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

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

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.

SHELDON NATENBERG is a well-known author and lecturer on options. He began his trading career in 1982 as an independent market maker in equity options at the Chicago Board Options Exchange. From 1985 to 2000 he traded commodity options, also as an independent floor trader, at the Chicago Board of Trade. Since 2000 he has been a member of the education team at Chicago Trading Company, a proprietary derivatives trading firm.

网友对Option Volatility and Pricing: Advanced Trading Strategies and Techniques, 2nd Edition的评论

This book is for serious option traders. If you are just a guy at home that wants to learn a bit about options and don't have at least a bit of a math background then this book is not for you. However, if you have an extensive math background you will find this book fairly easy. I have a degree in mathematics and knew nothing about options before this book, so it was confusing at first. After learning the basics from other resources and resorting back to this i find that there is great information in here. I do not believe this book is completely out-dated... The pricing theories and spreading strategies are up to date and he clearly says (multiple times) that the average trader will have a hard time market making or creating arbitrage opportunities. That does not mean it's out-dated, it just means that you shouldn't try to trade like an arbitrage trader... Simple...

BTW - for the one star comments that say they don't need to use Greeks to be successful trading options, you might as well just trade the underlying because option Greeks have so much to offer. If you are trading options without paying attention to Implied Volatility or the Greeks you are trading blind. If you are profitable this way then you're most likely making your money directionally, in which case you are much better off trading the underlying. You may have been very lucky if you are profitable trading options without paying attention to IV or Greeks... OR if you are very good at predicting the market direction then IV may have eaten way some of your profits. I highly recommend this book.

One of the authorities on options pricing, nearly as good (but can't be, for lack of length, depth or computer CD/code) as Espen Gaarder Haug's "The Complete Guide to Option Pricing Formulas." Would highly recommend, as the Espnen book is LONG and covers all aspects (fx, commodities, equities, indices, etc) of options, whereas Natenberg does the same but in a shorter volume of page space, making the read a bit more approachable and certainly (to me) more interesting.

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