Options Math For Traders

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Options Math for Traders, + Website

Author : Scott Nations
Publisher : John Wiley & Sons
ISBN 13 : 1118164377
Total Pages : 277 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Options Math for Traders, + Website by : Scott Nations

Download or read book Options Math for Traders, + Website written by Scott Nations and published by John Wiley & Sons. This book was released on 2012-10-30 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to the math behind options and how that knowledge can improve your trading performance No book on options can guarantee success, but if a trader understands and utilizes option math effectively, good things are going to happen. The idea behind Options Math for Traders + Website is to help retail option traders understand some of the basic tenants and enduring relationships of options, and option math, that professional and institutional traders rely on every day. This book skillfully highlights those strategies that are inherently superior from an option math point of view and explains what drives that superiority while also examining why some strategies are inherently inferior. The material is explained without complex equations or technical jargon. The goal is to give you a solid conceptual foundation of options behavior so you can make more informed decisions when choosing an option strategy for your market outlook. Topics covered include the volatility premium, because over time, options will cost more than they are ultimately worth; skew, wherein far out of the money put options may seem cheap from an absolute term, but are very expensive in relative terms; and the acceleration in option price erosion. The book also has a companion Website, which includes links to those sites that can scan for the best strategies discussed in the book. Explains, in a non-technical manner, the mathematical properties of options so that traders can better select the right options strategy for their market outlook Companion Website contains timely tools that allow you to continue to learn in a hands-on fashion long after closing the book Written by top options expert Scott Nations Most independent traders have an imperfect understanding of the math behind options pricing. With Options Math for Traders + Website as your guide, you'll gain valuable lessons in this area and discover how this information can improve your trading performance.

The Mathematics of Options Trading

Author : C.B. Reehl
Publisher : McGraw Hill Professional
ISBN 13 : 9780071445283
Total Pages : 396 pages
Book Rating : 4.4/5 (452 download)

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Book Synopsis The Mathematics of Options Trading by : C.B. Reehl

Download or read book The Mathematics of Options Trading written by C.B. Reehl and published by McGraw Hill Professional. This book was released on 2005-02-24 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Mathematics of Options Trading shows options traders how to improve their overall trading performance by first understanding and harnessing options mathematics. This detailed manual introduces the math needed to understand options and how they work and provides step-by-step instructions on how to use that math to analyze intended trades before committing capital. Traders learn how to use moving averages, curve fitting, extreme values, skewness, and other techniques to augment trading profits. The valuable accompanying CD-ROM contains programs for analyzing opportunities using several strategies, creating spreadsheets, and more.

The Mathematics of Options

Author : Michael C. Thomsett
Publisher : Springer
ISBN 13 : 3319566350
Total Pages : 331 pages
Book Rating : 4.3/5 (195 download)

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Book Synopsis The Mathematics of Options by : Michael C. Thomsett

Download or read book The Mathematics of Options written by Michael C. Thomsett and published by Springer. This book was released on 2017-08-30 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is written for the experienced portfolio manager and professional options traders. It is a practical guide offering how to apply options math in a trading world that demands mathematical measurement. Every options trader deals with an array of calculations: beginners learn to identify risks and opportunities using a short list of strategies, while researchers and academics turn to advanced technical manuals. However, almost no books exist for the experienced portfolio managers and professional options traders who fall between these extremes. Michael C. Thomsett addresses this glaring gap with The Mathematics of Options, a practical guide with actionable tools for the practical application of options math in a world that demands quantification. It serves as a valuable reference for advanced methods of evaluating issues of pricing, payoff, probability, and risk. In his characteristic approachable style, Thomsett simplifies complex hot button issues—such as strategic payoffs, return calculations, and hedging options—that may be mentioned in introductory texts but are often underserved. The result is a comprehensive book that helps traders understand the mathematic concepts of options trading so that they can improve their skills and outcomes.

