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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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