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McMillan on Options, by Lawrence G. McMillan
Get Free Ebook McMillan on Options, by Lawrence G. McMillan
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From the Inside Flap
The McMillan name is virtually synonymous with options. Over the years, this legendary trader’s popular and informative books, newsletters, and seminars have helped both new and seasoned investors use options to consistently enhance their trading profits. McMillan first shared his personal options philosophies and techniques in the original McMillan on Options. Now, in this revised and expanded Second Edition, he reveals a number of new approaches for success in today’s fast-paced and ever-changing investment arena. By exploring both the flexibility and predictive ability of options, this highly revised resource will show you the best new ways to apply options to everyday trading situations. You’ll quickly learn how to establish self-contained strategies, substitute options for other financial instruments, and protect your positions–whether in stock, index, or future options. More importantly though, you’ll receive a complete education in the exciting new products that are popular with investors, from single-stock futures and exchange-traded funds to LEAPS and the brand new volatility futures. Backed by over 100 case studies, updated charts, and new examples, McMillan on Options, Second Edition: Illustrates how a stock can be "pinned" to a striking price at expiration, what causes it, and when to expect it Discusses put-call ratio charts and theory on individual stocks Examines how to use volatility indices as an accurate market predictor Adapts trading systems and strategies–such as intermarket spreads and seasonal trading systems–to the realities of a new market environment Presents advanced approaches to options trading, including the concepts of expected return and Monte Carlo probability simulation Offers guidance for those who need to find reliable options trading data and tools online This timely Second Edition also expands on discussions regarding the NYSE as a faulty indicator, the history of market volatility, and the importance of buying and selling volatility. Readers can now gain a unique insight into McMillan’s personal philosophy on options, and discover the innovative new tactics and strategies he applies to his own trading and analysis. Packed with hands-on examples and techniques that address hedging and volatility–plus fresh new pricing concepts–this comprehensive and updated work will help you understand and unleash the full power of options.
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From the Back Cover
Praise for McMillan On Options, Second Edition "When it comes to options trading education, no one is more respected than Larry McMillan. With all the new innovations in the options arena over the past decade, this revised edition of his classic work is a must-have for ardent options traders and novices alike." –Price Headley President and Founder, BigTrends.com "Larry McMillan has proved once again that he is an option strategist and educator without peer. In this book, he provides an intimate look at his own personal trading philosophies. He has truly raised the bar in his update to McMillan on Options." –James Bittman OIC Instructor and Author "Amazingly, Larry McMillan has outdone himself. His update of McMillan on Options not only expands the original research to include single-stock futures, LEAPS, ETFs, and volatility futures but goes beyond theory and reveals his personal strategies and new methods. McMillan’s put-call ratio work is bar none. An absolute must-read for traders of all levels!" –Jeffrey A. Hirsch The Hirsch Organization
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Product details
Hardcover: 672 pages
Publisher: Wiley; 2 edition (October 4, 2004)
Language: English
ISBN-10: 9780471678755
ISBN-13: 978-0471678755
ASIN: 0471678759
Product Dimensions:
6.4 x 1.5 x 9.1 inches
Shipping Weight: 2.2 pounds (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
34 customer reviews
Amazon Best Sellers Rank:
#365,575 in Books (See Top 100 in Books)
I have not read a more comprehensive book on options trading. Just the overview of option strategies (Chapter 2) has more information on options than any book that I have reviewed on Amazon. Although I do not regret buying this book and reading every one of its 648 pages, it may not be right for everyone.A Bit Expensive and a Bit Outdated. You may not want to pay 79.95 for a book that was first published in 1994. In the second edition, which was published in 2004, McMillan adds a few more example trades, but the bulk of the book remains dated. For example, options are priced as fractions rather than decimals, and terms like "high" and "low" would assume new meanings when applied to more recent markets.When discussing high and low volatility (page 283), McMillan states he rarely has seen the CBOE volatility index (VIX) trading below the historical volatility of the S&P 100 (SPX). Last year the VIX traded below the SPX volatility for at least three months (May, June and August). In other words, last year's market was far more volatile than the markets upon which this book is based.Not for Beginners. Several reviewers suggest that this book might frustrate beginners to the point that they would no longer want to trade options. I found the book readable, but McMillan should not have assumed that readers understand the difference between equities and futures; particularly when most beginners do not trade futures. Also, many of his strategies for trading equity options do not work for futures (and vice versa).Impractical Advice. I was disappointed with McMillan's discussion of the Greeks (page 483) particularly Delta, Gamma and Vega. While he clearly explains how to balance a position to be Delta/Gamma neutral with limited Vega risk, he fails to reveal the practical advantages of doing so.Supposedly, a position that is Delta/Gamma neutral would be less sensitive to price movements of the underlying asset and more sensitive to changes in the asset's volatility. However, to achieve this neutrality, I had to increase the size of the position far beyond what I was willing to risk. One of McMillan's neutral positions, which also limits vega risk, comprises 555 contracts (page 505). The commission alone on such a trade would be well over $1,000.00. In his summary, McMillan concedes that these are "theoretical examples" (page 516). However, none of McMillan's real trades appear to apply this theory.Despite these problems, this book is well-worth having, and more importantly, it will make you a better trader.
Some of the negative reviews sounded like they wanted a short book that said "Do the following and you will be very rich very quick". Guess what, that book doesn't exist and will never exist. Options are very useful if used properly but to use them properly you need a deep understanding of risk and the mechanics of options. These concepts are mathematical in nature and so is this book. For a variety of reasons just buying a bunch of options is a suckers game as many have learned, but used to reduce risk as a hedge is a different matter. McMillan's other book Options as a Strategic Investment would be the place to start learning. This advanced text explains many things professionals are doing and gives insight to why the markets behave as they do. If you want to get involved with options you need to understand this book thoroughly.
I own a fair number of books on options. Some are better than others, most have a few nuggets if you dig for them. McMillan's Options as a Strategic Investment was one of my earliest purchases and I appreciated it for its academic quality. This tome is somewhat more challenging a read, is directed to individuals who want a bit more thorough analysis of option strategies and is probably more useful to very active traders who are interested in sophisticated strategies. I found it interesting and educational, but if this is your first options book, it is probably the wrong place to start. The most important single thing I learned about option trading has been that owning shares of stock is essentially the economic equivalent of simultaneously owning a long call (that is, owning a call) and being short a put (that is, having sold a put). Anyone who is about to start trading options is told that being a short put is a dangerous situation, yet it is basically inherent in owning stock due to the equivalency just described. Understand that and options become more attractive and understandable as away to invest while limiting risk and enjoying upside potential and, more importantly, why it is worth reading books such as this and those by Guy Cohen to educate yourself.
included some very good options strategies.
that's a great book.
Filled with great examples, this book brought me from practically no knowledge of options up to a point where I am now comfortable using options as another investment strategy. A great read, McMillan builds your knowledge steadily. Even if you decide you may not actually trade options, knowing the signals from the market by following options is another valuable tool for the investor.
This is not a textbook of option strategies and option trading. However, it makes for interesting and educative reading. If you want to learn the trade strategies in depth, I recommend the companion book by Lawrence McMillan "Options as a Strategic Investment".
would have given five without typos that are quite many
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