An Introduction to Options Trading

Author : Frans de Weert
Publisher : John Wiley & Sons
ISBN 13 : 1119994985
Total Pages : 154 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis An Introduction to Options Trading by : Frans de Weert

Download or read book An Introduction to Options Trading written by Frans de Weert and published by John Wiley & Sons. This book was released on 2011-02-15 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explaining the theory and practice of options from scratch, this book focuses on the practical side of options trading, and deals with hedging of options and how options traders earn money by doing so. Common terms in option theory are explained and readers are shown how they relate to profit. The book gives the necessary tools to deal with options in practice and it includes mathematical formulae to lift explanations from a superficial level. Throughout the book real-life examples will illustrate why investors use option structures to satisfy their needs.

Option Trading

Author : Euan Sinclair
Publisher : John Wiley & Sons
ISBN 13 : 0470642521
Total Pages : 326 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis Option Trading by : Euan Sinclair

Download or read book Option Trading written by Euan Sinclair and published by John Wiley & Sons. This book was released on 2010-07-16 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: An A to Z options trading guide for the new millennium and the new economy Written by professional trader and quantitative analyst Euan Sinclair, Option Trading is a comprehensive guide to this discipline covering everything from historical background, contract types, and market structure to volatility measurement, forecasting, and hedging techniques. This comprehensive guide presents the detail and practical information that professional option traders need, whether they're using options to hedge, manage money, arbitrage, or engage in structured finance deals. It contains information essential to anyone in this field, including option pricing and price forecasting, the Greeks, implied volatility, volatility measurement and forecasting, and specific option strategies. Explains how to break down a typical position, and repair positions Other titles by Sinclair: Volatility Trading Addresses the various concerns of the professional options trader Option trading will continue to be an important part of the financial landscape. This book will show you how to make the most of these profitable products, no matter what the market does.

Portfolio Management Formulas

Author : Ralph Vince
Publisher : John Wiley & Sons
ISBN 13 : 9780471527565
Total Pages : 282 pages
Book Rating : 4.5/5 (275 download)

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Book Synopsis Portfolio Management Formulas by : Ralph Vince

Download or read book Portfolio Management Formulas written by Ralph Vince and published by John Wiley & Sons. This book was released on 1991-01-16 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores two neglected mathematical tools essential for competing successfully in today's frenzied commodities markets: quantity, which shows the proper amounts a trader should trade for a given market and system, and intercorrelation of returns (diversification), which shows not only which markets and systems to trade, but how to diversify with respect to trading the right quantities for each market. By using these lesser known tools in conjunction with the more popular trade/system selection tools, readers will see mathematically how success in the markets can be achieved, and how ``success'' without using all three is most likely incidental. In addition, non-stationary distribution of profits and losses and drawdowns are incorporated into the discussions to expose traders to the highs and lows of commodities markets and how best to leverage their assets.

Exotic Options Trading

Author : Frans de Weert
Publisher : John Wiley & Sons
ISBN 13 : 1119995183
Total Pages : 255 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis Exotic Options Trading by : Frans de Weert

