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Options Institute — Options: Essential Concepts and Trading Strategies
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Íàçâàíèå: Options: Essential Concepts and Trading StrategiesÀâòîð: Options Institute Àííîòàöèÿ: 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.
ßçûê: Ðóáðèêà: Ýêîíîìèêà è ôèíàíñû /Ñòàòóñ ïðåäìåòíîãî óêàçàòåëÿ: Ãîòîâ óêàçàòåëü ñ íîìåðàìè ñòðàíèö ed2k: ed2k stats Èçäàíèå: 2ndÃîä èçäàíèÿ: 1995Êîëè÷åñòâî ñòðàíèö: 430Äîáàâëåíà â êàòàëîã: 14.11.2006Îïåðàöèè: Ïîëîæèòü íà ïîëêó |
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Ïðåäìåòíûé óêàçàòåëü
Other People's Money (OPM), enhancement strategies and 183—185 Other People's Money (OPM), risk transfer and 192 Out-of-the-money options 20—21 Out-of-the-money options, bear spreads and 115—117 Out-of-the-money options, bull spreads and 110—111 Out-of-the-money options, buy-writes and 104—105 Out-of-the-money options, calendar spreads and 181—182 Out-of-the-money options, call buying as insurance 88—89 Out-of-the-money options, covered call writing and 104—105 Out-of-the-money options, delta 38 Out-of-the-money options, delta change over time 46 Out-of-the-money options, gamma of 42—46 Out-of-the-money options, implied volatility of 227 Out-of-the-money options, index calls and leverage 226—228 Out-of-the-money options, index calls as portfolio equivalents 222—225 226—229 Out-of-the-money options, index puts as portfolio insurance 202—208 213—217 Out-of-the-money options, long butterfly and 137—138 Out-of-the-money options, put buying as insurance 93 Out-of-the-money options, speculative call buying and 84—87 Out-of-the-money options, speculative put buying and 92 Out-of-the-money options, stock price and 20—21 Out-of-the-money options, time decay and 30—31 Out-of-the-money options, uncovered call writing 97—98 Out-of-the-money options, volatility and 35—36 Over-the-counter options, dealer trading and 6 160 Over-the-counter options, guarantee of 160 Over-the-counter options, problems with 6—7 Over-the-counter options, versus listed options 375 383—385 Overvalued options 75—78 249 Overwriting 105—106 309; Pacific Stock Exchange (PSE) 10 Parity 23 Path dependence 356 Pension funds, education of managers and trustees 377—379 Pension funds, ERISA and 372 374 381 Pension funds, suggested amendment to trust 385—386 Philadelphia Stock Exchange (PHLX) 10 Pin risk 256 Portfolio equivalents, index calls as 220—223 228—230 Portfolio equivalents, index puts as 202—206 212—214 Portfolio insurance 196—220 Portfolio insurance, advantages of index options 200—201 Portfolio insurance, compared to property insurance 217 Portfolio insurance, covered calls and 346—347 349 Portfolio insurance, dynamic 317—318 341 352—354 Portfolio insurance, dynamic versus static 352—354 Portfolio insurance, implied volatility of index puts and 201 209 213—214 216—217 Portfolio insurance, index call options and 228—230; see also Index call options Portfolio insurance, index put strategies 202—208 212—217; Portfolio insurance, index versus equity options 196—200 Portfolio insurance, LEAPS puts and 349 Portfolio insurance, market opinion and 208—209 Portfolio insurance, market timing as 218 Portfolio insurance, protective puts and 324—325 341—344 346 348—349 Portfolio insurance, selling the portfolio as 202—203 209—211 Portfolio insurance, static 341 352—354 Portfolio insurance, stock index futures and 202—204 211—212 317—318 347—348 Portfolio insurance, strategic considerations for 201—202 Portfolio insurance, versus dynamic hedging 218—220 Portfolio repair strategy 239—241 Portfolio risk management 220—244 318—387 Portfolio risk management strategies, 90/10 strategy 344—345 351—352 Portfolio risk management strategies, collar/fence 235—239 328 349—350 368—369 375 Portfolio risk management strategies, covered calls 316—317 323—324 341 346—347 349 Portfolio risk management strategies, dynamic hedging with index calls 230—232 Portfolio risk management strategies, dynamic hedging with index puts 218—220 Portfolio risk management strategies, index calls to increase market exposure 220—232 Portfolio risk management strategies, index puts to decrease market exposure 202—220 Portfolio risk management strategies, LEAPS 349 352 358—359 Portfolio risk management strategies, long-term bearish 348—349 Portfolio risk management strategies, long-term bullish 352 Portfolio risk management strategies, neutral 350 Portfolio risk management strategies, neutral, but uncertain 349—350 Portfolio risk management strategies, protective puts 324—325 341—344 346 348—349 Portfolio risk management strategies, put writing 241—244 352 Portfolio risk management strategies, put writing with T-Bill purchase 345—346 350 Portfolio risk management strategies, repair strategy 239—241 Portfolio risk management strategies, short-term bearish 346—348 Portfolio risk management strategies, short-term