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In The Bible of Options Strategies, Second Edition, legendary options trader Guy Cohen systematically presents today’s most effective strategies for trading options: how and why they work, when they're appropriate and inappropriate, and how to use each one responsibly and with confidence.
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Updated throughout, this edition contains new chapters assessing the current options landscape, discussing margin collateral issues, and introducing Cohen’s exceptionally valuable OVI indicators.
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The Bible of Options Strategies, Second Edition is practical from start to finish: modular, easy to navigate, and thoroughly cross-referenced, so you can find what you need fast, and act before your opportunity disappears. Cohen systematically covers every key area of options strategy: income strategies, volatility strategies, sideways market strategies, leveraged strategies, and synthetic strategies.
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Even the most complex techniques are explained with unsurpassed clarity – making them accessible to any trader with even modest options experience. More than an incredible value, this is the definitive reference to contemporary options trading: the one book you need by your side whenever you trade. For all options traders with at least some experience.
- Sales Rank: #318600 in Books
- Published on: 2015-08-09
- Original language: English
- Number of items: 1
- Dimensions: 9.20" h x 1.50" w x 7.40" l, 1.94 pounds
- Binding: Hardcover
- 464 pages
Review
Praise for the First Edition “Guy Cohen is the master when it comes to taming the complexities of options. From buying calls and puts to iron butterflies and condors, Guy explains these strategies in a clear and concise manner that options traders of any level can understand. ... The Bible of Options Strategies is a straightforward, easy-to-use reference work that should occupy a space on any options trader’s bookshelf.” --Bernie Schaeffer, Chairman and CEO, Schaeffer’s Investment Research, Inc.
“The author delivers clarity, insight, and perception, making learning about options a joy, and practicing the art of making money that much easier: truly a bible from a guru.” --Alpesh B. Patel, Author and Financial Times Columnist
“Guy Cohen truly makes learning about options easy in this fact-filled guide. Bullet points make for a quick and enlightened read, getting to the heart of what you really need to know about each options strategy. This book is a must for any serious trader’s library.” --Price Headley, Founder, BigTrends.com
From the Back Cover
The #1 Single-Source, Step-by-Step Reference to All Modern Options Strategies: Now Fully Updated!
- Extensively updated! Reflects today’s markets and the newest strategies
- Walks you through each strategy step-by-step, helping you avoid costly mistakes
- Now introduces the exclusive OVI indicator: Use options data to get an edge in stock trades, too!
- By Guy Cohen, world-renowned options mentor and best-selling author (Options Made Easy)
In The Bible of Options Strategies, Second Edition, options trader Guy Cohen systematically presents today’s most effective strategies for trading options: how and why they work, when they’re appropriate and inappropriate, and how to use each one responsibly and with confidence.
Updated throughout, this edition contains new material suitable to both newcomers and advanced traders, covering practical considerations for all strategies including how and when to trade them and introducing Cohen’s unique and proprietary OVI indicator.
Practical from start to finish, this guide is modular, easy to navigate, and fully cross-referenced, so you can find what you need fast and act before your opportunity disappears. Cohen systematically covers every key area of strategy: basic puts and calls, income and volatility strategies, vertical spreads, rangebound (sideways) strategies, ratios, backspreads, and synthetic strategies. Even highly complex techniques are explained with unsurpassed clarity, making them more accessible than ever before.
More than an incredible value, this is the definitive reference to contemporary options trading: the one book you need by your side whenever you trade.
This is, quite simply, the most comprehensive, up-to-date, and usable guide to modern options trading strategies. Renowned options author and mentor Guy Cohen has brought together authoritative knowledge about every popular options strategy, for every type of trader and market environment.
Cohen explains today’s 58 most valuable strategies, helping you consistently choose the right strategy and execute it effectively. You’ll learn each strategy’s goal, the market outlook and volatility factors that make it appropriate, its potential risks and rewards, and how proficient you should be to use it.
Most important, Cohen walks you through actual trades, one step at a time--with plenty of intuitive visuals to help you understand what you’re doing, optimize each trade, and avoid dangerous pitfalls.
Exceptionally well-organized and easy to understand, The Bible of Options Strategies, Second Edition, has been fully updated for today’s market environment and includes many powerful new strategies. Cohen has even added a concise primer on his powerful OVI indicator, which translates your growing options knowledge into windfall stock profits.