Download or read book Exotic Options Trading written by Frans de Weert and published by John Wiley & Sons. This book was released on 2011-01-19 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by an experienced trader and consultant, Frans de Weert’s Exotic Options Trading offers a risk-focused approach to the pricing of exotic options. By giving readers the necessary tools to understand exotic options, this book serves as a manual to equip the reader with the skills to price and risk manage the most common and the most complex exotic options. De Weert begins by explaining the risks associated with trading an exotic option before dissecting these risks through a detailed analysis of the actual economics and Greeks rather than solely stating the mathematical formulae. The book limits the use of mathematics to explain exotic options from an economic and risk perspective by means of real life examples leading to a practical interpretation of the mathematical pricing formulae. The book covers conventional options, digital options, barrier options, cliquets, quanto options, outperformance options and variance swaps, and explains difficult concepts in simple terms, with a practical approach that gives the reader a full understanding of every aspect of each exotic option. The book also discusses structured notes with exotic options embedded in them, such as reverse convertibles, callable and puttable reverse convertibles and autocallables and shows the rationale behind these structures and their associated risks. For each exotic option, the author makes clear why there is an investor demand; explains where the risks lie and how this affects the actual pricing; shows how best to hedge any vega or gamma exposure embedded in the exotic option and discusses the skew exposure. By explaining the practical implications for every exotic option and how it affects the price, in addition to the necessary mathematical derivations and tools for pricing exotic options, Exotic Options Trading removes the mystique surrounding exotic options in order to give the reader a full understanding of every aspect of each exotic option, creating a useable tool for dealing with exotic options in practice. “Although exotic options are not a new subject in finance, the coverage traditionally afforded by many texts is either too high level or overly mathematical. De Weert's exceptional text fills this gap superbly. It is a rigorous treatment of a number of exotic structures and includes numerous examples to clearly illustrate the principles. What makes this book unique is that it manages to strike a fantastic balance between the theory and actual trading practice. Although it may be something of an overused phrase to describe this book as compulsory reading, I can assure any reader they will not be disappointed.” —Neil Schofield, Training Consultant and author of Commodity Derivatives: Markets and Applications “Exotic Options Trading does an excellent job in providing a succinct and exhaustive overview of exotic options. The real edge of this book is that it explains exotic options from a risk and economical perspective and provides a clear link to the actual profit and pricing formulae. In short, a must read for anyone who wants to get deep insights into exotic options and start trading them profitably.” —Arturo Bignardi

Advanced Options Trading

Author : Kevin Kraus
Publisher : McGraw Hill Professional
ISBN 13 : 0071713220
Total Pages : 304 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis Advanced Options Trading by : Kevin Kraus

Download or read book Advanced Options Trading written by Kevin Kraus and published by McGraw Hill Professional. This book was released on 2009-11-20 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: As an active trader in today’s market, you are faced with unprecedented challenges. Dramatic price swings in equity, debt, and currency have made it tougher than ever to manage and trade risk. But with great risk, of course, comes great opportunity— and Advanced Options Trading delivers a detailed system for successfully trading options in a highly volatile and unpredictable global market. Noted options educator and owner of his own brokerage house, Kevin M. Kraus explains the best practices for using options to capture premium, reduce equity purchase prices, manage the costs of buying options, and control portfolio risk—critical skills for finding steady profits in our ever-shifting economic landscape. He offers a close examination of the nature of volatility and what it means for investors, whether they’re just getting started or are veterans of the options market. Advanced Options Trading covers: The critical nature of forward-looking implied volatility Ways to level the volatility playing field with options Techniques for adding value to a portfolio while managing risk The functions of price hedging— and how to do it effectively Interest rate options and which factors drive debt markets Options analysis techniques Options are among the most valuable tools for hedging and risk management, and they also function as profitable investment vehicles, allowing you to make bearish trades through radical market shifts. Advanced Options Trading provides a solid foundation on the options market, along with the necessary skills for trading and managing risk in today’s constantly expanding and contracting market.

The Complete Book of Option Spreads and Combinations

Author : Scott Nations
Publisher : John Wiley & Sons
ISBN 13 : 1118806204
Total Pages : 264 pages
Book Rating : 4.1/5 (188 download)

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Book Synopsis The Complete Book of Option Spreads and Combinations by : Scott Nations

