- Hardcover: 225 pages
- Publisher: Irwin Professional Publishing (1 Jan 1999)
- Language English
- ISBN-10: 0070382964
- ISBN-13: 978-0070382961
- Product Dimensions: 22.6 x 15.5 x 2.5 cm
- Average Customer Review: 4.4 out of 5 stars See all reviews (5 customer reviews)
- Amazon Bestsellers Rank: 1,800,511 in Books (See Top 100 in Books)
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Product Description
Product Description
This text delves into the world of options on futures and shows how to gain the extra edge needed to improve the odds of gaining a winning position. It uses non-technical language, avoiding Greek symbols and approaches options pricing from a hands-on point of view.
From the Back Cover
Learn how the options market really works and improve your odds of
winning! As more and more "sophisticated" trading models are pressed
into service to unravel the mysteries of market action, information
overload makes trading markets progressively more unstable. Nowhere is
this truer than in the option pits of the large futures exchanges,
where traders struggle to put a price on uncertainty under conditions
of great underlying price volatility often using formulae of dubious
value. In The Options Edge, professional commodities trader and
researcher Bill Gallacher stands up and shouts, "Enough!" This
extraordinarily practical book dowplays complex formulae and technical
abstractions to explain option pricing form an empirical perspective,
using an extensive futures and options database developed and analyzed
during the years 1996 and 1997. Futures options traders needing
down-to-earth answers to complex questions can look to The Options
Edge for: a thought-provoking discussion and critique of the
Black-Scholes option pricing formulas, and presentation of a much
simpler and sounder alternative; identification of the at-the-money
straddle price as the only true basis for estimating implied
volatility of a commodity futures contract and a fast and accurate
way of calculating this number; historical volatility profiles for all
the actively traded futures contracts; understanding of how one of the
world's largest hedge funds foundered through its misapplication of
the Black-Scholes formula. Profitably trade options on
futures simply, consistently, and without excessive reliance on
algebra and complex statistical formulae with Bill Gallacher's
commonsense The Options Edge.
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Customer Reviews
Most Helpful Customer Reviews
Format:Hardcover
The book is worth reading, though I found the conclusion a bit controversial. I am not sure that this book will interest options traders or market makers, but it will be useful for 'cash' or benchmark investor who would like to enhance their portfolio performance.
Format:Hardcover
This book is a very enjoyable read. The author uses real world data from options on futures to demonstrate where the edge really lies, allowing the trader to improve his chances. It is written in a very practical manner, showing the many weaknesses of highly theoretical option pricing models and why they rely on needless mathematics. The reader will see how options work in the real world. This book has been written by a real trader not a theorist. As a options trader myself, I would highly recommend this book.
Format:Hardcover
William Gallacher managed to write a thorough analysis of options tradings and its probabilitiy. This is the best book on this subject since Natenberg and McMillan. "The Options Edge" illustrates the real mechanisms of market behavior with in an easy to understand approach to come up with an appropriate strategy in various market conditions.. The book was definetely written by a practitioner. Buy it! It is enjoyable for both the novice and the experienced market player!
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Most Recent Customer Reviews
FASCINATING
AS a trader and market observer for over thirty years I found The Options Edge to be one of the best three books I have read on market behaviour. Read more
Published on 27 Feb 1999
Gold in them thar hills - but you have to dig it out!
I am an experienced options trader. I found the book interesting, but not easily applied. The cover promises little math; but, the most eye openning parts of the book deal with... Read more
Published on 26 Feb 1999
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