Successful trading, in general, is difficult and options specifically can be complicated. In most cases, those who do well have an ability to focus on good processes and let the results take care of themselves.
Nobody is more familiar with this situation than professional trader and quantitative analyst Euan Sinclair. In Option Trading, he's broken down the process into the parts you need to thrivean understanding of market structure, knowledge of the instruments you trade, a way to capture an edge, and a methodology for managing risk.
Written with the serious trader in mind, this comprehensive guide opens by exploring options, both historically and conceptually, and then uses the no-arbitrage principle to introduce option pricingexamining both static arbitrage relationships and the dynamic hedging approach. With this critical background in hand, the largest and most substantial part of the book addresses how to actually trade options.
Along the way, you'll gain an in-depth understanding of:
- The various option strategies that can be implemented, from puts and calls to strangles, straddles, and butterflies
- How to measure and forecast realized volatility, the nature and behavior of implied volatility, and what it takes to successfully trade the two
- The concept of expected value, the general idea of hedging, and the importance of trade sizing
- The strategies behind market making
- The essential aspects of risk management in option trading
- And much more
Option trading is 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.
From the Back Cover
Successful trading, in general, is difficult and options specifically can be complicated. In most cases, those who do well have an ability to focus on good processes and let the results take care of themselves.
Nobody is more familiar with this situation than professional trader and quantitative analyst Euan Sinclair. In Option Trading, he's broken down the process into the parts you need to thrive an understanding of market structure, knowledge of the instruments you trade, a way to capture an edge, and a methodology for managing risk.
Written with the serious trader in mind, this comprehensive guide opens by exploring options, both historically and conceptually, and then uses the no-arbitrage principle to introduce option pricing examining both static arbitrage relationships and the dynamic hedging approach. With this critical background in hand, the largest and most substantial part of the book addresses how to actually trade options.
Along the way, you'll gain an in-depth understanding of:
- The various option strategies that can be implemented, from puts and calls to strangles, straddles, and butterflies
- How to measure and forecast realized volatility, the nature and behavior of implied volatility, and what it takes to successfully trade the two
- The concept of expected value, the general idea of hedging, and the importance of trade sizing
- The strategies behind market making
- The essential aspects of risk management in option trading
- And much more
Option trading is 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.
About the Author
EUAN SINCLAIR is an option trader with fifteen years of professional trading experience. He specializes in the design and implementation of quantitative trading strategies. Sinclair is currently a proprietary option trader for Bluefin Trading, where he trades based on quantitative models of his own design. He holds a PhD in theoretical physics from the University of Bristol. Sinclair is also the author of the Wiley title Volatility Trading.
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