All you need to know to succeed with�
- Basic options strategies
- Income strategies
- Vertical spreads
- Volatility strategies
- Rangebound (sideways) strategies
- Ratio spreads and backspreads
- Synthetic strategies
About the Author
Guy Cohen is the creator of OptionEasy, the world’s most comprehensive and user-friendly online options trading and training application. A successful private investor and trader, Guy has developed a global reputation for transforming the fortunes of private investors through his complete trading solution. Guy is author of the global bestseller Options Made Easy, the definitive plain-English guide to options trading for private investors. He is also the creator of the OVI Indicator and other trading applications including FlagTrader. He holds an MBA in finance from Cass Business School, London, UK.�
For more information, go to www.ovitraders.com.
For all inquiries, write to support@flag-trader.com.
Most helpful customer reviews
118 of 128 people found the following review helpful.
Definitely a reference book, not a manual
By Bryan Cass
Guy Cohen lays out just about every option strategy that you could make work, given the right market conditions and your tolerance for risk. I would certainly put this book in the "Reference Book" category -- something that you would take out on occasion to answer a query about how a certain trade is placed or when it's a good strategy to use.
I started out with the intent of reading it from cover to cover. But I have to admit that I ended up skipping a lot of the material after reading the first 100 pages or so because it gets somewhat repetitious. So this indeed makes a good reference book, say, when you hear someone mention a "Long Put Condor" and wonder what it is. Or if you forget what market conditions (volatile, neutral, etc) would be required for a Bear Call Spread to work well. Also, I do appreciate Guy's organization of strategies by Risk/Reward, Direction, Volatility, etc. That makes it easy to get a short list of strategies given your own trading style and the market conditions.
What I found missing that I wish was there is information like how far from Option Expiry should this strategy be placed, what is an optimum range of IV for the underlying stock for each type of strategy, when should the strategy be repaired or exited? How do you repair it, or leg in or out successfully?
Also, I still do not understand what the little charts mean at the end of each strategy. I understand that they represent some kind of profile for each of the greeks, but there's no scale or indicators on the axes, nor can I find an explanation of what the dotted, dashed and solid lines mean. Maybe it's just me, since I've only been trading options for about a year now. If you're an experienced option trader, you'll probably know what they mean.
81 of 91 people found the following review helpful.
Full of Errors, Misinformation and Omissions - Should Never Have Been Published
By Chris G. Pflum
At first glance, I - like other reviewers - thought that Cohen had written a nice reference where one could quickly find an option strategy that matches market conditions. To a limited extent, the strategy table at the end of the book accomplishes this. If you want to trade these strategies, however, you will have to learn how somewhere else.
The axes of the six charts presented in each section are not labeled, do plot data and are too small to read. The chart captions refer to option strikes that are not shown on the charts. Neither are the break-even points that are discussed in the text. The volatility charts often show volatility swinging from negative to positive to negative (Volatility can never be negative, but since the axes are not labeled, I assume that is what he is trying to plot here); yet the chart caption only says that volatility is either helpful or harmful.
Also, the keys to the curves in the charts are inconsistent even though the curves appear to have been plotted for the same time frame. For example, on page 79 curves are plotted for options at "Expiration", "5 months to Exp.", and "1 month to Exp." while on page 60 the curves are plotted for "Expiration", "Today - 1 month", and "Time (t) - 5 days". I have no idea what the latter means.
The text is so full of omissions and errors that it is hard to believe that the people who endorsed the book (Bernie Schaeffer, Alpesh Patel and Price Headley) ever read it. Some examples follow.
In the examples of net credit trades (e.g., p.45) the author calculates a return on investment (ROI). There is no investment on a net credit trade.
The risk profile for a calendar call (p.63) has no key. What time period does this curve represent?
The example trade for a diagonal call (p.68) states that the short call option expires in the money (ITM), but does not acknowledge that as a result of holding short ITM call past expiration, the trader will be assigned a short position of at least 100 shares in the underlying stock.
As an example of a calendar put (p.73), the terms historical volatility and implied volatility are used interchangeable and both are said to equal 40%. Historical and implied volatility are distinct terms (the former refers to the stock and the latter the option), they are calculated differently and are rarely, if ever, the same.
The scenarios for a calendar put (p.74) correctly assume that implied volatility does not change. This same assumption should have been made for the calendar call (pp. 61-63) but is not.
The risk profile plotted for a diagonal put (p. 81) shows a maximum reward that is 100 times higher than the calculated value (p.80). Moreover, the actual values for net credits, net debits, maximum risks and maximum rewards for all the example trades in this book should be 100 times higher than what is calculated.
The example trade for a married put (p.88 - page not numbered) states that a stock is trading at 50.00 but is sold short at 49.75. How can you short a stock at a price that is below the current market value?
