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McMillan on Options Hardcover – October 4, 2004
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From the Publisher
Thousands of investors turn to Larry McMillan, leading finance writer and advisor, for expert advice on options. In this reader-friendly book, McMillan offers the latest information on the high-profit world of options trading. This up-to-date guide provides an information-hungry marketplace with in-depth coverage of pricing strategies, volatility and risk control, hedging techniques and option philosophy, as well as key insights into the predictive power of options, the versatile option and buying and selling. Real-world examples provide hands-on applications and clear illustrations to turn theory into practice. --This text refers to the Digital edition.
From the Inside Flap
The McMillan name is virtually synonymous with options. Over the years, this legendary traders 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 todays 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. Youll quickly learn how to establish self-contained strategies, substitute options for other financial instruments, and protect your positionswhether in stock, index, or future options. More importantly though, youll 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 strategiessuch as intermarket spreads and seasonal trading systemsto 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 McMillans 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 volatilityplus fresh new pricing conceptsthis comprehensive and updated work will help you understand and unleash the full power of options.
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Top Customer Reviews
My assessment: this is a good book. McMillan covers virtually every aspect of options trading: history, terms, strategies, volatility, theoretical approaches, etc. I am particularly impressed by Larry’s use of historical examples to bring complicated strategies down to basic levels.
This is not to say this is an easy read. An easy investment read is Peter Lynch’s "One Up on Wall Street". McMillan on Options is more like a doctor’s guide to brain surgery: the pictures are cool but the content can be complicated. Topics covered include spreads (verts, calendar, diagonal), straddles, combos, the greeks (delta, rho, theta, vega and gamma) and strategies that employ these. If volatility is your life, and you hold a hefty position in Rolaids futures, then this book is for you. I have not read a more comprehensive, useable options book. I believe all options traders and speculators should own McMillan on Options.
In fact, "McMillan on Options" and "Options as a Strategic Investment" (a real classic, also by McMillan), were among the very few options books that I made reference to in my own recent work ("Advanced Option Pricing Models", McGraw Hill, Feb 2005)
Jeffrey Owen Katz, Ph.D.
I CANNOT IMAGINE TRADING OPTIONS W/O A FULL UNDERSTANDING OF THE CONCEPTS HE PRESENTS. It is not, however, intuitive to the novice options trader. It may take reading a second time to get the hang of it.