You are previewing The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies, Second Edition.
O'Reilly logo
The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies, Second Edition

Book Description

In The Bible of Options Strategies, Second Edition, legendary options trader Guy Cohen systematically presents today’s most effective strategies for trading options: how and why they work, when they're appropriate and inappropriate, and how to use each one responsibly and with confidence.

Updated throughout, this edition contains new chapters assessing the current options landscape, discussing margin collateral issues, and introducing Cohen’s exceptionally valuable OVI indicators.

The Bible of Options Strategies, Second Edition is practical from start to finish: modular, easy to navigate, and thoroughly cross-referenced, so you can find what you need fast, and act before your opportunity disappears. Cohen systematically covers every key area of options strategy: income strategies, volatility strategies, sideways market strategies, leveraged strategies, and synthetic strategies.

Even the most complex techniques are explained with unsurpassed clarity – making them accessible to any trader with even modest options experience. More than an incredible value, this is the definitive reference to contemporary options trading: the one book you need by your side whenever you trade. For all options traders with at least some experience.

Table of Contents

  1. About This eBook
  2. Title Page
  3. Copyright Page
  4. Praise for the First Edition
  5. Table of Contents
  6. Find Your Strategy By Chapter
  7. Find Your Strategy By Proficiency
  8. Find Your Strategy By Direction
  9. Find Your Strategy By Volatility
  10. Find Your Strategy By Risk/Reward
  11. Find Your Strategy By Type
  12. Preface
    1. How to Use This Book
      1. Proficiency Level
      2. Market Outlook
      3. Volatility
      4. Risk
      5. Reward
      6. Strategy Type
      7. Strategy Legs
      8. Chapter by Chapter
      9. Strategy by Strategy
      10. Tables of Contents
      11. Software for Analyzing Strategies
      12. General Comments
  13. Acknowledgments
  14. About the Author
  15. Introduction to Options
    1. The Definition of an Option
      1. The Right, Not the Obligation
      2. Types of Options—Calls and Puts
      3. Exercise (or Strike) Price
      4. Expiration Date
    2. The Valuation of Options
      1. Why Trade Options?
    3. Intrinsic and Time Value for Calls
    4. Intrinsic and Time Value for Puts
    5. The Seven Factors That Influence an Option’s Premium
      1. Quick Summary
      2. Buying Gives You the Right
      3. Selling (Naked) Imposes the Obligation
      4. Options in the Marketplace
    6. Options Contracts
    7. Option Exchanges
    8. Option Expiration Dates
    9. Strike Prices
    10. Option Ticker Symbols
    11. Margin
    12. Placing Your Trade
    13. Types of Order in the Market
      1. Market Order
      2. Limit Order
      3. Stop Loss/Sell Stop (Defensive)
      4. Buy Stops
    14. Time Limits with Trade Orders
      1. Good Till Cancelled (GTC)
      2. Day Only
      3. Week Only
      4. Fill or Kill
      5. All or None
    15. Always Have a STOP in Mind Whenever You Make a Trade
    16. Trading Tips
