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Overview

The McMillan name is virtually synonymous with options. Over the years, this legendary trader's popular and informative books, newsletters, and seminars have helped both new and seasoned investors use options to consistently enhance their trading profits.

McMillan first shared his personal options philosophies and techniques in the original McMillan on Options. Now, in this revised and expanded Second Edition, he reveals a number of new ...

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McMillan on Options

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Overview

The McMillan name is virtually synonymous with options. Over the years, this legendary trader's popular and informative books, newsletters, and seminars have helped both new and seasoned investors use options to consistently enhance their trading profits.

McMillan first shared his personal options philosophies and techniques in the original McMillan on Options. Now, in this revised and expanded Second Edition, he reveals a number of new approaches for success in today's fast-paced and ever-changing investment arena.

By exploring both the flexibility and predictive ability of options, this highly revised resource will show you the best new ways to apply options to everyday trading situations. You'll quickly learn how to establish self-contained strategies, substitute options for other financial instruments, and protect your positions–whether in stock, index, or future options. More importantly though, you'll receive a complete education in the exciting new products that are popular with investors, from single-stock futures and exchange-traded funds to LEAPS and the brand new volatility futures.

Backed by over 100 case studies, updated charts, and new examples, McMillan on Options, Second Edition:

  • Illustrates how a stock can be "pinned" to a striking price at expiration, what causes it, and when to expect it
  • Discusses put-call ratio charts and theory on individual stocks
  • Examines how to use volatility indices as an accurate market predictor
  • Adapts trading systems and strategies–such as intermarket spreads and seasonal trading systems–to the realities of a new market environment
  • Presents advanced approaches to options trading, including the concepts of expected return and Monte Carlo probability simulation
  • Offers guidance for those who need to find reliable options trading data and tools online

This timely Second Edition also expands on discussions regarding the NYSE as a faulty indicator, the history of market volatility, and the importance of buying and selling volatility.

Readers can now gain a unique insight into McMillan's personal philosophy on options, and discover the innovative new tactics and strategies he applies to his own trading and analysis. Packed with hands-on examples and techniques that address hedging and volatility–plus fresh new pricing concepts–this comprehensive and updated work will help you understand and unleash the full power of options.

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Product Details

  • ISBN-13: 9781118045886
  • Publisher: Wiley
  • Publication date: 2/15/2011
  • Series: Wiley Trading , #229
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 2
  • Pages: 672
  • Sales rank: 1,141,674
  • File size: 6 MB

Meet the Author

LAWRENCE G. McMILLAN is President of McMillan Analysis Corporation. He authors "Daily Volume Alerts," a unique daily fax service that selects short-term stock trades by looking for unusual increases in equity option volume. He also edits and publishes The Option Strategist, a derivative products newsletter covering equity, index, and futures options. McMillan has spoken on options strategies at many seminars and colloquiums in the United States, Canada, and Europe. He was formerly senior vice president in charge of the Equity Arbitrage Department at Thomson McKinnon Securities, Inc. McMillan is the author of the bestselling Options as a Strategic Investment and the classic book, Profit with Options.

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Table of Contents

List of Figures.

1 Option History, Definitions, and Terms.

Underlying Instruments.

Option Terms.

The Cost of an Option.

The History of Listed Options.

Option Trading Procedures.

Electronic Trading.

Exercise and Assignment.

Futures and Futures Options.

Influences on an Option’s Price.

Delta.

Technical Analysis.

2 An Overview of Option Strategies.

Profit Graphs.

Outright Option Buying.

Using Long Options to Protect Stock.

Buying Both a Put and a Call.

Selling Options.

Spreads.

Ratio Strategies.

Summary.

3 The Versatile Option.

Options as a Direct Substitute for the Underlying.

Options as a Proxy for the Underlying.

The Effect of Stock Index Futures on the Stock Market.

The Effect of Index Futures and Index Option Expiration on the Stock Market.

Options as an Insurance Policy.

The Collar.

Hedging with Over-the-Counter Options.

Using Volatility Futures as Portfolio Insurance.

Summary.

4 The Predictive Power of Options.

Using Stock Option Volume as an Indicator.

Using Option Prices as an Indicator.

Implied Volatility Can Predict a Change of Trend.

The Put–Call Ratio.

Futures Options Volume.

On Moving Averages.

Summary.

5 Trading Systems and Strategies.

Incorporating Futures Fair Value into Your Trading.

Day-Trading Vehicles.

The TICKI Day -Trading System.

A Short-Term Trading System.

Intermarket Spreads.

Other Seasonal Tendencies.

Summary.

6 Trading Volatility and Other Theoretical Approaches.

Volatility.

Delta Neutral Trading.

Predicting Volatility.

Comparing Historical and Implied Volatility.

Trading Implied Volatility.

The “Greeks.”

Trading the Volatility Skew.

The Aggressive Calendar Spread.

Using Probability and Statistics in Volatility Trading.

Expected Return.

Summary.

7 Other Important Considerations.

Support Activities.

Trading Methodology and Philosophy.

Option Trading Philosophy.

Summary.

Appendix A: Listed Index and Sector Options.

Appendix B: Futures Options Terms and Expirations.

Appendix C: Option Models.

Index.

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