Advanced Strategies For Options Trading Success with James Bittman.pdf

Advanced Strategies

For Option Trading Success

The

Options

xchange

Chicago Board

Presented by: James B. Bittman

Senior Instructor, The Options Institute

Author, Options for the Stock Investor

and Trading Index Options

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Advanced Strategies

For Option Trading Success

Disclaimer

Options involve risks and are not suitable for everyone. Prior to buying or selling options, an

investor must receive a copy of Characteristics and Risks of Standardized Options .

Copies may be obtained from your broker or from the Chicago Board Options Exchange

at LaSalle at Van Buren, Chicago, IL 60605.

In order to simplify the computations, commissions, fees, margin interest and taxes have not

been included in the examples used in these materials. These costs will impact the

outcome of all stock and options transactions and must be considered prior to entering

into any transactions. Investors should consult their tax advisor about any potential tax

consequences.

Any strategies discussed, including examples using actual securities and price data, are

strictly for illustrative and educational purposes only and are not to be construed as an

endorsement, recommendation, or solicitation to buy or sell securities. Past

performance is not a guarantee of future results.

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Disclaimer

What does “advanced” mean?

Understanding Implied Voaltility

Multiple-Part Strategies

Three-Part Forecasting

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What does “advanced” mean?

Presentation Outline

1. The Importance of Implied Volatility

2. Unique aspects of options-related

forecasting

3. The “Greeks”

4. Trading straddles and ratio spreads

5. Volatility skews

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Presentation Outline

The Problem

SPX

1306

1330

Days to Expiration 32

1375 Call

15 1/4

13 7/8

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The Problem

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