Redhead's book deserves to be known by a wider audience, given the lack of decent textbooks out there, despite their great numbers. This book has very little advanced algebra. It therefore does not follow common practice whereby an author's lack of intuition is hidden behind formulae. Do not misunderstand me, I am a high tech guy. But let's face it, very few books, especially the common ones such as Hull, provide the reader with any intuition. Why is vega typically positive and why is a call's rho typically positive? Where do options get their (time) value from anyhow? You will not find the answers in most textbooks, but you will in this one, all from basic principles, solid intuition and simple examples. I reckon that many students of derivatives pricing, even those having mastered Hull and above, will finally be able to put all pieces together after having read this book. Only the legendary books by Cox&Rubinstein and by Ingersoll have more intuition (but at a more technical level), and this book shares one problem with Cox and Rubinstein that it is a bit dated by now and would need a new edition.