA)      226
Dow Jones Industrial Average (DJIA), all time high      336
Dow Jones Industrial Average (DJIA), ninety day declines of 15 percent      215
DPM      see Designated Primary Market Maker
Dual trading      290
Dynamic hedging, adjusting      231
Dynamic hedging, increasing portfolio market exposure      230Ч232
Dynamic hedging, market makers and      270Ч271
Dynamic hedging, reducing portfolio market exposure      218Ч220
Dynamic portfolio insurance      317Ч318 341 352Ч354
Dynamic portfolio insurance, advantages      353
Dynamic portfolio insurance, difficulties      317 354
Dynamic portfolio insurance, stock index futures and      317Ч318 353
Dynamic portfolio insurance, versus static insurance      352Ч354
Efficient market theory      297 311
End-of-quarter options      141 161
Enhancement strategy      183Ч186
Equity options, CBOE Equity Put-Call Ratio      299
Equity options, expiration cycles of      170Ч171
Equity options, naked put writing versus writing index puts      175
Equity options, versus index options evaluation      275Ч276 356Ч358
Equity options, versus index options for portfolio insurance      196Ч200
Equivalent positions      250Ч251
Equivalent positions, butterfly/condor versus CAPS      158Ч159
Equivalent positions, covered call versus short put      106Ч107
Equivalent positions, long put and stock versus long call      94
Equivalent positions, stock versus synthetic stock      250Ч251
Escrowed puts      350
European-style option      20 241 353 355
European-style option, portfolio insurance and      353 355
European-style option, versus American-style      241 332 353 355
Ex-dividend date      112 254
Exercise and assignment      19Ч20
Exercise and assignment, automatic exercise      19 156Ч159 200
Exercise and assignment, CAPS and      156Ч159
Exercise and assignment, early assignment      112Ч113 155Ч159 241 256 259Ч260
Exercise and assignment, early exercise      20 156Ч159 241 276
Exercise style      see American-style option; CAPS option; European-style option
Expected return distributions      319Ч323 327Ч328 341
Expected return distributions, covered calls and      341
Expected return distributions, protective puts and      341Ч344
Expected return distributions, skewness of      321Ч323 327Ч328 340 343
Expected value      59Ч67
Expected value, changing volatility and      60Ч67
Expected value, theoretical value as      67
Expected volatility      57 67Ч69
Expected volatility, versus implied volatility      69
expiration      18Ч20
Expiration cycles      8 170Ч171
Expiration, date      8 18
Expiration, rules of      19Ч20
Fair price      49; see also Put-call parity
Fair valued options      76 297
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