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Profit with Options: Essential Methods for Investing Success
By: Mcmillan, Larry

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Item #: 84660
Pages: 288
Publisher: John Wiley & Sons
ISBN: 0471225312
Type: Book - Hard Cover
Publish Date : 6/24/2002
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Synopsis:
Finally - the book option traders and McMillan fans have been waiting for. This hands-on manual takes readers on a complete "course" through the options process, featuring a unique 'work book' format that allows you to learn, test, and fine tune your option trading skills - as you go - before facing real-world trading situations, where time and money are something you cannot afford to lose. Each chapter can stand on its own, but taken together they form a well-rounded options trading program. With end-of-chapter quizzes, even veteran traders can refine their skills to enhance their trading performance - and their trading profits. McMillan's learn-by-example workbook will prepare you for making the right moves at the right time, while reacting swiftly to opportunities that arise in the fast-paced options arena. Profit with Options is the perfect complement to McMillan's prior bestsellers - and great as a stand-alone options primer. "McMillan is the top name in Options education - bar NONE," says Paul Stevens, president of the Options Industry Council, and Profit with Options will show you why.

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Jacket Description:
Profit with Options Essential Methods for Investing Success is a powerful new guide that allows every investor to learn about options by benefiting from the wealth of knowledge and years of experience of a true options expert. Renowned options authority and -Traders' Hall of Fame- award-winner Lawrence McMillan complements his prior books with this thorough guidebook. No matter what your background, regardless of your experience level, McMillan's new hands-on manual takes readers on a "course"through the complete options trading process and provides and-of-chapter questions that will help you reinforce tactics and refine options trading skills-preparing you to apply then with savvy and strength before you are out in the real trading arena.

Profit with Options takes you from a basic clarification of terminology to straightforward explanation of complete trading methodologies, for both the beginner and the veteran trader, with chapters on direct and contrary indicators, protecting a stock portfolio, and trading volatility. Through hard-won knowledge gleaned from years of options trading systems, factors that affect markets and market behaviors, and general portfolio-protecting strategies, while uncovering the practices of successful options strategies. Focused on actual ways to generate profits from options trading, this accessible guide will show you how to:

·Use Options as predictors of market behavior
·Determine when to engage in straddle buying
·Interpret OEX and VIX
·Choose the trading system that's right for you
·Reduce that cost of portfolio protection
·Understand and use the measures of option price changes ("greeks")
·Analyze the reasons behind volatility changes
...and much more



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Table of Contents:
Chapter 1: Introduction
Important Terms and Concepts
Option Pricing Models
Option Descriptions
LEAPS
Option Symbols
Futures
Futures Contracts
Futures Symbols
Futures Options Terms
Futures Options Symbols
Serial Options
Quote Machines
Trading Futures
Equivalent Positions
Futures Margin
Trading Technology
Data Services
Software
Summary
Review Questions

Chapter 2: Options as Direct Indicators 23
Technical Indicators
Price: Implied Volatility
Volume
Inside Trading
Noise
Some Actual Examples
Which Option to Buy
More Examples
Option Prices as an Indicator
More Examples
Event-Driven Volatility
Summary
Review Questions

Chapter 3: Options as Contrary Indicators 55
Contrary Indicators
How Contrary Indicators Work
Measuring Market Opinion
Price and Volume as Contrary Indicators
Implied Volatility
Option Prices (Implied Volatility) as Broad Market
Contrary Indicators
High Implied Volatility as a Contrary Indicator for Individual Socks and Futures
Low Implied Volatility as a Contrary Indicator for Individual Stocks and Futures
Put-Call Ratios
The Data
Interpreting the Ratios
Put-Call Ratios on Individual Stocks
Sector Index Options Put-Call Ratios
Futures Options Put-Call Ratios
Anticipating a Change in a Moving Average
Summary
Review Questions

Chapter 4: System Trading 87
Choosing a System
Follow the Rules
Advantage of System Trading
Systems Examples
The Previous Daily Range System
How Much Money Should I Allot?
Trading Vehicles
T-Bonds Opposite S&P's
The Oscillator- an Intermediate-Term System
Option Expiration and its effects on the Broad Stock Market
Index Arbitrage
Open Interest
Formulate a Strategy
Short-Term Trading
Fair Value of S&P Futures Contracts
Summary
Review Questions