    17. Leverage and Gearing
      1. How Does Leverage with Options Work?—A Worked Example
    18. A Brief Introduction to the Greeks
    19. The Greeks
    20. Major Learning Points
  16. Trading with the OVI
    1. What Is the OVI?
      1. The OVI Is Easy to Use
      2. Why the OVI Works (If You Use It the Right Way)
      3. Components of the OVI
      4. When to Use the OVI, and When Not to Use It
      5. OVI Qualifying Stocks
      6. When the OVI Is Unreadable
    2. The Ultimate OVI Setup
  17. 1. The Four Basic Options Strategies
    1. Introduction
      1. The Four Basic Options Risk Profiles
    2. 1.1 Long Call
      1. 1.1.1 Description
      2. 1.1.2 Context
      3. 1.1.3 Risk Profile
      4. 1.1.4 Greeks
      5. 1.1.5 Advantages and Disadvantages
      6. 1.1.6 Exiting the Trade
      7. 1.1.7 Margin Collateral
      8. 1.1.8 Example
    3. 1.2 Short (Naked) Call
      1. 1.2.1 Description
      2. 1.2.2 Context
      3. 1.2.3 Risk Profile
      4. 1.2.4 Greeks
      5. 1.2.5 Advantages and Disadvantages
      6. 1.2.6 Exiting the Trade
      7. 1.2.7 Margin Collateral
      8. 1.2.8 Example
    4. 1.3 Long Put
      1. 1.3.1 Description
      2. 1.3.2 Context
      3. 1.3.3 Risk Profile
      4. 1.3.4 Greeks
      5. 1.3.5 Advantages and Disadvantages
      6. 1.3.6 Exiting the Trade
      7. 1.3.7 Margin Collateral
      8. 1.3.8 Example
    5. 1.4 Short (Naked) Put
      1. 1.4.1 Description
      2. 1.4.2 Context
      3. 1.4.3 Risk Profile
      4. 1.4.4 Greeks
      5. 1.4.5 Advantages and Disadvantages
      6. 1.4.6 Exiting the Trade
      7. 1.4.7 Margin Collateral
      8. 1.4.8 Example
  18. 2. Income Strategies
    1. Introduction
      1. Income Strategies Staircase
    2. 2.1 Covered Call
      1. 2.1.1 Description
      2. 2.1.2 Context
      3. 2.1.3 Risk Profile
      4. 2.1.4 Greeks
      5. 2.1.5 Advantages and Disadvantages
      6. 2.1.6 Exiting the Trade
      7. 2.1.7 Margin Collateral
      8. 2.1.8 Example
    3. 2.2 Naked Put
    4. 2.3 Bull Put Spread
      1. 2.3.1 Description
      2. 2.3.2 Context
      3. 2.3.3 Risk Profile
      4. 2.3.4 Greeks
      5. 2.3.5 Advantages and Disadvantages
      6. 2.3.6 Exiting the Trade
      7. 2.3.7 Margin Collateral
      8. 2.3.8 Example
    5. 2.4 Bear Call Spread
      1. 2.4.1 Description
      2. 2.4.2 Context
      3. 2.4.3 Risk Profile
      4. 2.4.4 Greeks
      5. 2.4.5 Advantages and Disadvantages
      6. 2.4.6 Exiting the Trade
      7. 2.4.7 Margin Collateral
      8. 2.4.8 Example
    6. 2.5 Long Iron Butterfly
      1. 2.5.1 Description
      2. 2.5.2 Context
      3. 2.5.3 Risk Profile
      4. 2.5.4 Greeks
      5. 2.5.5 Advantages and Disadvantages
      6. 2.5.6 Exiting the Trade
      7. 2.5.7 Margin Collateral
      8. 2.5.8 Example
    7. 2.6 Long Iron Condor
      1. 2.6.1 Description
      2. 2.6.2 Context
      3. 2.6.3 Risk Profile
      4. 2.6.4 Greeks
      5. 2.6.5 Advantages and Disadvantages
      6. 2.6.6 Exiting the Trade
      7. 2.6.7 Margin Collateral
      8. 2.6.8 Example
    8. 2.7 Covered Short Straddle
      1. 2.7.1 Description
      2. 2.7.2 Context
      3. 2.7.3 Risk Profile
      4. 2.7.4 Greeks
      5. 2.7.5 Advantages and Disadvantages
      6. 2.7.6 Exiting the Trade
      7. 2.7.7 Margin Collateral
