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Brian Overby - The Options Playbook: Featuring 40 strategies for bulls, bears, rookies, all-stars and everyone in between.

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Book:
The Options Playbook: Featuring 40 strategies for bulls, bears, rookies, all-stars and everyone in between.
Author:
Brian Overby
Publisher:
TradeKing
Genre:
Science / Business
Year:
2009
City:
Charlotte
Rating:
3 / 5
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Get ready to sharpen your options game with the Options Playbook.The Options Playbook was created to demystify options trading and teach all types of investors different plays for all market conditions.Written by Brian Overby, Senior Options Analyst at Ally Invest, hell give you clear, easy-to-understand explanations of more than 40 of the most poplar option strategies broken down into a play-by-play format.If youre new to options, head over to the Rookies Corner for the basic definitions and concepts, common beginner mistakes to avoid and introductory plays to get your feet wet.For more experienced traders, Brian dives into an expanded section on implied volatility explaining how this handy variable can be used to find the potential range of the stock over the options life. He provides a detailed section on pricing variables (Greeks) to help you understand how an options price is affected by changes in market conditions. Plus, youll learn how time decay and change in implied volatility can affect your trade after its in place and how to recover if things dont go according to plan.Like any good coach, Brian Overbys handy insights help you put theory into successful real-world trading without the confusing jargon and any unnecessary mumbo-jumbo.Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options that accompanies The Options Playbook and available at: ally.com/invest/ODD. Options investors may lose more than the entire amount invested in a relatively short period of time.Securities products and services are offered through Ally Invest Securities LLC, member FINRA (finra.org) and SIPC (sipc.org). View Security Disclosures at ally.com/invest/disclosures/#securities.Ally Invest Securities LLC, Ally Invest Advisors Inc. Ally Invest Group Inc., P.O. Box 30248, Charlotte, NC 28230

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THE OPTIONS PLAYBOOK

Options involve risk and are not suitable for all investors. This book is distributed with the booklet titled Characteristics and Risks of Standardized Options, published by the Options Clearing Corporation (OCC). You must read this publication before investing in options. To obtain additional copies of this booklet please go to: www.tradeking.com/ODD or call (877) 495-KING.

The content of this publication is provided for educational and informational purposes only and does not constitute a recommendation to enter in any of the securities transactions or to engage in any of the investment strategies presented in such content. TradeKing provides self-directed investors with discount brokerage services, and does not make recommendations or offer investment advice. You alone are responsible for evaluating the merits and risks associated with the use of our systems, services or products. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns.

LEAPS is a registered trademark of CBOE.

eISBN: 978-0-615-97467-5

TABLE OF CONTENTS:

Calls as a Stock Substitute

The Options Playbook Featuring 40 strategies for bulls bears rookies all-stars and everyone in between - image 2

INTRODUCTION

The Options Playbook Featuring 40 strategies for bulls bears rookies all-stars and everyone in between - image 3

BY BRIAN THE OPTIONS GUY OVERBY TradeKing Senior Options Analyst

OPTION TRADING is a way for savvy investors to leverage assets and control some of the risks associated with playing the market. Pretty much every investor is familiar with the saying, Buy low and sell high. But with options, its possible to profit whether stocks are going up, down, or sideways. You can use options to cut losses, protect gains, and control large chunks of stock with a relatively small cash outlay.

On the other hand, options can be complicated and risky. Not only might you lose your entire investment, some strategies may expose you to theoretically unlimited losses.

So before you trade options, its important to think about the effects that variables like implied volatility and time decay will have on your strategy. This playbook will help you answer those tough questions. No need to ponder, just turn to the play.

Im not going to derive the Black-Scholes option pricing model in this book. As a matter of fact, this is one of the only times I even mention the Black- Scholes model. Its nice to know that sort of thing, but the goal here is to provide the essential knowledge needed to trade a specific strategy, not to completely bore the pants off of you.

Throughout this playbook, youll also find Options Guys Tips, which clarify essential concepts or give you extra advice on how to run a particular play. As an indicator of these tips importance, I put a little picture of my head next to them like the one you see above. So be sure to pay extra attention whenever you see my melon.

I certainly hope you enjoy reading The Options Playbook.

JUMP IN, THE WATERS FINE

For rookies, Ive created a brief overview of how options work, and outlined some plays to help you get started. These strategies will help familiarize you with the option market without leaving your proverbial backside overexposed to risk.

Dont get me wrong, however. All option trades involve risk and are not suited to all investors. Option contracts usually represent 100 shares of stock, so be careful. You should avoid trading more options than the number of shares youre used to.

If you typically trade 100 shares of stock, trade one option contract. If you typically trade 200 shares, trade two option contracts, and so on. (Get used to hearing me say that last bit. Ill be repeating it often, and for good reason.)

STAY MENTALLY TOUGH OUT THERE

For more experienced option traders, I hope this playbook will serve as a convenient reference tool. Here, youll find the construction and risk profiles for many different strategies. That means you can stay focused on forecasting or analyzing The Greeks, instead of experiencing brain strain while trying to remember exactly how to calculate your break-even points or set up an iron condor.

For each play, Ive pointed out key indicators to look for using the option tools on TradeKing.com. These tools can be an invaluable resource for option traders. So remember to use them as much as possible. (Tattooing our URL on the back of your hand might help in this regard.)

Ill be honest, youre not going to reap wind-fall profits every time. So dont dig fingernail marks into your desk or tear out clumps of your hair every time youre about to get hit with a loss. Sometimes you make money and sometimes you lose money. Its all part of the game. The idea is simply to run the right plays, and win more often than you lose.

The Options Playbook Featuring 40 strategies for bulls bears rookies all-stars and everyone in between - image 6

LETS GET BUSY

Im not going to overload you with minute details about how the option market works, how options are priced and that kind of thing. There are already plenty of textbooks out there designed to do that. So well just touch briefly on those topics and then stay focused on the knowledge you need to run the 40 option plays in this book.

If youre still hungry for knowledge when you get to the end, head to TradeKing.com and visit our learning center. Theres plenty there to satisfy even the most gargantuan mind.

GOOD PLACES TO STUDY THIS PLAYBOOK

IN AN AIRPLANE

IN A CAR (AS LONG AS YOURE NOT DRIVING)

BY THE POOL

ON THE CAN

IN BED

IN A WAITING ROOM

AT WORK

ON THE TRAIN

AT YOUR COMPUTER WHILE TRADING ON TRADEKING.COM

WHILE SIPPING A COCKTAIL

BAD PLACE TO STUDY THIS PLAYBOOK

ON A TRAMPOLINE

HERE are a few things you absolutely need to understand before this playbook - photo 9

HERE are a few things you absolutely need to understand before this playbook - photo 10

HERE are a few things you absolutely need to understand before this playbook will make as much sense to you as I hope it will. Some of you probably already know these terms and concepts, or at least think you do. But how will you really know you know them unless you read this section? Therein lies the paradox.

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