In this detailed guide, readers are introduced to what an option is, including calls, puts, and the combined put-and-call. It explains how option money works, how premiums are set, and why traders use these tools to manage risk or aim for profit. The text also touches on market mechanics like contango and backwardation, and shows how London’s option market operated in practice.

Learn clear definitions of option, call, put, and put-and-call.
See how option prices and the “distance” from the right price affect costs and risk.
Understand why some options are created for short periods and how performances are measured.
Get a sense of how traders think about averages, insurance-style risk, and margins in option deals.

Ideal for readers of finance history and anyone curious about how option trading developed and why it matters for risk and reward in stock markets.

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