Ron Ianieri – Option Theory and Trading
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When used correctly, options can greatly enhance your profits. The leverage they provide allows small accounts to trade like big ones, without the normally associated risks. And, in times of financial turmoil, options can keep you from incurring catastrophic losses…
Option Theory and Trading
When used correctly, options can greatly enhance your profits. The leverage they provide allows small accounts to trade like big ones, without the normally associated risks. And, in times of financial turmoil, options can keep you from incurring catastrophic losses. There are many ways in which options can both protect your portfolio and help you profit—but in order to take advantage of these opportunities, you have to learn how to properly use options in your investment endeavors.
As the cofounder and former chief options strategist for the Options University, and now as founder of ION Options, author Ron Ianieri is one of the most well-respected, and well-informed, individuals in this field. Over the course of his successful twenty-plus-year career in the options market, he has trained many professional traders, as well as numerous active investors. Now, with Options Theory and Trading, he shares his extensive experience with you.
Based on a proven option-trading course created by Ianieri, which follows a logical step-by-step progression, this book opens with an in-depth explanation of option terms and theory in Part One—because learning the language and understanding the theory is the foundation upon which successful option strategies are built. Continuing along these lines, Ianieri takes the time to explore the unique risks and rewards of call and put options, and introduces you to the option pricing model, the “Greeks,” and synthetic positions.
In Part Two, Ianieri moves on to basic trading strategies involving stock and options, including the covered call/buy-write strategy, the covered put/sell-write strategy, the protective put strategy, the synthetic put/protective call strategy, and lastly, the collar strategy. In addition to this, you’ll also discover the role of the “lean” in options trading and how to “roll” your position to establish a stream of income.
While Ianieri demonstrates how well options function in unison with a stock position—enhancing potential gains, providing profit protection, and limiting the risk of the entire investment—he also examines how they can be even more effective when traded against each other. In Part Three, you’ll gain an in-depth understanding of how to use vertical, diagonal, and time spreads in this way, and discover how straddles and strangles—which both feature the use of options in unison with one other—can help you achieve strong premium collection.
Rounding out this detailed discussion of options is a close look at combination strategies. Part Four of Options Theory and Trading takes you through fully hedged strategies known as the Butterfly and the Condor, and offers practical advice on how and when to use them.
In an environment of increasing volatility, there’s great risk of market corrections endangering the capital of individual investors around the world. What you need to achieve long-term success in today’s market is the right guidance. With Options Theory and Trading, you’ll quickly discover how to use options to increase your portfolio’s profit potential and reduce the risks you’ll inevitably face.
Table of contents
Preface xi
Acknowledgments xv
Part I Understanding Terms and Theory 1
Chapter 1 Options Basics and Terms 3
Calls and Puts 4
Classes and Series 5
In the Money, Out of the Money, and At the Money 7
Premium and Time Decay 9
Intrinsic versus Extrinsic Value 9
Volatility 12
Chapter 2 Calls and Puts 15
Call Options 15
Put Options 16
Chapter 3 Option Theory 19
Option Pricing Models 20
Fundamentals of Pricing Models 21
Types of Pricing Models 25
Inputs of the Options Pricing Model 32
Outputs of the Pricing Model 39
Chapter 4 Option Theory and the Greeks 41
Delta 42
Gamma 52
Vega 57
Theta 68
Second-Tier Greeks 80
Chapter 5 Synthetic Positions 85
Defining Synthetics 86
Synthetic Stock 88
Synthetic Call 96
Synthetic Put 106
Part II Basic Strategies 117
Chapter 6 Introduction to Trading Strategies 119
Directional Trading Strategies 119
In-the-Money, Out-of-the-Money, and At-the-Money Options 123
Leverage and Risk 128
Chapter 7 Covered Call/Buy-Write Strategy 131
Foundations of the Strategy 131
Performance in Different Scenarios 135
Lean 138
Rolling the Position 139
Examples 141
Covered Call/Buy-Write Synopsis 146
Chapter 8 The Covered Put/Sell-Write Strategy 147
Reviewing Selling Short 147
Foundations of the Strategy 148
Performance in Different Scenarios 151
Lean 154
Rolling the Position 157
Examples 157
Covered Put/Sell-Write Synopsis 163
Chapter 9 The Protective Put Strategy 165
Foundations of the Strategy 165
Performance in Different Scenarios 166
Lean 168
When to Use the Protective Put Strategy 170
Examples 172
Protective Put Synopsis 177
Chapter 10 The Synthetic Put/Protective Call Strategy 179
Foundations of the Strategy 179
Performance in Different Scenarios 181
Lean 183
When to Use the Protective Call Strategy 184
Examples 187
Synthetic Put Synopsis 191
Chapter 11 The Collar Strategy 193
Foundations of the Strategy 193
Performance in Different Scenarios 194
Lean 197
Examples 199
Collar Synopsis 204
Part III Advanced Strategies: Spread Trading, Straddles, and Strangles 207
Chapter 12 Vertical Spreads 209
Construction of a Vertical Spread 210
Value and the Vertical Spread 211
Spread Prices Fluctuate 217
Factors that Affect Spread Pricing 218
Rolling the Position 218
Time Decay and Volatility Trading Opportunities 220
An Imaginary Spread Scenario 222
Recap with Special Insights 224
Examples 225
Bull Spread Synopsis 230
Bear Spread Synopsis 231
Chapter 13 Time Spreads 233
Construction of the Time Spread 233
Behavior of the Spread 234
Effects of Stock Price on the Time Spread 236
Effects of Volatility on the Time Spread 237
Buyer Risk and Reward 244
Seller Risk and Reward 245
Rolling the Position 246
Concluding Thoughts 249
Examples 249
Time Spread Synopsis 253
Chapter 14 The Stock Replacement/Covered Call Strategy (Diagonal Spread) 255
When to Use the Diagonal Spread 257
Rolling the Position 259
Conclusion 259
Chapter 15 Straddles 261
What Is a Straddle? 261
Straddle Scenarios 262
How It Works 262
Factors that Affect Straddle Prices 263
Risks and Rewards 266
Break-Even, Maximum Reward, and Maximum Risk 267
Conclusion 271
Examples 271
Long Straddle Synopsis 276
Short Straddle Synopsis 277
Chapter 16 Strangles 279
What Is a Strangle? 280
Strangle Scenarios 281
How It Works 281
Factors that Affect Strangle Prices 282
Risks and Rewards 285
Break-Even, Maximum Reward, and Maximum Risk 285
Conclusion 289
Examples 289
Long Strangle Synopsis 294
Short Strangle Synopsis 294
Part IV Combination Strategies 297
Chapter 17 The Butterfly 299
Constructing the Butterfly 299
Why Use Butterflies? 301
Butterfly and Synthetic Positions 303
What Will a Butterfly Cost? 305
Butterfly and the Greeks 307
Iron Butterfly 309
Long Iron Butterfly 312
Using the Butterfly 312
Long Butterfly Synopsis 313
Short Butterfly Synopsis 314
Chapter 18 The Condor 315
Long Condor 315
Short Condor 316
Why Use Condors? 317
How It Works 320
Condors versus Butterflies 321
Condors and the Greeks 323
Iron Condors 326
How Do We Use Condors? 330
Long Condor Synopsis 331
Short Condor Synopsis 332
Conclusion 335
Appendix: Five Trading Sheets 337
About the Author 343
Index 345
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