Option Volatility and Pricing: Advanced Trading Strategies and Techniques
- Downloads：7320
- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-07-11 08:55:15
- Update Date：2025-09-06
- Status：finish
- Author：Sheldon Natenberg
- ISBN：0071818774
- Environment：PC/Android/iPhone/iPad/Kindle
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Summary
WHAT EVERY OPTION TRADER NEEDS TO KNOW。 THE ONE BOOK EVERY TRADER SHOULD OWN。
The bestselling Option Volatility & Pricing has made Sheldon Natenberg a widely recognized authority in the option industry。 At firms around the world， the text is often the first book that new professional traders are given to learn the trading strategies and risk management techniques required for success in option markets。
Now， in this revised， updated， and expanded second edition， this thirty-year trading professional presents the most comprehensive guide to advanced trading strategies and techniques now in print。 Covering a wide range of topics as diverse and exciting as the market itself， this text enables both new and experienced traders to delve in detail into the many aspects of option markets， including:
The foundations of option theory Dynamic hedging Volatility and directional trading strategies Risk analysis Position management Stock index futures and options Volatility contractsClear， concise， and comprehensive， the second edition of Option Volatility & Pricing is sure to be an important addition to every option trader's library--as invaluable as Natenberg's acclaimed seminars at the world's largest derivatives exchanges and trading firms。
You'll learn how professional option traders approach the market， including the trading strategies and risk management techniques necessary for success。 You'll gain a fuller understanding of how theoretical pricing models work。 And， best of all， you'll learn how to apply the principles of option evaluation to create strategies that， given a trader's assessment of market conditions and trends， have the greatest chance of success。
Option trading is both a science and an art。 This book shows how to apply both to maximum effect。
Reviews
Andrew
，
The book offers a solid primer—intuitive， and not excessively mathematical—on the theory underlying option pricing and trading。 It could be reductively said that the book devotes many hundreds of pages to visualizing the various sensitivities of the partial differential equation described by Black and Scholes （aka the Greeks） to changing market conditions， and the remaining pages to addressing the epistemological concerns that （rightfully） ought to prevent blind faith in such models。 On this lat The book offers a solid primer—intuitive， and not excessively mathematical—on the theory underlying option pricing and trading。 It could be reductively said that the book devotes many hundreds of pages to visualizing the various sensitivities of the partial differential equation described by Black and Scholes （aka the Greeks） to changing market conditions， and the remaining pages to addressing the epistemological concerns that （rightfully） ought to prevent blind faith in such models。 On this latter point， I found the chapters "Volatility， Revisited" and "Models and the Real World" most helpful in describing the opportunities that arise from the systemic overuse of option pricing models。 。。。more
Satish
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This is not an easy read by any measure （at least for me） but don’t let that stop you from reading this book。 I would urge you to read up on the basics of greeks （delta， gamma， theta， rho， vega） before you start reading this book， as that will give you some much needed background and understanding before you dive into complex analysis in this book。 This book covers， basic strategies to advanced strategies and explains the concept of each one of those， and how they can be used in different scenar This is not an easy read by any measure （at least for me） but don’t let that stop you from reading this book。 I would urge you to read up on the basics of greeks （delta， gamma， theta， rho， vega） before you start reading this book， as that will give you some much needed background and understanding before you dive into complex analysis in this book。 This book covers， basic strategies to advanced strategies and explains the concept of each one of those， and how they can be used in different scenarios with detailed diagrams。 Additionally， it provides a couple of chapters dedicated to volatility， which is an important concept if you want to trade and understand markets in general。 。。。more
Andrei Komrachkov
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Сложнааа
Ben Cook
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A huge tome which takes some serious time to wade through; however as a very in-depth introduction to pricing models it is really effective at getting across the key concepts; particularly IV which is an often overlooked metric in pricing of options。
MagnusPopper
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The option trading bible， excellent book with an appropriate progression from beginner to intermediate-advanced。
Stanislav Botan
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A great book for introduction to some fundamentals behind option trading and introduction to some basic strategies， but this is nowhere close to being an "advanced" book。 For someone looking to research the maths behind option pricing and strategy modelling this book covers almost nothing， which I personally found it extremely underwhelming。 A book for someone looking to go more into depth of mathematical modelling of option trading is "Volatility Trading" by Sinclair A great book for introduction to some fundamentals behind option trading and introduction to some basic strategies， but this is nowhere close to being an "advanced" book。 For someone looking to research the maths behind option pricing and strategy modelling this book covers almost nothing， which I personally found it extremely underwhelming。 A book for someone looking to go more into depth of mathematical modelling of option trading is "Volatility Trading" by Sinclair 。。。more
Mike Bridge
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Excellent material to ground an understanding of vol and trading strategies。 Need some dedicated time to focus on the material to get through and process it all。
Sean
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Good as a fundamental reference for someone in my line of work （agricultural commodity and currency hedging for commercial buyers and sellers）。 In the 2nd edition， at least， there are many typographical errors that an attentive reader will notice。