Download or read book The Complete Book of Option Spreads and Combinations written by Scott Nations and published by John Wiley & Sons. This book was released on 2014-10-08 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get a handle on option spreads to hike profit and squashloss The Complete Book of Option Spreads and Combinations isthe definitive educational resource and reference guide for usingoption spreads and other common sense option strategies. Thisuseful guide shows readers how to select the right strategy fortheir market outlook and risk/reward comfort level by describingthe inner workings of each strategy and how they are affected byunderlying market movements, implied volatility, and time decay.Even more importantly, readers will understand where each strategyperforms well, and the market conditions where each should beavoided. Once the proper strategy is selected, readers will learnhow to identify the best options to use based on "moneyness" andtime to expiration. The companion website features tools includingan option pricing tool and implied volatility calculator to helpall traders implement these concepts effectively. There are many different types of spreads, and while less riskythan other option strategies in general, they are more complex,with more variables to monitor. This guide serves as a handbook forthe trader wanting to exploit options to the greatest possiblebenefit. Generate monthly income by selling covered strangles Use call spreads to recover from a losing stock position Protect an existing stock position using put diagonals Discover the best strategies for directional market plays Option spreads are a great tool for traders who would rather bean option seller but who need to limit their risk. The CompleteBook of Option Spreads and Combinations identifies thosestrategies that benefit from option erosion but that limitrisk. If managed properly, spreads can provide both novice andexperienced investors with the potential for a large return whilelimiting risk. Electronic trading platforms and reduced brokeragecommissions have increased option spread trading, which shouldoccupy a spot in every savvy investor's toolkit. Comprehensive andauthoritative, The Complete Book of Option Spreads andCombinations provides a valuable manual and lastingreference.

Trading Options For Dummies

Author : Joe Duarte
Publisher : John Wiley & Sons
ISBN 13 : 1118982649
Total Pages : 458 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis Trading Options For Dummies by : Joe Duarte

Download or read book Trading Options For Dummies written by Joe Duarte and published by John Wiley & Sons. This book was released on 2015-02-05 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate options markets and bring in the profits Thinking about trading options, but not sure where to start? This new edition of Trading Options For Dummies starts you at the beginning, explaining the common types of options available for trading and helps you choose the right ones for your investing needs. You'll find out how to weigh option costs and benefits, combine options to reduce risk, build a strategy that allows you to gain no matter the market conditions, broaden your retirement portfolio with index, equity, and ETF options, and so much more. Options are contracts giving the purchaser the right to buy or sell a security, such as stocks, at a fixed price within a specific period of time. Because options cost less than stock, they are a versatile trading instrument, while providing a high leverage approach to trading that can limit the overall risk of a trade or provide additional income. If you're an investor with some general knowledge of trading but want a better understanding of risk factors, new techniques, and an overall improved profit outcome, Trading Options For Dummies is for you. Helps you determine and manage your risk, guard your assets using options, protect your rights, and satisfy your contract obligations Provides expert insight on combining options to limit your position risk Offers step-by-step instruction on ways to capitalize on sideways movements Covers what you need to know about options contract specifications and mechanics Trading options can be a great way to manage your risk, and this hands-on, friendly guide gives you the trusted and expert help you need to succeed.

Options Made Easy

Author : Guy Cohen
Publisher : Pearson Education
ISBN 13 : 0132703580
Total Pages : 402 pages
Book Rating : 4.1/5 (327 download)

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Book Synopsis Options Made Easy by : Guy Cohen

Download or read book Options Made Easy written by Guy Cohen and published by Pearson Education. This book was released on 2005-07-18 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Options Made Easy, Second Edition, Guy Cohen clearly explains everything you need to know about options in plain English so that you can start trading fast and make consistent profits in any market, bull or bear! Simply and clearly, the author reveals secrets of options trading that were formerly limited to elite professionals–and exposes the dangerous myths that keep investors from profiting. As you set out on your options journey, you'll learn interactively through real-life examples, anecdotes, case studies, and pictures. Guy Cohen is your friendly expert guide, helping you pick the right stocks, learn the right strategies, create the trading plans that work, and master the psychology of the winning trader. Master all the essentials–and put them to work Options demystified so that you can get past the fear and start profiting! Learn the safest ways to trade options Identify high-probability trades that lead to consistent profits Design a winning Trading Plan–and stick to it Understand your risk profile and discover exactly when to enter and exit your trades Choose the right stocks for maximum profit Screen for your best opportunities–stocks that are moving–or are about to move Discover the optimum strategies for you Match your trading strategies to your personal investment goals No bull! The realities and myths of the markets What you must know about fundamental and technical analysis

Day Trading Options

Author : Jeffrey Augen
Publisher : FT Press
ISBN 13 : 0137029039
Total Pages : 193 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Day Trading Options by : Jeffrey Augen

Download or read book Day Trading Options written by Jeffrey Augen and published by FT Press. This book was released on 2010 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: A top options trader shows investors how they can use certain strategies, teaches why day trading options are more practical than ever, and helps them understand trends in the options market that have leveled the playing field between large institutions and private traders.