      8. 2.7.8 Example
    9. 2.8 Covered Short Strangle
      1. 2.8.1 Description
      2. 2.8.2 Context
      3. 2.8.3 Risk Profile
      4. 2.8.4 Greeks
      5. 2.8.5 Advantages and Disadvantages
      6. 2.8.6 Exiting the Trade
      7. 2.8.7 Margin Collateral
      8. 2.8.8 Example
    10. 2.9 Calendar Call
      1. 2.9.1 Description
      2. 2.9.2 Context
      3. 2.9.3 Risk Profile
      4. 2.9.4 Greeks
      5. 2.9.5 Advantages and Disadvantages
      6. 2.9.6 Exiting the Trade
      7. 2.9.7 Margin Collateral
      8. 2.9.8 Example
    11. 2.10 Diagonal Call
      1. 2.10.1 Description
      2. 2.10.2 Context
      3. 2.10.3 Risk Profile
      4. 2.10.4 Greeks
      5. 2.10.5 Advantages and Disadvantages
      6. 2.10.6 Exiting the Trade
      7. 2.10.7 Margin Collateral
      8. 2.10.8 Example
    12. 2.11 Calendar Put
      1. 2.11.1 Description
      2. 2.11.2 Context
      3. 2.11.3 Risk Profile
      4. 2.11.4 Greeks
      5. 2.11.5 Advantages and Disadvantages
      6. 2.11.6 Exiting the Trade
      7. 2.11.7 Margin Collateral
      8. 2.11.8 Example
    13. 2.12 Diagonal Put
      1. 2.12.1 Description
      2. 2.12.2 Context
      3. 2.12.3 Risk Profile
      4. 2.12.4 Greeks
      5. 2.12.5 Advantages and Disadvantages
      6. 2.12.6 Exiting the Trade
      7. 2.12.7 Margin Collateral
      8. 2.12.8 Example
    14. 2.13 Covered Put
      1. 2.13.1 Description
      2. 2.13.2 Context
      3. 2.13.3 Risk Profile
      4. 2.13.4 Greeks
      5. 2.13.5 Advantages and Disadvantages
      6. 2.13.6 Exiting the Trade
      7. 2.13.7 Margin Collateral
      8. 2.13.8 Example
  19. 3. Vertical Spreads
    1. Introduction
    2. 3.1 Bull Call Spread
      1. 3.1.1 Description
      2. 3.1.2 Context
      3. 3.1.3 Risk Profile
      4. 3.1.4 Greeks
      5. 3.1.5 Advantages and Disadvantages
      6. 3.1.6 Exiting the Trade
      7. 3.1.7 Margin Collateral
      8. 3.1.8 Example
    3. 3.2 Bear Put Spread
      1. 3.2.1 Description
      2. 3.2.2 Context
      3. 3.2.3 Risk Profile
      4. 3.2.4 Greeks
      5. 3.2.5 Advantages and Disadvantages
      6. 3.2.6 Exiting the Trade
      7. 3.2.7 Margin Collateral
      8. 3.2.8 Example
    4. 3.3 Bull Put Spread
    5. 3.4 Bear Call Spread
    6. 3.5 Bull Call Ladder
      1. 3.5.1 Description
      2. 3.5.2 Context
      3. 3.5.3 Risk Profile
      4. 3.5.4 Greeks
      5. 3.5.5 Advantages and Disadvantages
      6. 3.5.6 Exiting the Trade
      7. 3.5.7 Margin Collateral
      8. 3.5.8 Example
    7. 3.6 Bull Put Ladder
      1. 3.6.1 Description
      2. 3.6.2 Context
      3. 3.6.3 Risk Profile
      4. 3.6.4 Greeks
      5. 3.6.5 Advantages and Disadvantages
      6. 3.6.6 Exiting the Trade
      7. 3.6.7 Margin Collateral
      8. 3.6.8 Example
    8. 3.7 Bear Call Ladder
      1. 3.7.1 Description
      2. 3.7.2 Context
      3. 3.7.3 Risk Profile
      4. 3.7.4 Greeks
      5. 3.7.5 Advantages and Disadvantages
      6. 3.7.6 Exiting the Trade
      7. 3.7.7 Margin Collateral
      8. 3.7.8 Example
    9. 3.8 Bear Put Ladder
      1. 3.8.1 Description
      2. 3.8.2 Context
      3. 3.8.3 Risk Profile
      4. 3.8.4 Greeks
      5. 3.8.5 Advantages and Disadvantages
      6. 3.8.6 Exiting the Trade
      7. 3.8.7 Margin Collateral
      8. 3.8.8 Example