Avram Meitner
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Required reading for anyone who wants to trade volatility。
Rahul Jana
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Amongst all the Options book i have read， this is one of the finest book of all。 Advanced strategies and more specifically it deals with Volatility in a smoother way。
Haoran。yi
，
TODO
Gabriel Moreno
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This is a must read if you are trading options。 Don't make it your first book on options but when you got the basics down and need to reach another level， this is your guide。 Well written and easy to read。 This is a must read if you are trading options。 Don't make it your first book on options but when you got the basics down and need to reach another level， this is your guide。 Well written and easy to read。 。。。more
Rajesh Gaddipati
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The bible of options ！！
Grace Cao
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The best options book I have read。 Wish I read it earlier in my career。 Feel I understand Black-Scholes for the first time。 Option traders job: find an edge， control risk; find an edge， control risk; find an edge， control risk 。。。 goal is to realize and monetize the edge in all market scenarios。 Control risk: what do I do when market moves against me？ What do I do when it moves in my favor？ What do I do now to avoid future loss？
Mykyta Kuzmenko
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Про опционы с дозой хорошего житейского опыта， хорошая книга。
Chris
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the strategies are not "Advanced"， the mathematics is incorrect， but this is real， accurate information on options market making。 the strategies are not "Advanced"， the mathematics is incorrect， but this is real， accurate information on options market making。 。。。more
Caitlin Dickerboom
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Amazing book for those interested in options trading。 You’ll definitely find yourself rereading a few sections as the author quickly covers each subject。
Manish Gupta
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Absolutely brilliant。 Option strategies and their risks explained in the most lucid manner。 Once one is through with this book， options become much more easier and intuitive。 Must read for a serious derivative trader。
Aditya Mittal
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Pros: Great book！ Must read for anyone trading options。 Well written and insightful。 Cons: Typos and mistakes in some tables， calculations etc。
Yury
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Неплохая книга для систематизации основных знаний。 Но имеет один большой недостаток， очень уж она давно написана - в начале 90-х。 Многие современные тенденции затронуты весьма поверхностно， или даже просто вскользь упомянуты。Список литературы， к которой идет отсылка тоже достаточно староват。 Например много отсылок к статьям "Journal of Finance" конца 80-х， и порой даже 70-х годов。。。 Неплохая книга для систематизации основных знаний。 Но имеет один большой недостаток， очень уж она давно написана - в начале 90-х。 Многие современные тенденции затронуты весьма поверхностно， или даже просто вскользь упомянуты。Список литературы， к которой идет отсылка тоже достаточно староват。 Например много отсылок к статьям "Journal of Finance" конца 80-х， и порой даже 70-х годов。。。 。。。more
Ray Ruffin
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Must read if you want to trade options。
shai khadka
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read majority of it until the lessons got directed more for institutions/HNWI than retail amateur traders。
Tianyi
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An awesome book about option trading。 In-depth explanation and full of details。 Mr Natenberg is an awesome man， his book is considered as the The bible of option trading。
Cord Stafford
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Great introduction + detail
Thomas
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If you trade options， read this book。 Literally anyone who's worked as a market maker has read this book。 If you trade options， read this book。 Literally anyone who's worked as a market maker has read this book。 。。。more
Matt Stirling
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Very well written book。Anyone that that wants to read Hull should read this first。
Jeffrey
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Although slightly dated， this book is a classic and should be read by almost anyone interested in trading （options or otherwise）。 Don't start reading this book with the intention of mastering option trading - the market has evolved significantly and the book does not cover newer concepts such as risk reversals， fly and their respective sensitivities such as rega， sega， etc。What it does well is teach you how to think of trades， rather than just taking a punt Natenberg teaches well the concept of Although slightly dated， this book is a classic and should be read by almost anyone interested in trading （options or otherwise）。 Don't start reading this book with the intention of mastering option trading - the market has evolved significantly and the book does not cover newer concepts such as risk reversals， fly and their respective sensitivities such as rega， sega， etc。What it does well is teach you how to think of trades， rather than just taking a punt Natenberg teaches well the concept of risk-return of a trade - don't go for the home run every trade， otherwise you might go broke before getting it right， at the same time picking up pennies in front of a bulldozer will probably blow you up as well。 What the book will teach you is finding the best way to express a trade idea and also trading styles - for examples， butterflies， boxes， etc。 It also teaches how to analyse your trade and positions and identify its weaknesses。 It won't make you a good trader， but the book will teach you the tools to learn to become one。 。。。more
Shantanu Sharma
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Fantastic book on options pricing theory and trading strategies。 Sheldon Natenberg is among the most renowned authors on options pricing。
Deepak Bhawsinka
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Michael Bond
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