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OptionsTrading
StrategiesforaVolatileMarket
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FiveSimpleOptionsTrading
StrategiesforConsistentProfitsina
VolatileMarket
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TableOfContents
Introduction
Chapter1–Overview
Chapter2–BasicsofVolatileOptionStrategies
Chapter3–AccountTradingLevels
Chapter4–LongStraddle
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Chapter5–StrapStraddle
Chapter6–LongStrangle
Chapter7–StripStrangle
Chapter8–TheLongGut
Chapter9–FinalNotes
Conclusion
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IntroductionI want to thank you verymuch and congratulate youfor downloading the book,Options Trading Strategiesfor a Volatile Market–FiveSimple Options TradingStrategies for ConsistentProfitsinaVolatileMarket
The goal of this book is tohelp people who are already
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familiar with optionterminologyandthebasicsofhow the options marketworks.
In this book, you’ll discoverthe five best options tradingstrategies for a volatilemarket. For each strategy,you’lllearnhowitworks,thebest times to use it, the riskand reward dynamics, andyou’ll be taken step-by-stepthroughcompleteexamples.
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Thanks again fordownloading this book, Ihopeyouenjoyit!
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Bonus:DownloadtheFreeTradingToolkit
Get instant access to freecheatsheets,workbooksandguidestohelpyoubecomeaprofitable trader orinvestor.
As a special thanks fordownloadingthisbook,we'veput together a toolkit of
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exclusive resources,including…
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the Free TradingToolkitor visit:www.zantrio.com/kindle
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Chapter 1 –Overview
This guide is to help peoplewhoarealreadyfamiliarwithoption terminology and thebasics of how the optionsmarketwork.Itisdesignedtogive you an overview of themain strategies for usingoptions when the marketconditionsarevolatile.
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Making money in a volatilemarket is risky as a volatilemarketmeans thatpricescanrise and fall dramatically.This is significantly differenttoabearishorbullishmarketas your strategies have to beable to profit when the priceoftheunderlyingassetmovesby a significant amount ineither direction, and not justinone.
The reason that options are
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held in such high regard byprofessional traders is thatyoucansetupstrategies thatallow you to make a profitregardless of whether theprice of the underlying assetmovesupordown,aslongasit does so by a significantamount. Large pricemovements are not the onlykind of volatility that youneedtoconsiderwhentalkingabout a volatile optionmarketsthough.
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As an experienced optiontrader you should already befamiliarwith theGreeks,andknowthattheVegashowstheimpliedvolatilityofanoptioncontract. A change inimplied volatility can have adramaticeffectonthecostorpremium of the option, andyoualwaysneed tobeawareof implied volatility for thisreason. Therefore a volatileoption market can be whenprices jump quickly or when
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the implied volatility isincreasing.
It is important to note thatalthough implied volatilityshouldincreasewhenthereisamajor news event affectingthe underlying asset, anddecrease when the market isquiet. It is possible forimplied volatility to changewithout any obvious reason.This is due to a shift in themarketperceptionofwhatthe
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implied volatility should be,rather than from any factualcause. Impliedvolatilitywillincrease with demand for aparticular option, anddecreaseifdemandislow.
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Chapter2–BasicsofVolatile OptionStrategies
The basic theory behindconstructing an effectivestrategy for a volatilemarketis to take advantage of duo-directional profits. What thismean in its simplest form isthat you are setting up
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positions thataremadeupoftwoparts.Thefirstpartistoset up a trade that will gainmore than it will lose whenthe price of the underlyingassets rises, and the secondpart does the opposite. Thismeans that it will gain morefrom the rapid decline in thevalueofanoptionthanitwilllose.
Thesimplestversionofthisisto use a combination of long
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calls and long puts in thehope that the change in theprice of the option due tohigh volatility will push oneof these two trades intoenough profit to cover thecostoftheonethatisgoingtobe out of the money. Morecomplex strategies forvolatile markets work bycombiningbullishandbearishoptionstrategiesinawaythatwill accomplish much thesamething.Whensettingup
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a volatile option strategy thething that you want to lookfor is a high Gamma valuewith a neutral or almostneutralDeltavalue.
