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The Option Trader Handbook: Strategies and Trade Adjustments, 2nd Edition


Praise For The Option Trader Handbook Second Edition

"The Option Trader Handbook by Dr. George Jabbour and Philip Budwick is an invaluable tool for portfolio managers, risk managers, and traders to navigate global markets. The authors intimate knowledge of the subject and focus on hedging strategies cater to every possible investment style and dispel the myth that volatility is a foe to portfolio management. The Option Trader Handbook is a very timely contribution to market professionals offering a plethora of short and long-term strategies to manage risks and incorporate views on market direction, systemic and specific volatility profiles, liquidity, currency, and credit risk. It should be an integral tool of every trading platform."
—Vasilis Katsikiotis, PhD, Managing Director, Global Markets & Investment Banking, Bank of America-Merrill Lynch

"Dr. Jabbour and Phil Budwick have again enhanced the investment world with this Second Edition of The Option Trader Handbook. Their documented insight and the additional knowledge presented herein is a true complement to what is already known in the option trading world.

Using this material, you will gain a much deeper understanding of the true complexities of options and all its variables. This is rich reference material, and this book is a priceless resource that can be used to complement the overall investment goals of generating 'Absolute Returns,' with minimized risk, along with skillful insights on the handling of market volatility."
—Craig B. Kendall, President, Financial Commodity Investments

George M. Jabbour, PhD, is the Director of the Master of Science in Finance program at The George Washington University, as well as a professor of derivatives, financial engineering, and investments. Dr. Jabbour has published various articles in professional financial journals and regularly speaks at conferences in the United States and abroad regarding option pricing models, financial management, and risk management. He is also a managing director of Global Asset Investments, LLC, an asset management and derivatives consulting firm, and CEO of Global Finance Associates Inc., a financial training, consulting, and research company. Dr. Jabbour regularly conducts seminars in option trading and valuation, and is a very active equities and derivatives trader.

Philip H. Budwick, MsF, is the Director of the Capital Markets Trading Room at The George Washington University School of Business and frequently writes articles on option trading strategies and investments. Mr. Budwick is a Managing Director of Global Asset Investments, LLC, an asset management and derivatives consulting firm, and is an active option and stock trader. He has a law degree and a master of science in finance and teaches classes in portfolio management.

Preface to the First Edition.

Preface to the Second Edition.

CHAPTER 1 Trade and Risk Management.


The Philosophy of Risk.

Truth About Reward.

Risk Management.

Trade Management.

Trading as a Business.

SCORE—The Formula for Trading Success.

CHAPTER 2 Tools of the Trader.


Option Value.

Option Pricing.

Option Greeks and Risk Management.

Time Decay.


Implied Volatility.

Synthetic Positions.

Basic Strategies.

Basic Spreads and Combinations.

Advanced Spreads.

The Greeks and Spread Trades.

Valuable Derivative Traders Program.

Introduction to Trade Adjustments.

CHAPTER 3 Long Stock.


Protective Put.

Call Replacement.

Sell Covered Calls.


Ratio Write.

Short Straddle/Short Strangle.

Call Ratio Spread.

Call Calendar Spread.

CHAPTER 4 Short Stock.


Protective Call—Insurance.

Put Replacement.

Covered Puts.

Short Collars.

Put Ratio Write.

Put Ratio Spread.

CHAPTER 5 Calls and Puts.


Long Call.

Short Call.

Long Put.

Short Put.

CHAPTER 6 Spreads.


Bull Call Spreads/Bear Put Spreads.

Bear Call Spreads/Bull Put Spreads.

Calendar Spreads.

CHAPTER 7 Combinations.


Long Straddle.

Long Strangle.

Short Straddle/Short Strangle.