bullish 351—352 Portfolio risk management strategies, short-term straddle writing 350 Portfolio risk management strategies, writing index calls against portfolio 232—235 Portfolio risk management, advantages of options 346 Portfolio risk management, basic principles of 340 377 Portfolio risk management, before strategy implementation 313—316 Portfolio risk management, cash equivalent alternatives 367—368 Portfolio risk management, definition 320 340 Portfolio risk management, devising a strategic plan 377—381 Portfolio risk management, diversification and 319 357 Portfolio risk management, ERISA and 372 374 Portfolio risk management, expected return distributions 319—323 327—328 341—344 Portfolio risk management, foreign exposure 361 Portfolio risk management, index options and 328—332 Portfolio risk management, market timing and 378—379 Portfolio risk management, put-call parity and 325—327 344—346 Portfolio risk management, selecting suitable option contract 354—358 Portfolio risk management, small cap stocks see Small capitalization stocks Portfolio risk management, success of plans 387 Portfolio risk management, trial trading of options and futures 379—380 Premium sellers 248 Premium, call writing and 99 Premium, covered call writing and 104—105 Premium, put writing and 101—102 Price efficiency 245 Pricing, option see also Option pricing model Pricing, option, arbitrage spreads and 249—262 Pricing, option, at-the-money calls versus puts 254 Pricing, option, implied volatility and 270—271 Profit/loss diagrams explained 81—82 Protective put 165—166 309 324—325 341—344 346 348—349; Protective put, versus 90/10 strategy 344 Put options 18 Put options, at-the-money versus call price 254 Put options, buying 89—94 165—168 Put options, buying as insurance 93—94 165—167 Put options, buying versus shorting stock 92—93 167—168 Put options, delta 38—42 Put options, early assignment on in-the-money 256 Put options, equity versus index for portfolio insurance 196—200 Put options, escrowed puts 350 Put options, introduction of by CBOE 10 Put options, margin requirements for naked writing 176 Put options, married put 166—167 Put options, out-of-the-money versus in-the-money 92 Put options, parity protective put 165—166 309 324—325 341—344 346 348—349 Put options, portfolio insurance and see Portfolio insurance Put options, price relationship to calls see Put-call Put options, speculative buying 92—93 309 Put options, speculative writing 102 Put options, theoretical value of 27—28 Put options, time decay 31 Put options, underwriting 310 Put options, writer, motivation of 101—102 Put options, writing 99—102 175—177 241—244 310 Put options, writing index versus equity 175 Put options, writing versus covered call writing 106—107 175—176 241—242 Put options, writing versus underwriting insurance policy 100—101 Put options, writing with T-Bill purchase 345—346 350 Put options, writing, opportunity cost of 102 243 Put-call dealer 5 Put-call dealer, function prior to CBOE 6—7 Put-call parity 18 49—55 266 325—327 344—346 Put-call parity, American versus European-style options 325—326 Put-call parity, arbitrage and 52—53 Put-call parity, at-the-money call versus put price 254 Put-call parity, cost of money and 54—55 Put-call parity, dividends and 54 Put-call parity, interest rates and 55 Put-call parity, portfolio risk management and 325—327 344—346 Put-call parity, pricing "in-line" 53 Put-call ratios 298—301 Put-call ratios, CBOE Equity Put-Call Ratio 299 Put-call ratios, S&P Put-Call Ratio 299 Quarterly expiration cycles 8; see also Expiration cycles Reduced-risk trading 186—188 Repair strategies, equity versus index options 240—241 Repair strategies, option 188—191 Repair strategies, portfolio 239—241 Repair strategies, stock 191—192 Replacement therapy 183 Reversal 3—4 252—257 Reversal, advantages of 260—261 Reversal, dividends and 254—255 Reversal, hidden risks 255—257 Reversal, interest and 252—254 Reversal, synthetic equivalents and 252 Reverse conversion see Reversal Risk management, arbitrage trading and 255—257 Risk management, discipline and 194 Risk management, insurance value of calls 87—89 Risk management, market makers and 248—251 Risk management, options and 13 Risk management, reduced-risk trading 186—188 Risk management, small investor and 192—194 Risk transfer 192—194 Risk transfer, leverage and 192 Risk transfer, liquidity and 291 Risk transfer, market makers and 245 Risk, arbitrage spreads and 262—263 Risk, basis risk 275 Risk, curve and 269—270 Risk, definition 319 Risk, delta and 267—270 Risk, firm-specific 319 357 Risk, gamma and 269—270 Risk, index versus equity options 357 Risk, market 319 357 Risk, option position risk fundamentals 262—263 Risk, portfolio diversification and 319 357 Risk, reducing and liquidity 291 Risk, standard deviations as measurement 319—320 Risk, vega and 271—272 Risk/reward, arbitrage spreads and 263 ROLL 280 Roll, diagonal 