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Imperial Library
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Index
Cover
Title Page
Copyright
Dedication
Contents
Part I: Professional Lessons Every Trader Needs to Know
Chapter 1: Trading in Options
The TOMIC
Build an Infrastructure
Build a Trading Plan
Select Trades Based on Articulated Criteria
Manage Risks
Learn All the Essential Elements of Trading
Chapter 2: Risk Management
The Pricing Model
Delta
Change in Underlying Price
Change in Strike Price
Time to Expiration
Volatility
Gamma
Price of the Underlying
Strike Price
Time to Expiration
Volatility
Vega
Price of the Underlying
Strike Price
Time to Expiration
Volatility
Theta
Price of the Underlying
Strike Price
Time to Expiration
Chapter 3: Market Makers, Risk, and the Individual Trader
How Market Makers Make Money
Skew
Term Structure
Market Maker Size
Market Maker Global Risk
Chapter 4: Volatility
Realized Volatility
Zone 1 Ultralow Volatility
Zone 2
Zone 3
Zone 4
Implied Volatility
Zone 1
Zone 2
Zone 3
Zone 4
Chapter 5: What Is Edge?
Edge
10 Day HV
20 Day HV
60 Day HV
Review the IV of the Product
IV30
Term Structure
Skew
Know the Zone of the Market
Select the Trade
Chapter 6: Locking in Edge
The Retail Trader
Establish the Option You Want to Execute
Establish the Offsetting Contract
The Hard and Soft Side of a Trade
Execute, Manage, Exit
Part II: Using Spreads
Chapter 7: A Quick Review of Spreads
The Call Spread
The Put Spread
The Straddle
Short Straddle
The Strangle
The Iron Butterfly
The Short Iron Butterfly
The Long Iron Butterfly
Standard Butterfly
The Iron Condor
The Short Iron Condor
The Calendar Spread
The Long Calendar
Short Calendar
Front and Back Spreads
Back Spreads
The Front Spread
Chapter 8: Adding Edge to Spreads
Credit/Debit Spreads
Volatility
Skew
Management
A Few Words on Adjusting
Chapter 9: Butterflies and Condors
The Butterfly
Trading a Butterfly
Targeting Profit in a Butterfly
Condors
Strangle
IV and HV
Skew
Set Up and Management
Chapter 10: The Front Spread
What Is a Front Spread?
Creating a Front Spread
IV
Skew
HV
The Broken Wing Butterfly
Trade Management
Aggressive Management
Passive Management
Beginning of Front Spread in TSLA
Target Profit
Broken Wing Butterfly Variation
Chapter 11: Calendar Spreads
Creating a Calendar
Evaluate Overall Implied Volatility
Evaluate Term Structure
Evaluate Event Risk
Evaluate Realized Volatility
Choose the Right Strikes
Execute the Trade
Manage the Trade
Exit
Part III: Gobal Risk
Chapter 12: How a Market Maker Trades
Market Making
The Trader
Step 1
Step 2
Step 3
Step 4
Chapter 13: Portfolio Greeks
Delta
Gamma
Theta and Vega
Theta
Vega
Managing a Book
Chapter 14: Crisis Alpha
Defining a Market Crisis
Lehman Brothers Bankruptcy
VIX Term Structure Determines ‘Value’ for VIX Derivatives
Crisis Alpha Approaches
Approach 1: Tactical Long VIX
Approach 2: Low Cost-of-Carry Options Structures
Exit Strategy
Part IV: Appendices
Appendix A: Important Terms
Historical Volatility (HV)
Short-Term Historical Volatility
Intermediate-Term Historical Volatility
Long-Term Historical Volatility
Realized Volatility (RV)
Forward Volatility
Implied Volatility (IV)
Calls and Puts
Skew
Term Structure
Volatility Index (VIX)
Delta
Gamma
Theta
Vega
Appendix B: Best Blogs
Index
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