  20. 4. Volatility Strategies
    1. Introduction
      1. Volatility Strategies Staircase
    2. 4.1 Straddle
      1. 4.1.1 Description
      2. 4.1.2 Context
      3. 4.1.3 Risk Profile
      4. 4.1.4 Greeks
      5. 4.1.5 Advantages and Disadvantages
      6. 4.1.6 Exiting the Trade
      7. 4.1.7 Margin Collateral
      8. 4.1.8 Example
    3. 4.2 Strangle
      1. 4.2.1 Description
      2. 4.2.2 Context
      3. 4.2.3 Risk Profile
      4. 4.2.4 Greeks
      5. 4.2.5 Advantages and Disadvantages
      6. 4.2.6 Exiting the Trade
      7. 4.2.7 Margin Collateral
      8. 4.2.8 Example
    4. 4.3 Strip
      1. 4.3.1 Description
      2. 4.3.2 Context
      3. 4.3.3 Risk Profile
      4. 4.3.4 Greeks
      5. 4.3.5 Advantages and Disadvantages
      6. 4.3.6 Exiting the Trade
      7. 4.3.7 Margin Collateral
      8. 4.3.8 Example
    5. 4.4 Strap
      1. 4.4.1 Description
      2. 4.4.2 Context
      3. 4.4.3 Risk Profile
      4. 4.4.4 Greeks
      5. 4.4.5 Advantages and Disadvantages
      6. 4.4.6 Exiting the Trade
      7. 4.4.7 Margin Collateral
      8. 4.4.8 Example
    6. 4.5 Guts
      1. 4.5.1 Description
      2. 4.5.2 Context
      3. 4.5.3 Risk Profile
      4. 4.5.4 Greeks
      5. 4.5.5 Advantages and Disadvantages
      6. 4.5.6 Exiting the Trade
      7. 4.5.7 Margin Collateral
      8. 4.5.8 Example
    7. 4.6 Short Call Butterfly
      1. 4.6.1 Description
      2. 4.6.2 Context
      3. 4.6.3 Risk Profile
      4. 4.6.4 Greeks
      5. 4.6.5 Advantages and Disadvantages
      6. 4.6.6 Exiting the Trade
      7. 4.6.7 Margin Collateral
      8. 4.6.8 Example
    8. 4.7 Short Put Butterfly
      1. 4.7.1 Description
      2. 4.7.2 Context
      3. 4.7.3 Risk Profile
      4. 4.7.4 Greeks
      5. 4.7.5 Advantages and Disadvantages
      6. 4.7.6 Exiting the Trade
      7. 4.7.7 Margin Collateral
      8. 4.7.8 Example
    9. 4.8 Short Call Condor
      1. 4.8.1 Description
      2. 4.8.2 Context
      3. 4.8.3 Risk Profile
      4. 4.8.4 Greeks
      5. 4.8.5 Advantages and Disadvantages
      6. 4.8.6 Exiting the Trade
      7. 4.8.7 Margin Collateral
      8. 4.8.8 Example
    10. 4.9 Short Put Condor
      1. 4.9.1 Description
      2. 4.9.2 Context
      3. 4.9.3 Risk Profile
      4. 4.9.4 Greeks
      5. 4.9.5 Advantages and Disadvantages
      6. 4.9.6 Exiting the Trade
      7. 4.9.7 Margin Collateral
      8. 4.9.8 Example
    11. 4.10 Short Iron Butterfly
      1. 4.10.1 Description
      2. 4.10.2 Context
      3. 4.10.3 Risk Profile
      4. 4.10.4 Greeks
      5. 4.10.5 Advantages and Disadvantages
      6. 4.10.6 Exiting the Trade
      7. 4.10.7 Margin Collateral
      8. 4.10.8 Example
    12. 4.11 Short Iron Condor
      1. 4.11.1 Description
      2. 4.11.2 Context
      3. 4.11.3 Risk Profile
      4. 4.11.4 Greeks
      5. 4.11.5 Advantages and Disadvantages
      6. 4.11.6 Exiting the Trade
      7. 4.11.7 Margin Collateral
      8. 4.11.8 Example
  21. 5. Rangebound Strategies
    1. Introduction
      1. Rangebound Strategies Staircase
    2. 5.1 Short Straddle
      1. 5.1.1 Description
      2. 5.1.2 Context
      3. 5.1.3 Risk Profile
      4. 5.1.4 Greeks
      5. 5.1.5 Advantages and Disadvantages
      6. 5.1.6 Exiting the Trade
      7. 5.1.7 Margin Collateral
      8. 5.1.8 Example
