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Trading Options Greeks: How Time, Volatility, and Other Pricing Factors Drive Profits, by Dan Passarelli
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From the Inside Flap
The financial markets are dynamic, and in order to keep up with them, you need the greeks—delta, gamma, theta, vega, and rho—the best techniques for valuing options and executing trades regardless of market conditions. With extensive experience as a market maker, retail trader, and instructor in this field, nobody understands options better than author Dan Passarelli. And now, with the Second Edition of Trading Option Greeks, he provides you with the tools you'll need to succeed in the high-speed, highly technical arena that the options market has become. Written to reflect current market conditions, this reliable guide will put you in a better position to effectively navigate today's options market, which includes a host of new products, strategies, and rules. Along the way, it skillfully discusses option Greeks from both a theoretical and practical perspective, and explains how and when to use them. Divided into four comprehensive parts, this updated edition outlines a practical approach to the greeks—which measure changes in an option's value—and reinforces a trader's understanding of option pricing, volatility, market terminology, and strategy in a way that few other books can. Topics covered include: Option-specific risk and opportunity, put-call parity and synthetics, and dividends and option pricing Vertical spreads, wing spreads, and calendar and diagonal spreads Delta-neutral trading—including the trading of implied and realized volatility Advanced option trading issues from straddles and strangles to ratio and complex spreads And much more Whether you're a professional trader or active individual trader, comprehensive knowledge of the greeks can help you avoid common pitfalls, limit risk, and increase profit potential. Putting the insights found here into practice will put you in a better position to excel at this challenging endeavor.
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From the Back Cover
Trading Option Greeks Second Edition In option trading, there are an infinite number of uses for the "greeks" (delta, gamma, theta, vega, and rho), which measure changes in an option's value. From finding trades to managing and adjusting them, the greeks are truly a trader's best resource—but only if you know how to properly apply them. Nobody understands option greeks better than author Dan Passarelli. And now, with the Second Edition of Trading Option Greeks, this seasoned options expert provides you with the tools you'll need to effectively implement them in your everyday trading endeavors. Written from Passarelli's unique perspective, traders of all levels can benefit from this reliable guide. Page by page, it skillfully covers some of the most essential elements of this discipline, including various types of spreads, put-call parity and synthetic options, trading volatility, and advanced option trading issues. Along the way, it makes use of new charts and examples, and discusses how the proper application of the greeks can lead to more accurate pricing and trading as well as alert you to a range of other opportunities. Having a comprehensive understanding of the greeks is essential to long-term trading success. This updated edition of Trading Option Greeks illustrates how you can apply the concepts contained here to real-world trading scenarios and get the most out of your time in today's dynamic market.
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Product details
Hardcover: 368 pages
Publisher: Bloomberg Press; 2 edition (October 2, 2012)
Language: English
ISBN-10: 1118133161
ISBN-13: 978-1118133163
Product Dimensions:
5.9 x 1.4 x 9.1 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
62 customer reviews
Amazon Best Sellers Rank:
#43,404 in Books (See Top 100 in Books)
I am still reading this book and I find this a very useful book. This book is for intermediate level to advanced level option students and professionals. CBOE website has lot of info on option greeks (all free in webcasts section, where one can download presentation and also go through the webinar). This is the book that shows the details of option strategies and brings it together. Author gives examples of what one is buying or selling based on option greeks (selling theta, buying vega). This book complements with other books and texts that I have. In order to implement and/or see what author is suggesting one certainly needs an option calculator or website (most brokers give this).The following resources will help (no particular order or preference). Bottom line, need a option calculator with greeks, list of options strategies and adjustments one can make and see the P/L.1. Jabbour (option trading handbook), great book, that gives details of all adjustments without greeks. I have the first edition. Second edition is out, I do not have it.2. Most important spreadsheet is from optiontradingtips.com (awesome to see the plot of profit / loss and play with it) to make new trades or adjustments. Easy to play with. This along with CBOE webinar's explaining expiry profit/loss table that you can hand calculate in 5 minutes will show the exact strategy. Or use the spreadsheet and see all the greeks and P/L. One can add a stock (short or long) in the spreadsheet and what happens. The author of this spreadsheet is generous to give this free spreadsheet.3. John Hull's book on Options for MBA/Finance and CFA students (textbook, I have an old edition that is good enough), chapter 14 (and solutions are free) on Option sensitivities and Option hedging is excellent. This chapter is pretty much what Trading Option Greeks author (Dan Passarelli) is talking or alluding to. Author Dan's approach is good with lots of examples and practical from a professional trader point of view.4. Finally get both books from Dr Samir Elias (Generate Thousands and explosive stock trading) to see how to blend technical analysis with Option strategies.(note: I am not a related party to any of these folks)I feel the author could add lot more examples in future editions.
Learning to trade options has definitely been a challenge. When I first started, I would get panicky because I could not tell why I was losing money. Dan Passarelli's book on the option greeks helped take the mystery out of it for me as well as helped me learn how to better manage my trades. My first trading coach would have us measure our risk based only on absolute risk, ie if the value of our trade went to zero. But think about it: how many trades have you lost money on because the value of your call, put, or spread went to zero? Probably very few. Nearly all of my losses have been because of day-to-day, incremental risk, and this is what the greeks help us measure. Learning about the greeks is helping me improve my results immensely, and this book has been a huge part of that. Here is a snap shot of some of the things I've learned that have helped me use the greeks to better manage my trades:- Why I make or lose money because of delta and how to use delta to determine when to take profits or cut bait- How to calculate a new delta based on gamma- How to use vega to predict if my trade will make or lose money based on a rise or fall in volatility- Why sometimes it's important to impose a time stop due to theta eroding the value of a long position- The importance of measuring your entire position in regards to each of the greeks (because the greeks are cumulative)As a former market maker, Passarelli used the greeks every day in his trading, and while he takes the time to explain concepts as advanced as gamma scalping, he also breaks things down in simple terms with real-life examples, especially at the beginning. So while there is plenty in here for the advanced trader, novice traders will also find value and have an excellent guide they can use as they grow as traders.This book has a prominent place in my trading library. Passarelli's other book Market Taker's Edge is also a great book and may be easier to digest for those who are brand new to trading. I highly recommend both.
brilliant book, excellent, why the 4 stars ??? i read like 5 books about options, not a single one of them has a chapter about liquidity, not one, yes i know volume and open interest that's it, no, that's not it, how about more information from such a knowledgeable trader, what to expect in so many different scenarios, news announcements, earnings and a long etccc. Liquidity is critical to options trading.
IMHO, this book is really suitable for inexperience investor, who is new to the world of options. I place this book between "hello world" and "3 months after trading for money from your account". Definitely, it is not really an ABC, but gives good and detailed view on one of the most important aspects of option trading.On top of that, author shares bits of his personal experience, and THAT is valuable. His insight from market maker perspective is worth of buying the entire book, to my mind.Overall, the book has captured a place in my library and I strongly recommend to have this as a reference text and nice reading.Congrats to the author on beautiful piece of work he delivered.
Great book!! I graduated with a degree in Mechanical Engineering. All those math classes: calculus I, II & II and Differential Equations really helped me understand the material. This is not an easy book to read, this requires time, effort and patience. I treated this like a text book, which it really is. Some parts you are going to have to re-read several times to understand what is going on. This is for the serious investor who wants to up their game to the next level. I love it. This helps separates the women from the girls.
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