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The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies Hardcover – April 17, 2005

ISBN-13: 978-0131710665 ISBN-10: 0131710664

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The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies + Option Volatility & Pricing: Advanced Trading Strategies and Techniques + The Options Playbook, Expanded 2nd Edition: Featuring 40 strategies for bulls, bears, rookies, all-stars and everyone in between.
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Product Details

chapter one of Bible of Options Strategies [PDF]
  • Hardcover: 400 pages
  • Publisher: FT Press (April 17, 2005)
  • Language: English
  • ISBN-10: 0131710664
  • ISBN-13: 978-0131710665
  • Product Dimensions: 9.5 x 7.2 x 1.2 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (84 customer reviews)
  • Amazon Best Sellers Rank: #131,342 in Books (See Top 100 in Books)

Editorial Reviews

Review

" 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. His chapter on options and taxes is especially welcomed (and needed). 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

 

 

About the Author

Guy Cohen is the author of the best-selling trading books: Options Made Easy and The Bible of Options Strategies.  He has extensive experience in the options and stock markets and his clients include NYSE Euronext, the largest stock exchange in the world. Guy is also the creator of trading products Flag-Trader, OptionEasy, and Illuminati-Trader.  Specializing in trading applications Guy has developed comprehensive trading and training models, all expressly designed for maximum user-friendliness. An entertaining speaker, Guy has an MBA (Finance) from City University Cass Business School, London.

© Copyright Pearson Education. All rights reserved.


More About the Author

An innovator in financial trading, Guy Cohen is the creator and originator of the unique OVI Indicator. Specializing in stocks and options, Guy is the author of best-selling books "Options Made Easy", "The Bible of Options Strategies", "Volatile Markets Made Easy" (FT Prentice Hall), and "The Insider Edge" (Wiley 2012).

From 2002 to 2011 NYSE Euronext licensed Guy's options software, and in recent years, Guy has also provided options data analysis for The International Securities Exchange (ISE). Guy has an MBA (Finance) from City University (Cass) Business School, London.

For more information about Guy's trading products go to http://www.ovitradersclub.com.

Guy is also the author of "Your Gut Feeling", which outlines his complete recovery from a severe case of ulcerative colitis.

For more information about "Your Gut Feeling" go to http://www.yourgutfeeling.com.

Customer Reviews

Very easy and concise to read each one.
NoneYa
An excellent book for explaining the different types of options strategies and where they can be used.
Amazon Customer
Excellent book for an option trader to have in their library as a reference book.
Amazon Customer

Most Helpful Customer Reviews

109 of 119 people found the following review helpful By Bryan Cass VINE VOICE on April 12, 2007
Format: Hardcover Verified Purchase
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.
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33 of 36 people found the following review helpful By Maxim Masiutin on December 2, 2008
Format: Hardcover
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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42 of 48 people found the following review helpful By Chris G. Pflum on July 28, 2011
Format: Hardcover
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?
Read more ›
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73 of 86 people found the following review helpful By Craig L. Howe on August 25, 2005
Format: Hardcover
Options trader Guy Cohen has captured the beauty of options as a flexible trading vehicle with this book.

He reduces more than 60 options strategies strategy into five key areas:

1. Income strategies

2. Volatility strategies

3. Sideways market strategies

4. Leveraged strategies

5. Synthetic strategies.

Even the newest trader will find his insightful explanations of the most complex strategies clear and concise. This would be the book to have by your side if you were looking for a definitive guide to contemporary options trading if it were not so poorly edited. The mistakes distract from what would be a masterpiece on options trading.
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