    3. 5.2 Short Strangle
      1. 5.2.1 Description
      2. 5.2.2 Context
      3. 5.2.3 Risk Profile
      4. 5.2.4 Greeks
      5. 5.2.5 Advantages and Disadvantages
      6. 5.2.6 Exiting the Trade
      7. 5.2.7 Margin Collateral
      8. 5.2.8 Example
    4. 5.3 Short Guts
      1. 5.3.1 Description
      2. 5.3.2 Context
      3. 5.3.3 Risk Profile
      4. 5.3.4 Greeks
      5. 5.3.5 Advantages and Disadvantages
      6. 5.3.6 Exiting the Trade
      7. 5.3.7 Margin Collateral
      8. 5.3.8 Example
    5. 5.4 Long Call Butterfly
      1. 5.4.1 Description
      2. 5.4.2 Context
      3. 5.4.3 Risk Profile
      4. 5.4.4 Greeks
      5. 5.4.5 Advantages and Disadvantages
      6. 5.4.6 Exiting the Trade
      7. 5.4.7 Margin Collateral
      8. 5.4.8 Example
    6. 5.5 Long Put Butterfly
      1. 5.5.1 Description
      2. 5.5.2 Context
      3. 5.5.3 Risk Profile
      4. 5.5.4 Greeks
      5. 5.5.5 Advantages and Disadvantages
      6. 5.5.6 Exiting the Trade
      7. 5.5.7 Margin Collateral
      8. 5.5.8 Example
    7. 5.6 Long Call Condor
      1. 5.6.1 Description
      2. 5.6.2 Context
      3. 5.6.3 Risk Profile
      4. 5.6.4 Greeks
      5. 5.6.5 Advantages and Disadvantages
      6. 5.6.6 Exiting the Trade
      7. 5.6.7 Margin Collateral
      8. 5.6.8 Example
    8. 5.7 Long Put Condor
      1. 5.7.1 Description
      2. 5.7.2 Context
      3. 5.7.3 Risk Profile
      4. 5.7.4 Greeks
      5. 5.7.5 Advantages and Disadvantages
      6. 5.7.6 Exiting the Trade
      7. 5.7.7 Margin Collateral
      8. 5.7.8 Example
    9. 5.8 Modified Call Butterfly
      1. 5.8.1 Description
      2. 5.8.2 Context
      3. 5.8.3 Risk Profile
      4. 5.8.4 Greeks
      5. 5.8.5 Advantages and Disadvantages
      6. 5.8.6 Exiting the Trade
      7. 5.8.7 Margin Collateral
      8. 5.8.8 Example
    10. 5.9 Modified Put Butterfly
      1. 5.9.1 Description
      2. 5.9.2 Context
      3. 5.9.3 Risk Profile
      4. 5.9.4 Greeks
      5. 5.9.5 Advantages and Disadvantages
      6. 5.9.6 Exiting the Trade
      7. 5.9.7 Margin Collateral
      8. 5.9.8 Example
    11. 5.10 Long Iron Butterfly
    12. 5.11 Long Iron Condor
  22. 6. Leveraged Strategies
    1. Introduction
    2. 6.1 Call Ratio Backspread
      1. 6.1.1 Description
      2. 6.1.2 Context
      3. 6.1.3 Risk Profile
      4. 6.1.4 Greeks
      5. 6.1.5 Advantages and Disadvantages
      6. 6.1.6 Exiting the Trade
      7. 6.1.7 Margin Collateral
      8. 6.1.8 Example
    3. 6.2 Put Ratio Backspread
      1. 6.2.1 Description
      2. 6.2.2 Context
      3. 6.2.3 Risk Profile
      4. 6.2.4 Greeks
      5. 6.2.5 Advantages and Disadvantages
      6. 6.2.6 Exiting the Trade
      7. 6.2.7 Margin Collateral
      8. 6.2.8 Example
    4. 6.3 Ratio Call Spread
      1. 6.3.1 Description
      2. 6.3.2 Context
      3. 6.3.3 Risk Profile
      4. 6.3.4 Greeks
      5. 6.3.5 Advantages and Disadvantages
      6. 6.3.6 Exiting the Trade
      7. 6.3.7 Margin Collateral
      8. 6.3.8 Example
    5. 6.4 Ratio Put Spread
      1. 6.4.1 Description
      2. 6.4.2 Context
      3. 6.4.3 Risk Profile
      4. 6.4.4 Greeks
      5. 6.4.5 Advantages and Disadvantages
      6. 6.4.6 Exiting the Trade
      7. 6.4.7 Margin Collateral
      8. 6.4.8 Example
  23. 7. Synthetic Strategies
