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Comment: Good -This Paper Back Book is in good overall condition. The covers are intact with some slight wear. The dust jacket, if applicable, is intact with some slight wear. The spine has creasing. Pages may include notes, folds and highlighting. The "Head", "Tail" and "Fore-Edge" may have markings and/or spots. Thanks for supporting our Mission at Goodwill
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Option Spread Strategies: Trading Up, Down, and Sideways Markets Paperback – January 1, 2009

12 customer reviews

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Editorial Reviews

Review

"An excellent guide for learning how to trade option spreads. Saliba offers in-depth discussions on how and when to employ these advanced strategies and to manage the risk of each position." Peter LipskyTrader, Pan Capital

Review

Hands down the definitive guide on spread trading. Must reading for any professional who wants to learn directly from one of the top leaders in the options industry.”
—Larry Connors, CEO
TradingMarkets.com

“An excellent guide for learning how to trade option spreads. Saliba offers in-depth discussions on how and when to employ these advanced strategies and how to manage the risk of each position.”
—Peter Lipski, trader
Pan Capital

Option Spread Strategies: Trading Up, Down, and Sideways Markets is an invaluable addition to any market resource collection. The book concisely walks through the dynamics of spread strategies and guides the reader though the return and risk metrics of the trades. . . . This is a must-have book for anyone seriously undertaking options investing.”
— Chip Norton, Managing Director of Research
Fortigent
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Product Details

  • Paperback: 288 pages
  • Publisher: Bloomberg Press; 1 edition (January 1, 2009)
  • Language: English
  • ISBN-10: 1576602605
  • ISBN-13: 978-1576602607
  • Product Dimensions: 8.5 x 0.9 x 10.9 inches
  • Shipping Weight: 2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (12 customer reviews)
  • Amazon Best Sellers Rank: #483,922 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

109 of 112 people found the following review helpful By Aidan McDowell on September 9, 2009
Format: Paperback
It's a good idea before buying a book, especially a book on options trading, whether you're in the audience for which the book was written. If you're a beginner, don't start here. I would recommend another book by the same author, "The Options Workbook." If you can make it through that book, you'll be more than prepared to take on this one.

Learning options or anything else involves two very different types of skills: (1) knowing how to do what you're trying to learn; (2) knowing how to learn it. You can learn (1) by studying the subject itself, but not (2). And unfortunately, there are very few options-trading books on the market that will teach you. The reason is that most of their authors, while they may be great traders, don't know how to teach. In fact, when it comes to giving satisfactory explanations, many are scatter-brained. The great strength of Saliba's books is that he does know how to teach. The books are in workbook format. He gives you examples of the strategies he's discussing, gives a fairly detailed analysis of each, and then offers practice questions (with answers) after each strategy, as well as at the end of each chapter. There's also a bonus final exam at the end of the book. This is sound teaching technique; these books are almost ideal for self-study. If you're anything like me, you learn by doing, not by staring at a page in a book. Both of Saliba's books are very hands-on.

Why do I say that Saliba's books are "almost ideal" for self-study? Because Saliba doesn't always spell out each of the steps that a beginner would have to know in order to justify the conclusions he draws. One thing a beginner has to know is how to construct a profit/loss table for any strategy he or she is studying, however simple or complex.
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39 of 39 people found the following review helpful By Jeff L. Sadino on February 14, 2010
Format: Paperback Verified Purchase
I saw that each strategy had about 30 pages of information, so I thought that the depth of discussion would be quite good. Unfortunately, the first 10 pages of each chapter is simply which options make up the strategy. Investopedia does the same job in 1 page. The next 10 pages shows pictures of the greeks, which I did not find very useful. Probably the reason why is that there is not a single options chain in the whole book. The values he picks for his greeks would seem to come out of thin air to the newer trader. Also, the pictures often times do not use the same scaling/pricing as the examples that they are supposed to be describing. Qualitatively, they are good, but it could have been much better if Saliba matched the graphs more tightly to the text. The only parts I liked was the last 10 pages when he talks about adjustments. I have had a tough time finding books about adjustments, and this one gives a good introduction to adjustments. Sometimes though, his advice is not really advice: "If your trade moves against you, then take appropriate actions to protect your capital." What can I do with that? I thought the exercises at the end were trivial. They test you to see if you understood what you read like "What does a short put vertical made of?" I would have rather seen questions about what to do in different situations, but these only make up 10 or 20% of the questions.

Overall, I would describe this book as teaching the newer trader about how options work, but not how to trade them successfully. Saliba avoids complicated math and keeps it simple. As other reviewers have noted, he is perhaps a better teacher than others. However, this is really only an overview of option strategies and does not give enough real-world scenarios to equip the reader to make money by trading options.
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34 of 37 people found the following review helpful By Paul McGhee on November 24, 2010
Format: Paperback Verified Purchase
This book was nearly useless to me, which was disappointing since I trade hundreds of thousands of dollars worth of option spreads every month.

The book is obsessed with "the greeks", the partial-derivative relationships between various external factors, like volatility or time to expiration, and the theoretical price of an option or option structure. There are pages upon pages of charts of price-vs-gamma or price-vs-delta of various spread structures--mostly annotated with print so small that it is unreadable, at least in my edition. But there is not a single word explaining how a trader should use these charts to establish or manage trades.

Of all the options books I've ever purchased this was the least useful.
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16 of 18 people found the following review helpful By Ramal Murali on January 24, 2010
Format: Paperback
If you are looking for a clearly written book on Options to understand and trade some good option strategies look no further. Anthony Saliba and his team have written this cook book style options instruction manual to educate the reader (with beginner/intermediate level options skills), so the reader can assess if the strategies are a good match to his/her risk appetite and trading philosophy and then trade them for potential profits.

As the authors indicate in the `Important Disclosures', in order to trade the strategies discussed in this book the reader must have his trading account approved by a broker/dealer for that specific trading level. With this in mind, I recommend you look at three of the eight strategies discussed by the authors: Strategy 1 (Covered Write, or Covered Call or Buy Write), Strategy 2 (Bull Put Spreads with cash covered puts), Strategy 4 (Straddles and Strangles), since the level of approval required should be straight forward (for example, a level II approval at Fidelity).

Any book however well written can stand some fine tuning to maximize the reader's benefits. Given the excellent exposition in the rest of the book, I would recommend that the authors could have taken greater care with the opening chapter on Covered Calls. The Profit/Loss diagram shows two profiles (Long Stock and Short Call). It would be a perfect accompaniment to the text if the authors showed the profile for the position (Long Stock + Short Call). This would better illustrate the `breakeven and Loss' on the downside, and the `profit and the opportunity loss' on the upside. The accompanying text misstates the maximum profit, which does not fit the ATM call in the example.
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