Trading Options at Expiration: Strategies and Models for Winning the Endgame
$12.92
| Author(s) | |
|---|---|
| Format |
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| Pages |
172 |
| Publication Year |
2009 |
In Trading Options at Expiration: Strategies and Models for Winning the Endgame, leading options trader Jeff Augen explores this extraordinary opportunity with never-before published statistical models, minute-by-minute pricing analysis, and optimized trading strategies that regularly deliver returns of 40%-300% per trade.
Introduction:
This book was written during one of the most turbulent times in stock market history—the second half of 2008. During this time frame, trillions of dollars were lost by both bulls and bears as the world’s financial markets “melted down.”
Investors who have never experienced a crashing market often believe that it is easy to generate profits in this environment with short positions. Unfortunately, nothing is ever that simple. The 2008 collapse included single-day bear market rallies as large as 11%—large enough to destroy nearly any short position. The answer lies in reducing market exposure and trading only when it makes sense.
You’ll learn how to structure positions that profit from end-of-contract price distortions with remarkably low risk. These strategies don’t rely on your ability to pick stocks or predict market direction and they only require one or two days of market exposure per month. Augen also discusses:
- Three powerful end-of-cycle effects not comprehended by contemporary pricing models
- Trading only one or two days each month and avoiding overnight exposure
- Leveraging the surprising power of expiration-day pricing dynamics
If you’re looking for an innovative new way to reignite your returns no matter where the markets move, you’ve found it in Trading Options at Expiration.
Contents:
- Expiration Pricing Dynamics
- Working with Statistical Models
- Day Trading Strategies
Trading Options at Expiration: Strategies and Models for Winning the Endgame By Jeff Augen pdf
8 reviews for Trading Options at Expiration: Strategies and Models for Winning the Endgame
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Harmony Madden (verified owner) –
Well written and very interesting strategies.
Amelie Rosario (verified owner) –
I have read bad books about options but this ….
What a waste of good money it was.
Basically, the author takes 5 stocks, uses historical data and tells you : “you should have done this this and that and boom 500% returns, nice hu?”
Absolutely pointless.
Claire Jenkins (verified owner) –
This was a good book in providing valuable information for trading near expiration options. It discusses the pitfalls of trading near expiration options and provides information on how to use these pitfalls to your advantage.
Jedidiah Cruz (verified owner) –
This book is very dense and thorough. Although weekly expiry choices are now available the same principles that Augen speaks. The author gathered some very granular data about intraday option prints which is hard to come by historically and really applied it in application for this book. Yes the book does have actionable strategies that experienced option users can apply. This book is not for beginners or even mid level users of options as the comprehension of concepts requires a thorough understanding of many dynamics ranging from extrinsic value compression/expansion, implied volatility crush and general theta decay and being able to loop all these concepts together in sync instead of understanding in singular form is vital to get the value from the book.
Declan Casey (verified owner) –
This book provides interesting data and examples of how option prices behave at the time of expiration and gives some example trade ideas and setups you can look for trading intaday. This is one of the few books I have seen that actually discuss intraday option trading so it was a good read and worth the price.
*The downside is that it was written 10 years ago with data from 2007 and 2008. The markets were structurally different back then with companies such as AAPL having strikes every $5 and monthly expiration cycles. Today AAPL has $2.5 wide strikes and weekly expirations. This dramatically impacts some of the trade ideas the author presents in the book so one would have to apply the same concepts but using today’s market structure.
Everest Kent (verified owner) –
Very good book on the price movements late in option expiration cycles. Would highly recommend.
Jazmine Kelley (verified owner) –
Excellent options book for 0DTE options. It was a bonus for me to learn that Jeff Augen is an instructor at my alma mater, The New York Institute of Finance.
Eric Gentry (verified owner) –
This is a great book for providing the details on how implied volatility collapses on option expiration day. I found the studies to be of great help in understanding pricing dynamics applied to 0 DTE options.
However, the author illustrates most of his examples using 1:3 call ratio back spreads ( long 1 OTM call, short 3 further OTM calls). This constitutes a debit spread plus two naked calls for a net credit. Not for the faint hearted unless you’re watching it like a hawk!
I would like to see a sequel to this book that illustrates trading near expiration options with balanced credit spreads, debit spreads, or straight long options.