    1. Introduction
    2. 7.1 Collar
      1. 7.1.1 Description
      2. 7.1.2 Context
      3. 7.1.3 Risk Profile
      4. 7.1.4 Greeks
      5. 7.1.5 Advantages and Disadvantages
      6. 7.1.6 Exiting the Trade
      7. 7.1.7 Margin Collateral
      8. 7.1.8 Example
    3. 7.2 Synthetic Call (Also Known as a Married Put)
      1. 7.2.1 Description
      2. 7.2.2 Context
      3. 7.2.3 Risk Profile
      4. 7.2.4 Greeks
      5. 7.2.5 Advantages and Disadvantages
      6. 7.2.6 Exiting the Trade
      7. 7.2.7 Margin Collateral
      8. 7.2.8 Example
    4. 7.3 Synthetic Put
      1. 7.3.1 Description
      2. 7.3.2 Context
      3. 7.3.3 Risk Profile
      4. 7.3.4 Greeks
      5. 7.3.5 Advantages and Disadvantages
      6. 7.3.6 Exiting the Trade
      7. 7.3.7 Margin Collateral
      8. 7.3.8 Example
    5. 7.4 Long Call Synthetic Straddle
      1. 7.4.1 Description
      2. 7.4.2 Context
      3. 7.4.3 Risk Profile
      4. 7.4.4 Greeks
      5. 7.4.5 Advantages and Disadvantages
      6. 7.4.6 Exiting the Trade
      7. 7.4.7 Margin Collateral
      8. 7.4.8 Example
    6. 7.5 Long Put Synthetic Straddle
      1. 7.5.1 Description
      2. 7.5.2 Context
      3. 7.5.3 Risk Profile
      4. 7.5.4 Greeks
      5. 7.5.5 Advantages and Disadvantages
      6. 7.5.6 Exiting the Trade
      7. 7.5.7 Margin Collateral
      8. 7.5.8 Example
    7. 7.6 Short Call Synthetic Straddle
      1. 7.6.1 Description
      2. 7.6.2 Context
      3. 7.6.3 Risk Profile
      4. 7.6.4 Greeks
      5. 7.6.5 Advantages and Disadvantages
      6. 7.6.6 Exiting the Trade
      7. 7.6.7 Margin Collateral
      8. 7.6.8 Example
    8. 7.7 Short Put Synthetic Straddle
      1. 7.7.1 Description
      2. 7.7.2 Context
      3. 7.7.3 Risk Profile
      4. 7.7.4 Greeks
      5. 7.7.5 Advantages and Disadvantages
      6. 7.7.6 Exiting the Trade
      7. 7.7.7 Margin Collateral
      8. 7.7.8 Example
    9. 7.8 Long Synthetic Future
      1. 7.8.1 Description
      2. 7.8.2 Context
      3. 7.8.3 Risk Profile
      4. 7.8.4 Greeks
      5. 7.8.5 Advantages and Disadvantages
      6. 7.8.6 Exiting the Trade
      7. 7.8.7 Margin Collateral
      8. 7.8.8 Example
    10. 7.9 Short Synthetic Future
      1. 7.9.1 Description
      2. 7.9.2 Context
      3. 7.9.3 Risk Profile
      4. 7.9.4 Greeks
      5. 7.9.5 Advantages and Disadvantages
      6. 7.9.6 Exiting the Trade
      7. 7.9.7 Margin Collateral
      8. 7.9.8 Example
    11. 7.10 Long Combo
      1. 7.10.1 Description
      2. 7.10.2 Context
      3. 7.10.3 Risk Profile
      4. 7.10.4 Greeks
      5. 7.10.5 Advantages and Disadvantages
      6. 7.10.6 Exiting the Trade
      7. 7.10.7 Margin Collateral
      8. 7.10.8 Example
    12. 7.11 Short Combo
      1. 7.11.1 Description
      2. 7.11.2 Context
      3. 7.11.3 Risk Profile
      4. 7.11.4 Greeks
      5. 7.11.5 Advantages and Disadvantages
      6. 7.11.6 Exiting the Trade
      7. 7.11.7 Margin Collateral
      8. 7.11.8 Example
    13. 7.12 Long Box
      1. 7.12.1 Description
      2. 7.12.2 Context
      3. 7.12.3 Risk Profile
      4. 7.12.4 Greeks
      5. 7.12.5 Advantages and Disadvantages
      6. 7.12.6 Exiting the Trade
      7. 7.12.7 Margin Collateral
      8. 7.12.8 Example
  24. A. Strategy Table
  25. B. Glossary
  26. Index