Options Edge: Winning the Volatility Game with Options on Futures (Irwin Trader's Edge)

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9780070382961: Options Edge: Winning the Volatility Game with Options on Futures (Irwin Trader's Edge)

This text delves into the world of options on futures and shows how to gain the extra edge needed to improve the odds of gaining a winning position. It uses non-technical language, avoiding Greek symbols and approaches options pricing from a hands-on point of view.

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From the Back Cover:

Learn how the options market really works and improve your odds of

winning! As more and more "sophisticated" trading models are pressed

into service to unravel the mysteries of market action, information

overload makes trading markets progressively more unstable. Nowhere is

this truer than in the option pits of the large futures exchanges,

where traders struggle to put a price on uncertainty under conditions

of great underlying price volatility often using formulae of dubious

value. In The Options Edge, professional commodities trader and

researcher Bill Gallacher stands up and shouts, "Enough!" This

extraordinarily practical book dowplays complex formulae and technical

abstractions to explain option pricing form an empirical perspective,

using an extensive futures and options database developed and analyzed

during the years 1996 and 1997. Futures options traders needing

down-to-earth answers to complex questions can look to The Options

Edge for: a thought-provoking discussion and critique of the

Black-Scholes option pricing formulas, and presentation of a much

simpler and sounder alternative; identification of the at-the-money

straddle price as the only true basis for estimating implied

volatility of a commodity futures contract and a fast and accurate

way of calculating this number; historical volatility profiles for all

the actively traded futures contracts; understanding of how one of the

world's largest hedge funds foundered through its misapplication of

the Black-Scholes formula. Profitably trade options on

futures simply, consistently, and without excessive reliance on

algebra and complex statistical formulae with Bill Gallacher's

commonsense The Options Edge.

About the Author:

William Gallacher is a successful author and professional commodities expert who has made a living as a private speculator for almost 25 years. His bestselling Winner Take All'an exposť of the commodity futures game'broke new ground by explaining the importance of imagination, independent thinking, and discipline to trading success. Gallacher is an engineer by training, but a trader by disposition. He is a native Scot who lives in French River, Ontario, and San Miguel de Allende, Mexico.

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