Options on Futures: New Trading Strategies

ISBN-13: 9780471436423 / Angielski / Twarda / 2002 / 320 str.

John F. Summa; Jonathan W. Lubow

Opis

Increased marketplace volatility and the expanding size of capital markets have led to an explosion of interest in options on futures. What makes these instruments so attractive is that they allow traders to profit from movements in the markets using little up-front capital and plenty of leverage. At the same time, they provide an excellent hedge against the risks associated with capital market investments. This book demystifies these notoriously difficult-to-understand instruments and provides state-of-the-art strategies and tools for making the most of options on futures.
John F. Summa (New Haven, CT) is a CTA and cofounder of OptionsNerd.com, an online service providing market commentary, trading advisories, and assistance with trading system development. Jonathan Lubow (Randolph, NJ) is cofounder and Vice President of Trader's Edge, a futures and options brokerage.

Spis treści

Introduction.

Trading Options the "Write" Way.

Why Trade Options on Futures?

S&P Future Basics/The Option Pricing Story.

Understanding S&P 500 Options.

The Long and Short of an S&P Credit Spread.

Simulating Margin Requirements for an S&P Credit Spread.

Parameters of Profitability of S&P Credit Spreads.

Commodity Futures and Options Charaacteristics.

Selling Strategies for Commodity Options.

Putting Theory into Practice.

Synthetic Call Strategies for Commodities.

Using Put–Call Ratio Analysis to Find Timely Entries.

The Coulda–Woulda–Shoulda Approach Is Not Going to Make You Any Money.

Glossary of Options on Futures Terms.

Appendix A: Historical Commodity Charts (Monthly).

Appendix B: Historical Commodity Charts (Daily).

Appendix C: Historical Commodity Price Ranges (Quarterly).

Appendix D: Select Futures and Options Contract Specifications.

Appendix E: Futures and Options Contract Point Values.

Appendix F: Futures and Options Resources on the Internet.

Appendix G: Equity–Only Put–Call Ratio Data.

Index.

O autorze

JOHN F. SUMMA is registered as a commodity trading advisor (CTA) with the National Futures Association, and is cofounder of OptionsNerd.com, a Web site devoted to providing market commentary, trading advisories, and educational support to options traders. He has published numerous articles on options trading in a variety of publications, including Technical Analysis of Stocks & Commodities magazine. Mr. Summa, a former professional skier, holds a master′s degree in economics from the New School for Social Research and currently operates Summa Capital Partners, LP, a commodity pool hedge fund based in Connecticut.
JONATHAN W. LUBOW is cofounder and Vice President of Trader′s Edge (www.atradersedge.com), a futures and options brokerage based in Madison, New Jersey. He has worked on the floor of the Chicago Board Options Exchange (CBOE) and has had uninterrupted registration with the National Futures Association since 1990. Prior to forming Trader′s Edge, he was the top performing broker at Carr Investments for five straight years. Lubow holds a degree in history from Dartmouth College.

Blurb

Learn How to Profit from Option Selling and Time–Value Decay

"John Summa and Jonathan Lubow make a special contribution to the trading literature with their book Options on Futures: New Trading Strategies. Among other notable features of the book, the authors present their favorite trading setups for S&P 500 and commodity futures options, an excellent chapter covering SPAN margin requirements, and actual trades and follow–up adjustments under far from ideal market conditions. The book drives home the point that options on futures should be part of any trader′s arsenal. The authors′ premium selling approach will come as an eye–opener for many options traders who remain confined to option buying strategies. If you want to learn how to trade options on futures, there is no better place to start. This outstanding book, coauthored by John Summa, who is one of the best options educators and traders in the business, provides a practical, hands–on explanation of how to trade options on futures. Options on Futures is full of trading nuances and key insights that make it uniquely effective. Highly recommended reading!"
–Steve Bell, General Partner, Intraday Investments
Kailua–Kona, Hawaii