Positional Option Trading

Author : Euan Sinclair
Publisher : John Wiley & Sons
ISBN 13 : 1119583519
Total Pages : 246 pages
Book Rating : 4.1/5 (195 download)

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Book Synopsis Positional Option Trading by : Euan Sinclair

Download or read book Positional Option Trading written by Euan Sinclair and published by John Wiley & Sons. This book was released on 2020-09-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed, one-stop guide for experienced options traders Positional Option Trading: An Advanced Guide is a rigorous, professional-level guide on sophisticated techniques from professional trader and quantitative analyst Euan Sinclair. The author has over two decades of high-level option trading experience. He has written this book specifically for professional options traders who have outgrown more basic trading techniques and are searching for in-depth information suitable for advanced trading. Custom-tailored to respond to the volatile option trading environment, this expert guide stresses the importance of finding a valid edge in situations where risk is usually overwhelmed by uncertainty and unknowability. Using examples of edges such as the volatility premium, term-structure premia and earnings effects, the author shows how to find valid trading ideas and details the decision process for choosing an option structure that best exploits the advantage. Advanced topics include a quantitative approach for directionally trading options, the robustness of the Black Scholes Merton model, trade sizing for option portfolios, robust risk management and more. This book: Provides advanced trading techniques for experienced professional traders Addresses the need for in-depth, quantitative information that more general, intro-level options trading books do not provide Helps readers to master their craft and improve their performance Includes advanced risk management methods in option trading No matter the market conditions, Positional Option Trading: An Advanced Guide is an important resource for any professional or advanced options trader.

Trading Index Options

Author : James B. Bittman
Publisher : McGraw Hill Professional
ISBN 13 : 9780071367424
Total Pages : 344 pages
Book Rating : 4.3/5 (674 download)

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Book Synopsis Trading Index Options by : James B. Bittman

Download or read book Trading Index Options written by James B. Bittman and published by McGraw Hill Professional. This book was released on 1998-06-21 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed and written for active traders who are interested in practical information that can improve their results, Trading Index Options offers tried-and-true techniques without a lot of theory and math. Bittman provides traders with the know-how to evaluate practical situations and manage positions. Among the key features: the basics of index options, including various spreads; how to match strategies with forecasts; alternatives for losing positions; the importance of price behavior and volatility. A windows-based software program that provides multiple option pricing and graphing is included in the package.

Volatility Trading

Author : Euan Sinclair
Publisher : John Wiley & Sons
ISBN 13 : 1118045297
Total Pages : 228 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Volatility Trading by : Euan Sinclair

Download or read book Volatility Trading written by Euan Sinclair and published by John Wiley & Sons. This book was released on 2011-01-11 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Volatility Trading, Sinclair offers you a quantitative model for measuring volatility in order to gain an edge in your everyday option trading endeavors. With an accessible, straightforward approach. He guides traders through the basics of option pricing, volatility measurement, hedging, money management, and trade evaluation. In addition, Sinclair explains the often-overlooked psychological aspects of trading, revealing both how behavioral psychology can create market conditions traders can take advantage of-and how it can lead them astray. Psychological biases, he asserts, are probably the drivers behind most sources of edge available to a volatility trader. Your goal, Sinclair explains, must be clearly defined and easily expressed-if you cannot explain it in one sentence, you probably aren't completely clear about what it is. The same applies to your statistical edge. If you do not know exactly what your edge is, you shouldn't trade. He shows how, in addition to the numerical evaluation of a potential trade, you should be able to identify and evaluate the reason why implied volatility is priced where it is, that is, why an edge exists. This means it is also necessary to be on top of recent news stories, sector trends, and behavioral psychology. Finally, Sinclair underscores why trades need to be sized correctly, which means that each trade is evaluated according to its projected return and risk in the overall context of your goals. As the author concludes, while we also need to pay attention to seemingly mundane things like having good execution software, a comfortable office, and getting enough sleep, it is knowledge that is the ultimate source of edge. So, all else being equal, the trader with the greater knowledge will be the more successful. This book, and its companion CD-ROM, will provide that knowledge. The CD-ROM includes spreadsheets designed to help you forecast volatility and evaluate trades together with simulation engines.

