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The Options Edge: An Intuitive Approach to Generating Consistent Profits for the Novice to the Experienced Practitioner


Praise for The Options Edge

"Mike and Mark are the most innovative thinkers in the options world today. Their unique perspective on the use and pricing of options substitutes understandable common sense and logic for the complex math that often confuses and intimidates the experienced practitioner."
—Scott Nations, Author of Options Trader and CNBC On-Air Contributor

"The Options Edge is a refined and accessible presentation by two seasoned professional investors. Michael and Mark write from a practitioner's prospective about the most versatile financial instrument and explain them in a clear and simple way by going beyond the math to reveal practical and profitable insights."
—Leighton A. Shantz, CFA, Head of Fixed Income at Employee Retirement System of Texas

"Michael and Mark take the mystery out of options and reveal practical insights through real life examples. A must read for anyone interested in understanding how to use options to improve investment returns and manage risk."
—Dan Nathan, Proprietary Equity & Options Trader, Founder & Editor of, and Panelist on CNBC's Fast Money and Options Action

MICHAEL C. KHOUW is a 21-year veteran of the financial services industry with broad experience as an options market maker, proprietary trader, analyst, and portfolio manager. In these roles he has actively traded equities, com-modities, and derivatives on these asset classes for both buy-side and sell-side firms. Mike shares his insights as an on-air business news contributor with CNBC. As a regular panel member for Fast Money and Options Action, he has appeared on over 1,000 shows since 2009.

MARK W. GUTHNER, CFA, is a 29-year veteran of the financial services industry. His skills and experience include trading, securities analysis, portfolio management, risk management, quantitative analysis, and financial technology. Mark is the author of Quantitative Analytics in Debt Valuation & Management, published in 2012. He has spoken at conferences and trade groups, and participated in advisory panel discussions with banking regulators. Mark holds a CFA designation and volunteers his time and expertise in various capacities to the CFA Institute.

Introduction 1

CHAPTER 1 What Is an Option, and How Do Options Work? 11

CHAPTER 2 Valuing Options with the Black-Scholes-Merton Option-Pricing Model 29

CHAPTER 3 Trading Volatility 65

CHAPTER 4 Are Options Fairly Priced? 97

CHAPTER 5 Fundamental Option Strategies 125

CHAPTER 6 Portfolio Hedging Producing Enhanced Returns 155

CHAPTER 7 Option Strategies for Special Situations 193

CHAPTER 8 Extracting Information from Options Prices 213

CHAPTER 9 Synthetics 235

CHAPTER 10 Home Runs 253

CHAPTER 11 Strike-Outs 277

Notes 305

Glossary 311

References 319

About Online Education and Option Trading Tools 323

About the Free Trial 329

Index 331