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by Lawrence G. McMillan, Richard Lehman
Options for Volatile Markets: Managing Volatility and Protecting Against Catastrophic Risk, Second Edition
Cover Page
Title Page
Copyright
Dedication
Contents
Preface
Introduction: The “New Normal” in Equity Investing
Chapter 1: Option Basics
What Are Options?
Exercise and Assignment
Positions
How Options Are Traded
Options in Your Account
Chapter 2: Option Pricing and Valuation
Option Premium
Theoretical Value
Time Value
Volatility
Interest Rates
Dividends
Calls versus Puts
Option Skews and Anomalies
Chapter 3: The Basics of Covered Call Writing
Requirements for “Valid” Covered Writes
Risk/Reward of a Covered Write
Calculating Potential Returns
Major Factors Affecting Call-Writing Returns
Covered Writing as an Ongoing Strategy
Summing Up Covered Writing
Chapter 4: Implementing Covered Call Writing
Follow-Up Actions
Behavioral Issues
Differing Approaches
Selecting Calls to Write
Risks
Basic Tax Rules for Options
Summing Up Implementation
Chapter 5: Advanced Call-Writing Techniques
Writing Calls on “Hot” Stocks
Tax Deferral Strategies
Covered Writing on Margin
Covered Writing against Securities Other Than Stock
Partial Writing, Mixed Writing, and Ratio Writing
Put Writing
Expiration Games
Option-Stock Arbitrage
Chapter 6: Basic Put Hedging
Put Hedge Basics
Advantages
Disadvantages
Behavioral Implications
Put Hedge versus Covered Call
Hedging against Catastrophic Risk
Chapter 7: Advanced Hedging Strategies
Put Hedge Follow-Ups
Using Put Spreads to Hedge
Collars
Conclusions on Protective Option Strategies
Chapter 8: Options on ETFs
ETFs in a Nutshell
ETF Options
Covered Call Writing on ETFs
Our Put Hedge and Collar Study on SPY
Appendix: Partial List of ETFs with Listed Options
Chapter 9: Volatility and Volatility Derivatives
What Is Volatility?
Using VIX as a Market Indicator
Volatility Futures
Variance Futures
The Behavior of VIX Futures
VIX Options
VIX Option Strategies
The Future
Acknowledgments
About the Authors
Index
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