Trading Options Greeks

Author : Dan Passarelli
Publisher : John Wiley & Sons
ISBN 13 : 1118133161
Total Pages : 375 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Trading Options Greeks by : Dan Passarelli

Download or read book Trading Options Greeks written by Dan Passarelli and published by John Wiley & Sons. This book was released on 2012-10-02 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: A top options trader details a practical approach for pricing and trading options in any market condition The options market is always changing, and in order to keep up with it you need the greeks—delta, gamma, theta, vega, and rho—which are the best techniques for valuing options and executing trades regardless of market conditions. In the Second Edition of Trading Options Greeks, veteran options trader Dan Pasarelli puts these tools in perspective by offering fresh insights on option trading and valuation. An essential guide for both professional and aspiring traders, this book explains the greeks in a straightforward and accessible style. It skillfully shows how they can be used to facilitate trading strategies that seek to profit from volatility, time decay, or changes in interest rates. Along the way, it makes use of new charts and examples, and discusses how the proper application of the greeks can lead to more accurate pricing and trading as well as alert you to a range of other opportunities. Completely updated with new material Information on spreads, put-call parity and synthetic options, trading volatility, and advanced option trading is also included Explores how to exploit the dynamics of option pricing to improve your trading Having a comprehensive understanding of the greeks is essential to long-term options trading success. Trading Options Greeks, Second Edition shows you how to use the greeks to find better trades, effectively manage them, and ultimately, become more profitable.

Option Volatility and Pricing: Advanced Trading Strategies and Techniques, 2nd Edition

Author : Sheldon Natenberg
Publisher : McGraw-Hill Education
ISBN 13 : 9780071818773
Total Pages : 0 pages
Book Rating : 4.8/5 (187 download)

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Book Synopsis Option Volatility and Pricing: Advanced Trading Strategies and Techniques, 2nd Edition by : Sheldon Natenberg

Download or read book Option Volatility and Pricing: Advanced Trading Strategies and Techniques, 2nd Edition written by Sheldon Natenberg and published by McGraw-Hill Education. This book was released on 2014-11-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: WHAT EVERY OPTION TRADER NEEDS TO KNOW. THE ONE BOOK EVERY TRADER SHOULD OWN. The bestselling Option Volatility & Pricing has made Sheldon Natenberg a widely recognized authority in the option industry. At firms around the world, the text is often the first book that new professional traders are given to learn the trading strategies and risk management techniques required for success in option markets. Now, in this revised, updated, and expanded second edition, this thirty-year trading professional presents the most comprehensive guide to advanced trading strategies and techniques now in print. Covering a wide range of topics as diverse and exciting as the market itself, this text enables both new and experienced traders to delve in detail into the many aspects of option markets, including: The foundations of option theory Dynamic hedging Volatility and directional trading strategies Risk analysis Position management Stock index futures and options Volatility contracts Clear, concise, and comprehensive, the second edition of Option Volatility & Pricing is sure to be an important addition to every option trader's library--as invaluable as Natenberg's acclaimed seminars at the world's largest derivatives exchanges and trading firms. You'll learn how professional option traders approach the market, including the trading strategies and risk management techniques necessary for success. You'll gain a fuller understanding of how theoretical pricing models work. And, best of all, you'll learn how to apply the principles of option evaluation to create strategies that, given a trader's assessment of market conditions and trends, have the greatest chance of success. Option trading is both a science and an art. This book shows how to apply both to maximum effect.