Option Strategies for Directionless Markets: Trading with Butterflies, Iron Butterflies, and Condors

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John Wiley & Sons, Mar 27, 2008 - Business & Economics - 188 pages
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This hands-on workbook teaches you the most important trading strategies and how to apply them. You'll find out how to identify, enter, manage, and exit a trade. The special format makes it easy to learn; illustrations, exercises, "what-if" scenarios, and quizzes have you mastering the material in no time. The butterfly family of option strategies is covered, including: butterflies, iron butterflies, condors, broken-wing butterflies, pterodactyls, and iron pterodactyls. The Greeks--delta, gamma, vega, and theta--are also covered. Understanding the Greeks is essential to deciding how to apply the strategies.Anthony J. Saliba, widely known as a pioneer in the options industry, gives you the benefit of twenty-five years of experience on the trading floor. Joseph C. Coronoa, who has traded equity, equity indexes, fixed income, currency, energy, and commodities, has also delivered courses in advanced options trading and risk analysis to hundreds of traders and trading desks. He brings his experience in presenting complex material to this book, as does Karen E. Johnson who has spent much of the past fifteen years developing curricula and training programs for global financial institutions.
 

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Contents

2 Long Butterfly Spread Basics
12
3 Long Condor Spread Basics
28
4 The Greeks
44
5 Application of the Greeks
60
6 Understanding Iron Butterflies and Condors
76
7 Popular Mutant Structures BrokenWing Butterflies Pterodactyls and Iron Pterodactyls
96
8 Strategy Application
126
9 An Interview with Anthony J Saliba
148
Appendix A Final Exam
163
Appendix B Glossary
175
Index
181
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About the author (2008)

Anthony J. Saliba has been active in the derivatives market for more than twenty years. He is a member of several financial exchanges and has served on the Board of Directors of the CBOE. His firm, the International Trading Institute, is an acclaimed training organization, reaching thousands of traders worldwide. Saliba was profiled in the best seller Market Wizards.

Karen E. Johnson serves on the Board of Directors of ITI.

Joseph C. Corona is an adjunct instructor at ITI and is a frequent speaker at industry conferences.

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