185—186 Rubinstein, Mark 59 Rudd, Andrew 59 Russell Indices 160 314 319 332—336 352 356 358—361; Russell Indices all time high 336 Russell Indices, FLEX options and 160 Russell Indices, futures on 359 Russell Indices, LEAPS options on 329 Russell Indices, options on 329 Russell Indices, versus S&P 500 Index 332 Sage, Russell 3—4 Scaling out 182 Scalpers 248 Scalping 168 261 264 290 Securities and Exchange Commission (SEC) 290 Securities and Exchange Commission (SEC), CBOT registration and 8 Securities and Exchange Commission (SEC), creation of 5—6 Securities and Exchange Commission (SEC), moratorium on CBOE expansion 10—11 Sentiment indicators 298—299 Settlement procedures 357—358 Short butterfly spread 126—129; see also Butterfly spread Short butterfly spread, break-even points 127—128 Short butterfly spread, cost of 126 Short butterfly spread, suitability of 128 Short butterfly spread, two spreads in one 128 Short call (written call) see Call options Short condor see Condor spread Short put (written put) see Put options Short sale versus buying put 92—93 167—168 Short stock interest 252—254 Short straddle 130—133 Short straddle, break-even points 131 Short straddle, cost of 130 Short straddle, covered writing 177—178 Short straddle, motivation of writer 131—132 Short straddle, neutral strategy as 310 350 Short straddle, risk and capital management 133 Short straddle, time decay and 132 Short straddle, versus short strangle 135 Short strangle 133—135 Short strangle, break-even points 134 Short strangle, motivation of writer 133 Short strangle, versus short straddle 135 Short volatility 271 skewness see Expected return distributions Small capitalization stocks 332—336 358—361 Small capitalization stocks, 90/10 strategy and 358—359 Small capitalization stocks, LEAPS puts and 358 Small capitalization stocks, portfolio exposure 358—361 Small capitalization stocks, Russell 2000 Index futures/options and 358—359 Small capitalization stocks, Russell Indices and 314 319 332 352 356 358—361 Small investor strategies see also individual strategy listings Small investor strategies, calendar spread 181—182 Small investor strategies, combination 186—188 Small investor strategies, covered call writing 172—175 Small investor strategies, covered straddle writing 177—178 Small investor strategies, diagonal roll 185—186 Small investor strategies, discipline and 194 Small investor strategies, enhancement 183—186 Small investor strategies, getting in strategies 165—182 Small investor strategies, getting out strategies 182—186 Small investor strategies, married put 166—167 Small investor strategies, option repair 188—191 Small investor strategies, options and 165 Small investor strategies, protective put 165—166 Small investor strategies, reduced risk trading 186—188 Small investor strategies, replacement therapy 183 Small investor strategies, scaling out 182 Small investor strategies, speculative call buying 168—172 Small investor strategies, speculative diversification 171—172 Small investor strategies, spreading and 179—182 Small investor strategies, stock repair 191—192 Small investor strategies, systematic writing 178—179 Small investor strategies, uncovered put writing 175—177 South Sea Company 2 Speculation, call buying and 84—87 168—172 310 Speculation, diversification and 171—172 Speculation, options and 297 Speculation, put buying and 92—93 Speculation, put writing 102 242—243 Speculator versus institutional investor 242—244 Spot month 170 Spread traders 248 Spreading, delta neutral 267—272 276—278 Spreading, dividend risk of 112 Spreading, early assignment and 112—113 Spreading, exposure summary 262—263 273—274 Spreading, small investor and 179—182 Spreading, summary of 117 Spreading, trade-offs of 108—109 115 SPX see Standard & Poor's 500 Stock Index options Standard & Poor's 100 Stock Index (OEX) 11 Standard & Poor's 100 Stock Index (OEX), CAPS and see CAPS options Standard & Poor's 100 Stock Index (OEX), FLEX options and 160 Standard & Poor's 100 Stock Index (OEX), LEAPS options on 155—156 328 Standard & Poor's 100 Stock Index options (OEX) 11 275 328; Standard & Poor's 100 Stock Index options (OEX), hedging and 275 Standard & Poor's 100 Stock Index options (OEX), historical volatility range 291 Standard & Poor's 100 Stock Index options (OEX), introduction of by CBOE 11 Standard & Poor's 100 Stock Index options (OEX), most active option product 291 Standard & Poor's 100 Stock Index options (OEX), Put-Call Ratio 299 Standard & Poor's 500 Stock Index (SPX) 11 275 Standard & Poor's 500 Stock Index (SPX), CAPS and see CAPS options Standard & Poor's 500 Stock Index (SPX), end-of-quarter options and 161 Standard & Poor's 500 Stock Index (SPX), FLEX options and 160 Standard & Poor's 500 Stock Index futures 275 317—318 Standard & Poor's 500 Stock Index futures, price delinked from stock market 317—318
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