Chapter 5: Protecting a Stock Portfolio 115
Options vs. Futures as Portfolio Protection
Put Options as Insurance
Reducing the Cost of Protection
Index Options as Insurance
Individual Stock Options as Insurance
Summary Review Questions

Chapter 6: Trading Volatility 127
Neutrality
Volatility as Strategic Indicator
Volatility Skew
Price Distributions
Trading the Forward (Positive) Skew
The Ratio Spread
The Backspread
Trading the reverse Negative skew
Call Backspreads
A Put Ratio Spread
Summary Review Questions

Chapter 7: Buy Low and Sell High- Volatility That Is 149
Determining When Volatility Is Out of Line
Using Percentiles in Analysis
Look for the Reasons behind Volatility Changes My Favorite Strategy
Criteria for buying straddles
Follow-up Action
“Watching Paint Dry”
Selling Volatility
Follow-up Action for Sellers of Naked Options
Summary
Review Questions
Answers to Review Questions 177
Glossary 187
Index


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Review:

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Profit with Options by Larry McMillan
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"McMillan is the top name in options education - bar NONE."
- Paul Stevens, President, Options Clearing Corp & OIC
..............................................................................................................................................

Good news for option traders - and anyone integrating options into a balanced, winning investment program. Larry McMillan, the top name in the options arena, has just released Profit with Options, a hands-on manual that takes readers on a complete "course" through the options process, featuring a unique 'work book' format that allows you to learn, test, and fine tune your option trading skills - as you go.

Over the years, McMillan's prior books have become "bibles" of the industry. Options as a Strategic Investment is a thick, in-depth reference source. McMillan on Options focuses on applying options strategies - including the ones he personally prefers and uses frequently. The missing link has been a basic book that covers each phase of the options trading process step-by-step, reinforces individual concepts, and thus allows the reader to hone and refine skills. In essence - a workbook or study guide.

Now comes Profit with Options, written in a "course" format, which both complements his prior books and is an excellent stand-alone primer. This book, which is shorter, more accessible, and geared towards options traders of all experience levels, provides an overview of the options trading process in a concise, hands-on manner. Each chapter covers a specific concept, and ends with a set of review questions and answers that will assist the reader in absorbing and implementing the material covered. While not covering innovative new ground, McMillan presents material in a new way that will enhance the ability of traders to master a variety of option trading techniques and become more successful at incorporating them into their overall trading program.

Profit with Options takes you from a basic clarification of terms to straightforward explanations of complete trading methods, systems, indicators and more. McMillan will show you how to:

- Use options as predictors of market behavior
- Analyze the reasons behind volatility changes - and how they affect you
- Determine when to engage in straddle buying
- Interpret OEEX and VIX
- Implement powerful volatility strategies
- Reduce the cost of portfolio protection
- Understand and use the measures of option price change ("greeks")
- Master and apply LEAPS, futures, and trading technology, and more

The valuable "Q&A" section at the end of each chapter gives you a rare chance to test your options knowledge before going into real-world trading situations, where time and money are something you cannot afford to lose.

Each chapter of this guidebook can stand on its own, but taken together they form the basis of a well-rounded options trading program. With the end-of-chapter quizzes, even veteran traders can fine-tune their skills and strategies to enhance their trading performance - and their trading profits. McMillan's learn-by-example workbook will prepare you for making the right moves at the right time, while reacting swiftly to opportunities that arise in the fast-paced options arena.

McMillan fans have been waiting for a book that would bridge the gap between his prior works, and those new to the options markets have longed for a basic "primer" from the foremost name in the options world. Now everyone can be happy - and get on the road to greater option trading profits - with his new classic, "Profit with Options."


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Profit with Options by Lawrence G. McMillan
Book review by Jerry Furst, Investors Education Network

When it comes to Options, there is a learning curve. Larry McMillan's
book "Profit with Options" is for the Intermediate to Advanced options
trader. Written for both futures and equity traders; This book starts
fast reviewing the basics and then gets into high gear. Hedging and
Volatility trading is done in great detail. Systems trading is covered
as well.

Larry also gives you the mathematical formulas for those writing systems
or those who want to understand the "physics" of options, and backs up
his concepts with graphs and examples. Last but not least, I like the
fact that there are review questions at the end of each chapter to quiz
you on you understanding of this complicated but rewarding trading
medium. If you are a serious options trader, this book is recommended
reading.

Jerry Furst, Director
Investors Education Network

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