Throughout the book, Cohen instructs readers to "use online tools to find the optimum yields and breakeven points at and before expiration" (e.g., p.92). What are these online tools and where do we find them? He may be trying to say that before opening a position, we should find or acquire software that will plot a risk profile for that position at different time frames prior to expiration.
Throughout the book, the terms "net debit" (e.g. p. 96) and "interim risk" (e.g., p.105) are used interchangeable, but the book's glossary does not define either of them. Most traders know what a net debit means, but it is not apparent that net debit and interim risk mean the same.
In the example of a straddle (p.126) the breakeven points would be more helpful if they were further apart, not more narrow.
In the example of a strangle (p.131), the breakeven points are $1.30 wider at expiration, not $0.65.
Throughout the book (e.g., p.139) we are told to find an option whose implied volatility is very low, but the stock is about to make an explosive move. Only insiders have this sort of information, and if they are caught using it, they'll go to jail.
We are told to compare guts (an option strategy) to a straddle and strangle "using the Analyzer" (p.143). What is the Analyzer? It is not in the glossary or explained in the text.
The net debit for the example guts (p. 147) should be $4.20 + $3.80, not - $3.80. And the maximum risk is the net debit - difference in strikes, not the net debit - difference in premiums.
In calculating the net credit for the example short put butterfly (p.156), the premiums bought should total $9.66, not $9.64.
In the diagram for a sideways strategy (p. 176), if the middle strikes of a Long Put Butterfly are separated, the position becomes a Long Put Condor, not a Long Call Condor.
The puts and calls sold in the example of a short strangle (p. 185) are only one strike apart. No one in their right mind would make such a risky trade.
In the description of a long call condor (p. 198) the two middle options are sold, not bought.
The description of a modified put butterfly states, "This is a fiddly strategy and should only be used if you have an analyzer handy.." (p.212). What is a fiddly strategy and where would one find this analyzer?
In calculating the maximum reward for a modified put butterfly (p. 216), the middle strike should be $55.00, not $50.00; the net credit should be $0.98, not $4.02, and the maximum reward should be $4.02, not $5.98.
In selecting options for a call ratio backspread (p.221), the higher strike option should be one or two strikes higher than the sold strike, not the bought strike.
The rationale for a put ratio backspread (p. 225) should be that you are looking for the stock to fall significantly, not rise significantly.
The rationale for ratio call spread (p.230) states that this should be a net credit trade, but the risk profile (p.231) and example (p.232) are for net debit trades.
In selecting options for a collar, the put strike should be ATM or just OTM (p. 243), but in the example trade (p. 245), the put strike is ITM.
"Uncapped reward if the stock falls" is said to be an advantage of a synthetic put (p. 253). The maximum reward is actually capped at the stock price - call premium (pp. 252-253).
The maximum risk for a long call synthetic straddle (p. 256) is limited if the stock does not move decisively, not if the stock rises.
In trading a short call synthetic straddle (p. 263), the trader would buy, not sell, 50 shares for every call contract he or she sold, not bought. Also, you would sell two ATM calls per 100 shares you buy, not sell.
In trading a short put synthetic straddle (p. 267), one would sell two ATM puts, not calls, per 100 shares you sell, not buy. The put's OTM strike would be lower, not higher, than the current stock price.
In exiting a short synthetic future (p. 278), you cannot "exit just your profitable leg...". Both legs are either profitable or unprofitable.
I'M GLAD THAT THE OTHER BIBLE IS NOT AS SCREWED UP AS THIS ONE.
35 of 39 people found the following review helpful.
Options Reference
By Maxim Masiutin
This hardcover should not be your first reading about options. It assumes that you are already familiar with options trading, and just want a reference book at hand.
For each strategy, e.g. "Short Iron Butterfly", there is a description, context (outlook, rationale, net position, effect of time decay, appropriate time period to trade, ways of selecting the stock and options), risk profile, Greeks, advantages and disadvantages, ways of exiting the trade, and an example.
However, the ways to select an option are not always adequately covered. For example, in the "short (naked) put" strategy, the author simply writes "Give yourself as little time to be wrong". The concept of Annualized Premium is not covered, there is no method given to select the best option from different strike prices and expiration dates. If you are interested in this technique, you can find it in "Options as a Strategic Investment" by Lawrence McMillan, chapter 19, or there is a special book "Using Options to Buy Stocks" by Dennis Eisen.
You may keep this book as a quick reference, but if you didn't read anything about options yet, I have some recommendations. If you are not quite familiar with the stock market, I would suggest "The Options Course" by George Fontanills and Richard Cawood. If you did buy stocks already, then skim through Trading Options For Dummies by George A. Fontanills; or Options Made Easy by the same author as of the reviewed book.
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