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Options Edge: Winning the Volatility Game with Options on Futures (Irwin Trader's Edge)
 
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Options Edge: Winning the Volatility Game with Options on Futures (Irwin Trader's Edge) (Hardcover)

by William Gallacher (Author)
4.4 out of 5 stars See all reviews (5 customer reviews)

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Product details

  • Hardcover: 273 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.co.uk Sales Rank: 1,884,031 in Books (See Bestsellers 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

5 Reviews
5 star:
 (3)
4 star:
 (1)
3 star:
 (1)
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Average Customer Review
4.4 out of 5 stars (5 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
5.0 out of 5 stars a different approach, 12 April 2003
By A Customer
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.
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5.0 out of 5 stars Highly readable and full of wisdom, 30 April 1999
By A Customer
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.
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4.0 out of 5 stars Finally a no-nonsense book on options!, 26 April 1999
By A Customer
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

5.0 out of 5 stars 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

3.0 out of 5 stars 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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