A good time to implement avolatile option strategy iswhen there is a potentialincrease in the impliedvolatilityonthemarket,evenif the prices have not yetstartedtomove.Thiswillsetyou up for success at the
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lowestpossiblecost,andwilloccur when the strategy thatyou are consideringimplementing has a positiveVegavalue. Just byhavingapositive Vega value ifeverything else stays thesame, the position you haveselectedshouldmakeaprofit.
Evaluate your volatile optionstrategies in periods beforeearnings release statements,or other key financial
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informationaboutacompanyor the market as a whole.Volatility across the markettendstoincreaseduringtheseperiods. As soon as you seethat implied volatility hasstopped increasing and hasreached its peak, then youshould close the strategy.There is a volatilitymeasurement index calledVIX that a lot of traders usetotrackimpliedvolatilityanddecide when volatility is
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increasingorhaspeaked.
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Chapter 3 –AccountTradingLevels
If is important to understandtheaccounttradinglevelsthatapply for option tradingaccounts. Some of thestrategiesinthisguiderequirehigher trading levels thanothers. Often referred to asyour ‘trading’ or ‘approval’level, it issetbyyourbroker
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basedonyournetworth,andyour level of experience intradingoptions.
Inmostcases,whenyoufirstopen an option account youwill be given a level of 1.Youwill need a higher levelthan that to implement thetrading strategies in thisguide,soyouneedtocontactyourbrokeranddiscusswhatyou are looking to do, andwhat he needs from you in
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order toget theapprovalyouneed.
Level 1 allows you to tradecovered calls and protectedputs. This means that youneed to own the underlyingassetandisnotmuchusefortrading options. At level 2you are able to buy call andputoptions.Youarenotableto use debit spread strategiesuntil your approval level hasreached level 3. You cannot
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utilizecreditoptionstrategiesyet, as this is at level 4.Level4willalsoallowyoutotradeshortbutterflyspreads.
The reason that the approvallevel is so high is that creditstrategies are complex andrequirea lotofexperience toknow exactly what yourprofitor losscanbe.Level5is the highest level andusually reserved forinstitutional traders as you
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canwritecallandputoptionswithout owning theunderlying asset. This isextremely dangerous as youare exposed to a very highrisk.
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Chapter 4 – LongStraddle
This is one of the moststraightforward of all of thevolatileoptionstrategies,andallows you to make a profitwhether the value of youroption contracts increases ordecreases, as long as it doesso significantly. Thismeansthatthebesttimetoemploya
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Long Straddle is when youexpect the value of anunderlying asset to suddenlymoveeitherupordownveryquickly. The usual reasonwhy the value of anunderlying asset will do thisisoftenamajornewsevent.
Setting up a long straddle isvery simple and can beexecutedveryquickly. Whatyou need to do is to executeanatthemoneycallandanat
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the money put at the sametime,forthesameunderlyingasset, expiring at the sametime, andas far awayasyoucan get. The potential profitisunlimitedasifthevalueofthe underlying asst risessharply,thenyouwillmakeaprofitonthecalllessthecostof the two premiums.Similarly if the value of theunderlying asset sharplydropsinvalueyouwillmakeunlimited potential profit on
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the put that you purchased,less the cost of the twopremiums.
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Example
Anexamplewould be if youexpected the price of ABCCompany is going tosuddenly move significantlybutareunsurewhetheritwillbeupordownandthecurrentvalue of the stock is at $25.Youwouldwanttobuyacalloption with a strike price ofas close to $25 as you canfind,andaputoptionwiththe
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same strike price. If youthink themovement is goingto occur within the nextmonth then you would buybothoftheseoptionswiththesame expiry and at least onemonthtoleft.
Assuming the premium oneach at the money option isapproximately the same, say$1forthisexample,thenyourtotal cost to set up this tradewill be $1 + $1 = $2 times
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100 shares in the optioncontract so $200. If you arecorrect and ABC companygetsgreatnewsand thepricerisesfrom$25ashareto$30ashare,thenyouwillmakeaprofit of $5 * 100 shares =$500lessthepremiumcostof$200=$300.Ifthepricehaddropped by the same amountfrom $25 to $20 then yourprofitwouldbethesame.
Inadditiontothesetwoprofit
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alternative there is a thirdone, where the impliedvolatility of the underlyingasset rises, while you areholding the twooptionseventhough the price of theunderlying asset does notchange,thenthevalueofbothof your option positions willstillrise,andyouwillmakeaprofitifyouclosethemwhenthe implied volatility peaks.If none of these situationsoccur before expiry you will
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losebothpremiumpayments.
