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March 2009 • Volume 3, No. 3
SELECTIVE TRADING:
Can you identify your
strategy’s best signals?
p. 6
INTERMARKET
SOYBEAN
system p. 12
TRADING
golden butterflies p. 16
THE GAIN/LOSS
SPREAD:
Trading options with
a new volatility
measure p. 22
ADJUSTING OPTIONS
for stock splits
and dividends p. 30
NEW COT REPORT
p. 32
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CONTENTS
Applying a simpler
This new calculation demystifies volatility and
provides an easy way to compare the details of
two (or more) stocks. It also helps you uncover
opportunities that other options traders ignore.
By George Hoekstra
Options Trading System Lab
These positions hit their stride in tough times.
By Steve Lentz and Jim Graham
Trading Strategies
Digging into a strategy’s historical statistics may
reveal how to enhance its performance. This test
explores variations of the Martingale rule, which
doubles position sizes after a loss based on the
notion that a winning trade is imminent.
By Lee Leibfarth
Trading Basics
It’s not just about buying and selling: Traders
need to understand how dividends, stock splits,
and mergers change the terms of their options.
By FOT Staff
News
CFTC’s new monthly report dresses
Charged with the task of improving transparency
in the futures markets, the CFTC begins a six-
month trial for a new Commitments of Traders
report.
Deciphering the relationships between
different markets offers a different way to
trade commodity futures.
By Markos Katsanos
Land softly with
These low-risk options spreads can reap
profits even if your market forecast isn’t
perfect. An example in gold compares but-
terflies to condors, which boost your odds
of success in certain situations.
By Frederic Ruffy
2
March 2009 • FUTURES & OPTIONS TRADER
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CONTENTS
Momentum, volatility, and volume
statistics for futures.
Notable volatility and volume
in the options market.
Futures & Options Watch
A look at the relationship between commercials
and large speculators in all 45 futures markets.
A “bull”-headed put spread sees red during
options expiration week.
Have a question about something you’ve seen
in Futures & Options Trader?
Submit your editorial queries or comments to webmaster@futuresandoptionstrader.com .
Looking for an advertiser?
Click on the company name below for a direct link to the ad
in this month’s issue of Futures & Options Trader.
4
March 2009 • FUTURES & OPTIONS TRADER
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CONTRIBUTORS
A publication of Active Trader ®
Markos Katsanos is the author of Intermarket Trading
Strategies published in February by John Wiley & Sons and has
been an active trader since 1995. He can be reached at
For all subscriber services:
www.futuresandoptionstrader.com
Frederic Ruffy is the senior options strategist at
http://whatstrading.com , a site dedicated to helping traders
make sense of the complex and fragmented nature of listed
options trading. In addition to writing market commentary and
trading-related books and articles, Ruffy has also worked as an
instructor, educating investors on advanced topics such as volatility, the ben-
efits of sector rotation, and trading around earnings. Ruffy is an active trader
with more than 15 years experience in the industry. His market observations
and analysis of the options market are featured regularly in the financial press
including Barron’s, Reuters, The Wall Street Journal , Bloomberg, and Futures
Magazine .
Editor-in-chief: Mark Etzkorn
metzkorn@futuresandoptionstrader.com
Managing editor: Molly Goad
mgoad@futuresandoptionstrader.com
Senior editor: David Bukey
dbukey@futuresandoptionstrader.com
Contributing editor:
Keith Schap
Associate editor: Chris Peters
cpeters@futuresandoptionstrader.com
George Hoekstra is a research engineer in the petroleum
refining business. He started trading options 30 years ago while
studying under Myron Scholes who was his professor at the
University of Chicago. Hoekstra holds degrees in chemical engi-
neering from Purdue University and an MBA from the
University of Chicago. Hoekstra can be contacted via his Web site,
Editorial assistant and
webmaster: Kesha Green
kgreen@futuresandoptionstrader.com
Art director: Laura Coyle
lcoyle@futuresandoptionstrader.com
President: Phil Dorman
pdorman@futuresandoptionstrader.com
Lee Leibfarth ( lee@powerzonetrading.com ) is an inde-
pendent futures trader and trading system researcher. He is an
affiliate of the Market Technicians Association and president of
PowerZone Trading, a company that provides a range of servic-
es for traders. His articles on technical analysis and market tech-
nology have been featured in a variety of publications.
Publisher,
Ad sales East Coast and Midwest:
Bob Dorman
bdorman@futuresandoptionstrader.com
Ad sales
West Coast and Southwest only:
Allison Chee
achee@futuresandoptionstrader.com
Steve Lentz ( advisor@optionvue.com ) is a well-estab-
lished options educator and trader and has spoken all over the
U.S., Asia, and Australia on behalf of the CBOE’s Options
Institute, the Options Industry Council, and the Australian Stock
Exchange. As a mentor for DiscoverOptions.com, he teaches
select students how to use complex options strategies and develop a consis-
tent trading plan. Lentz is constantly developing new strategies on the use of
options as part of a comprehensive profitable trading approach. He regularly
speaks at special events, trade shows, and trading group organizations.
Classified ad sales: Mark Seger
seger@futuresandoptionstrader.com
Volume 3, Issue 3. Futures & Options Trader is pub-
lished monthly by TechInfo, Inc., 161 N. Clark St.,
Suite 4915, Chicago, IL 60601. Copyright © 2009
TechInfo, Inc. All rights reserved. Information in this
publication may not be stored or reproduced in any
form without written permission from the publisher.
The information in Futures & Options Trader magazine
is intended for educational purposes only. It is not
meant to recommend, promote, or in any way imply
the effectiveness of any trading system, strategy, or
approach. Traders are advised to do their own
research and testing to determine the validity of a trad-
ing idea. Trading and investing carry a high level of
risk. Past performance does not guarantee future
results.
Jim Graham ( advisor@optionvue.com ) is the product
manager for OptionVue Systems and a registered investment
advisor for OptionVue Research.
FUTURES & OPTIONS TRADER • March 2009
5
CONTRIBUTORS
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