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1、OP105OptionTradingStrategiesMikePawleyAimsBytheendofthismoduleyoushould:BeabletocreatesimpletradingstrategiesUnderstandtheriskandreturnfromsimpletradingstrategiesLongForwardLongCallA,ShortPutAWhentoUse:Bullishonthemarketanduncertainaboutvolatility.Thistradeisnotaffectedbychangingvolatility.The
2、reisnodecaytothisprofile.ShortForwardLongPutA,ShortCallAWhentoUse:Bearishonthemarketanduncertainaboutvolatility.Thetradeisnotaffectedbychangingvolatility.Nodecaytothisprofile.BullSpreadLongCallA,ShortCallB.LongPutA,ShortPutB.LongCallA,ShortPutB,ShortUnderlying.LongPutA,ShortCallB,LongUnderlyin
3、g.WhentoUse:Believethemarketmayrisesomewhat/marketmorelikelytorisethanfall.Mostpopularbullishtrade.Conservativetradewhenunsureaboutbullishstance.BearSpreadShortCallA,LongCallB.ShortPutA,LongPutB.ShortCallA,LongPutB,LongUnderlying.ShortPutA,LongCallB,ShortUnderlying.WhentoUse:Expectthemarkettof
4、allsomewhat/marketmorelikelytofallthanrise.Conservativetradewhenuncertainaboutbearishstance.SpreadsheetNowgotospreadsheetOP105BasicOptionTradestoseethepreviousexamplesLongStraddleWhentoUse:Whenmarkethasbeenquiet(nearA)andthenstartstozig-zagsharply,signallingpotentialbreak-out.Expectmarkettomov
5、ebutunsureofwhichway.Positionseldomheldtoexpirationbecauseofincreasingdecaylevelswithtime.LongCallA,LongPutA.LongCallsA,ShortUnderlying.LongPutsA,LongInstrument.ShortStraddleWhentoUse:Expectmarketstagnation(atornearA).Reapprofitsasoptionsdecay(aslongasmarketstaysnearA).ShortCallA,ShortPutA.Sho
6、rtCallsA,LongUnderlying.ShortPutsA,ShortUnderlying.LongStrangleLongPutA,LongCallB.LongCallA,LongPutB.LongPutA,LongPutB,LongUnderlying.LongCallA,LongCallB,ShortUnderlying.WhentoUse:IfmarketiswithinornearA-Brangeandhasbeenstagnant.Ifmarketexplodeseitherwayyoumakemoney.Ifmarketcontinuestostagnate
7、,loselessthanlongstraddle.Decayacceleratesasoptionsapproachexpirationbutnotasrapidlyaswithlongstraddle.Positionnormallytakenoffpriortoexpiration.ShortStrangleWhentoUse:IfmarketiswithinornearA-Brangeand,thoughactive,isstagnating.Lessrisk