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Chapter 5 – StrapStraddle
You should use a StrapSaddle when you expect thevalue of underlying asset tomove suddenly and that themove ismore likely tobeupthan down. To set it up, youbuy more call than put
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options. Considering youbelievethatthevalueismorelikely to rise than drop, thenyou would buy two at themoney calls and one at themoney put at the same time,forthesameunderlyingasset,expiringatthesametimeandasfarawayasyoucanget.
Ifyouareright thenyouwillmakedoublethemoneywhenit rises, less the cost of threepremiums.Ifyouarewrong,
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and the value fallssignificantly, then you willstillmakeaprofitontheput,less the cost of the threepremiums.
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Example
Anexamplewould be if youexpected the price of ABCCompany is going tosuddenly move significantlyand you think but are not itwill be up, and the currentvalue of the stock is at $25.Youwouldwanttobuy2calloptionswith a strikepriceofas close to $25 as you canfind,andaputoptionwiththe
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samestrikeprice.
Assuming the premium oneach at the money option isapproximately the same, say$1forthisexample,thenyourtotal cost to set up this tradewill be $1 + $1 + $1 = $3times100sharesso$300. Ifyou are correct and ABCcompanygetsgreatnewsandthe price rises from $25 ashareto$30ashare,thenyouwillmakeaprofitof$5*100
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shares = $500 times twooption contracts so $1000,lessthepremiumcostof$300= $700. If the price haddropped by the same amountfrom $25 to $20 then youwould make $500 less $300so$200.
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Chapter 6 – LongStrangle
This is similar to the longsaddle but is less expensiveand is also one of the moststraightforward volatileoption strategies. It requirestradinglevel2andallowsyoutomake a profit whether thevalueofyouroptioncontracts
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increases or decreases, aslong as it does sosignificantly.Thismeansthatthe best time to employ along strangle is when youexpect the value of anunderlying asset to suddenlymoveeitherupordownveryquickly. The usual reasonwhy the value of anunderlying asset will do thisisamajorannouncement.
The issue with the long
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strangle is that the price ofthe underlying asset or thechange in implied volatility,needs to be higher than itdoes in a straddle tomake aprofit. On the other hand ifthe value of the underlyingassetdoesmove significantlyas you expect then you willmake a bigger percentageprofit than you can with thelongstraddle
In order to set up the long
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strangle you need to do is toexecute an out of themoneycall andanoutof themoneyput at the same time, for thesame underlying asset,expiring at the same time.The potential profit isunlimited as if the value ofthe underlying asst risessharply,thenyouwillmakeaprofitonthecalllessthecostof the two premiums.Similarly if the value of theunderlying asset sharply
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dropsinvalueyouwillmakeunlimited potential profit onthe put that you purchasedless the cost of the twopremiums.
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Example
Asyouareworkingwithoutof the money options, thepremium will be a lot loweras theriskofneitherof themgoing into the money isgreater. For example if thestockpriceofABCcompanyisat$25andyouexpectittomove by $5 in the nextmonth, you would buy andout of themoney call option
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withastrikepriceof$26anda premium of $0.25 and anout of the money put optionwithastrikepriceof$24witha premium of $0.25. Yourtotal premium cost is then$0.5times100so$50.
If the pricemoves up to $30then your profit is new priceless the strike price so $30 -$26 = $4 times 100 = $400less the premium of $50 =$350profit.Theprofitisnot
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that much higher but thereturn on investment issignificantly greater as youare only risking $50 andmaking $350 instead ofrisking $200 with a longstraddleandmaking$300.
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Chapter 7 – StripStrangle
You should use a stripstranglewhenyouarefeelingbearish about a volatileunderlying asset but areuncertain that you are right,and you stillwant tomake aprofitifthevolatilityisintheopposite direction than you
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expect.To set it up,youbuymore out of the money putoptions than call options.Considering you believe thatthevalueismorelikelytofallthanrise,thenyouwouldbuytwo out of the money putsand one out of the moneycall.
Ifyouareright thenyouwillmakedoublethemoneywhenit suddenly drops in value,less the cost of three
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premiums.Ifyouarewrong,and the value goes the otherway instead, then you willstillmakeaprofitonthecall,less the cost of the threepremiums.
