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Trading Weekly Options + Online Video Course: Pricing Characteristics and Short-Term Trading Strategies


Your complete guide to understanding and taking utmost advantage of one of today’s fastest growing trading instruments

Launched by the CBOE in 2005, weekly options are now traded on all major indices, as well as high-volume stocks and ETFs. Offering fifty-two trading opportunities annually—versus the twelve afforded by monthly option contracts—their popularity has grown by leaps and bound, and they now account for as much as twenty percent of daily options volume.

While traditional options strategies work equally well with weeklys as they do with monthly contracts, weeklys are particularly well positioned to take advantage of premium selling strategies and short-term trades based on both current events and technical patterns.

Written by Russell Rhoads, an instructor at the CBOE’s Options Institute, this book/video package fills you in on everything you need to know to use short-term options contracts to make more money from standard option selling strategies and to make less expensive bets on short-term market moves.

The first comprehensive guide to getting started in weeklys and capitalizing on the many exciting opportunities in that booming finance sector, Trading Weekly Options:

  • Clearly explains the unique pricing and behavioral characteristics of weekly options
  • Shows you how to take utmost advantage of those unique features using a range of strategies
  • Uses numerous real-world examples to inculcate you in the most effective trading strategies associated with weekly options
  • Highlights techniques for exploiting the accelerating time-decay curve when an option approaches expiration

Featuring priceless insights, advice and guidance from one of the industry’s foremost short-term options experts, Trading Weekly Options is a must-have resource for experienced and beginning options traders alike.

RUSSELL RHOADS, CFA, is an instructor for the Options Institute at the Chicago Board Options Exchange. He teaches about 90 classes a year and conducts webinars on behalf of the CBOE and a variety of brokerage firms. Rhoads’s twenty-year trading career has included positions at a variety of trading firms and hedge funds. His background includes trading and analysis, and he is the author of the Wiley titles Trading VIX Derivatives, Candlestick Charting for Dummies, and Option Spread Trading. Rhoads graduated with an MS in finance from the University of Memphis and a master’s certificate in financial engineering from the Illinois Institute of Technology.

Preface ix

Acknowledgments xi

Chapter 1 Introducing Weekly Options 1

Chapter 2 Short-Term Index Options 9

Chapter 3 Weekly Options on Equities and Exchange-Traded Products 19

Chapter 4 Option Pricing Factors and Short-Dated Option Contracts 25

Chapter 5 Time Decay and Short-Dated Options 31

Chapter 6 Implied Volatility and Weekly Options 39

Chapter 7 Developing Your Trading Plan 55

Chapter 8 Long Option Trades 61

Chapter 9 Short Option Trades 69

Chapter 10 Covered Calls and Buy-Writes 83

Chapter 11 Hedging with Short-Dated Options 97

Chapter 12 Bullish Spread Trading 113

Chapter 13 Bearish Spread Trading 131

Chapter 14 Neutral Spread Trading 147

Chapter 15 Split Strike Long Spreads 165

Chapter 16 Calendar Spreads 187

Chapter 17 Diagonal Spreads 201

Chapter 18 Trading Earnings Releases with Short-Dated Options 215

Chapter 19 Leveraged Exchange-Traded Products 235

Chapter 20 VIX-Related Exchange-Traded Products 243

About the Video 247

About the Author 249

Index 251