Options on Futures: New Trading Strategies

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9780471436423: Options on Futures: New Trading Strategies
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Increased marketplace volatility and the expanding size of capitalmarkets have led to an explosion of interest in options on futures.What makes these instruments so attractive is that they allowtraders to profit from movements in the markets using littleup-front capital and plenty of leverage. At the same time, theyprovide an excellent hedge against the risks associated withcapital market investments. This book demystifies these notoriouslydifficult-to-understand instruments and provides state-of-the-artstrategies and tools for making the most of options onfutures.
John F. Summa (New Haven, CT) is a CTA and cofounder ofOptionsNerd.com, an online service providing market commentary,trading advisories, and assistance with trading system development.Jonathan Lubow (Randolph, NJ) is cofounder and Vice President ofTrader's Edge, a futures and options brokerage.

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From the Inside Flap:

OPTIONS ON FUTURES:
NEW TRADING STRATEGIES

Many of today's investors and traders have acquired a basicunderstanding of stock options. With the publication of Options onFutures: New Trading Strategies, authors John Summa and JonathanLubow show how easy it is for investors and traders to make thetransition to commodity options and options on other futuresmarkets. Written as a how-to guide to understanding options onfutures terms, characteristics, and strategies, this book alsopresents a look at some of the authors' favorite strategies inaction, under both favorable and unfavorable market conditions.Readers will benefit by having a chance to look over the shouldersof these two experienced options traders as they set up theirtrades and make adjustments in the heat of battle.

Summa and Lubow present what they call a net selling approach totrading options. The authors persuasively make the case that optionbuyers (typically inexperienced traders) remain at the mercy oftime-value decay, while option sellers have a built-in trading edgebecause they can profit from the decay of time value and the saleof overvalued options. Option sellers do not totally depend on amarket's direction in order to profit, a key advantage to sellingoptions often overlooked by novice traders. The authors compilehistorical data from the Chicago Mercantile Exchange, whichsupports their claim that option sellers (also known as optionwriters) do better than buyers. The data presented by the authorsshow that the majority of options-most notably over 80% of allS&P futures options-expire worthless. It is the sellers, arguethe authors, who are laughing all the way to the bank.

Options on Futures shows you how to incorporate this seller'sadvantage into a variety of trading strategies, including:
* S&P 500 credit spreads
* Commodity options credit spreads
* Options on futures ratio writes
* Commodity options ratio spreads
* Synthetic call strategies
* Naked calls and puts

Each strategy is explained with hypothetical examples and thereconstruction of actual trades. Investors and traders of allstripes who have any interest in taking advantage of the profitpotential of options markets will find Options on Futures full ofinsights about options and how best to trade them.

From the Back Cover:

Learn How to Profit from Option Selling and Time-Value Decay

"John Summa and Jonathan Lubow make a special contribution to thetrading literature with their book Options on Futures: New TradingStrategies. Among other notable features of the book, the authorspresent their favorite trading setups for S&P 500 and commodityfutures options, an excellent chapter covering SPAN marginrequirements, and actual trades and follow-up adjustments under farfrom ideal market conditions. The book drives home the point thatoptions on futures should be part of any trader's arsenal. Theauthors' premium selling approach will come as an eye-opener formany options traders who remain confined to option buyingstrategies. If you want to learn how to trade options on futures,there is no better place to start. This outstanding book,coauthored by John Summa, who is one of the best options educatorsand traders in the business, provides a practical, hands-onexplanation of how to trade options on futures. Options on Futuresis full of trading nuances and key insights that make it uniquelyeffective. Highly recommended reading!"
-Steve Bell, General Partner, Intraday Investments
Kailua-Kona, Hawaii

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