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Example
Anexamplewould be if youexpected the price of ABCCompany is going tosuddenlymoveandyouthinkit will more likely be down,and the current value of thestock is at $25. You wouldwant to buy 2 put optionswithastrikepriceof$24anda call option with a strikepriceof$26.
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Assuming the premium oneach at the money option isapproximately the same, say$0.50 for this example, thenyour total cost to set up thistradewillbe$1.50times100shares so $150. If you arecorrect and ABC companygets bad news and the pricefalls from$25ashare to$20ashare,thenyouwillmakeaprofit of $4 * 100 shares =$400 times two optioncontracts so $800, less the
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premium cost of $150 =$650. If the price had risenbythesameamountfrom$25to $30 then youwouldmake$400-$150so$250.
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Chapter 8 – TheLongGut
This is similar to the longstraddle but is moreexpensive. It requires tradingaccount level 2, and allowsyou tomakeaprofitwhetherthe value of your optioncontracts increases ordecreasesaslongasitdoesso
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significantly. The long gutuses in the money options,rather than at the moneyoptions,whichmeansthatthepremiumcostwillbehigher.The advantage of it is that itiseasiertofindinthemoneyoptions toconstruct the tradethatitistofindatthemoneyoptions.Thereisalsolessriskthatyouwill loseyourentirepremium as both of thepremiums that have paid arein the money at the time of
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purchase.
Inordertosetupthelonggutyou need to do is to executeaninthemoneycallandaninthe money put at the sametime,forthesameunderlyingasset, expiring at the sametime. If the value of theunderlying asst rises sharply,then you will make a profitonthecalllessthecostofthetwo premiums. Similarly ifthe value of the underlying
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asset sharply drops in valueyouwillmakeaprofitontheput that you purchased lessthecostofthetwopremiums.
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Example
Forexampleifthestockpriceof ABC company is at $25andyouexpectittomoveby$5 in the next month, youwould buy an in the moneycalloptionwithastrikepriceof $24 and a premium of $2and an in the money putoption with a strike price of$26 with a premium of $2.Your total premium cost is
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then $4 times 100 so $400.Ifthe price moves up to $30then your profit is new priceless the strike price so $30 -$24 = $6 times 100 = $600less the premium of $400 =$200profit.
The profit is lower and thereturn on investment issignificantly lower but yourriskof losing theentire$400is also consequently muchlower. Youwill alsomake a
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bigger profit by a change inimplied volatility, and theamountof the change canberelatively low. If thepriceofthe underlying asset starts torisethenyoucanclosetheinthemoneyputoptionandjustleavethecalloptionopenandvice versa if the underlyingassetvaluestartstofall.
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Chapter 9 – FinalNotes
While these option strategiesarequitesimilartheyarealsosignificantlydifferent,astheydepend on you view point,and the levelof risk thatyouare willing to take. As youcan see from the examplesyou can either balance your
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risksothatyouhaveanequalchance if the value of theunderlying has a huge moveup or down, or you canpositionyourself onone sideortheother,whileatthesametime making a profit if youare incorrect. By workingwith thesestrategiesyouwillquickly become adept atmaking a profit in volatilemarkets.
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Conclusion
Thank you again fordownloadingthisbook!
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You should now have theknowledge you need to getstarted trading using theseoptions trading strategies foravolatilemarket.
The next step is to takeaction!
Finally, if you enjoyed thisbook, please take the time toshare your thoughts and postareviewonAmazon.It’dbegreatlyappreciated!
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Thankyouandgoodluck!
Bonus:DownloadtheFreeTradingToolkit
Get instant access to freecheatsheets,workbooksandguidestohelpyoubecomeaprofitable trader orinvestor.
As a special thanks for
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Click to Downloadthe Free TradingToolkitor visit:www.zantrio.com/kindle
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TableofContents
IntroductionLegalBonus: Download the FreeTradingToolkit
Chapter1–OverviewChapter2–BasicsofVolatileOptionStrategies
Chapter3–AccountTradingLevels
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Chapter4–LongStraddleChapter5–StrapStraddleChapter6–LongStrangleChapter7–StripStrangleChapter8–TheLongGutChapter9–FinalNotesConclusion